RESULTS

FIRST QUARTER RESULTS 2017 FirstGRUPO Quarter MÉXICO 2017

Relevant figures in US dollars1 Contact:

Marlene Finny City, May 3, 2017. (55) 1103-5344 Grupo México, S.A.B. de C.V. (“Grupo México” “GMéxico” -

[email protected] BMV: GMEXICOB). www.gmexico.com  Revenues in 1Q17 totaled US$2.3 billion, 18% higher than 1Q16 mainly due to higher copper prices +25%. In the Transportation Division, volumes decreased 3% compared to 1Q16 so revenues dropped 6%. The Infrastructure Division´s revenues decreased 2% to US$149 million due to lower rates  In the Mining Division, we consolidated ourselves again as the Company with the lowest cash cost worldwide. In 1Q17, the copper cash-cost per pound reached US$1.07, an improvement of 3% when compared with 1Q16.  Copper sales volumes reached 257,278 tons in 1Q17, a 3% increase compared to 1Q16, copper production reached 247,015 tons during the quarter.  EBITDA for 1Q17 totaled US$978 million, 34% greater than 1Q16. The Mining Division reached US$769 million, translating into 53% growth vs. 1Q16. The Transportation Division reached US$171 million, a 2% drop vs. 1Q16. The Infrastructure Division achieved US$64 million in EBITDA.  Cost of sales in 1Q17 reached US$1.2 billion, 11% more than in 1Q16. In the Mining Division, costs increased 14% due to higher input prices. In the Transportation Division, it decreased 1% thanks to greater operational efficiencies. In the Infrastructure Division, it dropped 3%.  The consolidated net profit in the quarter reached US$42 million, a 4% growth when compared to 1Q16.  Capital investments were US$299 million for 1Q17, 14% higher than in 1Q16, in line with our growth program aiming to produce more than 1.4 million tons of copper by 2021.  During 1Q17, Grupo México announced that through its Transportation Division, it entered into an agreement with Florida East Coast Railway Holdings Corp to acquire 100% of the shares of FEC in a cash transaction for a total amount of US$ 2.1 billion, including debt . FEC is a unique and irreplaceable asset with 565 km of owned tracks that offers and is the rail service provider to South Florida’s ports: Miami, Everglades and Palm Beach.  On April 28, 2017, the Management Board declared the payment of a cash dividend of P$0.30 per share outstanding, to be made in a single installment as of June 1st, 2017. First Quarter Variance (Thousand US Dollars) 2016 2017 US$000 % Sales 1,920,578 2,263,399 342,821 17.8 Cost of Sales 1,082,308 1,205,241 122,933 11.4 Operating Income 541,449 769,000 227,551 42.0 EBITDA 728,270 976,707 248,437 34.1 EBITDA Margin (%) 37.9% 43.2% Net Income 406,895 423,337 16,442 4.0 Profit Margin (%) 21.2% 18.7% Investments / Capex 260,809 299,196 38,387 14.7 Employees 30,170 29,917 (253) (0.8)

1All figures are in dollars ("US$"), United States currency, under US GAAP, unless otherwise stated.

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FIRST QUARTER RESULTS 2017 GRUPO MÉXICO

Highlights by Division Mining Division Illegal stoppage in our Peruvian Operations.- In April, the unified labor union of SPCC workers and one of Toquepala’s unions began a stoppage, which was declared illegal by the Peruvian government. Even though the Company has always been in full compliance with the three-year labor agreements signed last year, these unions demanded a review of certain health and profit sharing benefits. During the stoppage, the Company deployed its emergency plan to maintain production with the use of temporary contractors. The illegal stoppage concluded on April 22 with only 1,418 tons of copper decrease of production and currently all our workforce have returned and operations are fully normalized.

Projects in Mexico

We have concluded our $3.5 billion investment program in Mexico and all of the projects of this program will be in full operation in 2017 including the Quebalix IV project.

Crushing, Conveying and Spreading System for Leachable Ore (Quebalix IV), which has been completed on time at an estimated cost of $327 million which is $117 million below our budget of $444 million. This project will reduce processing time as well as mining and hauling costs increasing production by improving SX-EW copper recovery. The installed conveyor system is operating steadily.

Projects in Peru

We are currently working on five copper projects in Peru with a total capital investment for these projects of $ 2,900 million out of which $1,206 million have been invested.

Toquepala Expansion Project, Tacna.- This $1.2 billion project includes a new-state-of-the-art concentrator which will increase annual copper production by 100k MT to 217k MT in 2018 and 260k MT in 2019, and will also increase annual molybdenum production by 3,100 tons. Through March 31, 2017, we have invested $623.4 million in the project. The project has reached 58% progress and is expected to be completed by the 2Q18.

Toquepala High Pressure Grinding Roll (HPGR) system.- The main objective of this project is to ensure that our existing concentrator will operate at its maximum milling capacity of 60,000 tons per day, even with an increase of the ore material hardness index. Additionally, recoveries will be improved and production enhanced with improved ore crushing. The budget for this project is $40 million and we have invested $27.6 million as of March 31, 2017. This project is expected to be completed by the 1Q18.

Cuajone´s Heavy Mineral Management Optimizing Project, Moquegua.- The project consists of installing a primary crusher at the Cuajone mine pit with a conveyor system for moving the ore to the concentrator. The project aims to optimize the hauling process by replacing rail haulage, thereby reducing operating and maintenance costs as well as the environmental impact of the Cuajone mine. The crusher will have a processing capacity of 43.8 million tons per year. The main components, including the crusher and the 7 kilometer overland conveyor belt, have been acquired and assembled. As of March 31, 2017, we have invested $175.1million in this project out of the approved capital budget of $215.5 million. The project has reached 91% progress and is expected to be completed in the 3Q17.

The Cuajone tailing thickeners project will replace two of the three existing thickeners with a new hi-rate thickener. The purpose is to streamline the concentrator flotation process and improve water recovery efficiency, increasing the tailings solids content from 54% to 61%, thereby reducing fresh water consumption and replacing it with recovered water. As of March 31, 2017, we have completed the engineering and procurement process and continued the excavation and civil works. As of March of 2017, we have invested $16.0 million in this project out of the approved capital budget of $30 million. The project has reached 74% progress and we expect it to be completed in the 2Q17.

Tia Maria: We have completed all engineering and have successfully obtained the environmental impact assessment. We are currently working to obtain the construction license for this 120k MT of copper per year SX-EW Greenfield project with a total capital budget of $1,400 million.

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Transportation Division

FEC Acquisition.- Grupo México announced that, through its Transportation Division, GMéxico Transportes S.A. de C.V. (“GMXT”), it has entered an agreement with Florida East Coast Railway Holdings Corp (“FEC”) under which GMXT will acquire 100% of the stocks of FEC in a cash transaction for a total of US$2.1 billion, including debt. The transaction will be financed with US$350 million of GMXT’s own capital, and US$1.75 billion in debt with different maturities. Thus, GMXT will maintain a solid balance sheet with a ratio of 1.76x net debt to pro- forma EBITDA 2016. GMXT’s leverage capacity will be profited from, as it currently has a net cash position of US$115 million.

FEC is a unique and irreplaceable asset with 565 km of owned track that offers railway services along the east coast of Florida and supplies South Florida’s ports: Miami, Everglades, and Palm Beach. With this transaction, Grupo Mexico hopes to achieve greater commercial development by enhancing the relations of both companies. Likewise, it expects to achieve synergies and best practices on both sides, such as adapting locomotives to function with natural gas instead of diesel, which would result in a significant reduction of operating costs.

The FEC acquisition is an important strategic addition for GMXT in its transportation service offer in North America. This transaction generates greater strength for GMXT regarding geographic presence and the service we will be able to offer our clients, and it will significantly improve the scope and reach of our services.

The transaction is subject to various closing conditions, including the receipt of applicable government authorizations.

Infrastructure Division

Good Traffic on the Salamanca-Leon Highway.- During 1Q17, the highway reported revenues of $148 million pesos and a weighted average daily traffic (ADT) of more than 11,000 vehicles; the equivalent traffic translates into more than 16,000 vehicles. Vehicle traffic surpasses the flow agreed with the Ministry of Communications and Transportation (SCT in Spanish).

New Record Energy Generation.- In 1Q17, we increased our power generation by 2% compared to 4Q16 and 0.3% compared to 1Q16, by generating 846,502 MW-hr.

Greater revenues in Mexico Compañia Constructora.- MCC is working on industrial infrastructure works and the access road to the new airport (AICM), which surpasses sales of the same period last year by approximately 35%

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Financing

2016 As of Marc 31, 2017 Gross Gross Cash & Net (US$000) Debt(1) Debt(1) Banks(2) Debt Grupo México - - 62,277 (62,277) Americas Mining Corporation - - 87,279 (87,279) Southern Copper Corporation 5,952,115 5,954,871 751,455 5,203,416 Asarco 84,755 60,539 22,613 37,926 GMéxico Transportes - - 100,931 (100,931) GFM - 289,148 265,164 232,206 32,958 Ferrosur 34,284 24,397 51,114 (26,717) México Proyectos y Desarrollos 1,155,871 1,044,454 69,171 975,283 Grupo Mexico (Consolidated) 7,516,173 7,349,426 1,377,046 5,972,379 (1) include Debt Fees (2) include Short Term Investment

Grupo Mexico maintains a solid balance sheet with a low leverage and a net debt to EBITDA ratio of 1.71x. 94% of the debt contracts are in US dollars, and 6% are in pesos. 92% of the debt has a fixed rate. Moreover, GMexico has a comfortable debt maturities schedule; we have no significant capital payments until 2035.

The Company’s financial soundness enables it to be well positioned to face the economic environment of its various Divisions and maintain its commitment to continue with its aggressive expansion program, as well as to analyze possible opportunities that may arise in the market.

Grupo Mexico Maturities As of March 31st, 2017

1,600.0

1,400.0 1,200.0 1,000.0 800.0 600.0

400.0

200.0

- 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 División Minera División Transporte División Infraestructura

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Mining Division Americas Mining Corporation Key Figures

First Quarter Variance (Thousand US Dollars) 2016 2017 US$000 % Sales 1,437,233 1,808,007 370,774 25.8 Cost of Sales 891,998 1,013,607 121,609 13.6 Operating Income 337,256 589,755 252,500 74.9 EBITDA 502,487 768,908 266,420 53.0 EBITDA Margin (%) 35.0% 42.5% Net Income 352,723 301,040 (51,684) (14.7) Profit Margin (%) 24.5% 16.7% Investments / Capex 236,335 261,210 24,875 10.5

Average Metal Prices

2Q 3Q 4Q First Quarter Var. 2016 2016 2016 2017 2016 %

Copper ($cts/Pound) 2.13 2.16 2.39 2.65 2.11 25.9 Molybdenum ($dlls/Pound) 6.89 6.94 6.58 7.83 5.27 48.4 Zinc ($cts/Pound) 0.87 1.02 1.14 1.26 0.76 65.9 Silver ($dlls/Ounce) 16.83 19.59 17.12 17.45 14.87 17.3 Gold ($dlls/Ounce) 1,259.36 1,334.82 1,217.98 1,219.03 1,181.21 3.2 Lead ($cts/Pound) 0.78 0.85 0.98 1.03 0.79 30.8 Sulfuric Acid ($dlls/Ton) 49.78 51.54 55.16 37.48 46.35 (19.1) Source: Copper & Silver - COM EX; Zinc & Gold - LM E; M olybdenum - M etals Week Dealer Oxide, Sulfuric Acid - AM C

Copper.- Copper production in 1Q17 decreased 6% compared to 1Q16 to 247,015 tonnes as a result of lower production at Asarco (-18%) mainly due to the closure of operations in Hayden.

Molybdenum.- Molybdenum production in 1Q17 decreased -5% to 5,276 tonnes compared to the same period of last year due to lower production in Toquepala (-26%) and Cuajone (-9%) due to lower ore grades.

Zinc.- Zinc production in the first quarter increased 3% to 18,597 tonnes compared to 18,024 tonnes in 1Q16. This increase is a result of higher production in Charcas (+ 21%) due to higher ore grades.

Silver.- In 1Q17, silver production fell -3% to 4,329 thousand ounces compared to 1Q16 explained mainly by the lower production of Asarco (-28%).

Gold.- Gold production decreased -6% to 15,270 ounces due to lower gold content in the Toquepala (-18%) and Cuajone (-9%) production

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Mining Production

Mining Division First Quarter Variance 2016 2017 % Copper Production (MT) 261,992 247,015 (14,977) (5.7) Sales ($US MM) 1,184,707 1,506,681 321,974 27.2 Molybdenum Production (MT) 5,571 5,276 (295) (5.3) Sales ($US MM) 55,250 92,853 37,603 68.1 Zinc Production (MT) 18,024 18,597 573 3.2 Sales ($US MM) 45,647 78,964 33,318 73.0 Silver Production ('000 Oz) 3,750 3,792 42 1.1 Sales ($US MM) 60,994 73,960 12,966 21.3 Gold Production (Oz) 40,493 13,372 (27,121) (67.0) Sales ($US MM) 48,053 17,030 (31,023) (64.6) Sulfuric Acid Production (MT) 702,925 684,227 (18,698) (2.7) Sales ($US MM) 22,888 17,960 (4,928) (21.5)

Cash Cost

In 1Q17, operating cash costs per pound of copper reached US$1.07, vs. US$1.11 (-3%) in the same period last year. The reduction was due to operating improvements resulting from greater low-cost production from the Buenavista expansions and higher byproduct prices: Silver (+17%), zinc (+66%), and molybdenum (+48%).

Sales Distribution The contribution of each metal to AMC’s accrued sales in 2017 is depicted below

Zinc Gold Others Sulfuric Acid 4.4% 0.9% 0.4% 1.0% Lead Molybdenum 0.7% 5.1% Silver 4.1%

Copper 83.4%

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Transportation Division Key Figures

First Quarter Variance (Thousand US Dollars) 2016 2017 US$000 % Load Volume (MillionTons/Km) 13,376 12,954 (422) (3.2) Moved Cars 298,347 296,644 (1,703) (0.6) Sales 435,454 410,350 (25,104) (5.8) Cost of Sales 247,147 244,866 (2,281) (0.9) Operating Income 135,897 113,989 (21,908) (16.1) EBITDA 174,148 170,698 (3,450) (2.0) EBITDA Margin (%) 40.0% 41.6% Net Income 79,654 70,940 (8,714) (10.9) Profit Margin (%) 18.3% 17.3% Investments / Capex 20,818 36,444 15,626 75.1

The Transportation Division's total revenues in 1Q17 were US$410 million, 6% below the same period in 2016. This was due to the conversion effect resulting from a 13.2% devaluation of the peso against the USD. Revenues in pesos increased by 6% in 1Q17 compared to the same period last year.

The volumes transported during the first quarter of the year were 3% lower in tons kilometer than the same period of 2016.

Contribution by segment in tons-kms and revenues up to March 31, 2017:

Revenues per Segment Tons – Kms.

Intermodal, 4% Others, 4% Industrial, 5% Intermodal, 6% Cement, 6% Agricultural, 27% Industrial, 7% Agricultural, 35% Siderurgical, 7% Cement, 8%

Automotive, 8% Siderurgical, 8% Mineral, 13% Automotive, 9% Chemical, 9% Energy, 9% Mineral, 15% Chemical, 9% Energy, 10%

EBITDA in the quarter fell by 2% compared to the same period in 2016, from US $ 174 to US $ 170 million, respectively. The margin in the quarter went from 40.0% to 41.6%. EBITDA growth in pesos in the first quarter of 2017 compared to 2016 was 11%

Capital Investments.- During 1Q17, capital investments totaled $36 million.

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Infrastructure Division Key Figures

First Quarter Variance (Thousand US Dollars) 2016 2017 US$000 % Sales 151,386 149,061 (2,325) (1.5) Cost of Sales 77,624 75,260 (2,364) (3.0) Operating Income 42,472 41,464 (1,008) (2.4) EBITDA 67,770 64,040 (3,730) (5.5) EBITDA Margin (%) 44.8% 43.0% Net Income (Loss) 16,677 (8,041) (24,718) (148.2) EBITDA Margin (%) 11.0% -5.4% Investments / Capex 3,656 1,542 (2,114) (57.8)

During the first quarter of 2017, consolidated sales of the Infrastructure Division reached US$149 million, 1.5% lower than the same period of the previous year.

The Division's EBITDA was US$64 million, which represents a decrease of 6% compared to the same period of the previous year; The decrease is mainly due to the increase in the average exchange rate of 1Q17 in relation to 1Q16; Since the highway, the wind farm El Retiro and the construction company have income denominated in pesos.

Capital investments.- As of March 2017, US$6.3 million has been invested in the Infrastructure Division. Among the investments we highlight the US$4.7 million of the highway Salamanca-León that have been invested in the arrival to Leon. (Recorded as an intangible asset).

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Company Profile

Grupo Mexico “GMéxico” is a holding company whose main activities are: (i) mining, where it is one of the largest integrated copper producers worldwide; (ii) the vastest railway system in Mexico; and (iii) engineering, procuring, construction, and drilling services. These business lines are grouped under the following subsidiaries:

GMexico’s Mining Division is represented by its subsidiary Americas Mining Corporation (“AMC”), whose main subsidiaries are Southern Copper Corporation (“SCC”) in Mexico and Peru, and Asarco In the USA. Both companies together hold the largest copper reserves in the world. SCC trades on the New York and Lima stock exchanges. SCC’s shareholders, directly or through subsidiaries, are: GMexico (88.9%) and other shareholders (11.1%). It has mines, metallurgical plants and exploration projects in Peru, Mexico, the USA, Spain, Chile, Argentina, and Ecuador. Asarco was reincorporated into GMexico on December 9, 2009. It has 3 mines and 1 smelting plant in Arizona, and 1 refinery in Texas.

GMexico’s Transportation Division is represented by its subsidiary Infraestructura y Transportes México, S.A. de C.V. (“ITM”) and Grupo México Transportes S.A. de C.V. Its main subsidiaries are Grupo Ferroviario Mexicano, S.A. de C.V. (“GFM”), Ferrocarril Mexicano, S.A. de C.V. (“Ferromex”), Ferrosur, S. A. de C. V. (“Ferrosur”), Intermodal México, S.A. de C.V., and Texas Pacifico, LP, Inc. Ferromex is the largest railway company and has the largest coverage in Mexico. Its network spans 8,111 km. of railways covering roughly 71% of the Mexican territory. Ferromex’s lines connect at five border points with the USA, as well as at four ports on the Pacific Coast, and two on the . GMexico holds 55.% of Ferromex, Union Pacific holds 26%, and -Sinca Inbursa, 18.5%. Ferrosur’s railway network spans 1,549 km. covering the center and southeast of the country. It serves the states of Tlaxcala, Puebla, Veracruz, and Oaxaca, mainly, and has access to the Veracruz and ports in the Gulf of Mexico. GMexico holds 74.99% of Ferrosur, and Grupo Carso-Sinca Inbursa holds 25.01%.

GMexico’s Infrastructure Division is represented by its subsidiary México Proyectos y Desarrollos, S.A. de C.V. (“MPD”). Its main subsidiaries are México Compañía Constructora, S.A. de C.V. (MCC) y Grupo México Servicios de Ingeniería, S.A. de C.V. (“GMSI”), Controladora de Infraestructura Petrolera México, S.A. de C.V. (“PEMSA”), Controladora de Infraestructura Energética México, S.A. de C.V. (“CIEM”), and Concesionaria de Infraestructura del Bajío, S.A. de C.V. (“CIBSA”). MPD, PEMSA, MCC, GMSI, and CIEM are controlled 100% by GMéxico. MPD and MCC participate in engineering, procuring, and construction activities for infrastructure works. GMSI’s business line is integrated project engineering. PEMSA offers drilling services for oil and water exploration, and related added value services, such as cementation engineering, and directional drilling. CIEM’s business line is energy generation through two combined cycle plants and a wind farm. CIBSA operates and maintains a highway concession joining Salamanca and Leon. ______This report includes certain estimates and future projections that are subject to risks and uncertainty of their real results, which could differ significantly from the figures expressed. A lot of these risks and uncertainty are related to risk factors that GMexico cannot control or estimate precisely, such as future market conditions, metal prices, the performance of other market participants, and the actions of government regulators, all of which are described in detail in the Company’s annual report. GMexico is under no obligation to publish a revision of these future projections to reflect events or circumstances that may take place following the release of this report.

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Conference call to discuss the results of the first quarter of 2017

Mexico City, May 03, 2017—Grupo Mexico, S.A.B. de C.V. (“Grupo México” -BMV: GMEXICOB) will hold its conference call to comment on the results for the first quarter of 2017 with the financial community on May 04, 2017 at 12:00pm Mexico time (1:00 pm EST). A Q&A session for analysts and investors shall follow the call.

To participate, please dial in 10 minutes before the start of the conference call: (888) 771-4371 (US participants) (847) 585-4405 (participants outside the US) Confirmation code: 4488 0406

A repetition of the call shall be available 2 hours following the end of the call and until May 18, 2017. Afterwards, a transcription of the call shall be made available via Grupo Mexico’s website.

(888) 843-7419 (participants from the US) (630) 652-3042 (participants outside the US) Confirmation code: 4488 0406#

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GRUPO MEXICO, S.A.B. DE C.V. (GM) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) (Thousands of US Dollars) Accumulated STATEMENT OF EARNINGS 2017 2016 Variance Net sales 2,263,399 1,920,578 342,821 Cost of sales 1,205,139 1,082,236 122,903 Exploration 5,254 10,589 (5,335) Gross profit 1,053,005 827,753 225,252 Gross margin 47% 43% Administrative expenses 47,045 57,142 (10,097) Environmental remediation (10,229) - (10,229) EBITDA 976,707 728,270 248,437 Depreciation, amortization and depletion 247,189 229,162 18,027 Operating income 769,000 541,449 227,551 Operating margin 34% 28% Interest expense 113,009 98,578 14,431 Interest income (5,750) (3,840) (1,910) (Gain) loss in investments (147,798) (288,591) 140,793 Other (income) expense, net 54,139 42,428 11,711 Earnings before Tax 755,401 692,874 62,527 Taxes 252,909 228,498 24,411 Participation in subsidiary not consolidated and associated (7,126) (5,918) (1,208) Net Earnings 509,617 470,294 39,323 Net income attributable to the non-controlling interest 86,280 63,399 22,882 Net income attributable to GM 423,337 406,895 16,442 BALANCE SHEET Cash and cash equivalents 1,377,046 1,328,318 48,727 Restricted cash 136,114 112,603 23,511 Notes and accounts receivable 991,467 872,675 118,792 Inventories 1,006,600 1,024,176 (17,576) Prepaid and others current assets 938,698 785,144 153,554 Total Current Assets 4,449,924 4,122,916 327,008 Property, plant and equipment, Net 13,918,247 13,520,041 398,206 Leachable material, net 884,161 820,389 63,772 Other long term assets 3,446,627 3,267,215 179,413 Total Assets 22,698,960 21,730,561 968,399 Liabilities and Stockholders' Equity Current - term debt 131,630 135,522 (3,892) Accumulated liabilities 1,359,131 1,221,118 138,012 Current Liabilities 1,490,760 1,356,640 134,120 Long-term debt 7,217,796 7,380,651 (162,855) Other non-current liabilities 1,549,857 1,453,546 96,311 Total Liabilities 10,258,414 10,190,838 67,576 Stockholders equity 2,003,496 2,003,496 - Other equity accounts (2,669,528) (2,463,282) (206,247) Retaining earnings 11,433,207 10,439,585 993,622 Total Stockholders' equity 10,767,175 9,979,800 787,375 Non-controlling interest. 1,673,372 1,559,924 113,448 Total Liabilities and Equity 22,698,960 - 21,730,561 - 968,399 - CASH FLOW Net earnings 509,617 470,294 39,323 Depreciation, amortization and depletion 247,189 229,162 18,027 Deferred income taxes 41,133 73,063 (31,930) Participation in subsidiary not consolidated and associated (7,126) (5,918) (1,208) Other Net (65,146) (256,830) 191,684 Changes in assets and liabilities (81,215) (254,049) 172,834 Cash generated by operating activities 644,452 255,722 388,730 Capital expenditures (299,196) (260,809) (38,387) Restricted cash (92,165) (27,545) (64,620) Other - Net 41,645 (115,210) 156,855 Cash used in investing activities (349,716) (403,564) 53,848 Debt repaid (26,510) (35,438) 8,928 Dividends paid (134,920) (43,220) (91,701) SCC common shares buyback - (53,746) 53,746 Other - Net (777) (711) (66) Cash used in financing activities (162,207) (133,115) (29,093) Effect of exchance rate changes on cash and cash equivalents (4,084) 6,797 (10,881) Net increase (decrease) cash & cash equivalents 128,445 (274,160) 402,605 Cash and cash equivalents - Beginning of year 1,248,601 1,602,477 (353,876) Cash and cash equivalents - End of year 1,377,046 1,328,318 48,728

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FIRST QUARTER RESULTS 2017 GRUPO MÉXICO

AMERICAS MINNING CORPORATION (AMC) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) (Thousands of US Dollars) Accumulated STATEMENT OF EARNINGS 2017 2016 Variance Net sales 1,808,007 1,437,233 370,774 Cost of sales 1,013,505 891,926 121,579 Exploration 5,254 10,589 (5,335) Gross profit 789,247 534,718 254,529 Gross margin 44% 37% Administrative expenses 28,918 32,773 (3,856) Environmental remediation (10,229) - (10,229) EBITDA 768,908 502,487 266,420 Depreciation, amortization and depletion 180,803 164,689 16,114 Operating income 589,755 337,256 252,500 Operating margin 33% 23% Interest expense 94,029 78,810 15,219 Interest income (1,217) (2,230) 1,013 (Gain) loss in investments (9,628) (290,484) 280,856 Other (income) expense, net (4,520) (455) (4,064) Earnings before Tax 511,092 551,616 (40,524) Taxes 180,585 182,682 (2,097) Participation in subsidiary not consolidated and associated (6,164) (5,112) (1,052) Net Earnings 336,671 374,046 (37,375) Net income attributable to the non-controlling interest 35,631 21,323 14,309 Net income attributable to AMC 301,040 352,723 (51,684) BALANCE SHEET Cash and cash equivalents 861,347 807,257 54,090 Restricted cash 3,796 8,904 (5,108) Notes and accounts receivable 762,377 605,326 157,050 Inventories 909,039 932,394 (23,355) Prepaid and others current assets 785,926 728,288 57,638 Total Current Assets 3,322,485 3,082,169 240,317 Property, plant and equipment, Net 10,315,010 9,968,945 346,065 Leachable material, net 884,161 820,389 63,772 Other long term assets 2,074,662 1,947,210 127,453 Total Assets 16,596,319 15,818,713 777,606 Liabilities and Stockholders' Equity Long-term debt 24,332 24,332 - Other non-current liabilities 1,472,035 1,643,270 (171,235) Current Liabilities 1,496,368 1,667,603 (171,235) Long term debt 5,991,079 6,012,538 (21,459) Other long term liabilities 1,112,621 1,039,265 73,356 Total Liabilities 8,600,067 8,719,406 (119,338) Stockholders equity 1,056,021 1,056,021 - Other equity accounts (2,473,468) (2,355,205) (118,263) Retained earnings 8,695,085 7,752,807 942,278 Total Stockholders' equity 7,277,639 6,453,624 824,016 Non-controlling interest. 718,612 645,683 72,929 Total Liabilities and Equity 16,596,319 - 15,818,713 - 777,606 - CASH FLOW Net earnings 336,671 374,046 (37,375) Depreciation, amortization and depletion 180,803 164,689 16,114 Deferred income taxes (12,925) 68,389 (81,314) Participation in subsidiary not consolidated and associated (6,164) (5,112) (1,052) Others Net 38,412 (274,707) 313,119 Changes in assets and liabilities (104,155) (161,802) 57,648 Cash generated by operating activities 432,643 165,503 267,140 Capital expenditures (261,210) (236,335) (24,875) Restricted cash 3,724 29,185 (25,461) Other - Net (6,859) (159,803) 152,944 Cash used in investing activities (264,345) (366,952) 102,608 Debt repaid (6,083) (6,083) - Dividends paid (6,859) (2,620) (4,239) SCC common shares buyback - (53,746) 53,746 Others Net (777) (711) (66) Cash used in financing activities (13,719) (63,160) 49,441 Effect of exchance rate changes on cash and cash equivalents (28,943) 15,966 (44,909) Net increase (decrease) cash & cash equivalents 125,636 (248,644) 374,280 Cash and cash equivalents - Beginning of year 735,711 1,055,901 (320,190) Cash and cash equivalents - End of year 861,347 807,257 54,090

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FIRST QUARTER RESULTS 2017 GRUPO MÉXICO

GMÉXICO TRANSPORTES, S. A. DE C.V. (GMXT)

CONSOLIDATED FINANCIAL STATEMENTS (US GAAP)

(Thousands of US Dollars) Accumulated STATEMENT OF EARNINGS 2017 2016 Variance Net sales 410,350 435,454 (25,104) Cost of sales 244,866 247,147 (2,281) Gross profit 165,484 188,307 (22,823) Gross margin 40% 43% Administrative expenses 13,521 15,097 (1,576) EBITDA 170,698 174,148 (3,450) Depreciation, amortization and depletion 37,974 37,313 661 Operating Income 113,989 135,897 (21,908) Operating margin 28% 31% Interest expense 5,310 5,529 (219) Interest income (3,041) (2,070) (971) Other (income) expense - Net 16,185 2,446 13,739 Earnings before Tax 95,535 129,992 (34,457) Taxes 6,863 29,236 (22,373) Participation in subsidiary not consolidated and associated (962) (806) (156) Net Earnings 89,634 101,562 (11,928) Net income attributable to the non-controlling interest 18,694 21,908 (3,214) Net income attributable to ITM 70,940 - 79,654 - (8,714) - BALANCE SHEET Cash and cash equivalents 384,251 440,364 (56,113) Notes and accounts receivable 161,990 163,414 (1,424) Inventories 42,884 37,323 5,561 Prepaid and others current assets 87,180 59,692 27,488 Total Current Assets 676,305 700,793 (24,488) Property, plant and equipment - Net 1,848,428 1,714,496 133,932 Other long term assets 244,124 252,503 (8,379) Total Assets 2,768,857 2,667,792 101,065 Liabilities and Stockholders' Equity Current portion of long-term debt 9,102 12,113 (3,011) Accumulated liabilities 216,256 196,159 20,097 Current Liabilities 225,358 208,272 17,086 Long-term debt 280,459 311,319 (30,860) Other non-current liabilities 104,865 61,467 43,398 Other liabilities 7,073 7,772 (699) Total Liabilities 617,755 588,830 28,925 Stockholders equity 5 5 - Other equity accounts (702,104) (588,246) (113,858) Retaining earnings 2,450,070 2,276,764 173,306 Total Stockholders' equity 1,747,971 1,688,523 59,448 Non-controlling interest. 403,131 390,439 12,692 Total Liabilities and Equity 2,768,857 2,667,792 101,065

CASH FLOW Net earnings 89,634 101,562 (11,928) Depreciation, amortization and depletion 37,974 37,313 661 Deferred income taxes (8,798) 1,562 (10,360) Participation in subsidiary not consolidated and associated (962) (806) (156) Other Net 18,122 8,271 9,851 Changes in assets and liabilities (14,784) (7,802) (6,982) Cash generated by operating activities 121,186 140,100 (18,914) Capital expenditures (36,444) (20,818) (15,626) Dividends received - 43 (43) Cash used in investing activities (36,444) (20,775) (15,669) Debt repaid (2,267) (5,037) 2,770 Dividends received (paid) - Net (101,000) - (101,000) Cash used in financing activities (103,267) (5,037) (98,230) Effect of exchance rate changes on cash and cash equivalents 21,119 (8,950) 30,069 Net increase (decrease) cash & cash equivalents 2,594 105,338 (102,744) Cash and cash equivalents - Beginning of year 381,657 335,026 46,631 Cash and cash equivalents - End of year 384,251 440,364 (56,113)

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FIRST QUARTER RESULTS 2017 GRUPO MÉXICO

MÉXICO PROYECTOS Y DESARROLLOS, S.A. DE C.V. (MPD) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) (Thousands of US Dollars) Accumulated STATEMENT OF EARNINGS 2017 2016 Variance Net sales 149,061 151,386 (2,325) Cost of sales 75,260 77,624 (2,364) Gross profit 73,801 73,762 39 Gross margin 50% 49% Administrative expenses 4,809 5,037 (229) EBITDA 64,040 67,770 (3,730) Depreciation, amortization and depletion 27,529 26,253 1,275 Operating income 41,464 42,472 (1,008) Operating margin 28% 28% Interest expense 16,561 19,882 (3,322) Interest income (1,110) (715) (395) Other (income) expense, net 4,953 955 3,997 Earnings before Tax 21,060 22,349 (1,288) Taxes 29,104 5,674 23,430 Net Earnings (8,044) 16,674 (24,718) Net income attributable to the non-controlling interest (3) (2) (0) Net income attributable to MPD (8,041) 16,677 (24,718)

BALANCE SHEET Cash and cash equivalents 69,171 52,057 17,114 Restricted cash 132,318 103,699 28,619 Notes and accounts receivable 67,100 103,935 (36,834) Inventories 54,674 54,457 217 Prepaid and others current assets 140,322 165,170 (24,848) Total Current Assets 463,586 479,318 (15,732) Property, plant and equipment, Net 1,712,141 1,790,234 (78,093) Other long term assets 340,004 416,249 (76,245) Total Assets 2,515,731 2,685,801 (170,070) Liabilities and Stockholders' Equity Current portion of long-term debt 98,196 99,077 (881) Accumulated liabilities 193,592 219,714 (26,123) Current Liabilities 291,787 318,791 (27,004) Long-term debt 946,258 1,056,794 (110,536) Other non-current liabilities 74,649 229,137 (154,488) Total Liabilities 1,312,694 1,604,722 (292,028) Stockholders equity 952,662 901,552 51,110 Other equity accounts (92,124) (93,431) 1,307 Retaining earnings 341,983 272,414 69,569 Total Stockholders' equity 1,202,521 1,080,535 121,986 Non-controlling interest. 515 543 (28) Total Liabilities and Equity 2,515,731 - 2,685,801 - (170,070) - CASH FLOW Net earnings (8,044) 16,674 (24,718) Depreciation, amortization and depletion 27,529 26,253 1,276 Deferred income taxes 26,853 3,973 22,880 Other Net 3,205 416 2,789 Changes in assets and liabilities 5,251 44,058 (38,808) Cash generated by operating activities 54,794 91,374 (36,581) Capital expenditures (1,543) (3,657) 2,114 Restricted cash (95,890) (56,731) (39,158) Other - Net 41,712 (33,607) 75,319 Cash used in investing activities (55,721) (93,995) 38,274 Debt repaid (18,160) (24,318) 6,158 Cash used in financing activities (18,160) (24,318) 6,158 Net increase (decrease) cash & cash equivalents (19,087) (26,939) 7,852 Cash and cash equivalents - Beginning of year 88,258 78,996 9,263 Cash and cash equivalents - End of year 69,171 52,057 17,114

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