Earnings and Dividend Growth

Mexican Economy Solid mix of sectors Manufacturing and primary producers have so far led the recovery, but into H2-2021 services are expected to contribute more strongly. Trade with the U.S. is leading growth, but Mexico's diversification agenda is also underpinned by 15 free-trade agreements with 52 countries that account for 43% of global GDP and include all G7 countries. The authorities' fiscal and debt indicators remain reasonable; efforts to boost tax collection could continue to be implemented. GDP Growth 2021F: GDP Growth 2022F: 3.0% 5.9% Sources: Bloomberg, as of August 20, 2021 Contributions to Mexican GDP Growth 16.5% Finance, Insurance, & Real Estate 15.4% Other 3.4% Natural Resources 5.8% Transportation & Warehousing 6.2% Health & Education MEXICAN GDP BY INDUSTRY* (Q1-2021) 1.9% Professional, Scientific, & Technical Services 4.1% Public Administration 17.9% Wholesale & Retail Trade 16.3% Manufacturing 6.4% Mining and Oil & Gas Extraction 6.1% Construction * Q2-2021 real GDP growth 19.7 y/y. Industry GDP breakdown not yet available for Q2-2021. Top 5 Trading Partners* 8 6420246 [ y/y % change -2 -4 -6 -8 -10 Other* -12 Inventories -14 -16 Government Real GDP Net Exports Investment Consumption -18 -20 17 18 19 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 20 21 22 Others 19% South Korea 3% United Germany 3% Canada 4% States 60% China 11% * Trade data updated as of Q1-2021. 61

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