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DISCLOSURE OF INFORMATION FROM ANALYSIS REPORTS OF VE POR MÁS BROKER-DEAL HOUSE, SA DE CV, VE POR MÁS FINANCIAL GROUP, intended for clients IN ACCORDANCE WITH ARTICLE 47 OF THE GENERAL PROVISIONS APPLICABLE TO FINANCIAL INSTITUTIONS AND OTHER PERSONS PROVIDING INVESTMENT SERVICES (the “Provisions”).

Juan F. Rich Rena, Rafael Antonio Camacho Peláez, Marisol Huerta Mondragón, Eduardo Lopez Ponce, Alejandro Javier Saldaña Brito, Angel Ignacio Ivan Huerta Monzalvo, Maricela Martínez Álvarez, Gustavo Hernández Ocadiz and Agustín Becerril García, analysts responsible for preparing this Report, are available at www.vepormas.com, which exclusively reflects the point of view of the Analysts who have only received compensation from B×+ for services provided for the benefit of B×+ clients. The variable or extraordinary compensation they have received is determined based on the profitability of Grupo Financiero B×+ and the individual performance of each Analyst.

This document was prepared for (internal use/personalized use) as part of the advisory and analysis services with which this Issuer is monitored. Under no circumstances may it be considered as an objective opinion on the Issuer nor as a general recommendation. Therefore, its reproduction or forwarding to a third party who cannot prove its direct receipt by Casa de Bolsa Ve Por Más, SA de CV releases the latter from any liability arising from its use for investment decision-making.

The companies of Grupo Financiero Ve por Más do not hold investments above 1% of the value of their investment portfolio at the close of the last three months, in instruments subject to the recommendations. The analysts who cover the recommended issuers may hold the recommended issuer in their investment portfolio, maintaining the position for a period of at least 3 months. No Board Member, General Manager or Director of the companies of Grupo Financiero holds any position in the issuers that are the subject of the recommendations.

Casa de Bolsa Ve por Más, SA de CV and Banco ve por Más, SA, Institución de Banca Múltiple, provide advised and non-advised investment services to their individual and corporate clients in Mexico and abroad. It is possible that through its Corporate Finance, Special Accounts, Portfolio Management or other areas, it provides or may in the future provide some service to the Issuing companies that are the subject of our reports. In these cases, the entities that make up Grupo Financiero Ve Por Más receive compensation from said companies for their aforementioned services. The information contained in this report has been obtained from sources that we consider reliable, even in the case of estimates, but it is not possible to make any statement regarding their accuracy or integrity. The information and, where applicable, the estimates made are current as of the date of their issuance, and are subject to modifications that, where appropriate and in compliance with current regulations, will indicate their immediate antecedent that implies a change. The entities that make up Grupo Financiero Ve por Más do not undertake, except as provided in the “Provisions” in terms of serializing the reports, to perform verifications or updated versions regarding the content of this document.

Since this document is formulated as a general or personalized recommendation for the recipients specifically indicated in the document, it may not be reproduced, cited, disclosed, used, or reproduced partially or totally, even for academic or media purposes, without prior written authorization from any entity that makes up Grupo Financiero Ve por Más.

Opinion Categories and Criteria

FAVORITE
Station that meets our two basic requirements: 1) Be an extraordinary company; 2) An attractive valuation. The 6 elements we analyze to identify an extraordinary company are: Growth, Profitability, Sector, Financial Structure, Dividend Policy, and Management. An attractive valuation occurs when the potential return of the Target Price is higher than that estimated for the IPyC. It is part of our Greater than 5.00 pp strategy portfolio.
ATTENTION!
A station that is very close to meeting our two basic requirements: 1) Be an extraordinary company; 2) An attractive valuation. The 6 elements that we analyze to identify an extraordinary company are: Growth, Profitability, Sector, Financial Structure, Dividend Policy, and Management. An attractive valuation occurs when the potential return of the Target Price is higher than that estimated for the IPyC. It may or may not be part of our strategy portfolio In a range equal to or less than 5.00 pp
NOT FOR NOW
Station that for now does not meet our two basic requirements: 1) Be an extraordinary company; 2) An attractive valuation. The 6 elements that we analyze to identify an extraordinary company are: Growth, Profitability, Sector, Financial Structure, Dividend Policy, and Management. An attractive valuation occurs when the potential return of the Target Price is higher than that estimated for the IPyC. It is not part of our strategy portfolio Less than 5.00 pp

CATEGORY CRITERION	FEATURES	CONDITION IN STRATEGY	DIFFERENCE VS. IPyC PERFORMANCE