The analysts responsible for the production of this report certify that the views expressed herein exclusively reflect their personal views and opinions about any and all of the subject issuers or securities, and were prepared independently and autonomously, including from 414 Capital Inc. and Consultora 414 S.A. de C.V. (together or separately, “414”) and other associated companies. The analysts responsible for the production of this report are not registered and/or qualified as research analysts with the NYSE or FINRA and are not associated with any broker/dealer entity in the United States or elsewhere and, therefore, may not be subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account. Each equity research analyst also certifies that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by them in this research report.

The information contained on this document is provided by 414 in good faith. The information is believed to be accurate and current as at the date indicated, when applicable. 414 is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this document is provided with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose, including cases of negligence. In no event will 414, its related parties or employees be liable to you or anyone else for any decision made or action taken in reliance on the information in this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.

No representation is made as to the reasonableness of the assumptions or the accuracy or completeness of the models or information used. No representation is made that values could actually be achieved or that such values are in any way indicative of future performance. Valuations are indicative (i.e., not actionable) and are not an offer to purchase or sell any instrument or enter into, transfer or assign, or terminate any transaction. These valuations may differ substantially from an actionable value, particularly in volatile market conditions.

Valuations provided may be based upon a number of factors including, but not limited to, current prices quoted, valuation of underlying assets, market liquidity, proprietary models and assumptions (which are subject to change without notice) and publicly available information which is believed to be reliable, but has not been independently verified. All assumptions, opinions and estimates constitute the analyst’s judgment as of this date and are subject to change without notice.

The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the investor and 414 accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this publication or its contents.

The fact that 414 has made this document or any other materials available to you constitutes neither a recommendation that you enter into or maintain a particular transaction or position nor a representation that any transaction is suitable or appropriate for you. Transactions may involve significant risk and you should not enter into any transaction unless you fully understand all such risks and have independently determined that such transaction is appropriate for you. 414 does not provide accounting, tax or legal advice; such matters should be discussed with your advisors and or counsel.

This presentation does not constitute a commitment to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other services.

414 has been approved by BMV to act as Independent Analyst and is subject to the Internal Rules of BMV. Such approval does not imply that 414 has been authorized or supervised by the Comisión Nacional Bancaria y de Valores.

These materials were prepared for use only within Mexican territory, and by Mexican legal or natural persons. They may not be reproduced, distributed to any third party or otherwise published without the prior written consent of 414 Inc. Laws and regulations of other countries may restrict the distribution of this report. Persons in possession of this document should inform themselves about possible legal restrictions and observe them accordingly.