Increasing Scale, Improving Focus

Mexico Diverse economy with a strong balance sheet • The Mexican economy reflects a solid mix of commodities, goods production, and services Trade remains dominated by the U.S., but Mexico's diversification agenda is underpinned by 13 free-trade agreements with 47 countries that account for 40% of global GDP 16.0% Finance, Insurance, & Real Estate 16.2% Other 3.2% Natural Resources 5.8% Health & Education MEXICAN GDP BY INDUSTRY (Q2 2019) 6.5% Transportation 2.0% & Warehousing Professional, Scientific, & Technical 3.8% Public Services Administration Top 5 Trading Partners 17.7% Wholesale & Retail Trade 15.9% Manufacturing 6.1% Mining and Oil & Gas Extraction 6.8% Construction Contributions to Mexican GDP Growth 5 y/y % change 4 3 2 1 0 -1 - 235 16 17 18 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. Other* Net Exports Inventories Investment Government Consumption Real GDP 19 Germany 3% Japan 3% Canada 4% China 11% Others 20% United States 59% Scotiabank. 38

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