Investor Presentaiton

35 55 Structural reforms Housing market • Reduced mortgage interest tax deductibility (new and existing loans) • New mortgages to be redeemed in full during the lifetime of the loan • Property transfer tax lowered from 6% to 2%, maximum LTVs and LTI's down • Rents will be more market-based, and increased more for relatively higher incomes Pensions/retirement • Retirement age increased to 67+ from 2021 onwards • The maximum pension accrual qualifying for tax relief curtailed Health care • More long-term care will be provided outside homes for the elderly, by local governments • More limited health insurance coverage, higher contributions by the insured • Increased competition in the health care sector Labour market • Dismissal procedures simplified, increases labour market flexibility • Access to unemployment benefits more stringent, stimulating labour supply Investor presentation Mexico City

View entire presentation