BBVA Group Economic Research Department

Weekly Watch Mexico

October 28, 2011 Next week… ... assessing the US output cycle level at the start of 4Q11 Economic Analysis After a week of better-than-expected news on concerns affecting markets, this week will again

mean a test for US cycle strength with non-farm payroll figures and manufacturing output for J. Julián Cubero October. The week just ended saw the US growth rate rise in 3Q11 although this does not mean an [email protected] escape from downward bias in forecasts on a deleveraging scenario for households and

uncertainty to be resolved on fiscal matters that could have an impact on confidence. In turn, the Eurozone again got down to work on solving the short-term solvency and liquidity problems in

public debt and the strength of banks, as well as long-term issues of governance, especially in fiscal matters. In Mexico, the Budget continued through the house with approval in the Senate of the Law on Revenues without any major new additions to what was already released. In terms of economic indicators, attention will need to be paid domestically to the first signs from the fourth quarter on consumer confidence and manufacturing figures for October. They will likely be in line with an output scenario showing positive albeit lower variations than in the previous quarter. A week of high financial tension ends positively

The sovereign and financial risks in Europe have been the main determining factors to domestic market performance in fixed income and currencies. In this way, we believe the measures agreed

at the European Monetary Union summit last week are a huge step in the right direction, favoring a slowdown in risk premiums in the short term and domestic assets. In short, there are still some Market Analysis risks in the area. In addition, we would expect US indicators and monetary policy forecasts (international and domestic) to start to see greater attention. Octavio Gutiérrez Engelmann [email protected]

Chart 1 Manufacturing output Mexico US (% change Chart 2 y/y) Implied 1-month volatility in the MXN

% 20 20 40

15 15 35

10 10 30 5 5 25 0 0

-5 -5 20

-10 -10 15

-15 -15 10

-20 -20 5 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 May-07 May-08 May-09 May-10 May-11 Jul-09 Jul-10 Jul-11 Oct-09 Oct-10 Oct-11 Abr-09 Abr-10 Abr-11 Ene-09 Ene-10 Ene-11 EEUU México Source: BBVA Research Source: BBVA Research and Bloomberg

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Weekly Watch Mexico October 28, 2011

Calendar: Indicators

US: Non-farm payroll & unemployment rate (October: November 4) Forecast: 105,000; 9.1% Consensus: 100,000; 9.1% Previous: 103,000; 9.1% Mixed economic reports in October point to little improvement in employment and modest Economic Analysis growth in non-farm payroll for the month. Despite upward revisions to 3Q output data, businesses

continue to announce planned job cuts. Manufacturing jobs data were mixed, pointing to Cecilia Posadas employment growth being weak in the sector. In turn, government job cuts are likely to continue. [email protected] Early unemployment applications remained at around 400,000 but have not fallen below this

level since September. Taking into account these job market trends, we do not expect to see a fall in the jobless rate. There are few market expectations for employment data but very low payroll figures could re-ignite fears over a high unemployment rate.

Mexico: Formal private-sector employment (October) Forecast: 0.32% (4.1% y/y) Consensus: n/a Previous: 0.39% (4.2% y/y) With a slowdown in industrial production, growth in the rate of job creation is likely to fall slightly despite being buoyant recently. It should be stated that job creation was excellent in services and in manufacturing with average monthly changes of around 0.4 and 0.2% respectively in the previous three months. Since the start of the year until September, around 427,000 jobs have been created and almost 1.35 million since the start of the economic recovery.

Mexico: Consumer and Producer Confidence (October) Forecast: Cons -0.5% (90 pts) Consensus: n/a Previous: -1.5% (90.7 pts) Forecast: Manu: -0.8% (53.5 pts) Consensus: n/a Previous: -0.4% (53.9 pts) If the lower job creation is true, alongside a slowdown in the positive contribution seen in all real salaries, these would be factors contributing to lower consumer confidence towards the last quarter of the year. Lower industrial output linked to a slowdown in foreign demand, as well as continuing doubts surrounding a recovery in US economic output, will contribute to moderating manufacturer spirits.

Chart 3 Formal Private-sector Employment (Level Chart 4 and % change y/y) Confidence: consumer and producer (Jul07=100)

15.2 0.8 110 110 +1,348 millones 15.0 0.6 100 100 14.8 0.4

14.6 0.2 90 90 14.4 0.0 14.2 80 80 -0.2 14.0 -0.4 13.8 70 70 -590 mil -0.6 13.6 60 60 13.4 -0.8

13.2 -1.0 50 50 Dic-07 Dic-08 Dic-09 Dic-10 Jun-08 Jun-09 Jun-10 Jun-11 Mar-08 Mar-09 Mar-10 Mar-11 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Dic-07 Dic-08 Dic-09 Dic-10 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Var % m/m, eje der. M illones de personas, eje izq. Consumidor Productor Source: BBVA Research with IMSS data Source: BBVA Research with Banxico and INEGI data

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Weekly Watch Mexico October 28, 2011

Markets Market Analysis Downward interest rates Since the European ministers summit ended last week, the MXN has appreciated by 4.5% and the curve level has fallen over 10bp. Spreads between the MBOND and UST have returned to levels from early August (380bp). It is important to underline that the weighted spread for MXN hedging cost (carry-trade indicator or Macro LatAm Strategy differential adjusted by risk forecast) has not seen major increases in recent sessions. This mean the fall in Octavio Gutiérrez Engelmann [email protected] implied volatility in options has come in with a similar size to that for spreads. But volatility remains far above +5255 5621 9245 levels at the end of August meaning if the market continues to move risk premiums down and these lead to a lower exchange hedge cost, the rates spread should become more attractive and lead to it hitting Equity Latam minimums of 340bp. Chief Analyst Rodrigo Ortega [email protected] MXN sees one of the highest weekly falls due to Eurozone risks ... +52 55 5621 9701 The MXN ended last week with a strengthening of around 4.9% in response to the agreements reached at Fixed-Income Analysis the European Union summit. In the first days, cross transactions performed with high volatility (especially for Mexico/Brazil the intraday), however at the close they benefitted from the greater global risk appetite. In fact, 1M implicit Chief Strategist Ociel Hernández volatility fell by 3 vegas during the week and returned to levels from mid-September of 17%. Positions in the [email protected] CFTC did not show major changes over the previous week. Nonetheless, the data from the days after the EU +5255 5621 9616 announcements are still to be factored in. In short, the currency remains with a positive bias and its extension will now depend on US economic indicators and new details on the EFSF mechanism.

FX Mexico // Brazil Claudia Ceja [email protected] +5255 5621 9715

Technical Analysis Alejandro Fuentes [email protected] +52 55 5621 9975

Chart 5 Chart 6 10 year Bond interest rate Implied 1-month volatility in the MXN

6.90 % 40 6.80

6.70 35

6.60 30 6.50 25 6.40

6.30 20

6.20 15 6.10

6.00 10

5 03/Oct/11 05/Oct/11 07/Oct/11 09/Oct/11 11/Oct/11 13/Oct/11 15/Oct/11 17/Oct/11 19/Oct/11 21/Oct/11 23/Oct/11 25/Oct/11 27/Oct/11 Jul-09 Jul-10 Jul-11 Oct-09 Oct-10 Oct-11 Abr-09 Abr-10 Abr-11 Ene-09 Ene-10 Ene-11 Source: Valmer Source: BBVA Research and Bloomberg

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Weekly Watch Mexico October 28, 2011

Technical Analysis Market Analysis IPC Stock Market Index Equities Now operating upward, the resistance levels we should be considering for the IPC are the July high (36,917pts) and then the April high (38,000pts). Before hitting these resistance levels, Technical Analysis we see the market as likely to see a pull-back to support levels. Alejandro Fuentes Pérez (*) The bounce the market has seen from 32,000pts has led to a.fuentes @bbva.bancomer.com readings of over-buying in several oscillating indicators (RSI by + 5255 5621 9705 70pts and CCI by 185pts) which supports the profit-taking outlook. Any return to the 36,000pts level should be (*) Writer(s) of the report considered a new entry opportunity. We therefore recommend profit-taking at positions reaching resistances and waiting for a return to support levels to then increase investment levels Previous Rec.: The 10-day rolling average has crossed upward the 30-day, a short-term positive technical signal supporting an upward forecast.

Source: BBVA Bancomer, Bloomberg

MXN

Fall in the dollar over the week coming in below the 10- and 30-day rolling averages and below the MXN13.20 floor. This sets the MXN13.00 level as a short-term objective. If this floor is broken, the downward move may extend toward MXN12.60, although we believe there may be a bounce up to MXN13.20 before this break. Previous Rec.: We believe it should retake the adjustment and seek levels near MXN13.00 over the coming week.

Source: BBVA Bancomer, Bloomberg

3Y M BOND 3-YEAR BOND: (yield): Reached 4.5% levels and starting to change trend. It may mark a "double bottoming out" to retake the bounce move. This would be confirmed with an upward break from 4.7% to seek out 5%. Previous Rec.: Major support from where it could again bounce; however, we would consider a stop loss if it breaks downward.

Source: BBVA Bancomer, Bloomberg

10 YEAR M BOND 10 YEAR M BOND: (yield): Short-term downward trend remains still coming in below the short-term rolling averages. Floors at 6% and 5.85%. It would have to break up to 6.5% for a trend change. Previous Rec.: Support could be up to 5.9% and resistance at 6.4%.

Source: BBVA Bancomer, Bloomberg

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Weekly Watch Mexico October 28, 2011

Markets Chart 7 Chart 8 Stock Markets: MSCI Indices Foreign exchange: dollar exchange rates The lack of details on (Sep 28, 2011 index = 100) (Sep 28, 2011 index = 100) the measures 116 116 106 106 announced by European authorities 112 112 102 102 to alleviate the debt 108 108 México crisis created Asia 104 104 98 98 uncertainty which led Latam to slight falls on stock 100 100 markets. In turn, 96 96 94 94 better-than-expected Brasil consumer confidence 92 92 data influenced a rise 90 90 1/10/11 4/10/11 7/10/11 in the exchange rate. 28/09/11 10/10/11 13/10/11 16/10/11 19/10/11 22/10/11 25/10/11 28/10/11

México Asia S&P´s LATAM 28/09/11 01/10/11 04/10/11 07/10/11 10/10/11 13/10/11 16/10/11 19/10/11 22/10/11 25/10/11 28/10/11

Source: Bloomberg & BBVA Research Source: Bloomberg and BBVA Research. Note: LATAM includes Argentina, Brazil, Chile, Colombia and Peru. Asia includes the Philippines, South Korea, Taiwan, Singapore, Indonesia and Thailand. Non-weighted averages

Chart 9 Chart 10 Risk: EMBI+ (Sep 28, 2011 index = 100) Risk: 5 year CDS (Sep 28, 2011 index=100)

120 120 120 120 115 115 Fall in risk aversion 110 110 110 110 over the week in the 105 105 Emergentes 100 100 face of optimism over 100 100 95 95 a quick solution to the México México 90 90 European debt crisis 90 90 85 85 80 80 Brasil 80 80 75 75 70 70 65 65 70 70 9/28/2011 10/1/2011 10/4/2011 10/7/2011 10/10/2011 10/13/2011 10/16/2011 10/19/2011 10/22/2011 10/25/2011 10/28/2011 9/28/11 10/1/11 10/4/11 10/7/11 10/10/11 10/13/11 10/16/11 10/19/11 10/22/11 10/25/11 10/28/11 Source: Bloomberg & BBVA Research Source: Bloomberg & BBVA Research

Chart 11 Chart 12 10-year interest rates*, last month Carry-trade Mexico index (%)

7.0 2.8 Slight upswing in 0.45 0.45

rates in Mexico México (izq) 6.8 2.6 toward the end of the 0.40 0.40

week after a fall 6.6 2.4 0.35 0.35 subsequent to the approval of new 6.4 2.2 0.30 0.30

measures to solve the 6.2 2.0 0.25 0.25 crisis in Europe. US EEUU (der) 0.20 0.20 rates rise over the 6.0 1.8 week in the face of 0.15 0.15 higher risk appetite 5.8 1.6 06/01/09 09/01/09 12/01/09 03/01/10 06/01/10 09/01/10 12/01/10 03/01/11 06/01/11 09/01/11 28/09/11 01/10/11 04/10/11 07/10/11 10/10/11 13/10/11 16/10/11 19/10/11 22/10/11 25/10/11 28/10/11 Source: Bloomberg & BBVA Research Source: BBVA Research with data from Bloomberg

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Weekly Watch Mexico October 28, 2011

Output holds Activity, inflation, monetary conditions positive Chart 13 Chart 14 performance, BBVA Research Synthetic Activity Indicator Advance Indicator of Activity situation indicators for the Mexican economy (y/y % change) point to 3Q11 near 15 15 to 2Q quarterly 0.5 0.5 10 10 rate -0.5 -0.5

5 5

-1.5 -1.5

0 0

-2.5 -2.5

-5 -5

-3.5 -3.5 -10 -10

-4.5 -4.5 -15 -15 Jul-08 Jul-09 Jul-10 Jul-11 Oct-08 Jan-09 Oct-09 Jan-10 Oct-10 Jan-11 Apr-09 Apr-10 Apr-11 Oct-02 Oct-03 Oct-04 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Abr-02 Abr-03 Abr-04 Abr-05 Abr-06 Abr-07 Abr-08 Abr-09 Abr-10 Abr-11

Abr-11 Jul-11

Source: BBVA Research with data from INEGI, AMIA and Source: INEGI BEA Weighted sum of 21 different indicators of activity, expenditure and expectation, based on trend series.

Chart 15 Chart 16 Inflation Surprise Index Activity Surprise Index (July 2002=100) (2002=100) 110 110 130 130 105 105 120 120 100 100 110 110 95 95 Recent inflationary surprises have been 100 100 90 90 downward, while 90 90 85 85 those concerning 80 80 80 80 economic activity 75 75 70 have been mixed. 70 70 70 Dic-02 Dic-03 Dic-04 Dic-05 Dic-06 Dic-07 Dic-08 Dic-09 Dic-10 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Dic-02 Dic-03 Dic-04 Dic-05 Dic-06 Dic-07 Dic-08 Dic-09 Dic-10 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Source: BBVA Research with data from Banxico from the Source: BBVA Research with Bloomberg data. Difference monthly surveys on the expectations of economic between recorded data and the Bloomberg consensus for specialists in the private sector. seven activity variables in Mexico. Standardized index. Rises (falls): positive (negative) surprises.

Chart 18 Chart 17 Balance of Inflationary Risks* and Lending Rate Monetary Conditions Monetary Conditions Index (standardized and %; monthly averages) relax due to recent 3.0 10 100 exchange rate 2.0 9 50 depreciation 8 1.0 0 7 0.0 -50 6 -100 -1.0 5 -150 4 -2.0 Dic-02 Dic-03 Dic-04 Dic-05 Dic-06 Dic-07 Dic-08 Dic-09 Dic-10

-3.0 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Índice de Balance de Riesgos, izqda. Fondeo, dcha. Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Source: BBVA Research Source: BBVA Research. *Standardized, weighted index (between inflation and economic growth); uses economic indicators for activity and inflation. A rise in the index points to a greater weight of inflationary risks over growth risks and thus a greater likelihood of monetary restriction

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Weekly Watch Mexico October 28, 2011

Important Disclosures

Analysts’ Certification I, Alejandro Fuentes Pérez: I do hereby certify that the opinions expressed in this report reflect my own point of view regarding the abovementioned issuers and their securities. I also certify that I have not received, nor shall I receive, any direct or indirect compensation in exchange for a specific recommendation in this report. The information on ratings and historical target prices of the companies covered in this report may be requested from our analysts or consulted on our website: www.bancomer.com. Remuneration / Service Delivery as of October 25, 2011

In the last twelve months, BBVA Bancomer S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer and/or Casa de Bolsa BBVA Bancomer, S.A. de C.V., Grupo Financiero BBVA Bancomer (hereinafter “BBVA Bancomer”) or any other company/ies in the BBVA Group has/have participated as underwriters and/or managers in public securities offerings and have thus received remuneration based on this, for the following companies that may be the subject of this report: Actinver, Banco Compartamos, Banco Interacciones, Banco Inbursa, BNP, Bimbo, Caterpillar Credito, Cemex, Comisión Federal de Electricidad, Corporación Interamericana de Inversiones, Chedraui, Daimler, Embotelladoras Arca, El Puerto de Liverpool, Ferrocarril Mexicano, Fonacot, GE Capital Bank, General Electric, GMAC, Hipotecaria su Casita, HSBS, Maxcom, Megacable, Nemak, NRF(Nissan), OHL, Paccar, Pemex, Posadas, Prudential Financial, Ruba, Telmex Internacional, Telefónica Móviles México, Toyota, Urbi, VWLease. In the last twelve months, BBVA Bancomer or another company in the BBVA Group has provided remunerated investment banking services such as the design and structuring of business financing and capitalization plans; consulting on mergers, demergers and capital acquisitions and other corporate restructurings; as well as services provided by jointly represented business areas in securities issues and the granting of bank loans to the following issuer/s who may be the subject of analysis in this report: Acciona, Aeromexico, Agropecuaria Santa Genoveva, Alsea, América Móvil, Asur, Avicola Pilgrim´s Pride de Mexico, Axtel, Bancomext, Banco de Credito e Inversiones, Banco Santander, Banorte, Banregio, BMV, Cemex, Cencosud, CIE, Cintra, Colbun, Comercial Mexicana, Comisión Federal de Electricidad, Concesionaria Mexiquense, Consorcio Comex, CAF, Controladora de Farmacias, Copamex, Coppel, Corporación Geo, Corporativo Arca, Corporación Moctezuma, Credito Inmobiliario, Daimler Chrysler de México, Dine, El puerto de Liverpool, El palacio de Hierro, Elementia, Empresas Cablevisión, Endesa (Chile), Facileasing, Factoring Corporativo, Farmacias Benavides, FCC, Femsa, Ferrosur, Filtrona, Fomento de Infraestructura Turistica Cancun, Gas Natural Mexico, GEO, Gruma, Grupo Alfa, Grupo Ara, Grupo Brescia, Grupo Bimbo, Grupo Carso, Grupo Casa Saba, Grupo Cementos de Chihuahua (GCC), GAP, Grupo Comercial Chedraui, Grupo Collado, Grupo Comercial Gomo, Grupo Dermet, Grupo Elektra, Grupo Famsa, Grupo Femsa, Ford Credit Mexico, Grupo Financiero Inbursa, Grupo R, Grupo Scotiabank, Grupo Herdez, Grupo ICA, Grupo La Moderna, GMAC, Grupo Maseca, Grupo México, Grupo Posadas, Grupo R, Grupo Sanborns, Grupo TMM, Grupo Videomax, Grupo Xignux, Hilasal Mexicana, Homex, HSBC, Holcim (Apasco), Hylsamex, Imsa/Tarida/Ternium, Industrias Bachoco, Hipotecaria Casa Mexicana, Hipotecaria su Casita, ICA, Industrias Aluprint, Industrias CH, Industrias Peñoles, Inmobiliaria Ruba, Interceramic, Kansas City Southern de México, Kaupthing Bank, Kimberly Clark México, Lamosa, Liverpool, Mabe, Manufacturas Kaltex, Medica Sur, Megacable, Mexichem, Minera los Pelambres, Molymet, Municipio de Aguascalientes, Nadro, Nafin, NRF México, Nemak, OHL, Paccar, Pasa, Pemex, Petrotemex, Pimsa, Plavicom, Prolec GE, Ruba, Sare, Sears, Sigma, Simec, Scotia Bank Inverlat, Techint, Telefónica CTC, Telefónica Móviles, Telint, Telmex, Tenaris, Toyota, Urbi, Value, Volcan Cia Minera, VWLease. Over the next three months, BBVA Bancomer or another organization in the BBVA Group expects to receive, or will try to receive, compensation for investment banking services such as the design and structuring of business financing and capitalization plans; consulting on mergers, demergers and capital acquisitions and other corporate restructurings as well as services provided by jointly represented business areas in securities issues and in granting bank loans to the issuer/s that are the subject of this report. BBVA Bancomer S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer operates as a market maker / specialist in: MexDer Futures Contract (US dollar (DEUA), 28-day TIIE (TE28), TIIE swap, 91-day CETES (CE91)), M bonds, M3 bonds, M10 bonds, BMV Trading Price Index (CPI), Options Contract (CPI, América Móvil, Cemex, CPO, Femsa UBD, Gcarso A1, Telmex L shares), Udibonos. BBVA operates as market maker / specialist in Latibex Alfa, AMX, Corporación Geo, Grupo Modelo, ICA, Sare, Telmex.

Weekly Watch Mexico October 28, 2011

Stock holdings

BBVA Bancomer, BBVA Securities, Inc., BBVA Continental, BBVA Escritório de Representacão no Brasil (Brazil), BBVA Banco Frances and BBVA Chile are subsidiaries of Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA"). BBVA has a direct or indirect holding of at least 1% of the capital in the following companies whose shares are traded on organized markets: BOLSA, CEMEX VENEZUELA, GAP, GRUPO TELEVISA, GRUPO VIDEOVISA, MAXCOM TELECOMUNICACIONES, PASA. BBVA Bancomer and, if applicable, the companies forming part of the BBVA Bancomer financial group had, at the close of the last quarter, direct or indirect investments in securities or derivative financial instruments whose underlyings are shares that are the subject of recommendations, representing 10% or more of their portfolio of shares or investment portfolio or 10% of the issue or underlying of securities issued by the following issuers: AXTEL. BBVA Bancomer and, if applicable, the companies forming part of the BBVA Bancomer Financial Group will, from time to time, hold investments in shares or derivative financial instruments whose underlyings are securities that are the subject of this recommendation, which represent ten percent or more of their securities portfolio or investment portfolio or ten percent of the issue or underling of the securities in question. Other disclosures

To the best of our knowledge, a Director, Managing Director or Senior Officer occupying a position immediately below the managing director of BBVA Bancomer also holds the same position in the following issuer/s that may be the subject of analysis in this report: Alfa, Alsea, Amx, Asur, Bimbo, CMR, Dine, Femsa, GAP, Gmodelo, Grupo financiero Inbursa, Grupo Carso, Grupo Posadas, Hogar, Invex, Kof, Kuo, Liverpool, Maseca, Oma, Peñoles, Sanborns Hermanos, Sears Roebuck, Telecom, Telefónica Móviles México, Telmex, Tenaris, Tlevisa, Urbi, Vitro. System of Rating and Methodology of Target Prices

“The period referred to by the recommendation is established at between six months and a year. The recommendations relate to the reference market." Better than market - Expectations of performance better than market level by at least 5% Neutral - Security with expectations of performance similar to market (+/-5%) Worse than market - Performance estimated at below the market by at least 5%

The recommendations reflect an expected performance of the share vs. its reference market within a specific time frame. This performance may be explained by the fundamental value of the company, but also by other factors. The calculation of the fundamental value by BBVA Bancomer is based on a combination of one or more methodologies that are generally accepted in financial analysis. They may include multiple analysis, discounted cash flow, part analysis or others applied to the particular case being analyzed. Without prejudice to the above, other factors may have more weight, such as the flow of news, earnings season, mergers and acquisitions, market appetite for a particular sector. These factors may lead to a recommendation that is contrary to that indicated solely by the fundamental value and its direct comparison with the share price. Distribution of Ratings of the Analysis as of September 30, 2011

The percentage of ratings over the total universe of companies covered by BBVA Bancomer is as follows: Buy (includes “Buy” and “Better than Market”): 53% Neutral: 6% Sell (includes “Sell” and “Worse than Market”): 41%

The percentage of ratings on companies for which investment banking services have been provided or for which BBVA Bancomer has acted as underwriter and/or manager in public share offers is as follows: Buy (includes “Buy” and “Better than Market”): 50% Neutral: 10% Sell (includes “Sell” and “Worse than Market”): 40%

Weekly Watch Mexico October 28, 2011

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Weekly Watch Mexico October 28, 2011

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