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Corporate Note February 24, 2020 ALPEK www..com Challenging outlook but with a depressed valuation @analisis_fundam

▪ 2020 is set to be a year with a difficult comparable basis, exacerbated by relevant weakness on margins, mainly of Polyester, affected by Marissa Garza trade issues in Asia Director of Equity Strategy [email protected] ▪ Despite the above, Alpek´s strategy maintains focused on strengthening its circular economy, seeking for higher efficiencies on HOLD operations, without ruling out strategic acquisitions Current Price $13.89 PT2020 $19.00 ▪ After updating our estimates and valuation, we established a PT2020 Dividend 2020 $1.00 of $19.00, resulting in a 6.6x FV/EBITDA 2020e multiple (vs. 7.2x of Dividend (%) 6.8% peers median). Our rating is HOLD Upside Potential 43.9% Max – Mín LTM ($) 28.66-13.65 Market Cap (US$m) 1,899.9 A strategy focused on value creation in the long term and taking control Shares outstanding (m) 2,118 of what is in their hands. 2020 faces significant challenges for Alpek, not Float 17.9% Daily Turnover ($m) 37.9 only due to a complicated comparable basis, after two years with results Valuation Metrics LTM * driven by non-recurring items (such as the sale of cogeneration plants) and FV/EBITDA Adj 3.6x P/E 4.5x historically high margins, but also for a weak raw material environment, exacerbated by the expectation of higher than expected pressures on margins on both Polyester and Plastics and Chemicals. In that sense, the company's Relative performance to MEXBOL (LTM) strategy is focused on continuing to strengthen its operations in the long term, 10% through boosting its products towards a circular economy, convinced that PET 0% will continue to be the best option for beverages packaging, as it is 100% -10% -20% recyclable with an 80% carbon footprint which is lower than that of glass and -30% aluminum. Alpek will continue seeking for more efficient operations, seizing -40% -50% from acquisitions such as Wilton in the United Kingdom and strategic -60%Feb-19 Jun-19 Oct-19 Feb-20 alliances such as Corpus Christi, besides from exploiting its IntegRex* MEXBOL ALPEKA technology. Alliances and/or strategic acquisitions are not ruled out by Alpek, searching for a better vertical integration towards raw materials and a better balance between its PET and PTA capacity, leveraging of its solid financial structure.

Financial statements Valuation and financial metrics MXN, million 2018 2019 2020E 2021E 2018 2019 2020E 2021E Rev enues 134,523 119,685 110,243 118,441 EV/EBITDA 3.5x 3.6x 5.6x 5.4x

Operating Income 21,202 12,361 6,736 7,603 P/E 2.2x 4.5x 16.1x 10.4x Adjusted EBITDA 20,607 16,395 10,927 11,885 P/BV 0.8x 0.7x 0.7x 0.7x

EBITDA Margin 15.32% 13.70% 9.91% 10.03% Net Income 13,633 6,605 1,215 2,352 ROE 35.8% 16.3% 4.2% 6.5%

Net margin 10.13% 5.52% 1.10% 1.99% ROA 11.4% 6.4% 1.1% 2.1% EBITDA/ Interest ex penses 11.9x 8.0x 5.6x 5.2x Total Assets 119,897 102,794 108,676 110,806 Net Debt/EBITDA 1.8x 1.6x 2.5x 2.4x

Cash 4,168 7,059 7,286 5,557 Debt/Equity 1.0x 0.7x 0.7x 0.7x Total Liabilities 76,734 57,736 60,075 60,653 This document is provided for the reader’s convenience Debt 41,464 32,710 34,186 34,221 only. The translation from the original Spanish version Common Equity 43,163 45,058 48,601 50,153 was made by Banorte’s staff. Discrepancies may possibly arise between the original document in Spanish Source: Banorte 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 “Un entorno adverso, pero con un castigo excesivo” was released on 1 February 18, 2020 Document for distribution among public

ALPEK Financial Statements Revenue & EBITDA Margin MXN, million MXN, million

Income Statement Year 2017 2018 2019 2020e CAGR 160,000 15.3% 18.0%

140,000 13.8% 13.7% 16.0% Net Revenue 98,998.4 134,523.2 119,685.3 110,243.5 -9.5% 14.0% Cost of goods sold 90,617.0 123,134.3 109,552.5 100,910.1 3.7% 120,000 9.9% 12.0% Gross profit 8,381.3 11,388.9 10,132.7 9,333.4 3.7% 100,000 7.6% 10.0% General expenses 11,235.5 (9,813.1) (2,228.4) 2,597.1 -38.6% 80,000 8.0% Operating Income (2,854.2) 21,202.0 12,361.1 6,736.3 -233.1% 60,000 6.0% Operating Margin -2.9% 15.8% 10.3% 6.1% -228.5% 40,000 Depreciation 2,635.6 2,885.4 4,004.5 4,190.6 16.7% 4.0% 20,000 EBITDA 7,484.0 20,608.0 16,395.0 10,926.8 13.4% 2.0% EBITDA Margin 7.6% 15.3% 13.7% 9.9% 9.4% 0 0.0% 2016 2017 2018 2019 2020e Interest income (expense) net 853.9 (699.2) (1,460.5) (891.3) -220.2% Interest expense 1,476.2 2,182.6 2,821.1 2,889.5 25.1% Revenue EBITDA Margin Interest income 197.9 441.5 773.6 931.3 67.6% Exchange Income (loss) 2,132.2 1,042.0 587.1 1,066.9 -20.6% Unconsolidated subsidiaries (3.9) (30.6) (313.4) Net Income before taxes (6,264.6) 18,418.9 9,726.5 3,711.2 -184.0% Provision for Income taxes (1,713.2) 3,454.6 1,888.6 1,113.3 -186.6% Consolidated Net Income (6,418.9) 12,332.4 5,684.6 443.6 -141.0% Net Income & ROE Minorities 931.8 1,300.7 919.9 771.7 -6.1% MXN, million Net Income (5,487.1) 13,633.1 6,604.5 1,215.3 -160.5% Net Margin -6.5% 9.2% 5.5% 1.1% -155.4% EPS (2.590) 6.436 3.118 0.574 -160.5% 35.76% 15,000 40.00%

Balance Sheet (MXN, million) 30.00% 10,000 Total Current Assets 42,191.9 51,115.3 43,574.7 47,080.4 3.7% 16.32% 9.78% 20.00% Cash & Short Term Investments 8,795.2 4,168.3 7,058.7 7,286.5 -6.1% 5,000 Long Term Assets 51,586.3 68,781.7 59,219.2 61,595.7 6.1% 2.81% 10.00% Property, Plant & Equipment (Net) 41,535.2 47,033.3 37,082.1 38,208.0 -2.7% 0 0.00% Intangible Assets (Net) 10,051.0 21,748.4 22,137.1 23,387.7 32.5% 2016 2017 2018 2019 2020e Total Assets 93,778.2 119,897.0 102,793.8 108,676.2 5.0% -10.00% (5,000) Current Liabilities 28,018.9 38,575.9 20,321.0 20,944.1 -9.2% -20.00% Short Term Debt 7,638.4 11,165.4 2,147.1 2,246.2 -33.5% -20.39% (10,000) -30.00% Accounts Payable 20,380.5 27,410.5 18,173.8 18,697.9 -2.8% Long Term Liabilities 34,095.3 38,157.7 37,414.4 39,131.3 4.7% Net Income ROE Long Term Debt 27,434.5 30,298.8 30,563.1 31,939.8 5.2% Total Liabilities 62,114.2 76,733.6 57,735.4 60,075.4 -1.1% Common Stock 31,664.0 43,163.4 45,058.4 48,600.7 15.4% Preferred Stock 4,748.3 5,036.1 4,578.8 5,350.5 4.1% Total Equity 26,915.6 38,127.3 40,479.6 43,250.3 17.1% Liabilities & Equity 93,778.2 119,897.0 102,793.8 108,676.2 5.0% Net Debt & Net Debt to EBITDA Net Debt 26,277.6 37,295.9 25,651.5 26,899.6 0.8% MXN, million

Source: Banorte,MSE

40,000 3.5x 4.0x 35,000 3.5x 30,000 2.5x 3.0x 25,000 2.5x 1.7x 1.8x 20,000 1.6x 2.0x 15,000 1.5x 10,000 1.0x 5,000 0.5x 0 0.0x 2016 2017 2018 2019 2020e

Net Debt Net Debt to EBITDA

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Challenging outlook for 2020. After 4Q19 results, Alpek released its 2020 growth guidance which expects revenues of US$5,677 million and EBITDA of US$547 million, representing annual declines of 8.7% and 35.6%, respectively. These figures assume a 6.0% y/y volume growth (derived from a higher PTA related with PET production plant requirements from Lotte in Wilton, United Kingdom), offset by lower benchmark prices and an average Brent crude oil reference price of US$59.00 vs US$64.00 in 2019. As for EBITDA, the main assumptions consider a benefit of US$30 million from a business combination effect stemming from the acquisition of Wilton plant in the United Kingdom, and a US$40 million impact related with the EBITDA of cogeneration plants reported in 2019. In our opinion, the most relevant of the guidance is the expectation of a significant decline in reference margins for Polyester and Plastics and Chemicals. The first case is explained by trade conflicts between the US and China, with an excess supply and lower demand which contributed to lower levels, from US$300 per ton in July 2019, to US$180 in China and US$210 in Asia during December 2019. So far, these margins have experienced a recovery to US$230 in China and US$280 in Asia. However, Alpek´s guidance expects an average level of US$215 per ton in China and US$250 in Asia, which assumes that minimum levels were reached during December. Despite the latter, we consider that is too soon and very complex to measure the potential impact on margins, considering that different challenges could still affect global economic growth estimates, like coronavirus in Asia. Regarding Plastics and Chemicals, Alpek expects lower polypropylene margins because of starting operations of Braskem plant during 2Q20 in North America. In conclusion, these margins reductions would represent around a US$200 million decrease in EBITDA for 2020, which is very significant, in our view.

Investments. In 2020, Alpek plans to invest US$277 million (vs US$270 million in 2019) allocated to maintenance and strategic projects. Particularly, more than 40% of resources will be allocated to increase and improve PET recycling.

Estimates. After introducing the new outlook in our model, but specifically a higher than expected pressure on margins of both business segments, our 2020 estimates assume revenue of $110,243 million (US$5,739 million) and EBITDA of $10,927 million (US$919 million), representing annual declines of 7.9% and 33.4%, respectively. The latter would imply a 3.8pp EBITDA margin deterioration to 9.9%.

Very sound balance, ready for acquisitions and/or strategic alliances. Alpek maintains a very healthy financial situation with a 1.6x ND/EBITDA multiple by 2019 year-end, thus we believe that it could leverage from opportunities to continue strengthening its existing operations, such as the strengthening of the PET recycling strategy or the operations aimed at a better vertical integration. However, we do not believe that large investments are to be made at the moment. It is important to mention that the company maintains a below than 2.5x ND/EBITDA multiple target level, similar to our 2020 estimates.

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We expect another attractive dividend for 2020. Alpek is calling for an investor’s assembly on next February 28th, where the ordinary dividend distribution will be proposed, and the amount will be announced until that day. We expect a dividend of $1.00 per share, yielding into a 7.1% return on current prices

Valuation. According to our estimates and valuation model, our Alpek´s PT2020e of $19.00 represents a FV/EBITDA 2020e multiple of 6.6x, above the current multiple of 3.6x, but below the median from both North America and global-wide comparable companies of 7.2x. In our view, the drop suffered by the company seems excessive, and current valuation levels already reflect the expected weakness on its figures. We believe that an important part of the uncertainty lies on whether the impact on margins could not go higher, in addition to the fact that investors in our opinion tend to choose clearer growth outlook alternatives by the moment, looking for more clarity in Alpek. Even though the 43.9% potential yield (including the 7.1% dividend return) offered by our price target on current levels is very attractive, the lack of clear catalysts for the company except for a very depressed valuation, and the current risk environment, our rating is HOLD.

Our price target has been estimated using a DCF model, through an 8.02% WACC discount rate, which assumes a 11.48% cost of capital, through a 7.35% (Mexican 10-year bond estimate), 0.75 Beta and a 5.5% market risk premium. The average cost of debt is 7.0% and the debt/cap ratio is 52.5%. For the terminal value (perpetuity), we are considering a FV/EBITDA multiple of 6.0%, below the median of global-wide peers (7.2x) according to Bloomberg consensus. We would rather prefer to remain conservative in our valuation given the prevailing uncertainty.

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Discounted Cash Flow Model (DCF) MXN, million 2020e 2021e 2022e 2023e 2024e 2025e 2026e Perpet. #¡VALOR! 8.8% 3.2% 3.2% 3.2% (+) EBITDA 10,927 11,885 12,265 12,658 13,063 13,481 13,912 (-) Change in w orking capital (2,414) (1,781) (2,208) (2,278) (2,351) (2,427) (2,504) (-) Capex (5,485) (4,950) (5,198) (5,457) (5,730) (6,017) (6,318) (-) Tax es (1,113) (1,113) (1,227) (1,266) (1,306) (1,348) (1,391) (=) Free cash flow 1,915 4,040 3,633 3,656 3,675 3,689 3,699 (+) Perpetuity 0 0 0 0 0 0 0 86,143 (=) Total cash flow 1,915 4,040 3,633 3,656 3,675 3,689 3,699 86,143

YE20 Risk-Free rate (RF) 7.4% (+) Present v alue of cash flow s 17,290 Mex ican 10-y ear bond v s EE.UU. spread (+) Present v alue of perpetuity 50,190 Equity Risk Premium (RM) 5.5% = Firm value 67,479 Beta 0.75 (+) Other inv estments CAPM 11.48% (-) Net Debt (26,900) (-) Minority interest Cost of Debt 7.00% (=) Equity value 40,580 Tax rate 30% Shares outstanding 2,118 Net Cost of Debt 4.90% Precio Objetiv o P$ 19.16 Debt / Capitalization 52.5% Price target $ 19.16

WACC 8.02% Terminal Value 6.0x Source: Banorte

Relative Valuation

Enterprise MKT Cap P/E P/E FV/EBITDA FV/EBITDA DIVIDEND STOCK PRICE Value P/BV P/E FV/EBITDA (US$MM) 2019E 2020E 2019E 2020E YIELD (US$MM)

AMERICA LYONDELLBASELL INDU-CL A USD 81.32 27,113 39,472 5.1x 8.5x 8.1x 7.2x 7.3x 6.7x 6.2x 5.2% EASTMAN CHEMICAL CO USD 72.70 9,886 15,464 10.2x 9.8x 8.9x 8.9x 7.8x 7.5x 3.6% BRASKEM SA-PREF A BRL 31.35 5,845 13,229 5.5x 149.3x 7.3x 7.7x 7.8x 2.7% ADVANCE CORP SAB DE CV P$ 45.10 5,094 526 17.3x 18.5x 15.8x 7.3x 7.1x 6.8x 3.5%

Average 11,984 17,173 5.3x 12.0x 12.1x 45.3x 7.7x 7.3x 7.1x 3.7% Median 7,865 14,346 5.3x 10.2x 9.8x 12.3x 7.3x 7.4x 7.1x 3.6%

EUROPE & ASIA BASF SE € 61.10 60,564 81,917 2.3x 22.7x 16.0x 14.5x 9.9x 9.2x 8.7x 5.2% FORMOSA PLASTICS CORP TWD 94.80 20,040 18,480 1.7x 16.2x 14.0x 14.0x 18.8x 17.0x 15.5x 6.1% NAN YA PLASTICS CORP TWD 70.10 18,462 20,191 1.6x 24.1x 17.7x 15.9x 22.3x 18.0x 16.5x 7.1% FORMOSA CHEMICALS & FIBRE TWD 84.70 16,485 17,626 1.4x 16.5x 15.8x 16.5x 13.2x 13.0x 12.9x 7.3% PETRONAS CHEMICALS GROUP BHD MYR 6.48 12,481 10,386 1.8x 13.8x 15.5x 14.5x 7.5x 8.1x 7.5x 4.5% SOLVAY SA € 95.04 10,859 17,018 94.5x 10.6x 11.9x 12.5x 6.8x 6.8x 4.0% HONAM PETROCHEMICAL CORP KRW 0.00 MITSUBISHI CHEMICAL HOLDINGS JPY 795.10 10,901 31,355 5.2x 17.9x 9.9x 8.8x 8.5x 7.6x 7.2x SUMITOMO CHEMICAL CO LTD JPY 450.00 6,780 19,183 1.7x 13.4x 11.1x 7.7x 7.2x 7.9x 4.9% INDORAMA VENTURES PCL THB 30.00 5,395 9,938 1.8x 20.6x 16.5x 10.3x 9.6x 9.7x 7.1x 4.7% SINOPEC SHANGHAI PETROCHE-A CNY 3.65 4,759 3,602 1.4x 18.2x 17.4x 16.4x 7.2x 6.9x LANXESS AG € 55.22 5,211 7,083 4.9x 22.9x 13.3x 13.3x 8.1x 6.5x 6.4x 1.6% MITSUI CHEMICALS INC JPY 2,583.00 4,810 8,946 1.0x 11.1x 11.7x 10.1x 8.0x 7.6x 7.2x 3.9% SUMITOMO SEIKA CHEMICALS CO JPY 3,105.00 395 429 0.7x 4.0x 3.5x 3.2%

Average 13,626 18,935 2.1x 25.3x 14.3x 13.1x 11.5x 9.4x 8.8x 4.8% Median 10,859 17,018 1.7x 18.2x 14.8x 13.6x 9.6x 7.6x 7.2x 4.7%

GLOBAL Average 13,240 18,520 2.6x 22.5x 13.9x 21.1x 10.5x 8.9x 8.4x 4.5% Median 9,886 15,464 1.7x 17.6x 14.0x 13.6x 8.5x 7.6x 7.2x 4.5%

ALPEK SA DE CV Ps 13.89 1,581 59,628 4.5x 7.6x 7.8x 3.6x 4.8x 4.8x 9.2%

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 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 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 ALPEK February 18, 2020 HOLD $19.00 ALPEK January 20, 2020 Under review Under review ALPEK July 17, 2019 BUY $30.00 ALPEK January 14, 2019 BUY $35.00

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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 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 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

Arturo Monroy Ballesteros Head of Investment Banking and Structured Finance [email protected] (55) 5004 - 1002 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

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