Nafin is a development bank wholly owned by the Mexican government. It provides financing to support MSMEs, infrastructure projects, and power generation. Nafin's loan portfolio has grown significantly in recent years and it remains the largest development bank and third largest bank in Mexico. Nafin aims to improve access to financing for MSMEs and support strategic long-term projects through both direct lending and partnerships with other financial institutions.

1. Nacional Financiera S.N.C.
Investor Presentation
March 2017

2. Disclaimer
This presentation (the “Presentation”) has been prepared by Nacional Financiera, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo (“Nafin”) and its affiliates
exclusively for the benefit and internal use of the recipient (the “Recipient”) to whom it is addressed. The Recipient is not permitted to reproduce in whole or in part the information
provided in this Presentation (the “Information”) or to disclose the Information to any third party without the prior written consent of Nafin. Nafin and its affiliates, officers, directors,
employees, professional advisors and agents do not accept responsibility or liability for this Presentation or its contents (except to the extent that such liability cannot be excluded by
law).
Nothing in this Presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell any securities of Nafin or any of its affiliates in any jurisdiction.
This Presentation is (i) for discussion purposes only; and (ii) speaks only as of the date it is given, reflecting prevailing market conditions and, as a result, the views expressed are
subject to change based upon a number of factors, including market conditions and Nafin’s business and prospects. The Information contained in these materials has not been
independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the
information or opinions contained herein. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of Nafin’s
financial position, operations or prospects.
The Information contained in this Presentation has not been subject to any independent audit or review and may contain “forward-looking” statements regarding Nafin’s business
outlook and anticipated financial and operating results, as well as estimates and projections that relate to future events, which are, by their nature, subject to significant risks and
uncertainties. All statements other than statements of historical fact contained in this Presentation including, without limitation, those regarding Nafin’s future financial position and
results of operations, strategy, plans, objectives, goals and targets, future developments in the markets in which Nafin operates or is seeking to operate, and any statements preceded
by, followed by or that include the words “believe,” “expect,” “aim,” “intend,” “will,” “may,” “project,” “estimate,” “anticipate,” “predict,” “seek,” “should” or similar words or expressions, are
forward-looking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors, many of
which are beyond Nafin’s control, that may cause actual results, performance or events to differ materially from those expressed or implied in these statements. These forward-looking
statements are based on numerous assumptions regarding Nafin’s present and future business strategies and the environment in which Nafin will operate in the future and are not a
guarantee of future performance. Such forward-looking statements are subject to change and speak only as at the date on which they are made. None of Nafin or any of its affiliates,
officers, directors, employees and agents undertakes any duty or obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after
the date of this Presentation, whether as a result of new information, future events or otherwise, except to the extent required by law. In addition, none of Nafin or any of its affiliates,
officers, directors, employees, professional advisors and agents make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be
achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario.
Although Nafin believes that the estimates and projections in these forward-looking statements are reasonable, they may prove materially incorrect and actual results may materially
differ. As a result, Recipients should not rely on these forward-looking statements.
This Presentation should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any investment. Under no circumstances
is this Presentation or the Information contained herein to be construed as a prospectus, offering memorandum or advertisement, and neither any part of this Presentation nor any
Information or statement contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities in
any offering of securities of Nafin or its affiliates should be made solely on the basis of information contained in any offering document which may be published or distributed in
connection with any such offering of securities. More information on the risk factors that could affect Nafin’s results are contained in the offering memorandum relating to the notes.
By receiving or participating in this Presentation, the Recipient acknowledges and agrees to be bound by the foregoing qualifications and limitations.
Presentation of Financial Information of Nafin
The financial information included in this Presentation has been derived from Nafin’s financial statements as of December 30, 2016 (subject to Nafin’s board approval) and for as of the
years ended December 31, 2015, 2014 and 2013. These financial statements were prepared in accordance with the accounting principles and regulations prescribed by the CNBV for
credit institutions, as amended from time to time.

3. Table of Contents
1
2
3
NAFIN at a Glance Introduction
Business Overview Section 1
NAFIN’s Credit Highlights Section 2
Mexico Outlook and Challenges Section 3

4. 4
Source: NAFIN, data subject to Nafin's board approval.
Note: Financial data converted to US$ using the FX rate of MXN20.6194 per US$1, the exchange rate published by Banco de Mexico on December 31, 2016. Total Loan portfolio excludes loan guarantees.
(1) Calculated as Income before non-holding company equity divided by average total assets.
(2) Calculated as profit attributable to NAFIN divided by average shareholders equity.
(3) Regulatory Capital is calculated in accordance with guidelines of the Basel II Accord, as adopted by the CNBV. As of January 1, 2013, minimum regulatory capital for all Mexican banks, including us, expressed as a percentage of
risk-weighted assets, was set at 8%, this is in addition to a 2.5% supplemental capital requirement. See "Regulation and Supervision - Regulation and Supervision in Mexico - Capitalization“ in the Offering Memorandum.
(4) Calculated as total non-performing loans divided by total loans. Includes guarantees granted and credit commitments.
(5) Calculated as allowance for loan losses divided by non-performing loans. Includes guarantees granted and credit commitments.
(6) Non-Bank Financial Intermediaries include credit unions, SOFOMes, promotion entities, SOFIPOs and sureties providers.
• NAFIN is a development bank established in 1934 and is wholly-owned by the
Mexican government
• NAFIN’s principal goal is to provide access to affordable financing to micro,
small and medium-sized enterprises (“MSMEs”) operating throughout Mexico,
a historically under-banked sector of the economy
– NAFIN is key to promoting the Mexican government’s policies for
expanding economic and social development in Mexico with the primary
objective of generating jobs and regional growth by strengthening and
modernizing MSMEs
• NAFIN also provides financing for infrastructure and power generation
• Under NAFIN’s organic law, the Mexican government shall be responsible, at
all times, for transactions entered by NAFIN with (i) Mexican individuals and
companies; and (ii) non-Mexican private, governmental and intergovernmental
institutions
Critical Role in Financing MSMEs and Promoting
Mexico’s Economic and Social Development Financial Highlights
Total Private Sector Loans and Loan Guarantees
(MXNbn)
First - Tier Loans
• Loans directly to final
borrowers
• Loans made mainly to
borrowers involved in
developing specific
projects that also
result in job creation
and support MSMEs
• Includes Sustainable
Projects
Second - Tier Loans
• Credit lines made
available to
intermediary financial
institutions (Mexican
commercial banks and
non-bank lenders(6)) to
promote MSMEs
activity
• Complements retail
banks, not competes
with them
• 176 Financial
Intermediaries (75%
Non-Bank(6))
Loan Guarantees
• Provided for loans to
MSMEs originated by
third-party commercial
lenders
• Usually guarantees
50% of the loans
• NAFIN earns a fee on
these guarantees
which are almost
entirely covered by a
trust principally funded
by the Ministry of
Finance and the
Ministry of Economy
NAFIN at a Glance
March 2017
US$mm
2013 A 2014 A 2015 A 2016 A 2016 A
Interest Income $19,530 $15,157 $14,416 $21,187 $1,028
Net Income 1,747 1,686 1,330 1,350 65
2013 A 2014 A 2015 A 2016 A 2016 A
Total Loan Portfolio $120,602 $150,299 $171,702 $214,313 $10,394
Total assets 352,037 389,762 384,710 503,541 24,421
Total liabilities 329,464 365,666 359,324 475,432 23,058
Stockholders Equity 22,573 24,096 25,386 28,109 1,363
Selected Ratios 2013 A 2014 A 2015 A 2016 A
ROAA(1)
0.52% 0.45% 0.37% 0.28%
ROAE(2)
7.72% 6.74% 4.87% 5.05%
Capital ratio(3)
15.30% 14.62% 13.57% 13.26%
NPL ratio(4)
1.48% 1.29% 1.13% 1.04%
NPL coverage ratio(5)
202% 209% 248% 259%

5. Business Overview

6. Loan Guarantees
(46% of total loan portfolio)(1)
Second - Tier Loans
(40% of total loan portfolio)(1)
First - Tier Loans
(14% of total loan portfolio)(1)
Intermediary Financial Institutions
(Commercial banks and non-bank lenders)
Third Party
Commercial Lenders
Final
Borrower
Final
Borrower
Final
Borrower
6
Business Overview
NAFIN’s Credit Risk: Final BorrowerNAFIN’s Credit Risk: Financial Intermediaries
NAFIN’s Credit Risk: 50% up to 100% Guarantee on
MSMEs Loans
(losses covered almost entirely by funds principally from the Ministry of Economy
and the Ministry of Finance)
• In second-tier loan and guarantee programs, the intermediary financial institutions serve as agents by extending loans to ultimate borrowers,
enabling Nafin to increase the size of its loan portfolio without significant additional operating expenditure
• Each intermediary financial institution originates and underwrites loans using Nafin’s available credit lines
– Intermediaries bear ultimate borrowers’ credit risk, thus Nafin risks, is related to the intermediary financial institution and not to the ultimate
borrower
Nafin’s Business Model
Source: NAFIN.
(1) As of December 31, 2016 (subject to Nafin's board approval)
March 2017
Core Business

7. 44%
25%
24%
7%
Private Financial
Intermediaries
Commercial Banks
Private Sector
Entities
Other(3)
40%
28%
32% Industry
Commerce
Service
Source: NAFIN as of December 31, 2016 (subject to Nafin's board approval)
(1) Includes loan guarantees.
(2) Includes first and second-tier loans, excluding loan guarantees.
(3) Other include Mexican Government, International Financial Organizations and Development Banks.
MSME Development
and Financing
Clients
Main Products &
Services
Channel
• Second-tier
• Commercial Banks
• Non-bank financial
intermediaries
• Credit
• Electronic Factoring
• Loan Guarantees
• Managerial training and
technical assistance
• MSMEs
By Economic Sector(1)
Description
• Provides loans, guarantees,
managerial training and
technical assistance to
MSMEs
• Represents ~80% of the
total Loan Portfolio
By Type of Borrower(2)
MXN366bn MXN 214bn
Business Divisions
Loan Portfolio Breakdown
7
Business Model
Investment and
Corporate Banking
Fiduciary Services
Treasury and
Financial Markets
Financial Agent
• First-tier
• “Fund of Funds”, a fund
created to invest in other
funds
• Direct
• Financial intermediaries
• Treasury
• Money market desk
• FX desk
• Derivatives desk
• Investment funds
• Securities guarantees
• Sustainable Project
Financing(4)
• Corporate Finance
• Venture Capital
• Managerial training and
technical assistance
• Institutional and corporate
investors
• Public and private entities
• Fiduciary Services
• Direct • Direct
• Private entities
• Public and private strategic
projects
• Manages NAFIN’s funding
and treasury
• Securities, currency
and derivatives markets
• Intermediary of the Mexican
Government in the
negotiation, execution and
management of loans from
several multilateral financial
entities
• Supports the development of
government - owned
and private sector projects
• Supports the development
of strategic and sustainable
projects
• Public entities
• Intermediation in loans from
multilateral organizations
March 2017
Core Business

8. Sovereign Guarantee
• All NAFIN debt is considered public debt of Mexico under the Federal Law
of Public Debt:
The Mexican government shall be responsible, at all times, for
transactions entered into by us with (i) Mexican individuals and
companies, and (ii) non-Mexican private, governmental and
intergovernmental institutions
8
UMS Credit Ratings
BBB+ Negative
A3 Negative
BBB+ Negative
Rating OutlookAgency
99.9%
owned by the
Mexican
Government(1)
Source: NAFIN’s Organic Law.
(1) The Mexican Government owns 99.9% of NAFIN’s shares or CAPs (Contribution of Interest Certificates)
This support from the Mexican government allows NAFIN to access diverse sources of funding to develop its business objectives
and continue expanding its portfolio in line with the government’s mandate
March 2017

9. 2016 Highlights
9
Key Metrics
Capital
Markets
• Gross Loan Portfolio
– Loan portfolio (excluding loan guarantees) grew 23% driven primarily by Mexican government policy of expanding the participation of
development banks in promoting economic growth
– Nafin, in terms of loan portfolio, remains the third largest bank in Mexico and the largest development bank in Mexico.
• Improved Financials and Ratios
– NPL Ratio decreased from 1.13% to 1.04%
– NPL Coverage Ratio is 79% higher than the banking system
• Capitalization Rate
– Remains +5.26% higher than the regulatory requirement
• Portfolio composition in accordance to Nafin’s core business
– 46% Loan guarantees, 14% First Tier Loans and 40% Second Tier Loans
– 32% Service, 40% Industry and 28% Commerce
#1
2016 Highlights
• We continued to broaden and diversify our funding sources by achieving two new milestones:
– First Euroclearable Cebures for NAFIN in April 2016
– Issued the first ever MXN-denominated Green Bond in September 2016

10. Essential Participant in the Mexican Government’s Economic and
Social Development Strategy
Key Player to Boost the MSME Loan Segment with a
Strong Potential for Future Growth
Highly Diversified Portfolio with a Low Non-Performing Loans Ratio
Strong Risk Management Processes and Policies
Solid Financial Performance
Strong Corporate Governance with an Experienced BoD and Management Team
Robust Financial System
10
1
3
4
5
2
6
7
NAFIN’s Credit Highlights
March 2017

11. 1
11
NAFIN’s Key ObjectivesMexican Financial System
Main
Authorities
Central Bank
of Mexico
Ministry of
Finance
Mexican Banking and
Securities Commission
Financial Intermediaries
Improve MSMEs growth and productivity by increasing
financing and improving loan conditions
1
Support the development of long-term projects in priority
and high impact sectors, in coordination with other
development banks
2
Promote the development of Mexico through the offering of
differentiated products, either directly or through a network
of intermediaries
3
Contribute to the development of the Mexican financial
markets through innovative instruments and mechanisms as
sources of financing for MSMEs
4
Maximize the impact on economic development while
ensuring our long-term sustainability
5
Maintain a flexible and innovative support and management
structure
6
Develop a result-oriented management team to improve
Mexico’s economic development
7
Export credit
agency that
finances Mexican
companies
Promote and
finance
infrastructure
projects and public
services
Promote the
development of
the local
industrial SMEs
Provide banking
services to the
members of the
Mexican Army
Promote the
development of
Mexico’s credit and
savings sector
DevelopmentBanks(2)
Promote the
housing market by
financing affordable
houses
($9,091)($17,184) ($9,976)(1)
($1,733) ($96)($2,760)
(Gross Loan Portfolio as of November 2016 in US$mm excluding Loan Guarantees)
#2
Essential Participant in the Mexican Government’s
Economic and Social Development Strategy
Source: CNBV and NAFIN’s website.
(1) Excludes loans guarantees
(2) Financial data converted to US$ using the FX rate of MXN20.5155 per US$1
March 2017

12. 1934
• NAFIN was founded with the
purpose of promoting Capital
Markets in Mexico
Dec 1940
• NAFIN’s New Organic
Law is published,
making it a national
credit institution
2009
• The Sustainable
Projects Unit was
created to participate
in the financing of
environmentally
friendly projects
1
12
Source: CNBV and Company website.
Data as of November 30, 2016
(1) Includes only commercial loans (Corporate, financial institutions and government). For NAFIN, it also includes loan guarantees.
1945
• Begins promoting the
Mexican
industrialization to
replace imports
1980 - 1988
• NAFIN was focused on
providing support to
companies in distress that
were considered essential
for Mexico
1937
• First Debt Capital
Markets issuance
by NAFIN
20121940
20122009
1986
• NAFIN’s New
Organic Law was
published, making it
a development bank
2010
• NAFIN becomes the 1st
Mexican Bank to
provide financing to a
wind project in Mexico
20121986
NAFIN is a Key Player in Mexico’s Financial System
Commercial Banks Gross Loan Portfolio (1)
(MXNbn)
Development Banks Gross Loan Portfolio (1)
(MXNbn)
#1
#3
YoY Change
13.6% 16.3% 24.5% 9.6% 25.8% 11.2%16% 18.5%10.2%
1940
• NAFIN’s first Debt
Capital Markets
issuance
20121945
10.2% 4.3% 19%30.3% -15.9%24.5%
YoY Change
2013
• 2013-2018 National
Development Plan of
the Mexican government
is published
20122013
Essential Participant in the Mexican Government’s
Economic and Social Development Strategy
March 2017
20122015
2015
• The return to international
markets after 18 years with
the first USD Green Bond
by a Mexican issuer
2016
• First MXN
Green Bond
in the history
of the Mexican
market20122016

13. 111.20%
67.90%
47.10%
36.80%
32.70%
0%
20%
40%
60%
80%
100%
120%
Chile Brazil Colombia Peru Mexico
2
13
Source: Mexico Banks and Securities Regulator (CNBV), ProMexico and World Bank.
…Coupled with Stable ProfitabilityRobust Asset Quality and Adequate Capitalization…
… But Still Remains as an Underpenetrated MarketStrong Loans Market Growth in Mexico…
15.7% 16.0% 15.5% 15.8% 14.7%
Capital Ratio Banking System
(MXNbn) (2015 Loans to Private Sector as % GDP)
Robust Financial System
March 2017
MSMEs play a key role in the Mexican Economy:
99% (total number of incorporated firms), 72% (Mexican workforce) and 52% (Mexico’s GDP)

14. 3
14
Data as of September 30, 2016
Source: Banco de Mexico, NAFIN’s Filings and annual report , Americas society, ProMexico, IFC, Global alliance od SMEs (“GASME”) and Bloomberg.
(1) Calculated using NAFIN’s estimates of proportion of Total Loans to the Private Sector to Loans to Companies (i.e. Large Corporations and MSMEs).
(
Commercial and Development Banks Loans to MSMEs (1)
NAFIN sponsors over 500,000 MSMEs
(MXNbn)
MSMEs’ Contribution to GDP
MSMEs Production as % of GDP
Key Player to Boost the MSME Loan Segment
with a Strong Potential for Future Growth
March 2017

15. 44%
25%
24%
7%
Private Financial
Intermediaries
Commercial Banks
Private Sector Entities
Other(3)
44%
39%
17%
Loan Guarantees
Second-Tier Loans
First-Tier Loans
40%
28%
32% Industry
Commerce
Service
4
15
Source: NAFIN’s Management and Financial Statements as of December 31, 2016 (subject to Nafin's board approval)
(1) Includes loans guarantees.
(2) Includes first and second-tier loans, excludes loan guarantees and memorandum
(3) Includes first and second-tier loans, excludes loan guarantees.
(4) Calculated as allowance for loan losses divided by non-performing loans. Includes guarantees granted and credit commitments.
(5) Calculated as total non-performing loans divided by total loans. Includes guarantees granted and credit commitments.
Highly Diversified Loan Portfolio
Portfolio by Risk Rating(2) and Currency(3) Loan Portfolio by Tenor (%)(3) Low Default Incidence
By Economic Sector(1) By Type of Borrower(2)
MXN366bn
Average Life of 3.1 years
Highly Diversified Portfolio with a
Low Non-Performing Loans Ratio
March 2017
NAFIN has a highly diversified loan portfolio where second-tier represents 40% of its total loan portfolio
(including loan guarantees)
MXN214bn
MXN214bn
By Type of Loan
MXN214bn
MXN366bn

16. 5
16
Source: Mexico Banks and Securities Regulator (CNBV).
(1) Total Funding Sources correspond to Total Indebtedness as of December 31, 2016
(2) Regulatory Capital is calculated in accordance with guidelines of the Basel II Accord, as adopted by the CNBV. As of January 1, 2013, our minimum regulatory capital for all Mexican banks, including us, expressed as a
percentage of risk-weighted assets, was set at 8%, this is in addition to a 2.5% supplemental capital requirement. See "Regulation and Supervision - Regulation and Supervision in Mexico - Capitalization".
Capitalization Levels
Regulatory Requirement
CNBV’s Early Alert Limit
(MXNbn)
8.0%
10.5%
(2)
MXN275bn MXN275bn
Strong Risk Management Processes and Policies
March 2017
Strong Funding Sources Across the WorldFunding Sources by Currency and Type(1)
1994
2012
2014
2015
2016
Established its Certificates of Deposit (CD) Program
through its London Branch (USD 500 million)
NAFIN issued a 5-year tenor CD, the first long term issue
since 1997.
NAFIN issued MXN 17,000 million and the CD Program
was rated BBB+ by Standard and Poor's
The return to international markets after 18 years,
reaching in the CDs Program US$1,963 million (highest)
NAFIN issued the first MXN-denominated Green Bond in
the history of the Mexican market achieving an amount
of MXN 2,000 million

17. • NAFIN established its Certificates of Deposit (CD) Program through its London Branch for an amount of up to USD 500 million.
• On October 2013, the CD Program was increased to an amount of up to USD 2,000 million
• NAFIN issued a 5-year tenor CD, the first long term issue since 1997.
• The CD Program was rated BBB+ by Standard and Poor's
• NAFIN issued 2 CDs with a tenor of 2 years, to continue with its long term financing goals.
• In June 2015, the Program reached US$1,963 million, the highest outstanding amount issued by NAFIN in this type of transaction since it
was established
5
17
Strong Risk Management Processes and Policies
CDs Program Features
 The most important source to raise funds in
foreign currencies is the CD Programme
managed by our London Branch.
 The issuance of CDs is registered at the Mexican
Ministry of Finance as external indebtedness.
 The rates quoted are not subject to tax retention
or deduction.
1994
2013
2014
2015
Issuer NAFIN, through its London branch
Paying Agent HSBC Bank Plc
Amount Up to USD 2,000mm
Instrument Certificates of Deposit (CDs)
Issue Type To be determined on placement
Term Between 7 days and 5 years
Currency USD and any other currency freely convertible to USD
Coupon Fixed, variable or zero
Governing Law English Law
• NAFIN issued 3 more CDs with a tenor of 5 years consolidating its funding strategy.
• CDs became available for "Repos" in Mexico2016

18. 6
18
Source: Company filings as of December 31, 2016 (subject to Nafin's board approval)
(1) Calculated as total non-performing loans divided by total loans. Includes guarantees granted and credit commitments.
(2) Calculated as allowance for loan losses divided by non-performing loans. Includes guarantees granted and credit commitments.
(3) Calculated as administration and promotional expenses divided by the average total assets
(4) Calculated as profit attributable to NAFIN divided by average stockholder’s equity.
Total Net Loan Portfolio Growth NPL Ratio(1) and NPL Coverage Ratio(2)
Efficiency Ratio(3) Net Income and ROAE(4)
(MXNbn)
(MXNbn)
Solid Financial Performance
March 2017

19. 6
19
Source: Company Financial Statements as of December 31, 2016 (subject to Nafin's board approval)
(1) Calculated as Net Interest Income adjusted for credit risk, divided by total average interest-earning assets.
(2) Calculated as Income before non-holding company equity divided by average total assets (the sum of total assets at the end of the current period and total assets at the end of the previous period, divided by two).
(3) Calculated as allowances for loan losses divided by the total loans at the end of the period/year.
(4) Regulatory Capital is calculated in accordance with guidelines of the Basel II Accord, as adopted by the CNBV. As of January 1, 2013, our minimum regulatory capital for all Mexican banks, including us, expressed as a
percentage of risk-weighted assets, was set at 8%, this is in addition to a 2.5% supplemental capital requirement. See "Regulation and Supervision - Regulation and Supervision in Mexico - Capitalization".
Financial Margin and Net Interest Margin %(1) ROAA(2)
Allowance for Loan Losses as a % of Total Loans(3) Capital Ratio(4)
(MXNbn) (MXNbn)
(MXNbn)
CNBV’s Early Alert Limit: 10.5%
Regulatory Requirement: 8.0%
Solid Financial Performance (Cont’d)
March 2017

20. Administration
and Finance
Federico Ballí
(Previous senior
positions held in
Mexico’s Institute for
Social Security and
Social Services of
Government
Workers (ISSSTE),
Banobras and
Fonatur after an
extensive career in
the Mexican financial
industry (commercial
and development
banking))
Development
Financing
Catalina Bonnefoi
(Prior joining NAFIN,
held positions of
general director of
business promotion at
National Financiera of
Agricultural
Development,
Rural, Forestry and
Fisheries and in
Secretariat of
Finance and Public
Credit)
)
Corporate
Banking
Raúl Solis
(Held senior
positions at
Operadora
Promotora de
Fondos de Capital
MexCapital, Grupo
Financiero
Interacciones, Banco
Internacional and at
Valores Finamex, all
in financial
engineering and
M&A)
Credit
Pedro Argüelles
(Has held his current
position since 2001,
previous senior
positions held at
BBVA-Bancomer,
always in credit and
risk management))
Legal and
Fiduciary
Operations
Luis Dantón
Martínez
(Held positions as
legal director at
Walmart, Citigroup
and Banamex, and
as attorney at the law
firm Franck, Galicia,
Duclaud & Robles)
Treasury and
Markets
Pedro Guerra
(Held positions as
corporate director of
institutional relations
and executive director
of trusts and investment
funds at Management
Service and Disposal of
Personal Property; he
also participated in the
National Water
Commission, similarly,
he served as director
general at
Mining Development
Trust)
Regional
Promotion &
Institutional
Relations
José Elías Sahab
(Held positions as
commercial director at
BNY Mellon, as head of
the financial legal
department at PEMEX,
and as chief of staff at
the Ministry of Public
Administration
(Secretaría de la
Función Pública ))
Internal
Control Entity
Luis Bartolini
(Served as member
of the BoD of several
companies, including
CINTRA; and as
secretary of the BoD
of several
institutions, including
the National
Association of
Manufacturers of
Household
Appliances. Also
founder and
president of the
Asociación Mexicana
de Abogados
Lasallistas)
Entrepreneural
Banking
Tonatiuh
Salinas
(Held positions as
minister of
sustainable
development,
ministry of labor for
the government of
the state of
Querétaro (Mexico),
director of several
Mexican private and
government-owned
entities and
programs, including
NAFIN and
COPARMEX. He has
also been in charge
of several
entrepreneurial
programs)
Technical Coordination
Adriana Covarrubias
(Held positions as general manager, adviser, technical coordinator and private secretary
at the Mexican Institute of Social Security (IMSS), the Mexican Tax Administration
Service (SAT), the Federal Treasury and the Ministry of Finance (SHCP))
CEO
Jacques Rogozinski
7
20
Pedro Joaquín
Coldwell
Minister of Energy
TopQualityManagement
Selected Members of Board of Directors
Strong Corporate Governance with an
Experienced BoD and Management Team
Source: Company website.
March 2017
Carlos García
Moreno
América Móvil
Salvador Martínez
Evercore Partners
Independent
Government
(Has held his position since January 2013, previously held
senior positions in the Interamerican Development Bank (IDB),
as well as in Banobras and Fonatur)
Jose Antonio
Meade
Minister of Finance

21. MEXICO OUTLOOK AND
CHALLENGES

22. Mexican Economy: Tailwinds to Turn Into
Headwinds
Mexico has faced numerous
headwinds over the last two
years…
…But we expect some of
these to turn into
tailwinds.
Reduction in
oil prices
despite recent
rebound
Subdued
global growth
Volatility
associated with
monetary policy in
the U.S.
Historically Low
consumer
confidence
Weakened
local currency
Geopolitical
uncertainty post
U.S. elections
Oil sector
expected to
stop being a
drag on GDP
Structural
reforms will
continue to
boost
investment
Demographics
imply Mexico will
be a large and
growing market
Fundamentals of
US-Mexico
relation are
strong
Cons. Confidence
and household
spending relation
not particularly
reliable
Weaker peso
would play a key
role in alleviating
balance of
payment
22
Although Mexico has been enduring several headwinds,
the Government is properly addressing its challenges…
…by focusing on the benefits of the relationship with its
trading partners all across the globe while maintaining
solid fundamentals
March 2017

23. U.S.-Mexico Relationship
23
Nearly 1,000,000 people and 300,000 vehicles
legally cross the border daily.
More than $1 billion worth of goods pass
through the 42 border crossings every day.
Mexico is the 3rd most important supplier to the
US and its 2nd most important consumer.
Mexico is the 1st or 2nd market for 29 out of 50
U.S. states.
Mexico and the US maintain a highly integrated
production chain.
Mexico has more FDI into the US than any other
emerging market.
Approximately 6 million jobs in the US depend
directly on bilateral trade with Mexico.
Mexico is the top destination for US travelers.
Source: United Mexican States, Nafin
(1) As of December, 2017
Key Takeaways
Mexico is one of the U.S. most important supply chain partner and 2nd largest export market: a “trade war” would
mean that U.S. taxpayers could lose by paying more for Mexican products, U.S. manufacturers lose due to the increase
in their supply chain costs and U.S. exporters lose If Mexico retaliates. U.S. president currently being checked and
balanced on several topics.March 2017

24. Structural ReformsFinancial SystemMonetary PolicyFiscal Policy
• Fiscal consolidation
program.
• Robust Fiscal
Program for 2017.
• Prudent and
efficient debt
management.
• Pemex business
plan.
24
1
• Inflation has
converged towards
the 3% target.
January hike (to
4.7%) largely due to
the result of hikes in
regulated fuel
prices.
• Inflation
expectations
anchored around
the target.
• FX reserves and
flexible credit line.
• Banks’ adequate
levels of capital.
• Implementation of
the structural
reforms.
• Framework for
better law
enforcement and
increased
transparency.
2 3 4
An appropriate economic policy mix has
contributed to Mexico’s economic resilience…
March 2017

25. 25
-0.4
-0.9
-0.5 -0.4
-0.1
-0.8
-1.8
-6.0
-6.2
-9.1
-7.4
-5.4
-3.7
-4.6
-9.8
1.1
2.0 1.7
1.3
2.5
2.0
2.6
3.3 3.2 3.1 3.4
2.9 3.0 3.0 2.8
1.0
1.7 1.6
1.1
2.3
1.8
2.3 2.7 2.6 2.3
2.7 2.4 2.6 2.5
2.0
-15
-13
-11
-9
-7
-5
-3
-1
1
3
5
I2013
II2013
III2013
IV2013
I2014
II2014
III2014
IV2014
I2015
II2015
III2015
IV2015
I2016
II2016
III2016
Oil GDP *
Non Oil GDP
Total GDP
Excluding the oil
sector, Mexico has
grown at an average
rate of over 3% since
2014.
*/ Oil represents approximately 6% of GDP.
Source: INEGI.
…Despite an unfavorable external environment,
Mexico’s growth has been resilient...
...
Oil and Non-Oil GDP (YoY Growth)Update 4Q when available
March 2017

26. 26*/ Insured workers in the National Social Security (IMSS).
Source: CNBV, IMSS, INEGI and Banxico.
…And Economic Growth Has Been Mainly Driven
by the Domestic Market...
Formal Employment and Private Consumption
(Annual Growth %, 3m mov. Avg)
4.1
3.3
0
1
2
3
4
5
6
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Formal Employment
Private Consumption
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Jan-09
Aug-09
Mar-10
Oct-10
May-11
Dec-11
Jul-12
Feb-13
Sep-13
Apr-14
Nov-14
Jun-15
Jan-16
Aug-16
Total Exports
Manufacturing Exports
Exports
(Annual Growth %, 3m mov. Avg)
March 2017

27. 27
…Meanwhile Mexico is Successfully Addressing
its Important Challenges by:
Macro-Policy
Reforms
Rule of Law
International Trade
Maintaining discipline and consistency on macro policy
Thorough implementation of the structural reforms
Further efforts to ensure the rule of law
Focus on U.S.-Mexico and other international trade
relationships, highlighting advantages of trade integration
1
2
3
4
• NAFTA embedded under WTO
• Large vested interests on trade relationships
March 2017