consumption of natural resources, resulted in double-digit growths in consolidated revenue, operating profit and EBITDA.

The financial situation of the Group continues to be solid, with Grupo Carso’s total assets of $72.331 billion pesos, while consolidated shareholders’ capital ended the year at $42.270 billion pesos. The ratio of liabilities to shareholders’ capital was 0.7 times, while net debt was 0.6 times the 2011 EBITDA.

Because of the above results, Grupo Carso paid in May and October of 2011 a dividend of $0.50 pesos per share, which represented about $1.150 billion pesos. As for investment in fixed assets, the resources channeled to new stores, maintenance of industrial assets and construction and production equipment was $2.702 billion pesos. Grupo Carso considers the financial structure of the company to be adequate to handle the investment projects of its subsidiaries.

In closing, on behalf of the Board of Directors I would like to thank shareholders, clients and suppliers for the confidence they have entrusted with us, and our entire staff for their effort and commitment. Thanks to all of you, Grupo Carso can achieve its goals, consolidate performance and continue to contribute to the development of the country.

Sincerely,

Carlos Slim Domit

Chairman of the Board