Equity Research Me xico

August 5, 2021

EQUITY STRATEGY www..com VOLAR and GENTERA candidates to rejoin Mexbol @analisis_fundam

▪ Next Friday, September 3rd, the MSE and S&P Dow Jones Indices will announce the changes to the sample that shall comprise the Marissa Garza Mexbol as of Monday, September 20th Director of Equity Strategy [email protected] ▪ LIVEPOL could leave the index, after failing to comply with the José Espitia monthly median daily value traded (MDVT). Meanwhile, it should Senior Strategist, Equity be recalled that IENOVA left the sample in May [email protected]

▪ VOLAR would join the benchmark, after positioning itself more favorably in the combined ranking, while GENTERA would also be Action Stock Weighting returning to the index composition Leave LIVEPOL * 0.61% Join VOLAR A 0.99%e th Join GENTERA * 0.40%e Once again with 35 constituents in the sample. Since last Friday, May 28 , IENOVA was removed from the index sample, following the takeover bid for This document is provided for the reader’s convenience only. The translation from the original Spanish version was its shares. Considering the foregoing and after updating our model with data made by Banorte’s staff. Discrepancies may possibly arise th between the original document in Spanish and its English as of July 30 (reference date), we expect LIVEPOL to fail to comply with translation. For this reason, the original research paper in Spanish is the only official document. The Spanish version the minimum liquidity criteria of both 3M and 6M (MDVT ≥ $30 million). was released before the English translation. The original Additionally, SITES and GCARSO would also miss these requirements, while document entitled “VOLAR y GENTERA candidatas a regresar al IPC” was released on August 4, 2021. the latter would also fail to fulfill the monthly traded value ratio (MTVR) ≥ Document for distribution among public

15%. On the other hand, given that none of them would comply with all the requirements to enter the index, in order to return to the minimum of 35 companies, the combined ranking shall be applied. That said, we believe

VOLAR and GENTERA would join the sample, while GCARSO and SITES would remain within the benchmark, after ranking better than LIVEPOL and the other candidates (see annexed tables). In this respect, the stocks which would maintain the highest weighting within the Mexbol should be AMX

(12.7%e), WALMEX (10.9%e), FEMSA (10.4%e), GFNORTE (10.2%e), and GMEXICO (9.7%e), with the largest changes expected in GFNORTE

(-0.3%e), FEMSA (-0.2%e), (-0.2%e), TLEVISA (-0.2%e), and

GMEXICO (+0.2%e). However, these estimates could change as a result of

S&P's float adjustments. Mexbol – Performance LTM Mexbol – Current constituents weightings

Volume in millions of shares % 54,000 800 AMX L 52,000 700 50,000 WALMEX * 600 12.8% 48,000 FEMSA UBD 25.3% 46,000 500 GFNORTE O 10.8% 44,000 400 GMEXICO B

42,000 300 2.3% CEMEX CPO 40,000 10.6% 200 2.7% TLEVISA CPO 38,000 3.0% ELEKTRA * 36,000 100 10.5% 4.4% 8.0% GAP B 34,000 0 9.5% ASUR B Aug-20 Oct-20 Dec-20 Mar-21 May-21 Aug-21 Resto

Source: Bloomberg, BMV Source: Banorte 1

Current constituents’ analysis based on the criteria to remain in the sample Shares Investable VWAP Float- Monthly Median Daily Mexbol VWAP Floating Traded Days ≥ Stock Outstanding Weighting adjusted Market Monthly Traded Value Value Traded (MDVT)* ≥ Weighting L3M Shares InvestableFactor de Shares* CapitalizaciónVWAP Float- de 95% FactorRatio (MTVR)de la mediana ≥ 15% MedianaMonthly del $30mMedian valor diarioDaily PonderaciónMexbol VWAP Acciones * en Factor AccionesFloating Cap*≥ $8,000m DíasTraded negociados Days ≥ TickerStock PPP U3M Outstanding Weightingacciones mercadoadjusted flotante*≥ Market delMonthly importe3M6M3M6M Traded operado≥ Value Valuede transaccionesTraded (MDVT)* ≥ Weightingen el IPC L3M circulación* flotantes*Shares* ≥95% 95% AMX L12.26%14.38$ 45,312 * flotante≥10%Factor53% 24,016 $ Cap*≥ $8,000m $8,000m 345,308 100% Ratio44%43%629567 (MTVR)15% ≥ 15% mensual*$30m ≥ $30m WALMEX *11.13%57.69$ 17,461 29% 5,064 $ 292,123 100% 3M3M6M3M6M67%81%786811 6M 3M 6M AMXGMEXICO LL12.26%14.38$ B10.33%78.80$ 12.81% 45,312 15.33$ 44,824 7,785 52%41%53% 23,309 24,016 3,192 $$ 357,294251,531345,308 100%100% 35%54%57%57347644%43%629567 42% 499 576 WALMEXGFNORTE **11.13%57.69$ O9.70%107.37$ 10.83% 17,461 64.28$ 17,461 2,883 29%85% 5,064 2,451 $$ 325,523263,150292,123 100%100% 49%81%70%79555267%81%786811 57% 629 716 FEMSAGMEXICO UBDUBD9.58%146.15$ B10.33%78.80$ 10.59% 166.32$ 2,1617,785 86%41% 1,859 3,192 $$ 309,119271,637251,531 100%100% 24%38%36%43035054%57%573476 27% 289 318 GFNORTECEMEX CPO7.25%10.80$ OO9.70%107.37$ 10.50% 14,708 129.36$ 2,883 100%85% 14,708 2,451 $$ 317,055158,907263,150 100%100% 54%46%41%31019781%70%795552 61% 669 692 GMEXICOGAPFEMSA B3.05%213.91$ UBD9.58%146.15$ B 9.55% 94.57$ 7,7852,161 477 41%83%86% 3,192 1,859 396 $$ 301,867271,637 84,663 100%100% 57%41%45%13913938%36%430350 63% 651 771 CEMEXTLEVISA CPOCPO7.25%10.80$ CPO 8.03%3.05%33.00$ 14,708 16.40$ 14,708 2,882 100%88% 14,708 2,537 $$ 241,212158,907 83,706 100%100% 38%27%25%887646%41%310197 44% 367 397 TLEVISAELEKTRAGAP B3.05%213.91$ CPO *2.99%1,305.54$ 4.37% 54.12$ 2,796 233477 90%25%83% 2,517 396 58 $$ 136,202 76,17284,663 100%100% 24%30%27%807041%45%139139 25% 129 118 ELEKTRAASURTLEVISA B2.47%314.02$ CPO3.05%33.00$ * 3.02% 1,612.46$ 2,882 233277 25%72%88% 2,537 199 58 $$ 94,08062,63883,706 100%100% 32%49%47%1169827%25%8876 35% 108 115 GAPBIMBOELEKTRA B A2.06%42.72$ *2.99%1,305.54$ 2.70% 218.23$ 4,646 433233 84%30%25% 1,394 363 58 $$ 79,32259,54076,172 100%100% 59%39%41%929230%27%8070 56% 168 168 ASURKIMBER BB2.47%314.02$ A1.86%33.72$ 2.31% 363.34$ 1,604 277 72%88% 1,412 199 $$ 72,47747,61662,638 100%100% 53%61%57%12311149%47%11698 52% 148 152 BIMBOGRUMA AA2.06%42.72$ B1.79%227.66$ 2.16% 43.01$ 4,4774,646 399 31%53%30% 1,388 1,394 211 $$ 59,69748,12559,540 100%100% 32%95%88%17316139%41%9292 40% 76 90 KOFKIMBER UBLUBL1.73%91.19$ A1.86%33.72$ 1.92% 101.07$ 1,604 525 100%88% 1,412 525 $$ 53,08547,89547,616 100%100% 26%31%29%615561%57%123111 34% 60 74 ORBIAGRUMA **1.67%44.11$ B1.79%227.66$ 1.81% 54.55$ 2,100 399 48%53% 1,008 211 $$ 54,98544,46548,125 100%100% 51%60%54%1108495%88%173161 61% 114 131 ACKOF * UBL1.73%91.19$1.73%1.57%98.01$ 113.68$ 1,764 525 100%25% 441 525 $$ 50,14343,23047,895 100%100% 85%78%72%12711831%29%6155 80% 168 153 GRUMAGFINBURORBIA *1.67%44.11$ B O1.57%19.46$ 1.46% 217.12$ 6,6232,100 391 53%33%48% 2,1851,008 207 $$ 44,98342,52644,465 100%100% 83%37%32%614360%54%11084 94% 150 160 KIMBEROMAAC * B1.53%123.04$ A 1.45%1.57%98.01$ 34.78$ 1,6011,764 342 100%88%25% 1,409 342441 $$ 48,98642,02143,230 100%100% 55%50%56%778078%72%127118 63% 105 115 ALFAPE&OLESGFINBUR A O1.57%19.46$*1.42%332.82$ 1.35% 14.64$ 4,9096,623 397 57%31%33% 2,798 2,185 123 $$ 40,97741,00942,526 100%100% 57%53%52%908337%32%6143 81% 79 108 GFINBURALFAOMA B1.53%123.04$A1.27%13.26$ O 1.34% 19.85$ 6,4414,909 342 100%33%57% 2,125 2,798 342 $$ 42,18337,10542,021 100%100% 24%61%62%938350%56%7780 27% 38 41 PE&OLESIENOVA *1.25%76.48$ **1.42%332.82$ 1.11% 284.72$ 1,452 397 31%30% 123 436 $$ 35,08333,32141,009 100%100% 61%71%93%9310353%52%9083 55% 77 75 OMAPINFRAALFA B A1.27%13.26$ *1.19%166.09$ 1.08% 126.54$ 4,909 344380 70%55%57% 2,798 240 209 $$ 30,42934,72437,105 100%100% 94%43%39%555261%62%9383 93% 107 103 PINFRAGCARSOIENOVA **1.25%76.48$ A10.91%53.35$ 1.01% 157.12$ 2,2801,452 380 55%20%30% 209 456436 $$ 32,85024,33133,321 100%100% 46%24%24%71%93%93103 48% 602320 64 GCARSOCUERVOPINFRA *1.19%166.09$ A1*0.90%47.69$ 0.96% 61.78$ 2,2583,654 380 20%15%55% 452 548209 $$ 27,90326,13734,724 100%100% 14%49%49%504843%39%555219% 15 19 BBAJIOMEGAGCARSO CPO0.85%72.31$ O A10.91%53.35$ 0.86% 33.72$ 1,1902,280 861 60%35%20% 714 301456 $$ 24,07121,78324,331 100%100% 53%65%60%614924%24% 54% 492320 46 CUERVOVESTA *0.82%38.22$ **0.90%47.69$ 0.86% 50.80$ 3,654 606 15%93% 548 564 $$ 27,84621,55826,137 100%100% 32%41%49%363849%49%5048 39% 33 39 GCCBOLSAMEGA * CPO0.85%72.31$ A0.81%46.98$ 0.85% 150.15$ 337593861 48%80%35% 162 474301 $$ 24,31722,28821,783 100%100% 53%53%49%484365%60%6149 48% 51 47 VESTAGCC *0.78%114.08$ **0.82%38.22$ 0.83% 39.31$ 698337606 94%48%93% 656 162564 $$ 25,80018,47621,558 100%100% 38%53%60%414041%49%3638 39% 36 39 MEGASITESBOLSA CPOB10.71%21.06$ A0.81%46.98$ 0.67% 72.05$ 3,300 861593 35%28%80% 301 924474 $$ 21,70519,46222,288 100%100% 68%69%55%463753%49%4843 74% 52 63 ALSEAQGCC * *0.78%114.08$ * 0.64%0.71%101.33$ 36.07$ 839413337 60%42%48% 503 173162 $$ 18,15017,57618,476 100%100% 107%103%766387%53%60%4140 92% 53 55 BOLSABBAJIOSITES B10.71%21.06$ AO0.67%23.72$ 0.62% 43.35$ 1,1903,300 591 80%60%28% 472 714924 $$ 20,48016,93319,462 100%100% 50%67%92%465069%55%4637 57% 38 44 LIVEPOLLABQ * B C1 0.61%0.58%19.58$0.71%101.33$ 88.29$ 1,048 197413 100%72%42% 197 755173 $$ 17,43314,77517,576 100%100% 107%103%766333%56%56%3234 42% 22 24 QLIVEPOLBBAJIO * O0.67%23.72$ C10.47%67.95$0.54% 100.69$ 1,190 413197 100%42%60% 173 197714 $$ 17,46513,41716,933 100%100% 175%52%54%67%92%4650 153% 1062626 103 SITESALSEALAB B B1 *0.45%24.56$ 0.50%0.58%19.58$ 18.64$ 3,3001,048 830 28%61%72% 924 506755 $$ 17,22612,43414,775 100%100% 111%88%563735%56%56%3234 39% 24 26 RGENTERALIVEPOL A C10.47%67.95$ *0.35%7.69$0.48% 1,613 109.22$ 328197 100%38%65% 1,048 125 197 $$ 13,61013,417 8,056 100%100% 105%80%87%52%54% 112% 5325252626 57 LABNMKALSEA B A0.27%2.67$ *0.45%24.56$ 0.47% 4,909 20.34$ 1,048 830 72%57%61% 2,798 755 506 $$ 15,34812,434 7,477 100%100% 134%134%5050111%88%563759% 56% 34 34 Fuente:Source:GENTERA BMV,MSE, *0.35%7.69$ Bloomberg, Banorte 1,613 65% 1,048 $ 8,056 100% 80%87% 2525 *NMK CifrasFigures A0.27%2.67$ en in millones millions 4,909 57% 2,798 $ 7,477 100% 134%134%5050 Source: MSE, Bloomberg, Banorte * Figures in millions

Potential joiners’ analysis based on the selection universe and liquidity criteria

InvestableFactor de CapitalizaciónVWAP Float- de Días Factor de la mediana Mediana del valor diario de VWAP Acciones Shares en AccionesFloating Traded Days TickerStock PPP U3M Weightingacciones mercadoadjusted flotante*≥ Market negociados delMonthly importe Traded operado≥ Value Monthlytransacciones Median mensual* Daily Value ≥ L3M Outstanding*circulación* flotantes*Shares* ≥ 95% Ratio (MTVR)≥ 25% Traded (MDVT)* ≥ $50m flotante≥10%InvestableFactor Cap*≥VWAP$10,000m $10,000m Float- ≥ 95% 25% $50m VWAP Shares Floating Traded Days 3M 6M 3M 6M Stock Weighting adjusted Market Monthly3M Traded 6M Value Monthly 3M6M Median Daily Value VOLAR A L3M 21.90$ Outstanding* 1,058 98% Shares* 1,037 $ 22,701 ≥ 95%100% 18% 17% 16 14 VOLAR A 38.72$ 1,078 Factor68% 733 $ Cap*≥ $10,000m 28,382 100%Ratio 34% (MTVR)≥ 25% 31% Traded (MDVT)*3730 ≥ $50m GMXTLACOMER * UBC 33.09$ 42.15$ 4,101 459 14%99% 574 455 $ 18,99419,165 100% 3M12%13% 6M 18%101215% 3M6M 10 11 GENTERAVOLARGMXT * A *11.43$ 21.90$ 27.73$ 1,5931,0584,101 65%98%15% 1,035 1,037 615 $ 11,83322,70117,055 100% 57%18% 64%17%161417%2728 13 12 BACHOCOLACOMER UBCB 75.96$ 42.15$ 71.52$ 600459 24%99%27% 144 455162 $ 10,93919,16511,586 100% 20%13% 28% 22%15%101124% 138 108 SIMECGMXTSource: *B MSE, Bloomberg, 143.63$ 27.73$ Banorte 4,101 498 15% 615 75 $ 10,72317,055 100%95% 18%1% 17%1312 2% 1 1 LALABACHOCO* Figures B in millionsB 16.22$ 71.52$ 2,476 600 25%27% 619 162 $ 10,04111,586 100% 11% 28% 11%24%1310 4 4 Fuente:Source: BMV,MSE, Bloomberg, Banorte * CifrasFigures en in millones millions

2

Combined ranking criteria analysis to determine at least 35 constituents for Mexbol

Factor de la mediana Mediana del valor diario de Calificación por InvestableFactor de CapitalizaciónVWAP Float- de Días Factor de la mediana Mediana del valor diario de Ranking by VWAP Acciones en Acciones capitalización de Ticker PPPVWAP U3M Acciones Shares en acciones Floating mercado flotante*≥ negociadosTraded Monthlydel importe Traded operado≥ Value Monthlytransaccionestransacciones Median mensual*mensual* Daily Value ≥≥ TickerStock PPP U3M circulación* Weightingacciones flotantes*flotantes* mercadoadjusted flotante*≥ Market negociados mercadoFloat-adjusted flotante L3M Outstandingcirculación** flotante≥10%Investable flotantes*Shares* VWAP$10,000m Float- Days≥ 95% ≥ 95% 25% $50m Rankingmercado by flotante VWAP VWAP Acciones en flotante≥10%Factor Floating Cap*≥$10,000m $10,000m Traded≥ 95% Ratio (MTVR)≥ 25% Traded (MDVT)* ≥ $50m Market(1) Cap (1) Stock Weighting adjusted Market Monthly3M6M3M3M Traded 6MValue Monthly 3M Median Daily6M Value Float-adjusted(1) L3M circulación* Shares* Days ≥ 95% 3M6M3M3M 6M 3M 6M VOLAR A 38.72$ 1,078 Factor68% 733 $Cap*≥ $10,000m 28,382 100%34%31%100%Ratio 34% (MTVR)≥ 25% 31% Traded (MDVT)*373037 ≥ $50m 30 Market 1Cap (1) VOLARGCARSO A A1 38.72$ 53.35$ 1,0782,280 Investable68%20% 733456 $ VWAP Float- 28,38224,331 100%34%31%100% 24% 24% 373023 20 Ranking 1by VWAP GCARSO A161.78$A1 VWAP 61.78$ Acciones 2,258 en 20% Floating 452 $ 27,903 Traded100% 3M6M3M14%19%14% 19% 1519156M 19 2 GCARSOVOLARStock A A161.78$ 21.90$ 2,2581,058 Weighting20%98% 1,037 452 $adjusted Market 27,90322,701 100% Monthly14%19%18% Traded Value 17% Monthly Median151916 Daily Value 14 Float-adjusted2 GCARSOGMXT * A153.35$ L3M 33.09$ circulación* 2,2804,101 20%14% Shares* 456574 $ 24,33118,994 Days ≥100% 95% 24%24%12%18%12% 18% 2320101210 12 13 GMXTLACOMER * UBC 33.09$ 42.15$ 4,101 459 Factor14%99% 574455 $ Cap*≥ $10,000m 18,99419,165 100% Ratio12%18%13% (MTVR)≥ 25% 15% Traded (MDVT)*101210 ≥ $50m 11 Market3 Cap (1) VOLARLIVEPOL A C188.29$C1 21.90$ 88.29$ 1,058 197 Investable100%98% 1,037 197 $ VWAP Float- 22,70117,433 100%100%33%42%18%17% 33% 42% 1614222422 24 Ranking24 by VWAP LIVEPOLGMXT * C188.29$ VWAP 27.73$ Acciones 4,101 197 en 100%15% Floating 197615 $ 17,43317,055 Traded100%33%42%100% Monthly3M6M3M18% Traded Value 17% Monthly Median222413 Daily6M Value 12 4 LACOMERSITES StockB1 UBC42.15$ 18.64$ 3,300 459 Weighting99%28% 455924 $ adjusted Market 19,16517,226 100%100%35%39%13%15% 35% 39% 1011242624 26 Float-adjusted35 SITESGCARSOLIVEPOL B1 C1A153.35$ L3M 18.64$ 67.95$ circulación* 3,3002,280 197 100%28%20% Shares* 924197456 $ 17,22613,41724,331 Days ≥100%35%39%100% 95% Ratio 52%24%24% (MTVR)≥ 25% 54% Traded (MDVT)*2426262320 ≥ $50m 26 51 GMXTGENTERA * *11.43$* 27.73$ 11.43$ 4,1011,593 Factor15%65% 1,035 615 $ Cap*≥ $10,000m 17,05511,833 100%100%57%64%18%17% 57% 64% 1312272827 28 Market46 Cap (1) GENTERAVOLARBACHOCO A *11.43$B 21.90$ 71.52$ 1,5931,058 600 65%98%27% 1,0351,037 162 $ 11,83311,58622,701 100%57%64%100%3M 28%18%17% 6M24% 3M 2728131614 6M 10 62 LIVEPOLBACHOCO C167.95$ B75.96$B 75.96$ 197600 100%24% 197144 $ 13,41710,939 100%52%54%100% 20%22%20% 22% 26268 8 57 BACHOCOLACOMERGENTERAGCARSO A1 *UBC42.15$B75.96$ 53.35$ 7.69$ 1,613 2,280 600459 24%99%65%20% 1,048 144455456 $$ 10,93919,165 24,331 8,056 100%100% 20%22% 80%13%15%24% 87%24% 251011238 25 208 731 BACHOCOSIMEC B143.63$B B71.52$ 143.63$ 600498 27%15% 162 75 $ 11,58610,723 100%28%95% 1%2%1%24% 2% 13101 1 68 SIMECGMXTVOLAR * B143.63$A 27.73$21.90$ 4,101 1,058 498 15%98% 1,037 615 75 $$ 10,72317,05522,701 100%95% 18%17%18%1%2% 17% 1312161 141 842 GENTERALALA B *7.69$ 1,613 16.22$ 2,476 65%25% 1,048 619 $ 10,041 8,056 100%80%87%100% 11%11%11% 11% 25254 4 79 LALALIVEPOLLACOMER B C167.95$ UBC 16.22$ 42.15$ 2,476 197459 100%25%99% 619197455 $$ 10,04113,41719,165 100%100%52%54%100% 11%11%13% 15% 2626104 114 953 BACHOCO B71.52$ 600 Investable27% 162 $ VWAP Float- 11,586 100%28% 24% 1310 6 GMXT * VWAP 27.73$ Acciones 4,101 en 15% Floating 615 $ 17,055 Traded100% Monthly18% Traded Value 17% Monthly Median13 Daily Value 12 Ranking 4by MDTV GENTERAStock *7.69$ 1,613 Weighting65% 1,048 $adjusted Market 8,056 100%80%87% 2525 7 LIVEPOL C1 L3M 67.95$ circulación* 197 InvestableFactor100% de Shares* 197 $Capitalización VWAP Float- 13,417 de DaysDías ≥100% 95% FactorRatio 52% (MTVR)≥de la mediana 25% 54% MedianaTraded del(MDVT)* 26valor diario≥ $50m de 26 6M5 (2) VWAP Acciones Shares en FactorFactor de AccionesFloating CapitalizaciónCap*≥ $10,000m de TradedDías RankingCalificación by MDTV por BACHOCOStockTicker BPPP 71.52$ U3M Acciones 600 en Weightingacciones27% Acciones 162 mercado$adjusted flotante*≥ Market 11,586 negociados100% Monthlydel importe 28% Traded operado≥ Value24% Monthlytransaccionestransacciones Median13 mensual*mensual* Daily Value ≥≥ 10 Calificación6 por Ticker PPPL3M U3M Outstandingcirculación** acciones flotantes*Shares* mercado flotante*≥ negociadosDays ≥ 95% 3M 6M 3M 6M MDTV6M U6M (2) (2) GENTERA * 7.69$ circulación* 1,613 Factor65% flotantes* 1,048 $Cap*≥ $10,000m 8,056 100%Ratio 80%(MTVR)≥25% 25% 87% Traded (MDVT)*$50m25 ≥ $50m 25 MDTV U6M7 (2) LIVEPOL C1 67.95$ 197 flotante≥10%flotante≥10%Investable100% 197 $ VWAP $10,000m Float- 13,417 ≥ 95%100% 52%25% 54% $50m26 26 1 VWAP Acciones en Floating Traded 3M6M3M3M 6M 3M 6M Ranking by MDTV GENTERAStock * 7.69$ 1,613 Weighting65% 1,048 $adjusted Market 8,056 100%Monthly3M6M3M 80% Traded Value 87% Monthly Median25 Daily6M Value 25 2 LIVEPOLVOLAR A C167.95$ L3M 38.72$ circulación* 1,078 197 100%68% Shares* 197733 $ 13,41728,382 Days ≥100%52%54%100%34%31%100% 95% 34% 31% 2626373037 30 6M1 (2) VOLARGCARSO A A1 38.72$ 53.35$ 1,0782,280 Factor68%20% 733456 $ Cap*≥ $10,000m 28,38224,331 100%34%31%100% Ratio24% (MTVR)≥ 25% 24% Traded (MDVT)*373023 ≥ $50m 20 13 GENTERA *7.69$*11.43$* 1,613 11.43$ 1,593 Investable65% 1,0481,035 $ VWAP Float- 11,833 8,056 100%80%87%100%57%64%100% 57% 64% 2525272827 28 2 GENTERAVOLAR A *11.43$ VWAP 21.90$ Acciones 1,5931,058 en 65%98% Floating 1,0351,037 $ 11,83322,701 Traded100%57%64%100% Monthly3M6M3M18% Traded Value 17% Monthly Median272816 Daily6M Value 14 Ranking24 by MDTV GCARSOSITES StockB1 A153.35$ 18.64$ 2,2803,300 Weighting20%28% 456924 $ adjusted Market 24,33117,226 100%100%35%39%24%24% 35% 39% 2320242624 26 3 SITESLIVEPOLGMXT B1* C167.95$ L3M 18.64$27.73$ circulación* 3,3004,101 197 100%28%15% Shares* 924615197 $ 17,22617,05513,417 Days ≥100%35%39%100%100%52%54% 95% Ratio18% (MTVR)≥ 25% 17% Traded (MDVT)*2426132626 ≥ $50m 12 6M351 (2) VOLARLIVEPOL A C188.29$C1 21.90$ 88.29$ 1,058 197 Factor100%98% 1,037 197 $ Cap*≥ $10,000m 22,70117,433 100%100%33%42%18%17% 33% 42% 1614222422 24 4 LIVEPOLGENTERALACOMER C188.29$ *7.69$UBC 1,613 42.15$ 197459 100%65%99% 1,048 197455 $ 17,43319,165 8,056 100%33%42%100%100%80%87%3M13% 6M 15% 3M 2224102525 6M 11 462 GCARSOGMXT * A161.78$A153.35$A1 27.73$ 61.78$ 2,2584,1012,280 20%15% 452615456 $ 27,90317,05524,331 100% 18%17%14%19%24%24%14% 19% 13121519232015 19 53 BACHOCOLIVEPOL C1 B 71.52$ 67.95$ 600197 100%27% 162197 $ 11,58613,417 100% 28%52%24% 54% 1326 10 26 71 GMXTLACOMERVOLARGENTERA * A *UBC42.15$ 33.09$21.90$ 7.69$ 4,1011,058 1,613 459 14%99%98%65% 1,037 1,048 574455 $$ 18,99419,16522,701 8,056 100%100%13%15%12%18%18%17%12% 80% 18%87% 1011101216141025 1225 642 BACHOCOGMXTGCARSO * A1 B75.96$B71.52$B 27.73$ 75.96$ 53.35$ 4,101 2,280 600 24%27%15%20% 144162615456 $$ 10,93911,58617,05524,331 100%100%28%100% 20%22%18%17%20%24%24% 22%24% 13101312238 208 753 LALALACOMERVOLAR B A UBC42.15$ 16.22$21.90$ 2,4761,058 459 Investable25%99%98% 1,037 619455 $ VWAP Float- 10,04119,16522,701 100%100% 11%11%13%15%11%18% 11%17% 1011164 144 864 LALA B VWAP16.22$ Acciones 2,476 en 25% Floating 619 $ 10,041 Traded100% 11%11% 4 4 Combined8 SIMECBACHOCOGMXTStock *B143.63$B B71.52$ 143.63$ 27.73$ 4,101 498600 Weighting15%27% 162 615 75 $adjusted Market 10,72311,58617,055 100%28%100%95% Monthly18%1%2%1% Traded Value24% 17% 2% Monthly Median1310131 Daily Value 12 1 975 SIMEC B143.63$ L3M circulación* 498 Investable15% Shares* 75 $ VWAP Float- 10,723 Days ≥ 95% 1%2% 1 1 Ranking9 (1+2) LACOMER UBCVWAP 42.15$ Acciones 459 en Factor99% Floating 455 $Cap*≥ $10,000m 19,165 Traded100% Ratio13% (MTVR)≥ 25% 15% Traded (MDVT)*10 ≥ $50m 11 Combined6 Stock Weighting adjusted Market Monthly3M Traded 6MValue Monthly 3M Median Daily6M Value BACHOCO B L3M 71.52$ circulación* 600 27% Shares* 162 $ 11,586 Days ≥100% 95% Ratio 28%(MTVR)≥ 25%24% Traded (MDVT)*13 ≥ $50m 10 Ranking7 (1+2) GCARSO A1 53.35$ 2,280 Factor20% 456 $Cap*≥ $10,000m 24,331 100% Factor24% de la mediana 24% Mediana del 23valor diario de 20 4 Shares InvestableFactor de CapitalizaciónVWAP Float- de Días Factor de la mediana Mediana del valor diario de VWAP Acciones en AccionesFloating Traded 3M6M3M 6M CalificaciónCombined VOLARTickerStock A PPP 21.90$ U3M Outstanding 1,058* Weightingacciones98% 1,037 mercado$adjusted flotante*≥ Market 22,701 negociados100% Monthlydel importe18% Traded operado≥ Value 17% Monthlytransaccionestransacciones Median16 mensual*mensual* Daily Value ≥≥ 14 6 GCARSOTicker A153.35$ PPP L3M U3M circulación* 2,280 acciones20% flotantes*flotantes* Shares* 456 mercado$ flotante*≥ 24,331 negociadosDays ≥100% 95% 24%24% 2320 conjuntaRanking4 (1+2) LIVEPOL C1 67.95$ circulación* 197 flotante≥10%Factor100% flotantes* 197 $ Cap*≥ $10,000m $10,000m 13,417 ≥ 95%100%Ratio 52% (MTVR)≥25% 25% 54% Traded (MDVT)*$50m26 ≥ $50m 26 conjunta6 (1+2) VOLAR A 21.90$ 1,058 flotante≥10%Investable98% 1,037 $ VWAP $10,000m Float- 22,701 ≥ 95%100% 18%17%25% $50m1614 6 GMXT * VWAP 27.73$ Acciones 4,101 en 15% Floating 615 $ 17,055 Traded100% 3M6M3M3M18% 6M 17% 3M 136M 12 Combined9 LIVEPOLStock C167.95$ 197 Weighting100% 197 $ adjusted Market 13,417 100%52%54%Monthly3M6M3M Traded Value Monthly Median2626 Daily6M Value 6 VOLARGCARSOLACOMER A A153.35$ UBC L3M 38.72$ 42.15$ circulación* 1,0782,280 459 68%20%99% Shares* 733455456 $ 28,38219,16524,331 Days ≥100%34%31%100% 95% 13%24%24% 34% 15%31% 373010232037 1130 Ranking294 (1+2) VOLARGMXT * A 38.72$27.73$ 1,0784,101 Factor68%15% 733615 $ Cap*≥ $10,000m 28,38217,055 100%34%31%100% Ratio18%17% (MTVR)≥ 25% Traded (MDVT)*13123730 ≥ $50m 92 GCARSOVOLARGENTERA A A161.78$A1 * 21.90$ 61.78$ 7.69$ 2,2581,0581,613 20%98%65% 1,0481,037 452 $ 27,90322,701 8,056 100% 14%19% 80%18%17%14% 87%19% 151925161415 2519 796 GCARSOLACOMER A161.78$ UBC42.15$ 2,258 459 20%99% 452455 $ 27,90319,165 100% 3M13%15%14%19% 6M 3M 10111519 6M 97 GENTERALIVEPOLBACHOCO C167.95$ *11.43$*B 71.52$ 11.43$ 1,593 197600 100%65%27% 1,035 162197 $ 11,83311,58613,417 100%57%64%100%100%52%54% 28%57%24% 64% 272813262627 1028 1386 GENTERAGCARSO A1 *11.43$*7.69$ 1,613 53.35$ 1,5932,280 65%20% 1,0351,048 456 $$ 11,833 24,331 8,056 100%57%64%100%80%87%100% 24% 24% 2525272823 20 984 SITESGMXT B1* 18.64$27.73$ 3,3004,101 28%15% 924615 $ 17,22617,055 100%35%39%100% 18%17% 35% 39% 2426131224 26 89 SITESBACHOCOVOLAR B1 A B71.52$ 18.64$21.90$ 3,300 1,058 600 28%27%98% 1,037 924162 $$ 17,22611,58622,701 100%35%39%100%28%100% 18%24% 17% 1310242616 14 1386 LIVEPOLLACOMERSource: MSE, C188.29$C1 UBC42.15$ Bloomberg, 88.29$ 67.95$ Banorte 197459 100%99% 197455197 $$ 17,43319,16513,417 100%33%42%100% 13%15% 33%52% 42%54% 222410112226 2426 896 GENTERAGMXT * *7.69$ 1,613 33.09$ 4,101 65%14% 1,048 574 $ 18,994 8,056 100%80%87%100% 12% 18% 252510 12 9 GMXT* Figures * in millions 33.09$27.73$ 4,101 14%15% 574615 $$ 18,99417,055 100%100% 12%18%18% 17% 101213 12 99 BACHOCOSource:LACOMER MSE, UBCB75.96$B71.52$B Bloomberg, 75.96$ 42.15$ Banorte 600459 24%27%99% 144162455 $$ 10,93911,58619,165 100%100%28%100% 20%22%20%13%24% 22%15% 1310108 118 14139 LALA*GENTERA Figures B in *millions 16.22$ 7.69$ 2,476 1,613 25%65% 1,048 619 $$ 10,041 8,056 100%100%11%11%11% 80% 11%87% 254 254 179 SIMECSource:BACHOCO B143.63$ BMSE, B Bloomberg, 143.63$ 71.52$ Banorte 498600 15%27% 162 75 $$ 10,72311,586 100%95% 28%1%2%1%24% 2% 131 101 1713 * Figures in millions Fuente:Source: BMV,MSE, Bloomberg,Bloomberg, BanorteBanorte ** CifrasCifrasFigures enen in millonesmillones millions

3

Estimated index constituents’ weightings after resampling and rebalancing Mexbol Mexbol Weighting Stock Action Weighting Weighting Change (Current) (Estimate) (estimate) PonderaciónMexbolMexbol PonderaciónMexbolMexbol WeightingCambioWeighting en AMXStockTickerStock L CambioActionAction WeightingenWeighting el12.3% IPC WeightingenWeighting el 12.1% IPC ponderaciónChangeChange -0.2% WALMEX * (Current)(actual)(Current)11.1%(estimada)(Estimate)(Estimate) 11.1%(estimado)(estimate)(estimate) 0.0% GMEXICO B 10.3% 10.7% 0.3% AMXAMX L L 12.3%12.1%-0.2%12.8%12.7%-0.1%12.3% 12.1% -0.2% GFNORTE O 9.7% 10.1% 0.4% WALMEXWALMEX * * Mexbol11.1%11.1%0.0%10.8%10.9%0.1%11.1% Mexbol 11.1%Weighting 0.0% FEMSAStock UBDAction Weighting9.6% Weighting 9.5%Change -0.1% GMEXICOFEMSAGMEXICO UBD B B 10.3%10.7%0.3%10.6%10.4%-0.2%10.3% 10.7% 0.3% CEMEX CPO (Current)7.2%(Estimate) 6.9%(estimate) -0.4% GFNORTEGFNORTE O O 10.5%10.2%-0.3%9.7%10.1%0.4%9.7% 10.1% 0.4% TLEVISA CPO 3.1% 3.2% 0.1% AMXFEMSAGMEXICOFEMSA L UBD UBD B 12.3%12.1%-0.2%9.6%9.5%-0.1%9.5%9.7%0.2%9.6% 9.5% -0.1% WALMEXGAP B * 11.1%11.1%0.0%3.1% 3.0% -0.1% CEMEXCEMEX CPO CPO 7.2%6.9%-0.4%8.0%7.8%-0.2%7.2% 6.9% -0.4% GMEXICOELEKTRA B * 10.3%10.7%0.3%3.0% 2.9% -0.1% TLEVISATLEVISA CPO CPO 3.1%3.2%0.1%4.4%4.2%-0.2%3.1% 3.2% 0.1% GFNORTE O 9.7%10.1%0.4% GAPELEKTRAASUR B B * 3.1%3.0%-0.1%3.0%3.0%0.0%2.5% 2.5% 0.1% FEMSAGAP B UBD 9.6%9.5%-0.1%3.1% 3.0% -0.1% ELEKTRABIMBO A * 3.0%2.9%-0.1%2.1% 2.0% -0.1% CEMEXGAPELEKTRA B CPO * 7.2%6.9%-0.4%2.7%2.6%-0.1%3.0% 2.9% -0.1% KIMBER A 1.9% 1.9% 0.0% TLEVISAASURASUR B BCPO 3.1%3.2%0.1%2.5%2.5%0.1%2.3%2.3%0.0%2.5% 2.5% 0.1% GAPBIMBOBIMBOGRUMA B A A B 3.1%3.0%-0.1%2.1%2.0%-0.1%2.2%2.2%0.0%2.1%1.8% 2.0% 1.8% -0.1% 0.0% ELEKTRAKIMBERKOFKIMBERKOF UBL UBL A* A 3.0%2.9%-0.1%1.9%1.9%0.0%1.9%1.7% 1.9% 1.7% 0.0% 0.0% ASUR B 2.5%2.5%0.1% GRUMAORBIAGRUMAORBIA * *B B 1.8%1.8%0.0%1.8%1.7% 1.8% 1.6% 0.0% -0.1% BIMBO A 2.1%2.0%-0.1% KOFACKOFGFINBUR * UBL UBL O 1.7%1.7%0.0%1.7%1.6% 1.7% 1.6% 0.0% 0.0% KIMBER A 1.9%1.9%0.0% ORBIAGRUMAAC * * B 1.7%1.6%-0.1%1.5%1.5%0.0%1.6% 1.5% -0.1% GRUMAORBIA B * 1.8%1.8%0.0%1.7% 1.6% -0.1% KOFGFINBURKIMBERGFINBUROMA UBL B A O O 1.7%1.7%0.0%1.6%1.6%0.0%1.4%1.4%0.0%1.6%1.5% 1.6% 1.5% 0.0% 0.0% ORBIAACALFAACPE&OLES * * A* * 1.7%1.6%-0.1%1.6%1.5%-0.1%1.3%1.4%0.0%1.6%1.4% 1.5% 1.4% -0.1% 0.0% GFINBUROMAOMAALFA B B A O O 1.6%1.6%0.0%1.5%1.5%0.0%1.3%1.3%0.0%1.5%1.3% 1.5% 1.2% 0.0% 0.0% ACPE&OLESPE&OLESIENOVA * ** * 1.6%1.5%-0.1%1.4%1.4%0.0%1.1%1.1%0.0%1.4%1.2% 1.4% 1.2% 0.0% 0.0% OMA B 1.5%1.5%0.0% ALFAPINFRAALFAPINFRA A A * * 1.3%1.2%0.0%1.0%1.0%0.0%1.3%1.2% 1.2% 1.2% 0.0% 0.0% PE&OLES * 1.4%1.4%0.0% IENOVAVOLARIENOVAVOLAR AEntra * A* Join 1.2%1.2%0.0%1.2%1.0%1.0% 1.2%1.0% 0.0% 1.0% ALFA A 1.3%1.2%0.0% PINFRA * 1.2%1.2%0.0% IENOVAGCARSOPINFRAGCARSO * *A1 A1 1.2%1.2%0.0%1.0%1.0%0.0%1.2%0.9% 1.2% 0.9% 0.0% 0.0% PINFRAVOLAROMAVOLARCUERVO B *AJoin A * Join 1.2%1.2%0.0%1.1%0.9%-0.1%0.9%1.0%1.0%1.0% 0.9% 1.0% 0.0% VOLARGCARSOCUERVOGCARSOMEGA AJoin CPO A1* A1 0.9%0.9%0.0%0.9%0.9%1.0%1.0% 0.9% 0.9% 0.0% 0.0% GCARSOCUERVOBBAJIOCUERVOBOLSA O A1A * * 0.9%0.9%0.0%0.9%0.9%0.0%0.9%0.8% 0.9% 0.8% 0.0% 0.0% CUERVOMEGAGCCMEGAVESTA * CPO CPO ** 0.9%0.9%0.0%0.9%0.9%0.0%0.9%0.8% 0.9% 0.8% 0.0% 0.0% MEGA CPO 0.9%0.9%0.0% BOLSAVESTABOLSAGCC * A* A 0.8%0.8%0.0%0.8%0.8% 0.8% 0.7% 0.0% 0.0% BOLSA A 0.8%0.8%0.0% VESTAMEGAVESTA CPO * * 0.8%0.8%0.0%0.7%0.7%0.0%0.8% 0.8% 0.0% VESTASITES * B1 0.8%0.8%0.0%0.7% 0.7% 0.0% GCC * 0.8%0.7%0.0% GCCALSEAGCCQ * * * * 0.8%0.7%0.0%0.6%0.6%0.0%0.8%0.7% 0.7% 0.7% 0.0% 0.0% SITESBOLSASITESBBAJIO B1 B1 AB1 O 0.7%0.7%0.0%0.7%0.7%0.0%0.6%0.6%0.0%0.7%0.7% 0.7% 0.6% 0.0% 0.0% QQLAB ** * B 0.7%0.7%0.0%0.7%0.7%0.0%0.5%0.5%0.0%0.7%0.6% 0.7% 0.6% 0.0% 0.0% BBAJIO O 0.7%0.6%0.0% BBAJIOSITESBBAJIOLIVEPOL B1 O O C1 0.7%0.6%0.0%0.5%0.5%0.0%0.7%0.5% 0.6% 0.5% 0.0% 0.0% LAB B 0.6%0.6%0.0% LABRLABALSEA A B B * 0.6%0.6%0.0%0.5%0.5%0.0%0.6%0.4% 0.6% 0.4% 0.0% 0.0% LIVEPOL C1 0.5%0.5%0.0% LIVEPOLLABLIVEPOL B C1 C1 0.5%0.5%0.0%0.5% 0.5% 0.0% ALSEANMK *A Leave0.4%0.4%0.0% 0.3% -0.3% ALSEAGENTERA * *Entra 0.4%0.4%0.0%0.4%0.4% NMKALSEAGENTERA ALeave0.3% * * Leave0.4% 0.3% 0.4%-0.3% 0.0%-0.3% NMK ALeave0.3% -0.3% GENTERALIVEPOLNMKSource: A *Leave0.3%MSE, C1Sale0.6% Bloomberg, Leave Banorte 0.3% -0.3% -0.6%-0.3% Source:GENTERAFuente:GENTERA MSE, BMV, *Leave0.3% *Bloomberg, Bloomberg, Leave Banorte Banorte 0.3% -0.3%-0.3% Source:Source: MSE, MSE, Bloomberg, Bloomberg, Banorte Banorte

4

Certification of Analysts. We, Gabriel Casillas Olvera, Alejandro Padilla Santana, Delia María Paredes Mier, Juan Carlos Alderete Macal, Manuel Jiménez Zaldívar, Marissa Garza Ostos, Francisco José Flores Serrano, Katia Celina Goya Ostos, Santiago Leal Singer, José Itzamna Espitia Hernández, Alik Daniel García Alvarez, Víctor Hugo Cortes Castro, Hugo Armando Gómez Solís, Miguel Alejandro Calvo Domínguez, Luis Leopoldo López Salinas, Leslie Thalía Orozco Vélez, Gerardo Daniel Valle Trujillo and Juan Barbier Arizmendi, 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.

5

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 (55) 1103 - 4000 x Lourdes Calvo Fernández Analyst (Edition) [email protected] 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 (55) 1103 - 4000 x Luis Leopoldo López Salinas Economist, Global [email protected] 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 Alik Daniel García Alvarez Senior Strategist, Equity [email protected] (55) 1670 – 2250 Víctor Hugo Cortes Castro Senior Strategist, Technical [email protected] (55) 1670 - 1800 Juan Barbier Arizmendi, CFA Analyst [email protected] (55) 1670 - 1746

Corporate Debt 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

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