C O R P O R A T E P R E S E N T A T I O N J U L Y 2020 F O R W A - - PowerPoint PPT Presentation

C O R P O R A T E P R E S E N T A T I O N J U L Y 2020

The information contained herein (the “Information”) has been prepared by Grupo Herdez, S.A.B. de C.V., its subsidiaries and/or affiliated companies (“Grupo Herdez”), and may contain forward- looking statements that reflect Grupo Herdez’s current expectations and views, which may vary materially due to various factors, risks and uncertainties. Therefore, Grupo Herdez and/or its officers, employees or agents, assume no responsibility or liability for any such variations in the Information. In particular, and notwithstanding the foregoing, no guarantee is given as to possible future variations of the Information. The Information has been provided solely for informational

• purposes. The issuance of this Information shall not be taken as any

form of commitment of Grupo Herdez to proceed with any transaction.

F O R W A R D - L O O K I N G S T A T E M E N T

All the information contained in this document is prepared in accordance with International Financial Reporting Standards (IFRS) as of June 30, 2020, unless otherwise stated.

+25 Brands

I N V E S T M E N T C A S E

0 3

+100

Y E A R S O F E X P E R I E N C E D I V E R S I F I E D P O R T F O L I O

P R O F I T A B L E G R O W T H S T R A T E G Y

S O U N D F I N A N C I A L S T R U C T U R E S O L I D C O R P O R A T E G O V E R N A N C E C O M M I T T E D T O S U S T A I N A B I L I T Y L E A D E R S I N T H E M A R K E T

S T R A T E G Y

0 4 M A I N T A I N A N D F O R M P A R T N E R S H I P S T H R O U G H T H E D E V E L O P M E N T O F

I N T E L L I G E N C E I M P L E M E N T T E C H N O L O G I E S T H A T A C C E L E R A T E P R O C E S S E S P R O M O T E S U S T A I N A B L E M A N A G E M E N T P R I O R I T I Z I N G W A T E R C O N S E R V A T I O N A N D E F F I C I E N T U S E O F E N E R G Y R E S P O N S I B L E C O R P O R A T E C I T I Z E N S H I P S U P P O R T A N D G E N E R A T E G R O W T H T H R O U G H T H E D E V E L O P M E N T O F T A L E N T A N D I N V E S T M E N T I N I N F R A S T R U C T U R E

0 5

C O R P O R A T E S T R U C T U R E

50%

McCormick México since1947

50%

Barilla México since 2002

50%

Herdez Del Fuerte since 2008

50%

MegaMex since 2009

100%

Frozen division Nutrisa 2013 Helados Nestlé 2015 Cielito Querido Café 2019 Moyo 2019 The proportional stake of Herdez Del Fuerte in MegaMex is registered in “Equity Investment in Associated Companies.“ Grupo Herdez consolidates 100 percent of its Frozen division, Herdez Del Fuerte - Mexico, Barilla México and McCormick de México in its financial statements.

L E A D I N G B R A N D S

0 6

O U R B R A N D S I N M E X I C O O U R B R A N D S I N T H E U S D I S T R I B U T I O N A GR E E M E N T S I N M E X I C O

0 7

I N F R A S T R U C T U R E

6 0 0 + C I E L I T O , L A V A Z Z A , M O Y O A N D N U T R I S A S T O R E S 14 P L A N T S M O R E T H A N 1 0 , 0 0 0 E M P L O Y E E S 25 DISTRIBUTION CENTERS + 6 7 , 0 0 0 P D V H E L A D O S N E S T L É + 6 7 , 0 0 0 P O S H E L A D O S N E S T L É

P O S : P O I NT S O F S A L E

0 8

C O V I D - 1 9 I M P A C T

Crisis event GH central committee Committee of affected units

Main objective of Grupo Herdez :

• To gu arant ee t he w e l l -be ing of it s

e m pl oye e s .

• Maint ain t he cont inu it y of it s ope rat ions .

Strategy:

• Cre at ion of Com m it t ees w it h s t aff at al l

l e v e ls (from s t rat egic t o ope rat ional ) w he re s t rat egie s are de s igne d and im pl em ent ed .

Actions Taken

Home Office for Corporate employees since March 24th. +600 stores closed since April 1st with openings according to the authorities. NO reduction of salaries and layoffs. Strict additional security measures in DC and Plants. Minimal disruption to our supply chain. Negotiation of commercial rents. Trading of Commodity Contracts to minimize the impact of FX volatility. Distribution agreements with customers to maintain high inventory coverage. Respond to over- demand with strict health standards for our employees.

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C O V I D - 1 9 I M P A C T

NET SALES EBITDA

CONSOLIDATED

FIGURES IN MILLIONS OF MEXICAN PESOS 5,211 5,662 5,569 5,977 5,752 6,091 10.8% 8.5% 7.0% 2.2% 10.4% 7.6%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 4,600 4,800 5,000 5,200 5,400 5,600 5,800 6,000 6,200

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Growth vs Previous Year 827 934 978 1,078 1,051 936 15.9% 16.5% 17.6% 18.0% 18.3% 15.4%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 200 400 600 800 1,000 1,200

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 EBITDA Margin

1 0

C O V I D - 1 9 I M P A C T

NET SALES EBITDA

PRESERVES

FIGURES IN MILLIONS OF MEXICAN PESOS 4,145 4,293 4,266 4,858 4,653 4,789 12.1% 9.3% 6.0% 1.1% 12.2% 11.6% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Growth vs Previous Year 702 686 790 964 938 890 16.9% 16.0% 18.5% 19.8% 20.2% 18.6% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 EBITDA Margin

1 1

C O V I D - 1 9 I M P A C T

NET SALES EBITDA

FROZEN

FIGURES IN MILLIONS OF MEXICAN PESOS 720 983 865 660 721 684 6.8% 12.6% 5.0% 7.6% 0.0% (30.5%)

• 3,150
• 2,650
• 2,150
• 1,650
• 1,150
• 650
• 150

350 850 1,350

1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Growth vs Previous Year 91 212 142 62 54 (77) 12.6% 21.5% 16.5% 9.4% 7.5% (11.3%) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 EBITDA Margin

1 2

N E T S A L E S

CAGR 5 YEARS = 7.4% Preserves 7.2% Frozen 6.5% Exports 11.9% P R E S E R V E S F R O Z E N E X P O R T S S E G M E N T M I X

C O N SOLIDAT ED F I GUR ES I N M I L LIONS O F M E XICAN P E S O S C A G R= C O M POUND A N NUA L G R O WT H R A T E

15,953

79%

Preserves

13%

Frozen

8%

Exports

14,431 15,953 16,455 17,562 18,565 2,592 2,882 2,985 3,229 2,929 1,158 1,230 1,531 1,630 1,896

18,181 20,065 20,971 22,420 23,391 2016 2017 2018 2019 12M2Q20

P R E S E R V E S F R O Z E N E X P O R T S M A R G I N ( % )

E B I T & E B I T D A

S E G M E N T M I X CAGR 5 YEARS = 7.0% Preserves 6.1% Frozen 5.9% Exports 27.6%

5%

Frozen

88%

Preserves

7%

Exports

P R E S E R V E S F R O Z E N E X P O R T S M A R G I N ( % )

CAGR 5 YEARS = 4.7% Preserves 5.8% Frozen NA Exports 32.7%

EBIT EBITDA

103%

Preserves

(10%)

Frozen

7%

Exports

1 3

C O N SOLIDAT ED F I GUR ES I N M I L LIONS O F M E XICAN P E S O S C A G R= C O M POUND A N NUA L G R O WT H R A T E 2,378 2,614 2,718 2,791 3,222 13.0 13.9 14.3 13.3 13.3

2,363 2,790 2,997 2,990 3,121

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0

2016 2017 2018 2019 12M2Q20

2,634 2,888 3,016 3,142 3,581 103 277 332 506 79 130 169 169 282 15.5 16.4 16.8 17.0 17.3

2,816 3,295 3,517 3,818 4,044

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0

2016 2017 2018 2019 12M2Q20

Market Position

• W e

r e a c h 9 9 %

• f

h o u s e h o l d s i n M e x i c o .

• O u r

p r o d u c t s a r e p u r c h a s e d 1 8 t i m e s a y e a r p e r h o u s e h o l d .

• S t r o n g

m a r k e t s h a r e i n P r e s e r v e s i n t h e d i f f e r e n t d i s t r i b u t i o n c h a n n e l s , 4 0 % i n w h o l e s a l e a n d 2 9 % i n s u p e r m a r k e t s .

• A r o u n d

6 0 %

• f
• u r

b r a n d s i n t h e c a t e g o r i e s w h e r e w e p a r t i c i p a t e a r e i n t h e T o p 3 o f B r a n d P o we r .

Market Share

83%

MOLE

72%

MAYONNAISE

70%

TOMATO PURÉE

46%

JAMS

43%

SALSA

33%

PASTA

31%

TEA

26%

VEGETABLES

18%

FROZEN

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C O M M E R C I A L L E A D E R S H I P

T H I RD -PAR TY I NFORMATION I NC LUI DING M O DERN T R A DE A N D WH O L E SA L E. F I G UR ES A S O F JUN E 3 0 , 2 0 2 0

34% 30% 9% 8% 4% 4% 4% 3% 4%

SuperMarket Wholesalers Club stores Exports Stores * Food service Convenience DSD (traditional) Others

C O M M E R C I A L L E A D E R S H I P

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C O N S O L I D A T E D S A L E S M I X B Y C H A N N E L C O N S O L I D A T E D S A L E S M I X B Y C A T E G O R Y*

31% 13% 8% 8% 5% 5% 4% 3% 3% 2% 3% 2% 1% 10%

Mayonnaise Frozen Tomato purée Pasta Vegetables Canned tuna Mole Salsa Jams Ketchup Tea Tuna Mustard Others

C O N S O L I D A T E D F I G U R E S A S O F J U N E 3 0 , 2 0 2 0 * S T O R ES : I NC LUDING C Q C , L A VA Z ZA, M OY O A N D N UT R I SA * N O T I N CL UDING E X P ORT S

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I N N O V A T I O N

PRESERVES NEW IMAGE FROZEN “POR UN MUNDO MÁS VIVO” NEW PRODUCTS

+1,500 Ideas 138 Prototypes tested with

consumers

29 ideas

with high potential to generate volume in 11 categories.

2019

P R E S E R V E S S N A P S H O T

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P R E M I U M V E R S I O N S C O N S U M E R I N S I G H T - B A S E D I N N O V A T I O N H O L I S T I C C O M M U N I C A T I O N P R E S E R V E S S A L E S M I X B Y C A T E G O R Y * G R O W T H D R I V E R S H O U S E H O L D P E N E T R A T I O N & R E D U C T I O N O F D I S T R I B U T I O N G A P S

C O N S O L I D A T E D F I G U R E S A S O F J U N E 3 0 , 2 0 2 0 , I N C L U D I N G S A L E S I N M E X I C O

36% 10% 9% 9% 6% 5% 4% 4% 3% 15% Mayonnaise Tomato purée Pasta Tuna Vegetables Mole Salsa Jams Tea Others

P R E S E R V E S P E R F O R M A N C E

CAGR 5 YEARS Net sales: 7.2% EBIT: 5.8% EBITDA: 6.1%

1 8

EBITDA MARGIN NET SALES EBIT MARGIN

C O N SOLIDAT ED F I GUR ES I N M I L LIONS O F M E XICAN P E S O S C A G R= C O M POUND A N NUA L G R O WT H R A T E

13,139 14,431 15,953 16,455 17,562 18,565 20.3% 18.3% 18.1% 18.3% 17.9% 19.3% 18.5% 16.5% 16.4% 16.5% 15.9% 17.4% 2015 2016 2017 2018 2019 12M2Q20

1 9

P R O D U C T I N N O V A T I O N & M A R K E T I N G C A M P A I G N S

1

N E W P R O D U C T S NEW CONSUMPTION OCCASIONS PREMIUM VERSIONS RESPONSIBLE CONSUMPTION HABITS

F R O Z E N S N A P S H O T

PORTFOLIO SEGMENTATION BY CHANNEL INCREASE STORE TRAFFIC & FREEZER PRODUCTIVITY SG&A CONTROL STRENGTHENING OF SALES CHANNELS G R O W T H D R I V E R S F R O Z E N S A L E S M I X B Y C H A N N E L

2 0

33% 27% 16% 16% 3% 3% 2%

Stores * DSD traditional Convenience Modern trade Wholesalers Food service Club stores

C O N S O L I D A T E D F I G U R E S A S O F J U N E 3 0 , 2 0 2 0 . I N C L U D I N G S A L E S I N M E X I C O * S T O R ES : I N C LUDIN G C Q C , L A VA Z ZA, M OY O A N D N UT R I SA

FROZEN PERFORMANCE

CAGR 5 YEARS Net sales: 6.5% EBIT: NA EBITDA: 5.9%

2 1

EBITDA MARGIN NET SALES EBIT MARGIN

C O N SOLIDAT ED F I GUR ES I N M I L LIONS O F M E XICAN P E S O S C A G R= C O M POUND A N NUA L G R O WT H R A T E

2,139 2,592 2,882 2,985 3,228 2,929 (0.1%) (2.3%) 2.8% 5.2% 2.8% (11.0%) 6.3% 4.0% 9.6% 11.1% 15.7% 6.2%

500 1,000 1,500 2,000 2,500 3,000 3,500

2015 2016 2017 2018 2019 12M2Q20

2 2

PRODUCT INNOVATION

LEVERAGE BRAND POWER RENEWED IMAGE E -COMMERCE

M E G A M E X S N A P S H O T

“Reimagining Mexican Flavor”

S A L S A S & S A U C E S I N N O V A T I O N A V O C A D O F O R A L L F O O D A W A Y F R O M H O M E G R O W M E G A M E X S H A R E I N C R E A S E H O U S E H O LD P E N E T R A T IO N A C C E L E R A TE P E N E T R A T IO N

2 3

2 4

M E G A M E X P E R F O R M A N C E

CAGR 5 YEARS Net sales: 9.8% EBIT: 9.3% EBITDA: 7.5%

EBITDA MARGIN NET SALES EBIT MARGIN

C O N SOLIDAT ED F I GUR ES I N M I L LIONS O F M E XICAN P E S O S C A G R= C O M POUND A N NUA L G R O WT H R A T E

8,876 10,840 12,168 13,258 13,793 14,180 14.2% 16.3% 15.0% 18.3% 14.5% 12.8% 10.3% 12.7% 11.9% 15.6% 12.0% 10.1%

5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0% 19.0% 21.0% 2,000 4,000 6,000 8,000 10,000 12,000 14,000

2015 2016 2017 2018 2019 12M2Q20

2 5

M E G A M E X P O R T F O L I O

LEVERAGE THE ADOPTION OF GREEN SALSA AND STREET - INSPIRED FOOD INCREASE HOUSEHOLD PENETRATION 70% of US households buy avocados

T O R T I L L A S M O L E H O M E - S T Y L E S A L S A A V O C A D O

75% 14% 35% 2%

MARKET SHARE *

*TH I RD-PA RTY I NFORMA TI ON I NCLUDI NG MODERN TRA DE A N D WH OLESA LE A S OF JUN E 30, 2020

41% 27% 3% 4% 2% 3% 20% Guacamole Sauce Tortillas Mole Peppers Tortilla Chips Others

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SUSTAINABILITY MODEL

Incorporate ecodesign technologies into products, prioritizing a circular economy approach.

P E OP LE

We are focused on promoting inclusion, diversity and equal

• pportunities,

generating quality jobs.

COMMUN ITY

We are committed to food health, seeking to promote healthy habits.

P LA N E T

We are taking measures to ensure adequate resource management and a positive ecological balance. Promote gender equality, inclusion and diversity. Promote the creation of opportunities and quality jobs. Boost food health, reducing malnutrition levels. Manage water resources efficiently, responsibly and sustainably. Prioritize the reduction of our carbon footprint, seeking to neutralize the effects of climate change.

TARGET

2 7

MAIN ACHIEVEMENTS

W e p r o m o t e l a b o r e q u a l i t y t h r o u g h t h e i n s t a l l a t i o n o f 7 l a c t a t i o n r o o m s , c r e a t i n g s t r o n g e r b o n d s w i t h o u r e m p l o y e e s . W e r e c y c l e a r o u n d 7 5 % o f t h e w a s t e w e g e n e r a t e . 63% of our energy consumption comes from clean sources. W e i n v e s t 1 . 9 %

• f c o n s o l i d a t e d

n e t i n c o m e i n s o c i a l p r o g r a m s . W e c r e a t e d S e m i l l e r o N u t r i s a t o p r o m o t e g r o w t h a t w o m e n - o w n e d S M E s . W e h a v e a S u s t a i n a b l e A g r i c u l t u r e P r o g r a m .

2 8

F I N A N C I A L S T R U C T U R E

FIGURES IN MILLIONS OF MEXICAN PESOS 1.48 1.62 1.41 1.72 1.54 1.70 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Net Debt/ EBITDA

2,741 1,500 2,054 1,642 2,089 2,310 4,241 3,537 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Cash & Cash Equivalentes

Cash Loans

• P r o v i s i o n o f C r e d i t f o r M X N 2 . 0 b i l l i o n

i n O c t o b e r 2 0 1 9 , wi t h a t w o - y e a r g r a c e p e r i o d a n d a n n u a l p a y m e n t s f o r 1 0 y e a r s .

• P r o v i s i o n
• f

M X N 1 . 5 b i l l i o n i n l o n g - t e r m c o m m i t t e d l i n e s i n M a r c h 2 0 2 0 t o s t r e n g t h e n t h e c a s h p o s i t i o n d u r i n g t h e p a n d e m i c .

DEBT STRUCTURE

C O N SOLIDAT ED F I GUR ES I N M I LLIONS O F M E XICAN P E S OS . T H E D E B T M I X I NCL UD ES H E D G E S .

RATES MIX H E R D E Z 13 H E R D E Z 17 BANK LOAN H E R D E Z 18 H E R D E Z 17-2 Financial Debt 9,500 Average Cost 7.72% Net Debt /EBITDA 1.7 Net Debt / Shareholder´s Equity 0.4

250 250 250 250 250 250 250 250 1,000 1,000 2,000 2,000 1,500

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

BANK LOAN CL

53% 47%

Fixed Floated

2 9

A P P E N D I X

1993 We entered the coffee category

3 1

O U R L E G A C Y

1980 1990 We started exporting products and changed our name to Herdez We entered the beekeeping business with the acquisition

• f Miel Carlota

We acquired Grupo Búfalo and Pescados de Chiapas, entering the canned tuna category 1987 We created Fundación Herdez to contribute and disseminate new food products in Mexico 1991 We issued our IPO for Grupo Herdez on the Mexican Stock Exchange 1989 We signed a distribution agreement with Kikkoman 2000 2008 Herdez Del Fuerte is created 2009 MegaMex, a subsidiary of Herdez Del Fuerte, begins operations in the US 2006 We signed a distribution agreement with Ocean Spray 2002 We created Barilla México and started producing and selling pasta in the Mexican market 2010 We created the Frozen segment with the acquisition of Nutrisa in 2013 and Helados Nestlé in 2015 2017 We started distributing for Frank’s and French’s MegaMex strengthens its portfolio with the acquisition of Don Miguel and Fresherized Foods in 2010 and 2011, respectively 2011 We partnered with Aires de Campo, the leading company in organic food in Mexico 2010 We signed a distribution agreement with Reynold’s 1914 Compañía Comercial Herdez is established 1947 We created McCormick de México; entering the mayonnaise category. 1962 We created our own line of products under the Herdez brand in the preserves segment. The slogan “Con toda confianza… es Herdez” is born With the acquisition of Mole Doña María, we became the first company to produce mole on an industrial scale Acquisition of Cielito Querido Café and Moyo brand in 2019

C O M M E R C I A L L E A D E R S H I P Logistics Network

1 Nutrisa DC 2 Frozen DC 8 Freezing Chambers 21 Cross Docks 3 Hub DC 5 Peripheral DC

3 2

P R E S E N C E I N 2 1 C O U N T R I E S

Mexico, United States, Germany, Aruba, Canada, South Korea, Costa Rica, Cuba, Ecuador, Spain, Guatemala, Honduras, Jamaica, Nicaragua, New Zealand, Portugal, Dominican Republic, Czech Republic, Russia, Salvador and Switzerland.

3 3

B R A N D P R E S E N C E

3 4

HÉCTOR H E R NÁND E Z -P O NS TORRES Owner – Chairman ENRIQUE H E R NÁND E Z -P O NS TORRES Owner - Vice president FLORA HERNÁNDEZ DE MERINO Owner – Board Member

• Has a law degree from Universidad

Anahuac and an MBA from the National University of San Diego

• Experience in the sector since 1978
• Named Chairman in 2004
• Has held several positions in industry groups

including BASC, CONCAMIN and CANAINCA

• Bachelor´s degree in Business Administration

and a post- graduate degree in Marketing and Business Management

• Experience in the sector since 1971
• Chairman of Megamex

ENRIQUE CASTILLO SÁNCHEZ MEJORADA Independent JOSÉ ROBERTO DANEL DÍAZ Independent EDUARDO ORTIZ TIRADO SERRANO Independent

• Bachelor´s degree in Business Administration
• Former Chairman of Maxcom Telecomunicaciones,

Non-executive Chairman of Banco Nacional de México and Vice Chairman and President of the Banking Association of Mexico

• Board member of Grupo Alfa, Southern Copper

Corporation and Médica Sur

• Bachelor´s degree in Accounting and postgraduate

degree in Business Administration, Business Management and Corporate Governance

• Chairman of the Corporate Governance Best

Practices Committee, member of the Latin American Corporate Governance Institute and board member

• f public and private companies
• Former CFO of Grupo Vitro, Grupo Desc and

Industria Peñoles

• Director at Aerobal and Gridimex
• Held positions as Corporate Vice President and General

Manager at SC Johnson for Mexico and Central America

• Board member of ENACTUS, Una mañana para la comunidad

and member of Fundación Xochitla

• Former board member at CONAR, CEMEFI and advisory

council for Great Place to Work Mexico

LUIS REBOLLAR CORONA Independent

• Bachelor´s degree in Chemical Engineering
• Board member in Grupo Gigante, Grupo Sánchez and

Corporación San Luis

• Held positions as Chairman in Satélites Mexicanos and

Sandvik de México

B O A R D OF D I R E C T O R S

ANASOFÍA SÁNCHEZ JUÁREZ CARDOZE Independent

• Bahelor´s degree in Marketing and a Master´s degree in

Communication, Advertising and New Media

• Held positions as Director of Business in Mexico and

Central America at Facebook, Brand Solutions Manager for Google and Commercial Leader for YouTube Mexico

• She currently serves as the CEO of Waze Mexico, and as

a professor at the Higher Institute for Internet Development (ISDI) in the Internet Business Master

Michael Bernhard Jost Independent

• Graduated in Economics and Business Administration

from the University of Bern

• He held the position of CFO in different entities of

Nestlé Group

• He served as a member of the Remuneration

Committee and the Compliance Committee at Nestlé Brazil and Nestlé Mexico.

3 5

HERDEZ* single series 67% independent members Assignment of individual responsibilities for corporate governance, labor and environmental practices

I N D E P E N D E N T 6 7 %

Héctor Hernández-Pons Torres Chairman Enrique Hernández-Pons Torres Vice President Flora Hernández de Merino Board Member Enrique Castillo Sánchez Mejorada José Roberto Danel Díaz Chairman of the Corporate Practices and Audit Committee Eduardo Ortiz Tirado Serrano Head of Labor Practices Luis Rebollar Corona Head of Environmental Practices

C O R P O R A T E G O V E R N A N C E

O W N I N G Michael Bernhard Jost Anasofía Sánchez Juárez Cardoze

W W W . G R U P O H E R D E Z . C O M . M X FOR MORE INFORMATION:

invrel@herdez.com