Equity Research Me xico

Quarterly Report February 28, 2020 ORBIA www.banorte.com Focused on leveraging opportunities @analisis_fundam

▪ Orbia´s operating results came in line with our estimates, with year-on- year profitability improvements in all business segments, even though a Marissa Garza challenging environment prevails Director of Equity Strategy [email protected] ▪ In 2020, the company anticipates a medium-digit EBITDA growth,

focused on a capitalizing opportunities strategy, while we are looking BUY forward to the possible sale of Vinyl's business Current Price $40.64 PT2020 $56.00 ▪ We introduce our PT2020 of $56.00, which implies a 7.3x FV/EBITDA Dividend 2020 $1.60 Dividend Yield (%) 3.9% 2020e multiple, in line with the median of its world-wide peers, but Upside Potential 41.2% above is current 6.6x. Our rating is BUY Max – Min LTM ($) 51.80-31.02 Market Cap (US$m) 4,536.3 A quarter in line with estimates in operating terms. During 4Q19, revenues Shares Outstanding (m) 2,100 Float 58.5% posted a 3.2% y/y drop reaching US$1.7 billion, while EBITDA rose 9.6% y/y Daily Turnover ($ m) 114.5 Valuation metrics LTM to US$294 million. In that sense, its respective margin managed to recover at FV/EBITDA 6.6x levels of 18.0%, showing a 2.1pp year-on-year expansion. In Vestolit (Polymer P/E 8.9x Solutions formerly Vinyl), lower PVC and caustic soda prices were offset by higher volumes, along with a stable EBITDA. Fluent, in turn, showed a relevant Relative performance to MEXBOL recovery on margins, derived from Dura-Line´s higher profitability given a LTM better product mix, lower raw materials cost and a better Netafim performance. 10% In Kuora (Fluor), downstream business negative impacts from illegal refrigerant 0% -10% gas imports into the European Union continued. Regarding net income, the -20% company registered a US$2 million loss, which negatively surprised, given a -30% 68% effective tax rate stemming from an unfavorable FX effect related to the -40% appreciation of the peso against the dollar, and a higher fiscal gain related to -50% Feb-19 Jun-19 Oct-19 Feb-20 inflation in Mexico. As for the financial structure, it slightly improved to a 2.8x MEXBOL ORBIA*

ND/EBITDA ratio.

Financial Statements Valuation and financial metrics

USD, million 2018 2019 2020E 2021E 2018 2019 2020E 2021E Rev enue 7,198 6,987 7,353 7,717 FV/EBITDA 6.3x 6.6x 6.2x 5.6x Operating Income 935 823 1,049 1,133 P/E 6.8x 8.9x 9.4x 8.7x

EBITDA 1,397 1,365 1,439 1,507 P/BV 1.8x 1.9x 1.6x 1.3x EBITDA Margin 19.4% 19.5% 19.6% 19.5% Net Income 355 497 472 509 ROE 27.2% 20.9% 16.6% 15.2%

Net Margin 4.9% 7.1% 6.4% 6.6% ROA 3.5% 4.9% 4.6% 5.0% EBITDA/ Interest 8.1x 10.5x 5.9x 7.3x Total Assets 10,061 10,057 10,273 10,188 Net Debt/EBITDA 2.6x 2.8x 2.5x 2.0x

Cash 700 586 679 583 Debt/Equity 1.4x 1.4x 1.2x 0.8x Total Liabilities 6,891 6,963 6,576 5,839 Debt 4,352 4,461 4,307 3,608

Common Equity 3,170 3,094 3,697 4,349 Source: Banorte This document is provided for the reader’s convenience only. The translation from the original Spanish version was made by Banorte’s staff. Discrepancies may possibly arise between the original document in Spanish and its English 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 “Enfocados en capitalizar oportunidades” was released on February 26, 2020. 1 Document for distribution among public

ORBIA –Results 4Q19 Revenue & EBITDA Margin USD million USD, million Diff% vs Concept 4Q18 4Q19 Var % 4Q19e Estim. Revenue 1,689 1,636 -3.2% 1,669 -2.0% 21.8% 1,900 25.0% Operating Income 122 155 27.3% 158 -2.0% 20.2% Ebitda 269 294 9.6% 297 -0.9% 1,850 18.0% 18.0% 20.0% Net Income 32 -2 N.A. 41 N.A. 1,800 15.9% Margins 1,750 15.0% Operating Margin 7.2% 9.5% 2.3pp 9.5% 0.0pp 1,700 Ebitda Margin 15.9% 18.0% 2.1pp 17.8% 0.2pp 1,650 10.0% Net Margin 1.9% 4.4% 2.5pp 2.5% 1.9pp 1,600 EPS $0.015 -$0.001 N.A. $0.020 -105.7% 5.0% 1,550

1,500 0.0% 4Q18 1Q19 2Q19 3Q19 4Q19 Income Statement (Million) Year 2018 2019 2019 Change Change Revenue EBITDA Margin Quarter 4 3 4 % y/y % q/q

Net Revenue 1,689.0 1,746.9 1,635.7 -3.2% -6.4% Costs of goods sold 1,297.2 1,231.7 1,175.9 -9.3% -4.5% Gross profit 391.9 515.2 459.8 17.3% -10.8% General expenses 270.2 270.0 304.8 12.8% 12.9% Net Income & ROE Operating Income 121.7 245.2 155.0 27.3% -36.8% USD, million Operating Margin 7.2% 14.0% 9.5% 2.3pp (4.6pp) Depreciation 146.9 135.7 139.4 -5.1% 2.8% 14.7% EBITDA 268.6 380.9 294.4 9.6% -22.7% 100 16.0% 13.1% EBITDA Margin 15.9% 21.8% 18.0% 2.1pp (3.8pp) 80 14.0% Interest Income (Expense) net (74.6) (80.4) (63.9) -14.4% -20.5% 9.6% 9.4% 12.0% Interest expense 53.9 65.2 34.2 -36.6% -47.6% 8.7% 60 10.0% Interest income 5.0 4.8 2.7 -46.6% -44.3% 40 8.0% Other income (expense) (3.0) (5.8) (16.0) 437.1% 178.4% Foreign exchange gain (loss) (22.8) (14.2) (16.4) -28.1% 15.0% 20 6.0% Unconsolidated subsidiaries 0.2 0.4 0.3 34.1% -25.7% 4.0% Income before taxes 47.4 165.2 91.4 93.0% -44.7% 0 2.0% Income taxes 4.7 58.3 61.8 >500% 5.9% (20) 0.0% Discontinued operations 3.8 (0.3) 0.7 -81.2% N.A. 4Q18 1Q19 2Q19 3Q19 4Q19 Consolidated Net Income 46.4 106.9 29.6 -36.2% -72.3% Non-controlling interest 14.7 30.1 32.0 117.6% 6.2% Net Income ROE Net Income 31.7 76.8 (2.4) N.A. N.A. Net Margin 1.9% 4.4% -0.1% (2.0pp) (4.5pp) EPS 0.015 0.037 (0.001) N.A. N.A.

Balance Sheet (Million pesos) Total Current Assets 2,977.2 3,062.8 2,852.1 -4.2% -6.9% Net Debt & Net Debt to EBITDA ratio Cash & Short Term Investments 699.9 593.2 586.4 -16.2% -1.1% USD, million Long Term Assets 7,083.9 7,152.1 7,205.0 1.7% 0.7% Property, Plant & Equipment (Net) 3,507.4 3,374.6 3,348.8 -4.5% -0.8% Intangible Assets (Net) 1,851.5 1,758.3 1,765.5 -4.6% 0.4% 4,100 3.0x 3.1x 3.0x Total Assets 10,061.1 10,214.9 10,057.1 0.0% -1.5% 4,000 3.0x 2.9x Current Liabilities 2,708.0 2,598.5 2,577.4 -4.8% -0.8% 2.8x 3,900 2.9x Short Term Debt 1,048.6 1,116.7 997.7 -4.8% -10.7% Accounts Payable 1,540.6 1,348.7 1,392.5 -9.6% 3.2% 3,800 2.8x Long Term Liabilities 4,183.3 4,319.8 4,385.3 4.8% 1.5% 3,700 2.6x 2.7x Long Term Debt 3,303.5 3,439.4 3,462.8 4.8% 0.7% 3,600 2.6x Total Liabilities 6,891.3 6,918.3 6,962.7 1.0% 0.6% 3,500 2.5x Common Stock 3,169.8 3,296.6 3,094.4 -2.4% -6.1% Non-controlling interest 761.5 722.9 719.4 -5.5% -0.5% 3,400 2.4x 4Q18 1Q19 2Q19 3Q19 4Q19 Total Equity 2,408.4 2,573.7 2,375.0 -1.4% -7.7% Liabilities & Equity 10,061.1 10,214.9 10,057.1 0.0% -1.5% Net Debt Net Debt to EBITDA Net Debt 3,652.2 3,963.0 3,874.1 6.1% -2.2%

Cash Flow CF from Operating Activities 1,518.4 857.6 1,316.1 CF from Investing Activities (1,776.7) (168.3) (273.6) CF from Financing Activities (621.8) (631.3) (894.0) Change in Cash Balance (1,105.7) (122.8) (84.6)

Source: Banorte, MSE

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Report Details by business group

Vestolit (Polymer Solutions) US$ millions 4Q18 Margin 3Q19 Margin 4Q19 Margin % y/y % q/q Revenue 552 100.0% 602 100.0% 549 100.0% -0.5% -8.8% EBITDA 78 14.1% 137 22.8% 78 14.2% 0.0% -43.1% EBITDA* 78 14.1% 128 21.3% 70 12.8% -10.3% -45.3% Source:Orbia * Excludes IFRS 16 effects

Kuora (Fluor) US$ millions 4Q18 Margin 3Q19 Margin 4Q19 Margin % y/y % q/q Revenue 193 100.0% 210 100.0% 187 100.0% -3.1% -11.0% EBITDA 74 38.3% 86 41.0% 73 39.0% -1.4% -15.1%

Source:Orbia

Fluent US$ millions 4Q18 Margin 3Q19 Margin 4Q19 Margin % y/y % q/q Revenue 985 100.0% 969 100.0% 939 100.0% -4.7% -3.1% EBITDA 95 9.6% 147 15.2% 135 14.4% 42.1% -8.2% EBITDA* 95 9.6% 136 14.0% 124 13.2% 30.5% -8.8%

Source:Orbia * Excludes IFRS 16 effects

2020 estimates. In 2019, Orbia focused on a strategy based on the consolidation of acquired operations, even though the company went through several adverse conditions within its business segments. Meanwhile it will continue facing significant challenges, particularly in the Vinyl and Fluor segments stemming from the prevailing adverse conditions, though we believe that Orbia's standpoint should help mitigate potential impacts. The company continues focused on being recognized as a global enterprise, envisioning high value- added products and solutions aimed at global well-being, while now seeking to leverage on opportunities that leads to organic growth and generate higher performace. Bearing this in mind, in 2020 we anticipate US$7.4 billion in revenue and US$1.4 billion in EBITDA, representing annual increments of 5.2% and 5.4%, respectively, in line with the company`s half-digit growth estimate in EBITDA. Despite the latter, in our opinion, the most relevant is related to strategic alternatives within Vinyl's business. Recalling a few weeks ago, media speculation emerged regarding the interest of several companies in acquiring this Orbia business division willing to offer up to US$4.0 billion. In that regard, the company announced that in effect different potential divestment alternatives or even strategic alliances related to Vinyl's business are being analyzed, but with no certainty as to how long this could take or if any of this matter could be concretized and confirming that in such case they would announce more details. Nowadays, Vinyl's business contributes with US$415 million to Orbia's consolidated EBITDA, representing a little more than 30% of 2019 EBITDA. Assuming the company decided to sell all that the Vinyl business represents and considering the speculated amount of US$4.0 billion

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they could receive, this would imply a FV/EBITDA multiple close to 9.6x, above Orbia`s current traded multiple of 6.6x. If materialized, we believe that it would be positive news for the company, by exploding not only the existing value in Vinyl's business, but also a revaluation related to the remaining Orbia's businesses. However, the foregoing more details would be required about the possible use of the perceived resources and the inherent risks.

We have set our PT2020 at $56.00, with a BUY rating. According to our discounted cash flows valuation model, we established a PT2020 for Orbia´s stock at $56.00, which implies a 7.3x FV/EBITDA 2020e multiple, in line with the median of its world-wide peers of 7.4x, but above the current trading level 6.6x. Our target price offers a potential 41.2% return over current prices, assuming a return on dividends of 3.9%. Therefore, our rating is BUY.

Valuation. Our target price has been estimated using an 8.86% (WACC) which assumes a 12.85% cost of capital, through a 2.1% risk-free rate (10-year U.S. bond estimate) plus a 10-year Mexico vs. U.S. spread of 525 bp, a 1.0 beta and a 5.5% market risk premium. The average cost of debt is 6.8%, and a debt/cap ratio of 49.3%. We are assuming a 6.6x FV/EBITDA multiple for the perpetuity value, similar to Orbia`s current traded multiple but below the median of worldwide peers (7.4x), according to the Bloomberg consensus. However, it is important to note that if a strategic alternative for Vinyl's business is concretized, the company's stock could be revalued, although we must not forget the new strategy inherent risks.

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Discounted Cash Flow Model (DCF) USD, million 2020e 2021e 2022e 2023e 2024e 2025e 2026e Perpet.

(+) EBITDA 1,439 1,507 1,544 1,583 1,622 1,663 1,705 (-) Change in w orking capital (242) (398) (386) (396) (406) (416) (426) (-) Capex (250) (250) (263) (276) (289) (304) (319) (-) Tax es (258) (280) (278) (285) (292) (299) (307) (=) Free Cash Flow 689 579 618 627 635 644 653 (+) Perpetuity 0 0 0 0 0 0 0 11,532 (=) Total cash flow 689 579 618 627 635 644 653 11,532

YE20 Risk-Free rate (RF) 2.1% (+) Present v alue of cash flow s 2,805 10y spread Mex ico v s EE.UU. 5.3% (+) Present v alue of perpetuity 6,364 Equity Risk Premium (ERP) 5.5% = Firm value 9,169 520.96 Beta 1.00 (+) Otras inv ersiones CAPM 12.85% (-) Net debt (3,627) (-) Interés minoritario Cost of Debt 6.80% (=) Equity value 5,542 314.87 Tax rate 30% Shares outstanding 2,100 Net cost of debt 4.76% Precio Objetiv o US$ 2.64 Debt / Capitalization 49.3% Target price $ 56.21 2.64

WACC 8.86% Terminal Value 6.6x Rendimiento 38.3% 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$MM) 2020E 2021E 2020E 2021E YIELD (US$MM) . AMERICA LYONDELLBASELL INDU-CL A USD 74.39 24,813 37,445 4.7x 7.8x 7.4x 6.6x 6.5x 6.4x 5.9x 5.6% EASTMAN CHEMICAL CO USD 65.81 8,949 14,527 9.2x 8.9x 8.0x 8.4x 7.3x 7.0x 4.0% BRASKEM SA-PREF A BRL 28.87 5,331 12,571 5.1x 137.5x 7.1x 7.5x 7.6x 2.9% ALPEK SA DE CV P$ 14.22 1,560 3,126 4.6x 9.4x 9.2x 3.7x 5.1x 5.0x 9.0%

Average 10,163 16,917 4.9x 7.2x 8.6x 40.3x 6.4x 6.6x 6.4x 5.4% Median 7,140 13,549 4.9x 7.8x 8.9x 8.6x 6.8x 6.8x 6.5x 4.8%

EUROPA & ASIA BASF SE € 56.73 56,790 78,354 2.1x 21.1x 14.8x 13.4x 9.4x 8.6x 8.2x 5.6% FORMOSA PLASTICS CORP TWD 91.50 19,212 17,663 1.7x 15.7x 14.3x 13.9x 18.1x 17.3x 16.0x 6.4% NAN YA PLASTICS CORP TWD 67.70 17,710 19,428 1.6x 23.2x 18.1x 16.1x 21.6x 17.6x 16.7x 7.4% FORMOSA CHEMICALS & FIBRE TWD 81.20 15,698 16,831 1.3x 15.8x 15.7x 16.9x 12.7x 13.0x 13.4x 7.6% PETRONAS CHEMICALS GROUP BHD MYR 5.85 11,099 8,998 1.6x 16.7x 13.5x 12.6x 8.3x 6.8x 6.3x 2.9% SOLVAY SA € 88.88 10,256 16,364 11.3x 10.1x 7.1x 6.7x 6.1x 4.2% HONAM PETROCHEMICAL CORP KRW 0.00 MITSUBISHI CHEMICAL HOLDINGS JPY 755.20 10,313 30,688 4.9x 17.0x 10.0x 8.5x 8.3x 7.6x 7.2x SUMITOMO CHEMICAL CO LTD JPY 422.00 6,334 18,688 1.6x 12.9x 10.8x 7.5x 7.0x 7.7x 5.2% INDORAMA VENTURES PCL THB 26.75 4,720 9,178 1.6x 18.4x 15.0x 9.5x 9.1x 9.2x 6.8x 2.6% SINOPEC SHANGHAI PETROCHE-A CNY 3.76 4,830 3,677 1.4x 18.7x 18.6x 16.9x 7.4x 7.1x LANXESS AG € 49.23 4,692 6,582 4.4x 20.4x 11.8x 11.8x 7.4x 5.9x 5.9x 1.8% MITSUI CHEMICALS INC JPY 2,444.00 4,533 8,653 0.9x 10.5x 10.8x 9.6x 7.7x 7.4x 7.0x 4.1% SUMITOMO SEIKA CHEMICALS CO JPY 3,000.00 380 414 0.6x 3.9x 3.4x 3.3%

Average 12,813 18,117 2.0x 17.8x 13.9x 12.5x 10.7x 9.1x 8.6x 4.7% Median 10,256 16,364 1.6x 17.7x 13.9x 12.2x 8.3x 7.4x 7.1x 4.2%

GLOBAL Average 12,189 17,835 2.4x 15.3x 12.8x 19.5x 9.5x 8.5x 8.1x 4.9% Median 8,949 14,527 1.6x 16.7x 12.9x 11.3x 8.3x 7.4x 7.0x 4.2%

ORBIA ADVANCE CORP SAB DE CV Ps 40.64 4,422 9,109 15.1x 16.1x 13.6x 6.8x 6.6x 6.3x 4.1% 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, Tania Abdul Massih Jacobo, Francisco José Flores Serrano, Katia Celina Goya Ostos, Santiago Leal Singer, José Itzamna Espitia Hernández, Valentín III Mendoza Balderas, Víctor Hugo Cortes Castro, Hugo Armando Gómez Solís, Miguel Alejandro Calvo Domínguez, Luis Leopoldo López Salinas, Leslie Thalía Orozco Vélez, Gerardo Daniel Valle Trujillo, Jorge Antonio Izquierdo Lobato and Eridani Ruibal Ortega, 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 Mexican Stock Exchange 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 ORBIA February 26, 2020 BUY $56.00 ORBIA January 13, 2020 Under Review Under Review ORBIA July 24, 2019 BUY $50.00 ORBIA January 25, 2019 BUY $64.00

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

Research and Strategy Gabriel Casillas Olvera Chief Economist, Head of Research and IRO [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 Alejandro Padilla Santana [email protected] (55) 1103 - 4043 Financial Market 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 Valentín III Mendoza Balderas Senior Strategist, Equity [email protected] (55) 1670 - 2250 Víctor Hugo Cortes Castro Senior Strategist, Technical [email protected] (55) 1670 - 1800 Jorge Antonio Izquierdo Lobato Analyst [email protected] (55) 1670 - 1746 Eridani Ruibal Ortega Analyst [email protected] (55) 1103 - 4000 x 2755

Corporate Debt Tania Abdul Massih Jacobo Director of Corporate Debt [email protected] (55) 5268 - 1672 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 Senior Analyst, Economic Studies [email protected] (55) 1670 - 2220 Domínguez

Wholesale Banking Armando Rodal Espinosa Head of Wholesale Banking [email protected] (81) 8319 - 6895

Alejandro Eric Faesi Puente Head of Global Markets and Institutional Sales [email protected] (55) 5268 - 1640

Alejandro Aguilar Ceballos Head of Asset Management [email protected] (55) 5268 - 9996 Head of Investment Banking and Structured Arturo Monroy Ballesteros [email protected] (55) 5004 - 1002 Finance Head of Transactional Banking, Leasing and Gerardo Zamora Nanez [email protected] (81) 8318 - 5071 Factoring 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

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