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I GRUPO BIMBO, S.A.B. DE C.V TRANSLATION FOR INFORMATION PURPOSES ONLY ANNUAL REPORT OF GRUPO BIMBO, S.A.B. DE C.V. Annual Report filed pursuant to the general provisions applicable to securities issuers and other participants in the securities’ market (disposiciones de carácter general aplicables a las emisoras de valores y a otros participantes del mercado de valores) for the fiscal year ended on December 31, 2018. Name of the issuer: Grupo Bimbo, S.A.B. de C.V. Headquarters: Prolongación Paseo de la Reforma No. 1000, Colonia Peña Blanca Santa Fe, C.P. 01210, Mexico City. The address of Grupo Bimbo, S.A.B. de C.V. on the Internet is www.grupobimbo.com, provided, however, that the information contained therein is not part of this Annual Report. Outstanding shares: the authorized capital stock of Grupo Bimbo, S.A.B. de C.V. consists of Series “A” common shares, ordinary, nominative, with no par value, registered under the Securities Section of the National Securities Registry (“RNV”) and listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.). Also, Grupo Bimbo, S.A.B. de C.V. has issued the notes (“Certificados Bursátiles”), which are described below. Ticker symbol: “BIMBO”. The registration in the National Securities Registry does not constitute a certification as to the investment quality of the securities, the solvency of the issuer, or the accuracy or veracity of the information contained in this Annual Report, nor does it validate the acts, if any, that were carried out in violation of the laws. Mexico City, April 30, 2019 i GA #221262v3 TRANSLATION FOR INFORMATION PURPOSES ONLY KEY INFORMATION WITH RESPECT TO THE NOTES (CERTIFICADOS BURSATILES) ISSUED BY GRUPO BIMBO, S.A.B. DE C.V. AS OF DECEMBER 31, 2018 Ticker Symbol BIMBO 16 BIMBO 17 Amount $8,000,000,000 $10,000,000,000 Number of series in which the issuance N.A. is divided Issuance date September 12, 2016 October 6, 2017 Maturity date September 2, 2026 September 24, 2027 Issuance period 3,640 days, approximately 10 years 3,640 days, approximately 10 years Interest rate Fixed interest rate of 7.56% Fixed interest rate of 8.18% Every 182 days beginning on March 15, 2017 Every 182 days beginning on April 6, 2018 Periodicity in payment of interest Place and manner The principal and interests due will be paid on their maturity date, by electronic funds transfer, at the of payment of registered office of S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V., or at the registered principal and office of the Issuer. interests Subordination Lien limitations / Pari Passu status Maturity and A single payment on the relevant maturity date. The Company shall have the right to prepay all (but not less) acceleration than all of the Certificados Bursátiles on any date before the Maturity Date. The Certificados Bursátiles will be unsecured and will be guaranteed (avalados) by Bimbo, S.A. de C.V., Barcel, Guarantee S.A. de C.V. and Bimbo Bakeries USA, Inc. Trustee N.A. Fitch México, S.A. de C.V. “AA+(mex)” Fitch México, S.A. de C.V. “AA+(mex)” Rating Standard & Poor’s, S.A. de C.V. “mxAA+” S&P Global Ratings, S.A. de C.V. “mxAA+” Common Monex Casa de Bolsa, S.A. de C.V., Monex Grupo Financiero Representative Depositary S.D. Indeval Institución para el Depósito de Valores S.A. de C.V. The withholding rate of the income tax applicable, as of the date of the Supplement, to the interest paid in accordance with the Certificados Bursátiles is subject to: (i) for individuals and entities considered as residents of Mexico for tax purposes, to the provisions of articles 54, 134, 135 and other applicable provisions of the Income Tax Law (Ley del Impuesto Sobre la Renta) in effect; and (ii) for individuals and entities considered as non-Mexican residents for tax purposes, to the provisions of articles 153, 166, 175 and other applicable Tax treatment provisions of the Income Tax Law in effect. Potential investors shall consult their tax advisors with respect to the tax consequences of their investment in the Certificados Bursátiles, including the application of specific rules applicable to their particular situation. The current fiscal regime may be amended during the term of the Program and while the Issuance is in effect. Change of control: In accordance with the terms of the Notes, in the event of a “change of control”, which means a change of control resulting in the decrease of the rating of the Notes, Grupo Bimbo will be obliged to make an offer in order to repurchase the totality of the Notes in a purchase price equal to 100% of the par value of such Notes plus the unpaid accrued ordinary interest on the principal of the Notes outstanding on the date of the repurchase. Corporate Restructuring: In case of a corporate restructuring, Grupo Bimbo will disclose to the investors the applicable disclosure document and other information required under applicable laws. In accordance with the terms of the Notes, Grupo Bimbo shall not merge or sell its “material assets” (as such term is defined in the Notes), except under certain circumstances. Essential Assets: In accordance with the terms of the Notes, Grupo Bimbo shall not create liens on its assets, except for “permitted liens” (as such term is defined in the Notes). In case Grupo Bimbo decides to create a lien on its essential assets in order to carry out its operations, Grupo Bimbo shall obtain the necessary corporate consents and, if so required by the applicable law, will disclose such event to investors. ii GA #221262v3 TRANSLATION FOR INFORMATION PURPOSES ONLY TABLE OF CONTENTS Page 1) 1) GENERAL INFORMATION 1 a) a) Summary of Terms and Definitions……………………………………….………………. 1 b) b) Executive Summary…………………………………………………………………………. 4 c) c) Risk Factors………………………………………………………………………………….. 11 d) d) Other Securities………………………………………………………………..……………. 25 e) e) Material Changes to the Security Rights Registered in the RNV …...………………... 28 f) f) Use of Proceeds….…….………...……….………………………………………………… 29 g) g) Public Documents…………………………………………………………………………… 30 2) 2) THE COMPANY 31 a) a) Company’s History and Development ………………………………………………………... 31 i) i) Legal Background..………………............………………………………………………… 31 ii) ii) History.…………………………….………………………………...………………………. 31 iii) iii) Recent Developments.……………………………….…..…..…………………………………. 42 b) b) Business Description…..……………………………………………………………………. 43 iv) i) Main Activity………………………............…………………………………..……………. 43 v) ii) Distribution Channels.……………………………………………...………………………. 66 vi) iii) Main Customers..……………………………….…..…..…………………….……………. 67 vii) iv) Patents, Trademarks, Licenses and other Contracts……………………...……………. 67 viii) v) Applicable Legislation and Tax Situations……………...…………………..……………. 68 ix) vi) Human Resources………………………..………………..………………….……………. 70 x) vii) Sustainable Performance….……………………………......…………….……………. 71 xi) viii)Market Information………………….………………………………...……….……………. 71 xii) ix) Corporate Structure……………………………………………………….…..……………. 76 xiii) x) Main Assets Description.……………………………………………………..……………. 77 xiv) xi) Judicial, Administrative or Arbitration Processes….……………………………………. 80 xv) xii) Shares Representing the Capital Stock…………………………………….……………. 81 xvi) xiii) Dividends……………………………………………………………………….……………. 81 3) 3) FINANCIAL INFORMATION 82 a) a) Selected Financial Information…………………………………………………………….. 82 b) b) Financial Information per Business, Geographic Zone and Export Sales …………..... 83 c) c) Report on Significant Debt…….…………………………………………….……………... 84 d) d) Management´s Discussion and Analysis of the Issuer´s Results of Operation and Status 86 i) Results of Operations………………………………………………………… 87 i) ii) Financial Position, Liquidity and Capital Resources……..……..………… 92 ii) iii) Internal Control…...…………………………………………………………… 95 e) e) Estimations, Provisions and Critical Accounting Reserves …………………..………….. 95 4) 4) GOVERNANCE 109 a) a) External Auditors…………………………………………………………………………….. 109 iii GA #221262v3 TRANSLATION FOR INFORMATION PURPOSES ONLY b) b) Transactions with Related People and Conflicts of Interests…...…………………….. 109 c) c) Main Officers and Shareholders……..…………………………………………………...... 111 d) d) Bylaws and Other Agreements……….…………………………………………………..... 125 e) e) Rights Granted by Shares………………….…………………………………………………...... 125 f) f) Shareholders’ Meeting and Voting Rights……………………………………………….... 126 g) g) Shareholders’ Minority Rights……….….………………………………………………...... 128 5) 5) CAPITAL MARKETS 129 a) a) Shareholding Structure……………………………………………………………………… 129 b) b) Share Behavior in the Securities Market………………….…………………………........ 129 c) c) Market Maker………..................................................................................................... 130 6) 6) RESPONSIBLE PEOPLE 131 Responsible People….....…………………………………………………………...……… 132 7) EXHIBITS 133 a) Audit Committee’s opinion corresponding to the year ended as of December 31, 2018..………………….………………………………………………………………………………. 134 b) Independent Auditor’s Report to the Board of Directors and Shareholders of Grupo Bimbo, S.A.B. de C.V., corresponding to the year ended as of December 31, 2018……………………………………………………………………………………………………. 134 c) Audited Financial Statements for the years ended as of December 31, 2018, 2017 and 2016 ………………………………………………………………………………………………………… 134 d) Audit Committee’s Report corresponding to the years ended as of December 31, 2018, 2017 and 2016………......................................................................................................................... 135 144 No underwriter, person appointed as an attorney-in-fact to carry out operations
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