(1) Net Income / Average Shares outstanding (2) 20 shares per ADR (3) All figures in the table reflect retroactively the 2:1 split that became effective on June 29th, 2011 (4) As per Bank of NY Mellon

In November, Telcel entered into an agreement with four other operators that sets forth a 25% reduction in mobile termination rates over the period 2011-2014.

On November 30th, we acquired a 100% ownership interest in Digicel Honduras, a company that provides wireless telecommunications services in Honduras. As part of this transaction we sold our operation in Jamaica to an affiliate of Digicel Group Limited.

Also in November we began operations in Costa Rica. We are offering mobile voice and data services throughout the country.

Throughout the fourth quarter we placedAmerica Movil bonds in the amount of 2.4 billiondollars-equivalentinseveralmarkets.Weissuedaonebillioneuro,8-yearnote that carries a coupon of 4.125%; a 500 million pound, 15-year bond that pays 5.0% per annum and, in what was our first foray into the Japanese market, we issued 3-year bonds in the amount of 6.9 billion yen with a 1.23% coupon and 5-year bonds totaling 5.1 billion yen that pay 1.53% per annum. At the end of January we also placed our first bond issue in Chinese RMB: a one billion RMB-denominated note with a tenor of three years and a coupon of 3.5%.

América Móvil Subsidiaries as of December 2011

Country

Brand

Business

Equity Participation

Consolidation Method

Mexico

Telcel

Wireless

100.0%

Global Consolidation Method

Telmex

Wireline

93.3%

Global Consolidation Method

Sección Amarilla

Other

100.0%

Global Consolidation Method

Telvista

Other

96.98%⁽³⁾

Global Consolidation Method

Argentina

Claro

Wireless

100.0%

Global Consolidation Method

Telmex

Wireline

97.3%

Global Consolidation Method

Brazil

Claro

Wireless

100.0%

Global Consolidation Method

Embratel

Wireline

97.6%

Global Consolidation Method

Net

Cable

87.6%

Equity Method

Chile

Claro

Wireless

100.0%

Global Consolidation Method

Telmex

Wireline

100.0%

Global Consolidation Method

Colombia

Comcel

Wireless

99.4%

Global Consolidation Method

Telmex

Wireline

99.4%

Global Consolidation Method

Dominicana

Claro

Wireless/Wireline

100.0%

Global Consolidation Method

Ecuador

Claro

Wireless

100.0%

Global Consolidation Method

Telmex

Wireline

100.0%

Global Consolidation Method

El Salvador

Claro

Wireless/Wireline

95.8%

Global Consolidation Method

Guatemala

Claro

Wireless/Wireline

99.3%

Global Consolidation Method

Honduras

Claro

Wireless/Wireline

100.0%

Global Consolidation Method

Jamaica

Claro

Wireless

99.6%

Global Consolidation Method

Nicaragua

Claro

Wireless/Wireline

99.6%

Global Consolidation Method

Panama

Claro

Wireless

99.7%

Global Consolidation Method

Paraguay

Claro

Wireless

100.0%

Global Consolidation Method

Peru

Claro

Wireless

100.0%

Global Consolidation Method

Telmex

Wireline

99.6%

Global Consolidation Method

Puerto Rico

Claro

Wireless/Wireline

100.0%

Global Consolidation Method

Uruguay

Claro

Wireless/Wireline

100.0%

Global Consolidation Method

USA

Tracfone

Wireless

98.2%

Global Consolidation Method

We finished December with 299.6 million accesses, 8.3% more than in 2010. This figure comprises 241.8 million wireless subscribers, 29.4 million landlines,15.1million broadband accesses and 13.4 million PayTV units. In South America, the number of fixed lines was up 18.6% year-on-year and that of broadband accesses 27.7%. Our PayTV business exhibited an annual increase of 33.1%.

América Móvil finished December with 241.8 million wireless subscribers, 7.4% more than at the end of 2010. Net additions for the quarter were 304 thousand. This figure reflects the impact of a change in the methodology for booking active subscribers in Mexico, Colombia and Ecuador. The change of methodology described above resulted in net disconnections of 2.3 million, 2.4 million and 151 thousand in Mexico, Colombia and Ecuador, respectively.

Pursuant to the new methodology - which is consistent with our conservative standards - we now exclude from the subscriber statistics those lines that have not had anyair-time recharge over a given period, with the corresponding impact on operating metrics. Our strategy has been increasingly oriented towards developing a greater presence in the postpaid sector and seeking out only the best prepaid clients. It is important to note that in the absence of the above-mentioned change, thechurn rates would have been lower in all three cases than they were a year before.

We gained 1.6 million postpaid net additions in the fourth quarter, taking the net additions for the year to 6.1 million, 23.7% more than the year before. Our postpaid subscriber base was up 20.5% in 2011, to 34.7 million, growing substantially more rapidly than the prepaid one in all our operations save Panama.

Brazil gained 2.9 million subscribers in the quarter, almost as many as the year before. In Argentina, net additions of 613 thousand more than tripled those of the year-earlier quarter. In each of Central America and the Caribbean, the U.S. and Peru we added approximately half a million subs in the fourth quarter.

Includes total subscribers of all companies in which América Móvil holds an economic interest; does not consider the date in which the companies started being consolidated. *Central America includes Panama and Costa Rica in every table.

At the end of the year our subscriber base comprised 65.7 million subscribers in Mexico,60.4millionin Brazil, 28.8 million in Colombia and 19.6 million in Argentina. We also had 19.8 million clients in the U.S., 18.5 million in Central America and the Caribbean and around 11 million in Ecuador and Peru.

Revenue generating units (RGUs) topped 58 million in December, 12.3% more than a year before, with those in South America growing 26.4%. PayTV was the fastest-growing segment with an annual increase of 33.1%, with broadband accesses expanding 15.6% and the number of landlines 3.4%.

At the end of the period we had 23.6 million RGUs in Brazil, 22.8 million in Mexico, 5.8 million in Central America and the Caribbean and 3.5 million in Colombia.

In spite of the increased uncertainty experienced worldwide in the last quarter of 2011 with high financial volatility stemming from the European crisis and a still weak U.S. economy, the tone of the Latin American markets continued to be strong throughout the end of the year even in the face of what appeared to be slowing economic activity in most of the South American block. América Móvil thus posted a 13.0% increase in gross wireless subscriberadditionsinthatquarterrelative totheprioryear—hittingarecordinBrazil at nearly 10 million and continuing strong in Mexico with 9.1 million—continuing to make inroads in the postpaid segment in all operations.

Our fourth quarter revenues totaled 182 billion pesos and were 12.3% higher than in the year-earlier quarter, with wireless revenues—which expanded 15.4% year-on-year—accounting for almost two thirds of the total. The quarter’s figures reflect the impact of the sharp depreciation in the quarter of the Mexican peso vis-à-vis the dollar (11%) and most Latin American currencies, the Argentinean peso being the only exception. When expressed at constant exchange rates, and after adjusting for certain reclassifications corresponding to 2010, thequarter’s revenues increased 8.6% from the year before.

Revenue growth was led by mobile data services that rose 27% year-on-year at constant exchange rates with every single region where we operate posting strong numbers. Fixed broadband revenues followed with 15%, while PayTV revenues exhibited a 48% annual increase albeit from a small base. Every single product line in the South American block experienced solid revenue growth while in Mexico a 5% decline in mobile voice revenues arising from the 70% effective reduction in mobile termination rates was added to the ongoing decline in fixed-line revenues. Our geographical and product diversification has served us well by providing a more stable base of revenues.

EBITDA of 64.5 billion pesos in the fourth quarter was up 3.9% from a year before, with strong increases in the Andean countries helping offset small declines in some other countries, including Mexico and Brazil (derived, partly, from the interconection rate reductions in the former and the costs associated to growth of our wireless and PayTV base in the latter). EBITDA was held back somewhat both by subscriber acquisition costs that remained high in the wireless and PayTV space, and by expenses associated with our vast investment program, since we do not capitalize all expenses.

Our fourth quarter operating profit came in at 38.3 billion pesos, having increased 15.1% from the prior year helped along by a 9.7% reduction in depreciation charges. The latter resulted from our having booked extraordinary charges at the end of 2010 in various countries, as we began to integrate the fixed and mobile platforms following the acquisition of Telmex Internacional.

The depreciation of the peso in the last quarter and the increase in net debt arising from our share buybacks and the purchases of stock of Telmex, Telmex Internacional, Net Serviços and StarOne brought about an increase in our comprehensive financing costs, which totaled 11.1 billion pesos in the quarter. These, in turn, were an important factor in the reduction of our net income to 16.3 billion pesos.

Our net debt rose to 321 billion pesos in December from 207 billion at the close of 2010 to help fund 70 billion pesos in stock purchases and 54 billion pesos in share buybacks. Our cash flow from operations more than covered our capital expenditures of 121 billion pesos and dividends of 17 billion.

In October we adopted a more conservative reporting methodology for wireless subscribers in Mexico. We reduced the churn period to effectively report as active subscribers only those prepaid clients who have made an air-time recharge over a given period. Pursuant to the new reporting conditions, our fourth quarter figures reflect 2.3 million disconnections taking our wireless subscriber base to 65.7 million, 2.4% above last year’s. Notwithstanding the methodological change, ourcommercial activities remain strong having registered 9.1 million gross additions in the quarter, 8.6% more than in the same period of the prior year.

We continue to perform well in the postpaid segment, with postpaid net subscriber additions in the period nearly as high as those of the previous year, leading to a 17.3% annual increase in our postpaid base to 7.5 million subs. The adoption of 3G - enabled devices continues at a rapid pace: we already service 4.8 million lines with full broadband connectivity.

Corroborating the preference of consumers, we continue to be a net gainer from number portability, with 251 thousand ported-in lines during the last three months of 2011.

Our fourth quarter revenues totaled 68.3 billion pesos, exceeding by 3.4% those of the prioryear. Wireless revenues represented 60% of that figure. Net wireless service revenues (after commissions paid to distributors) rose 3.1% whereas fixed-line revenues were up 2.4%. The latter increases were both driven by data revenues since voice revenues were down on both platforms, as the ongoing reduction in fixed-line voice revenues was now accompanied by that in mobile voice revenues brought about by the sharp reduction of mobile termination rates. Resulting from the 20% reduction in the average price per minute of voice, MOUs were up 7.7% relative to a year before and reached 235 minutes per sub, the highest in Latam.

The EBITDAof our Mexican operations declined 3.3% from the last quarter of 2010, to 32.8 billion pesos. It represented 48% of total revenues. The reduction had to do with the increase of subscriber acquisition costs—mostly to do with the 9% increase in gross subscriber additions and the depreciation of the peso—the increase in network maintenance and service costs in the two platforms and the impact from lower mobile termination rates.

In February Telcel launched a new promotion by which any postpaid plan may be increased by 200 minutes per month for a 100-peso additional charge—including tax—in the corresponding monthly rent. When adjusted by the OECD’s purchasing power parity exchange rates (PPP), prices per minute in Mexico rank as the third lowest in the OECD.

Also in February Telmex offered its broadband clients prices ranging between USD 3.81 and USD 1.53 dollars equivalent for each additional megabit per second (Mbps) in the upgrade of their existing plans by 2, 5 or 10 Mbps. The resulting prices per Mbps are up to 87% lower than those erroneously quoted by the OECD in a recent report.

Wireless Revenues 

Fixed Line and Other Revenues 

*Total Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions; 
Wireless Revenues and Fixed Line and Other Revenues only exclude intercompany transactions with foreign subsidiaries. The sum of the parts will not equal Total Revenues.

Postpaid 

Prepaid 

Our combined operations in Argentina, Paraguay and Uruguay added 621thousand clients in the quarter—three times more than those obtained the prior year—and finished December with 20.7 million wireless subscribers, 5.6% more than in 2010 with postpaid subscribers growing nearly twice as fast. We also had 306 thousand fixed RGUs, up 41.4% year-on-year driven by broadband services.

Revenues for the quarter totaled 3.2 billion Argentinean pesos, having risen 17.4% froma year before. Wireless net servicerevenue growth was slightly higher at 18.0%, with data growing 21.4%. Fixed-line revenues expanded 16.7% mostly on account of increases in long distance revenues.

Our fourth quarter EBITDA of 1.2 billion Argentinean pesos was up 4.4% and was equivalent to 37.1% of revenues. The margin was down as a result of higher subscriber growth and certain operating costs that have grown faster than our revenues.

For the full year 2011, revenues came in at 11.9 billion Argentinean pesos and EBITDA at 4.8 billion Argentinean pesos, exceeding by 19.9% and 13.9% respectively the figures for 2010.

We launched HSPA+services in the region, substantially increasing data transmission speeds for our 3G clients.

Wireless Revenues 

Fixed Line and Other Revenues 

*Total Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions; 

Wireless Revenues and Fixed Line and Other Revenues only exclude intercompany transactions with foreign subsidiaries. The sum of the parts will not equal Total Revenues.

Postpaid 

Prepaid 

Our wireless subscriber base finished December with 60.4 million wireless subscribers—16.9% more than a year before—after adding 2.9 million clients in the quarter and 8.7 million in the full year. In the postpaid segment we gained 597 thousand subs in the quarter taking the total for 2011 to 2.4 million, 54.2% more than a year before. Our postpaid subscriber base reached 12.7 million, representing an annual increase of 23.7%.

On the fixed-line platform we ended the year with 23.6 million fixed RGUs, anincrease of 26.8% relative to 2010. We added 846 thousand PayTV accesses in the quarter and 2.9 million in the full year to end December with close to 10 million clients, 41.6% more than a year before, whereas broadband accesses climbed 23.6%.

Our fourth quarter revenues, 5.9 billion reais, were 6.3% higher than a year before, with wireless net service revenues (after commissions paid to distributors) increasing 4.6% and fixed-line revenues—which account for 52% of the total—growing 7.8%. Mobile data revenues expanded 28.6% and fixed broadband revenues 15.6%, whereas those coming from PayTV services rose 83.9%.

The quarter’s EBITDA was down 2.2% to 1.3 billion reais and was equivalent to 22.8% of revenues. The decline in margins was derived from an increase in costs of content, greater maintenance charges—including costs related to the expansion of the network which are not accounted for as Capex—as well as higher operating costs mostly linked to improvements in customer care and the costs associated to growing our wireless base, for the most part, in the postpaid segment.

Revenues for the year exceeded those of the prior year by 6.9%, reaching 22.8 billion reais. Wire-line revenues increased 8.4% and those derived from wireless 5.4%. EBITDA for 2011 was just shy of six billion reais, with the EBITDAmargin at 26.2%.

We continue to expand our 3G footprint, and we have upgraded our network to HSPA+. This technology allowed us to, on average, triple the data transmission speed of our wireless data users. Greater capacity was instrumental to increase our data ARPU by 9.1% over the prior year and our MOU by 13.6% to 109 minutes per subscriber. In addition to this, and to improve the experience of our clients, we opened 60 new Customer Care Centers throughout the country.

Wireless Revenues 

Fixed Line and Other Revenues 

*Total Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions; 

Wireless Revenues and Fixed Line and Other Revenues only exclude intercompany transactions with foreign subsidiaries. The sum of the parts will not equal Total Revenues.

Postpaid 

Prepaid 

After adopting more conservative churn policies in Colombia, we trimmed 2.4 million wireless subscribers in the quarter, to 28.8 million clients, 1.5% less than a year before. We will not consider clients that have not made any air-time recharge during a given period. On the fixed-line platform we ended the period with 3.5 million RGUs, 18.8% more than the year before; broadband accesses showed the fastest growth rate: 42.5%.

Our fourth quarter revenues were up 18.0% annually to 2.4 trillion Colombian pesos.Wireless revenues rose 16.1% powered by data revenue growth of 29.1%. Fixed-line revenues increased 25.7% mostly on the back of voice revenues. Total revenues for 2011 were 8.7 trillion Colombian pesos; they were up 14.5% year-on-year.  

The quarter’s EBITDA, 1.1 trillion Colombian pesos, was 14.8% higher than that of the fourth quarter of 2010. Our EBITDAmargin, 47.1%, was somewhat below that of the previous year partly on account of gross additions that were 14.2% higher.

Total revenues for 2011 were 8.7 trillion Colombian pesos and EBITDA 4.2 trillion. They were up 14.5% and 18.3%, respectively. The EBITDA margin, 48.3%, was 1.6 percentage points higher than that of a year before.

Wireless Revenues 

Fixed Line and Other Revenues 

Postpaid 

Prepaid 

Wireless Revenues 

Fixed Line and Other Revenues 

Postpaid 

Prepaid 

Ecuador

332K postpa id net adds in 2011

In accordance with the change in methodology for reporting active subscribers in Ecuador, we reduced by 151 thousand clients our subscriber base in the fourth quarter bringing our net additions for the full year to 433 thousand, 332 thousand of them postpaids. We finished December with 11.1 million wireless subscribers, up 4.1% year-on-year, while our postpaid subscriber base increased 25.1%. Our fixed RGUs expanded 60.8% to 174 thousand by year-end, as the number of fixed-lines rose 84.6% and that of broadband and PayTV subscribers increased nearly 50%.

Wireless service revenues +10% YoY

Fourth quarter revenues of 367 million dollars exceeded by 8.6% those of the last quarterof2010.Wireless service revenues were up 10.4% annually, with data revenues growing somewhat faster. Fixed-line revenues increased 28.4%.

4Q EBITDA +15% YoY

Our EBITDA for the quarter of 210 million dollars was equivalent to 57.1% of revenues. It was up 15.0% relative to the same period of the prior year with the EBITDA margin rising 3.2 percentage points.

Full year revenues up 14%

Total revenues for 2011 were 1.4 billion dollars and EBITDA 773 million dollars. They were up 14.2% and 17.4%, respectively. The margin for the year climbed 1.6 percentage points to 55.1%.

Gains from MNP

We registered around 17 thousand net ported-in lines during 2011. Claro has main-tained a positive balance since number portability was implemented in 2009 by virtue of our superior coverage and quality that has granted us the preference of consumers.

Net adds +27% YoY

Net additions for the period, 498 thousand, were 27.1% higher than those of the year before; a third of the quarter’s additions was postpaid. We finished the year with 11.3 million wireless subscribers; 16.2% more than at the end of 2010, with our post-paid base increasing 51.4%. On the fixed-line platform, RGUs soared 58.3% over the precedent year to 690 thousand as voice accesses more than doubled over the period.

Wireless data revenues + 51% YoY

Our fourth quarter revenues totaled 951 million soles, surpassing by 11.5% those of the same period of last year. Wireless revenues increased 11.0% led by data revenues that surged 50.9%. Fixed line revenues, which account for only 15% of the total, were up 17.7% year-on-year.

EBITDA margin +4.6pp to 46.7%

Our EBITDA for the quarter totaled 444 million soles and was up 23.7% annually. The EBITDA margin stood at 46.7% of revenues, as the margin climbed 4.6 percentage points from the year-earlier quarter.

Full year revenues up 15%

2011 revenues of 3.6 billion soles were 14.8% higher than a year before with wireless service revenues and fixed revenues growing at a some what high errate. EBITDA for the year increased 21.6% to 1.7 billion soles. It was equivalent to 46.5% of revenues, 2.6 percentage points more than a year before.

Decline in MTRs

The telecom regulator determined that beginning in December 30th, the fixed-to-mobile rate was to be reduced from 0.78 soles on average to around 0.30 soles per minute.

Wireless Revenues 

Fixed Line and Other Revenues 

Postpaid 

Prepaid 

Wireless Revenues 

Fixed Line and Other Revenues 

*Total Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions; Wireless

Revenues and Fixed Line and Other Revenues only exclude intercompany transactions with foreign subsidiaries. The sum of the parts will not equal Total Revenues.