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Pichardo Asset Management An Independent Portfolio Advisory Firm Quarterly Shareholders Presentation 27-year track record investing in Mexican equities June 15, 2018 Experience 1 Consistency Vision Index I. MXEs

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Experience Consistency Vision

Pichardo Asset Management

An Independent Portfolio Advisory Firm

June 15, 2018

27-year track record investing in Mexican equities Quarterly Shareholders Presentation

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I. MXE‘s Performance.....................................................................................3-7 II. Portfolio Construction..................................................................................8-13 III. PAM‘s contacts............................................................................................14 IV. Disclaimer....................................................................................................15

Index

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Experience Consistency Vision

Source: US Bancorp1; Thomson2; PAM3; Bloomberg.

The MXE’s Net U.S. Dollar Asset Value per Share Return with Dividends Reinvested

Performance data represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that the investor’s shares, when sold may be worth more or less than their original cost. Performance data to the most recent month end may be obtained by calling U.S. Bancorp Fund Services, LLC, (414)765-4255, or by consulting the Fund’s web page: www.mxefund.com.

  • I. MXE’s Performance

**MXF: See disclaimer on page 41.

Fund 1 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception in 8/30/90 MXE NAV

  • 12.11% 1
  • 5.57% 1
  • 9.26% 1
  • 5.81% 1
  • 3.42% 1
  • 0.13% 1

11.30% 2

MXE NAV Return in Mexican Pesos

  • 6.27% 3
  • 4.22% 3
  • 2.94% 3

2.67% 3 6.35% 3 6.65% 3 19.33% 3

MXE Market Price

  • 11.07% 1
  • 5.26% 1
  • 10.42% 1
  • 6.26% 1
  • 3.87% 1

0.92% 1 11.61% 2

MXN Appreciation/Depreciation

  • 6.23% 3
  • 1.41% 3
  • 6.51% 3
  • 8.26% 3
  • 9.19% 3
  • 6.36% 3
  • 6.73% 3

MEXBOL Index

  • 12.90%
  • 10.24%
  • 13.03%
  • 6.72%
  • 5.69%
  • 1.64%

9.06%

MXF NAV

  • 12.25%
  • 7.53%
  • 8.95%
  • 5.23%
  • 5.26%
  • 0.81%

7.82%

MXF Market Price

  • 12.00%
  • 7.17%
  • 10.31%
  • 8.67%
  • 8.24%

0.19% 8.41%

MXE NAV Excess Return vs. Mexbol Index in Basis points

79 467 377 91 227 151 224

Cummulative to May 31, 2018 YTD 1 Year 3 Years 5 Years 10 Years Since Inception in 8/30/90 Discount to NAV, as of May 31, 2018. MXE Common Share Market Price

  • 5.26% 1
  • 10.42% 1
  • 17.62% 1
  • 17.90% 1

9.54% 1 2114.35% 3

  • 13.06%

MXF Common Share Market Price

  • 7.17%
  • 10.31%
  • 23.81%
  • 34.95%

1.95% 839.48%

  • 12.74%

As of May 31, 2018 Total Annual Average US Dollar Return through May 31, 2018 (dividends reinvested)

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Experience Consistency Vision

Source: PAM, Bloomberg

Relative Sector Contribution: MXE vs. MEXBOL Index Cumulative last twelve months, as of May 31, 2018

  • 50

50 100 150 200 250 300 350

Consumer Discretionary 247 bps

  • 50

50 100 150 200 250 300 350

Financials 275 bps

  • 50

50 100 150 200 250 300

Materials 246 bps

20 40 60 80 100 120 140 160

Telecommunication Services 141 bps

  • I. MXE’s Performance
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Experience Consistency Vision

Source: PAM, Bloomberg

  • 60
  • 40
  • 20

20 40 60 80

Real Estate 4 bps

  • 200
  • 150
  • 100
  • 50

Industrials -61 bps

  • 300
  • 250
  • 200
  • 150
  • 100
  • 50

50 100

Consumer Staples -123 bps

  • 140
  • 120
  • 100
  • 80
  • 60
  • 40
  • 20

20 40

Utilities -119 bps

Relative Sector Contribution: MXE vs. MEXBOL Index Cumulative last twelve months, as of May 31, 2018

  • I. MXE’s Performance
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Experience Consistency Vision

  • I. MXE’s Performance

Source: PAM, Bloomberg 85 87 89 91 93 95 97 99 101 103 105 107 109 111 113 115

MXE NAV -9.26% MEXBOL -13.03%

MXE Performance Comparison vs MEXBOL Index One Year through May 31, 2018

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Experience Consistency Vision

Source: PAM, Bloomberg

Turnover Ratio & Spread Performance vs. Mexbol Index Ten Years to the Fund´s Fiscal Year End As of May 31, 2018

*Spread performance for the July 2017 through May 2018 period ** 159.73% Cumulative Turnover Ratio for the July 2017 through May 2018 period.

  • 759
  • 2,120

1,541 477 61 2,637 665 211 276

  • 720

269*

  • 3,000
  • 2,000
  • 1,000

1,000 2,000 3,000 0% 50% 100% 150% 200% 250% 300% 350% 400% July-08 July-09 July-10 July-11 July-12 July-13 July-14 July-15 July-16 July-17 July.-May. '18** Turnover Spread

  • I. MXE’s Performance
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Experience Consistency Vision

Source: PAM, Bloomberg

Sector Overweight / Underweight vs. the Mexbol Index as of May 31, 2018, in basis points

744 444 323 Utilities Real Estate Materials

  • 131
  • 209
  • 328
  • 424
  • 1,338

Industrials Telecommunication Services Consumer Discretionary Financials Consumer Staples

  • II. Portfolio Construction
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Experience Consistency Vision

Source: PAM, Bloomberg

MXE Portfolio’s Total Asset Value Classified by Sector (%) As of May 31, 2018

  • II. Portfolio Construction
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Source: PAM, Bloomberg.

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Experience Consistency Vision

Active Investment Strategy As of May 31, 2018

500 1,000 1,500 2,000 2,500 3,000 MXE De-Indexed Investment Strategy Average bps Lowest De-Indexation Largest De-Indexation

  • II. Portfolio Construction
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Source: PAM, Bloomberg.

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Experience Consistency Vision

Disciplined Active Investment Strategy (%) Top Ten (January 2017 to May 2018)

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 MXE Top Ten (Less Concentration) MEXBOL Index Top Ten (High Concentration) Average

  • II. Portfolio Construction
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Experience Consistency Vision

Source: PAM, Bloomberg

12-month forward EV/EBITDA Valuation As of May 31, 2018

7.7x 7.1x

  • 8%
  • 25%
  • 20%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 6.5x 7.5x 8.5x 9.5x 10.5x MEXBOL Index MXE´s Portfolio Premium/Discount

  • II. Portfolio Construction
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Experience Consistency Vision

Source: PAM, Bloomberg

12-month Forward P/E Valuation As of May 31, 2018

14.6x 13.6x

  • 6%
  • 15%
  • 10%
  • 5%

0% 5% 10% 15% 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 19.0x 20.0x 21.0x MEXBOL Index MXE´s Portfolio Premium/Discount

  • II. Portfolio Construction
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  • III. PAM’s Contact Information

Experience Consistency Vision

Pichardo Asset Management, SA de CV An Independent Investment Advisory Firm

www.paminversion.com Andres Bello 45, 22nd Floor, Polanco, 11550 CDMX, México Phone: + 52 (55) 52 61 46 00 /04/21/16 epichardo@paminversion.com Equity Portfolio Manager arodriguez@paminversion.com Macro Strategist & Debt Portfolio Manager destevez@paminversion.com Assistant Portfolio Manager Bank Analyst & Business Development jelizalde@paminversion.com Assistant Portfolio Manager Industrials & Airports Analyst lcalzada@paminversion.com Compliance imartin@paminversion.com Investor Relations Director

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  • IV. Disclaimers

Experience Consistency Vision

The information contained herein reflects the opinion of “Pichardo Asset Management” and as such should not be taken to be fundamental analysis or a decision-making model. Neither should the information be interpreted as a solicitation, offer or recommendation to buy or sell financial

  • securities. It is also subject to changes without prior notification and estimates cannot be

guaranteed, past performance does not guarantee future performance. The registry maintained by PAM as an Independent Advisor to the securities supervisory authorities, both in Mexico and the United States, do not imply their recognition and / or approval of the information contained in this document.

**THE MEXICO FUND, INC. (MXF) Closed-End Fund listed in the New York Stock Exchange in 1981 Investment Objective: Long-term capital appreciation through investments in securities, primarily equity, listed on The Mexican Stock Exchange. Expense ratio: 1.59 (For its fiscal year ended October 31, 2017*) Portfolio turnover rate: 31.40% (For its fiscal year ended October 31, 2017*) Outstanding shares 15,025,910 (As of October 31, 2017*) Repurchase of stock: During fiscal year 2017, the Fund repurchased 1,900 Fund shares in the open market, equivalent to 0.01% of the Fund’s outstanding shares at the end of fiscal year 2017. Total net assets: US$ 263,243,584.00 (As of October 31, 2017*) Under the MDP, the Fund pays a quarterly amount of $0.13 per share. Accordingly, the Board declared a dividend distribution of $0.13 per share payable in cash on January 26, 2018 to stockholders of record on January 16, 2018. *Last available data