Equity Research Me xico

Quarterly Report July 30, 2021 www..com Solid recovery inertia. Increases guidance again @analisis_fundam

§ Outstanding recovery momentum and faster than expected, supported by the performance of Vestolit and Wavin, with a favorable pricing Marissa Garza environment, and growing demand in the rest of the businesses group Director of Equity Strategy [email protected] § Due to the improved outlook, the company raised its EBITDA guidance

to +32-35% in 2021 (vs +15% previously), thus we are revising our BUY estimates with positive implications Current Price $53.77 PT $65.00 § We raised PT to MXN 65.00 (vs MXN 56.00 previously), equivalent to a Dividend 0.10 Dividend Yield (%) 3.6% FV/EBITDA 2021e of 6.0x (vs 5.7x current). The results support Orbia Upside Potential 21.1% within our selection of companies favored by the environment Max – Min LTM ($) 59.75.-34.26 Market Cap (US$m) 5.672.4 A positive recovery environment, with results that should be welcomed by Shares Outstanding (m) 2,100 Float 58.5% the market. Figures were once again surprising, amid an environment of very Daily Turnover ($ m) 127.3 Valuation metrics LTM favorable PVC prices and with a clear inertia of recovery in demand in all FV/EBITDA 5.7x businesses. Once again, the most important advances were seen in Vestolit and P/E 11.9x Wavin; the former favored by the high price environment resulting from the MSCI ESG Rating* CCC global supply and demand imbalance, with a sustained recovery in the construction industry. Similarly, Wavin benefited from a better product mix, Relative performance to MEXBOL strong pricing management and increased sales volume. For Netafim and Dura- LTM 70% Line, although demand continued to be very strong, rising raw material costs 60% put pressure on margins. Thus, revenues increased 58.8% y/y to US$2.2 billion, 50% 40% while EBITDA grew 112.5% y/y to US$560 million, exceeding our expectation. 30% 20% As a result, profitability expanded 630bp to 25.0%, reflecting expense control 10% and extraordinary PVC margins, which offset the raw material cost pressures 0% -10% mentioned above. At the net level, Orbia reported net income of US$193 Jul-20 Oct-20 Dec-20 Mar-21 May-21 Jul-21 MEXBOL ORBIA* million, in line with our estimate and showing an increase of >500%, due to the favorable operating performance. With the results, the FV/EBITDA multiple decreased to 5.7x vs. 7.0x while the financial structure strengthened to 2.1x

ND/EBITDA.

Financial Statements Valuation and financial metrics

USD, million 2019 2020 2021E 2022E 2019 2020 2021E 2022E Rev enue 6,987 6,420 8,221 7,575 FV/EBITDA 7.5x 7.7x 5.3x 5.0x

Operating Income 823 720 1,176 1,179 P/E 11.4x 12.8x 10.3x 7.7x EBITDA 1,365 1,318 1,776 1,673 P/BV 2.4x 2.3x 2.1x 1.6x EBITDA Margin 19.5% 20.5% 21.6% 22.1%

Net Income 497 442 550 734 ROE 20.9% 17.7% 19.9% 21.0% Net Margin 7.1% 6.9% 6.7% 9.7% ROA 4.9% 4.3% 5.3% 6.5%

EBITDA/ Interest 10.5x 16.7x 11.8x 9.4x Total Assets 10,057 10,211 10,337 11,340 Net Debt/EBITDA 2.8x 2.8x 1.7x 1.2x Cash 586 875 1,170 2,318 Debt/Equity 1.4x 1.5x 1.2x 1.0x

Total Liabilities 6,963 7,032 7,354 6,995 This document is provided for the reader’s convenience Debt 4,461 4,618 4,226 4,252 only. The translation from the original Spanish version was made by Banorte’s staff. Discrepancies may possibly arise Common Equity 3,094 3,180 3,510 4,345 between the original document in Spanish and its English Source: Banorte translation. For this reason, the original research paper in Spanish is the only official document. The Spanish version was released before the English translation. The original document entitled “Sólida inercia de recuperación. Vuelve 1 a subir guía” was released on July 29, 2021. Document for distribution among public

ORBIA –Results 2Q21 Revenue & EBITDA Margin USD million USD, million Diff% vs Concept 2Q20 2Q21 Var % 2Q21e Estim. Revenue 1,412 2,243 58.8% 2,048 9.5% 2,500 30.0% Operating Income 126 410 225.3% 373 10.1% 23.6% 25.0% Ebitda 263 560 112.5% 504 11.0% 22.1% 22.0% 2,000 25.0% Net Income 10 193 >500% 196 -1.6% 18.6% 20.0% Margins 1,500 Operating Margin 8.9% 18.3% 9.4pp 18.2% 0.1pp 15.0% Ebitda Margin 18.6% 25.0% 6.3pp 24.6% 0.3pp 1,000 Net Margin 0.7% 8.6% 7.9pp 9.6% -1.0pp 10.0% EPS $0.005 $0.092 >500% $0.093 -1.6% 500 5.0%

0 0.0%

Income Statement (Million) 2Q20 3Q20 4Q20 1Q21 2Q21 Year 2020 2021 2021 Change Change Revenue EBITDA Margin Quarter 2 1 2 % y/y % q/q

Net Revenue 1,412.4 1,914.0 2,242.7 58.8% 17.2% Costs of goods sold 1,042.9 1,331.7 1,536.5 47.3% 15.4% Gross profit 369.4 582.3 706.2 91.2% 21.3% General expenses 243.4 277.1 296.0 21.6% 6.8% Net Income & ROE Operating Income 126.1 305.2 410.2 225.3% 34.4% USD, million Operating Margin 8.9% 15.9% 18.3% 9.4pp 2.3pp Depreciation 137.3 146.0 149.6 8.9% 2.4% 18.6% EBITDA 263.4 451.2 559.8 112.5% 24.1% 250 20.0% EBITDA Margin 18.6% 23.6% 25.0% 6.3pp 1.4pp 200 Interest Income (Expense) net (64.0) (68.1) (71.6) 11.9% 5.2% 12.3% 15.0% Interest expense 54.2 50.7 64.9 19.7% 28.0% 150 Interest income 2.3 1.3 1.4 -41.8% 3.3% 7.8% 10.0% Other income (expense) (3.9) (6.1) (6.5) 65.9% 6.7% 100 5.6% Foreign exchange gain (loss) (8.2) (12.6) (1.6) -80.7% -87.5% 5.3% Unconsolidated subsidiaries 1.0 (0.1) 0.1 -91.6% N.A. 5.0% 50 Income before taxes 63.1 237.0 338.7 436.7% 42.9% Income taxes 15.4 63.6 116.4 >500% 83.1% 0 0.0% Discontinued operations (5.3) (0.1) (0.1) -97.6% 5.8% 2Q20 3Q20 4Q20 1Q21 2Q21 Consolidated Net Income 42.4 173.3 222.1 424.4% 28.2% Non-controlling interest 32.2 31.9 29.5 -8.4% -7.6% Net Income ROE Net Income 10.2 141.4 192.6 >500% 36.3% Net Margin 0.7% 7.4% 8.6% 7.9pp 1.2pp EPS 0.005 0.067 0.092 >500% 36.3%

Balance Sheet (Million pesos) Total Current Assets 3,360.3 3,315.5 3,981.5 18.5% 20.1% Net Debt & Net Debt to EBITDA ratio Cash & Short Term Investments 1,238.2 713.3 1,058.9 -14.5% 48.5% USD, million Long Term Assets 7,061.0 6,915.8 6,918.5 -2.0% 0.0% Property, Plant & Equipment (Net) 3,207.2 3,108.4 3,097.3 -3.4% -0.4% 3,950 3.1x 3.1x 3.5x Intangible Assets (Net) 1,719.4 1,687.9 1,686.4 -1.9% -0.1% 2.8x Total Assets 10,421.3 10,231.3 10,900.0 4.6% 6.5% 3,900 2.6x 3.0x 3,850 Current Liabilities 2,074.8 2,988.6 2,686.4 29.5% -10.1% 2.1x 2.5x Short Term Debt 695.9 1,292.7 744.5 7.0% -42.4% 3,800 2.0x Accounts Payable 1,196.5 1,490.0 1,731.5 44.7% 16.2% 3,750 Long Term Liabilities 5,338.3 4,191.5 4,974.0 -6.8% 18.7% 3,700 1.5x 3,650 Long Term Debt 4,439.2 3,227.1 3,971.9 -10.5% 23.1% 1.0x Total Liabilities 7,413.0 7,180.2 7,660.4 3.3% 6.7% 3,600 0.5x Common Stock 3,008.3 3,051.2 3,239.6 7.7% 6.2% 3,550 Non-controlling interest 703.7 685.9 697.8 -0.8% 1.7% 3,500 0.0x Total Equity 2,304.6 2,365.2 2,541.8 10.3% 7.5% 2Q20 3Q20 4Q20 1Q21 2Q21 Liabilities & Equity 10,421.3 10,231.3 10,900.0 4.6% 6.5% Net Debt 3,896.9 3,806.5 3,657.4 -6.1% -3.9% Net Debt Net Debt to EBITDA

Cash Flow CF from Operating Activities 557.4 177.6 584.3 CF from Investing Activities (114.8) (55.7) (121.7) CF from Financing Activities 375.0 (180.0) (146.2) Change in Cash Balance 710.0 (135.3) 196.8

Source: Banorte, MSE

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Report Details by business group

Vestolit (Polymer Solutions) US$ millions 2Q20 Margin 1Q21 Margin 2Q21 Margin % y/y % q/q Revenue 427 100.0% 708 100.0% 822 100.0% 92.5% 16.1% EBITDA 64 15.0% 224 31.6% 287 34.9% 348.4% 28.1% Source:Orbia

Wavin (Construction and Infrastructure) US$ millions 2Q20 Margin 1Q21 Margin 2Q21 Margin % y/y % q/q Revenue 409 100.0% 679 100.0% 788 100.0% 92.7% 16.1% EBITDA 27 14.0% 95 14.0% 140 58.6% 418.5% 47.4%

Source:Orbia

Netafim (Precision Agriculture) US$ millions 2Q20 Margin 1Q21 Margin 2Q21 Margin % y/y % q/q Revenue 247 100.0% 275 100.0% 313 100.0% 26.7% 13.8% EBITDA 52 26.9% 52 7.7% 50 20.9% -3.8% -3.8%

Source:Orbia

Dura-Line (Data Communications) US$ millions 2Q20 Margin 1Q21 Margin 2Q21 Margin % y/y % q/q Revenue 193 100.0% 184 100.0% 239 100.0% 23.8% 29.9% EBITDA 55 28.5% 29 15.8% 31 13.0% -43.6% 6.9%

Source:Orbia

Kuora (Fluor) US$ millions 2Q20 Margin 1Q21 Margin 2Q21 Margin % y/y % q/q Revenue 167 100.0% 172 100.0% 202 100.0% 21.0% 17.4% EBITDA 66 39.5% 56 32.6% 70 34.7% 6.1% 25.0%

Source:Orbia

2021 Estimates Update following 2021 Guidance Increase. The company's results for the first half of 2021 have shown a better-than-expected performance, mainly in Vestolit and Wavin, which is expected to continue in the coming quarters, although at a slower growth rate, favored not only by the global economic recovery and the reopening of activities, but also by a favorable raw material price environment and recovery in demand. Overall, upward raw material cost pressures in some divisions should be mitigated by the efficiency strategies implemented by the company with strict cost control. In Vinyl, this year's standout subsidiary, demand is expected to remain very solid, although the strength observed in PVC prices could begin to normalize. In Wavin, the recovery environment should continue to support higher demand, while the transition to higher value-added products should continue. At Dura-Line, solid demand in both North America and Europe is expected to continue in the face of customers' fiber- optic deployment, with some pressure on margins, but with a better sales mix helping to mitigate the impact to some extent. At Netafim, the seasonality of the business anticipates a weaker third quarter than the rest of the year, while at

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Koura, the strategy of creating value over the long term continues, as the recovery in the price of aluminum would support results.

With this in mind, in 2021 we now anticipate revenues of US$8.2 billion (vs. US$6.6 billion previously) and EBITDA of US$1.8 billion (vs. US$1.4 billion before), which would represent year-over-year rises of 28.1% and 34.8%, respectively, in line with the growth outlook restated by the company this quarter. Our estimates assume continued balance sheet strengthening, anticipating a ND/EBITDA ratio of 1.7x in 2021 vs 2.1x currently. While capital expenditures remain unchanged at US$300 million.

We raised PT to MXN 65.00 from MXN 56.00 previously, and reiterated our BUY recommendation, as we consider Orbia within our selection of issuers favored by the recovery environment. Following the update of our projections and our discounted cash flow valuation model, we raise the PT for Orbia shares from MXN 56.00 to MXN 65.00, which represents a 2021e FV/EBITDA multiple of 6.0x, slightly below global peers' median of 6.5x, but above the current 5.7x. Our target price offers a potential yield of 21.1% over current prices, assuming a dividend yield of 3.6%. Therefore, we reiterate our BUY recommendation.

Valuation. Our target price has been calculated through a discounted cash flow rate (WACC) of 9.7%, which assumes a 13.1% cost of capital, through a risk-free rate of 1.75% (estimated for the US 10-year bond according to the Fixed Income and Foreign Exchange Strategy area) plus a 10-year spread vs. the US of 535bp, a beta of 1.0 and a market risk premium of 6.0%. The average cost of debt is 7.0%, and the debt-to-capitalization ratio is 41.0%. We are assuming an FV/EBITDA multiple of 6.0x for the perpetual value, slightly above Orbia's current multiple (5.7x) although below the median of global comparables of 6.5x, according to Bloomberg consensus.

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Discounted Cash Flow Model USD, million 2021e 2022e 2023e 2024e 2025e 2026e 2027e Perpet.

(+) EBITDA 1,776 1,673 1,707 1,741 1,776 1,811 1,848 (-) Change in Working Capital (97) (212) (256) (261) (266) (272) (277) (-) Capex (300) (315) (331) (347) (365) (383) (402) (-) Tax es (303) (358) (307) (313) (320) (326) (333) (=) Free Cash Flow 1,076 789 813 819 825 831 836 (+) Perpetuity 0 0 0 0 0 0 0 11,307 (=) Total Cash Flow 1,076 789 813 819 825 831 836 11,307

YE21 Risk-Free Rate (RF) 1.8% (+) Present Value of Cash Flow s 3,584 Spread of 10-y ear Mbono v s US 5.4% (+) Present Value of Perpetuity 5,901 Equity Risk premium (RP) 6.0% = Firm Value 9,485 538.93 Beta 1.00 (+) Other inv estments CAPM 13.10% (-) Net Debt (3,056) (-) Minorities Debt Cost 7.00% (=) Equity value 6,429 365.29 Tax rate 30% Shares Outstanding 2,100 Net Cost of Debt 4.90% Price Target US$ 3.06 Debt / Capitalization 41.0% Price Target MXN 65.21 3.06

WACC 9.73% Terminal Value 6.0x Rendimiento 21.3% Source: Banorte Estimates

Relative Valuation Enterprise Market Cap P/E P/E FV/EBITDA FV/EBITDA DIVIDEND STOCK PRICE Value P/BV P/E FV/EBITDA (US$MM) 2021E 2022E 2021E 2022E YIELD (US$MM) . AMERICA LYONDELLBASELL INDU-CL A USD 99.04 33,114 48,033 5.4x 12.9x 5.7x 6.9x 12.9x 5.4x 6.3x 4.6% EASTMAN CHEMICAL CO USD 110.85 15,133 20,372 18.0x 12.8x 12.1x 14.3x 9.3x 9.1x 2.5% BRASKEM SA-PREF A BRL 58.00 8,921 16,734 7.6x 8.4x 3.7x 5.4x SA DE CV P$ 25.26 2,670 83,845 6.4x 9.5x 12.1x 4.2x 5.3x 6.3x 4.8%

Average 14,960 42,246 5.4x 12.4x 9.3x 9.7x 9.9x 5.9x 6.8x 4.0% Median 12,027 34,203 5.4x 12.9x 9.5x 9.8x 10.6x 5.3x 6.3x 4.6%

EUROPE & ASIA BASF SE € 66.98 72,698 92,497 2.5x 12.0x 12.5x 11.1x 7.3x 7.4x 4.9% FORMOSA PLASTICS CORP TWD 99.70 22,601 20,595 1.8x 11.3x 11.5x 13.8x 16.3x 11.8x 15.8x 2.4% NAN YA PLASTICS CORP TWD 86.00 24,289 26,185 1.9x 10.8x 11.3x 13.8x 14.1x 10.3x 12.7x 2.8% FORMOSA CHEMICALS & FIBRE TWD 80.60 16,823 17,252 1.3x 12.7x 11.8x 14.7x 10.2x 8.8x 11.6x 3.1% PETRONAS CHEMICALS GROUP BHD MYR 7.95 15,025 12,769 2.1x 24.8x 15.4x 16.0x 11.2x 8.6x 8.4x 1.5% SOLVAY SA € 113.70 14,225 19,418 15.0x 13.5x 10.3x 7.6x 7.2x 3.3% MITSUBISHI CHEMICAL HOLDINGS JPY 933.00 12,800 34,919 12.1x 11.8x 10.5x 13.9x 7.8x 7.5x SUMITOMO CHEMICAL CO LTD JPY 573.00 8,640 22,149 2.7x 8.4x 7.9x 8.5x 6.8x 6.6x 3.5% INDORAMA VENTURES PCL THB 37.50 6,392 12,660 2.4x 29.8x 12.9x 12.4x 11.6x 8.7x 8.6x 2.1% SINOPEC SHANGHAI PETROCHE-A CNY 3.30 4,437 3,775 1.2x 11.9x 11.0x 10.2x 5.4x 5.0x LANXESS AG € 60.32 6,233 8,523 3.2x 5.9x 14.8x 12.4x 10.1x 7.3x 6.4x 1.7% MITSUI CHEMICALS INC JPY 3,540.00 6,599 10,508 1.2x 12.0x 8.5x 8.8x 7.8x 5.8x 5.8x 3.1% SUMITOMO SEIKA CHEMICALS CO JPY 3,760.00 479 398 0.7x 2.7%

Average 16,249 21,665 2.7x 14.9x 12.0x 12.2x 11.4x 8.0x 8.6x 2.8% Median 12,800 17,252 2.0x 11.9x 11.8x 12.5x 11.1x 7.7x 7.4x 2.8%

GLOBAL Average 15,604 31,956 4.1x 13.7x 10.7x 10.9x 10.7x 7.0x 7.7x 3.4% Median 12,414 25,727 3.7x 12.4x 10.6x 11.1x 10.9x 6.5x 6.8x 3.7% Source: Bloomberg

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Certification of Analysts. We, Gabriel Casillas Olvera, Alejandro Padilla Santana, Delia María Paredes Mier, Juan Carlos Alderete Macal, Manuel Jiménez Zaldívar, Marissa Garza Ostos, Francisco José Flores Serrano, Katia Celina Goya Ostos, Santiago Leal Singer, José Itzamna Espitia Hernández, Víctor Hugo Cortes Castro, Hugo Armando Gómez Solís, Miguel Alejandro Calvo Domínguez, Luis Leopoldo López Salinas, Leslie Thalía Orozco Vélez, Gerardo Daniel Valle Trujillo, Eridani Ruibal Ortega and Juan Barbier Arizmendi, certify that the points of view expressed in this document are a faithful reflection of our personal opinion on the company (s) or firm (s) within this report, along with its affiliates and/or securities issued. Moreover, we also state that we have not received, nor receive, or will receive compensation other than that of Grupo Financiero Banorte S.A.B. of C.V for the provision of our services.

Relevant statements. In accordance with current laws and internal procedures manuals, analysts are allowed to hold long or short positions in shares or securities issued by companies that are listed on the and may be the subject of this report; nonetheless, equity analysts have to adhere to certain rules that regulate their participation in the market in order to prevent, among other things, the use of private information for their benefit and to avoid conflicts of interest. Analysts shall refrain from investing and holding transactions with securities or derivative instruments directly or through an intermediary person, with Securities subject to research reports, from 30 calendar days prior to the issuance date of the report in question, and up to 10 calendar days after its distribution date.

Compensation of Analysts. Analysts’ compensation is based on activities and services that are aimed at benefiting the investment clients of Casa de Bolsa Banorte Ixe and its subsidiaries. Such compensation is determined based on the general profitability of the Brokerage House and the Financial Group and on the individual performance of each analyst. However, investors should note that analysts do not receive direct payment or compensation for any specific transaction in investment banking or in other business areas. Last-twelve-month activities of the business areas. Grupo Financiero Banorte S.A.B. de C.V., through its business areas, provides services that include, among others, those corresponding to investment banking and corporate banking, to a large number of companies in Mexico and abroad. It may have provided, is providing or, in the future, will provide a service such as those mentioned to the companies or firms that are the subject of this report. Casa de Bolsa Banorte or its affiliates receive compensation from such corporations in consideration of the aforementioned services.

Over the course of the last twelve months, Grupo Financiero Banorte S.A.B. C.V., has not obtained compensation for services rendered by the investment bank or by any of its other business areas of the following companies or their subsidiaries, some of which could be analyzed within this report.

Activities of the business areas during the next three months.

Casa de Bolsa Banorte, Grupo Financiero Banorte or its subsidiaries expect to receive or intend to obtain revenue from the services provided by investment banking or any other of its business areas, by issuers or their subsidiaries, some of which could be analyzed in this report.

Securities holdings and other disclosures.

As of the end of last quarter, Grupo Financiero Banorte S.A.B. of C.V. has not held investments, directly or indirectly, in securities or derivative financial instruments, whose underlying securities are the subject of recommendations, representing 1% or more of its investment portfolio of outstanding securities or 1 % of the issuance or underlying of the securities issued.

None of the members of the Board of Grupo Financiero Banorte and Casa de Bolsa Banorte, along general managers and executives of an immediately below level, have any charges in the issuers that may be analyzed in this document.

The Analysts of Grupo Financiero Banorte S.A.B. of C.V. do not maintain direct investments or through an intermediary person, in the securities or derivative instruments object of this analysis report.

Guide for investment recommendations.

Reference

BUY When the share expected performance is greater than the MEXBOL estimated performance. HOLD When the share expected performance is similar to the MEXBOL estimated performance. SELL When the share expected performance is lower than the MEXBOL estimated performance. Even though this document offers a general criterion of investment, we urge readers to seek advice from their own Consultants or Financial Advisors, in order to consider whether any of the values mentioned in this report are in line with their investment goals, risk and financial position.

Determination of Target Prices For the calculation of estimated target prices for securities, analysts use a combination of methodologies generally accepted among financial analysts, including, but not limited to, multiples analysis, discounted cash flows, sum-of-the-parts or any other method that could be applicable in each specific case according to the current regulation. No guarantee can be given that the target prices calculated for the securities will be achieved by the analysts of Grupo Financiero Banorte S.A.B. C.V, since this depends on a large number of various endogenous and exogenous factors that affect the performance of the issuing company, the environment in which it performs, along with the influence of trends of the stock market, in which it is listed. Moreover, the investor must consider that the price of the securities or instruments can fluctuate against their interest and cause the partial and even total loss of the invested capital. The information contained hereby has been obtained from sources that we consider to be reliable, but we make no representation as to its accuracy or completeness. The information, estimations and recommendations included in this document are valid as of the issue date, but are subject to modifications and changes without prior notice; Grupo Financiero Banorte S.A.B. of C.V. does not commit to communicate the changes and also to keep the content of this document updated. Grupo Financiero Banorte S.A.B. of C.V. takes no responsibility for any loss arising from the use of this report or its content. This document may not be photocopied, quoted, disclosed, used, or reproduced in whole or in part without prior written authorization from Grupo Financiero Banorte S.A.B. of C.V. History of PT and Ratings Stock Date Rating PT MSCI ESG Rating scale ORBIA July 28, 2021 BUY $65.00 CCC B BB BBB A AA AAA ORBIA February 26, 2020 BUY $56.00 LAGGARD AVERAGE LEADER ORBIA January 13, 2020 Under Review Under Review ORBIA July 24, 2019 BUY $50.00 *The MSCI ESG Rating is an indicator that evaluates companies in Environment, Society and Governance (ESG) metrics.

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GRUPO FINANCIERO BANORTE S.A.B. de C.V.

Research and Strategy Gabriel Casillas Olvera IRO and Chief Economist [email protected] (55) 4433 - 4695 Raquel Vázquez Godinez Assistant [email protected] (55) 1670 - 2967 Lourdes Calvo Fernández Analyst (Edition) [email protected] (55) 1103 - 4000 x 2611

Economic Research and Financial Market Strategy Executive Director of Economic Research and Financial Alejandro Padilla Santana [email protected] (55) 1103 - 4043 Markets Strategy Itzel Martínez Rojas Analyst [email protected] (55) 1670 - 2251

Economic Research Juan Carlos Alderete Macal, CFA Director of Economic Research [email protected] (55) 1103 - 4046 Francisco José Flores Serrano Senior Economist, Mexico [email protected] (55) 1670 - 2957 Katia Celina Goya Ostos Senior Economist, Global [email protected] (55) 1670 - 1821 Luis Leopoldo López Salinas Economist, Global [email protected] (55) 1103 - 4000 x 2707

Market Strategy Manuel Jiménez Zaldívar Director of Market Strategy [email protected] (55) 5268 - 1671

Fixed income and FX Strategy Santiago Leal Singer Senior Strategist, Fixed Income and FX [email protected] (55) 1670 - 2144 Leslie Thalía Orozco Vélez Strategist, Fixed Income and FX [email protected] (55) 5268 - 1698

Equity Strategy Marissa Garza Ostos Director of Equity Strategy [email protected] (55) 1670 - 1719 José Itzamna Espitia Hernández Senior Strategist, Equity [email protected] (55) 1670 - 2249 Víctor Hugo Cortes Castro Senior Strategist, Technical [email protected] (55) 1670 - 1800 Eridani Ruibal Ortega Analyst [email protected] (55) 1103 - 4000 x 2755 Juan Barbier Arizmendi, CFA Analyst [email protected] (55) 1670 - 1746

Corporate Debt Hugo Armando Gómez Solís Senior Analyst, Corporate Debt [email protected] (55) 1670 - 2247 Gerardo Daniel Valle Trujillo Analyst, Corporate Debt [email protected] (55) 1670 - 2248

Economic Studies Delia María Paredes Mier Executive Director of Economic Studies [email protected] (55) 5268 - 1694 Miguel Alejandro Calvo Domínguez Senior Analyst, Economic Studies [email protected] (55) 1670 - 2220

Wholesale Banking Armando Rodal Espinosa Head of Wholesale Banking [email protected] (81) 8319 - 6895 Alejandro Aguilar Ceballos Head of Asset Management [email protected] (55) 5268 - 9996 Alejandro Eric Faesi Puente Head of Global Markets and Institutional Sales [email protected] (55) 5268 - 1640 Alejandro Frigolet Vázquez Vela Head of Sólida Banorte [email protected] (55) 5268 - 1656

Arturo Monroy Ballesteros Head of Investment Banking and Structured Finance [email protected] (55) 5004 - 1002 Carlos Alberto Arciniega Navarro Head of Treasury Services [email protected] (81) 1103 - 4091 Gerardo Zamora Nanez Head of Transactional Banking, Leasing and Factoring [email protected] (81) 8318 - 5071 Jorge de la Vega Grajales Head of Government Banking [email protected] (55) 5004 - 5121

Luis Pietrini Sheridan Head of Private Banking [email protected] (55) 5004 - 1453 Lizza Velarde Torres Executive Director of Wholesale Banking [email protected] (55) 4433 - 4676 Osvaldo Brondo Menchaca Head of Specialized Banking Services [email protected] (55) 5004 - 1423 Raúl Alejandro Arauzo Romero Head of Transactional Banking [email protected] (55) 5261 - 4910 René Gerardo Pimentel Ibarrola Head of Corporate Banking [email protected] (55) 5268 - 9004 Ricardo Velázquez Rodríguez Head of International Banking [email protected] (55) 5004 - 5279 Víctor Antonio Roldan Ferrer Head of Commercial Banking [email protected] (55) 5004 - 1454