The Fund, Inc.

Monthly Summary Report February 2014

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.

February 28, 2014

I. THE MEXICO FUND DATA End of Month One Month Earlier One Year Earlier Total Net Assets1 (million US$) $385.48 $394.20 $426.89 NAV per share $25.79 $26.82 $31.90 Closing price NYSE2 $25.98 $27.52 $32.12 % Premium (Discount) 0.74% 2.61% 0.69% Shares traded per month2 (composite figures) 1,235,644 1,427,987 1,365,927

Outstanding shares3 14,947,072 14,700,450 13,381,884 Shares on Short Interest Position2 29,147 34,718 232,896 Note: Past performance is no guarantee of future results.

II. PERFORMANCE4 1 Month 3 Months 6 Months 1 Year Market price -5.90% -7.72% -0.93% -10.15% NAV per share -3.84% -8.00% -1.50% -10.13% Bolsa IPC Index -4.36% -9.71% -0.83% -15.22% MSCI Mexico Index -3.96% -9.43% -0.49% -13.70%

2 Years 3 Years 5 Years 10 Years Market price 28.32% 29.87% 288.13% 303.66% NAV per share 17.63% 13.77% 207.15% 266.21% Bolsa IPC Index -1.11% -4.31% 148.49% 224.03% MSCI Mexico Index 1.21% -0.69% 146.80% 192.43%

III. THE End of Month One Month Earlier One Year Earlier Bolsa IPC Index5 38,782.89 40,879.75 44,120.99 Daily avg. of million shares traded 306.5 302.9 402.2 Valuation Ratios6: P/E 17.06 17.94 19.77 P/BV 2.58 2.94 3.07 EV/EBITDA 9.01 9.34 9.63 Market capitalization (billion US$) $508.83 $529.56 $576.73

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 February 2014, under its Equity Shelf Program, the Fund issued 246,622 shares at market prices above NAV. 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 for the Fund take into account the reinvestment of distributions; however, performance figures for the Bolsa Index and MSCI Mexico Index do not. 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.

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IV. THE MEXICAN ECONOMY. End of Month One Month Earlier One Year Earlier Treasury Bills7 One month 3.16% 3.14% 4.19% Six months 3.52% 3.55% 4.25% One year 3.78% 3.65% 4.31% Long-term Bonds Three years 4.86% 5.06% 4.51% Five years 5.09% 5.27% 4.68% Ten years N.A. 6.46% 5.03% 20 years 7.44% N.A. N.A. 30 years 7.43% 7.59% 6..10% Currency Market8 Exchange Rate (Ps/US$) Ps. 13.2492 Ps. 13.3573 Ps. 12.7793

Last 12 Month Year to Date Months Inflation Rates on Previous Month Consumer Price Index9 (CPI) 0.89% 0.89% 4.48%

V. ECONOMIC COMMENTS.

According to results of the monthly poll conducted during February 2014 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will increase 3.23% during 2014 and 3.91% during 2015. The inflation rate is estimated by analysts to be 4.01% for 2014 and 3.60% for 2015. The exchange rate of the peso against the dollar is expected to end 2014 at Ps. 12.93 and at Ps. 12.85 towards the end of 2015, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 3.52% and 4.16% 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 FEBRUARY 28, 2014 (UNAUDITED)

Percent of Shares Held COMMON STOCK - 90.52% Value Net Assets Airports 700,000 Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B $7,808,773 2.03% 1,500,000 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B 4,631,600 1.20 12,440,373 3.23 Beverages 1,500,000 , S.A.B. de C.V. 7,865,003 2.04 3,530,000 Fomento Económico Mexicano, S.A.B. de C.V. Series UBD 30,237,275 7.84 2,215,000 Organización Cultiba, S.A.B. de C.V. Series B 3,321,865 0.86 41,424,143 10.74 Building Materials 26,000,000 , S.A.B. de C.V. Series CPO 34,027,715 8.83

Chemical Products 4,800,000 , S.A.B. de C.V. Series A 8,173,173 2.12 3,970,000 Mexichem, S.A.B. de C.V. 12,935,490 3.36 21,108,663 5.48 Construction and Infrastructure 1,650,000 Empresas ICA, S.A.B. de C.V. 2,696,201 0.70

Consumer Products 7,000,000 Kimberly-Clark de México, S.A.B. de C.V. Series A 16,922,531 4.39

Energy 1,550,000 Infraestructura Energética Nova, S.A.B de C.V. 6,768,937 1.76

Financial Groups 1,200,000 Banregio Grupo Financiero, S.A.B. de C.V. Series O 6,263,020 1.62 4,650,000 Grupo Financiero , S.A.B. de C.V. Series O 30,193,483 7.83 5,500,000 Grupo Financiero Santander Mexicano, S.A.B de C.V. Series B 12,138,091 3.15 48,594,594 12.60 Food 1,000,000 , S.A.B. de C.V. Series B 7,882,740 2.04 3,000,000 , S.A.B. de C.V. Series A 7,868,400 2.04 1,000,000 Grupo Herdez, S.A.B. de C.V. 2,628,838 0.68 4,000,000 , S.A.B. de C.V. Series B 8,386,921 2.18 26,766,899 6.94 Holding Companies 7,400,000 Alfa, S.A.B. de C.V. Series A 17,811,340 4.62 1,620,000 , S.A.B. de C.V. Series A1 8,445,295 2.19 26,256,635 6.81 Mining 10,000,000 Grupo México, S.A.B. de C.V. Series B 30,741,479 7.97

Restaurants 2,500,000 Alsea, S.A.B. de C.V. 7,751,411 2.01

3 Percent of Shares Held COMMON STOCK Value Net Assets Retail 1,800,000 El Puerto de , S.A.B. de C.V. Series C-1 18,640,975 4.84 2,740,000 Grupo Comercial , S.A.B. de C.V. Series B 7,993,011 2.07 7,000,000 Wal-Mart de México, S.A.B. de C.V. Series V 14,840,896 3.85 41,474,882 10.76 Telecommunications Services 33,000,000 América Móvil, S.A.B. de C.V. Series L 31,980,799 8.30

Total Common Stock $348,955,262 90.52%

SHORT-TERM SECURITIES – 10.36% Principal Amount Repurchase Agreements $25,472,654 BBVA Bancomer, S.A., 3.47%, dated 02/28/14, due 03/03/14 repurchase price $25,480,020 collateralized by Bonos del Gobierno Federal. 25,472,654 6.61% Time Deposits $14,471,426 Comerica Bank, 0.01%, dated 02/28/14, due 03/03/14 14,471,426 3.75 Total Short-Term Securities 39,944,080 10.36 Total Investments 388,899,342 100.88 Liabilities in Excess of Other Assets (3,414,996) (0.88) Net Assets Equivalent to $25.79 per share on 14,947,072 shares of capital stock outstanding $385,484,346 100.00%

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VII. THE MEXICO FUND, INC. CHARTS

Price, NAV and Volume February 2014

28.00 Volume Price NAV 120,000

100,000

27.00 80,000

60,000

26.00 40,000 shares traded US$ per share

20,000

25.00 0 3 4 5 6 7 1011121314181920212425262728

Sources: NYSE Euronext and Impulsora del Fondo México, S.C. Past performance is no guarantee of future results.

Premium (Market Price/NAV) February 2014 6.0%

4.0%

2.0%

0.0% 34567101112131417181920212425262728

Source: Impulsora del Fondo México, S.C. Past performance is no guarantee of future results.

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VII. THE MEXICO FUND, INC. CHARTS (continued)

Bolsa Index and Traded Volume February 2014 41,200 500 Volume 40,800 Index 400 40,400

40,000 300

index 39,600 200

39,200 sharesmillion 100 38,800

38,400 0 12345678910111213141516171819

Source: Mexican Stock Exchange. Past performance is no guarantee of future results.

Monthly Price and NAV January 1982 - February 2014 55 55 50 50 45 45 40 NAV Price 40 35 35 30 30 25 25 20 20

US$ per share US$ 15 15 10 10 5 5 0 0 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Price as provided by the NYSE and NAV as provided by Impulsora del Fondo México, S.C. Past performance is no guarantee of future results.

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