Family and Origin

In 1902, Julián Slim Haddad, father of Carlos Slim Helú, arrived in Mexico from

Lebanon, all alone and 14 years of age, speaking no Spanish. He was escaping from the yoke of

the Ottoman Empire, which at the time conscripted young men into its army; mothers therefore

sent their sons to exile before turning fifteen. And thus Don Julián arrived in Mexico; he was a

young man, energetic and full of enthusiasm and ideas, who after disembarking in Veracruz,

moved to Tampico, Tamaulipas, where four of his older brothers had already settled since 1898

(José, Elías, Carlos and Pedro Slim) with the conviction that they would succeed together with

the country that had received them. Carlos Slim's mother, Doña Linda Helú, was born in Parral,

Chihuahua. She was the daughter of José Helú and Wadiha Atta, Lebanese immigrants who

arrived in Mexico at the end of the 19th century, and after traveling through several cities in the

Mexican Republic, decided to settle in the capital city. José Helú brought the first Arabic

printing press to Mexico and founded one of the first magazines for the Lebanese community in

this country.

The Slim brothers later moved to Mexico City and in 1911, Julián Slim and his brother

José, who was thirteen years older than him, founded the company La Estrella de Oriente (“the

Star of the East”), so named in honor of their country of origin. The partnership was formed with

25,800 pesos, each of them contributing 50 percent. In May 1914, in the midst of the Mexican

Revolution, Don Julián, then 26 years old, bought his brother’s fifty percent stake for 30,000

pesos. La Estrella de Oriente was an important dry goods store located on Calle de Capuchinas

(today Venustiano Carranza); that, over time and with Don Julián’s extraordinary work ethic and

business talent, had merchandise worth more than US$100,000 by January 21, 1921, only ten

years after the business was founded. By that time, Don Julián had also acquired eleven more

properties in the area, which was one of the most commercial, active and significant in

downtown Mexico City, and therefore in the country. The current value of the store would be

more than US$7 million today, and the real estate would be worth around US$28 million.

By 1922, Don Julián’s net worth was already $1,012,258 pesos between real estate,

businesses and various stocks. In August 1926, Julián Slim and Linda Helú married in Mexico

City. Their first daughter, Nour, was born four years later, and Alma two years after that,

followed by Julián, José, Carlos and Linda. With his intelligence and tenacity for work, Don

Julián Slim Haddad would become a prominent businessman and the father of an exemplary

family who was able to instill in his children both moral values and the dedication to and

familiarity with work. The reasons for Don Julián Slim Haddad’s commercial success were

simple: a calling, talent and hard work. Don Julián’s thinking was ahead of his time, given his

deep understanding of business; by the 1920s he was already talking about an efficient business

as one that sold large volumes at smaller margins, and with payment facilities, factors that today

prevail in the large discount stores.

In 1927, when Mexican migration policy ceased to be favorable for many foreigners and

Lebanese, immigration was restricted, Don Julián Slim, who served as president of the Lebanese

Chamber of Commerce for almost 20 years (from 1930 until it was disbanded at the end of the

1940s), successfully filed a lengthy and well-researched legal brief with the Department of State

that described the activities and characteristics of his fellow countrymen and defended their

rights. Thanks to this, there was a favorable resolution for these immigrants. A part of this

document reads as follows: “Lebanese are characterized by their work, their economy, and their

simplicity, how easily and quickly they learn the language of the countries they go to and in

which they live peacefully, especially in places like México that maintain a sacred commitment

to personal independence and love of the homeland”. During his leadership of the Chamber, he

conducted a census of all Lebanese businessmen in Mexico and actively participated with them

in the Nationalist Campaign of the 1930s, whose objective was to promote Mexican industry by

buying and consuming made-in-Mexico products, with the aim of benefiting trade, employment

and national development. The motto of the campaign was “consume what the country

produces.” Although this campaign had the support of the President of the Republic (Pascual

Ortiz Rubio) it did not cost the country’s federal treasury a penny because the various chambers

of commerce contributed the resources to disseminate and promote it. The campaign always

advocated the excellence of Mexican products and for an increase in the country’s exports. Don

Julián’s participation was especially active, important and dynamic in this important movement

and it proved his extraordinary capacity to assimilate to the culture of a country that he assumed

and defended as his own. During that period he requested and finally obtained Mexican

nationality.

Carlos Slim Helú was born on January 28, 1940 in Mexico City, where he learned from

early on the value of family as a priority in life. He also received his first business lessons in

early childhood, as Don Julián gave each of his children a savings book with their usual weekly

allowance in order for them to learn to manage their income and expenses. They reviewed this

book with him, analyzing their expenses, purchases and activities, and by following this rule Don

Julián’s children managed their finances and developed their own wealth. From that time

investment and savings were part of young Carlos’s life, becoming his first lesson in business,

which he soon put into practice by opening his first checking account and buying shares of

Banco Nacional de México when he was only 12 years old. With his parents and five siblings,

Carlos Slim Helú grew up in a close, loving family that taught by good example, but in 1953

Don Julián died suddenly, deeply affecting the Slim Helú family; it was a sad and unexpected

emotional blow that left a noticeable mark in the home. Carlos was only 13 years old. 

Biographical Overview

Carlos Slim Helú studied Civil Engineering at the National Autonomous University of

Mexico (known by its Spanish acronym UNAM) School of Engineering, where he also taught

Algebra and Linear Programming while studying for his degree, meaning that he was both a

student and professor. In 1965, when he was only 25 years old, he began to build the foundations

of Grupo Carso. Inmobiliaria Carso was incorporated in January 1966, three months before

marrying Soumaya Domit Gemayel, hence the name Carso, which is a combination of the first

three letters of Carlos and the first two letters of Soumaya.

Since the 1980s he has been a noted businessman in various industrial, real estate and

commercial fields. In 1982, which was a critical time in the history of Mexico with the debt

crisis, nationalization of the banking system and the country’s finances nearly paralyzed, Carlos

Slim and his Grupo Carso decided to invest heavily and actively. They made diverse investments

and acquisitions during this period, one of which was Cigatam, which turned out to be the first

and most important because of its cash flow, providing the Group with sufficient liquidity to

capitalize on available opportunities and thereby increase itsacquisitions of big companies,

including: Hulera el Centenario, Bimex, Hoteles Calinda (today, OSTAR Grupo Hotelero) and

Reynolds Aluminio. Sometime later the purchase of Seguros de México was closed, and Grupo

Financiero Inbursa was formed by integrating Casa de Bolsa Inversora Bursátil, Seguros de

México and Fianzas La Guardiana. By 1985, Grupo Carso acquired control of Artes Gráficas

Unidas, Fábricas de Papel Loreto y Peña Pobre, and also a majority stake in Sanborns and its

affiliate Dennys. In 1986 Minera FRISCO and Empresas Nacobre were acquired, as well as their

affiliates, and control of the Euzkadi tire company, the market leader at the time, was also

acquired, as was a majority stake in General Tire some years later. 

In 1990, the group acquired TELMEX in partnership with SBC and France Telecom, and

began a new era of entrepreneurial development in a globally strategic sector. Over the course of

22 years, TELMEX has developed a world-class technological platform that has optimized its

processes and strengthened the corporate culture. Over this period of time TELMEX has invested

the equivalent of US$27.692 billion in Mexico's telecommunications infrastructure and,

combined with operations in Latin America, more than US$33 thousand million. América Móvil

is a good example of value creation for investors. Since 1996, it was a pioneer and global

innovator of cellular prepayment systems. In 1990, Radiomóvil Dipsa (today TELCEL) had 35

thousand customers, to June 2012, had 313.1 million of clients in Latin America, 251.8 millions

are cellular subscribers, and 30 million fixed lines, and 15.1 millions in broadband, and 11.6

millions of pay TV clients. Carlos Slim has left most of the boards of his companies, and

currently serves as: Chairman of the Board of Directors of Impulsora del Desarrollo y el Empleo

en América Latina, S.A. de C.V. (IDEAL); Chairman of Fundación Telmex, A.C.; Chairman of

Fundación Carlos Slim Helú, A.C.; Chairman of the Executive Committee of Consejo

Consultivo de Restauración del Centro Histórico; and Chairman of Fundación del Centro

Histórico, A.C.

Mr. Slim continues to be active in business although his main effort and work is focused

on education, health and employment in Mexico and Latin America, through the foundations he

chairs and companies in infrastructure arena; his three sons, Carlos, Marco Antonio and Patrick

Slim Domit, have taken over the reins of his businesses. Mr. Slim has lectured at public and

private institutions as well as at international organizations such as the Economic Commission

for Latin America (ECLA). He was a member of the Board of Directors of Altria (previously

Philip Morris Companies), and also a Board Member for SBC Communications, Inc., from

which he retired in 2004 to devote more of his time to the IDEAL project, Impulsora para el

Desarrollo y el Empleo en América Latina, with a particular emphasis on infrastructure, health

and education.

He has also served as Vice Chairman of the Mexican Stock Exchange and Chairman of

the Mexican Association of Brokerage Firms. He was the first Chairman of the Latin American

Committee of the Board of Directors of the New York Stock Exchange. Carlos Slim Helú and

his wife Soumaya Domit de Slim (deceased) had six children: Carlos, Marco Antonio, Patrick,

Soumaya, Vanessa and Johanna. Mr. Slim has a passion for history, art and nature; he is also a

great fan of baseball and has written several articles about the sport. On December 16th, 2008,

Engineer Carlos Slim Helu was nominated member of Research and Development Corporation

Executive Board, a nonprofit research organization in the United States which offers assessment

and solutions about commerce and politics, among other aspects, throughout the world.

At the time Eng. Slim was elected member of the executive board, the President and

Executive Director of RAND Corporation, James A. Thomson expressed: “It is an honor to

include in the executive board of RAND organization this distinguished business and

philanthropist leader” and added: “Undoubtedly, Carlos Slim Helu will help the corporation to

improve its 60 years of success by providing objective analysis and effective solutions related to

the new challenges that the private and public sectors are facing around the world”. ITU and

UNESCO announce on May 10, in Genéve, Switzerland, the creation of top-level global

Broadband Commission for Digital Development and it is co-chaired by Mr. Carlos Slim. With

high-impact social programs, focusing on the most vulnerable population, in 2011, Carlos Slim

Foundation has directly benefited more than 29.7 million people.

Awards and Recognitions

Carlos Slim Helú has received significant recognition and has been honored with the following,

among others:

- Mr. Carlos Slim was bestowed the Friars Club's Icon Award by the Friars Club of New

York, the acknowledgment was given in the Friars Foundation Gala and it was conferred

to Mr. Slim due to his philantropic and humanitarian endeavors. October 7, 2014. New

York City.

- Mr. Carlos Slim received the Starlite Humanitarian Award 2014, in recognition of his

philanthropic work, during the 5th edition of the Starlite Gala organized to support

foundations and social organizations. August 9, 2014. Marbella, Spain.

- Mr. Carlos Slim Helú is recognized as Mexico’s businessman with the best

reputation. The distinction is awarded by the Corporate Reputation Business Monitor

(Merco) 2014. Mexico City, May 29, 2014.

- The International Telecommunications Union granted Mr. Carlos Slim the World

Telecommunication and Information Society Award 2014, in recognition to his

leadership and dedication in fostering ICT and broadband connectivity for sustainable

development. May 16, 2014. Geneva, Switzerland.

- “Digital education and jobs creation are essential factors that demand our efforts as both

society and country”, Mr. Carlos Slim said in a ceremony of his 50th anniversary as an

engineering graduate by the Universidad Nacional Autónoma de México (UNAM),

organized by engineers and architects associations. May 28, 2013. Palacio de Minería,

Ciudad de México.

- Mr. Carlos Slim Helú receives Medal of Honour from ISSF President Olegario Vazquez

Raña. Acapulco, México. March 20, 2013.

- The Business Council for International Understanding To Honor Carlos Slim Helú With

2012 Dwight D. Eisenhower Global Leadership Award. December 12, 2012. New York

City.

- Mr. Carlos Slim received the Gibran National Committee Award for his contribution to

spreading the knowledge of the poet, philosopher and painter Gibran Khalil Gibran.

Beirut, Lebanon, September 27, 2012.

- Carlos Slim was awarded for his Leadership in Philanthropy by President Bill Clinton, at

the Sixth Annual Clinton Global Citizen Awards. September 24, 2012. Nueva York, NY.

- Mr. Carlos Slim was named Honorific Grade Doctor by George Washington University

because of his philanthropic work and his contribution to business and community

development in Mexico and Latin America. May 20, 2012. Washington, DC, USA.

- José Pagés Llergo Foundation did award Mr. Carlos Slim the “Paz y Democracia” Prize

in Investment and Development category. April 18, 2012.

- Mr. Carlos Slim Helú was awarded Red Cross Badge of Honor and Merit due to his long-

standing humanitarian trajectory. The medal was imposed to him by Mr. Daniel Goñi

Díaz, president of Mexico's Red Cross, and Taderatu Konoe, president of Red Cross

International Federation and Red Crescent Societies. February 21, 2012. Mexico City. 

- The Franco-Mexican Chamber of Commerce and Industry awarded Mr. Carlos Slim the

Franco-Mexican Friendship Prize 2011, in recognition to his strong relationships

to France through his entrepreneurial, industrial, social, commercial and cultural

activities. November 10, 2011. 

- Mr. Carlos Slim was awarded the prize Quién 50, aimed to honoring the most influential

persons in Mexico’s public opinion. That prize is annually bestowed by Quién magazine

to persons whose influence and talent have produced helpful changes, growth, and

improved surroundings in their own fields and Mexico as well. November 8,

2011, Mexico City.

- Claustro de Sor Juana University awarded Mr. Carlos Slim the “Sor Juana Inés de la

Cruz” Medal due to his effort to revive Mexico City’s Historic Center. September 29,

2011, Mexico City.

- The World Boxing Council did award Mr. Carlos Slim the WBC Humanitarian Prize of

the Year by his support to the boxing world. November 2, 2010. Cancún, Quintana Roo,

Mexico.

- The President of Lebanon, Mr. Michel Sleiman, did honor Mr. Carlos Slim by awarding

him the Lebanese Gold Order to Merit, while the Jezzine Municipal Government did

name him Honorific Citizen. Beirut, Lebanon, March 12, 2010.

- The George Washington University President's Medal, the most distinguished academic

award, in recognition of his philanthropic and entrepreneurial management. June 30,

2009, Washington, D.C., U.S.A.

- Mr. Carlos Slim Helu received the ESADE award in recognition of his philanthropic and

entrepreneurial management, during the XIV Annual Celebration ESADE Alumni,

Barcelona. June 8, 2009. Barcelona, Spain.

- Eng. Carlos Slim Helu conferred Man of the Year 2008 by the World Boxing Council

(WBC). March 3, 2009. Mexico City.

- The National Order of the Cedar in Grade of Grand Officer was awarded by the Embassy

of Lebanon in Mexico, on November, 2008.

- Recognition to Carlos Slim Helú to be the Mexican industrialist who more resources has

destined in life to philanthropic causes, granted by the Mexican Association of

Professionals in Power of attorney of Bottoms Chapter Mexico City, in November of

2007.

- Industrialist of Year 2007, granted by the Mexican Foundation for the Health (Funsalud).

- National Award to the Excellence Jaime Torres Bodet 2007, granted by the University

Center Sun Group.

- Life Achievement Award, by the World-wide Association of Mexican abroad (AMME),

in June of 2006.

- Salon del Empresario Award, Mexico 2005.

- Fashion Group International Prize by his work in the rescue of the Historical Center of

Mexico City in 2004.

- Real estate Developers Association Award 2004.

- Industrialist of the Decade (Latin Trade 2004).

- Hadrian Award - N.York (2004), granted by World Monuments Fund.

- Alliance Award 2004 - granted by Free Trade Alliance.

- Industrialist of the year (Latin Trade 2003).

- World Education and Development Fund (2004) - N. York.

- Decoration of the Commander Leopold II, by the Belgium Government. 2002.

- Golden Plate Award, granted by the American Academy of Achievement. 1994.

- Medal of Honor to Merit Business of the National Chamber of Commerce in Mexico

City, 1985.

Business Activity

The Group's companies generate more than 250,000 direct jobs and more than 500,000

indirect jobs. It has taken Carlos Slim Helú 47 years of his life to build Grupo Carso. Although

he has left most of the boards of his companies, currently serves as: Chairman of the Board of

Directors of Impulsora del Desarrollo y el Empleo en América Latina, S.A.B. de C.V. (IDEAL);

Chairman of Fundación Telmex, A.C.; Chairman of Fundación Carlos Slim Helú, A.C.;

Chairman of the Executive Committee of Consejo Consultivo de Restauración del Centro

Histórico; and Chairman of Fundación del Centro Histórico, A.C. Although he continues to

conduct business activities today, his primary focus is on the education, the health, and

employment in Mexico and Latin America with the foundations he leads, thus his three sons,

Carlos, Marco Antonio and Patrick Slim Domit, have taken over the reins of the businesses.

Carlos Slim is well known as reliable President for all his companies, for example, Grupo Carso

does not have corporate staff members, and every company is got their own structure looking for

the efficiently.

Corporate History of GRUPO CARSO and INBURSA

They were founded in 1965 with the acquisition of the bottling company Jarritos del Sur

and the establishment of several other companies such as Casa de Bolsa Inversora Bursátil,

Inmobiliaria Carso, Constructora Carso, Promotora del Hogar, S.S.G. Inmobiliaria, Mina de

Agregados Pétreos el Volcán, Bienes Raíces Mexicanos and Pedregales del Sur, as well as a buy-

sell-lease company for construction equipment. Inmobiliaria Carso was incorporated in January

1966. Carso comes from the first syllable of the names Carlos and Soumaya, Mr. Slim's wife. At

the end of the 1960s, several pieces of property were bought in the southern part of Mexico City,

totaling approximately 2 million square meters, and were expropriated in 1989. In June 1976

Galas de México was acquired. In 1980 the corporation that is today Grupo Carso was officially

incorporated in order to obtain the majority stake in Cigatam, in which Philip Morris was a 29%

partner. The beginning of the 1980s marked a very important period in the history of Grupo

Carso, as it became a group of large companies. This was a critical period in the history of

Mexico, with the debt crisis and the nationalization of the Mexican banking system in 1982, the

year in which Carso made the decision to invest intensively and actively.

Between 1981 and 1986 several investments and acquisitions were made, among which

was Cigatam, the first and most important due to its cash flow and because in 25 years it

increased its market share by 1.5% on average each year, despite very strong competition. Other

companies were: Hulera el Centenario, with 23%, and Bimex. Reynolds Aluminio y Aluminio,

S.A. was also integrated during this period. In August 1984 Seguros de México and 33% of an

important block of shares was purchased for US$55 million. Casa de Bolsa Inversora Bursátil,

Seguros de México and Fianzas La Guardiana came together to form Grupo Financiero Inbursa.

In 1985 Grupo Carso acquired control of Artes Gráficas Unidas, Fábricas de Papel Loreto y Peña

Pobre, and the majority ofSanborns and its affiliate Dennys. In 1986 Compañía Minera FRISCO

and Empresas Nacobre were acquired, as well as their affiliates, control of the market leading

tire company Euzkadi, and later, in 1992 Condumex; in 1993 the majority of General Tire. In

1991 Hoteles Calinda (today, OSTAR Grupo Hotelero) was acquired. At the end of 1990, Grupo

Carso, together with Southwestern Bell, France Telecom and several Mexican investors, won the

bid to privatize Teléfonos de México. When Grupo Carso bought 5.8% of Telmex at its

privatization, it already had 25 years of successful business experience; Southwestern Bell

acquired 5% and an option for an additional 5%, France Telecom 5% and a group of Mexican

investors an additional 4.6%. Including Cigatam, the Grupo Carso companies have been publicly

traded since 1981 and their history can be reconstructed through public information. 

Grupo Carso has partially or fully sold several companies, such as tissue paper producers,

tire companies, several hotels, printing and packaging businesses, part of Cigatam, El Globo,

Química Fluor and Porcelanite, among others. The Group's companies currently generate more

than 209,000 direct jobs and more than 500,000 indirect jobs. Carso's growth has been possible

due to the ongoing reinvestment of profits in its companies for the continued production of goods

and services, which at the same time generates jobs for Mexicans. Grupo Carso focuses its

growth and investments on the most dynamic sectors in the medium and long term, maintaining

its flexibility and rapid decision-making. Grupo Carso, S.A. de C.V. is a Mexican holding

company that has proven its capacity to manage companies operating in highly competitive

markets, both domestically and internationally.

TELMEX

In 1990, Grupo Carso and other Mexican investors acquired 10.4% of the companys

stock, in partnership with SBC - 5% with an option for an additional 5% - and France Telecom

5%. Since 1990, Telmex has embraced a work culture where training, modernization, quality and

customer service is a priority. Over the course of 20 years, Telmex has developed a world-class

technology platform that has allowed it to optimize processes and strengthen the corporate

culture, translating into improved levels of service and customer care. At Telmex, we focus our

efforts on exceeding our clients’ expectations.

In 1991 Telmex was using electromechanical, analog and other obsolete equipment and

technology in its operations, transportation, physical plant and maintenance, and had manual

records and a 360-kilometer fiber optic network. Telmex has modernized and today has more

than 148,000 kilometers of fiber optic installed throughout the country. Telmex operates with the

firm conviction to access the entire population to telecommunications, even though not having

profit margins or subsidies; the Enterprise has the largest network of the country in this sector.

Public telephony has been a very important part in facilitating access for the population at large,

with the number of public telephones rising from 69,025 in December 1990, to 661,030 in

December 2010.

Since its privatization, Telmex aims to anticipate and meet all the telecommunication needs of its

customers, offering the most advanced products and services with the highest quality standards

and at the best prices. Telmex is the leader company in telecommunications in Mexico.

Telmex is a corporation constituted by Telefonos de Mexico, S.A.B.C.V, its subsidiary

enterprises and partners that provide telecommunications services in Mexico. Its services

coverage includes, among other things, the operation of the most extensive network of local and

long distance services. It also provides services such as connectivity, internet access,

collocations, lodging and interconnection services with other telecommunication operators.

Competitive companies

Telmex, is the only telecommunications company in México, has investment at all types

of population needs to communicate within the country, given special effort at rural areas and

Internet service to locations where is difficult access around the country. Telmex, main business

are fixed lines, it's got a main competitive business against other companies that are looking only

at high class population, A and B. Telmex commitments provide communications services to all

types of populations no matter their economy level, specially within levels such as C, D, E, as

well given the pay as you go within the country, having 100% of the market.

AMERICA MOVIL

On September 2000, Telmex did split both its mobile-phone business and most of its

international capital investments in order to create the new enterprise América Móvil. Among

other gains envisaged, such a decision did weigh the benefits of having independent and

competing firms with a business approach and financial flexibility in order to face

both Telmex and América Móvil distinct strategies. Since February 7, 2001 on, when América

Móvil shares were officially listed in Mexico, New York, and Madrid stock exchanges, the new

firm ranked as the biggest mobile-phone company in Latin America and one of the biggest in the

whole world.

On February 13, 2010, América Móvil did disclose its decision to negotiate an exchange

offer with Carso Global Telecom shareholders in order to exchange their own shares for América

Móvil ones.Had this offer being accepted by Carso Global Telecom shareholders, América

Móvil would indirectly gather 59.4% of Teléfonos de México outstanding stock, and 60.7% of

Telmex International shares. The América Móvil and Carso Global Telecom disclosed operation

is not a merger, rather a corporate restructuring through a share-interchange procedure, not

including service integration neither operative fusion with Telmex in México, unlike the rest of

Latin American countries where Telmex Internacional and América Móvil operate, where both

service and operation integration it will be rather effective.

By combining these firms, América Móvil will be able to generate important synergies,

developing an improved commercial effort and making a more efficient use of its own

information networks, systems and processes, which will translate into full-integrated services

for the benefit of its own customers. On June 16, 2010, América Móvil did disclose concluding

results of its own bid for Telmex Internacional and Carso Global Telecom, so resulting

that América Móvil is now the owner of 93.56% and 99.44% of Telint and Telecom capital

stock, respectively.

On November 22, 2011, América Móvil announced the final results of its tender offers

for all of the outstanding shares of capital stock of Teléfonos de México, S.A.B. de C.V. that are

not already owned, directly or indirectly, by América Móvil. It is reported thatAmérica

Móvil owns (directly or indirectly) approximately 92.99% of the outstanding capital stock of

TELMEX. América Móvil América Móvil currently operates in the following countries:

Argentina, Brazil, Colombia, Costa Rica, Chile, Dominican Republic, Ecuador, El Salvador,

United States, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Uruguay

and Mexico. América Móvil is a good example of value creation for investors. Since 1996, it was

a pioneer and global innovator of cellular prepayment systems. In 1990, RadioMóvil Dipsa

(today TELCEL) had 35 thousand customers, to September 2011, have 298 million of clients in

Latin America. América Móvil stands for the major unwired services provider in Latin America.

In September 2012, it have 319 million of internet access in the continent, 255.9 millions are

mobile-phone users, it have 30.3 million of fixed lines, 16.7 millions of broad band access and

15.8 millions of Tv subscribers in the whole American hemisphere.

TELMEX INTERNATIONAL

2007 brought an important event in the history of Telmex. On December 21st, the

General Assembly of Shareholders adopted the strategic initiative to reorganize the corporate

structure of Telmex in two independent companies. Telmex split its operations in Latin America,

as well as the business of Seccion Amarilla (Yellow Pages). A new company called TELMEX

International was created.

With this split it is expected to:

Give each company in Mexico and abroad, a more efficient operation, as well as an

appropriate size, so that each of them operates autonomously, in its administrative,

commercial and financial areas.

Improving the competitive position of each one of the companies.

Further develop the operation of TELMEX in the Mexican market of

telecommunications, making clear the difference in their operations in the markets of

medium and high income, where there is competition, and the low income and rural

areas, where there is no competition.

TELMEX International operates in Argentina, Brazil, Chile, Colombia, Ecuador, Peru and

Uruguay, offering a full regional and local support structure to respond with preciseness and

efficiency to the requirements of customers, also operates in the United States and Mexico

through Seccion Amarilla (Yellow Pages). On June 10th, 2008 began the listing of TELMEX

International Exchanges in New York, Madrid and Mexico. On June 16, 2010, America Movil

announced final results of the Offers for TELMEX Internationa and Carso Global Telecom.

Completed this process, America Movil owns 93.56% of the share capital and 99.44% Telint

capital of Telecom. On April 11, 2011 America Movil announced the result of the tender offer

for up to 3.18% of TELMEX Internationa. Under this, the shareholding of America Movil Telint

capital increases to 97.10%.

Ideal

The new challenge is to promote the development of Latin America and fight

backwardness by training and developing human and physical capital with a company

named IDEAL (Impulsora del Desarrollo y el Empleo en América Latina, or Promoter of

Development and Employment in Latin America), which is primarily focused on developing

physical capital; and two foundations, the first making profitable investments and the second,

supporting training and development of human capital on a non-profit basis.

COMPANIES

Grupo Carso currently includes the following holding companies:

- America Movil leading provider of wireless services in Latin America, with operations in

Argentina, Brazil, Colombia, Costa Rica, Chile, Dominican Republic, Ecuador, El

Salvador, United States, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru,

Puerto Rico, Uruguay and Mexico. America Movil owns, directly or indirectly, 97.10%

of the capital stock of TELMEX Internacional and its equity interest in the capital stock

of TELMEX is 97.54%.

- Grupo Carso has operations in heavy industry, services, retail and consumer goods

through CICSA, Condumex, Hoteles Calinda (today, OSTAR Grupo Hotelero), Nacobre,

Sears, Sanborns, and Promotora Musical.

- Grupo Financiero Inbursa, is comprised of Banco Inbursa, Seguros Inbursa, Casa de

Bolsa Inversora Bursátil, Afore Inbursa and Operadora Inbursa, among other companies.

- Impulsora del Desarrollo y Empleo de América Latina (IDEAL), focuses on the

identification, feasibility study, financial structuring, implementation and operation of

long-term infrastructure projects; it does not take on construction risk and supports

physical and human capital by developing highways, ports, energy generation and

distribution projects, and water treatment, collection and distribution, to mention a few.

- Inmuebles Carso, since its beginnings, Grupo Carso has outstandingly developed

investment and real estate projects, especially in urban zones by reconverting dated

industrial spaces into commercial, housing, culture, health, educational, sporting and

mixed use facilities which, besides lessening pollution, do create more and better jobs

and access to nearby services. Thanks to the already mentioned division, Inmuebles

Carso will continue developing its own profiting assets while taking advantage of new

opportunities. Likewise, it will keep operating its own real estate businesses in a

productive way to generate growing capital flows to reinforce its own strategy and

accelerate its expansion. Currently, Inmuebles Carso is developing several high economic

and social impact projects. They are the following: Plaza Carso and ensuing steps, Plaza

San Luis, a mall in San Luis Potos City, Plaza Altabrisa, a mall in Villahermosa,

Tabasco, Mixed use center in Veracruz City by reconverting the dated ALMEXA

aluminum plant. In this way, Inmuebles Carso will continue excelling itself by its own

experience, carefulness, innovation and high-quality in developing projects and

investments. Likewise, it will continue pushing its own vigorous dynamics and income

diversity, which have allowed its projects to be preferred by its own customers, tenants,

joint owners, neighbors, authorities and the rest of interested people.

- Minera Frisco. Comprises several gold, silver, copper, zinc and lead mining companies,

all of them involved in the metallurgical development. It operates in the states of

Zacatecas, Chihuahua, Baja California, Aguascalientes and Sonora.

The Ten Principles of Grupo Carso

Carlos Slim Helú summarizes what he considers to be the Groups business principles in 10

points, which have been communicated to his relatives, colleagues, employees and work

force.

1. Have always simple organizational structures, minimal hierarchical levels; provide

human and in-house development of the executives; maintain flexibility and fast

decision-making capability; work with the advantages of a small company.

2. Maintaining austerity in good times strengthens, profits and accelerates the development

of the company and averts the bitterly drastic adjustments in times of crisis.

3. Stay focused on modernization, growth, training, quality, simplification and the

continuous improvement of production processes. Increase productivity and

competitiveness, reduce costs and expenses by using global benchmarks.

4. Companies should never be limited by the size of the owner or manager. Do not feel big

in our small corral. Minimize investment in non-productive assets.

5. There is no challenge that we cannot overcome by working united, and with clear vision

in the goals and knowing the tools.

6. Money that leaves the company evaporates; this is why we reinvest profits.

7. Corporate creativity is not only applicable to business, but also to solving many of

society's problems. This is what we do through the Group's Foundations.

8. Firm and patient optimism always yields its rewards.

9. All times are good times for those who know how to work and have the means to do so.

10. Our premise is and has always been that we leave with nothing; that we can only do

things while we are alive and that businessmen are creators of the wealth they

temporarily manage.

Carlos Slim took some of these points from business lessons from his father, Julin Slim Haddad,

who brought his son to work at a very young age and noted his unique interest in commerce.

The Success Strategy

CARLOS SLIM HELU QUOTES

When there is a crisis, that’s when some are interested in getting out and that’s when we are

interested in getting in.

When you live for others’ opinions, you are dead. I don’t want to live thinking about how I’ll be

remembered.

I’m a paper man, not electronic. My children gave me a lap top for Christmas, but all I know

how to do so far is push the on button.

Technology is going to transform people’s lives and society everywhere in the world. I spend

most of my time studying new technologies. My main task is to understand what’s going on and

try to see where we can fit in. 

It’s not going to exist in a few years. It’s going to disappear, and it will be the same thing to

make a local call as a long-distance call. So we have to move into other areas.

I think one of the big errors people are making right now is thinking that old-style businesses

will be obsolete, when actually they will be an important part of this new civilization.

We think that there will be an ‘entrepreneurial reconversion’ of many companies that have lived

in the industrial era and now are becoming part of this new [digital] civilization.

It’s not a question of arriving [at a new company] and putting in a whole new administration but

instead, arriving and ‘compacting’ things as much as possible, reducing management layers.

We want as few management layers as possible, so that executives are very close to the

operations. We also don’t believe in having big corporate infrastructures.

When we decide to do something, we do it quickly.

We have to do is seek the best for our shareholders.

Those who say that I am taking over the city centre that I have already bought up everything, are

not going to stop me from continuing my project.

The buying power of Americans is so much higher than Mexicans.

Our concept is more to accomplish and solve things, rather than giving, that is, not going around

like Santa Claus. Poverty isn't solved with donations.

I've always said that the better off you are, the more responsibility you have for helping others.

Just as I think it's important to run companies well, with a close eye to the bottom line, I think

you have to use your entrepreneurial experience to make corporate philanthropy effective.

How can we develop if we’re always stuck in crises?

I believe that if a businessman knows how to efficiently manage his business, he should be able

to manage a foundation efficiently. It’s not a question of giving money away, it’s a question of

going somewhere and doing something and making sure the basic costs are paid…I’m

channeling resources to try to solve problems as quickly as possible.

The American government, which is looking for something useful to do with its surplus, should

consider it: There's no better investment than promoting [Latin America's] development. They

shouldn't do it to be Good Samaritans, but for good business reasons… If the U.S. promotes

education, it will be able to sell more products coming out of the new digital civilization.

ENGINEERING SUCCESS: HOW SLIM’S POCKETS GOT FAT

There is no one in the world quite like Carlos Slim Helu. Until his recent jump to the

second spot on the Forbes’ list of the world’s wealthiest, he was something of a mystery to

the business world. He worked in relative isolation, with no computers in the basement of his

drab two-storey office building. But, his seclusion should not be mistaken for a weakness.

Indeed, his power is so great, that when he did suffer a weakness in the form of heart surgery a

few years back, his companies’ shares actually began to tremble. So, just how did this son of

Lebanese immigrants become one of the wealthiest people in the world, and a household name

across an entire continent?

Instinct: From the time his father taught him about hunting for bargains during the

Mexican Revolution, Helu has been developing his gut instinct when it comes to detecting a

good business deal. And, he has learned to trust that gut, even when it went against what all of

his competitors, the market, and industry analysts were saying. It was that confidence that took

him to the top. 

Vision: Helu is a traditional man who, himself, eschews many of the conveniences of

modern technology. However, like any good businessman, Helu understands that he alone is not

the market. By keeping one eye on the past and one eye on the future, Helu has been able to

anticipate the direction of industries, and establish his position at the forefront of that change.

Efficiency: Helu is willing to do whatever it takes to make his companies operate as

efficiently and cost-effectively as possible. If that means cutting thousands of jobs, so be it. If it

means retaining previous management, so be that. He wanted his corporate structures simple and

bare of the bureaucracy that burdens so many others. 

Ambition: Anybody who knew Helu as a young boy knew he was going to make

something of himself. After all, by the time he was 15 years old, he had made more money from

stocks than most of his parents’ friends had saved up in their entire lifetimes. It was by being

unwilling to rest, even after he had achieved modest success, that Helu continued his rise to the

top.

Giving: Ask most people to name two or three of the greatest philanthropists and chances

are Helu will not top any of their lists. Despite the fact that he has not given away as much

money as others at the top of the corporate ladder, Helu has brought his sound business sense to

his charitable foundations. After all, for Helu, everything has to have a bottom line. Helu has

recently stepped out of the limelight and has passed the torch onto his three sons. However, the

impact of his career, which he single handedly built from scratch, can still be felt throughout

Latin America and beyond. Helu will not only go down in history as one of the most successful

Mexican businessmen, but indeed as one of the world’s most successful businessmen of all time. 

EVERYTHING HAS A BOTTOM LINE

He is everything from a political advisor to the highest ranking Mexican officials, to a

devout family man, but Helu would be the first one to tell you that first and foremost, he is an

entrepreneur. It is through those eyes that he approaches everything else. What does that mean

exactly? That means that everything Helu does, he does with its own bottom line. 

Helu may be the second richest man in the world, but until recently, he has kept most of

that fortune to himself. Unlike his counterparts at the top of the Forbes’ list of the world’s

wealthiest, Helu saw little use in donating money to charity. “Our concept is more to accomplish

and solve things, rather than giving, that is, not going around like Santa Claus,” he once said.

“Poverty isn't solved with donations.”

In more recent times, Helu has begun to soften his stand when it comes to philanthropy,

but his bottom line remains as firm as ever. “I've always said that the better off you are, the more

responsibility you have for helping others,” he says. “Just as I think it's important to run

companies well, with a close eye to the bottom line, I think you have to use your entrepreneurial

experience to make corporate philanthropy effective.”

To that end, Helu established charitable foundations for both Telmex and Grupo Carso,

which have a combined fund of more than $4 billion. Last year, these groups gave out 17,000

college scholarships, paid bail for 5,000 first-time arrestees, and paid for 11,000 surgical

operations in rural areas. “How can we develop if we’re always stuck in crises?” he asks. After

turning control of his investments over to his three sons, Helu now plans to devote more of

his time and energy to these charitable efforts. 

“I believe that if a businessman knows how to efficiently manage his business, he should

be able to manage a foundation efficiently,” he says. “It’s not a question of giving money away,

it’s a question of going somewhere and doing something and making sure the basic costs are

paid…I’m channeling resources to try to solve problems as quickly as possible.” 

Much like Helu brought his cost-efficient and infrastructure slimming measures to his

companies, so too did he introduce these concepts to his foundations. And, Helu wishes others

would follow suit, because as he sees it, a region’s social and economic development is good

for business development too. “The American government, which is looking for something

useful to do with its surplus, should consider it: There's no better investment than promoting

[Latin America's] development,” he says. “They shouldn't do it to be Good Samaritans, but for

good business reasons… If the U.S. promotes education, it will be able to sell more products

coming out of the new digital civilization.”

Helu’s charitable pledges still amount to considerably less than those of Bill Gates or

Warren Buffet, number one and three on the Forbes’ list of the world’s richest respectively, but

what he has done with his foundations is significant. Helu has demonstrated the importance of

approaching everything you do with a sound business management plan, and an eye on the

bottom line. 

YOU CAN CONTROL YOUR OWN DESTINY

“Those who say that I am taking over the city centre,” says Helu, “that I have already bought

up everything, are not going to stop me from continuing my project.” In the early 1980s, Helu

began investing in real estate, construction, mining, tires, and paper goods. From there, he moved

into telephones, computers, and even clothing. But, it was not so much what he was buying as

the rate and scope at which he was buying them. 

Today, there is nary a Mexican who does not come into contact with Helu at least once

during their normal day. In the mornings, perhaps they awake from their comfortable night’s

sleep in one of the bed sheets they bought from the Helu-operated Sears. Or, perhaps they were

awoken by the sound of their cell phone ringing, thanks to the mobile service provided by Helu.

Later in the day, maybe they ate lunch at one of Helu’s restaurants, took a flight with his new

budget airline, Vuela, or watched the news on a TV station also controlled by Helu. 

His success throughout Latin America has been unparalleled. What makes it even more

impressive is that Helu could have stopped after Telmex. Many others might have been satisfied

with establishing a complete monopoly over their country’s telecommunications industry. He

could have stopped after one of the many acquisitions he continued to make over the decades.

But, he did not. Helu was not like those many others who would have been satisfied with one

success. Instead, what made Helu keep on going, what differentiated him from others, was his

ambition – his relentless ambition and his hunger for more. 

After realizing success in Mexico, Helu decided to take his business global. One of his

first stops was Colombia, a country in which Helu says he had “enormous confidence…

enormous confidence in its government and enormous confidence in Colombia’s future.” But,

Helu was not thinking small scale. Indeed, nothing about Helu was small scale. In just a few

months, Helu said he expected to see “one cellular phone for every two Colombians.” He had no

prior business experience in the country, but what he did have was ambition. 

Helu’s empire now reaches far and wide not only across Latin America – with more than

61 million subscribers, his America Movil is now the largest cell phone provider in the region –

but also into the U.S. Indeed, for Helu, there is no task of greater importance than entering and

conquering the American market. After all, he says, “The buying power of Americans is so much

higher than Mexicans.”

Ambition alone would not have been enough to fuel Helu’s impressive rise to becoming

the second richest person in the world. But, he surely would not have gotten there without it. By

refusing to be satisfied with the status quo and by never giving up, Helu used his ambition to

take control of his destiny. And, with a sprawling empire that now includes everything from an

airline to a music store chain, Helu seems to be in control of more destinies than just one.

MAKE YOUR COMPANY A LEAN, MEAN, OPERATING MACHINE

Helu dislikes being compared to Warren Buffett, not because he does not admire the

American investor’s long list of shrewd business acquisitions, but rather because he feels it is an

inadequate assessment. When Helu takes over control of a company, he does so in order to

operate it. Buffett wants a good investment, but Helu wants to run a company. He wants to make

his companies practical and lean operations, bringing efficiency to their every move. And, most

importantly, he wants to do it himself. 

“It’s not a question of arriving [at a new company] and putting in a whole new

administration,” says Helu, “but instead, arriving and ‘compacting’ things as much as possible,

reducing management layers.” Helu likes to take control, but he is not imprudent enough to think

that he can do it on his own. To that end, he maintains the management of the original companies

as much as possible, since they are experts at running the business.

Helu also wants his companies to be managed in a hands-on manner, with himself at the

forefront. “We want as few management layers as possible, so that executives are very close to

the operations,” he says. “We also don’t believe in having big corporate infrastructures.” Grupo

Carso is as lean as you get, having no corporate staff whatsoever. Slim himself worked out of a

windowless basement in a two-storey building for his entire career, even as his fortune soared

into the billions of dollars. 

After Helu had acquired control of Telmex, he immediately set out to improve its

operations. It was a notoriously badly run company, and Helu saw it as his main task to turn

things around. He upgraded equipment to modernize the company and personally drove hard

bargains with suppliers. He even threatened to pull out of a deal with their biggest supplier,

Sweden’s Ericsson, if they did not give him the best deal he knew he could get elsewhere.

Helu describes his own management style as practical. After gaining a minority stake in

badly managed companies and fixing their inner workings, he goes ahead and seeks majority

control. And, he does not waste any time doing it, saying, “When we decide to do something, we

do it quickly.” When Helu takes control of a company, he keeps control. In 2002, he spent $300

million to buy the troubled MCI and immediately set out to turn it around. Despite keeping MCI

executives on board, he never let them get in the way of his vision. When they disagreed with his

decisions, he would say, “What we have to do is seek the best for our shareholders,” namely

himself and his children. It worked; in just a few years, Helu saw his shares in MCI rise to $1

billion in value. Helu did not just want to buy a company and sit back to let others run it. It was

his money, his investment, and his operations, and he was going to make them as lean and mean

as he knew how.

UNDERSTAND THE FUTURE AND YOUR PLACE IN IT

“I’m a paper man, not electronic,” says Helu. “My children gave me a lap top for

Christmas, but all I know how to do so far is push the on button.” In university, Helu studied

engineering. He can process numbers and formulas at a speed impossible for most. But, when it

comes to using computers and the like, Helu is uninterested. He prefers to keep to himself in the

drab basement of his two-story headquarters surrounded by the paper ledgers he has been using

since he was a boy.

That does not mean, however, that Helu is ignorant as to the direction that modern

technology is headed. He may be content with his paper laden office, but Helu knows that the

rest of the world is not. It is to that end that Helu makes it his number one priority to understand

which industries hold the most promise for the future, and, more importantly, for this money.

“Technology is going to transform people’s lives and society everywhere in the world,”

says Helu. “I spend most of my time studying new technologies. My main task is to understand

what’s going on and try to see where we can fit in.” To this end, Helu has invested in everything

from cell phone providers to computer retailers and other technology-related companies, with a

particular interest in looking for possible synergies between them.

In Helu’s business, being too early or too late is as good as being wrong when it comes to

making an investment. That is why Helu insists on staying current about which new technologies

are of the future, and which are of the past. For instance, he sees long distance calling as a

commodity, and one which will not be around for long. “It’s not going to exist in a few years,”

he says. “It’s going to disappear, and it will be the same thing to make a local call as a long-

distance call. So we have to move into other areas.”

What Helu does see as the key, however, is the Internet, or what Helu calls, “the heart of

this new civilization,” with telecommunications as its “nervous system.” It was because Helu

considered the U.S. the most advanced country of the digital age that he chose to enter the

American market and invest in CompUSA. 

Understanding the future, however, does not mean completely forgetting the past. “I

think one of the big errors people are making right now is thinking that old-style businesses will

be obsolete, when actually they will be an important part of this new civilization,” says Helu. For

instance, while many retail groups are introducing e-commerce and phasing out their ‘bricks’

operations, Helu suggests that both the ‘clicks’ and the ‘bricks’ will continue to be important.

“We think that there will be an ‘entrepreneurial reconversion’ of many companies that have lived

in the industrial era and now are becoming part of this new [digital] civilization.”

Helu wants to make sure that Mexico is at the forefront of the new digital age, and he

wants to be the one to take it there. It is only by constantly updating his portfolio and looking to

the future that he has made sure he will have a place in it.

DON'T FOLLOW THE CROWD OR THE MARKET

“When there is a crisis, that’s when some are interested in getting out,” says Helu, “and

that’s when we are interested in getting in.” 

The entire success of Helu’s business career has rested on one simple premise: go against

the current. Much like his father who prospered in real estate during the Mexican Revolution,

a time when most others were fleeing the violence and insecurity as fast as they could, Helu has

become known for sniffing out great bargain deals and making investments that seem to be

directly at odds with what the market, and his competitors, are saying is right. 

Helu has never been one to worry about what other people think of him. After all, he

says, “When you live for others’ opinions, you are dead. I don’t want to live thinking about how

I’ll be remembered.” Instead, Helu has built his career on standing out from the crowd. He was

not trying to get noticed or to make the next day’s headlines, but by going for the investments

that others were scrambling away from in fear, that is indeed what wound up happening.

The biggest investment of Helu’s life came at a time when his own country was in the

midst of turmoil. Banks were faltering, businesses were collapsing, and people were living in

daily fear of losing their lives. Throughout all of this, how many people would have taken the

time to think to themselves, “Now’s the perfect time to invest!” As it turns out, Helu was one of

the few, and the fortunate.

Helu looked for patterns in the market and singled out the unusual. If a company was

underperforming, he did not turn away from it like the rest; he zeroed in his sights. Did this

company have potential? Could he turn it around? Could he prove people wrong and make it a

success?

The decision to purchase Telmex was a difficult one, especially in the operating

environment in which it found itself. After all, it was not only Telmex that was suffering, but the

entire country itself. And, Helu already had his hands full with many other small businesses he

had acquired in the 1980s. But, in Telmex, Helu saw the potential and he developed a long-

term plan to unlock that potential. 

So, how does he do it? Does Helu simply look for deals that no one else is going for and

throw his money behind them? Far from it. Helu engages in a strategic and meticulous plan of

bottom fishing. Using his math background, Helu quickly determines whether an asset is being

properly valued. He examines the entire sector, its outlook for the future, and the prospects for its

competition. He goes beyond the regular number-crunching to take a long term perspective,

evaluating from property holdings to human capital to determine the company’s intrinsic worth. 

When he thinks a company is undervalued, he gets in on the action. And, that just so

happens to be often what everyone else is getting out of.

SLIM’S PICKINGS: THE START OF THE BILLION DOLLAR BUSINESS

Helu’s big break came in the 1990s, when the Mexican government succumbed to

pressure from the World Bank and International Monetary Fund to liberalize its country’s

economy. A massive campaign of privatization began, with the government selling off the

hundreds of companies that were state-owned. Among those companies was Telefonos de

Mexico (Telmex), the Mexican national telephone company. 

Thanks to his father, Helu had developed a strong nose for sniffing out a good deal. In

Telmex, Helu saw the potential for a huge hit. At the time, he had a close relationship with then-

President Carlos Salinas de Gortari. Although he denies the accusation that the Mexican

President gave him any special treatment, Helu was able to buy Telmex from the government for

$1.7 billion in a deal that saw him resourcefully partner up with Southwestern Bell Corporation

and France Telecom. At the time, auditors had valued Telmex at $10-12 billion. Helu had gotten

a good deal. 

Accusations of preferential treatment gained increasing strength after 1993, when Helu

attended a gala fundraising event and made a very strategic and public announcement. He, along

with 30 other high-profile Mexican business leaders, pledged $25 million each to Gortari’s

political party. Whatever the truth, Helu took control of Telmex and established a landline

monopoly throughout the country, as well as developed control of 70 percent of Mexico’s long

distance market. 

Since the 1990 acquisition, Helu has continued to use his Telmex profits to fuel his other

investments and become a leader of the digital age. He sought out struggling – and cheap –

companies where he thought he could bring renewed vision and turn things around. By bringing

a stronger focus on the bottom line to his companies, Helu began developing a reputation for

efficient cash management and implementing strategies of aggressive growth.

Today, among Helu’s biggest holdings is America Movil, which he grew to become Latin

America’s biggest mobile phone service provider with more than 41 million subscribers. His

Grupo Carso, which owns Telmex, also has control of more than 80 percent of Grupo Sanborns,

which includes the Sanborns chain of department stores and a majority stake in Sears Roebuck

de Mexico. 

In Mexico, Grupo Carso has become a leader in everything from bakeries to railroads and

retail chains. In 2000, Helu strove less successfully to enter the U.S. market by acquiring the

troubled CompUSA for $1 billion. After cutting 1,500 jobs and divesting the company of some

of its businesses, Helu was beginning to see some success. However, in 2002, after not realizing

as positive results as he had hoped for, Helu decided to spin off his 51 percent stake in the

company to two new holding companies. 

Helu’s companies now make up roughly half of the value of the Mexican stock exchange,

and are the equivalent to seven percent of the country’s GDP. He recently handed control of

Grupo Carso over to his three sons, but Helu remains a powerful presence. 

Despite the volatility of the Mexican economy and the 1994 devaluation of the peso,

Grupo Carso has prospered. It is hard for most Mexicans to go through the day without coming

into contact with one of Helu’s companies. With a knack for picking good deals, Helu has

quietly risen to become the richest Mexican, the richest person in Latin America, and now, the

second richest person in the world. 

THE MOBILE MEXICAN MAGNATE: HOW CARLOS SLIM HELU GOT HIS START

He has been called the Warren Buffett of Latin America, but on the most recent Forbes

list of the world’s richest people, the Mexican born Carlos Slim Helu bumped the great

American investor down to third spot. With an estimated net worth of $53 billion, Helu is now

the second richest person in the world, and just $3 billion behind Bill Gates. He is known for

never cracking a smile, but Helu’s current monopoly over the telecommunications industry in

Mexico must surely make him one happy businessman. With his hands now in all of the retail,

banking and insurance, technology, and auto parts manufacturing industries, Helu shows no

signs of slowing down.

Helu has come a long way from where he started off. Born on January 28, 1940 in

Mexico City, Helu was the fifth of six children to Lebanese immigrant parents Julian Slim (née

Yusef Salim) Haddad and Linda Helu. In 1902, in an attempt to avoid the military draft, Julian

fled the Ottoman Empire and wound up in Mexico. Eight years later, the Mexican Revolution

unleashed itself throughout the country, during which time nearly one in every 15 Mexicans

would be killed. But, not Julian. 

Helu’s father opened a general store in 1911 in Mexico City’s central district. While

others were warning him to leave the violence, Julian insisted on staying. He purchased prime

real estate at rock bottom prices in the Zocalo district as others quickly and eagerly sold all they

could. It was a gamble that paid off in the end, and a lesson his young son would always carry

with him.

Helu’s business acumen began to develop at an early age. When he was just 11 years old,

he invested in government savings bonds and kept a detailed ledger to track all of his purchases.

By the time he was 15, he had become a part shareowner of the largest bank in Mexico.

Helu grew up to study engineering at the Universidad Nacional Autonoma de Mexico.,

graduating in 1961. However, he realized that his true calling was business and so a few years

later, he set up a stock brokerage. Working 14-hour days, Helu slowly moved into the insurance

industry. He was becoming a modest success, but it was not until the 1980s that Helu would

make a real name for himself.

In 1982, Mexico found itself in the middle of a massive debt crisis. All the banks were

struggling and everyone was trying to get out of the stock market as quickly as they could.

Everyone, that is, except Helu, who decided there was no better time to pounce. He had learned

the lesson of hunting for bargains from his father, and he was not about to let this opportunity

pass him by. Helu quickly snapped up the cigarette distributor Cigatam, as well as a coffee and

gift shop at rock bottom prices. However, it was his next acquisition that would become his

greatest to date, and the one that would help Helu go down in the history books.