Thanks to the relatively high vaccination rate, no significant restrictions were placed on the economy or free travel, so 2022 saw a consolidation of the recovery since the end of 2020 and 2021, both in light and heavy traffic.

As a result, 2022 closed with average daily traffic above 2019 levels in all our assets in Mexico.

2022 was also the year in which we took a leap forward in terms of sustainability. We launched a new organisational unit focused on ESG, developing specific objectives, new policies and improved processes in order to raise the bar in this field. These efforts will continue in 2023 and subsequent years, as part of the company's 2023-2025 Master Sustainability Plan.

Another key point in the year was the progress made in building the Santa Catarina Viaduct. In order to make this new public connection available as soon as possible, we designed a three-phase implementation process. The first was completed in October 2022, and since then, the Monterrey Metropolitan Area and all the users of our roads have benefited from better connectivity.

We look to 2023 with optimism. Traffic trends remain strong, although we need to be very mindful of the macroeconomic situation in the US and Mexico.

In 2022, the Mexican economy grew by 3.1% of GDP.

The country's economic activity is expected to slow down in 2023, due to decreased consumption as a result of inflation, a slower pace of investment and a lower GDP in the United States.

Citibanamex and the International Monetary Fund (IMF) expect Mexico to grow by 1.4% to 1.7%. Moody's forecasts range from 0.5% to 1%. The Ministry of Finance and Public Credit (SHCP) forecasts a growth of 3%. It is important to note that Mexico's GDP has not yet recovered to the pre-pandemic levels of 2019.

At the end of 2022, inflation stood at 7.8%. The government has focused its efforts on reducing inflation through various strategies, such as the application of fuel subsidies, capping prices on various foods and the elimination of tariffs. Meanwhile, the Bank of Mexico has attempted to mitigate inflation by constantly increasing its benchmark interest rates, reaching 11%.

Mexico's road network infrastructure transports 96% of passengers and 55% of freight volume nationwide.

In accordance with the Fourth Government Report, from September 2021 to June 2022, maintenance was performed on the toll-free Federal Road Network, equivalent to 40.516 kilometres, with a public investment of 13,294.3 million pesos. During this period, 5.2 kilometres of road sections were reconstructed, with a public investment of 40 million pesos, and regular conservation work was done along 1,038.3 kilometres, with public funds totalling 1,866.3 million pesos, as well as routine maintenance on the entire Network, horizontal signage, vertical signage and protective barriers, at a cost of 4,138.4 million pesos.

For 2023, the Federal Congress approved the budget of the Secretariat for Infrastructure, Communications and Transport (SICT) worth a total of 77,411 million pesos, which is an increase of 18% compared to the previous year's budget. The budget for the Road Infrastructure sector was 51,376 million pesos, 34% more compared to the 2022 budget.

In the breakdown of the total, the SICT allocates 16,300 million pesos to the construction and modernisation of 220.4 km of the federal road network; 468 million pesos to buy land rights and 309 million pesos for pre-investment studies.