A.M. Best Affirms Rating of Seguros Inbursa SA

July 11, 2003

A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Seguros Inbursa SA (Mexico). The rating outlook is stable.

The rating is attributable to Seguros Inbursa’s solid financial
strength, consistently favorable operating results and its important
position in the Mexican marketplace. Additionally, the rating reflects its strong balance sheet, excellent capitalization, distinguished management team, effective investment approach and successful development of new business.

Seguros Inbursa continues to be one of the leaders and most
profitable insurance companies in Mexico. Its affiliation with Grupo
Financiero supports Inbursa’s strong marketplace recognition and
capitalization with synergies that sustain its liquid investment portfolio.

Furthermore, operating results continue to be profitable with prudent
underwriting practices and strong investment income that has enabled the company to consistently generate above average returns.

Offsetting these positive factors is the instability of the local
market, which is closely tied to the local economy.

Furthermore, the Mexican market has turned highly competitive with the increased presence of foreign insurers, offering new challenges for Seguros Inbursa to increase and sustain its market share.

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