The Mexico Fund, Inc. Monthly Summary Report May 214 Prepared By: Impulsora del Fondo México, sc Investment Advisor to the Fund www.themexicofund.com The information presented in this report has been derived from the sources indicated. Neither The Mexico Fund, Inc. nor its Adviser, Impulsora del Fondo México, S.C., has independently verified or confirmed the information presented herein.
May 31, 214 I. THE MEXICO FUND DATA End of Month One Month Earlier One Year Earlier Total Net Assets 1 (million US$) $415.32 $396.61 $414.86 NAV per share $27.78 $26.53 $3.94 Closing price NYSE 2 $27.68 $26.22 $32.12 % Premium (Discount) (.36%) (1.17%) 3.81% Shares traded per month 2 (composite figures) 835,96 1,179,235 1,257,662 Outstanding shares 3 14,949,38 14,949,38 13,48,785 Shares on Short Interest Position 2 3,846 23,826 74,526 Note: Past performance is no guarantee of future results. II. PERFORMANCE 4 1 Month 3 Months 6 Months 1 Year Market price 5.57% 9.57% 1.11% -3.87% NAV per share 4.71% 1.61% 1.76%.16% Bolsa IPC Index 3.55% 1.26%.21%.89% MSCI Mexico Index 3.9% 9.26% -.44%.64% 2 Years 3 Years 5 Years 1 Years Market price 53.8% 37.39% 175.83% 347.81% NAV per share 39.5% 22.6% 135.25% 317.63% Bolsa IPC Index 26.4% 9.29% 89.14% 338.41% MSCI Mexico Index 25.89% 12.77% 93.38% 297.12% III. THE MEXICAN STOCK EXCHANGE End of Month One Month Earlier One Year Earlier Bolsa IPC Index 5 41,362.51 4,711.56 41,588.32 Daily avg. of million shares traded 293.7 294.9 48.6 Valuation Ratios 6 : P/E 2.54 2.54 2.72 P/BV 2.7 2.79 3.2 EV/EBITDA 1.22 9.29 9.58 Market capitalization (billion US$) $535.16 $57.71 $578.98 1 Source: Impulsora del Fondo México, S.C. (Impulsora). Impulsora utilizes the spot exchange rate, provided by Bloomberg, to calculate the Fund's Net Asset Value per share (NAV). The NAV is published every business day on the Fund s website www.themexicofund.com. 2 Source: NYSE Euronext. Short interest position as of first fortnight of every month. 3 During May 214, the Fund did not issue any shares under its Equity Shelf Program. 4 Sources: Lipper, Inc., Bloomberg and Impulsora del Fondo México, S.C. Periods ended on the last US business day of the date of this report. Performance figures take into account the reinvestment of distributions. 5 Source: Mexican Stock Exchange 6 Source: Impulsora del Fondo México, S.C. Figures represent the average obtained from a representative sample of companies listed on the Bolsa. P/E refers to Price/Earnings, P/BV refers to Price/Book Value and EV/EBITDA refers to Enterprise Value/Earnings before Interests, Taxes, Depreciation and Amortization. 1
IV. THE MEXICAN ECONOMY. End of Month One Month Earlier One Year Earlier Treasury Bills 7 One month 3.28% 3.23% 3.72% Six months 3.51% 3.49% 3.8% One year 3.61% 3.66% 3.98% Long-term Bonds Three years 4.7% 4.72% 4.% Five years 4.8% 5.7% 4.14% Ten years 5.87% 6.15% 4.64% 2 years N.A. 7.12% 5.88% 3 years 6.94% 7.2% 5.32% Currency Market 8 Exchange Rate (Ps/US$) Ps. 12.858 Ps. 13.793 Ps. 12.889 Inflation Rates on Previous Month V. ECONOMIC COMMENTS. Month Year to Date Last 12 Months Consumer Price Index 9 (CPI) -.19% 1.24% 3.5% According to results of the monthly poll conducted during May 214 by Mexico s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico s gross domestic product (GDP) will increase 2.8% during 214 and 3.9% during 215. The inflation rate is estimated by analysts to be 3.8% for 214 and 3.5% for 215. The exchange rate of the peso against the dollar is expected to end 214 at Ps. 12.96 and at Ps. 12.93 towards the end of 215, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 3.4% and 4.% for the same periods. The complete results of this and past polls are available at Banxico s website, located at www.banxico.org.mx. 7 Monthly average of weekly auctions as published by Banco de México. N.A. means no auction for such instrument was scheduled for this month. 8 Sources: Bloomberg and Banco de México 9 Source: Banco de México 2
VI. PORTFOLIO OF INVESTMENTS AS OF MAY 31, 214 (UNAUDITED) Shares Percent of Held COMMON STOCK - 92.94% Value Net Assets Airports 7, Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B $9,21,387 2.17% 1,5, Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B 5,629,958 1.36 14,651,345 3.53 Beverages 1,5, Arca Continental, S.A.B. de C.V. 9,765,516 2.35 3,5, Fomento Económico Mexicano, S.A.B. de C.V. Series UBD 33,219,785 8. 2,215, Organización Cultiba, S.A.B. de C.V. Series B 4,242,919 1.2 47,228,22 11.37 Building Materials 28,6, Cemex, S.A.B. de C.V. Series CPO 36,834,344 8.87 Chemical Products 4,8, Alpek, S.A.B. de C.V. Series A 9,179,655 2.21 3,97, Mexichem, S.A.B. de C.V. 15,774,45 3.8 24,954,6 6.1 Construction and Infrastructure 78, Promotora y Operadora de Infraestructura, S.A.B. de C.V. 9,899,776 2.38 Consumer Products 7,, Kimberly-Clark de México, S.A.B. de C.V. Series A 18,711,38 4.51 Energy 1,24, Infraestructura Energética Nova, S.A.B. de C.V. 6,827,811 1.64 Financial Groups 1,2, Banregio Grupo Financiero, S.A.B. de C.V. Series O 6,992,67 1.68 4,1, Grupo Financiero Banorte, S.A.B. de C.V. Series O 29,648,312 7.14 5,5, Grupo Financiero Santander Mexicano, S.A.B. de C.V. Series B 14,624,747 3.52 51,265,126 12.34 Food 1,36, Gruma, S.A.B. de C.V. Series B 14,312,895 3.45 3,, Grupo Bimbo, S.A.B. de C.V. Series A 8,679,421 2.9 4,, Grupo Lala, S.A.B. de C.V. Series B 1,69,995 2.42 33,62,311 7.96 Holding Companies 7,25, Alfa, S.A.B. de C.V. Series A 2,287,37 4.88 79, Grupo Carso, S.A.B. de C.V. Series A1 4,99,914.99 24,387,284 5.87 Mining 1,, Grupo México, S.A.B. de C.V. Series B 32,928,916 7.93 Restaurants 2,5, Alsea, S.A.B. de C.V. 8,521,932 2.5 3
Shares Percent of Held COMMON STOCK Value Net Assets Retail 1,44, El Puerto de Liverpool, S.A.B. de C.V. Series C-1 16,273,635 3.92 9,, Wal-Mart de México, S.A.B. de C.V. Series V 22,923,472 5.52 39,197,17 9.44 Steel 198, Ternium, S.A. 5,629,95 1.36 Telecommunications Services 33,, América Móvil, S.A.B. de C.V. Series L 31,91,54 7.68 Principal Amount Total Common Stock $386,,175 92.94% SHORT-TERM SECURITIES 3.44% Repurchase Agreements $8,498,12 BBVA Bancomer, S.A., 3.47%, dated 5/3/14, due 6/2/14 repurchase price $8,5,559 collateralized by Bonos del Gobierno Federal. 8,498,12 2.5% Time Deposits $5,795,87 Comerica Bank,.2%, dated 5/3/14, due 6/2/14 5,795,87 1.39 Total Short-Term Securities 14,293,972 3.44 Total Investments 4,294,147 96.38 Other Assets in Excess of Liabilities 15,23,14 3.62 Net Assets Equivalent to $27.78 per share on 14,949,38 shares of capital stock outstanding $415,317,287 1.% 4
VII. THE MEXICO FUND, INC. CHARTS 29. Volume Price NAV Price, NAV and Volume May 214 12, 1, US$ per share 28. 27. 8, 6, 4, shares traded 2, 26. 1 2 5 6 7 8 9 12 13 14 15 16 19 2 21 22 23 27 28 29 3 Sources: NYSE and Impulsora del Fondo México, S.C. Past performance is no guarantee of future results. 1.% Premium/ (Discount) (Market Price/NAV) May 214.% 2 5 6 7 8 9 12 13 14 15 16 19 2 21 22 23 27 28 29 3-1.% -2.% -3.% Source: Impulsora del Fondo México, S.C. Past performance is no guarantee of future results. 5
VII. THE MEXICO FUND, INC. CHARTS (continued) Bolsa Index and Traded Volume May 214 42,4 9 42,2 8 index 42, 41,8 41,6 Volume Index 7 6 5 4 41,4 3 41,2 2 41, 1 4,8 Monthly Price and NAV January 1982 - May 214 55 5 45 4 35 3 25 2 15 1 5 1982 1983 1984 1985 1986 1987 1988 1989 199 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 million shares 2 5 6 7 8 9 12 13 14 15 16 19 2 21 22 23 26 27 28 29 3 Source: Mexican Stock Exchange. Past performance is no guarantee of future results. US$ per share NAV Price 55 5 45 4 35 3 25 2 15 1 5 Sources: NYSE and Impulsora del Fondo México, S.C. Past performance is no guarantee of future results. 6