Mexico IPC Index: HOLT Scorecard & Model Portfolio Strategies

February 2011

Jim Murphy HOLT Sales jim.murphy@credit-suisse.com (212) 325 0073 Pablo Cossaro HOLT Sector Specialist, LATAM pablo.cossaro@credit-suisse.com (212) 538 5906

Adam Steffanus HOLT Investment Products & Analytics adam.steffanus@credit-suisse.com (312) 345 6193 Ian Smith HOLT Investment Products & Analytics ian.smith@credit-suisse.com (312) 345 6184

HOLT Scorecard

HOLT Factors, Illustrated

Computer Hardware Market Cap : 165.514 USD

Price: 126.00 (November 9, 2009) Warranted Price : 165.66 USD (31%)

Valuation (Percent to Best)

Operations

Momentum

Momentum

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Overall HOLT Scorecard Score

4.1

4.4

4.6

GRUPO MEXICO (GMEXICOB)

4.4

3.9

3.5

AMERICA MOVIL (AMXL)

4.1

3.9

3.6

FEMSA (FMSAUBD)

2.6

3.7

4.9

ALFA (ALFAA)

4.0

3.1

4.1

MEXICHEM (MEXCHEM)

2.0

4.5

4.3

CONTROLADORA COMERCIAL MEXICANA (COMEUBC)

3.9

2.4

4.5

BOLSA MEXICANA DE VALORES (BOLSAA)

Operations

2.3

4.4

3.5

GRUPO AEROPORTUARIO DEL PACIFICO (GAPB)

3.0

2.7

4.4

INDUSTRIAS PENOLES (PENOLES)

3.7

2.1

4.3

EMBOTELLADORAS ARCA (ARCA)

4.9

2.3

2.9

GENOMMA LAB INTERNACIONAL (LABB) BANCO COMPARTAMOS (COMPARTO)

2.9

3.1

3.8

Data Date March 1, 2011, Scorecard score change relative to January 17th scores
5.0 1.8 3.2
Valuation GRUMA (GRUMAB) GRUPO BIMBO (BIMBOA) WALMEX (WALMEXV) GRUPO TELEVISA (TLVACPO) DESARROLLADORA HOMEX (HOMEX) GRUPO AEROPORTUARIO DEL SURESTE (ASURB) ORGANIZACION SORIANA (SORIANAB) CONSORCIO ARA (ARA) CORPORACION GEO (GEOB) TELMEX (TELMEXL) GRUPO COMERCIAL CHEDRAUI (CHDRAUIB)

2.2

4.3

1.9

INDUSTRIAS CH (ICHB) GRUPO CARSO (GCARSOA1) KIMBERLY-CLARK DE MEXICO (KIMBERA) BANORTE (GFNORTEO) TV AZTECA (TVAZTCACPO) GRUPO MODELO (GMODELOC)

1.9

3.3

2.8

URBI DESARROLLOS URBANOS (URBI) INBURSA (GFINBURO)

1.9

3.2

1.8

CEMEX (CMXCPO) EMPRESAS ICA (ICA) AXTEL (AXTELCPO) GRUPO ELEKTRA (ELEKTRA)

-1 4.6 4.3 3.6 2.8 2.0 2.7 2.1 2.6 2.0 3.3 2.5 3.6 3.0 3.0 3.6 3.0 1.3 1.5 2.5 0.00 1.00 2.00 2.0 1.8 1.4 3.00 4.00 1.6 3.0 2.6 1.8 5.00 6.00 7.00 8.00 9.00 2.4 2.2 2.7 3.0 2.3 2.8 4.1 2.8 3.5 2.1 3.5 3.0 4.3 4.1 2.5 2.5 2.1 3.7 3.2 3.1 1.9 2.9 3.4 3.2 2.7 2.6
Momentum

1.7 2.2 1.9 2.5 2.5

HOLT Scorecard IPC Index February 2011

Change from Prior Month Overall Score

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10.00

11.00

12.00

13.00

14.00

15.00

(3.00)

(2.00)

(1.00)

Overall HOLT Scorecard Score -1 0 1 2 3 4 5 3.3 4.7 3.4 CYDSA (CYDSASAA) 3.3 4.6 2.9 BIO-PAPPEL (PAPPEL) 3.4 3.8 3.5 GRUPO MEXICANO DE DESARROLLO (GMD) 4.1 3.5 2.8 3.3 3.9 3.1 VITRO (VITROA) 4.7 MEGACABLE HOLDINGS (MEGACPO) COCA-COLA FEMSA (KOFL) GRUPO HERDEZ (HERDEZ) FINANCIERA INDEPENDENCIA (FINDEP) CORPORACION MOCTEZUMA (CMOCTEZ) GRUPO CONTINENTAL (CONTAL) 2.1 SARE HOLDING (SAREB) PROMOTORA Y OPERADORA DE INFRAESTRUCTURA (PINFRA) GRUPO GIGANTE (GIGANTE) GRUPO FAMSA (GFAMSAA) CIA MINERA AUTLAN (AUTLANB) QUALITAS COMPANIA DE SEGUROS (QCPO) ALSEA (ALSEA) GRUPO SIMEC (SIMECB) GRUPO MARTI (GMARTI) 1.7 Operations 3.9 2.3 3.6 4.3 3.3 3.4 3.5

Data Date March 1, 2011, Scorecard score change relative to January 17th scores

GRUPO AEROPORTUARIO DEL CENTRO NORTE (OMAB)

1.7

3.6

Valuation

4.7 3.6 3.6 4.1 4.3 1.7 3.5 2.4 3.0 2.7 2.0 2.7 2.8 2.2 3.3 2.7 1.9 2.3 2.8 1.7 2.3 1.6 2.8 2.6 3.1

2.4 2.3 2.1 3.3 3.0 Change from Prior Month Overall Score 2.4 3.2 3.3 2.8 2.7 2.6 Momentum

IRT (non-IPC) Members February 2011

CARSO INFRAESTRUCTURA Y CONSTRUCCION (CICSAB1) GRUPO POCHTECA (POCHTECB) IDEAL (IDEALB1)

2.3 2.1 2.1 1.3 1.7 1.00 3.00 2.3 5.00 7.00 9.00

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-3.00

-1.00

11.00

13.00

15.00

Overall HOLT Scorecard Score 0 1 2 3 4 5 -1 4.6

GRUPO MEXICO (GMEXICOB)

4.2 3.8

3.3

AMERICA MOVIL (AMXL)

3.1

4.3

4.2 4.4 4.1

MEXICHEM (MEXCHEM)

4.8

3.6

CYDSA (CYDSASAA)

3.6

4.9

2.9 2.9

ALFA (ALFAA)

3.8

3.3

4.2

FEMSA (FMSAUBD)

4.4

4.4

CONTROLADORA COMERCIAL MEXICANA (COMEUBC)

3.6

2.3 2.7

BIO-PAPPEL (PAPPEL)

4.5

BOLSA MEXICANA DE VALORES (BOLSAA)

4.6 2.5 2.4

4.4

4.0 3.7

EMBOTELLADORAS ARCA (ARCA)

3.7

2.5

GRUPO AEROPORTUARIO DEL PACIFICO (GAPB) INDUSTRIAS PENOLES (PENOLES) GRUPO MEXICANO DE DESARROLLO (GMD) GRUPO HERDEZ. (HERDEZ)

3.3 4.3 2.8 3.6

4.5 3.7 3.6

3.2 3.0 3.3

2.4

2.9

4.9

GENOMMA LAB INTERNACIONAL (LABB)

3.1

3.9

3.2

GRUMA (GRUMAB)

3.6

2.3

4.2

COCA-COLA FEMSA (KOFL)

3.7

3.7

Operations

2.6

VITRO (VITROA) BANCO COMPARTAMOS (COMPARTO)

2.0

5.0

3.0 2.7

3.8

3.4

CORPORACION MOCTEZUMA (CMOCTEZ) MEGACABLE HOLDINGS (MEGACPO)

3.9

1.4

4.5

Data Date March 1, 2011, Scorecard score change relative to January 17th scores
3.4 4.0 2.4
GRUPO AEROPORTUARIO DEL CENTRO NORTE (OMAB) GRUPO BIMBO (BIMBOA)

3.3

1.8

4.6

Valuation

3.8

GRUPO TELEVISA (TLVACPO) WALMEX (WALMEXV) FINANCIERA INDEPENDENCIA (FINDEP)

3.0 2.1 3.4

2.7 3.0 1.5

4.3 4.5

3.7

2.5

3.1

DESARROLLADORA HOMEX (HOMEX)

3.5

3.5

2.3

GRUPO AEROPORTUARIO DEL SURESTE (ASURB) CORPORACION GEO (GEOB) GRUPO COMERCIAL CHEDRAUI (CHDRAUIB) ORGANIZACION SORIANA (SORIANAB) GRUPO CONTINENTAL (CONTAL) GRUPO CARSO (GCARSOA1) CONSORCIO ARA (ARA) TELMEX (TELMEXL) INDUSTRIAS CH (ICHB) BANORTE (GFNORTEO) KIMBERLY-CLARK DE MEXICO (KIMBERA) TV AZTECA (TVAZTCACPO) GRUPO MODELO (GMODELOC)

4.1 2.9

2.1 2.5

2.9 3.6 3.0 4.0 2.6 2.8 2.4 2.2 2.5 3.2 3.6 3.2 3.6 4.1

Momentum

HOLT Scorecard IRT February 2011

3.1 2.8 4.2 2.5 3.0 2.5 4.2 2.9

2.9 2.1 3.5 2.2 2.5 2.1 2.5 2.5 2.2 2.1

2.6

2.2

URBI DESARROLLOS URBANOS (URBI) PROMOTORA Y OPERADORA DE INFRAESTRUCTURA (PINFRA) SARE HOLDING (SAREB) CIA MINERA AUTLAN (AUTLANB) INBURSA (GFINBURO) GRUPO GIGANTE (GIGANTE) GRUPO SIMEC (SIMECB) GRUPO FAMSA (GFAMSAA) QUALITAS COMPANIA DE SEGUROS (QCPO) CEMEX (CMXCPO) GRUPO MARTI (GMARTI) ALSEA (ALSEA) EMPRESAS ICA (ICA) GRUPO ELEKTRA (ELEKTRA) GRUPO POCHTECA (POCHTECB) AXTEL (AXTELCPO) CARSO INFRAESTRUCTURA Y CONSTRUCCION. (CICSAB1)

3.6

3.2 1.4 4.4

3.1 2.3 1.7 1.8 3.2 2.3 2.8 2.7 2.2 2.0 1.9 2.5 2.1 2.0 1.4 2.8 1.8 1.9 1.9 2.2 1.7 1.9

1.9 3.7

Change from Prior Month Overall Score

1.9 2.3 3.6 3.2 1.4 2.8 1.9 1.5 2.6 2.4 1.3 3.0 3.0

2.7 3.4 2.9 2.7 1.9

2.0

2.2 1.8 1.8 1.4

1.2

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IDEAL (IDEALB1)

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

(3.00)

(2.00)

(1.00)

Disclosure and Notice

This material has been prepared by individual traders or sales personnel of Credit Suisse Securities (USA) LLC ("Credit Suisse") and not by the Credit Suisse research department. It is
provided for informational purposes, is intended for your use only and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. It is intended only to provide observations and views of individual traders or sales personnel, which may be different from, or inconsistent with, the observations and views of Credit Suisse research department analysts, other Credit Suisse traders or sales personnel, or the proprietary positions of Credit Suisse. Observations and views expressed herein may be changed by the trader or sales personnel at any time without prior notice. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied is made regarding future performance. The information set forth above has been obtained from or based upon sources believed to be reliable, but Credit Suisse does not represent or warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes in market factors. This material does not purport to contain all of the information that an interested party may desire and, in fact, may provides only a limited view of a particular security or market. Credit Suisse may participate or invest in transactions with issuers of securities that participate in the markets referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof. Also, Credit Suisse may have accumulated, be in the process of accumulating or accumulate long or short positions in the subject security or related securities. This material does not constitute objective research under FSA rules.

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with the benefit of hindsight. The backtesting of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis.

FOR IMPORTANT DISCLOSURES on companies covered in Credit Suisse Investment Banking Division research reports, please see www.credit-suisse.com/researchdisclosures. Backtested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retroactive application of a backtested model itself designed

The HOLT methodology does not assign ratings to a security. It is an analytical tool that involves use of a set of proprietary quantitative algorithms and warranted value calculations, collectively called the HOLT valuation model, that are consistently applied to all the companies included in its database. Third-party data (including consensus earnings estimates) are systematically translated into a number of default variables and incorporated into the algorithms available in the HOLT valuation model. The source financial statement, pricing, and earnings data provided by outside data vendors are subject to quality control and may also be adjusted to more closely measure the underlying economics of firm performance. These adjustments provide consistency when analyzing a single company across time, or analyzing multiple companies across industries or national borders. The default scenario that is produced by the Credit Suisse HOLT valuation model establishes the baseline valuation for a security, and a user then may adjust the default variables to produce alternative scenarios, any of which could occur. The HOLT methodology does not assign a price target to a security. The default scenario that is produced by the HOLT valuation model establishes a warranted price for a security, and as the third-party data are updated, the warranted price may also change. The default variables may also be adjusted to produce alternative warranted prices, any of which could occur. Additional information about the HOLT methodology is available on request. CFROI, CFROE, HOLT, HOLTfolio, HOLTSelect, HS60, HS40, ValueSearch, AggreGator, Signal Flag and Powered by HOLT are trademarks or registered trademarks of Credit Suisse Group AG or its affiliates in the United States and other countries. HOLT is a corporate performance and valuation advisory service of Credit Suisse 2011 Credit Suisse Group AG and its subsidiaries and affiliates. All rights reserved January 1, 2011

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