The Mexico Fund, Inc.

July 26, 2012

As announced on June 6, 2012, The Mexico Fund, Inc. (the “Fund”) is paying on July 26, 2012 a distribution of $0.5960 per share to stockholders of record on July 19, 2012. Under the Fund’s Managed Distribution Plan (“MDP”), the Fund pays quarterly distributions at an annual rate of 10% of the Fund’s net asset value per share (“NAV”) recorded on the last business day of the previous calendar year. This distribution is the second corresponding to the fiscal year 2012.

As a general matter, the amount of distributable income for each fiscal period depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, capital gains and return of capital, but the character of these distributions cannot be determined until after the end of the Fund’s fiscal year.

However, under the Investment Company Act of 1940, the Fund is required to indicate the source of each distribution to stockholders. The following table sets forth an estimate of the source of the July 26, 2012 distribution and of distributions paid in the current fiscal year:

Distribution Estimates	July 2012					Fiscal Year-to-date (YTD)1
Source	Per Share Amount		Percent of Current Distribution			Per Share Amount		Percent of Fiscal Year Distributions
Net Investment Income		—		—		$	0.1284		6.38	%
Net Realized Short-Term Capital Gains		—		—			—		—
Net Realized Long-Term Capital Gains	$	0.5960		100.00	%	$	1.8843		93.62	%
Return of Capital (or other Capital Source)		—		—			—		—
Total Distribution	$	0.5960		100.00	%	$	2.0127		100.00	%

Information regarding the Fund’s performance and distribution rates is set forth below:

Average Annual Total Return for the 5-year period ended on June 30, 20122	5.23	%
Current Annualized Distribution Rate (current fiscal year)3	7.72	%
Current Fiscal Year Cumulative Total Return4	15.21	%
Cumulative Distribution Rate (current fiscal year)5	5.13	%

¹  The Fund’s current fiscal year began on November 1, 2011.

²  Average Annual Total Return represents the simple arithmetic average of the Annual NAV Total Returns of the Fund for the last five years. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.

³  The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of June 30, 2012, annualized as a percentage of the Fund’s NAV at the same date.

⁴  The Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from November 1, 2011 through June 30, 2012, including distributions paid and assuming reinvestment of those distributions.

⁵  The Cumulative Distribution Rate for the Fund’s current fiscal period (November 1, 2011 through June 30, 2012) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of June 30, 2012.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s MDP.

The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.