RESULTS Second Quarter 2015

RESULTS Second Quarter 2015 Investors Contact: Marlene Finny (55) 11035320 ir@mm.gmexico.com www.gmexico.com Financial Highlights In Dollars 1 México City, July 28, 2015 Grupo México, S.A.B. de C.V. ( Grupo México GMéxico BMV: GMEXICOB). Consolidated Sales for the 1H15 were US$4.274 billion, which is lower by US$296 million than the 1H14 sales. This decrease is explained by lower sales in the Mining Division of $US631 million due to the drop of metal prices: copper (14%), molybdenum (32%), silver (18%), and gold (7%), partially offset by higher production volume that accounted for US$300 million. In the Transportation Division, the volume in tonskm increased 6%; however, due to a depreciation of 15% of the Peso against the US Dollar, sales denominated in USD increased only 1%. In the Infrastructure Division, sales increased 9% due to the startup of the Campeche and Tabasco Platforms, as well as the highway construction. Cost of Sales for the 1H15 was US$2.340 billion, 7% below than in 1H14. In the Mining Division, costs dropped 6% during this period, due to operational efficiencies and lower costs of fuel and energy. In the Transportation Division, costs decreased 2% due to a drop of diesel price and lower labor costs. In the Infrastructure Division, the cost dropped 13% due to lower cost of natural gas. EBITDA for the 1H15 was US$1.743 billion, 11% below 1H14, mainly due to the drop of metal prices. EBITDA of the Mining Division dropped 16% when compared to 1H14 to US$1.270 billion, while its margin went from 43% to 40% during the same period. EBITDA of the Transportation Division reached US$360 million, 8% higher than 1H14 with a margin of 38%. The Infrastructure Division obtained an EBITDA of US$133 million with a margin of 46%. Net consolidated earnings for the 1H15 rose to US$702 million, which represents a decline of 22% when compared to 1H14 due to lower metal prices and the variation of Grupo Aeroportuario del Pacifico s stock price and shareholding coupled with the depreciation of the Peso against the US Dollar. Capital investments in 1H15 were US$775 million, this is 29% lower than 1H14, due to the delivery on time and budget of the aggressive expansion plan for Buenavista and the start of operations of the main assets of the first investment phase of the Infrastructure Division. On July 24, 2015, the Board of Directors announced a cash dividend payment of $0.26 pesos per outstanding share, to be paid under a single installment as of August 7, 2015. Second Quarter Variance January June Variance (Thousand US Dollars) 2014 2015 US$000 % 2014 2015 US$000 % Sales 2,379,747 2,190,234 (189,513) (8.0) 4,569,928 4,274,109 (295,819) (6.5) Cost of Sales 1,304,848 1,176,238 (128,610) (9.9) 2,511,806 2,340,449 (171,357) (6.8) Operating Income 781,167 715,620 (65,547) (8.4) 1,494,371 1,352,402 (141,969) (9.5) EBITDA 1,041,923 917,387 (124,536) (12.0) 1,958,095 1,742,599 (215,496) (11.0) EBITDA Margin (%) 43.8% 41.9% 42.8% 40.8% Net Income 516,505 365,896 (150,609) (29.2) 901,258 702,412 (198,847) (22.1) Profit Margin (%) 21.7% 16.7% 19.7% 16.4% Investments / Capex 661,003 466,662 (194,341) (29.4) 1,083,376 774,591 (308,785) (28.5) Employees 29,935 29,967 32 0.1 29,935 29,967 32 0.1 1 Except as indicated otherwise, all amounts are expressed in dollars ( US$ ) legal currency of the United States of America, under U.S. GAAP. 2Q15 www.gmexico.com Page 1

Highlights by Division Mining Division The Toquepala Expansion Begins. During 2Q15, the construction license for the expansion of our Toquepala mine was approved. Excavation works are in progress, as well as the initial process to place purchase orders of the main equipment. Once the expansion is finished, the mine will increase its annual copper production capacity in 100,000 tons, going from 135,000 tons in 2015 to 235,000 in 2017. It will also increase the molybdenum production in 3,100 tons, with an expected capital cost of US$1.200 billion. Tia Maria Project. While we have received approval of Tia Maria s Environmental Impact Assessment, the issuance of the project s construction permit has been delayed pending the resolution of certain differences with community groups. The Peruvian government has recommended the establishment of a development dialogue roundtable for the resolution of these differences. As has always been done, the Company will invest responsibly and work handinhand with the Peruvian communities. The Company has always acted with strict ethics and in absolute adherence of the law, with the utmost respect in Peru s institutions and confident that they will uphold the rule of law. Tia Maria, when completed, will represent an investment of approximately $1.4 billion to produce 120,000 tons of copper cathodes per year. This project will use state of the art technology with the highest international environmental standards. The Company amended its Environmental Impact Assessment to use only seawater, transporting it for more than 25 kilometers (15.5 miles) and at 1,000 meters (3,300 feet) above sea level, constructing a desalinization plant representing an additional investment of US$95 million for the productive process. With these, the Company guarantees that the Tambo Valley water resources will be used solely for farming and human consumption. The project will create 3,500 jobs during the construction phase. Once in operation, Tia Maria will directly employ 600 workers and indirectly another 2,000. Through its expected twentyyear mine life, the project related services will create important business opportunities in the Arequipa region. Additionally, the Company will implement social responsibility programs in the Arequipa region similar to those established in the communities near its other Peruvian operations. Planta ESDE III Begins Operations. Copper production during 2015 increased 8.8% with respect to the same period of 2014, mainly due to a higher production (23,956 tons) of the new SXEW III Leaching Plant in Buenavista, which is currently operating at its maximum capacity. The plant has an annual copper production capacity of 120,000 tons. Southern Copper Corporation acquires El Pilar copper project in Sonora. On July 6th, 2015, Southern Copper Corporation completed the acquisition of El Pilar for a total consideration of US$100 million in cash. El Pilar is a copper development project with estimated reserves of 259 million tons with an average of copper ore grade of 0.30%. El Pilar is located in the State of Sonora in Mexico, 45 kilometers away from our Buenavista mine. The Company will develop this project using state of the art, efficient and environmental userfriendly SXEW technology. On a preliminary basis, we estimate an investment of US$300 million with an annual production of 35,000 tons of copper cathodes, beginning operations on 2017. In addition, we are trying to reduce capex through synergies. Finally, the mine has 13 year mine life, although it may increase since there are other resources estimated in additional 350 millions of tons. 2Q15 www.gmexico.com Page 2

Grupo México is awarded with the Aznalcollar mining project in Spain. Aznalcollar s polymetallic deposit has zinc, copper, lead and silver reserves, and is located in the Piritica Iberica Strip in Andalucía, Spain. The awarding resolution was notified by the Spanish authorities on February 25th, 2015. The acceptance of the awarding was formalized on May 11th, through Minera Los Frailes (AMC s Spanish subsidiary) and grants the rights for the exploration and exploitation of the Aznalcollar mining complex for a term of 30 years. The project involves a 250 million euros investment and is expected to begin operations in 2018. Given that the company that came second place in the international tender appealed the awarded decision, the process is temporarily suspended to validate its legality. We are confident that in the next few days the suspension will be lifted allowing us to begin with our exploration program. GMéxico confirms its commitment with the Aznalcollar project and reaffirms to have complied at all times with all requirements of the public bid, as well as with the most stringent compliance with the law, both during the bidding phase, as well as during the term of awarding and thereafter. Additionally, GMéxico has acted with total transparency at all times, providing with all relevant documents to the Spanish authorities. México is one of the main copper producers. According to Thomson Reuters, the record production of 847,387 tons reached by our Mining Division throughout 2014, ranked Mexico among the 10 main copper producing nations worldwide. In the company listing, Americas Mining Corporation was listed on the fourth place of the main metal producing companies in the world. Transportation Division Initial Public Offering. Given the high volatility of the markets and considering that the preliminary valuations do not reflect the operational and financial strength and the historical and potential growth of the Company, we believe it is not the right time to launch an initial public offering of our Transportation Division. Ferromex is recognized as Socially Responsible Company. Ferrocarril Mexicano (Ferromex) was recognized for the first time as Socially Responsible Company (SRC) in 2015, following compliance with the stringent evaluation controls carried out by the Mexican Center for Philanthropy (Cemefi). Nissan awards Ferromex for its efficiency. Nissan awards Ferromex for its ontime deliveries. The North America Division of the Japanese assembler granted Ferromex the Zero Emission Leadership award for its performance as the supplier with the highest ontime vehicle delivery percentage throughout the region, Mexico, US and Canada, which translates into a reduction of the auto transport use; therefore, less pollutant releases. Ferromex is granted the Ternium / Exiros award. Ferromex is proud to have received from one of its main clients, Ternium / Exiros, the Supplier of the Year award and Excellence in Logistic Service; therefore assuring Ferromex s disposition to continue investing and working for Mexico s competitiveness. The Health Train first anniversary of operation. Dr. Wagon, the Health Train, started up operations in 2014. After a year, the Health Train managed to visit the states of Chihuahua, Sonora, Sinaloa, Coahuila, Jalisco, Colima, Nayarit, Nuevo León, Tlaxcala, Puebla, Veracruz, Zacatecas and Aguascalientes. The train visited, 39 communities were visited, providing 103,897 medical services. 2Q15 www.gmexico.com Page 3

Doctor Wagon, the Health Train sets a milestone in the social activity of our country, since it seeks to improve Mexicans health and quality of life throughout Ferromex and Ferrosur s railways, all operated by Grupo México. Infrastructure Division Round One. GMéxico has filed a request to participate in phase 2 of Round One, related to the exploitation of oil fields in shallow waters. Therefore, the Company manifests its commitment to participate in the fields of exploration and oil and gas extraction in Mexico, related to the approval of the Energy Reform in the country. The second power plant begins operations. The new Buenavista del Cobre s Concentrator Plant started operative tests, which allowed for the second unit of the power plant to begin operations in order to cover such demand. Additionally, it was possible to provide CFE with power energy under a bid modality for such plant s surpluses. The Energy Division will continue to bid its surplus production until the expansion projects of Minera Mexico start operating at their full capacity. Second phase of the SalamancaLeón is about to begin operations. As of 2Q15 the highway reports a progress of 95%; therefore it is expected that the second phase will begin operations during the next weeks. 2Q15 www.gmexico.com Page 4

Financing 2014 As of June 30, 2015 Gross Gross Cash & Net (US$000) Debt Debt Banks (1) Debt Grupo México 265,735 (265,735) Americas Mining Corporation 150,744 (150,744) Southern Copper Corporation 4,179,856 6,152,219 2,145,696 4,006,523 Asarco 103,412 56,349 47,063 FM Rail Holding 100,238 (100,238) GFM Ferromex 341,705 332,918 117,238 215,680 Ferrosur 57,274 43,060 61,691 (18,631) México Proyectos y Desarrollos 1,180,497 1,214,147 100,798 1,113,349 Grupo Mexico (Consolidated) 5,759,333 7,845,755 2,998,489 4,847,267 (1) include Short Term Investment The financial cost through June 30, 2015 was US$710 million. GMéxico maintains a solid balance with a low leverage and a net EBITDA of 1.3x. Of the incurred debt, 93% is denominated in dollars and 7% in pesos while 90% of the debt is at a fixed rate. During 2015, there are maturities for US$295 million. AMC has not incurred in any debt and SCC and Asarco maintain a flexible amortization profile with relevant maturities until 2020. Grupo México Debt Schedule Through June 30, 2015 1,600.0 1,400.0 1,200.0 1,000.0 800.0 600.0 400.0 200.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Mining Division Transportation Division Infrastructure Division 2Q15 www.gmexico.com Page 5

Mining Division Americas Mining Corporation Financial Highlights Second Quarter Variance January June Variance (Thousand US Dollars) 2014 2015 US$000 % 2014 2015 US$000 % Sales 1,793,152 1,615,583 (177,568) (9.9) 3,493,673 3,163,029 (330,643) (9.5) Cost of Sales 979,735 893,243 (86,492) (8.8) 1,908,359 1,804,145 (104,214) (5.5) Operating Income 611,803 514,711 (97,092) (15.9) 1,197,107 958,316 (238,791) (19.9) EBITDA 769,327 676,182 (93,145) (12.1) 1,504,230 1,270,131 (234,099) (15.6) EBITDA Margin (%) 42.9% 41.9% 43.1% 40.2% Net Income 307,643 266,039 (41,604) (13.5) 601,012 512,029 (88,983) (14.8) Profit Margin (%) 17.2% 16.5% 17.2% 16.2% Investments / Capex 392,289 313,990 (78,299) (20.0) 764,329 554,658 (209,671) (27.4) Average Metals Price 3Q 4Q 1Q Second Quarter Var. January June Var. 2014 2014 2015 2015 2014 % 2015 2014 % Copper ($cts/pound) 3.16 2.98 2.66 2.77 3.10 (10.5) 2.72 3.17 (14.2) Molybdenum ($dlls/pound) 12.62 9.22 8.41 7.45 13.45 (44.6) 7.93 11.69 (32.2) Zinc ($cts/pound) 1.05 1.01 0.94 1.00 0.94 5.9 0.97 0.93 4.2 Silver ($dlls/ounce) 19.63 16.45 16.70 16.38 19.62 (16.5) 16.54 20.04 (17.5) Gold ($dlls/ounce) 1,281.92 1,200.36 1,219.22 1,192.82 1,288.54 (7.4) 1,206.02 1,291.25 (6.6) Lead ($cts/pound) 0.99 0.91 0.82 0.88 95.05 (99.1) 0.85 0.95 (10.7) Sulfuric Acid ($dlls/ton) 70.33 71.55 69.73 74.96 70.51 6.3 72.21 70.04 3.1 Source: Copper & Silver COMEX; Zinc & Gold LME; Molybdenum Metals Week Dealer Oxide Sulfuric Acid AMC Copper. Copper production in 2Q15 increased (+6%) compared to 2Q14 to 217,022 tons, as a result of a greater production in Buenavista (+20%), due to operation startup of the New ESDE III Plant that is operating at its maximum capacity. Molybdenum. Molybdenum production in 2Q15 decreased to 5,761 tons (2%) in comparison with 2Q14 as a result of lower ore grade in our Buenavista mine. Zinc. The zinc production in 2Q15 dropped to 13,919 tons (15%) in comparison with 16,498 tons within the same period of the previous year. This drop is the result of the suspension of operations in the Santa Eulalia mine, which is expected to startup in 4Q15. Silver. Silver production increased (+2%) to 3,657 thousand oz. in 2Q15 compared to 2Q14, due to a higher production in Toquepala (+16%) and Santa Bárbara (+5%). Gold. Gold production decreased (8%) to 8,786 oz. compared to 9,506 oz. in 2Q14, due to a lower production at Caridad (+16%). However, gold sales increased 188% as a result of gold Dore sales. 2Q15 www.gmexico.com Page 6

Mining Production Mining Division Second Quarter Variance January June Variance 2014 2015 % 2014 2015 % Copper (m.t.) Sales 202,400 220,985 18,586 9.2 398,317 433,554 35,237 8.8 Molybdenum (m.t.) Sales 5,881 5,698 (184) (3.1) 11,412 11,566 154 1.3 Zinc (m.t.) Sales 23,541 24,345 805 3.4 47,898 51,045 3,147 6.6 Silver (Koz) Sales 3,650 3,315 (335) (9.2) 6,798 6,631 (168) (2.5) Gold (Oz) Sales 11,760 33,891 22,131 188.2 20,659 63,796 43,137 208.8 Sulfuric Acid (m.t.) Sales 479,568 436,631 (42,936) (9.0) 953,609 919,802 (33,806) (3.5) Cash Cost During 2Q15, the operating cash per pound of copper, cash cost, before byproducts was US$1.75 below the US$2.11 cost in 2Q14 (17%). This decrease was mainly due to lower fuel costs, power energy, reagents and the depreciation of the peso. Throughout 2Q15, the operative cost per pound of copper, cash cost, excluding byproducts, was US$1.29, compared to US$1.30 in 2Q14. These results were achieved despite the strong drop of byproducts prices: Molybdenum (45%) and Silver (16.5%). Sales Distribution The following chart shows AMC s cumulative permetal sales in 2015: Sulfuric Acid 2.1% Molybdenum 4.9% Silver 3.5% Zinc 3.7% Gold 2.4% Others 0.8% Lead 0.6% Copper 82.1% 2Q15 www.gmexico.com Page 7

Projects Capital Expenditures. In 1H15, US$554 million were invested in the Mining Division; out of which US$328 million were allocated to the Mexican projects, and US$178 million to the Peruvian Project. Projects in Mexico Buenavista Projects. We continue developing our $3.4 billion investment program at this unit which is expected to increase its copper production by approximately 180% to 505,000 tons as well as molybdenum production by 42%. Mine s Expansion. As to date, we have received sixtyone 400ton capacity trucks, seven shovels and eight drills required for the mine expansion; with an investment of $511 million. All these assets are currently in operation. The new Copper Concentrator with Molybdenum Circuit has an annual production capacity of 188,000 tons of copper and 2,600 tons of molybdenum. The project will also produce 2.3 million ounces of silver and 21,000 ounces of gold per year. The project has a 98% progress with an investment of $1.060 billion out of the approved capital budget of $1.384 billion. The project is in its testing phase and is expected to start operations during 3Q15. SXEW III Plant. In July, the Mexican authorities approved the initiation of activities in the much richer Tinajas 2 leaching pad. This will allow the Company to achieve the designed annual production capacity of 120,000 tons of copper cathodes by the first quarter of 2016. As of June 30, 2015, we have invested $525 million in this project, including infrastructure. Crushing and conveyor belt system for leachable ore (Quebalix IV). This project s main objective is to reduce processing time as well as mining and hauling costs; it will also increase production by improving SXEW copper recovery. It has a crushing and conveying capacity of 80 million tons per year and is expected to be completed by the 2Q16. The project has a 69% progress with an investment of $167 million out of the approved capital budget of $340 million. Infrastructure. The remaining projects to complete the $3.4 billion budgeted program include important investments in infrastructure (power lines and substations, water supply, tailings dam, mine equipment shops, internal roads, etc.), it has a global progress of 65%. Projects in Peru Toquepala Projects. Through June 30, 2015, we have invested $355 million in Toquepala projects of a total estimated budget of US$1.200 billion. It is expected that the project will generate 2,200 jobs during the construction phase and 300 additional jobs once finished, which will add to the current 1,500 permanent employees at Toquepala. Cuajone Projects. The project to improve slope stability at the south area of the Cuajone mine, will remove approximately 148 million tons of waste material. This project will improve mine design without reducing current production level. The mine equipment acquired includes one shovel, five 400ton capacity trucks, one drill and auxiliary equipment which will be reallocated to the mine operations once this project is finished. Besides preparing the mine for the future, this investment will avoid a reduction in average ore 2Q15 www.gmexico.com Page 8

grade. As of June 30, 2015, 29.5 million tons of waste material have been removed and this activity will continue for 3.5 additional years. As of June 30, 2015, we have invested $68 million in this project. InPit Crushing and Conveyor (IPCC) Project: This project consists of installing a primary crusher at the Cuajone mine pit with a conveyor system for moving the ore to the concentrator. The project aims to optimize the hauling process by replacing rail haulage, thereby reducing operating and maintenance costs as well as the environmental impact of the Cuajone mine. The crusher will have a processing capacity of 43.8 million tons per year. We are completing the basic engineering and starting the detailed engineering. The main components, including the crusher and the overland belt, have been already acquired and we have started their installation. As of June 30, 2015, we have invested $58 million in this project out of the approved capital budget of $166 million. Projects in Spain Aznalcollar. This project provides an attractive diversification to the Group s mining portfolio: it offers the potential to duplicate AMC s current scale of zinc and represents the first incursion outside the American continent into a lowrisk jurisdiction, which offers a good cultural fit, excellent infrastructure, and a wide mining tradition of base metals. Grupo México is conducting the preliminary works required to begin the exploration program on the second half of the year, concurrently with the preparation of a feasibility and detailed engineering plan with the objective to begin the construction by 2016 and commercial production in 2018. 2Q15 www.gmexico.com Page 9

Transportation Division FM Rail Holding Financial Highlights Second Quarter Variance January June Variance (Thousand US Dollars) 2014 2015 US$000 % 2014 2015 US$000 % Load Volume (MillionTons/Km) 13,237 14,134 897 6.8 25,200 26,607 1,407 5.6 Moved Cars 295,392 311,930 16,538 5.6 570,891 598,071 27,180 4.8 Sales 498,577 499,803 1,226 0.2 940,758 950,501 9,743 1.0 Cost of Sales 302,061 293,216 (8,845) (2.9) 572,838 562,932 (9,906) (1.7) Operating Income 130,602 145,993 15,391 11.8 242,161 267,212 25,051 10.3 EBITDA 179,206 188,482 9,276 5.2 334,374 359,564 25,190 7.5 EBITDA Margin (%) 35.9% 37.7% 35.5% 37.8% Net Income 76,908 87,250 10,342 13.4 144,199 159,953 15,754 10.9 Profit Margin (%) 15.4% 17.5% 15.3% 16.8% Investments / Capex 57,903 114,299 56,396 97.4 84,495 168,474 83,979 99.4 In spite of a (15%) negative exchange rate effect, cumulative earnings of the Transportation Division through 2Q15 were US$951 million, (+1%) above 2Q14. Total earnings in pesos increased in (+17%). The total volumes transported during the first six months show an increase of (+6%) of tons per kilometer and (+5%) in loaded freight cars transported with respect to the same period in 2014. The sectors with the highest growth were: metals (+19%) due to more movements from ports to several steel companies for finished products exports; cement (+11%) due to major movements at the North East and the South East of the country; agricultural (+10%) due higher imports of grains from the ports of Veracruz and Manzanillo and the Piedras Negras border, as well as to a traffic increase of the national harvest in the North East and Chihuahua; and automotive (+8%) due to the assembly companies consolidation, there was an increase of exportation traffic both in the port of Veracruz and the borders. Contributions per segment earnings through June 30, 2015 are shown below: Sales by Segment Tons Km Cement, 5% Others, 5% Siderurgical, 6% Agricultural, 27% Automotive, 1,317 Cement, 1,523 Industrial, 1,852 Agricultural, 9,333 Intermodal, 7% Intermodal, 1,894 Energy, 8% Energy, 2,038 Chemical, 9% Mineral, 10% Industrial, 11% Automotive, 12% Siderurgical, 2,282 Chemical, 2,410 Mineral, 3,958 2Q15 www.gmexico.com Page 10

EBITDA throughout the quarter and the first semester of 2015 increased 5% and 8% respectively, regarding the same periods of 2014, reaching US$360 million. EBITDA margin improved as well, passing from 35% in the first semester of 2014 to 38% in the first semester of 2015. Capital Expenditures. The Railroad Division reports an investment of US$168 million as of the closing of 2Q15. Such investment includes railroad infrastructure projects, as well as the acquisition of 25 state of the art locomotives and 394 railcars, which will increase our operative and productive capacity. 2Q15 www.gmexico.com Page 11

Infrastructure Division MPD Financial Highlights Second Quarter Variance January June Variance (Thousand US Dollars) 2014 2015 US$000 % 2014 2015 US$000 % Sales 153,787 137,098 (16,690) (10.9) 265,566 288,256 22,690 8.5 Cost of Sales 88,458 68,791 (19,667) (22.2) 160,172 139,983 (20,189) (12.6) Operating Income 47,914 42,421 (5,493) (11.5) 73,187 98,025 24,839 33.9 EBITDA 58,650 59,242 592 1.0 95,638 132,559 36,921 38.6 EBITDA Margin (%) 38.1% 43.2% 36.0% 46.0% Net Income (Loss) 22,342 22,095 (247) (1.1) 29,569 54,086 24,517 82.9 EBITDA Margin (%) 14.5% 16.1% 11.1% 18.8% Investments / Capex 210,811 38,373 (172,438) (81.8) 234,552 51,459 (183,093) (78.1) Through June 2015, consolidated sales reached US$288 million, (+9%) more than in 2Q14, mainly due to the beginning of operations of our Tabasco and Campeche platforms. EBITDA in such Division was US$132 million, which represents a (+39%) increase in comparison to the same period of the previous year. Veracruz Modular Platform. The Veracruz Modular Platform, with a 25,000 feet drilling capacity, is being assembled in the fixed platform assigned by Pemex, which should begin operations during 3Q15. Progress on the SalamancaLeón Highway. As of 2Q15 it has a progress of 95%. In May, we obtained a 100% release of the rights of way which will allow to begin operations of the second tranche during 3Q15. Works on the Tranche II Toll Booth show a 95% progress. During 2Q15, the operation of Tranche I of the SalamancaLeón Highway that covers 28.6 km, registered earnings of $32 million pesos (US$2.1 million) with a vehicle gauging capacity of 697,554 (7,665 daily average) confirming the project s favorable expectations. Capital Expenditures. As of June 2015, US$51 million have been invested in the Infrastructure Division. Among such investments, it is worth noting US$35 million for the new Tamaulipas modular platform. Additionally, as of June, US$60 million have been invested in the LeónSalamanca highway, which is registered as other assets. * * * * * 2Q15 www.gmexico.com Page 12

Company s Profile Grupo México GMéxico is a holding company whose main realms of activity are: (i) mining, being one of the largest integrated copper producers worldwide; (ii) railroad service, the most extensive in Mexico; and (iii) engineering, procurement, construction and drilling services. These business lines are grouped under the following subsidiaries: GMéxico s Mining Division is represented by its subsidiary Americas Mining Corporation ( AMC ), whose principal subsidiaries are Southern Copper Corporation ( SCC ) in Mexico and Peru, and Asarco in the United States. The two companies jointly comprise the world s largest copper reserves. SCC trades on the New York and Lima stock exchanges, and its stockholders, directly or through subsidiaries, are: GMéxico (86.1%) and other stockholders (13.9%). It runs mines, metallurgy plants and exploration projects in Peru, Mexico, the United States, Chile, Argentina and Ecuador. Asarco rejoined GMéxico on December 9, 2009 and has 3 mines and 1 smelting plant in Arizona and 1 refinery in Texas. GMéxico s Transportation Division is represented by its subsidiary Infraestructura y Transportes México, S.A. de C.V. ( ITM ) and FM Rail Holding S.A. de C.V. ( FM Rail Holdings ), whose principal subsidiaries are Grupo Ferroviario Mexicano, S.A. de C.V. ( GFM ), Ferrocarril Mexicano, S.A. de C.V. ( Ferromex ), Ferrosur, S. A. de C. V. ( Ferrosur ), Intermodal México, S.A. de C.V. and Texas Pacifico, LP, Inc. Ferromex is the largest railroad company with the most extensive coverage in Mexico. Its 8,111 kilometer track network covers approximately 71% of Mexican territory, connecting to five border points with the United States, four ports on the Pacific coast and two on the Gulf of Mexico. Ferromex is controlled by GMéxico 55.5%, Union Pacific 26% and Grupo CarsoSinca Inbursa 18.5%. The Ferrosur track network covers 1,549 kilometers in central and southeastern Mexico, mainly in the states of Tlaxcala, Puebla, Veracruz and Oaxaca, and has access to the ports of Veracruz and Coatzacoalcos on the Gulf of Mexico. Ferrosur is controlled by GMéxico in 74.99% and Grupo CarsoSinca Inbursa in 25.01%. The Infrastructure Division is represented by its subsidiary México Proyectos y Desarrollos, S.A de C.V. ( MPD ), with its main subsidiaries México Compañía Constructora, S.A. de C.V. ( MCC ), Servicios de Ingeniería Consutec, S.A. de C.V. ( Consutec ), Compañía Perforadora México, S.A.P.I. de C.V. ( La México ) and México Generadora de Energía ( MGE ). MPD, La México, MCC, Consutec and MGE are controlled by GMéxico in 100%. MPD and MCC are involved in engineering, procurement and construction for infrastructure works. Consutec specializes in comprehensive engineering projects. La México provides oil and water drilling services and related valued added services such as cementation engineering and directional drilling. MGE is active in the construction and servicing of combined cycle energy plants. This report sets forth certain estimates and forecasts which are subject to risk and uncertainty regarding their actual results, which may be substantially different than those herein expressed. Many risks and uncertainties are related to risk factors that GMéxico is unable to control or estimate accurately, such as future market conditions, metal prices, behavior of other participants in the market and actions of governmental regulators, which are described in detail in the Company s annual report. GMéxico does not assume any obligation with respect to the publishing of a revision of these prospective forecasts in order to reflect events or circumstances occurring after the date hereof. 2Q15 www.gmexico.com Page 13

GRUPO MEXICO, S.A.B. DE C.V. (GM) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) (Thousands of US Dollars) Quarters Accumulated STATEMENT OF EARNINGS Q215 Q214 Variance 2015 2014 Variance Net sales 2,190,233 2,379,742 (189,509) 4,274,109 4,569,928 (295,819) Cost of sales 1,176,095 1,304,827 (128,732) 2,340,495 2,513,535 (173,040) Exploration 12,299 23,818 (11,519) 22,587 38,429 (15,842) Gross profit 1,001,839 1,051,097 (49,258) 1,911,026 2,017,964 (106,937) Gross margin 46% 44% 45% 44% Administrative expenses 58,208 65,536 (7,328) 116,366 125,943 (9,578) Environmental damage trust fund 10,532 10,532 16,460 16,460 EBITDA 917,387 1,041,923 (124,536) 1,742,599 1,958,095 (215,496) Depreciation and amortization 217,479 204,395 13,084 425,799 397,649 28,149 Operating income 715,620 781,167 (65,546) 1,352,402 1,494,371 (141,969) Operating margin 33% 33% 32% 33% Interest expense 72,824 52,196 20,629 117,103 107,335 9,768 Interest income (12,198) (28,264) 16,066 (16,846) (36,698) 19,852 (Gain) loss in investments (34,689) (122,618) 87,929 (70,473) (194,333) 123,860 Other (income) expense, net 28,794 (59,834) 88,628 55,646 (67,875) 123,522 Earnings before Tax 660,889 939,687 (278,799) 1,266,971 1,685,943 (418,971) Taxes 212,748 320,487 (107,739) 406,513 589,277 (182,763) Participation in subsidiary not consolidated and associated (5,271) (9,653) 4,382 (9,065) (16,695) 7,630 Net Earnings 453,412 628,853 (175,441) 869,523 1,113,360 (243,837) Net income attributable to the noncontrolling interest 87,516 112,348 (24,832) 167,111 212,102 (44,991) Net income attributable to GM 365,896 516,505 (150,609) 702,412 901,258 (198,847) BALANCE SHEET Cash and cash equivalents 2,998,489 2,292,591 705,898 2,998,489 2,292,591 705,898 Restricted cash 133,163 152,047 (18,883) 133,163 152,047 (18,883) Notes and accounts receivable 842,327 998,022 (155,695) 842,327 998,022 (155,695) Inventories 962,523 974,556 (12,033) 962,523 974,556 (12,033) Prepaid and others current assets 930,236 840,754 89,482 930,236 840,754 89,482 Total Current Assets 5,866,737 5,257,968 608,769 5,866,737 5,257,968 608,769 Property, plant and equipment, Net 13,011,410 12,162,324 849,086 13,011,410 12,162,324 849,086 Leachable material, net 682,734 545,625 137,109 682,734 545,625 137,109 Other long term assets 2,690,479 2,519,084 171,394 2,690,479 2,519,084 171,394 Total Assets 22,251,360 20,485,002 1,766,358 22,251,360 20,485,002 1,766,358 Liabilities and Stockholders' Equity Current term debt 372,676 562,105 (189,429) 372,676 562,105 (189,429) Accumulated liabilities 1,175,274 1,186,031 (10,757) 1,175,274 1,186,031 (10,757) Current Liabilities 1,547,950 1,748,136 (200,186) 1,547,950 1,748,136 (200,186) Longterm debt 7,473,079 5,197,228 2,275,851 7,473,079 5,197,228 2,275,851 Other noncurrent liabilities 1,533,792 1,328,090 205,703 1,533,792 1,328,090 205,703 Total Liabilities 10,554,822 8,273,454 2,281,368 10,554,822 8,273,454 2,281,368 Stockholders equity 2,003,496 2,003,496 2,003,496 2,003,496 Other equity accounts (2,114,835) (706,616) (1,408,219) (2,114,835) (706,616) (1,408,219) Retaining earnings 10,100,259 8,816,479 1,283,780 10,100,259 8,816,479 1,283,780 Total Stockholders' equity 9,988,920 10,113,359 (124,439) 9,988,920 10,113,359 (124,439) Noncontrolling interest. 1,707,618 2,098,189 (390,572) 1,707,618 2,098,189 (390,572) Total Liabilities and Equity 22,251,360 20,485,002 1,766,358 22,251,360 20,485,002 1,766,358 CASH FLOW Net earnings 453,412 628,853 (175,441) 869,523 1,113,360 (243,837) Depreciation and amortization 217,479 204,394 13,085 425,799 397,649 28,150 Deferred income taxes (29,778) 65,659 (95,437) (47,139) (2,707) (44,432) Participation in subsidiary not consolidated and associated (5,271) (9,653) 4,382 (9,065) (16,695) 7,630 Other Net (38,178) (26,504) (11,674) (32,615) (23,928) (8,687) Changes in assets and liabilities (59,573) (227,339) 167,765 (275,404) (248,817) (26,586) Cash generated by operating activities 538,091 635,410 (97,320) 931,099 1,218,862 (287,762) Capital expenditures (466,662) (661,003) 194,341 (797,621) (1,083,376) 285,755 Restricted cash (20,425) 37,954 (58,379) (41,418) (96,517) 55,099 Stock reimbursement of permanent shares 18,650 30,286 (11,636) 18,650 30,286 (11,636) Other Net 22,785 (109,296) 132,082 (1,709) 51,576 (53,285) Cash used in investing activities (445,652) (702,059) 256,407 (822,098) (1,098,031) 275,933 Debt incurred 2,030,790 14,049 2,016,741 2,094,291 25,421 2,068,870 Debt amortization (106,059) (28,274) (77,785) (130,320) (49,196) (81,124) Dividends paid (169,327) (158,332) (10,995) (317,145) (328,976) 11,832 SCC common shares buyback (44,462) (13,030) (31,432) (414,565) (65,509) (349,056) SCC common shares buyback 5,694 5,694 5,694 5,694 Cash used in financing activities 1,716,636 (185,587) 1,902,223 1,237,955 (418,260) 1,656,216 Effect of exchance rate changes on cash and cash equivalents 19,174 (3,256) 22,430 11,161 959 10,202 Net increase (decrease) cash & cash equivalents 1,828,249 (255,492) 2,083,741 1,358,118 (296,471) 1,654,589 Cash & cash equivalents at begin yr. 1,170,239 2,548,083 (1,377,844) 1,640,370 2,589,062 (948,692) Cash & cash equivalents at yr. end 2,998,489 2,292,591 705,897 2,998,489 2,292,591 705,897 2Q15 www.gmexico.com Page 14

AMERICAS MINNING CORPORATION (AMC) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) (Thousands of US Dollars) Quarters Accumulated STATEMENT OF EARNINGS Q215 Q214 Variance 2015 2014 Variance Net sales 1,615,584 1,793,152 (177,568) 3,163,029 3,493,673 (330,643) Cost of sales 893,100 979,714 (86,614) 1,804,191 1,910,088 (105,897) Exploration 12,299 23,818 (11,519) 22,587 38,429 (15,842) Gross profit 710,185 789,620 (79,435) 1,336,252 1,545,156 (208,904) Gross margin 44% 44% 42% 44% Administrative expenses 30,853 31,297 (445) 61,003 61,586 (583) Environmental damage trust fund 10,532 10,532 16,460 16,460 EBITDA 676,182 769,327 (93,145) 1,270,131 1,504,230 (234,098) Depreciation and amortization 154,089 146,520 7,569 300,473 286,463 14,010 Operating income 514,711 611,803 (97,092) 958,316 1,197,107 (238,791) Operating margin 32% 34% 30% 34% Interest expense 57,201 39,514 17,687 86,519 82,548 3,971 Interest income (2,767) (3,889) 1,122 (5,770) (8,492) 2,722 Other (income) expense, net 5,700 (14,478) 20,178 8,702 (22,461) 31,162 Earnings before Tax 454,577 590,656 (136,079) 868,865 1,145,512 (276,647) Taxes 149,643 225,602 (75,959) 279,599 431,444 (151,845) Participation in subsidiary not consolidated and associated (2,655) (5,861) 3,206 (5,415) (11,899) 6,484 Net Earnings 307,589 370,915 (63,326) 594,681 725,967 (131,285) Net income attributable to the noncontrolling interest 41,550 63,272 (21,722) 82,652 124,955 (42,303) Net income attributable to AMC 266,039 307,643 (41,604) 512,029 601,012 (88,983) BALANCE SHEET Cash and cash equivalents 2,352,789 1,688,717 664,071 2,352,789 1,688,717 664,071 Restricted cash 48,010 31,464 16,546 48,010 31,464 16,546 Notes and accounts receivable 575,547 687,332 (111,784) 575,547 687,332 (111,784) Inventories 882,815 896,925 (14,110) 882,815 896,925 (14,110) Prepaid and others current assets 808,376 692,418 115,959 808,376 692,418 115,959 Total Current Assets 4,667,538 3,996,856 670,682 4,667,538 3,996,856 670,682 Property, plant and equipment, Net 9,346,024 8,595,034 750,990 9,346,024 8,595,034 750,990 Leachable material, net 682,734 545,625 137,109 682,734 545,625 137,109 Other long term assets 1,451,568 905,771 545,797 1,451,568 905,771 545,797 Total Assets 16,147,863 14,043,286 2,104,577 16,147,863 14,043,286 2,104,577 Liabilities and Stockholders' Equity Longterm debt 224,332 200,000 24,332 224,332 200,000 24,332 Other noncurrent liabilities 1,431,283 1,412,395 18,889 1,431,283 1,412,395 18,889 Current Liabilities 1,655,616 1,612,395 43,221 1,655,616 1,612,395 43,221 Long term debt 6,031,299 3,979,856 2,051,443 6,031,299 3,979,856 2,051,443 Other long term liabilities 1,183,429 946,670 236,759 1,183,429 946,670 236,759 Total Liabilities 8,870,344 6,538,921 2,331,423 8,870,344 6,538,921 2,331,423 Stockholders equity 1,056,021 1,056,021 1,056,021 1,056,021 Other equity accounts (1,937,548) (974,064) (963,484) (1,937,548) (974,064) (963,484) Retained earnings 7,312,716 6,272,469 1,040,246 7,312,716 6,272,469 1,040,246 Total Stockholders' equity 6,431,189 6,354,426 76,762 6,431,189 6,354,426 76,762 Noncontrolling interest. 846,330 1,149,938 (303,608) 846,330 1,149,938 (303,608) Total Liabilities and Equity 16,147,863 14,043,286 2,104,577 16,147,863 14,043,286 2,104,577 Cash Flow Net earnings 307,589 370,915 (63,326) 594,681 725,967 (131,285) Depreciation and amortization 154,089 146,520 7,569 300,473 286,463 14,010 Deferred income taxes (32,502) 26,731 (59,233) (56,437) (59,907) 3,470 Participation in subsidiary not consolidated and associated (2,655) (5,861) 3,206 (5,415) (11,899) 6,484 Others Net (40,663) (11,885) (28,778) (44,240) (13,119) (31,121) Changes in assets and liabilities (65,820) (165,658) 99,838 (211,418) (132,980) (78,438) Cash generated by operating activities 320,038 360,762 (40,724) 577,644 794,525 (216,881) Capital expenditures (313,990) (392,289) 78,299 (577,688) (764,329) 186,641 Restricted cash 8,800 1,381 7,419 169 8,830 (8,661) Capital reimbursement 31,206 8,763 22,443 40,589 7,923 32,666 Cash used in investing activities (273,984) (382,145) 108,161 (536,930) (747,576) 210,647 Debt incurred 1,995,790 7,000 1,988,790 2,045,790 7,000 2,038,790 Debt amortization (72,083) (7,000) (65,083) (78,166) (7,000) (71,166) Dividends paid (11,294) (97,383) 86,089 (23,247) (227,638) 204,391 SCC common shares buyback (44,462) (13,030) (31,432) (414,565) (65,509) (349,056) Other 5,694 5,694 5,694 5,694 Cash used in financing activities 1,873,645 (110,413) 1,984,058 1,535,506 (293,147) 1,828,653 Effect of exchance rate changes on cash and cash equivalents 21,068 (2,540) 23,608 19,616 3,814 15,802 Net increase (decrease) cash & cash equivalents 1,940,768 (134,335) 2,075,103 1,595,836 (242,384) 1,838,221 Cash & cash equivalents at begin yr. 412,021 1,823,053 (1,411,032) 756,952 1,931,102 (1,174,149) Cash & cash equivalents at yr. end 2,352,789 1,688,717 664,071 2,352,789 1,688,717 664,071 2Q15 www.gmexico.com Page 15

FM RAIL HOLDING, S. A. D E C. V. CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) (Thousands of US Dollars) Quarters Accumulated STATEMENT OF EARNINGS Q215 Q214 Variance 2015 2014 Variance Net sales 499,803 498,577 1,226 950,501 940,758 9,743 Cost of sales 293,216 302,061 (8,845) 562,932 572,838 (9,906) Gross profit 206,587 196,516 10,071 387,569 367,920 19,649 Gross margin 41% 39% 41% 39% Administrative expenses 19,135 22,339 (3,204) 37,656 40,328 (2,672) EBITDA 188,794 189,240 (446) 360,253 344,112 16,141 Depreciation and amortization 41,459 43,875 (2,416) 82,701 85,431 (2,730) Operating Income 145,993 130,302 15,691 267,212 242,161 25,051 Operating margin 29% 26% 28% 26% Interest expense 6,885 6,796 89 14,330 13,555 775 Interest income (1,394) (2,798) 1,404 (2,904) (5,081) 2,177 (Gain) loss in investments Other (income) expense Net (1,342) (5,360) 4,018 (10,340) (6,818) (3,522) Earnings before Tax 141,844 131,664 10,180 266,126 240,505 25,621 Taxes 36,220 39,951 (3,731) 71,458 66,049 5,409 Participation in subsidiary not consolidated and associated (2,616) (3,792) 1,176 (3,650) (4,796) 1,146 Net Earnings 108,240 95,505 12,735 198,318 179,252 19,066 Net income attributable to the noncontrolling interest 20,990 18,597 2,393 38,365 35,053 3,312 Net income attributable to ITM 87,250 76,908 10,342 159,953 144,199 15,754 BALANCE SHEET Cash and cash equivalents 279,167 411,522 (132,355) 279,167 411,522 (132,355) Notes and accounts receivable 209,518 215,817 (6,299) 209,518 215,817 (6,299) Inventories 42,337 53,848 (11,511) 42,337 53,848 (11,511) Prepaid and others current assets 63,929 77,984 (14,055) 63,929 77,984 (14,055) Total Current Assets 594,951 759,171 (164,220) 594,951 759,171 (164,220) Property, plant and equipment Net 1,791,723 1,906,392 (114,669) 1,791,723 1,906,392 (114,669) Other long term assets 286,565 345,661 (59,096) 286,565 345,661 (59,096) Total Assets 2,673,239 3,011,224 (337,985) 2,673,239 3,011,224 (337,985) Liabilities and Stockholders' Equity Current portion of longterm debt 22,768 110,288 (87,520) 22,768 110,288 (87,520) Accumulated liabilities 216,071 214,780 1,291 216,071 214,780 1,291 Current Liabilities 238,839 325,068 (86,229) 238,839 325,068 (86,229) Longterm debt 353,210 288,691 64,519 353,210 288,691 64,519 Other noncurrent liabilities 64,093 87,375 (23,282) 64,093 87,375 (23,282) Other liabilities 9,378 9,921 (543) 9,378 9,921 (543) Total Liabilities 665,520 711,055 (45,535) 665,520 711,055 (45,535) Stockholders equity 5 5 5 5 Other equity accounts (463,143) (132,817) (330,326) (463,143) (132,817) (330,326) Retaining earnings 2,099,831 2,041,265 58,566 2,099,831 2,041,265 58,566 Total Stockholders' equity 1,636,693 1,908,453 (271,760) 1,636,693 1,908,453 (271,760) Noncontrolling interest. 371,026 391,716 (20,690) 371,026 391,716 (20,690) Total Liabilities and Equity 2,673,239 3,011,224 (337,985) 2,673,239 3,011,224 (337,985) CASH FLOW Net earnings 108,240 95,505 12,735 198,318 179,252 19,066 Depreciation and amortization 41,459 43,875 (2,416) 82,701 85,431 (2,730) Deferred income taxes (7,230) 1,866 (9,096) (12,612) (8,513) (4,099) Participation in subsidiary not consolidated and associated (2,616) (3,792) 1,176 (3,650) (4,796) 1,146 Other Net (268) 1,191 (1,459) (678) 2,092 (2,770) Changes in assets and liabilities 18,825 20,534 (1,709) (54,452) (29,353) (25,099) Cash generated by operating activities 158,410 159,179 (769) 209,627 224,113 (14,486) Capital expenditures (114,299) (57,903) (56,396) (168,474) (84,495) (83,979) Stock reimbursement of permanent shares 22,145 (22,145) 22,145 (22,145) Dividends received 1,897 3,147 (1,250) 1,897 3,147 (1,250) Cash used in investing activities (112,402) (32,611) (79,791) (166,577) (59,203) (107,374) Debt amortization (7,515) (9,907) 2,392 (15,076) (18,706) 3,630 Dividends received (paid) Net (26,000) (13,000) (13,000) (26,000) (13,000) (13,000) Cash used in financing activities (33,515) (22,907) (10,608) (41,076) (31,706) (9,370) Effect of exchance rate changes on cash and cash equivalents (1,694) (532) (1,162) (8,248) (2,671) (5,577) Net increase (decrease) cash & cash equivalents 10,799 103,129 (92,330) (6,274) 130,533 (136,807) Cash & cash equivalents at begin yr. 268,368 308,393 (40,025) 285,441 280,989 4,452 Cash & cash equivalents at yr. end 279,167 411,522 (132,355) 279,167 411,522 (132,355) 2Q15 www.gmexico.com Page 16

(Thousands of US Dollars) MÉXICO PROYECTOS Y DESARROLLOS, S.A. DE C.V. (MPD) CONSOLIDATED FINANCIAL STATEMENTS (US GAAP) Quarters Accumulated STATEMENT OF EARNINGS Q215 Q214 Variance 2015 2014 Variance Net sales 137,098 153,787 (16,690) 288,256 265,566 22,690 Cost of sales 68,791 88,458 (19,667) 139,983 160,172 (20,189) Gross profit 68,307 65,330 2,977 148,273 105,393 42,880 Gross margin 50% 42% 51% 40% Administrative expenses 4,898 4,356 542 9,508 8,329 1,179 EBITDA 59,242 58,650 592 132,559 95,638 36,921 Depreciation and amortization 20,987 13,059 7,928 40,740 23,878 16,862 Operating income 42,421 47,914 (5,493) 98,025 73,187 24,839 Operating margin 31% 31% 34% 28% Interest expense 14,263 11,510 2,753 27,003 23,553 3,451 Interest income (732) (1,558) 826 (1,573) (3,126) 1,553 Other (income) expense, net 4,167 2,324 1,843 6,207 1,427 4,780 Earnings before Tax 24,724 35,639 (10,915) 66,388 51,333 15,055 Taxes 2,631 13,297 (10,666) 12,307 21,765 (9,458) Net Earnings 22,093 22,342 (249) 54,081 29,568 24,513 Net income attributable to the noncontrolling interest (2) (1) (1) (5) (1) (4) Net Earnings 22,095 22,342 (248) 54,086 29,569 24,517 BALANCE SHEET Cash and cash equivalents 100,798 56,748 44,050 100,798 56,748 44,050 Restricted cash 85,153 120,583 (35,430) 85,153 120,583 (35,430) Notes and accounts receivable 57,261 94,873 (37,611) 57,261 94,873 (37,611) Inventories 37,370 23,786 13,584 37,370 23,786 13,584 Prepaid and others current assets 164,876 158,859 6,016 164,876 158,859 6,016 Total Current Assets 445,458 454,849 (9,391) 445,458 454,849 (9,391) Property, plant and equipment, Net 1,826,210 1,609,650 216,559 1,826,210 1,609,650 216,559 Other long term assets 383,665 432,075 (48,410) 383,665 432,075 (48,410) Total Assets 2,655,333 2,496,574 158,758 2,655,333 2,496,574 158,758 Liabilities and Stockholders' Equity Current portion of longterm debt 125,576 251,817 (126,241) 125,576 251,817 (126,241) Accumulated liabilities 206,663 265,158 (58,495) 206,663 265,158 (58,495) Current Liabilities 332,238 516,975 (184,737) 332,238 516,975 (184,737) Longterm debt 1,088,571 928,680 159,890 1,088,571 928,680 159,890 Other noncurrent liabilities 276,509 302,447 (25,938) 276,509 302,447 (25,938) Total Liabilities 1,697,318 1,748,103 (50,784) 1,697,318 1,748,103 (50,784) Stockholders equity 901,552 861,316 40,237 901,552 861,316 40,237 Other equity accounts (139,402) (187,228) 47,826 (139,402) (187,228) 47,826 Retaining earnings 195,407 74,347 121,060 195,407 74,347 121,060 Total Stockholders' equity 957,556 748,434 209,122 957,556 748,434 209,122 Noncontrolling interest. 458 37 421 458 37 421 Total Liabilities and Equity 2,655,333 2,496,574 158,758 2,655,333 2,496,574 158,758 CASH FLOW Net earnings 22,093 22,341 (248) 54,081 29,568 24,513 Depreciation and amortization 20,988 13,059 7,929 40,740 23,878 16,862 Deferred income taxes (647) 3,338 (3,985) 837 7,191 (6,354) Other Net (461) 2,563 (3,024) 202 2,875 (2,673) Changes in assets and liabilities (8,022) (93,264) 85,242 60,575 (76,751) 137,325 Cash generated by operating activities 33,951 (51,963) 85,914 156,435 (13,239) 169,673 Capital expenditures (38,373) (210,811) 172,438 (51,459) (234,552) 183,093 Restricted cash (29,225) 36,573 (65,798) (41,587) (105,347) 63,760 Other Net 14,383 (9,613) 23,996 (27,931) 135,106 (163,037) Cash used in investing activities (53,215) (183,851) 130,636 (120,977) (204,793) 83,816 Debt incurred 35,000 7,049 27,951 48,501 18,421 30,080 Debt amortization (26,461) (11,367) (15,094) (37,078) (23,490) (13,588) Other Net 193,818 (193,818) 198,583 (198,583) Cash used in financing activities 8,539 189,500 (180,961) 11,423 193,514 (182,091) Net increase (decrease) cash & cash equivalents (10,724) (46,314) 35,589 46,881 (24,518) 71,399 Cash & cash equivalents at begin yr. 111,523 103,062 8,461 53,917 81,266 (27,349) Cash & cash equivalents at yr. end 100,798 56,748 44,050 100,798 56,748 44,050 2Q15 www.gmexico.com Page 17