Press Release

Telmex reaches an agreement with the Telephone Operators Union of the Mexican Republic

Bnamericas Published: Monday, January 16, 2023

América Móvil press release

This is an automated translation of the press release issued in Spanish

Mexico City, January 16, 2023. América Móvil, SAB de CV ("AMX”) [BMV: AMX] [NYSE: AMX | AMOV], informs that after extensive dialogue, its subsidiary Teléfonos de México, SAB de CV (“Telmex”) and the Telephone Operators Union of the Mexican Republic have reached a constructive agreement regarding the retirement conditions (pensions) for newly hired personnel hired by Telmex as of January 2023. Under this new According to the agreement, the % of the maximum retirement benefit of workers is reduced from 80% to 60% of their last salary integrated with certain benefits. Retirement will be for those workers who have 35 years of service (seniority) and have reached the age of Age 65. Unlike the current contractual terms that allow a worker who completes 35 years of service (seniority) to access retirement without requiring a specific age limit, under the new agreement the only exception to access retirement before is 65 years old requires that the worker have 37 or more years of service (seniority) and have a minimum age of 60 years. Additionally, the new agreement includes the possibility for active and retired Telmex workers to convert part of their pension liability for shares representing Telmex's capital stock. This stock plan will be voluntary. In order for the workers who decide to participate in the stock plan to receive shares with equal rights to those of all current Telmex shareholders, the share series representative of Telmex's capital stock will be unified into a single series, made up exclusively of ordinary shares, full vote. This process will require certain prior corporate and regulatory authorizations. The new agreement will allow Telmex to continue with its important infrastructure investment program through which it has achieved substantial penetration in high-capacity fiber in recent years, allowing it to offer its customers the best services under the best conditions.

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