The year 2012 was characterized by stability and growth in the countries where we do business. Mexico, Guatemala and Peru reported 3.2% average inflation rates and a 4.3% annual growth averages, contrasting the low economic growth rates in the United States and the European Economic Community.

The evolution of the economic variables described in the following table for the countries where we do business, report significant and stable growth, which is the product of fiscal discipline, thoughtful public policy and economic dynamics that differ from other countries. This strong performance for Grupo Compartamos has translated into an appropriate environment in terms of funding, planning and certainty.