SC 13D/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange of 1934
(Amendment No. 2)*

América Móvil, S.A.B. de C.V.

(Name of Issuer)

L Shares, without par value
A Shares, without par value
American Depositary Shares each representing 20 L Shares
American Depository Shares each representing 20 A Shares

(Title of Class of Securities)

No CUSIP for the L Shares
No CUSIP for the A Shares
The CUSIP for the American Depositary Shares representing L Shares is 02364W105
The CUSIP for the American Depositary Shares representing A Shares is 02364W204

(CUSIP Number)

Wayne A. Wirtz, Esq.
AT&T Inc.
208 S. Akard St.
Dallas, Texas 75202
Telephone Number: 210-281-4105

Wayne A. Wirtz, Esq.
AT&T International, Inc.
208 S. Akard St.
Dallas, Texas 75202
Telephone Number: 210-281-4105

(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)

June 10, 2010 and June 11, 2010

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No.:   For the L Shares, none.
  For the A Shares, none.
  For the American Depositary Shares representing L shares, 02364W105.
  For the American Depositary Shares representing A shares, 02364W204.  

1.	NAME OF REPORTING PERSON AT&T Inc. (formerly known as SBC Communications Inc.)
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
	(a)   o
	(b)   þ
3.	SEC Use Only
4.	SOURCE OF FUNDS
	OO
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f)
	o
6.	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware
		7.	SOLE VOTING POWER
NUMBER OF			0
SHARES		8.	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			0 A Shares and 3,621,532,292 L Shares1
EACH		9.	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH		10.	SHARED DISPOSITIVE POWER
			0 A Shares and 3,621,532,292 L Shares1
11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	0 A Shares and 3,621,532,292 L Shares2
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
	o
13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	0.0% of A Shares and 11.60% of L Shares3
14.	TYPE OF REPORTING PERSON
	HC

1 See the Schedule 13D filed on June 20, 2008, by AT&T Inc. and AT&T International, Inc. (the “Original 13D”), as amended and supplemented by Amendment No. 1 thereto (the “Schedule 13D”) for an explanation of the number of shares included in this amount. The amount of 2,420,939,275 set forth in footnote 1 of the Schedule 13D is amended to 3,746,692,957 based upon (i) 28,359,626,009 L Shares outstanding, (ii) 11,712,316,330 AA Shares outstanding and (iii) 403,094,742 A Shares outstanding, each as of July 30, 2010, as reported by the Mexican Stock Exchange and upon the knowledge of the Reporting Persons derived from the Slim 13-D (as defined herein), as amended through Amendment No. 21 (as defined herein).

2 See the Original 13D for an explanation of the number of shares included in this amount. The amount of 2,420,939,275 set forth in footnote 2 of the Schedule 13D is amended to 3,746,692,957 based upon the numbers of shares outstanding set forth in footnote 1 above and upon the knowledge of the Reporting Persons derived from the Slim 13-D, as amended through Amendment No. 21.

3 See the Original 13D for an explanation of the percentages included in this amount. The amount of 20.96%, set forth in footnote 3 of the Schedule 13D is amended to 23.04%, based upon the numbers of shares outstanding set forth in footnote 1 above and upon the knowledge of the Reporting Persons derived from the Slim 13-D, as amended through Amendment No. 21.

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CUSIP No.:   For the L Shares, none.
  For the A Shares, none.
  For the American Depositary Shares representing L shares, 02364W105.
  For the American Depositary Shares representing A shares, 02364W204.  

1.	NAME OF REPORTING PERSON AT&T International, Inc. (formerly known as SBC International, Inc.)
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
	(a)   o
	(b)   þ
3.	SEC Use Only
4.	SOURCE OF FUNDS
	OO
5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(e) OR 2(f)
	o
6.	CITIZENSHIP OR PLACE OF ORGANIZATION
	Delaware
		7.	SOLE VOTING POWER
NUMBER OF			0
SHARES		8.	SHARED VOTING POWER
BENEFICIALLY
OWNED BY			0 A Shares and 3,621,532,292 L Shares4
EACH		9.	SOLE DISPOSITIVE POWER
REPORTING
PERSON			0
WITH		10.	SHARED DISPOSITIVE POWER
			0 A Shares and 3,621,532,292 L Shares4
11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	0 A Shares and 3,621,532,292 L Shares5
12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
	o
13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	0.0% of A Shares and 11.60% of L Shares6
14.	TYPE OF REPORTING PERSON
	CO

4 See the Original 13D for an explanation of the number of shares included in this amount. The amount of 2,420,939,275 set forth in footnote 4 of the Schedule 13D is amended to 3,746,692,957 based upon the numbers of shares outstanding set forth in footnote 1 above and upon the knowledge of the Reporting Persons derived from the Slim 13-D, as amended through Amendment No. 21.

5 See the Original 13D for an explanation of the number of shares included in this amount. The amount of 2,420,939,275 set forth in footnote 5 of the Schedule 13D is amended to 3,746,692,957 based upon the numbers of shares outstanding set forth in footnote 1 above and upon the knowledge of the Reporting Persons derived from the Slim 13-D, as amended through Amendment No. 21.

6 See the Original 13D for an explanation of the percentages included in this amount. The amount of 20.96%, set forth in footnote 6 of the Schedule 13D is amended to 23.04%, based upon the numbers of shares outstanding set forth in footnote 1 above and on the information contained in Amendment No. 21 to the Slim 13D and upon the knowledge of the Reporting Persons derived from the Slim 13-D, as amended through Amendment No. 21.

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          This Amendment No. 2 (this “Amendment”) amends and supplements the Schedule 13D (the “Original 13D”) filed with the Securities and Exchange Commission (the “Commission”) on June 20, 2008 by AT&T Inc. (“AT&T”) and AT&T International, Inc. (“AT&TI,” and, together with AT&T, the “Reporting Persons”), as amended and supplemented by Amendment No. 1 thereto, filed with the Commission on April 30, 2010 (the “Schedule 13D”). Capitalized terms used but not otherwise defined in this Amendment have the meanings ascribed to such terms in the Schedule 13D. Information about the Control Trust is based in part on the Schedule 13D filed on behalf of Carlos Slim Helú, his family, and certain related trusts on March 8, 2001, as amended as supplemented through Amendment No. 21, filed on July 30, 2010 (“Amendment No. 21”), thereto (as so amended, the “Slim 13D”) and the Form 20-F filed by the Issuer on May 25, 2010. The Reporting Persons are filing this Amendment promptly following the filing of Amendment No. 21, which contains the information relating to the Slim Parties used by Reporting Persons in this Amendment. Except as expressly amended and supplemented by this Amendment, the Schedule 13D is not amended or supplemented in any respect.

Item 4. Purpose of Transaction.

          Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

          On June 10, 2010, the Issuer completed its offer for the exchange or purchase of all of the shares of Telmex Internacional S.A.B. de C.V. (“Telmex Internacional”) not owned by Carso Global Telecom S.A. de C.V. (the “Offer”), pursuant to which the holders of shares of Telmex Internacional could elect to receive, for each share of Telmex Internacional tendered in the Offer, either (i) 0.373 L Shares of the Issuer or (ii) 11.66 pesos. The Reporting Persons tendered all of their shares in Telmex Internacional in the Offer in exchange for L Shares of the Issuer. As a result, the Reporting Persons’ beneficial ownership of the Issuer’s L Shares increased from 2,869,670,964 L Shares to 3,540,867,132 L Shares, and their beneficial ownership of Telmex Internacional’s shares decreased to zero shares.

          On June 11, 2010, AT&TI, acting through a Mexican trust, purchased 80,665,160 L Shares of the Issuer from a Mexican trust through which pension fund assets of Teléfonos de México, S.A.B. de C.V. (“Teléfonos de México”) are held at an aggregate purchase price of U.S. $201,662,900 ($2.50 per share). As a result, the Reporting Persons’ beneficial ownership of the Issuer’s L Shares increased to 3,621,532,292 L Shares. A copy of the stock purchase agreement, dated June 11, 2010, pursuant to such transaction was effected is attached hereto as Exhibit I. AT&TI holds the L Shares of the Issuer acquired pursuant to the stock purchase agreement through its Mexican trust party thereto. Spanish and English versions of the trust administration agreement for AT&TI’s Mexican trust in are attached hereto as Exhibits II and III respectively. (As a result of the June 10, 2010 completion of the Issuer’s exchange offer to the shareholders of Carso Global Telecom, S.A.B. de C.V. (“CGT”), pursuant to which the Issuer offered to exchange 2.0474 of its L Shares for each Series A1 share of CGT tendered (the “CGT Offer”), the Issuer owns 99.44% of CGT’s outstanding shares and may be deemed to control Teléfonos de México through CGT’s direct ownership of Teléfonos de México’s A Shares and AA Shares and CGT’s power to vote the AA Shares beneficially owned by the Reporting Persons pursuant to a Shareholders Agreement, dated as of December 20, 2000, between CGT and AT&TI, which is attached hereto as Exhibit IV.)

Item 5. Interest in Securities of the Issuer.

          Item 5 of the Schedule 13D is hereby amended and supplemented as follows. (The following disclosure regarding securities which to the knowledge of the Reporting Persons are beneficially owned by the Control Trust is based on the information contained in Amendment No. 21 to the Slim 13D).

(a) The number of L Shares (including L Shares ADS) of the Issuer beneficially owned by AT&T and AT&TI is amended to be increased from 2,869,670,964 to 3,621,532,292.

          The percentage of L Shares (including L Shares ADS) of the Issuer beneficially owned by AT&T and AT&TI is amended to be decreased from 12.57% to 11.60%.

          The number and percentage of L Shares (including L Shares ADS) beneficially owned by the Control Trust (in the event that the Control Trust is deemed to be part of a group with the Reporting Persons and to the knowledge of the Reporting Persons) are amended to be increased from 5,290,610,239 to 7,368,225,249 and to be increased from 20.96% to 23.04%, respectively. Such amended number and percentage include 2,999,055,007 L Shares that the Control Trust reported in Amendment No. 21 it had received in the CGT Offer.

(b) The numbers of L Shares (including L Shares ADS) of the Issuer which, to the knowledge of the Reporting Persons, the Control Trust has the shared power to vote or direct the vote of, and the shared power to dispose or direct the disposition of, are

amended to be increased from 5,290,610,239 to 7,368,225,249 and to be increased from 5,290,610,239 to 7,368,225,249, respectively. Such amended numbers include 2,999,055,007 L Shares that the Control Trust reported in Amendment No. 21 it had received in the CGT Offer.

(c) Exhibit V sets forth any transactions in A Shares, L Shares, A Share ADS and L Share ADS effected during the past sixty days by the Reporting Persons and is incorporated herein by reference.

Item 6. Contracts, Arrangements, Understandings or Relations With Respect to Securities of the Issuer.

          The disclosure set forth in Item 4 is incorporated herein by reference.

Item 7. Material to be Filed as Exhibits.

Exhibit	Description
I	Stock Purchase Agreement, dated as of June 11, 2010 between Banco Inbursa, S.A., Division Fiduciaria acting as Trustee on behalf of, and for the benefit of the Trust F/1652 and Banco Inbursa, S.A., Division Fiduciaria acting as Trustee on behalf of, and for the benefit of the Trust F/0008
II	Trust Administration and Investment Agreement between AT&T International, Inc. and Banco Inbursa, S.A., dated June 10, 2010 (Spanish Version)
III	Trust Administration and Investment Agreement between AT&T International, Inc. and Banco Inbursa, S.A., dated June 10, 2010 (English Version)
IV	Shareholders Agreement, dated as of December 20, 2000, between CGT and AT&TI (incorporated by reference to Exhibit III of the Reporting Persons’ filing on Schedule 13-D for Telèfonos de Mèxico S.A.B. de C.V. (File no. 001-32741), filed June 20, 2008
V	Transactions in A Shares, L Shares, A Shares ADS and L Shares ADS

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this Amendment No. 2 to Schedule 13D is true, complete and correct.

Dated: August 2, 2010

AT&T Inc.
By:	/s/ Jonathan P. Klug
	Name:	Jonathan P. Klug
	Title:	Senior Vice President and Treasurer
AT&T International, Inc.
By:	/s/ Jonathan P. Klug
	Name:	Jonathan P. Klug
	Title:	Senior Vice President and Treasurer

EX-99.I

EXHIBIT I

STOCK PURCHASE AGREEMENT

dated as of

June 11, 2010

between

BANCO INBURSA, S.A., DIVISION FIDUCIARIA, ACTING AS

TRUSTEE ON BEHALF OF, AND FOR THE BENEFIT OF THE TRUST F/0008

and

BANCO INBURSA, S.A., DIVISION FIDUCIARIA, ACTING AS

TRUSTEE ON BEHALF OF, AND FOR THE BENEFIT OF THE TRUST F/1652

TABLE OF CONTENTS

		Page
Article I. Definitions			1
Section 1.01	Definitions		1
Section 1.02	Other Definitional And Interpretive Provisions		2
Article II. Purchase And Sale; Closing			3
Section 2.01	Purchase and Sale of the Shares		3
Section 2.02	The Closing		3
Article III. Representations and Warranties of Seller			3
Section 3.01	Existence and Power		3
Section 3.02	Authorization		3
Section 3.03	Ownership of Shares		3
Section 3.04	Litigation		3
Section 3.05	Finders’ Fees		4
Article IV. Representations and Warranties of Buyer			4
Section 4.01	Existence and Power		4
Section 4.02	Authorization		4
Section 4.03	Litigation		4
Section 4.04	Finders’ Fees		4
Article V. Covenants			4
Section 5.01	Reasonable Best Efforts; Further Assurances.		4
Section 5.02	Notice of Certain Events		5
Section 5.03	Tax Matters		5
Article VI. Survival; Indemnification			5
Section 6.01	Survival		5
Section 6.02	Indemnification by Seller		5
Section 6.03	Indemnification by Buyer		5
Section 6.04	Third Party Claim Indemnification		6
Section 6.05	Settling Third Party Claims		7
Section 6.06	No Duplication		7
Section 6.07	Exclusive Remedy; Limitation		7
Article VII. Miscellaneous			7
Section 7.01	Notices		7

i

		Page
Section 7.02	Amendments and Waivers		8
Section 7.03	Expenses		8
Section 7.04	Successors and Assigns		8
Section 7.05	Governing Law and Jurisdiction		8
Section 7.06	Counterparts; Effectiveness; Third Party Beneficiaries		8
Section 7.07	Entire Agreement		9
Section 7.08	Captions and Interpretations		9
Section 7.09	Severability		9

ii

STOCK PURCHASE AGREEMENT

     STOCK PURCHASE AGREEMENT (this “Agreement”) dated as of June 11, 2010 between Banco Inbursa, S.A., Division Fiduciaria acting as Trustee on behalf of, and for the benefit of the Trust F/1652 (“Buyer”) and Banco Inbursa, S.A., Division Fiduciaria acting as Trustee on behalf of, and for the benefit of the Trust F/0008 (“Seller”).

WITNESSETH:

     WHEREAS, Seller is the record and beneficial owner of 80,665,160 shares of Series L of the issued and outstanding capital stock of the Company (the “Shares”); and

     WHEREAS, Seller desires to sell the Shares to Buyer, and Buyer desires to purchase the Shares from Seller on the date hereof, upon the terms hereinafter set forth.

     NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE I.
DEFINITIONS

     Section 1.01 Definitions. As used herein, the following terms have the following meanings:

     “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person. For the purposes of this definition, the terms “control”, “controlling”, “controlled by” and “under common control with”, as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

     “Applicable Law” means, with respect to any Person, any federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise.

     “Buyer” means Banco Inbursa, S.A., Division Fiduciaria acting as Trustee on behalf of, and for the benefit of the Trust F/1652.

     “Buyer Indemnitees” shall have the meaning set forth in Section 6.02.

     “Claim” shall have the meaning set forth in Section 6.04.

     “Closing” shall have the meaning set forth in Section 2.02.

     “Closing Date” shall be the date of execution of this Agreement.

     “Company” means America Movil, S.A.B. de C.V.

1

     “Damages” shall have the meaning set forth in Section 6.02.

     “Governmental Authority” means any (i) branch of power, whether judicial, legislative or administrative, of any state, and any transnational, domestic or foreign federal, state or local, governmental authority, department, court, agency or official, including any political subdivision thereof, whether in the United Mexican States, the United States of America, surpranational or other and including the Comisión Federal de Competencia and the Comisión Nacional Bancaria y de Valores and (ii) any quasi-governmental or private body exercising regulatory or taxing authority under or for the account of any of the foregoing, including the Bolsa Mexicana de Valores, S.A.B. de C.V. and any other stock exchange.

     “Indemnified Party” shall have the meaning set forth in Section 6.04 (a).

     “Indemnifying Party” shall have the meaning set forth in Section 6.04.

     “Indeval” means S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V.

     “Lien” means, with respect to the Shares, any lien, pledge, charge, security interest, security trust, encumbrance, attachment or other adverse claim of any kind in respect of the Shares.

     “Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental Authority.

     “Purchase Price” has the meaning set forth in Section 2.01 of this Agreement.

     “Seller” means Banco Inbursa, S.A., Division Fiduciaria acting as Trustee on behalf of, and for the benefit of the Trust F/0008.

     “Seller Indemnitees” shall have the meaning set forth in Section 6.03.

     “Shares” means 80,665,160 shares of Series L of the Company.

     Section 1.02 Other Definitional And Interpretive Provisions. The words “hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law include any amendment, modification, supplement

2

or replacement of such law or statue and any rules or regulations issued thereunder and shall be deemed also to include any and all Applicable Law.

ARTICLE II.
PURCHASE AND SALE; CLOSING

     Section 2.01 Purchase and Sale of the Shares. Upon the terms set forth in this Agreement, Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the Shares on the date of execution of this Agreement (the “Closing Date”). The purchase price for the Shares is USD$201,662,900 (the “Purchase Price”), payable in cash as provided in Section 2.02.

     Section 2.02 The Closing. Pursuant to terms of this Agreement, Buyer shall (i) pay the Purchase Price to Seller, and (ii) take legal title of the Shares contemplated by this Agreement (the “Closing”) on the Closing Date. At the Closing Date, (a) Buyer shall deliver or shall cause to be delivered to Seller the Purchase Price in immediately available funds, by wire transfer to the account number 61661700177 at BNP Paribas, NA, ABA 026007689, A/C name: BNP Paribas Prime Brokerage, Inc., FFC: Banco Inbursa c/o Teléfonos de México, S.A., FFC / account number 313-01778, and (b) Seller shall transfer ownership of the Shares’ certificates in favor of Buyer, and shall deliver to Buyer all documentation necessary to evidence transfer of ownership of the Shares under Mexican law by transfer on the books of the Company.

ARTICLE III.
REPRESENTATIONS AND WARRANTIES OF SELLER

     Seller represents and warrants to Buyer as follows, as of the date hereof that:

     Section 3.01 Existence and Power. Seller is a financial institution duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted.

     Section 3.02 Authorization. The execution, delivery and performance by Seller of this Agreement and the consummation of the transactions contemplated hereby are within Seller’s corporate powers and have been duly authorized by all necessary corporate action on the part of Seller, and have been duly authorized by the technical committee of the trust. This Agreement constitutes a valid and binding agreement of Seller, enforceable against Seller in accordance with its terms.

     Section 3.03 Ownership of Shares. Seller is the record owner of the Shares, free and clear of any Lien and any other limitation or restriction (including any restriction to sell or otherwise dispose of the Shares), and is transferring and delivering to Buyer at the Closing valid title to the Shares free and clear of any Lien and any such limitation or restriction.

     Section 3.04 Litigation. There is, as of the date of this Agreement, no action, suit, investigation or proceeding pending against, or to the knowledge of Seller, threatened against, Seller or any of its Affiliates before any arbitrator or any Governmental Authority which in any

3

manner challenges or seeks to prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement.

     Section 3.05 Finders’ Fees. There is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of Seller or any of its Affiliates who might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement.

ARTICLE IV.
REPRESENTATIONS AND WARRANTIES OF BUYER

     Buyer represents and warrants to Seller as follows as of the date hereof that:

     Section 4.01 Existence and Power. Buyer is Mexican financial institution duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation. Buyer has all corporate powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted.

     Section 4.02 Authorization. The execution, delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby are within Buyer’s corporate powers and have been duly authorized by all necessary corporate action on the part of Buyer, and have been duly authorized by the settlor of the trust. This Agreement constitutes a valid and binding agreement of Buyer, enforceable against Buyer in accordance with its terms.

     Section 4.03 Litigation. There is, as of the date of this Agreement, no action, suit, investigation or proceeding pending against, or to the knowledge of Buyer, threatened against, Buyer or any of its Affiliates before any arbitrator or any Governmental Authority which in any manner challenges or seeks to prevent, enjoin, alter or materially delay the transactions contemplated by this Agreement.

     Section 4.04 Finders’ Fees. There is no investment banker, broker, finder or other intermediary which has been retained by or is authorized to act on behalf of Buyer or any of its Affiliates who might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement.

ARTICLE V.
COVENANTS

     Section 5.01 Reasonable Best Efforts; Further Assurances.

          (a) Subject to the terms of this Agreement, Buyer and Seller shall use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under Applicable Laws to consummate the transactions contemplated by this Agreement.

          (b) Seller and Buyer agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be necessary or

4

desirable in order to consummate or implement expeditiously the transactions contemplated by this Agreement.

     Section 5.02 Notice of Certain Events. Each of Buyer and Seller shall promptly notify the other party of:

          (a) any actions, suits, claims, investigations or proceedings commenced or, to its knowledge threatened against, relating to or involving or otherwise affecting such party or the Company that relate to the consummation of the transactions contemplated by this Agreement;

          (b) any failure of such party to comply with any covenant or agreement to be complied with by it hereunder;

provided, however, that the delivery of any notice pursuant to this Section 5.02 shall not limit or otherwise affect the remedies available hereunder to the party receiving that notice.

     Section 5.03 Tax Matters. Each party shall be responsible to pay its corresponding taxes pursuant to the Applicable Law in connection with this Agreement.

ARTICLE VI.
SURVIVAL; INDEMNIFICATION

     Section 6.01 Survival. The representations, warranties and covenants of the parties hereto contained in this Agreement, or in any other writing delivered pursuant hereto or in connection herewith shall survive the Closing Date indefinitely or until the latest date permitted by the Applicable Law.

     Section 6.02 Indemnification by Seller. Subject to the terms and conditions set forth herein, from and after the Closing Date, Seller shall indemnify and hold harmless Buyer and its trust beneficiaries, directors, officers, employees, Affiliates, controlling persons, agents, and representatives and their successors and assigns (collectively, the “Buyer Indemnitees”) from and against any and all damage, loss, liability and expense (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (“Damages”) asserted against or incurred by any Buyer Indemnitee as a result of or arising out of:

     (a) a breach of any representation or warranty of Seller contained in this Agreement as of the Closing Date; or

     (b) a breach of any covenant or agreement on the part of Seller under this Agreement.

     Section 6.03 Indemnification by Buyer. Subject to the terms and conditions set forth herein, from and after the Closing Date, Buyer shall indemnify and hold harmless Seller and its directors, officers, employees, Affiliates, controlling persons, agents and representatives and their successors and assigns (collectively, the “Seller Indemnitees”) from and against any and all Damages asserted against or incurred by any Seller Indemnitee as a result of or arising out of:

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     (a) a breach of any representation or warranty of Buyer contained in this Agreement as of the Closing Date; or

     (b) a breach of any covenant or agreement on the part of Buyer under this Agreement.

     Section 6.04 Third Party Claim Indemnification. The obligations of Seller to indemnify the Buyer Indemnitees under Section 6.02, and the obligations of Buyer to indemnify the Seller Indemnitees under Section 6.03 (the indemnifying Seller or the indemnifying Buyer, as the case may be, an “Indemnifying Party”) resulting from the assertion of liability by third parties (each, as the case may be, a “Claim”), will be subject to the following terms and conditions:

     (a) Any party against whom any Claim is asserted (an “Indemnified Party”) will give the Indemnifying Party written notice of any such Claim promptly after learning of such Claim, and the Indemnifying Party may at its option undertake the defense thereof by representatives of its own choosing. If the Indemnifying Party assumes such defense, the Indemnified Party shall have the right (but not the duty) to participate in the defense thereof and to employ counsel, at its own expense, separate from the counsel employed by the Indemnifying Party. If, however, the Indemnified Party reasonably determines in its own judgment that representation by the Indemnifying Party’s counsel of both the Indemnifying Party and the Indemnified Party would present such counsel with a material conflict of interest, or if the Indemnifying Party, within 15 days after notice of any such Claim, or such shorter period as is reasonably required, fails to assume the defense of such Claim, then such Indemnified Party may employ separate counsel to represent or defend it in any such claim, action, suit or proceeding and the Indemnifying Party shall pay the reasonable fees and disbursements of such separate counsel. Failure to give prompt notice of a Claim hereunder shall not affect the Indemnifying Party’s obligations under this Article 6, except to the extent the Indemnifying Party is materially prejudiced by such failure to give prompt notice.

     (b) The Indemnifying Party shall not enter into any settlement or compromise of any action, suit or proceeding or consent to the entry of any judgment (i) which does not include as an unconditional term thereof the delivery by the claimant or plaintiff to the Indemnified Party of a written release from all liability in respect of such action, suit or proceeding or (ii) for other than monetary damages to be borne solely by the Indemnifying Party, without the prior written consent of the Indemnified Party, which consent shall not be unreasonably withheld. The Indemnified Party will have no liability to any third party with respect to any settlement or compromise of Claims effected without its consent, which shall not be unreasonably withheld.

     (c) Each party shall cooperate, and cause its respective Affiliates to cooperate, fully in all aspects of any investigation, defense, pre-trial activities, trial, compromise, settlement or discharge of any claim in respect of which indemnity is sought pursuant to this Article 6, including, but not limited to, by providing the other party with reasonable access to employees and officers (including as witnesses) and other information.

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     Section 6.05 Settling Third Party Claims. Notwithstanding the foregoing, if an Indemnified Party determines in good faith that there is a reasonable probability that defense of a Claim may adversely affect it or its Affiliates other than as a result of monetary damages for which it would be entitled to indemnification under this Agreement, or if the Indemnifying Party, within 15 days after notice of any Claim to which the Indemnified Party is entitled to indemnification hereunder, or such shorter period as is reasonably required, fails to assume the defense of such Claim, the Indemnified Party may, by notice to the Indemnifying Party, assume the control of the right to defend, compromise or settle such Claim, but the Indemnifying Party will not be bound by any determination of a Claim so defended or any compromise or settlement effected without its consent (which may not be unreasonably withheld). In such event, if an offer of settlement or compromise on terms satisfying Section 6.04(b) hereof is received by the Indemnifying Party with respect to a Claim and the Indemnifying Party notifies the related Indemnified Party in writing of the Indemnifying Party’s willingness to settle or compromise such Claim on the basis set forth in such notice and such Indemnified Party declines to accept such settlement or compromise, such Indemnified Party may continue to contest such Claim, free of any participation by the Indemnifying Party, at such Indemnified Party’s sole expense. In such event, the obligations of the Indemnifying Party to such Indemnified Party with respect to such claim shall be equal to the lesser of (a) the amount of the offer of settlement or compromise which such Indemnified Party declined to accept plus the costs and expenses of such Indemnified Party incurred prior to the date the Indemnifying Party notifies such Indemnified Party of the offer to settle or compromise and (b) the actual out-of-pocket amount such Indemnified Party is obligated to pay as a result of such Indemnified Party’s continuing to contest such Claim.

     Section 6.06 No Duplication. Any liability for indemnification hereunder shall be determined without duplication of recovery by reason of the state of facts giving rise to such liability constituting a breach of more than one representation, warranty, covenant or agreement.

     Section 6.07 Exclusive Remedy; Limitation. After the Closing Date, this Article VI will provide the sole and exclusive remedy for any inaccuracy of any representation or warranty or any breach of any covenant or agreement set forth in this Agreement or otherwise arising out of or relating to this Agreement or the transactions contemplated hereby; provided that no party waives any claims of common law fraud in respect of the transactions contemplated hereby or any remedy of specific performance, injunctive relief or other non-monetary equitable remedies. In no event shall any Indemnifying Party be liable for punitive Damages or consequential Damages, including for lost profits, in each case except to the extent included in any claim against an Indemnified Party by an unaffiliated third party for which indemnification is available hereunder.

ARTICLE VII.
MISCELLANEOUS

     Section 7.01 Notices. All notices, requests and other communications to any party hereunder shall be in writing (including facsimile transmission) and shall be given to the address of the Seller and the Purchaser or such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the

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place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place of receipt.

     Section 7.02 Amendments and Waivers. (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective.

          (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

     Section 7.03 Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense.

     Section 7.04 Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other party, except that Buyer may transfer or assign its rights and obligations under this Agreement, in whole or from time to time in part, to one or more of its Affiliates, but no such transfer or assignment shall relieve Buyer of its obligations hereunder.

     Section 7.05 Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the law of the Federal District, Mexico, without regard to the conflicts of law rules of such state. Each party hereto hereby irrevocably and unconditionally: (a) submits for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of any judgment in respect thereof, to the general jurisdiction of the Courts of the Federal District, Mexico, and appellate courts from any thereof; (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same and waives any other jurisdiction to which it may otherwise be entitled for any reason; and, (b) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.

     Section 7.06 Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other party hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). Except as expressly provided in Article VI, no provision of this Agreement is

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intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their respective trust beneficiaries, successors and assigns.

     Section 7.07 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof.

     Section 7.08 Captions and Interpretations. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. The parties hereto acknowledge that this Agreement, has been drafted jointly by the parties hereto and agree that this Agreement will not be construed against any party as a result of any role such party may have had in the drafting process.

     Section 7.09 Severability. If any term, provision, covenant or restriction of this Agreement is held by a an arbitration panel, court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

[The remainder of this page has been intentionally left blank; the next page is the signature page.]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

SELLER BANCO INBURSA, S.A., DIVISION FIDUCIARIA, ACTING AS TRUSTEE ON BEHALF OF, AND FOR THE BENEFIT OF THE TRUST F/0008
By:	/s/ Guillermo Caballero Padilla
	Name:	Guillermo Caballero Padilla
	Title:	Trust Delegate

BUYER BANCO INBURSA, S.A., DIVISION FIDUCIARIA, ACTING AS TRUSTEE ON BEHALF OF, AND FOR THE BENEFIT OF THE TRUST F/1652
By:	/s/ Jose Alejandro Morales Sotarriba
	Name:	Jose Alejandro Morales Sotarriba
	Title:	Trust Delegate

EX-99.II

EXHIBIT II

CONTRATO DE FIDEICOMISO DE ADMINISTRACIÓN E INVERSIÓN QUE CELEBRAN POR UNA PARTE AT&T INTERNATIONAL, INC, A QUIEN EN LO SUCESIVO SE LE DENOMINARÁ EL “FIDEICOMITENTE” REPRESENTADA EN ESTE ACTO POR JONATHAN PAUL KLUG; Y POR OTRA PARTE BANCO INBURSA, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO INBURSA, EN LO SUCESIVO EL “FIDUCIARIO”, REPRESENTADO POR SU DELEGADO FIDUCIARIO EL C.P. JOSÉ ALEJANDRO MORALES SOTARRIBA, DE CONFORMIDAD CON LAS SIGUIENTES DECLARACIONES Y CLÁUSULAS:

DECLARACIONES

I. Declara el FIDEICOMITENTE por conducto de su representante legal que:

a)	Es una sociedad debidamente constituida conforme a las leyes del Estado de Delaware, Estados Unidos de América.
b)	Su representante cuenta con las facultades legales suficientes para obligarla en los términos y condiciones del presente Contrato.
c)	La celebración del presente contrato y el cumplimiento de sus obligaciones, no resulta en el incumplimiento o violación de ninguna ley aplicable, ni constituye un acto que se encuentre prohibido por la ley.
d)	Conoce los estatutos sociales de América Móvil, S.A.B. de C.V. (“AMX”)
e)	Cuenta con las autorizaciones corporativas y de cualquier otra naturaleza necesarias para la celebración y cumplimiento del presente Contrato.
f)	Salvo que cuente con las autorizaciones necesarias, en ningún momento las acciones Serie “L” representativas del capital social de AMX, que el Fiduciario adquiera por cuenta y en ejecución del presente Fideicomiso y las que trasmita el Fideicomitente para formar parte del Patrimonio del Fideicomiso, podrán representar más del 9.9% (nueve punto nueve por ciento) del total de las acciones emitidas por la citada emisora.
g)	Los bienes y recursos que aporte al Patrimonio del Fideicomiso, tal y como dicho término se define más adelante, son de origen lícito, así como aquellos que lo incrementen tendrán una procedencia lícita.
h)	El Fiduciario le hizo saber de manera inequívoca, clara y precisa, el contenido y alcance legal del inciso b) de la fracción XIX del artículo 106 de la Ley de Instituciones de Crédito así como del valor y consecuencias legales del numeral 6 de la Circular 1/2005 de Banco de México, mismos que a la letra se transcriben en el inciso c) de la Declaración II de este Contrato.

i)	Desea transferir y entregar, de tiempo en tiempo, al Fiduciario (i) ciertas sumas de dinero para que éste adquiera acciones Serie “L” de AMX, y/o (ii) contribuir, de tiempo en tiempo, acciones Serie “L” de AMX para los fines del presente fideicomiso.
II.	Declara el FIDUCIARIO, por conducto de su delegado fiduciario que:
a)	Su representada es una sociedad anónima debidamente constituida de conformidad con las leyes de los Estados Unidos Mexicanos, y autorizada para prestar el servicio de Banca y Crédito y capacitada para actuar como fiduciaria de acuerdo con la fracción XV del artículo 46 de la Ley de Instituciones de Crédito y el artículo 385 de la Ley General de Títulos y Operaciones de Crédito.
b)	Su representante cuenta con las facultades suficientes y necesarias para obligarla en los términos del presente Contrato, mismas que no le han sido revocadas, limitadas o modificadas en forma alguna.
c)	Hace constar que hizo saber al Fideicomitente de manera inequívoca, clara y precisa, el contenido y alcance legal del inciso b) de la fracción XIX del artículo 106 de la Ley de Instituciones de Crédito que dispone:

“ARTÍCULO 106.- A las Instituciones de Crédito les estará prohibido:

...

XIX. En la realización de las operaciones a que se refiere la fracción XV del artículo 46 de esta Ley:

...

b) Responder a los fideicomitentes, mandantes o comitentes, del incumplimiento de los deudores, por los créditos que se otorguen o de los emisores, por los valores que se adquieran, salvo que sea por su culpa, según lo dispuesto en la parte final del artículo 391 de la Ley General de Títulos y Operaciones de Crédito, o garantizar la percepción de rendimientos por los fondos cuya inversión se les encomiende.

Si al término del fideicomiso, mandato o comisión constituidos para el otorgamiento de créditos, éstos no hubieren sido liquidados por los deudores, la institución deberá transferirlos al fideicomitente o fideicomisario, según sea el caso, o al mandante o comitente, absteniéndose de cubrir su importe.

En los contratos de fideicomiso, mandato o comisión se insertará en forma notoria lo dispuesto en este inciso y una declaración de la fiduciaria en el sentido de que hizo saber inequívocamente su contenido a las personas de quienes haya recibido bienes o derechos para su afectación fiduciaria.

Cualquier pacto contrario a lo dispuesto en los incisos anteriores será nulo”

De igual forma y en cumplimiento a lo dispuesto por el numeral 5.5 de la Circular 1/2005 de Banco de México, explicó en forma inequívoca, clara y precisa al Fideicomitente el valor y consecuencias legales del numeral 6 de la Circular 1/2005 sobre las prohibiciones a que está sujeto el Fiduciario y para dichos efectos se transcribe a continuación el numeral 6 de la Circular 1/2005:

“6.	Prohibiciones.
6.1	En la celebración de Fideicomisos, las Instituciones Fiduciarias tendrán prohibido lo siguiente:

     a) Cargar al patrimonio fideicomitido precios distintos a los pactados al concertar la operación de que se trate;

     b) Garantizar la percepción de rendimientos o precios por los fondos cuya inversión se les encomiende, y

     c) Realizar operaciones en condiciones y términos contrarios a sus políticas internas y a las sanas prácticas financieras.

6.2	Las Instituciones Fiduciarias no podrán celebrar operaciones con valores, títulos de crédito o cualquier otro instrumento financiero, que no cumplan con las especificaciones que se hayan pactado en el contrato de Fideicomiso correspondiente.
6.3	Las Instituciones Fiduciarias no podrán llevar a cabo tipos de Fideicomiso que no estén autorizadas a celebrar de conformidad con las leyes y disposiciones que las regulan.
6.4	En ningún caso las Instituciones Fiduciarias podrán cubrir con cargo al patrimonio fideicomitido el pago de cualquier sanción que les sea impuesta a dichas Instituciones Fiduciarias por alguna autoridad.
6.5	En los Fideicomisos de garantía, las Instituciones de Fianzas y las Sofoles no podrán recibir sino bienes o derechos que tengan por objeto garantizar las obligaciones de que se trate.
6.6	Las Instituciones Fiduciarias deberán observar lo dispuesto en los artículos 106 fracción XIX de la Ley de Instituciones de Crédito, 103 fracción IX de la Ley del Mercado de Valores, 62 fracción VI de la Ley General de Instituciones y Sociedades Mutualistas de Seguros, 60 fracción VI Bis de la Ley Federal de Instituciones de Fianzas y 16 de la Ley Orgánica de la Financiera Rural, según corresponda a cada Institución.”

Expuesto lo anterior, las Partes otorgan el presente Contrato de Fideicomiso, que se regirá por las siguientes:

CLÁUSULAS

PRIMERA.- DEFINICIONES. Los términos escritos con mayúscula inicial se utilizarán en el presente instrumento con el significado que se les atribuye a continuación, en el entendido de que dichos significados serán aplicables tanto al singular como al plural de los mismos:

“AMX”	significa América Móvil, S.A.B. de C.V.
“Aportación Inicial”:	significa la aportación que en este acto realiza el Fideicomitente, de conformidad con lo establecido en la cláusula SEGUNDA del presente instrumento.
“BMV”	Bolsa Mexicana de Valores, S.A.B. de C.V.
“Cetes”:	significa Certificados de la Tesorería de la Federación.
“Contrato” o “Fideicomiso”:	significa el presente Contrato de Fideicomiso de Administración e Inversión incluyendo cualquier modificación y/o adición que pudiere realizarse al mismo, y el cual se encuentra identificado con el número F/1652.
“Día Hábil”:	significa los días en los cuales las instituciones de crédito en México, Distrito Federal, estén abiertas y celebren sus operaciones.
“Fideicomitente”	significa AT&T International, Inc.
“Fideicomisario”:	significa AT&T International, Inc.
“Fiduciario”:	significa Banco Inbursa, Sociedad Anónima, Institución de Banca Múltiple, Grupo Financiero Inbursa.
“Institución de Crédito”	significa cualquier institución de banca múltiple debidamente autorizada para operar como tal por la Comisión Nacional Bancaria y de Valores.

“Partes”:	significa de manera conjunta e indistinta el Fideicomitente, el Fiduciario y el Fideicomisario, de conformidad con lo previsto en la cláusula CUARTA de este Contrato.
“Patrimonio del Fideicomiso”:	significa el conjunto de bienes y derechos que se mencionan en la cláusula QUINTA de este Contrato.

SEGUNDA.- CONSTITUCIÓN. El Fideicomitente constituye en este acto, un Fideicomiso de Administración e Inversión, para lo cual afecta al presente Contrato la cantidad de $1.00 (Un peso 00/100 M.N.), mediante transferencia electrónica de fondos a la cuenta CLABE No. 036180120998600124, en Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa, en lo sucesivo la “Aportación Inicial”. La Aportación Inicial podrá ser incrementada en cualquier momento mediante aportación de otros bienes y derechos al Patrimonio del Fideicomiso.

Asimismo, el Fideicomitente podrá en cualquier tiempo afectar al presente Fideicomiso acciones Serie “L” representativas del capital social de AMX, así como los recursos en efectivo requeridos para adquirir las mencionadas acciones Serie “L” de AMX.

Por su parte, el Fiduciario en este acto y a través del presente instrumento otorga el recibo más amplio que en derecho proceda al Fideicomitente por la Aportación Inicial y conviene en destinarla a los fines establecidos en el presente Fideicomiso.

TERCERA.- DESIGNACIÓN Y ACEPTACIÓN DE FIDUCIARIO. El Fideicomitente designa como institución fiduciaria a Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa, quien en este acto acepta el cargo que se le confiere y protesta su fiel y legal desempeño.

CUARTA.- PARTES. Son partes en el presente Fideicomiso:

FIDEICOMITENTE:	AT&T International, Inc.
FIDUCIARIO:	Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa.
FIDEICOMISARIO:	AT&T International, Inc.

QUINTA.- PATRIMONIO DEL FIDEICOMISO. Constituye el Patrimonio del Fideicomiso la Aportación Inicial así como cualquier otro bien o derecho que de tiempo en tiempo aporte el Fideicomitente al mismo.

En virtud de lo anterior, el Patrimonio del Fideicomiso podrá incrementarse con:

a) Las aportaciones en efectivo que, de tiempo en tiempo, realice el Fideicomitente, con la finalidad que el Fiduciario proceda a adquirir acciones de la Serie “L” de AMX, dentro o fuera de la BMV, según le instruya por escrito el Fideicomitente.

b) Las acciones Serie “L” de AMX que aporte el Fideicomitente.

c) Las cantidades que correspondan a las acciones Serie “L” de AMX por concepto de dividendos, o en su caso amortización de acciones o reembolso por reducciones del capital social o por cualquier otro concepto.

d) Las acciones Serie “L” de AMX adicionales por concepto de dividendo en acciones, divisiones (splits) o capitalización de utilidades.

e) El precio de enajenación de las acciones Serie “L” de AMX, cuando el Fideicomitente instruya por escrito al Fiduciario la venta de dichas acciones.

f) Los productos en efectivo y los rendimientos de inversión, reinversiones e intereses que generen la Aportación Inicial y los demás recursos líquidos que integren el Patrimonio del Fideicomiso.

g) Las cantidades de dinero o de valores adicionales que aporte el Fideicomitente.

La Aportación Inicial y el conjunto de bienes a que se refieren los incisos a) al g) de la presente cláusula, se les denominará en lo sucesivo indistintamente como el “Patrimonio del Fideicomiso”.

El Fiduciario no será responsable, en ningún caso, de verificar la fuente o proveniencia de los bienes y/o recursos que se aporten al Patrimonio del Fideicomiso, ni de verificar o determinar la solvencia económica y/o moral del Fideicomitente, liberando en este acto al Fiduciario de cualquier responsabilidad que pudiere surgir por tal motivo.

SEXTA.- FINES DEL FIDEICOMISO. Son fines del presente Fideicomiso los siguientes:

1. Que el Fiduciario reciba y mantenga la titularidad de los bienes que integran el Patrimonio del Fideicomiso conforme al presente Contrato y los administre e invierta conjuntamente con sus rendimientos y demás accesorios de conformidad con la política de inversión a que se refiere la cláusula SÉPTIMA del presente Contrato.

2. Que el Fiduciario reciba, de tiempo en tiempo, (i) el dinero que entregue el Fideicomitente para adquirir, previa instrucción que le gire por escrito el Fideicomitente, cierto número de acciones Serie “L” de AMX, dentro o fuera de la BMV, y/o (ii) las acciones Serie “L” de AMX, que le sean entregadas por el Fideicomitente conservando la propiedad y titularidad de dichas acciones y conservándolas en Fideicomiso, de acuerdo con los términos y condiciones establecidos en el presente Contrato.

3. Respecto de las acciones Serie “L” de AMX que lleguen a formar parte del Patrimonio del Fideicomiso:

a)	Que el Fiduciario, previa instrucción por escrito del Fideicomitente, ejercite los derechos corporativos, económico y/o patrimoniales, que deriven de las acciones Serie “L” de AMX y los valores, en los términos y en la forma que se le indique;
b)	Que el Fiduciario, previa instrucción por escrito que reciba del Fideicomitente, suscriba y pague con cargo al Patrimonio del Fideicomiso o bien con los fondos que previamente le sean aportados, las acciones que se emitan con motivo de aumentos de capital de AMX, y en específico los aumentos en la Serie “L” de AMX, y los de las emisoras cuyos valores se encuentren afectos al presente Fideicomiso.
c)	Que el Fiduciario cobre y reciba oportunamente las cantidades o bienes que por concepto de dividendos, reducciones o reembolsos de capital, amortización o cuotas de liquidación, que en su caso pudieran corresponder a las acciones Serie “L” de AMX y los valores, y las aplique de conformidad con la política de inversión a que se refiere la cláusula SÉPTIMA del presente Contrato.
d)	Que el Fiduciario otorgue un poder cuando así lo solicite por escrito el Fideicomitente, a la persona que le indique por escrito, en los términos que éste le indique para ejercitar todos los derechos de voto correspondientes a las acciones Serie “L” de AMX, en el entendido de que el Fideicomitente deberá solicitar dicho poder con por lo menos 5 (cinco) días hábiles de anticipación a la asamblea de accionistas de AMX. El Fiduciario no tendrá responsabilidad alguna con el Fideicomitente, si éste último no entrega en tiempo las instrucciones por escrito de conformidad con el presente Contrato.

El Fiduciario no estará obligado, en ningún momento a entregar físicamente los valores o instrumentos adquiridos como consecuencia de las inversiones realizadas.

4. En cualquier tiempo y cuando así lo instruya expresamente y por escrito el Fideicomitente, el Fiduciario procederá a transferir, entregar o vender total o parcialmente los derechos fideicomisarios o los títulos de las acciones Serie “L” de AMX y valores que se encuentren afectos al Fideicomiso, dentro o fuera de la BMV, en los términos y condiciones que le indique el Fideicomitente.

5. Que conforme a las instrucciones que por escrito entregue el Fideicomitente, el Fiduciario realice todos los actos, convenios y contratos necesarios para lograr la consecución de los fines del presente Fideicomiso.

6. Que el Fiduciario, previa instrucción por escrito que reciba del Fideicomitente, otorgue poderes a la o las personas que éste le indique para la defensa del Patrimonio del Fideicomiso.

7. Que el Fiduciario, con cargo al Patrimonio del Fideicomiso y hasta donde éste baste y alcance, pague el importe de todos los gastos, comisiones, derechos, impuestos o

cualquier otra erogación, que se causen con motivo o derivados del presente Fideicomiso, desde su constitución hasta su extinción; incluyendo los gastos necesarios para efectuar la compra de acciones Serie “L” de AMX, mismos que deberán ser aprobados previamente y por escrito por el Fideicomitente.

8. Que al término del Fideicomiso el Fiduciario entregue al Fideicomitente cualesquiera bienes y/o derechos que en ese momento se encuentren en el Patrimonio del Fideicomiso, según se le instruya por escrito.

SÉPTIMA.- POLÍTICA DE INVERSIÓN. El Fiduciario invertirá los recursos líquidos del Patrimonio del Fideicomiso, ajustándose en todo momento a las instrucciones que para tal efecto y por escrito le gire el Fideicomitente. En caso de que no fueran suficientemente precisas o de no recibir dichas instrucciones el Fiduciario invertirá los recursos líquidos del Patrimonio del Fideicomiso, en valores de renta fija, o en Sociedades de Inversión de instrumentos de deuda para personas físicas operadas por Operadora Inbursa de Sociedades de Inversión, S.A. de C.V., Grupo Financiero Inbursa, en el entendido de que el plazo de inversión de los recursos líquidos del Patrimonio del Fideicomiso será el que determine el Fideicomitente, plazo que podrá ser de 1 (un) día hasta 5 (cinco) años.

En todo tiempo, en lo particular, las inversiónes se sujetarán a la bursatilidad y liquidez de las mismas y en lo general, a las condiciones de mercado existentes en ese momento.

Asimismo el Fideicomitente, en este acto, libera al Fiduciario de cualquier responsabilidad derivada de las inversiones realizadas en términos de las instrucciones giradas por el Fideicomitente o según lo previsto en el primer párrafo de esta cláusula SÉPTIMA, así como por las pérdidas o menoscabos que pudieran afectar el Patrimonio del Fideicomiso como consecuencia de las inversiones efectuadas por el Fiduciario, no pudiendo el Fideicomitente reclamar al Fiduciario responsabilidad alguna a este respecto, siempre que el Fiduciario se haya conducido de conformidad con el artículo 391 de la Ley General de Títulos y Operaciones de Crédito.

Para el caso de que al Fiduciario se le instruya invertir en valores, de conformidad con la política de inversión a que se refiere la presente cláusula y a las instrucciones que por escrito le gire el Fideicomitente, deberá especificar claramente los valores, títulos de crédito y otros instrumentos en los que desee invertir señalando las emisoras, las características de los valores, y en su caso, su calificación.

El Fiduciario estará autorizado para celebrar los contratos de inversión que se requieran con Inversora Bursátil, S.A. de C.V., Casa de Bolsa, Grupo Financiero Inbursa, así como con cualquier otra entidad integrante de Grupo Financiero Inbursa y/o cualquier institución financiera que esté debidamente facultada para hacerlo de conformidad con la legislación aplicable, para efectuar la inversión y llevar la administración de los recursos que integren el Patrimonio del Fideicomiso.

Los recursos líquidos que reciba el Fiduciario que no se inviertan de manera inmediata conforme a la presente cláusula y/o que no sean aplicados de forma inmediata al cumplimiento de los fines del presente Fideicomiso, deberán ser depositados en una

Institución de Crédito a más tardar el día hábil siguiente al que se reciban, en tanto se aplican al fin pactado en el presente Fideicomiso; de realizarse el depósito en la Institución de Crédito que actúa como Fiduciario, es decir en Banco Inbursa, S.A. Institución de Banca Múltiple, Grupo Financiero Inbursa, éste deberá devengar la tasa más alta que dicha Institución pague por operaciones al mismo plazo y monto similar, en las mismas fechas en que se mantenga el depósito.

El Fiduciario podrá llevar a cabo todos los actos y celebrar todos los contratos que se requieran para efectuar la inversión y administración de los recursos que integren el Patrimonio del Fideicomiso, no estando obligado en ningún caso, a entregar físicamente los títulos que amparen los valores o instrumentos adquiridos como consecuencia de las inversiones realizadas.

El Fideicomitente en este acto reconoce y acepta que el Fiduciario podrá celebrar operaciones con Banco Inbursa, S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa, actuando por cuenta propia en términos de lo señalado en la CIRCULAR 1/2005, RELATIVA A LAS REGLAS A LAS QUE DEBERÁN SUJETARSE LAS INSTITUCIONES DE CRÉDITO; CASAS DE BOLSA; INSTITUCIONES DE SEGUROS; INSTITUCIONES DE FIANZAS, SOCIEDADES FINANCIERAS DE OBJETO LIMITADO Y LA FINANCIERA RURAL, EN LAS OPERACIONES DE FIDEICOMISO (la “Circular 1/2005”), previa instrucción que entregue el Fideicomitente al Fiduciario para cada operación.

Lo anterior en el entendido de que las obligaciones del Fiduciario que contraiga actuando con tal carácter y por cuenta propia no podrán ser objeto de ningún acto jurídico que tenga como consecuencia la confusión de derechos en términos de la legislación civil de conformidad con lo señalado en la Circular 1/2005.

OCTAVA.- DURACIÓN DEL FIDEICOMISO. El presente Contrato del Fideicomiso tendrá la duración necesaria para el cumplimiento de sus fines no pudiendo exceder del plazo máximo establecido en la ley para este tipo de contratos, y se extinguirá por cualquiera de los supuestos previstos en el artículo 392 de la Ley General de Títulos y Operaciones de Crédito.

NOVENA.- INSTRUCCIONES FIDEICOMITENTE. Toda instrucción que el Fideicomitente gire al Fiduciario deberá constar por escrito y enviarse con por lo menos 5 (cinco) días hábiles de anticipación a la fecha en que deba de ejecutarse, de lo contrario el Fiduciario estará facultado a no ejecutarlas, sin responsabilidad alguna para el mismo. Lo anterior no será aplicable respecto a la primera instrucción que gire el Fideicomitente al Fiduciario dentro de los 5 (cinco) días siguientes a la fecha de firma del presente Contrato, misma que deberá ejecutarse en la fecha de recepción de la misma por parte del Fiduciario.

En el caso de solicitud de poder(es) para ejercitar los derechos de voto correspondientes a las acciones Serie “L” de AMX, el Fideicomitente deberá enviar la instrucción con por lo menos 5 (cinco) días hábiles de anticipación a la asamblea de accionistas de AMX.

Las instrucciones que gire el Fideicomitente conforme a lo previsto en los 2 (dos) párrafos anteriores, deberán ir firmadas por el o las personas debidamente autorizadas por el Fideicomitente.

Es este acto el Fideicomitente reconoce y acepta que no es su intención establecer un comité técnico que instruya al Fiduciario, por lo que libera al mismo de toda responsabilidad presente y futura al respecto, por lo que el Fiduciario actuará por instrucciones del Fideicomitente y cuando actúe en cumplimiento de las instrucciones citadas estará libre de responsabilidad.

DÉCIMA.- FACULTADES Y OBLIGACIONES DEL FIDEICOMITENTE. El Fideicomitente tendrá las siguientes facultades y obligaciones:

1. Instruir al Fiduciario, con cargo al Patrimonio del Fideicomiso hasta donde éste baste y alcance, adquirir determinado número de acciones de la Serie “L” representativas del capital social de AMX.

2. Instruir al Fiduciario sobre el manejo, administración e inversión del Patrimonio del Fideicomiso, de conformidad con los términos y condiciones previstos en este Contrato.

3. Designar a la persona o personas que se encargarán de la defensa del Patrimonio del Fideicomiso en caso de controversia, e instruir al Fiduciario para que con cargo al Patrimonio del Fideicomiso otorgue poderes a las personas que le indique el Fideicomitente.

4. Resolver respecto a la sustitución del Fiduciario de este Fideicomiso cuando así lo considere necesario o ante la renuncia del mismo, designando al fiduciario sustituto en su caso, conforme a lo estipulado en la cláusula DÉCIMO SÉPTIMA del presente.

5. Instruir al Fiduciario la celebración de actos, contratos y convenios que el propio Fideicomitente determine que celebre el Fiduciario para lograr la consecución de los fines del presente Fideicomiso, siempre y cuando no contravengan con ningún ordenamiento legal.

6. En general, el Fideicomitente tendrá las más amplias facultades para resolver y decidir sobre las situaciones que se presenten durante la vigencia de este Fideicomiso.

El Fiduciario quedará libre de toda responsabilidad por todos aquellos actos que realice en cumplimiento de las instrucciones que reciba del Fideicomitente, en el entendido de que tampoco será responsable por no acatar dichas instrucciones cuando éstas contravengan los fines del presente Fideicomiso y sean contrarias a derecho. En este último caso el Fiduciario deberá informar al Fideicomitente dentro de los 5 (cinco) días hábiles siguientes a la recepción de las instrucciones en cuestión su decisión de no acatarlas y los fundamentos correspondientes.

DÉCIMO PRIMERA.- ESTADOS DE CUENTA DEL FIDEICOMISO. El Fiduciario deberá informar por cualquier medio fehaciente, de manera mensual de los movimientos

realizados en este Fideicomiso durante el período correspondiente, respecto de la totalidad del Patrimonio del Fideicomiso, el estado de cuenta correspondiente deberá ser entregado por el Fiduciario dentro de los 5 días hábiles siguientes al cierre del periodo en cuestión.

El Fideicomitente tendrá un plazo de 15 (quince) días naturales, contados a partir de la fecha de terminación del periodo inmediato anterior, para manifestar al Fiduciario las aclaraciones respectivas que en su caso tuviere del estado de cuenta. En caso de no recibirlo oportunamente, deberá solicitar al Fiduciario una copia del mismo para que, de ser necesario, realice las aclaraciones en tiempo. Transcurrido el término mencionado, el estado de cuenta hará prueba plena a favor del Fideicomiso, siendo aplicable lo dispuesto por el segundo párrafo del artículo 58 de la Ley de Instituciones de Crédito.

DÉCIMO SEGUNDA.- FACULTADES DEL FIDUCIARIO. El Fiduciario gozará de todas las facultades que expresamente se le confieran para el manejo del presente Fideicomiso, así como todas aquellas que sean necesarias para cumplir con los fines del mismo, pero no será responsable de las ganancias o pérdidas que reporten los valores que integran el Patrimonio del Fideicomiso, por lo tanto el Fideicomitente asume por su exclusiva cuenta cualquier riesgo que surja sobre el particular.

El Fiduciario únicamente responderá de su actuación en el presente Fideicomiso conforme a lo establecido en el artículo 391 de la Ley General de Títulos y Operaciones de Crédito.

DÉCIMO TERCERA.- HONORARIOS DEL FIDUCIARIO. Por su intervención en el presente Fideicomiso, el Fiduciario cobrará las siguientes comisiones:

a) Honorarios por la aceptación y elaboración del Contrato de Fideicomiso. Un pago único por la cantidad de USDC$818,751.37 (Ochocientos Dieciocho Mil Setecientos Cincuenta y Un Dólares 37/100 Moneda de Curso Legal en los Estados Unidos de Norteamérica), más el Impuesto al Valor Agregado (IVA).

b) Honorarios por manejo y administración del Fideicomiso. La cantidad de $10,000.00 (Diez mil pesos 00/100 M.N.) mensual más el correspondiente Impuesto al Valor Agregado (IVA), pagadera por mensualidades anticipadas.

c) Honorarios por modificaciones al Fideicomiso. La cantidad de $5,000.00 (Cinco mil pesos 00/100 M.N.), más el correspondiente Impuesto al Valor Agregado (IVA), en cada ocasión. Se entenderá por modificaciones, los casos en los cuales se requiera suscribir convenios modificatorios, sin que éstas vayan más allá de los fines originalmente pactados.

d) Honorarios por otorgamiento de poderes. La cantidad de $2,500.00 (Dos mil quinientos pesos 00/100 M.N.) por cada instrumento que suscriba el FIDUCIARIO, más el correspondiente Impuesto al Valor Agregado (IVA).

e) Comisión por Cheque Librado y/o Transferencia Electrónica: La cantidad de $50.00 (Cincuenta pesos 00/100 M.N.), más el correspondiente Impuesto al Valor Agregado (IVA), pagaderos por cada evento.

f) Los Honorarios Fiduciarios por la celebración de actos diferentes a los consignados en el presente Fideicomiso, se fijarán por el FIDUCIARIO, atendiendo las condiciones y términos de cada caso en particular, estableciéndose como cuota mínima la cantidad de $3,000.00 (Tres mil pesos 00/100 M.N.), más el correspondiente Impuesto al Valor Agregado (IVA) por cada acto.

Los honorarios establecidos en los incisos b), c), d), e) y f) anteriores serán revisados y ajustados anualmente por el Fiduciario, tomando como base el Índice Nacional de Precios al Consumidor (INPC) que publique el Banco de México.

Todos los gastos, derechos, impuestos, comisiones, honorarios notariales y cualquiera otro concepto de la misma naturaleza, que en su caso se generen con motivo de la constitución o extinción del Fideicomiso, serán pagados por el Fideicomitente y/o en su caso con cargo al Patrimonio del Fideicomiso.

El Fideicomitente en este acto, faculta y autoriza expresamente al Fiduciario a descontar del Patrimonio del Fideicomiso, el importe de sus honorarios siempre y cuando existan recursos en efectivo; contra entrega por parte del Fiduciario de la factura debidamente requisitada para efectos fiscales que ampare el pago de que se trate.

En el caso de que no se cubran oportunamente al Fiduciario los honorarios descritos en los párrafos que anteceden, el Fideicomitente deberá cubrir al Fiduciario por concepto de intereses moratorios, el equivalente a dos veces la tasa promedio de las subastas realizadas de los Cetes a plazo de veintiocho días, calculada sobre el importe de los honorarios no cubiertos y por el plazo en que los mismos permanezcan insolutos.

El Fiduciario se reserva el derecho de aplicar la pena convencional aquí pactada, así como el de ejercitar, en su caso, las acciones legales para cobrar los adeudos a cargo del Fideicomitente.

El Fiduciario podrá abstenerse de realizar cualquier acto que se derive del presente Contrato si existen honorarios pendientes de cubrirse o si el Patrimonio del Fideicomiso es insuficiente para cumplir con la obligación de que se trate, derivada del presente Fideicomiso.

DÉCIMO CUARTA.- OTROS GASTOS Y COMISIONES. El importe de los honorarios, gastos o comisiones que deriven de la ejecución de los fines del presente Fideicomiso, serán pagados con cargo al Patrimonio del Fideicomiso, y en caso de que éste no cuente con liquidez, los honorarios, gastos o comisiones deberán de ser pagados por el Fideicomitente.

DÉCIMO QUINTA.- INDEMNIZACIONES, LIBERACIONES Y ACTUACIÓN DEL FIDUCIARIO. El Fideicomitente en este acto se obliga a defender y deberá sacar en paz y a salvo al Fiduciario así como a sus delegados fiduciarios, funcionarios, empleados y apoderados de toda y cualquier responsabilidad, daño, obligación, demanda, sentencia, transacción, requerimiento, gastos y/o costas de cualquier naturaleza, incluyendo los

honorarios razonables y documentados de abogados, que directa o indirectamente se hagan valer contra, como resultado de, impuesta sobre, o incurrida por, con motivo o como consecuencia de actos realizados por el Fiduciario para el cumplimiento de los fines consignados en el presente Fideicomiso y la defensa del Patrimonio del Fideicomiso o por reclamaciones, multas, penas y cualquier otro adeudo de cualquier naturaleza en relación con el Patrimonio del Fideicomiso o con el presente Fideicomiso, ya sea ante autoridades administrativas, judiciales, tribunales arbitrales o cualquier otra instancia, tanto de carácter local o federal. Lo anterior siempre y cuando el Fiduciario haya actuado en estricto apego a las instrucciones otorgadas por el Fideicomitente y a los términos y condiciones previstos en este Contrato.

En el caso de que se genere cualquier situación de hecho o acto de autoridad, o consecuencia de índole legal, que produzca responsabilidades pecuniarias sobre el presente Fideicomiso y/o el Patrimonio del Fideicomiso que hubieren sido generados por actos u omisiones del Fideicomitente y/o por el Fiduciario en cumplimiento de los fines del presente Fideicomiso, por terceros, incluyendo erogaciones relacionadas con los actos y conceptos que se mencionan en el párrafo anterior, el pago derivado de dichas responsabilidades pecuniarias correrá a cargo del Fideicomitente que responderá del pago que se hubiere efectuado o vaya a efectuar el Fiduciario, renunciando a beneficios de orden o excusión que pudiera corresponderles conforme a la ley.

Las Partes acuerdan que el Fideicomitente será responsable de: (i) indemnizar y sacar en paz y a salvo al Fiduciario, sus delegados fiduciarios, empleados, apoderados y demás personal, en caso de que se presente reclamación, procedimiento, juicio, demanda, responsabilidad, pérdida, daños, sanciones, acciones o sentencias que fueren presentadas, entabladas, dictadas o impuestas por cualquier persona o autoridad competente en contra del Fiduciario, sus consejeros, funcionarios, empleados apoderados y demás personal; y (ii) rembolsar al Fiduciario, sus delegados fiduciarios, empleados, apoderados y demás personal, cualquier costo, gasto o erogación de cualquier naturaleza (incluyendo gastos y honorarios, razonables y debidamente documentados, de asesores legales y abogados) en que incurran, o cualquier daño o perjuicio que sufran en virtud de alguna reclamación, juicio, procedimiento, demanda, responsabilidad, pérdida, daño, sanción, acción o sentencia entablada, dictada o impuesta en contra del Fiduciario, sus consejeros, funcionarios, empleados, apoderados y demás personal, que determine en forma inapelable una autoridad judicial o administrativa competente, en relación con la validez y legalidad del presente Fideicomiso, o cualesquiera actos realizados por el Fiduciario conforme a las instrucciones que reciba por escrito en los términos del presente Contrato, según sea el caso, salvo que se trate de actos realizados con negligencia, dolo o mala fe.

El Fiduciario tendrá derecho a ser representado por sus propios asesores en dichos procedimientos. El Fiduciario tendrá derecho a que el Fideicomitente cubra los honorarios, gastos y costos (razonables y debidamente documentados) relacionados con dichos procedimientos, dentro de los diez (10) Días Hábiles a la fecha en que lo solicite por escrito el Fiduciario (junto con la documentación que acredite los mismos).

Todos los actos, que realice el Fiduciario por indicaciones y/o instrucciones que le gire el Fideicomitente, serán siempre con tal carácter, en consecuencia no se entenderán como

acciones propias del Fiduciario, quien desempeñará su cargo, en cumplimiento de los fines establecidos en el presente Fideicomiso, por lo que, no estará facultado para realizar acto o hecho alguno que sea ajeno al cumplimiento de tales finalidades. Las obligaciones del Fiduciario quedan limitadas expresamente al efecto de cumplir los fines previstos en el presente Fideicomiso.

Todas las erogaciones, obligaciones y responsabilidades que el Fiduciario asuma en ejecución de las instrucciones emitidas por el Fideicomitente serán con cargo al Patrimonio del Fideicomiso, hasta donde este baste y alcance, en caso de no existir recursos suficientes, serán con cargo exclusivo del Fideicomitente.

En ningún caso el Fiduciario está obligado a acatar instrucciones que sean violatorias de alguna norma jurídica, contravengan o sean dadas en exceso a los fines del presente Fideicomiso o sean de imposible realización.

El Fideicomitente en este acto liberan al Fiduciario de toda responsabilidad en relación a los conflictos que pudieran surgir entre el Fideicomitente con terceros, con motivo de la celebración y/o por la administración del presente Fideicomiso, en apego a los términos del mismo, siempre que el Fiduciario se haya conducido de conformidad con el artículo 391 de la ley General de Títulos y Operaciones de Crédito y en estricto apego a las instrucciones que le haya girado el Fideicomitente.

Cuando el Fiduciario obre ajustándose estrictamente a las instrucciones o acuerdos del Fideicomitente estará libre de toda responsabilidad.

Las Partes en este acto reconocen y aceptan, que una vez revocado, extinto y/o cancelado el presente Fideicomiso, el Fiduciario no tendrá obligación de proporcionarles información y/o documentación alguna del presente Fideicomiso y/o que esté relacionada con el mismo, salvo por aquella y en los casos que la ley establezca.

El Fiduciario responderá civilmente por los daños y perjuicios que llegara a causar al Fideicomitente por el incumplimiento de las obligaciones a su cargo pactadas en el presente Fideicomiso siendo al igual responsable de aquellas pérdidas que sufra el Patrimonio del Fideicomiso por su negligencia, culpa o dolo, así como por el incumplimiento a las instrucciones giradas por el Fideicomitente.

DÉCIMO SEXTA.- PROHIBICIONES. El Fiduciario sólo podrá cargar al Patrimonio del Fideicomiso los honorarios y demás cantidades que al efecto se señalan en la cláusula DÉCIMO TERCERA del presente Contrato, salvo por cantidades adicionales que al efecto le instruya por escrito el Fideicomitente para el debido cumplimiento del presente Fideicomiso y las descritas en este Contrato para cumplir con los fines del mismo o con otras obligaciones a cargo del Fiduciario.

El Fideicomitente en este acto reconoce y acepta que el Fiduciario no podrá realizar operaciones con valores distintos a los señalados en la cláusula SÉPTIMA del presente Contrato, lo anterior en términos de lo dispuesto en la Circular 1/2005.

Así mismo el Fiduciario no podrá realizar operaciones en condiciones y términos contrarios a las políticas internas del Fiduciario y a las sanas prácticas financieras.

DÉCIMO SÉPTIMA.- RENUNCIA Y SUSTITUCIÓN DEL FIDUCIARIO. Las Partes convienen en que el Fiduciario podrá renunciar al desempeño de su cargo o ser sustituido en el mismo por la institución fiduciaria que designe el Fideicomitente. En caso de renuncia o sustitución del Fiduciario, las Partes que correspondan deberán comunicarlo por escrito a la otra parte, con una anticipación no inferior a 30 (treinta) días naturales.

Al cesar en su cargo, por renuncia o sustitución, el Fiduciario elaborará un balance del Patrimonio del Fideicomiso, que comprenderá desde el último estado de cuenta que hubiere rendido hasta la fecha en que sea efectiva dicha renuncia o sustitución.

El Fideicomitente dispondrá de un plazo de 15 (quince) días naturales desde la recepción del informe, para examinar dicho informe y formular las aclaraciones que consideren pertinentes. Concluido este plazo, sin que se haya manifestado observación alguna, dicho informe se entenderá tácitamente aprobado.

Al designar el sucesor o sucesores en las funciones fiduciarias, el o los nuevos fiduciarios quedarán investidos de todas las facultades, derechos, poderes y obligaciones que se establecen para el Fiduciario, conforme a este Contrato de Fideicomiso y los que se deriven de la ley, tomando posesión de los bienes que a esa fecha integren el Patrimonio del Fideicomiso, el cual se transmitirá de conformidad con las disposiciones fiscales aplicables. A partir de ese momento, todas las referencias que en el presente Contrato son hechas al Fiduciario, se entenderá que son hechas al o los fiduciarios sustitutos.

DÉCIMO OCTAVA.- DEFENSA DEL PATRIMONIO DEL FIDEICOMISO. El Fiduciario no será responsable de hechos, actos u omisiones de las Partes, de terceros o de autoridades que impidan o dificulten el cumplimiento de los fines del presente Contrato, en caso de surgir algún conflicto que pudiera afectar el Patrimonio del Fideicomiso, el Fiduciario limitará su responsabilidad a otorgar en debido tiempo y forma, con cargo al Patrimonio del Fideicomiso, los poderes suficientes a la persona o personas que por escrito le indique el Fideicomitente.

Por lo tanto, el Fiduciario no será responsable de los resultados de la gestión de los apoderados ni del pago de sus honorarios profesionales o gastos de actuación. Si el Fiduciario recibe alguna notificación, demanda judicial o cualquier reclamación relacionada con el Patrimonio del Fideicomiso, inmediatamente lo hará del conocimiento del Fideicomitente o del apoderado nombrado en su caso, para que se aboque a la defensa del Patrimonio del Fideicomiso; con este aviso y el otorgamiento de los poderes correspondientes en términos del párrafo anterior cesará la responsabilidad del Fiduciario.

DÉCIMO NOVENA.- IMPUESTOS. Todos los impuestos que se causen derivados de las operaciones efectuadas en cumplimiento de los fines establecidos en el presente Contrato de Fideicomiso, serán por cuenta y a cargo de la Parte a la que las disposiciones fiscales aplicables le impongan dicha carga, por lo cual el Fiduciario no asumirá responsabilidad alguna por tales obligaciones.

VIGÉSIMA.- CESIÓN O TRANSFERENCIA DE LOS DERECHOS FIDUCIARIOS. El Fideicomisario no podrá ceder o en cualquier otra forma transferir sus derechos fideicomisarios derivados de este Contrato salvo que cuente con la previa autorización por escrito del Fiduciario, misma que no podrá se negada a menos que exista causa justificada, ya que los mencionados derechos son de naturaleza personalísima. En ningún caso el Fideicomisario podrá dar en garantía sus derechos fideicomisarios, salvo que cuente con la autorización previa y por escrito del Fiduciario, misma que no podrá se negada a menos que exista causa justificada; en caso contrario tal gravamen o garantía será nulo, no producirá efecto legal alguno y no será reconocido por el Fiduciario.

VIGÉSIMO PRIMERA.- DOMICILIOS. Para los efectos de cualquier aviso, notificación o comunicación, que las Partes deban realizarse en virtud del presente Contrato de Fideicomiso, las Partes señalan como sus domicilios fiscales actuales los siguientes:

FIDEICOMITENTE:	208 S. Akard St. Dallas, Texas 75202 Estados Unidos de Norteamérica Atencion: Bill Caldwell
	Con copia a:
	Haynes & Boone, LLP. 2323 Victory Avenue, Suite 700 Dallas, Texas 75219-7673 Attention: Alberto de la Peña Facsimile No.: (214) 200-0580
FIDUCIARIO:	Paseo Palmas 736, Colonia Lomas de Chapultepec, C.P. 11000. México, D.F.

El cambio de domicilio por cualquiera de las Partes, deberá ser notificado por escrito a las otras Partes, en el entendido de que todos los avisos y notificaciones que se hagan en el último domicilio señalado, surtirán plenamente sus efectos legales y liberarán, a quien lo haya dado, de cualquier responsabilidad al respecto.

VIGÉSIMA SEGUNDA.- ENCABEZADOS. Los títulos y encabezados incluidos en el presente Contrato se utilizan únicamente con fines de conveniencia y no afectarán la interpretación del presente Contrato.

VIGÉSIMO TERCERA.- JURISDICCIÓN Y COMPETENCIA. Para la interpretación y cumplimiento de este Contrato, las Partes se someten expresamente a los tribunales de la Ciudad de México, Distrito Federal, renunciando expresamente a cualquier otro fuero que por razón de su domicilio presente o futuro, o por cualquier otra razón pudiere corresponderles.

Enteradas las partes del contenido y alcances del presente Contrato, lo firman de conformidad a los 10 días del mes de Junio de 2010, en la pagina de firmas siguiente

Este Contrato y su anexo se firman en tres ejemplares, el 10 de junio de 2010.

FIDUCIARIO
BANCO INBURSA, S.A, Institucion de Banca Multiple,
Grupo Financiero Inbursa.
Division Fiduciaria
 

/s/ Jose Alejandro Morales Sotarriba  

Por: Jose Alejandro Morales Sotarriba 

Delegado Fiduciario 

FIDEICOMITENTE Y FIDEICOMISARIO
AT&T INTERNATIONAL, INC.
 

Jonathan P. Klug  

Por: Jonathan P. Klug 

Representante: 

EX-99.III

Exhibit III

TRANSLATION

F/ 1652

TRUST ADMINISTRATION AND INVESTMENT AGREEMENT ENTERED INTO, ON THE ONE HAND, BY AT&T INTERNATIONAL, INC., HEREIN-AFTER REFERRED TO AS THE “SETTLOR”, REPRESENTED HEREIN BY JONATHAN PAUL KLUG; AND, ON THE OTHER, BY BANCO INBURSA, S.A., MULTIPLE BANKING INSTITUTION, INBURSA FINANCIAL GROUP, HEREINAFTER REFERRED TO AS “TRUSTEE”, REPRESENTED BY ITS DELEGATE TRUSTEE, C.P. JOSÉ ALEJANDRO MORALES SOTARRIBA, IN ACCORDANCE WITH THE FOLLOWING DECLARATIONS AND CLAUSES:

DECLARATIONS

I. The SETTLOR declares through its legal representative that:

a) It is a company duly constituted in accordance with the laws of the State of Delaware, United States of America.

b) That its representative has the sufficient legal authority to bind it upon the terms and conditions of this Agreement.

c) The execution of this Agreement and compliance with its obligations will not result in the default or violation of any applicable law, nor will it constitute an action prohibited by law.

d) It is familiar with the bylaws of América Móvil, S.A.B. de C.V. (“AMX”).

e) It has obtained the corporate approvals and authorizations of any other kind necessary for the entering into and performance of this Agreement.

f) Unless the necessary authorizations have been obtained, at no time may any Series “L” shares representing equity capital of AMX that the Trustee acquires for the account and in furtherance of this Trust, or any that the Settlor may send to be included as part of the Trust Assets, [collectively] represent more than 9.9% (nine point nine percent) of the total shares issued by AMX.

g) The assets and resources that it contributes to the Trust Assets, as such term is defined below, are of lawful origin and any that may be added later will also be of lawful origin.

h) The Trustee has clearly and unequivocally pointed out the contents and legal scope of subsection b) of Section XIX of Article 106 of the Law of Credit Institutions and the importance and legal consequences of item 6 of Circular 1/2005 of the Bank of Mexico, both of which are transcribed word for word in subsection c) of Declaration II of this Agreement.

TRANSLATION

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i) It wishes to transfer and deliver from time to time to the Trustee (i) certain sums of money in order for the Trustee to acquire Series “L” shares of AMX, and/or (ii) to contribute from time to time Series “L” shares of AMX to accomplish the objectives of this Trust.

II. The Trustee declares through its delegate trustee that:

a) The company it represents is a corporation duly constituted in accordance with the laws of the United Mexican States, and is authorized to provide Bank and Credit services and is qualified to act as a trustee in accordance with Section XV of Article 46 of the Law of Credit Institutions and Article 385 of the General Law of Negotiable Instruments and Credit Transactions.

b) Its representative has sufficient authority to bind it under this Agreement, which authority has not been revoked, limited or modified in any way.

c) It attests that it made the Settlor aware in clear, unequivocal and precise terms, of the content and legal scope of subsection b) of Section XIX of Article 106 of the Law of Credit Institutions, which provides:

“ARTICLE 106. — It will be prohibited for Credit Institutions to:

...

XIX. In carrying out transactions referred to in Section XV of Article 46 of this Law:

...

b) To be liable to settlors, trustors or principals for the default of debtors, for loans granted or of issuers for securities that they may acquire, unless it is their fault as provided in the final part of Article 391 of the General Law of Negotiable Instruments and Credit Transactions, or to guarantee the receipt of gains on funds whose investment is entrusted to them.

If at the expiration of the trust, mandate or commission established for the granting of loans, such loans have not been repaid by the debtors, the institution shall transfer them to the settler or beneficiary, as applicable, or to the principal or trustor, and refrain from covering such payment.

In trust, mandate or commission agreements, the provisions set out in this subsection will be conspicuously inserted as an annotation, along with a declaration by the trustee to the effect that it unequivocally made any and all persons who have received assets or rights to be placed in trust aware of its contents.

Any agreement contrary to the provisions of the above subsections will null and void”

TRANSLATION

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Likewise and in furtherance of the provisions of item 5.5 of Circular 1/2005 of the Bank of Mexico, it explained in a clear, unequivocal and precise manner to the Settlor the importance and legal consequences of item 6 of Circular 1/2005 regarding the prohibitions to which the Trustee is subject and for that purpose item 6 of Circular 1/2005 is transcribed below:

“6.	Prohibitions.
6.1	In the creation of Trusts, Trust institutions will be prohibited from:

     a) Charging the trust assets prices different from those agreed upon at the time the relevant transaction was arranged for;

     b) Guaranteeing certain gains or prices by funds whose investment in entrusted to them, and

     c) Carrying out transactions on terms and conditions contrary to its internal policies and sound financial practices.

6.2	Trust Institutions may not enter into transactions with securities, credit instruments or any other financial instrument that do not comply with the specifications that have been agreed to in the corresponding Trust agreement .
6.3	Trust Institutions may not carry out any types of Trusts that are not authorized to be entered into under the laws and provisions that govern them.
6.4	In no case may Trust Institutions debit the trust assets for the payment of any sanction that may be imposed on such Trust Institutions by any authority.
6.5	With respect to guarantee Trusts, Bonding Institutions and Limited-Objective Financial Societies may receive only such assets and rights as are intended to guarantee the obligations involved.
6.6	Trust Institutions must observe the provisions of Article 106, Section XIX of the Law of Credit Institutions, 103 Section IX of the Securities Law, 62 Section VI of the General Law of Insurance Institutions and Mutual Societies, 60 Section VI Bis of the Federal Law of Bonding Institutions and 16 of the Organic Law of Rural Finance, applicable to each Institution.”

In light of the above, the Parties enter into the following Trust Agreement, which will be governed by the following:

TRANSLATION

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CLAUSES

FIRST.- DEFINITIONS. The terms written in initial capital letters will, as used in this instrument, have the meaning that is attributed to them below, in the understanding that such meanings will be applicable both to the singular and plural forms thereof:

“AMX”	means América Móvil, S.A.B. de C.V.
“Initial Contribution”:	means the contribution that the Settlor makes herein, in accordance with Clause SECOND hereof.
“MSE”	Means the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V. (BMV))
“Cetes”:	means Treasury Certificates of the Federation [Mexican treasury certificates].
“Agreement” or “Trust”:	means this Trust Administration and Investment Agreement, including any amendment and/or addition that might be made to the same, and which is identified by the number F/ 1652.
“Business Day”:	means those days on which credit institutions in Mexico City, Federal District, are open and conduct transactions.
“Settlor”:	means AT&T International, Inc.
“Beneficiary”:	means AT&T International, Inc.
“Trustee”:	means Banco Inbursa, S.A., Multiple Banking Institution, Inbursa Financial Group.
“Credit Institution”:	means any multiple banking institution duly authorized to operate as such by the National Banking and Securities Commission.
“Parties”:	Means, collectively, the Settlor, the Trustee and the Beneficiary, as provided clause FOURTH of this Agreement.

TRANSLATION

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“Trust Assets”: means the set of assets and rights mentioned in clause FIFTH of this Agreement.

SECOND.- ESTABLISHMENT. The Settlor hereby establishes an Administration and Investment Trust, and for that purpose it sets aside under this Agreement $1.00 (One Mexican peso 00/100), by means of electronic funds transfer to the account [bearing] CLABE No. 036180120998600124 at Banco Inbursa, S.A., Multiple Banking Institution, Inbursa Financial Group, hereinafter the “Initial Contribution”. The Initial Contribution may be increased at any time by means of contribution of other assets or rights to the Trust Assets.

Similarly, the Settlor may at any time place into this Trust any Series “L” shares representing equity capital of AMX, as well as any funds in cash needed in order to acquire such Series “L” shares of AMX.

For its part, the Trustee hereby grants to the Settlor by means of this instrument the fullest receipt allowed by law for the Initial Contribution and agrees to use it for the purposes established in this Trust.

THIRD.- APPOINTMENT AND ACCEPTANCE OF THE TRUSTEE. The Settlor appoints as a trust institution Banco Inbursa, S.A., Multiple Banking Institution, Inbursa Financial Group, which hereby accepts the role bestowed upon it and proclaims its faithful and legal performance thereof.

FOURTH.- PARTIES. The parties to this Trust are:

SETTLOR:	AT&T International, Inc.
TRUSTEE:	Banco Inbursa, S.A., Multiple Banking Institution, Inbursa Financial Group, Trust Division
BENEFICIARY:	AT&T International, Inc.

FIFTH.- TRUST ASSETS. The assets of the Trust comprise the Initial Contribution as well as any other asset or right that from time to time the Settlor may contribute to it.

By virtue of the above, the Trust Assets may be increased by:

a) Contributions in cash that the Settlor may make from time to time in order for the Trustee to acquire Series “L” shares of AMX on or outside of the MSE, as the Settlor may instruct in writing.

b) The Series “L” shares of AMX that the Settlor may contribute.

TRANSLATION

F/ 1652

c) Any amounts that correspond to the Series “L” shares of AMX by virtue of any stock dividends or, if applicable, amortization of shares or reimbursement for reductions in equity capital or for any other reason.

d) Any additional Series “L” shares AMX by way of stock dividends, splits or capitalization of gains.

e) The sales price of the Series “L” shares of AMX, when the Settlor instructs the Trustee in writing to sell said shares.

f) Any cash proceeds and gains from investment, reinvestments or interest accrued on the Initial Contribution and other liquid resources making up the Trust Assets.

g) Any amounts of money or additional securities that the Settlor may contribute.

The Initial Contribution and the set of assets referred to in subsections a) through g) of this clause are hereinafter collectively referred to as the “Trust Assets”.

The Trustee will in no event be responsible for verifying the source or origin of the assets and/or funds that may be contributed to the Trust Assets, nor for verifying or determining the financial or ethical solvency of the Settlor, and the Trustee is hereby released from any liability that might arise for that reason.

SIXTH.- OBJECTIVES OF THE TRUST. The objectives of the Trust are the following:

1. For the Trustee to receive and maintain title to the assets that constitute the Trust Assets under this Agreement and administer and invest them, together with any returns thereon and other accretions, in accordance with the investment policy referred to in clause SEVENTH of this Agreement.

2. For the Trustee to receive, from time to time, (i) money that the Settlor may give to it in order to acquire, upon written instructions from the Settlor, a certain number of Series “L” shares of AMX, on or outside of the Mexican Stock Exchange, and/or (ii) the Series “L” shares of AMX that may be delivered to it by the Settlor, retaining ownership of and title to such shares and keeping them in trust, in accordance with the terms and provisions established in this Agreement.

3. With respect to the Series “L” shares of AMX that end up becoming a part of the Trust Assets:

a) For the Trustee, upon written instruction from the Settlor, to exercise whatever corporate, financial and ownership rights that may arise from the Series “L” shares of AMX, and the securities, upon the terms and in the manner communicated to it;

TRANSLATION

F/ 1652

b)	For the Trustee, upon written instruction received from the Settlor, to subscribe and pay for, out of the Trust Assets or with funds that may have previously been contributed, any shares issued for the purpose of AMX capital increases, specifically in the Series “L” shares of AMX, and of capital increases of issuers whose securities have been placed in this Trust.
c)	For the Trustee to charge and receive in timely fashion any amounts or assets that might correspond to the Series “L” shares of AMX and the securities, and apply them in accordance with the investment policy referred to in clause SEVENTH of this Agreement.
d)	For the Trustee to grant a power of attorney, when so requested in writing by the Settlor, to the person indicated in writing, on such terms as it may direct for exercising all voting rights corresponding to the Series “L” shares of AMX, in the understanding that the Settlor must request such power of attorney at least 5 (five) business days in advance of the shareholders meeting of AMX. The Trustee will have no liability to the Settlor if the latter does not deliver written instructions on time in accordance with this Agreement.

In no event will the Trustee be required to physically deliver any securities or instruments acquired as a result of the investments made.

4. Whenever expressly instructed by the Settlor in writing to do so, the Trustee will transfer, deliver or sell, in whole or in part, the beneficiary rights or share certificates of the Series “L” shares of AMX, and securities, that are in the Trust, on or outside of the MSE, on the terms and conditions set by the Settlor.

5. In accordance with written instructions it receives from the Settlor, for the Trustee to effect any and all actions, agreements and contracts necessary to achieve the objectives of this Trust.

6. For the Trustee, upon written instruction from the Settlor, to grant powers of attorney to the person or persons it indicates for the defense of the Trust Assets.

7. For the Trustee to pay, out of the Trust Assets and to the extent they last and are sufficient, all expenses, commissions, fees, taxes, or any other payment arising out of or derived from this Trust, from the time it is established until it is extinguished, including expenses necessary to purchase the Series “L” shares of AMX, which must be previously approved in writing by the Settlor.

TRANSLATION

F/ 1652

8. That upon the expiration of the Trust, the Trustee shall deliver to the Settlor any assets and/or rights that at that moment are part of the Trust Assets, as instructed in writing.

SEVENTH.- INVESTMENT POLICY. The Trustee will invest the funds from the Trust Assets, adhering at all times to the instructions issued in writing for this purpose by the Settlor. In the event that the instructions were not sufficiently precise or were not received, the Trustee will invest funds from the Trust Assets in fixed-income securities or in Investment Companies with debt instruments for individuals run by Operadora de Inbursa de Sociedades de Inversión, S.A. de C.V., Inbursa Financial Group, in the understanding that the investment period for funds from the Trust Assets will be determined by the Settlor committee and such period may be from 1 (one) day to 5 (five) years.

In particular, the investments will at all times be subject to their own marketability and liquidity and, in general, to market conditions prevailing at the time.

Further, the Settlor hereby releases the Trustee from any liability arising from investments made pursuant to instructions issued by the Settlor or to the provisions of the first paragraph of this clause SEVENTH, as well as from losses or diminutions that might affect the Trust Assets as a consequence of investments made by the Trustee, and the Settlor may not charge the Trustee with any liability therefor, provided that the Trustee has conducted itself in accordance with Article 391 of the General Law of Negotiable Instruments and Credit Transactions.

In the event that the Trustee is instructed to invest in securities, in accordance with the investment policy referred to in this clause and any instructions that the Settlor may give to it in writing, the Trustee must clearly specify the securities, debentures or other instruments in which it wishes to invest, naming the issuers, describing the characteristics of the securities and, as applicable, its investment rating.

The Trustee is authorized to enter into investment contracts that may be required with Inversora Bursátil, S.A. de C.V., Brokers, Inbursa Financial Group, as well as with any other entity belonging to Inbursa Financial Group and/or any financial institution that the latter may duly authorize to do so under applicable legislation, in order to make the investment and manage the funds that make up the Trust Assets.

Any funds that the Trustee receives that are not immediately invested under this clause and/or are not immediately applied to achieve the objectives of this Trust, must be deposited in a Credit Institution no later than the day following the day they are received, until such time as they are applied to the purpose agreed upon in this Trust; if they are deposited in the Credit Institution acting as Trustee, that is, in Banco Inbursa, S.A>, Multiple Banking Institution, Inbursa Financial Group, the latter must accrue interest at the highest rate that said Institution pays for transactions of the same duration and similar amount on the same dates on which it is deposited.

TRANSLATION

F/ 1652

The Trustee may take any and all actions and enter into any and all contract that may be required to make the investment and administer the funds that make up Trust Assets, but will not be required to physically deliver any certificates evidencing any securities or instruments acquired as a result of the investments made.

The Settlor hereby acknowledges and accepts that the Trustee may enter into transactions with Banco Inbursa, S.A., Multiple Banking Institution, Inbursa Financial Group, acting on its own account under the provisions of the CIRCULAR 1/2005, REGARDING THE RULES TO WHICH CREDIT INSTITUTIONS ARE SUBJECT, BROKERAGE FIRMS, INSURANCE INSTITUTIONS; BOND INSTITUTIONS, FINANCIAL COMPANIES WITH LIMITED PURPOSE AND RURAL FINANCE, IN TRUST TRANSACTIONS (“CIRCULAR 1/2005”), upon instructions that the Settlor may give to the Trustee for each transaction.

The above is in the understanding that the obligations that the Trustee undertakes acting in such capacity and on its own account may not be the object of any judicial action that could lead to the confusion of rights under the civil legislation in accordance with the provisions of Circular 1/2005.

EIGHTH.- DURATION OF THE TRUST. This Trust Agreement will have the duration necessary for the accomplishment of its objectives, but it may not exceed the maximum period established in the law for this type of contract, and it will be extinguished by any of the circumstances foreseen in Article 392 of the General Law of Negotiable Instruments and Credit Transactions.

NINTH.- SETTLOR INSTRUCTIONS. All of the instructions the Settlor gives to the Trustee must be in writing and must be [given] at least 5 (five) days prior to the date on which they are to be executed; otherwise, the Trustee will be authorized not to execute them, without liability therefor. The above will not be applicable to the first instruction issued by the Settlor to the Trustee within 5 (five) days after the date this Agreement is signed; that instruction must be carried out on the date of its receipt by the Trustee.

In the event of a request for power(s) of attorney to exercise the voting rights corresponding to the Series “L” shares of AMX, the Settlor shall the instruction at least 5 (five) business days in advance of the AMX shareholders’ meeting.

The instructions that the Settlor issues in accordance with the provisions of the 2 (two) paragraphs above shall be signed by the person or persons duly authorized by the Settlor.

TRANSLATION

F/ 1652

The Settlor hereby acknowledges and accepts that it is not its intention to establish a technical committee to instruct the Trustee, and thus it releases the Trustee from any present or future liability in that regard; therefore, the Trustee will act on instructions from the Settlor and so long as it acts in compliance with such instructions, it will be free of any liability.

TENTH.- AUTHORITY AND DUTIES OF THE SETTLOR. The Settlor will have the following powers and duties:

1. To instruct the Trustee to acquire, using the Trust Assets to the extent they last and are sufficient, a certain number of Series “L” shares representing the equity capital of AMX.

2. To instruct the Trustee as to the handling, administration and investment of the Trust Assets, in accordance with the terms and conditions set out in this Agreement.

3. To appoint the person or persons who will be responsible for the defense of the Trust Assets in the event of controversy, and to instruct the Trustee to grant, at the expense of the Trust Assets, grant powers of attorney to the persons that the Settlor indicates.

4. To resolve matters with respect to the substitution of the Trustee of this Trust when it considers it necessary to do so or upon the resignation of the Trustee, and appoint a substitute trustee as needed in accordance with the provisions of clause SEVENTEENTH hereof.

5. To instruct the Trustee to execute into writs, contracts and agreements that the Settlor itself may decide for the Trustee to execute so as to achieve the objectives of this Trust, provided they do not contravene any legal ordinance.

6. In general, the Settlor will have the widest possible authority to resolve and make decisions regarding situations that arise during the term of this Trust.

The Trustee will be free of any liability for any and all acts that it carries out in compliance with instructions it receives from the Settlor, in the understanding that neither will it be responsible for complying with said instructions when these contravene the objectives of the Trust and run contrary to law. In the latter case, the Trustee must inform the Settlor within 5 (five) business days following its receipt of the instructions in question, of its decision not to comply with them and the grounds for not doing so.

ELEVENTH.- TRUST STATEMENTS OF ACCOUNT. The Trustee shall report monthly, by any reliable means, on activities conducted in this Trust during the corresponding period, with respect to the entirety of the Trust Assets; the corresponding statement of account shall be delivered by the Trustee within 5 business days following the close of the period in question.

TRANSLATION

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The Settlor will have a period of 15 (fifteen) calendar days, starting on the date the immediately preceding period ends, to tell the Trustee about any clarifications it wishes to make in the statement of account. In the event they are not timely received, it should request of the Trustee a copy of the same so that, if necessary, it may make the clarifications on time. Once the time has elapsed, the statement of account will be constitute full proof in favor of the Trustee, and the provisions of the second paragraph of Article 58 of the Law of Credit Institutions will apply.

TWELFTH.- TRUSTEE’S AUTHORITY. The Trustee shall have all the authority expressly conferred upon it for the management of this Trust, as well as all that may be necessary to meet the objectives thereof, but it will not be responsible for gains or losses on the securities that make up the Trust Assets, and the Settlor therefore assumes any and all risks that may arise concerning it.

The Trustee will only be liable for its performance in this Trust pursuant to the provisions of Article 391 of the General Law of Negotiable Instruments and Credit Transactions.

THIRTEENTH.- TRUSTEE’S FEES. For its performance on this Trust, the Trustee will charge the following commissions:

a) Fees for the acceptance and preparation of the Trust Agreement. A single payment in the amount of US$818,751.37 (Eight Hundred Eighteen Thousand Seven Hundred Fifty-One Dollars 37/100 Legal Currency in the United States of America); this amount includes the Value Added Tax (VAT).

b) Fees for handling and administration of the Trust. The amount of $10,000 (Ten thousand Mexican pesos 00/100) monthly, plus the corresponding Value Added Tax (VAT), payable monthly in advance.

c) Fees for modifications to the Trust. The amount of $5,000 (Five thousand Mexican pesos 00/100) plus the corresponding Value Added Tax (VAT), on each occasion. Modification shall mean instances in which it becomes necessary to execute amendments, without going beyond the objectives originally agreed upon.

d) Fees for the granting of powers of attorney. The amount of $2,500 (Two thousand five hundred Mexican pesos 00/100) for each instrument that the TRUSTEE signs, plus the corresponding Value Added Tax (VAT).

e) Commission on Check Drawn and/or Electronic Transfer: he amount of $50 (Fifty Mexican pesos 00/100), plus the corresponding Value Added Tax (VAT), payable for each event.

f) Trustee Fees for taking actions other than those set out in this Trust will be set by the TRUSTEE, keeping in mind the conditions and terms of each particular case, setting as a minimum the amount of $3,000 (Three thousand Mexican pesos 00/100), plus the corresponding Value Added Tax (VAT) for each action.

TRANSLATION

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The fees established in subsections b), c), d), e) and f) above will be reviewed and adjusted annually by the Trustee, based upon the National Consumer Price Index (NCPI) published by the Bank of Mexico.

All the expenses, fees, taxes, commissions, notarial fees and any other amounts of the same nature that may be generated based on the establishment or extinguishment of the Trust will be paid by the Settlor and/or, as appropriate, charged against the Trust Assets.

The Settlor hereby expressly authorizes and empowers the Trustee to debit the Trust Assets for the amount of its fees provided that cash money is available; in exchange for delivery by the Trustee of the duly requested invoice for tax purposes covering the payment involved.

In the event that the Trustee is not paid its fees described in the preceding paragraph in timely fashion, the Settlor shall pay to the Trustee, as late-payment interest, the equivalent of twice the average auction rate on 28-day Cetes, calculated on the amount of the unpaid fees for so long as they remain outstanding.

The Trustee reserves the right to apply the liquidated damages (pena convencional) agreed upon herein, as well as to exercise, if applicable, any legal actions to recover debts from the Settlor.

The Trustee may refrain from carrying out any action arising under this Agreement if there are fees outstanding, or if the Trust Assets are insufficient to meet the obligation in question arising out of the Trust.

FOURTEENTH.- OTHER EXPENSES AND COMMISSIONS. The amount of any fees, expenses or commissions arising from the execution of the objectives of this Trust will be paid out of the Trust Assets and, in the event that the Trust Assets are illiquid, the fees, expenses or commissions shall be paid by the Settlor.

FIFTEENTH.- INDEMNIFICATION, RELEASE AND PEFORMANCE OF THE TRUSTEE. The Settlor hereby undertakes to defend and shall hold harmless the Trustee and its appointed fiduciaries, officers, employees, and attorneys-in-fact from any and all liability, damages, obligation, lawsuits, judicial orders, transactions, requirements, expenses and/or costs of any kind, including reasonable, documented attorneys’ fees that may, directly or indirectly, be enforced against, result from, be imposed upon, or incurred by, for the purpose of or as a consequence of, actions taken by the Trustee in furtherance of the objectives set out in this Trust and the defense of the Trust Assets or for claims, fines, penalties and any other debt of any kind in relation to the Trust Assets or this Trust, whether before administrative or judicial authorities, arbitral tribunals or any other instance, both of a local or federal nature. The above is provided that the Trustee has

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acted in strict adherence to the instructions issued by the Settlor and to the terms and conditions set out in this Agreement.

In the event that there arises any fact situation or action by the authorities, or a consequence of a legal nature, that gives rise to financial responsibilities concerning this Trust and/or the Trust Assets caused by acts or omissions of the Settlor and/or the Trustee in meeting the objectives of this Trust, by third parties, including payments related to actions and items mentioned in the paragraph above. The payment arising out of such financial responsibilities will be the responsibility of the Settlor, which must respond to the payment made or to be made to the Trustee, waiving any benefits of order or discussion or that might otherwise be available to it under the law.

The Parties agree that the Settlor will be responsible for: (i) indemnifying and holding harmless the Trustee, its appointed fiduciaries, employees, attorneys-in-fact and other personnel in the event that any claim, proceeding, trial, lawsuit, liability, loss, damages, sanctions, legal actions or orders arise, brought, or imposed by any person or competent authority against the Trustee, its advisors, officers, authorized employees and other personnel; and (ii) reimbursed the Trustee, its appointed fiduciaries, employees, attorneys-in-fact and other personnel, for any cost, expense or payment of any type (including reasonable expenses and fees duly documented and those of legal advisors and lawyers) that it might incur, or any damages that it suffers by virtue of any claim, trial, proceeding, lawsuit, liability, loss, damage, sanction, legal action or order brought, or imposed against the Trustee, its advisors, officers, employees, attorneys-in-fact and other personnel that a judicial or administrative authority might issue in unappealable form, in relation to the validity and legality of this Trust, or any actions carried out by the Trustee in accordance with the instructions that it receives in writing under this Agreement, as applicable, except for actions taken negligently, fraudulently or in bad faith.

The Trustee will have the right to be represented by its own advisors in such proceedings. The Trustee will have the right for the Settlor to pay any fees, expenses and costs (that are reasonable and duly documented) related to such proceedings, within 10 (ten) Business Days from the date on which the Trustee shall so request in writing (together with documentation substantiating same).

All acts that the Trustee may carry out by direction and/or instructions given to it by the Settlor will always be of that nature and thus will not be deemed to be actions by the Trustee itself, and the Trustee will perform its duties in furtherance of the purposes established in this Trust; therefore it will not be authorized to carry out any act or deed alien to the achievement of such ends. The obligations of the Trustee will be expressly limited to carrying out the objectives in this Trust.

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All payments, obligations and responsibilities that the Trustee may assume in execution of instructions issued by the Settlor will be at the expense of the Trust Assets up to their full extent, and in the event that sufficient funds do not exist, will be at the exclusive expense of the Settlor.

In no case will the Trustee be obligated to obey instructions that are violative of any legal rule or that contravene or are given in excess of the purposes of this Trust or that are impossible to carry out.

The Settlor hereby releases the Trustee from all responsibility related to conflicts that might arise between the Settlor and third parties, as a result of the entering into or administration of this Trust, in adherence to the terms of the same, provided that the Trustee has conducted itself in conformity with Article 391 of the Law of Titles and Credit Transactions.

So long as the Trustee acts in strict accordance with the instructions or agreements of the Settlor, it will be free of all responsibility.

The Parties hereby acknowledge and accept that, once this Trust has been revoked, extinguished, and/or cancelled, the Trustee will have no obligation to furnish them with any information and/or documentation whatsoever out of this Trust and/or in relation to it, except as required by law.

The Trustee will be civilly liable for any damages that it might cause the Settlor as a result of noncompliance with its obligations as agreed upon in this Trust, and will also be liable for any losses suffered by the Trust Assets arising from its negligence, culpability or fraud, as well as for the failure to comply with instructions issued by the Settlor.

SIXTEENTH.- PROHIBITIONS. The Trustee may only charge the Trust Assets for fees and other amounts that are set out in clause THIRTEENTH of this Agreement, except for any additional amounts that the Settlor may instruct in writing for the due performance of this Trust and those described in this Agreement for carrying out the objectives thereof or with other obligations required of the Trustee.

The Settlor hereby acknowledges and accepts that that the Trustee may no conduct transactions in securities other than those indicated in clause SEVENTH hereof, as provided in Circular 1/2005.

Similarly, the Trustee may not carry out transactions on terms and conditions contrary to the internal policies of the Trustee or to sound financial practices.

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SEVENTEENTH.- RESIGNATION AND SUBSTITUTION OF THE TRUSTEE. The Parties agree that the Trustee may resign its duties and be substituted in them by such fiduciary institution as the Settlor may appoint. In the event of resignation or substitution of the Trustee, the relevant Parties shall so communicate in writing to the other Party at least 30 (thirty) calendar days in advance.

Upon the cessation of its duties, by resignation or substitution, the Trustee will prepare a balance sheet of the Trust Assets, which will cover the period from the last statement of account submitted up to the effective date of such resignation or substitution.

The Settlor will have a period of 15 (fifteen) calendar days from its receipt of the report to examine said report and formulate the clarifications it deems pertinent. Once this period has expired without any observation having been presented, such report will be tacitly approved.

Upon appointing the successor or successor to the fiduciary function, the new trustee or trustees will be invested with all the authority, rights, powers and obligations established for the Trustee under this Trust Agreement and those that may arise by law, and shall take possession of the assets that then make up the Trust Assets, which will be transferred in accordance with the applicable tax provisions. From that moment on, all references in this Agreement made to the Trustee will be understood to be made to the substitute trustee or trustees.

EIGHTEENTH.- DEFENSE OF THE TRUST ASSETS. The Trustee will not be responsible for deeds, acts or omissions of the Parties or of third parties or of authorities that may impede or hinder fulfillment of the objectives of this Agreement; in the event a conflict arises that might affect the Trust Assets, the Trustee’s responsibility will be limited to granting, in due time and form, at the expense of the Trust Assets, sufficient powers of attorney to the person or persons the Settlor may appoint in writing.

Therefore, the Trustee will not be responsible for the results of the actions of the attorneys-in-fact or for the payment of professional fees or expenses. If the Trustee receives a notice, summons or any claim related to the Trust Assets, it will immediately make the Settlor or the attorney-in-fact, if any, aware of it so that it may intercede in defense of the Trust Assets; with this notice and the granting of the corresponding powers of attorney under the preceding paragraph, the Trustee’s responsibility shall cease.

NINETEENTH.- TAXES. All taxes that may arise from the transactions carried out in furtherance of the ends established in this Trust Agreement will be for the account and at the expense of the Party on whom the applicable tax provisions impose said charge, and the Trustee will thus assume no liability for such obligations.

TWENTIETH.- ASSIGNMENT OR TRANSFER OF FIDUCIARY RIGHTS. The Beneficiary may not assign or in any other way transfer its rights as beneficiary under this Agreement unless it has the prior written consent of the Trustee, such consent not to be withheld without justification, since such rights are of an extremely individual nature. In no event may the Beneficiary pledge its beneficiary rights in guarantee unless it has

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the prior written consent of the Trustee, such consent not to be withheld without justification; without such consent, such encumbrance or guarantee will be null and void, will have no legal effect whatsoever and will not be recognized by the Trustee.

TWENTY-FIRST.- ADDRESSESS. For purposes of any notice, notification or communication that the Parties must give each other under this Trust Agreement, the Parties indicate as their current tax domiciles/addresses the following:

SETTLOR:	208 S. Akard St.
	Dallas, Texas
	75202
	United States of America
	Attn: Bill Caldwell
	With a copy to:
	Haynes & Boone, LLP
	2323 Victory Avenue, Suite 700
	Dallas, Texas 75219-7673
	Attn: Alberto de la Peña
	Fax No.: (214) 200-0580
TRUSTEE:	Paseo Palmas 736
	Colonia Lomas de Chapultepec, C.P. 11000
	México, D.F.

A change of address by any of the Parties shall be notified in writing to the other Parties, in the understanding that all notices and notifications made at the most recent address indicated will have full legal effect and will release whoever gave it from any responsibility therefor.

TWENTY-SECOND.- HEADINGS. Titles and headings included in this Agreement are used only for purposes of convenience and will not affect the interpretation of this Agreement.

TWENTY-THIRD.- JURISDICTION AND COMPETENCE. For the interpretation and performance under this Agreement, the Parties expressly submit to the courts of México City, Federal District, and expressly waive any other forum that by reason of their present or future domicile or for any other reason might apply.

Aware of the content and scope of this Agreement, the parties sign it in acceptance on the 10^th day of June, 2010, on the following signature page

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This Agreement and its appendix [sic] are signed in three originals on June 10 , 2010.

TRUSTEE BANCO INBURSA, S.A., Multiple Banking Institution, Inbursa Financial Group, Trust Division
By:	/s/ Jose Alejandro Morales Sotarriba
	Jose Alejandro Morales Sotarriba
	Delegate Trustee
SETTLOR AND BENEFICIARY AT&T INTERNATIONAL, INC.
By:	/s/ Jonathan Paul Klug
	Jonathan Paul Klug
	Representative:

THIS SIGNATURE PAGE CORRESPONDS TO THE TRUST ADMINISTRATION AND INVESTMENT AGREEMENT ENTERED INTO, ON THE ONE HAND, BY AT&T INTERNATIONAL, INC., REPRESENTED HEREIN BY JONATHAN PAUL KLUG; AND, ON THE OTHER, BY BANCO INBURSA, S.A., MULTIPLE BANKING INSTITUTION, INBURSA FINANCIAL GROUP, REPRESENTED BY ITS DELEGATE TRUSTEE, C.P. JOSÉ ALEJANDRO MORALES SOTARRIBA.

EX-99.V

Exhibit V

TRANSACTIONS IN A SHARES, L SHARES, A SHARES ADS AND L SHARES ADS

None for AT&T or AT&TI, except as described in Item 4.