January 29, 2015 Bolsa Movers & Shakers

Bolsa Movers & Shakers January 29, 2015

. COMERCI (SELL, TP MP 49.0)/ SORIANA (HOLD, TP MP 43.0): Agreement for the sale of 160 Comerci Stores to Soriana. Comerci and Soriana announced they have reached an agreement for the sale of 160 units of Comerci to Soriana, for an amount totaling MP 39,194 mn. This amount, equivalent to USD 2,643 mn, falls short of market rumors that lately had scaled down to USD 3,000 mn, from USD 4,000 mn that previously was insistently commented. The implied EV/EBITDA ratio for the transaction was 12.5x, roughly in line to Comerci’s 12.3x 14e, but a 26% premium to Soriana’s 9.9x 14e multiple. We would expect a negative reaction in Soriana’s stock in order to reflect the higher relative valuation of the acquired assets, as well as the additional leverage that could take the company up to a 0.94 debt/equity ratio, compared to a current 0.08x level. Proforma Net debt to EBITDA would be close to 4.1x by our estimates, up from 0.3x reported at the close of 3Q14. For Comerci we expect a marginal reaction in the stock price as even if the deal was worth less than market rumors, the legacy business that will remain has a significantly larger size than initially estimated (22% of current sales, instead of 10%). It is also important to note that the brands and intellectual property will remain, and will be suitable for use again after the two year license period agreed with Soriana. The stores involved include the Mega, Tiendas Comercial Mexicana, and Alprecio formats, while Comerci will retain operation of the City Market, Fresko, and Sumesa units. Soriana will acquire 118 owned and 42 leased stores, and in addition 3 distribution centers, 18 land reserves and miscellaneous real estate that includes 2,718 commercial spaces. Soriana estimates the acquisition will imply a 37% increase in revenues, MP 3,200 mn additional EBITDA, and a 34% sales floor expansion. Comerci will retain 40 stores in the aforementioned formats, one distribution center, two land reserves, and the Restaurantes California business, which has already been agreed to be sold to Toks (GIgante). These remaining operations stand for 22% of revenues and 24% of EBITDA, according to Comerci’s press release. The use of the Tiendas Comercial Mexicana brand, its commercial campaigns and the logos will be licensed for a period of two years, while proprietary IT systems will be licensed for three years. The mechanism for the sale includes the eventual spinoff of the 160 units and related assets into a new entity that would be a public company, to be later on the subject of a tender offer from Soriana, once all required authorizations are granted (antitrust, mostly).

. GFINTER (BUY, TP MP 113.0): Net Profits Up 24% on a Comparable Basis, In Line As we broadly expected, GFInter benefitted from a seasonal liquidity deficit of states and municipalities and lower-than-budgeted federal government transfers (which nevertheless rose 10% in November). In 4Q14, the average deficit was 7.7% compared to an average surplus of 4.8% in 3Q14. This boosted the government loans by 12% (in line). The financial group also enjoyed a high demand from infrastructure projects (+37% vs. 36%) and SME’s (+43% vs. 44%). The new aspect of the report is that the company started to provide direct loans to the Federal Government (MP 7 billion in total during the quarter). This generated a surprisingly strong 29% increase in the total loan portfolio (in line) to MP 81.8 billion. Such a tremendous loan growth took place despite the fact that the company sold a MP 2.9 billion stake in its loan portfolio during the quarter. Asset quality remained unchanged with an NPL ratio of only 0.1% (vs. 0.2% E). Despite lower interest rates and a substantial increase in deposits associated with the new accounts, GFInter’s NIM expanded to 2.0% in 4Q14 (vs. 2.1% E) from last year’s 1.5%. The company achieved this by improving its funding mix which reduced the funding cost. The financial margin rose 28% (vs. 31% E). Provisions declined 68% (vs. 67% E) due to a stronger credit profile of the states and municipalities. This boosted the adjusted financial margin by nearly 400%, as we expected. Non-interest income decreased 22% (vs. -24%) as a result of lower commissions, trading gains at the brokerage house and provision reversal’s compared to last year’s (MP 7 million in 4Q14 vs. MP 184 million in 4Q13). Non- interest expenses fell 7% (vs. -6% E) due to lower technology expenses, taxes and duties. Nevertheless, the efficiency ratio reached 49.5% in 4Q14 (vs. 49.6% E), vs. 45.4% in 4Q13 due to last year’s extraordinary item. Net profits were down 8% on a non-comparable basis. Excluding last year’s non-recurring MP 184 million gain, net profits would have been up 24%.

. MEXICHEM (BUY, TP MP 52.0): Positive long-term outlook; U.S. shale gas and energy reform will cut 33% of company´s costs by 2017 We are maintaining our BUY rating on the stock mainly due to the positive long-term outlook. Shale gas revolution in the U.S. and energy reform in Mexico will cut 33% of company´s costs by 2017. We project a slow and steady growth in the petrochemical industry boosted by the opening of the basic petrochemicals in Mexico. In the short term, Mexichem will likely report weak 4Q14 results with EBITDA down 1% in MP terms. Dura-line & Vestolit acquisitions will boost sales and EBITDA in 2015. We estimate growths of 14%/12% in sales/EBITDA. Notwithstanding that we expect a substantial USD 400 million EBITDA contribution in 2017 derived from the USD 1.5 billion ethylene cracker in 2017. Total EBITDA will increase 41% in 2017 compared to 2014.

. QUÁLITAS (BUY, TP MP 36.0): Conference call highlights In its 4Q14 conf call, Quálitas provided the following guidance for 2015: i) premiums written and sold +7-9% (this includes a price increase in line with inflation which can be higher if the Mexican peso stays above MP14.0/USD); ii) a combined index of 96% (op costs index 4%, claims cost index of 67-68% and acquisition cost of 24%) ; iii) financial gains of CETES +300 bps; iv) tax rate 30%; v) ROE 18% (vs. our 16.6% projection and last year’s 15.3%). These figures are based on a 3.3% GDP growth and a 3.4% inflation rate. The premiums growth is slightly below our 10% estimate as the company wants to focus on the more profitable clients. However, the combined index is lower than our projection of 97.4% and last year’s level of 97.6% due mainly to lower claims costs also due to Quálitas’ new strategy, which in our view is very positive news. This means that there should be some operating leverage, which is why the company is expecting a much higher ROE compared to last year’s. With respect to the change in Quálitas strategy, we believe that this was a very good decision mainly because the company will focus on improving its profitability levels, despite the fact that it will sacrifice part of its future growth potential in terms of premiums written. We continue with a BUY recommendation after these news.

. VESTA (NOT RATED): Announces pricing of share offering VESTA announced today the pricing of its primary offering of common shares at a price per Share of Ps.27.00, consisting of a public offering on the Mexican Stock Exchange and a private offering in international markets under the Rule 144A and Reg S. The gross proceeds to be received by Vesta are MX$ 2,918 million. The global offering comprised a primary offering of 108,064,445 shares, with an over-allotment option of up to 15% (16,209,666 Shares), which may be exercised during 30 days after pricing. Vesta intends to use the net proceeds of the global offering to carry out the Vesta Vision 20/20 plan, which establishes Vesta’s expansion and growth strategy for the coming years, including the development of, among others, nine projects.

. WALMEX (BUY, TP MP 37.0): Key issues that make Walmex stand out in its industry; our top pick Following a couple of challenging years in the consumer front, 2015 might eventually bring the first signs of an uptick. Improvements in consumer confidence, employment levels, average wages, and a stable fiscal panorama make for a solid consumer ground. The accelerated expansion behind, Walmex still stands out among its comparables due to its higher profitability and better absolute growth rates, yet with a merely average valuation on its stock. We look for Walmex to clearly broaden the advantage to its peers once Sam’s is stabilized (2H15 likely), and expect a 2% to 3% SSS gain, compared to ANTAD’s –0.3% expectations for Self-Service stores. The sale of its Banking unit, plus the probable disposal of Suburbia Stores, would add for an appealing extraordinary dividend, yet the real benefit is an enhanced strategy focus.

. AMX (HOLD, TP MP 17.0): To Pay USD 40 million to Settle Claim AMX agreed to pay a USD 40 million penalty to US regulators because TracFone did not provide an unlimited data service to its US customers, as it initially offered. We see a limited impact on AMX’s finances.

. TECHNICAL ANALYSIS The IPC fell 1.10%, to 42,158 points on Wednesday. The support band is within 41,700 to 41,170 points. The resistance band is within 43,300 to 44,500 points. The IPC’s technical signals indicate speculative buy.

Price Performance

Price Nominal yield in MXN Relative performance vs IPC 26-Jan-15 1 Day 1 Week 1 Month 3 Months 6 Months YTD 1 Day 1 Week 1 Month 3 Months 6 Months YTD IPC 42,737.85 0.2% 3.5% -0.6% -2.1% -3.7% -0.9% MXN/Dolar 14.58 0.0% -0.6% -1.3% 7.7% 12.1% -1.2%

Telecommunications and Media Telecommunications AMXL 16.83 -2.4% 1.4% 2.6% 5.1% 8.4% 2.6% -2.6% -2.1% 3.2% 7.2% 12.1% 3.6% AXTELCPO 3.17 0.6% 0.3% -6.8% -13.6% -30.8% -6.2% 0.4% -3.2% -6.2% -11.5% -27.1% -5.3% MAXCOMCPO 2.02 -2.4% -7.3% -9.8% -18.5% -34.4% -12.6% -2.6% -10.9% -9.2% -16.4% -30.7% -11.6% Media AZTECACPO 6.16 1.3% 1.8% -2.5% -10.6% -18.0% -0.6% 1.1% -1.7% -1.9% -8.5% -14.3% 0.3% MEGACPO 56.31 -1.2% -1.5% -1.0% -6.8% -5.7% -2.1% -1.4% -5.0% -0.4% -4.7% -1.9% -1.2% TLEVICPO 99.67 1.0% 6.2% -0.5% 11.5% 10.0% -0.9% 0.8% 2.7% 0.1% 13.6% 13.7% 0.0%

Frequent Consumer Goods Self-service CHDRAUIB 43.07 3.4% 3.8% 3.1% 2.4% 0.0% 1.8% 3.2% 0.3% 3.8% 4.5% 3.8% 2.8% COMERUBC 49.26 2.9% 3.6% -4.7% -4.2% -2.3% -5.6% 2.7% 0.1% -4.1% -2.1% 1.5% -4.7% GIGANTE* 41.66 0.0% 0.0% 0.1% 3.9% 17.4% 0.1% -0.2% -3.5% 0.8% 6.0% 21.1% 1.1% SORIANAB 36.60 1.7% 0.4% -11.4% -16.6% -14.2% -9.2% 1.5% -3.1% -10.8% -14.4% -10.5% -8.2% WALMEXV 30.60 1.9% 3.9% -1.9% 2.5% -11.7% -3.5% 1.7% 0.4% -1.3% 4.6% -8.0% -2.6% Beverages AC* 90.47 1.1% 1.2% -3.3% 0.3% -3.0% -3.1% 0.9% -2.3% -2.7% 2.5% 0.7% -2.1% CULTIBAB 18.33 1.9% 3.9% 6.3% -11.3% -21.5% 0.7% 1.7% 0.3% 6.9% -9.2% -17.8% 1.6% FEMSAUBD 128.33 -0.1% 2.5% -1.1% 3.2% 2.5% -1.9% -0.3% -1.0% -0.4% 5.3% 6.2% -1.0% KOFL 124.71 -0.6% -0.7% -3.1% -10.2% -15.7% -1.5% -0.8% -4.2% -2.5% -8.0% -12.0% -0.6% Food BACHOCOB 60.76 -2.2% 1.6% -2.2% -9.3% 1.7% -1.9% -2.4% -1.9% -1.6% -7.2% 5.4% -1.0% BIMBOA 40.30 -0.3% 2.9% -1.2% 0.0% -4.6% -1.0% -0.5% -0.7% -0.6% 2.2% -0.9% 0.0% GRUMAB 169.31 2.1% 9.9% 10.0% 12.5% 17.1% 7.6% 1.9% 6.4% 10.6% 14.6% 20.8% 8.6% HERDEZ* 35.89 0.3% 1.4% 1.3% 2.3% -7.1% 1.3% 0.1% -2.1% 1.9% 4.4% -3.4% 2.2% LALAB 29.49 -0.8% 2.8% 2.4% -5.4% -13.1% 3.7% -1.0% -0.7% 3.0% -3.3% -9.3% 4.7% MASECAB 20.99 1.4% 1.4% 1.4% -1.5% 0.3% -1.2% 1.2% -2.1% 2.0% 0.6% 4.0% -0.3% Other F.C.G. KIMBERA 30.12 -1.2% -3.8% -3.6% 1.4% -12.4% -6.1% -1.4% -7.3% -3.0% 3.5% -8.7% -5.2% PAPPEL* 23.72 -0.3% -0.5% -1.6% -6.4% -6.1% -6.9% -0.5% -4.0% -1.0% -4.3% -2.4% -6.0%

Non-Frequent Consumer Goods Specialized Retail ELEKTRA* 577.31 1.7% 3.1% -0.1% 43.2% 71.4% 2.6% 1.5% -0.4% 0.5% 45.4% 75.2% 3.5% GFAMSAA 9.85 -1.7% -7.1% -19.1% -24.2% -37.7% -19.1% -1.9% -10.6% -18.5% -22.1% -34.0% -18.2% GSANBOB1 22.40 0.4% -0.4% -1.7% 5.6% 0.0% -2.5% 0.2% -3.9% -1.1% 7.7% 3.7% -1.6% LIVEPOLC 152.65 1.0% 6.9% 3.5% -0.3% 3.1% 3.2% 0.8% 3.4% 4.1% 1.9% 6.9% 4.2% Other N.F.C.G. ALSEA* 41.45 0.9% 6.4% 1.2% 3.2% -10.7% 1.7% 0.6% 2.9% 1.8% 5.3% -7.0% 2.6% CMRB 5.95 0.0% 0.0% 6.3% 13.3% 15.8% 0.0% -0.2% -3.5% 6.9% 15.5% 19.5% 0.9% CIEB 9.00 -9.5% -9.5% -9.5% 1.1% 0.0% -9.5% -9.8% -13.1% -8.8% 3.2% 3.7% -8.6% SPORTS 25.98 0.0% 0.7% 4.0% 1.2% 13.5% 0.7% -0.2% -2.8% 4.6% 3.3% 17.2% 1.6% HCITY* 23.25 0.4% 1.7% 0.2% -1.3% -6.8% -0.1% 0.2% -1.9% 0.8% 0.9% -3.1% 0.8%

Materials Chemicals ALPEKA 17.00 0.1% 7.8% -8.7% -27.1% -28.1% -10.0% -0.1% 4.3% -8.0% -25.0% -24.4% -9.0% MEXCHEM* 45.01 0.8% 3.3% -0.1% -19.3% -16.3% 0.4% 0.6% -0.2% 0.5% -17.2% -12.5% 1.4% POCHTECB 12.93 -0.2% -0.5% -3.1% -12.5% -20.2% -2.6% -0.4% -4.0% -2.5% -10.3% -16.5% -1.6% Cement CEMEXCPO 14.02 0.3% 2.3% -7.0% -14.4% -16.7% -6.8% 0.1% -1.2% -6.4% -12.3% -13.0% -5.8% Mining AUTLANB 14.90 -1.8% -1.3% -1.9% -6.0% -8.6% -4.9% -2.0% -4.8% -1.3% -3.9% -4.9% -4.0% GMEXICOB 41.44 2.6% 5.1% -1.1% -7.3% -12.3% -3.2% 2.4% 1.6% -0.5% -5.1% -8.6% -2.3% MFRISCOA 21.43 0.0% 3.0% 2.5% -8.2% -22.5% -0.3% -0.2% -0.5% 3.2% -6.1% -18.8% 0.7% PE&OLES* 306.75 0.2% 4.6% 8.0% 4.9% -11.6% 6.3% 0.0% 1.1% 8.6% 7.0% -7.8% 7.3% Steel ICHB 64.43 0.7% 0.8% -9.6% -11.5% -14.0% -9.5% 0.5% -2.7% -9.0% -9.4% -10.3% -8.5% SIMECB 42.46 -2.1% -2.4% -15.9% -27.0% -32.9% -16.3% -2.3% -5.9% -15.3% -24.9% -29.2% -15.3% Other Materials VITROA 34.58 -0.6% 0.2% -0.3% -3.9% -4.2% -1.2% -0.8% -3.3% 0.3% -1.8% -0.5% -0.2%

Industrials Conglomerates ALFAA 30.39 1.7% 3.4% -11.8% -25.7% -19.5% -7.7% 1.5% -0.1% -11.2% -23.6% -15.8% -6.8% GCARSOA1 67.50 0.4% 1.6% -9.4% -13.9% -9.8% -7.0% 0.2% -1.9% -8.8% -11.8% -6.1% -6.1% GISSAA 32.49 -0.6% -1.1% -1.5% -2.7% -1.2% -1.2% -0.8% -4.6% -0.8% -0.6% 2.5% -0.2% KUOB 26.97 -0.7% -4.0% -5.2% -7.0% -9.4% -9.9% -0.9% -7.5% -4.6% -4.9% -5.7% -8.9% Heavy Construction ICA* 16.97 0.1% -1.1% -6.7% -27.1% -31.2% -5.8% -0.1% -4.6% -6.1% -24.9% -27.5% -4.8% IDEALB1 38.31 -0.5% -2.9% -10.2% -11.6% 4.3% -6.5% -0.7% -6.5% -9.6% -9.5% 8.0% -5.6% OHLMEX* 30.84 0.8% 6.3% 14.1% -18.1% -24.1% 12.8% 0.6% 2.8% 14.7% -15.9% -20.4% 13.7% PINFRA* 182.47 0.9% 6.2% 6.7% 0.3% -0.7% 2.9% 0.7% 2.7% 7.3% 2.4% 3.0% 3.8% Housing ARA* 6.40 -0.6% -0.3% 0.5% 0.8% 2.1% -1.4% -0.8% -3.8% 1.1% 2.9% 5.8% -0.4% LAMOSA* 27.78 0.0% 0.0% 1.0% -0.8% 0.2% 0.1% -0.2% -3.6% 1.6% 1.3% 3.9% 1.1% SAREB 0.36 -1.9% -1.9% -8.8% -9.3% -30.2% -6.2% -2.1% -5.4% -8.2% -7.1% -26.5% -5.3% Automotive RASSICPO 51.09 1.9% 4.3% 3.4% 4.9% 41.9% 1.4% 1.7% 0.8% 4.1% 7.1% 45.6% 2.4% Energy IENOVA* 72.60 1.7% 1.9% -3.7% -10.3% -4.5% -1.6% 1.5% -1.6% -3.0% -8.2% -0.8% -0.7%

Transport Airlines AEROMEX* 21.80 2.0% 2.4% 11.1% 1.8% -0.9% 6.7% 1.8% -1.1% 11.7% 3.9% 2.8% 7.6% VOLARA 13.91 3.0% 1.3% 4.0% 18.7% 22.6% 5.1% 2.8% -2.2% 4.6% 20.8% 26.3% 6.0% Airports ASURB 203.31 3.4% 4.8% 3.1% 16.6% 23.0% 4.2% 3.2% 1.3% 3.7% 18.7% 26.7% 5.2% GAPB 100.62 0.8% 3.4% 6.2% 5.6% 10.7% 8.5% 0.6% -0.2% 6.8% 7.7% 14.4% 9.5% OMAB 68.52 0.8% -0.2% 0.7% 6.7% 28.8% 1.0% 0.6% -3.8% 1.3% 8.8% 32.5% 2.0%

Health BEVIDESB #N/A N/A N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. N.D. FRAGUAB 227.50 0.0% -0.2% -2.8% -7.5% -9.2% -3.2% -0.2% -3.7% -2.2% -5.4% -5.5% -2.2% LABB 25.61 2.4% 18.2% -8.5% -21.2% -28.5% -8.7% 2.2% 14.7% -7.9% -19.1% -24.8% -7.8% MEDICAB 56.01 -0.3% -0.2% -4.7% 3.7% 20.5% -4.7% -0.5% -3.8% -4.0% 5.8% 24.2% -3.7%

Financial ACTINVRB 16.29 0.2% 1.7% 2.4% 0.9% 7.9% -1.3% 0.0% -1.8% 3.0% 3.0% 11.6% -0.3% BOLSAA 25.72 0.3% 4.5% -4.1% -7.6% -8.1% -3.7% 0.1% 1.0% -3.5% -5.5% -4.4% -2.8% CREAL* 32.04 1.2% 5.3% -0.4% -5.9% 7.3% 1.4% 1.0% 1.7% 0.2% -3.8% 11.0% 2.3% FINDEP* 5.95 1.5% 10.2% 4.4% -15.4% -15.0% 6.6% 1.3% 6.7% 5.0% -13.2% -11.3% 7.6% GENTERA* 29.35 3.5% 5.0% 2.2% 1.9% 2.9% -1.0% 3.3% 1.5% 2.8% 4.1% 6.7% -0.1% GFINBURO 40.28 0.8% 6.1% 7.2% 0.0% 3.1% 5.8% 0.5% 2.6% 7.8% 2.1% 6.8% 6.7% GFINTERO 103.10 1.8% 7.4% 2.1% 0.2% 8.5% 2.5% 1.6% 3.9% 2.7% 2.3% 12.2% 3.5% GFNORTEO 79.97 -0.7% 3.1% -0.5% -6.7% -11.2% -1.5% -0.9% -0.4% 0.1% -4.6% -7.5% -0.6% GFREGIO 78.90 0.7% 7.5% 5.8% 2.5% -1.3% 6.3% 0.5% 4.0% 6.4% 4.6% 2.5% 7.2% QCCPO 28.82 -0.9% -6.2% -0.3% -14.9% -22.1% -5.6% -1.1% -9.8% 0.3% -12.8% -18.4% -4.7% SANMEXB 31.38 -0.2% 10.6% 4.9% -11.4% -12.1% 1.8% -0.4% 7.1% 5.5% -9.3% -8.3% 2.7%

Equity, Economic, Quantitative and Fixed Income Research Departments

Equity Research

Gustavo Terán (52) 55 1103-6600 Head of EquityResearch [email protected] Durazo, CFA x1193 Senior Analysts Telecommunications, Media and (52) 55 1103- Martín Lara [email protected] Financials 6600x1840 Carlos Hermosillo Consumption (52) 55 1103-6600 [email protected]. Bernal x4134 mx (52) 55 1103-6600 Pablo Duarte de León FIBRAs (REITs) [email protected] x4334 Cement, Construction and (52) 55 1103-6600 Ramón Ortiz Reyes [email protected] Concessions x1835 Federico Robinson Energy, Conglomerates, Industrial (52) 55 1103-6600 [email protected] Bours Carrillo and Mining x4127 Junior Analysts Telecommunications, Media and (52) 55 1103- Juan Ponce jponce@actinver,com.mx Financials 6600x1693 Ana Cecilia González (52) 55 1103- [email protected]. FIBRAs (REITs) Rodríguez 6600x4130 mx Enrique Octavio Energy, Conglomerates, Industrial (52) 55 1103- [email protected]. Camargo Delgado and Mining 6600x1836 mx José Antonio Cebeira (52) 55 1103- Consumption [email protected] González 6600x1394 Economic and Quantitative Research

Head of Economic and [email protected] Ismael Capistrán Bolio (52) 55 1103-6600 Quantitative Research x x1487

Jaime Ascencio Aguirre Economy and Markets (52) 55 1103-6600 [email protected] x793325

Santiago Hernández [email protected] Quantitative Research (52) 55 1103-6600 Morales m.mx x4133 Roberto Ramírez (52) 55 1103- Quantitative Research [email protected] Ramírez 6600x1672

Roberto Galván Technical Research (52) 55 1103 -66000 [email protected] González x5039

Fixed Income Research Araceli Espinosa (52) 55 1103 -66000 [email protected]. Head of Fixed Income Research Elguea x6641 mx Jesús Viveros (52) 55 1103 -66000 Fixed Income Research [email protected] Hernández x6649 Mauricio Arellano (52) 55 1103-6600 [email protected]. Fixed Income Research Sampson x4132 mx

Disclaimer

Guide for recommendations on investment in the companies under coverage included or not, in the Mexican Stock Exchange main Price Index (IPC)  StrongBuywith an extraordinary perspective. According to the analyst, in the next twelve months, the valuations of stock and/or prospects for the sector are EXTREMELY FAVORABLE  Buy. According to the analyst, in the next twelve months, the stock’s valuation and / or prospects for the sector are VERY FAVORABLE  Neutral. According to the analyst, in the next twelve months, the valuation of stock and / or sector ARE NEUTRAL OR FAVORABLE but with a similar perspective to the IPC  Belowmarket. According to the analyst, in the next twelve months, the valuation of stock and / or sector outlook ARE NOT POSITIVE  Sell. According to the analyst, in the next twelve months, the valuation of stock and / or sector outlook ARE NEGATIVE, or likely to worsen  In reviewwith positive outlook  In review with negative or unfavorable perspective ImportantStatements. a) Of theAnalysts:

“The analysts in charge of producing the Analysis Reports: Jaime Ascencio Aguirre; Mauricio Arellano Sampson; Enrique Octavio Camargo Delgado; Ismael Capistrán Bolio; Pablo Enrique Duarte de León; Araceli Espinosa Elguea; Roberto Galván González; Ana Cecilia González Rodríguez; Carlos Hermosillo Bernal; Santiago Hernández Morales; Martín Roberto Lara Poo; Ramón Ortiz Reyes; Juan Enrique Ponce Luiña; Federico Robinson Bours Carrillo; Gustavo Adolfo Terán Durazo; Jesús Viveros Hernández, declare”: 1. "All points of view about the issuers under coverage correspond exclusively to the responsible analyst and authentically reflect his vision. All recommendations made by analysts are prepared independently of any institution, including the institution where the services are provided or companies belonging to the same financial or business group. The compensation scheme is not based or related, directly or indirectly, with any specific recommendation and the remunerationis only received from the entity which the analysts provide their services. 2. "None of the analysts with coverage of the issuers mentioned in this report holds any office, position or commission at issuers underhis coverage, or any of the people who are part of the Business Group or consortium to which they belong. They have neither held any position during the twelve months prior to the preparation of this report. " 3. "Recommendations on issuers, made by the analyst who covers them, are based on public information and there is no guarantee of their assertiveness regarding the performance that is actually observed in the values object of the recommendation" 4. "Analysts maintain investments subject to their analysis reports on the following issuers: AC, ALFA, ALPEK, ALSEA, AMX,AZTECA, CEMEX, CHDRAUI, FEMSA, FIBRAMQ, FINDEP, FUNO, GENTERA, GFREGIO, GRUMA, ICA, IENOVA, KOF, LAB, LIVEPOL, MEXCHEM, OHLMEX,POCHTEC, TLEVISA,SORIANA, SPORTS, VESTA, WALMEX. b) On Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver

1. Actinver Casa de Bolsa, S.A. de C.V. GrupoFinanciero Actinver, under any circumstance shall ensure the sense of the recommendations contained in the reports of analysis to ensure future business relationship. 2. All Actinver Casa de Bolsa, SA de C.V. GrupoFinanciero Actinver business units can explore and do business with any company mentioned in documents of analysis. All compensation for services given in the past or in the future, received by Actinver Casa de Bolsa, SA de C.V. GrupoFinanciero Actinver by any company mentioned in this report has not had and will not have any effect on the compensation paid to the analysts. However, just like any other employee of Actinver Group and its subsidiaries, the compensation being enjoyed by our analysts will be affected by the profitability gained by Actinver Group and its subsidiaries. 3. At the end of each of the previous three months, Actinver Casa de Bolsa, SA de C.V. Actinver Financial Group, has not held any investments directly or indirectly in securities or financial derivatives, whose underlying are Securities subject of the analysis reports, representing one percent or more of its portfolio of securities, investment portfolio, outstanding of the Securities or the underlying value of the question, except for the following: * AEROMEX, BOLSA A, FINN 13, FSHOP 13, SMARTRC14. 4. Certain directors and officers of Actinver Casa de Bolsa, SA de C.V. GrupoFinanciero Actinver occupy a similar position at the following issuers: AEROMEX, MASECA, AZTECA, ALSEA, FINN, MAXCOM, SPORTS, FSHOP and FUNO. This report will be distributed to all persons who meet the profile to acquire the type of values that is recommended in its content. To see our analysts change of recommendations click here.