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Consolidated Financial Statements As of and for the Years Ended December 31, 2019 and 2018, and Independent Auditors’ Report Dated January 31, 2020

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Consolidated Financial Statements As of and for the Years Ended December 31, 2019 and 2018, and Independent Auditors’ Report Dated January 31, 2020 | Sigma Alimentos, S. A. de C. V. and Subsidiaries (Subsidiary of Alfa, S. A. B. de C. V.) Consolidated Financial Statements as of and for the Years Ended December 31, 2019 and 2018, and Independent Auditors’ Report Dated January 31, 2020 Sigma Alimentos, S. A. de C. V. and Subsidiaries (Subsidiary of Alfa, S. A. B. de C. V.) Independent Auditors’ Report and Consolidated Financial Statements as of and for the Years ended December 31, 2019 and 2018 Table of contents Page Independent Auditors’ Report 1 Consolidated Statements of Financial Position 4 Consolidated Statements of Income 5 Consolidated Statements of Comprehensive Income 6 Consolidated Statements of Changes in Stockholders’ Equity 7 Consolidated Statements of Cash Flows 8 Notes to Consolidated Financial Statements 9 Independent Auditors’ Report to the Board of Directors and Stockholders of Sigma Alimentos, S. A. de C. V. Opinion We have audited the consolidated financial statements of Sigma Alimentos, S. A. de C. V. and Subsidiaries (the “Company”), which comprise the consolidated statements of financial position as of December 31, 2019 and 2018, and the consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of the principal accounting policies. In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of Sigma Alimentos, S. A. de C. V. and Subsidiaries as of December 31, 2019 and 2018, and their consolidated financial performance and their cash flows for the years then ended, in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board. Basis of the Opinion We had conducted our audit in accordance with International Standards on Auditing (“ISA”). Our responsibilities under those standards are further described in the Independent Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”) and with the ethical requirements that are relevant to our audit of the consolidated financial statements together with the Code of Ethics issued by the Mexican Institute of Public Accountants (“IMCP Code”), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code and with the IMCP Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Changes in accounting principles As explained in Notes 3 j. and 3 v., 11 and 17, to the consolidated financial statements, the Company changed the methodology for the recognition of leases in the consolidated financial statements as of January 1, 2019, derived from the adoption of IFRS 16, Leases. Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance of the Company are responsible for supervising the Company’s consolidated financial reporting process. Independent Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Company and subsidiaries to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision, and performance of the Group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance of the Company regarding, among other matters, the planning, scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance of the Company with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Galaz, Yamazaki, Ruiz Urquiza, S.C. Member of Deloitte Touche Tohmatsu Limited C. P. C. A. Alejandra Villagómez G. Monterrey, Nuevo León, Mexico January 31, 2020 2 Sigma Alimentos, S. A. de C. V. and Subsidiaries (Subsidiary of Alfa, S. A. B. de C. V.) Consolidated Statements of Financial Position As of December 31, 2019 and 2018 In thousands of Mexican pesos Note 2019 2018 Assets Current assets: Cash and cash equivalents 6 $ 9,730,213 $ 12,213,324 Restricted cash 7 11,307 52,883 Trade and other accounts receivable, net 8 7,903,117 7,458,844 Inventories 9 16,244,535 14,223,870 Recoverable income tax 18 407,015 514,381 Derivative financial instruments 4 - 301,000 Other current assets 485,997 343,370 Total current assets 34,782,184 35,107,672 Non-current assets: Property, plant and equipment, net 10 32,306,053 33,952,525 Right-of-use asset, net 11 2,106,179 - Goodwill and intangible assets, net 12 26,459,392 28,069,825 Investments in associates and other assets 13 215,252 229,206 Deferred income taxes 18 2,678,379 2,261,927 Derivative financial instruments 4 326,380 763,360 Restricted cash 7 55,114 35,429 Total non-current assets 64,146,749 65,312,272 Total assets $ 98,928,933 $100,419,944 Liabilities and Stockholders’ Equity Current liabilities: Debt 15 $ 26,186,839 $ 25,806,384 Lease liability 16 575,749 5,502,812 Trade and other accounts payable 17 440,132 - Income taxes payable 18 1,739,222 1,679,617 Provisions 19 101,634 137,486 Derivative Financial Instruments 4 410,819 - Other current liabilities 20 350,944 408,447 Total current liabilities 29,805,339 33,534,746 Non-current liabilities: Debt 16 44,083,260 42,715,874 Lease liabilities 17 1,747,054 - Deferred income taxes 18 3,523,695 3,710,284 Income taxes payable 18 555,832 1,620,357 Provisions 19 82,867 96,966 Other non-current liabilities 20 159,141 284,449 Employee benefits 21 1,771,234 1,395,158 Total non-current liabilities 51,923,083 49,823,088 Total liabilities 81,728,422 83,357,834 Stockholders’ equity: 22 Controlling interest: Capital stock 27,081 27,081 Share premium 666,988 666,988 Retained earnings 15,509,781 14,300,351 Other reserves 996,661 1,477,214 Controlling interest 17,200,511 16,471,634 Non-controlling interest 14 - 590,476 Total stockholders’ equity 17,200,511 17,062,110 Total liabilities and stockholders’ equity $ 98,928,933 $100,419,944 See accompanying notes to consolidated financial statements.
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