The Mexico Fund, Inc. Monthly Summary Report January 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. January 31, 2014 I. THE MEXICO FUND DATA End of Month One Month Earlier One Year Earlier Total Net Assets1 (million US$) $394.20 $408.99 $432.83 NAV per share $26.82 $28.60 $32.34 Closing price NYSE2 $27.52 $29.30 $32.37 % Premium (Discount) 2.61% 2.45% 0.09% Shares traded per month2 (composite figures) 1,427,987 1,411,805 1,321,900 Outstanding shares3 14,700,450 14,298,699 13,381,884 Shares on Short Interest Position2 34,718 17,916 163,613 Note: Past performance is no guarantee of future results. II. PERFORMANCE4 1 Month 3 Months 6 Months 1 Year Market price -5.92% -1.22% -2.72% -5.30% NAV per share -6.22% -2.37% -5.13% -7.82% Bolsa IPC Index -6.62% -3.56% -4.58% -14.10% MSCI Mexico Index -6.77% -4.00% -4.23% -12.98% 2 Years 3 Years 5 Years 10 Years Market price 42.20% 36.48% 245.60% 355.54% NAV per share 25.46% 18.35% 184.62% 304.43% Bolsa IPC Index 6.69% 0.32% 123.84% 257.74% MSCI Mexico Index 8.98% 3.54% 122.07% 221.48% III. THE MEXICAN STOCK EXCHANGE End of Month One Month Earlier One Year Earlier Bolsa IPC Index5 40,879.75 42,727.09 45,278.06 Daily avg. of million shares traded 302.9 341.8 384.2 Valuation Ratios6: P/E 17.94 19.50 19.99 P/BV 2.94 3.08 3.32 EV/EBITDA 9.34 9.69 10.03 Market capitalization (billion US$) $529.56 $569.28 $590.43 1 Source: Impulsora del Fondo México, S.C. (Impulsora). Impulsora utilizes the spot exchange rate, provided by Bloomberg, to calculate the Fund's Net Asset Value per share (NAV). The NAV is published every business day on the Fund’s website www.themexicofund.com. 2 Source: NYSE Euronext. Short interest position as of first fortnight of every month. 3 During January 2014, under its Equity Shelf Program and Distribution Reinvestment and Stock Purchase Plan, the Fund issued 363,756 and 37,995 shares, respectively, at market prices above NAV. 4 Sources: Lipper, Inc., Bloomberg and Impulsora del Fondo México, S.C. Periods ended on the last US business day of the date of this report. Performance figures for the Fund take into account the reinvestment of distributions; however, performance figures for the Bolsa Index and MSCI Mexico Index do not. 5 Source: Mexican Stock Exchange 6 Source: Impulsora del Fondo México, S.C. Figures represent the average obtained from a representative sample of companies listed on the Bolsa. P/E refers to Price/Earnings, P/BV refers to Price/Book Value and EV/EBITDA refers to Enterprise Value/Earnings before Interests, Taxes, Depreciation and Amortization. 1 IV. THE MEXICAN ECONOMY. End of Month One Month Earlier One Year Earlier Treasury Bills7 One month 3.14% 3.29% 4.15% Six months 3.55% 3.51% 4.44% One year 3.65% 3.64% 4.59% Long-term Bonds Three years 5.06% 4.38% 4.87% Five years 5.27% 5.12% 4.90% Ten years 6.46% 6.33% 5.47% 20 years N.A. 7.18% 5.83% 30 years 7.59% N.A. N.A. Currency Market8 Exchange Rate (Ps/US$) Ps. 13.3573 Ps. 13.0367 Ps. 12.7087 Last 12 Month Year to Date Months Inflation Rates on Previous Month Consumer Price Index9 (CPI) 0.57% 3.97% 3.97% V. ECONOMIC COMMENTS. According to results of the monthly poll conducted during January 2014 by Mexico’s Central Bank (Banxico), economic analysts of the private sector estimate that Mexico’s gross domestic product (GDP) will increase 3.4% during 2014 and 3.9% during 2015. The inflation rate is estimated by analysts to be 4.1% for 2014 and 3.6% for 2015. The exchange rate of the peso against the dollar is expected to end 2014 at Ps. 12.84 and at Ps. 12.77 towards the end of 2015, while the interest rate for the 28-day Cetes (Treasury Bills) is estimated to be 3.5% and 4.1% 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 JANUARY 31, 2014 (UNAUDITED) Percent of Shares Held COMMON STOCK - 92.26% Value Net Assets Airports 700,000 Grupo Aeroportuario del Sureste, S.A.B. de C.V. Series B $7,905,415 2.01% 1,500,000 Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Series B 4,654,758 1.18 12,560,173 3.19 Beverages 1,500,000 Arca Continental, S.A.B. de C.V. 8,246,053 2.09 2,770,000 Fomento Económico Mexicano, S.A.B. de C.V. Series UBD 25,129,974 6.38 2,215,000 Organización Cultiba, S.A.B. de C.V. Series B 3,880,350 0.98 37,256,377 9.45 Building Materials 29,000,000 Cemex, S.A.B. de C.V. Series CPO 35,888,241 9.10 Chemical Products 4,800,000 Alpek, S.A.B. de C.V. Series A 9,573,192 2.43 3,970,000 Mexichem, S.A.B. de C.V. 13,802,700 3.50 23,375,892 5.93 Construction and Infrastructure 1,650,000 Empresas ICA, S.A.B. de C.V. 3,190,727 0.81 Consumer Products 7,000,000 Kimberly-Clark de México, S.A.B. de C.V. Series A 17,870,378 4.53 Energy 1,550,000 Infraestructura Energética Nova, S.A.B de C.V. 6,681,665 1.70 Financial Groups 1,200,000 Banregio Grupo Financiero, S.A.B. de C.V. Series O 6,575,281 1.67 4,000,000 Grupo Financiero Banorte, S.A.B. de C.V. Series O 25,280,558 6.41 4,500,000 Grupo Financiero Santander Mexicano, S.A.B de C.V. Series B 10,093,357 2.56 41,949,196 10.64 Food 1,000,000 Gruma, S.A.B. de C.V. Series B 8,140,867 2.07 3,000,000 Grupo Bimbo, S.A.B. de C.V. Series A 7,979,906 2.02 1,000,000 Grupo Herdez, S.A.B. de C.V. 3,137,610 0.80 4,000,000 Grupo Lala, S.A.B. de C.V. Series B 8,534,659 2.16 27,793,042 7.05 Holding Companies 9,500,000 Alfa, S.A.B. de C.V. Series A 26,813,054 6.80 1,620,000 Grupo Carso, S.A.B. de C.V. Series A1 8,471,547 2.15 700,000 Grupo KUO, S.A.B. de C.V. Series B 1,455,309 0.37 36,739,910 9.32 Media 800,000 Grupo Televisa, S.A.B. Series CPO 4,660,822 1.18 3 Percent of Shares Held COMMON STOCK Value Net Assets Mining 9,000,000 Grupo México, S.A.B. de C.V. Series B 29,168,320 7.40 Restaurants 2,500,000 Alsea, S.A.B. de C.V. 7,467,827 1.89 Retail 1,800,000 El Puerto de Liverpool, S.A.B. de C.V. Series C-1 18,909,211 4.80 2,740,000 Grupo Comercial Chedraui, S.A.B. de C.V. Series B 8,135,506 2.06 7,000,000 Wal-Mart de México, S.A.B. de C.V. Series V 16,769,856 4.26 43,814,573 11.12 Telecommunications Services 33,000,000 América Móvil, S.A.B. de C.V. Series L 35,279,585 8.95 Total Common Stock $363,696,728 92.26% SHORT-TERM SECURITIES – 6.72% Principal Amount Repurchase Agreements $19,521,126 BBVA Bancomer, S.A., 3.44%, dated 01/31/14, due 02/04/14 repurchase price $19,528,587 collateralized by Bonos del Gobierno Federal. 19,521,126 4.95% Time Deposits $6,962,610 Comerica Bank, 0.01%, dated 01/31/14, due 02/03/14 6,962,610 1.77 Total Short-Term Securities 26,483,736 6.72 Total Investments 390,180,464 98.98 Other Assets in Excess of Liabilities 4,016,516 1.02 Net Assets Equivalent to $26.82 per share on 14,700,450 shares of capital stock outstanding $394,196,980 100.00% 4 VII. THE MEXICO FUND, INC. CHARTS Price, NAV and Volume January 2014 30.00 Volume Price NAV 120,000 100,000 29.00 80,000 28.00 60,000 40,000 shares traded US$ per share 27.00 20,000 26.00 0 2 3 6 7 8 9 10 13 14 15 16 17 20 21 22 23 24 27 28 29 30 31 Sources: NYSE Euronext and Impulsora del Fondo México, S.C.