Diario | Latin America

Research evidence excerpt

Diario | Latin America

Latin America | Diario EquityJuneResearch9, 2026

Exhibit 1 - Mexico’s Trade Footprint in the USDiario | Latin America

[2025]

Washington

Maine Montana

North Dakota MinnesotaAsur, Auna, Brazil Tariffs, Charting LatAm, Colombian elections, Gruma, Oregon

Idaho

Wisconsin

Dakota

Rhode Island Wyoming South Michigan New NewYorkMassachusettsVermontHampshireConnecticut

Pennsylvania IowaLatAm Banks, Magazine Luiza, MercadoLibre, Totvs Nebraska

Ohio Nevada Utah MarylandNew JerseyDelaware Illinois Indiana

Colorado West Virginia

Virginia Kansas California Missouri Kentucky

Alabama GeorgiaCharting LatAm #3: Tariffs, Trade & Treaties. Our third Charting LatAm edition focuses Hawaii Arizona New Mexico Oklahoma Arkansas Tennessee SouthNorthCarolinaCarolina

Texas LouisianaMississippi

Alaskaon Latin America's trade dynamics with an emphasis on USMCA ahead of the July 1st Florida

negotiations deadline between Mexico, the US, and Canada, highlighting its importance for Mexico as a top 3 trading partner

Mexico relative to its partners. We also examine US–Brazil trade relations, as talks around .Source: US Census, Jefferies Mexico as a top 5 trading partner

potential new tariffs gain traction, on which we will host an expert call on June 10th.

Exhibit 2 - Brazil exports/imports to/from US

LatAm Banks | Mexico | CNBV (Apr-26) | P&L and Credit | NPLs Still Bumpy in Commercial. [US$bn]

5System ROE softened vs. trend in April, but underlying profitability remained broadly stable 4

across most listed banks (with the exception of Compartamos). Credit growth showed no 32

material change, while asset quality continues to hold up well in consumer portfolios, albeit 10

with some residual volatility in commercial lending. (1)(2)

(3)