[AMERICA MOVIL]

América Móvil B.V. (guarantor: América Móvil, S.A.B. de C.V.) (ticker: AMXLMM), exp Baa1/A-/A- sr unsecured euro-denominated €650m 5-yr due 09/30/2030.

Status of the Notes and Guarantee: Direct, unconditional, unsubordinated and unsecured obligations of the Issuer and Guarantor. Form of the Notes: Registered NSS Global Notes. US Selling Restrictions: Regulation S, Category 2. Coupon: Fixed, Annual, ACT/ACT (ICMA). Use of Proceeds: Debt refinancing. Optional Redemption: Make-whole Call, 2-month Par Call, Clean-Up Call (85%) and Tax Call. Denoms: €100,000.

Listing: Application will be made to the Luxembourg Stock Exchange for the notes to be admitted to the Official List and traded on the Euro MTF Market. No assurance is offered as to whether listing and admission to trading will occur by the settlement date. They may not occur until a date that is later than the settlement date. Clearing Systems: Euroclear Bank SA/NV and Clearstream Banking S.A. Target Market: MiFID II / UK MiFIR - Eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK Governing Law: English law. Marketing: DealRoadshow Login Details - Direct Link: https://dealroadshow.com/e/AMX2025 OR Visit https://dealroadshow.com and enter the entry code: [AMX2025]. ISIN: XS3194135706

Price 09/24. Settle: 09/30 (T+4).

VIA BNP Paribas (B&D) as global coordinator and joint bookrunner. Crédit Agricole/Deutsche Bank joint bookrunners.

After two days of meetings, we heard IPTs of MS+100bp area.

Guidance came in at MS+75 area. A fairly vague number that gave the issuer the flexibility to to push further and launched a €650m trade at @ MS+68bp.

Ultimately the deal was priced as follows:

€650m 3.000% 09/30/2030 @ 99.653 yld 3.076%. MS+68bp. MWC B+15

FINAL BOOK:

€650m 5y €3.1bn (5.08x). PEAK - €4.3BN.

As for RV, América Móvil outstanding euro bonds (06/26/2027 and 03/10/2028) were too short to be of any use as a pricing reference. Investor feedback was “all over the place”, according to several sources close to the deal. One route was to look at the AMXLMM dollar curve and swap into euros, and this came 15bp-20bp inside that number (unsurprisingly, investors were trying to push towards this method… evidently unsuccessfully). Moreover, this was a Reg S only, not SEC-registered deal, targeted at European IG funds so as to ensure diversification of the investor base.

The most useful comps were therefore other global telcos: US names like AT&T and Verizon, which were trading fairly cheaply in euros versus USD, and other European names like Telefónica or, most prominently, Orange. With América Móvil as one the lowest levered telecoms out there, leads were pointing to the European names rather than the cheaper looking US credits, and it ended up coming inside Telefónica and AT&T, and 3bp-4bp over Orange.

This lack of one clear comp probably explains the sharp 32bp tightening, with some of the wider indications meaning IPTs started quite generously, and the leads left themselves some leeway at guidance - broadly defined as “75bp area”. Some investors had put 80bp as their sticking point, but the issuer blasted through this.

NIC estimates from the leads range from flat (“good telcos are pricing with 0bp concession in this market” to negative 7bp “75bp was fair value based on investor indications”, but it’s a bit of a subjective decision. Given the size and global footprint of América Móvil, landing inside DM-headquartered companies, and the scarcity value, we think negative is fair, so rather than go N/A, will take a midpoint, NIC IS NEG 4BP.