CORPORATEPRESENTATIONThird Quarter 2019

Safe Harbor

This presentation contains forward-looking information based on numerous

variables and assumptions that are inherently uncertain. They involve

judgments with respect to, among other things, future economic,

competitive and financial market conditions and future business decisions,

all of which are difficult or impossible to predict accurately. Accordingly,

results are likely to vary from those set forth in this presentation. Copyright©

2019 ALFA, S.A.B. de C.V. All rights reserved. Reproduction and distribution is

forbidden without the prior written consent of ALFA, S.A.B. de C.V.

3Q19-v1.22

Index

ALFA Overview

ALFA Third Quarter Results

Appendix

Alpek – Petrochemicals

Sigma – Food Products

Nemak – Aluminum Autoparts

Axtel – IT & Telecom

Newpek – Oil & Gas

Other Information

3

Investment Highlights

1. Global company with operations in 28 countries; 70% of revenues outside Mexico

2. Diversified portfolio of businesses with leading industry positions

3. Value-enhancing initiatives and subsidiary-driven investments/divestments

4. Strong corporate governance and experienced management team

5. Dollar-denominated dividend supported by strong cash generation

6. Solid balance sheet with investment-grade rating

4

ALFA has grown to become a global company

Manuf. Presence(Countries)

SalesOutside Mexico

Employees

2008 16 54% ~50,000

2018 28 70% ~86,000

5

Diversified portfolio of businesses with leading industry positions

8 out of 10Mexican Corporates use Axtel’s

IT and Telecom services

#1 in the production ofPTA, PET and EPSin the Americas

12 Sigma brandssell more than

US $100 Million a year each

1 out every 4 new carssold in the world contains

at least one Nemak product

706 production wellsoperated by Newpek

in U.S. and Mexico

Petrochemicals Food Products Aluminum Autoparts IT + Telecom Oil & Gas

6

Alpek, Sigma and Nemak are ALFA’s three largest businesses

Revenues 2018US $19.1 Billion

EBITDA 2018US $2.9 Billion

37%

33%

25%

4% 1%

36%

24%

25%

14%1%

7

Ownership

Petrochemicals

Food Products

Aluminum Autoparts

IT + Telecom

Oil & Gas

82%

100%

75%

53%

100%

Public company since 2012

Public company since 2015Ford Motor Co. owns 5.4%

Public company since 2005

8

Bottom-up strategy aimed at driving long-term shareholder value

CORPORATE STRATEGY

Bottom-up strategy,driven by subsidiaries

Strategic investmentsand divestments

Enhance operational excellence

Long-term view

Long-standing independent Board of Directors

9

M&A is an important element of our strategy

2010Sigma

Bar-S

2011Alpek

Columbia siteEastman Chemical

2011Alpek

Wellman

2013Sigma

CampofrioFood Group

2016Alestra

Axtel merger

2018Alpek

Petroquímica Suape and Citepe

2007Nemak

Teksid & HydroCasting assets

2005ALFA

DivestedHylsamex

2001Alpek

DAK Americas

10

Strong management team and solid corporate governance

• C - Suite average tenure of 33 years generating cohesion, consistency, trust and alignment

• The average tenure of our top 125 Executives is of 23 years developing decision-making, consistent operations and accountability

• Strong Corporate Governance with 85% of Independent Board of Directors

11

Experienced Management Team

Rolando ZubiránAxtel PresidentTenure 20 years

Rodrigo FernándezSigma PresidentTenure 21 years

Armando TamezNemak PresidentTenure 34 years

José de Jesús ValdezAlpek PresidentTenure 42 years

Paulino RodríguezVP Human CapitalTenure 15 years

Armando GarzaChairman of the BoardTenure 40 years

Álvaro FernándezPresidentTenure 27 years

Eduardo EscalanteCFOTenure 31 years

Carlos JiménezLegal CounselTenure 40 years

12

Board of Directors

• JOSE CALDERON ROJAS (1A)Chairman of the Board and Chief Executive Officerof Franca Industrias, S.A. de C.V. and Franca Servicios, S.A. de C.V.

• ENRIQUE CASTILLO SANCHEZ MEJORADA (1A)Managing Partner of Ventura Capital Privado, S.A. de C.V.

• FRANCISCO JAVIER FERNANDEZ CARBAJAL (1C)President of Servicios Administrativos Contry, S.A. de C.V.

• ALVARO FERNANDEZ GARZA (C)President of ALFA, S.A.B. de C.V.

• ARMANDO GARZA SADA (C)Chairman of the Board of ALFA, S.A.B. de C.V.

• CLAUDIO X. GONZALEZ LAPORTE (1B)Chairman of the Board of Kimberly-Clark de México, S.A.B. de C.V.

• RICARDO GUAJARDO TOUCHE (1B)Board member since March 2000

• DAVID MARTINEZ GUZMAN (1C)Chairman of the Board and Special Advisor of Fintech Advisory Inc.

• JOSE ANTONIO MEADE KURIBREÑA (1C)Board member since February 2019

• ALEJANDRO RAMIREZ MAGAÑA (1C)President of Cinépolis, S.A. de C.V.

• ADRIAN SADA GONZALEZ (1B)Chairman of the Board of Vitro, S.A.B. de C.V.

• FEDERICO TOUSSAINT ELOSUA (1A)Chairman of the Board and Chief Executive Officer ofGrupo Lamosa, S.A.B. de C.V.

• GUILLERMO F. VOGEL HINOJOSA (1C)Chairman of the Board of Grupo Collado, S.A.B. de C.V., andof Exportaciones IM Promoción, S.A. de C.V.

13Keys: (1) Independent Board Member / (A) Audit Committee (B) Corporate Practices Committee (C) Planning and Finance Committee

ALFA Sustainability Model is based on four pillars

INTERNAL WELL-BEING

COMMUNITY

ECONOMY

ENVIRONMENT

146 ALFA facilities run on clean and renewable energy sources such as wind and geothermal

US $67 Million invested in funding health, safety and employee development programs

19,500 students from 122 schools were benefited from ALFA´s support

More than 86,000 employees across 28 countries in America, Europe and Asia

In 2018, ALFA continued to deploy a broad program of actions in every aspect of its sustainability strategy

17,000 people benefited through support to 168 institutions of social care

Nemak is the main consumer of recycled aluminum in Mexico, 80% of its aluminum usage comes from recycled sources

14

Financial Highlights

15,870 17,223

16,315 15,576

16,804

19,055 19,107

13 14 15 16 17 18 19E

Revenues

1,915 2,040

2,420 2,322

2,018

2,858

2,429

13 14 15 16 17 18 19E

EBITDA

1,556

1,422

1,632

1,492

1,148

1,570

979

13 14 15 16 17 18 19E

Capex

A. Guidance as of February 14, 2019 | B. Includes US $427 Million from extraordinary items | C. Includes US $200 Million from sale of Cogen plants

A B A, C A

Revenues(US $ Million)

EBITDA(US $ Million)

Capex & Acquisitions(US $ Million)

15

Financial Highlights

3,473

5,123 4,785

5,844 6,300

6,543

7,032

13 14 15 16 17 18 3Q19

Net Debt

1.8

2.12.0

2.5

3.1

2.3

2.8

13 14 15 16 17 18 3Q19

Net Debt/EBITDA

6.77.2

7.7

6.6

4.6

5.8 5.8

13 14 15 16 17 18 3Q19

Interest CoverageNet Debt(US $ Million)

Net Debt/EBITDA(Times)

Interest Coverage(Times)

16

US $202 Million cash dividend; +12% CAGR 2010 - 2019

70

97 104 118

154 154 170 169 168

202

10 11 12 13* 14* 15 16 17 18 19

* The 2014 dividend was paid early in 2013. The graph shows the approved amounts for each corresponding year.

21%

Paid Dividends(US $ Million)

17

Index

ALFA Overview

ALFA Third Quarter Results

Appendix

Alpek – Petrochemicals

Sigma – Food Products

Nemak – Aluminum Autoparts

Axtel – IT & Telecom

Newpek – Oil & Gas

Other Information

18

Revenues(US $ Million)

3Q19 vs 3Q18(US $ Million)

Revenues reflect lower feedstock prices in Alpek and lower volume in Nemak

3Q19 vs 2Q19(US $ Million)

19

4,9504,692

4,479 4,473 4,319

3Q18 4Q18 1Q19 2Q19 3Q19

Reported EBITDA(US $ Million)

Extraordinary Items Comparable EBITDA(US $ Million)

3Q19 EBITDA in line with expectations; US $1.661 billion accumulated EBITDA

EBITDA Margin

20

666

887

519

595 548

3Q18 4Q18 1Q19 2Q19 3Q19

3Q19 vs 3Q18: -18%3Q19 vs 2Q19: -8%

3Q18 4Q18 1Q19 2Q19 3Q19

ALPEK 40 188 (8) (28) (19)

SIGMA 6 3 - - -

NEMAK - - - 8 -

AXTEL 0 112 - 39 -

NEWPEK - 22 - - (4)

TOTAL 46 325 (8) 19 (23)

620562

527576 571

12.5%12.0%

11.8%

12.9%13.2%

3Q18 4Q18 1Q19 2Q19 3Q19

3Q19 vs 3Q18: -8%3Q19 vs 2Q19: -1%

3Q19 Comparable EBITDA sustained versus 2Q19; supported by Alpek and Sigma

Comparable EBITDA 3Q19 vs 3Q18(US $ Million)

Comparable EBITDA 3Q19 vs 2Q19(US $ Million)

21

-8% -1%

ALFA Net Debt(US $ Million)

Net Debt 3Q19 vs 4Q18(US $ Million)

Leverage Ratio (Net Debt/EBITDA)

ALFA Net Debt down vs. 2Q19 supported by solid operating cash generation

22

6,901 6,543

7,194 7,122 7,032

3Q18 4Q18 1Q19 2Q19 3Q19

2.7

2.3

2.62.7

2.8

3Q18 4Q18 1Q19 2Q19 3Q19

3Q19 results supported by better than expected reference margins and slower rate of Px price declines

3Q19 Highlights

• Highest quarterly EBITDA year-to-date in 3Q19

• Paraxylene price disconnection vs. crude oil due to new capacity in China

• Asian reference polyester margins remain above expectations

• Issued 10-yr, US $500 million bond; record-low coupon of 4.25%

• Joined “The Recycling Partnership”, a U.S.-based, non-profit organization dedicated to improve recycling

23

Paraxylene vs Brent Crude Oil Price (Base=100)

60

100

140

dec-18 jan-19 feb-19 mar-19 apr-19 may-19 jun-19 jul-19 ago-19 sept-19

Brent Px

Margin: Asia PET to Px/MEG (US $ / Ton)

240276 263 284

342

478

377333 323

370304

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

0.2

0.4

0.6

0.8

1

14.6

11.1

8.7

6.9

14.6

13.3

9.2

6.4

Mexico USA LatAm Europe

EBITDA Margin By Region3Q19 Highlights

Y-o-Y EBITDA growth driven by solid margins amid pork price volatility due to African Swine Fever

• Rodrigo Fernandez assumed his new role as President on August 1st

• 3Q19 EBITDA growth year-on-year driven by Mexico, U.S. and LatAm

• Europe posted first sequential EBITDA margin expansion since 4Q18

• New business unit “Global Snacking” to boost protein-based snack category.

• During 2019, launched +200 new products through Sigma´s innovation platform

3Q18

3Q19 1.0

6.53.7

24

1.5

2.0

2.5

3.0

3.5

Pork Ham Price

Jan. Mar. May. Jul. Sept. Nov.

2018

U.S. ($/lb)

2019Europe (€/kg)

* Excluding a net extraordinary gain of US $6 million (Reported EBITDA Margin: 7.9)

*

3Q19 Sales and EBITDA reflect anticipated volume headwinds

1.0

6.53.7

25

EBITDA per Equivalent Unit (USD/Equivalent Unit)

3Q19 Highlights Volume 3Q19 vs 3Q18(Million Equivalent Units)• Results in line with expectations

• Volume impacted by:

• Low demand from certain OEM customers

• Less favorable product mix

• Soft macro conditions in certain markets

• Stable EBITDA per Equivalent Unit supported by optimization efforts

• Finalist for the 2019 Automotive News PACETM Award

• Selected to join Dow Jones Sustainability MILA Pacific Alliance Index and FTSE4Good Index Series

15.015.8

13.0

14.515.5

13.1

1Q 2Q 3Q

2018

2019

3Q19 Highlights

3Q19 EBITDA from Continuing operations up 4% Y-o-Y

• Better-than-expected EBITDA driven by operating efficiencies

• Completed Mass Market business sale in 2Q19

• Signed strategic agreement with Equinix in 3Q19

• Functional separation process underway; began presenting results by business unit in 3Q19

52%48%

Service Infrastructure

Continuing EBITDA by Business Unit(Total YTD 2019: US $170 million)

EBITDA (US $ Million)

55 55 56 57 57

14 13 2 1

138

39

3Q18 4Q18 1Q19 2Q19 3Q19

Continuing

Discontinued

Extraordinary

26

Progress on value-enhancing initiatives to further strengthen balance sheet and increase return on invested capital

Petrochemicals IT + Telecom Oil & Gas

27

• Initiated commercial operations of new cogeneration power plant in Altamira, Mexico

• Advanced process to close US $800 million sale of two cogeneration power plants

• Moved forward in the monetization of a portion of its Data Centers through a US $175 million agreement with Equinix

• Implementing its functional separation into two business units: “Infrastructure” and “Service”

• Selective drilling resumed in Eagle Ford, while seeking to monetize U.S. assets

Index

ALFA Overview

ALFA Third Quarter Results

Appendix

Alpek – Petrochemicals

Sigma – Food Products

Nemak – Aluminum Autoparts

Axtel – IT & Telecom

Newpek – Oil & Gas

Other Information

28

29

Leading Petrochemical company

Leading position across product portfolio:

• #1 PTA-PET producer in America

• #2 PET producer Worldwide

• #1 EPS producer in America

• Only PP producer in Mexico

2018

Revenues

US $7.0 Billion

EBITDA

US $1.1 Billion

30

Business Segments

Polyester chain

2018

Revenues US $5.2 Billion (74%)

EBITDA US $788 Million (74%)

Products

Purified Terephthalic Acid (PTA)

Polyethylene Terephthalate (PET)

Polyester fibers

Plastics & chemicals

2018

Revenues US $1.7 Billion (26%)

EBITDA US $276 Million (26%)

Products

Polypropylene (PP)

Expandable Polystyrene (EPS)

Caprolactam (CPL)

Fertilizers and other chemicals

31

Products are widely used for food packaging and consumer end-markets

Beverage

Food

Personal care

Sample end users by industry

Volume 2018 By Industry(4,402 Kta)

Construction4%Textiles

7%

ConsumerGoods

22%

Food and Beverages67%

Sales 2018 Geography(US $6,991 Million)

Asia & others1%

Europe3%

LatAm18%

Mexico30%

U.S. 45%Canada

3%

Textiles

32

Installed capacity amounts to 7.0 Million tons

More than 5,800

employees

27 Production facilities

Source: Alpek estimate| Kta: Thousand tons per year | (1) Includes industrial and specialty chemicals and recycled PET capacities

Installed Capacity Breakdown (Kta)

SITE PTA PET rPET FIBERS PP EPS CPL OTHER

Mexico(3,030 Kta)

Monterrey 160

Altamira 1,000 640 240

Salamanca 85

Ocotlán 10

Cosoleacaque 610 185

Lerma 100

U.S.(2,385 Kta)

Cedar Creek 170 55

Cooper River 170 150

Columbia 640 725

Pearl River 430

Richmond 45

Canada Selenis 144

Argentina(225 Kta)

Zárate 190

Pacheco 15

General Lagos 19

Brazil(1,226 kta)

Guaratingueta 46

Ipojuca 640 450 90

Chile(27 Kta)

Santiago 5

Puerto Montt 2

Concon 20

Total Capacity: 7,036 Kta 2,890 2,464 115 400 640 325 85 117

33

Strategy

Strengthen Core Business

Growth

ProductSustainability

Strengthen Core Business

• Ensure cost competitiveness in existing plants

• Enhance position in the Americas

• Secure competitive feedstock/power supply

Growth

• Deliver returns on recent investments (US $1 Billion)

• Growth into adjacent markets / Vertical integration

• Strategic and opportunistic M&A

ProductSustainability

• Expand PET recycling capacity

• Support growth of circular economy initiatives

34

57

16

PET Other Plastics

37

182 187

GlassPET Aluminum ’00 ’15 ’19E’05 ’10

115

PET

Glass

Aluminum

27

90

#1 Recycling Collection Rate% Worldwide

Carbon Footprint Over Lifecycle1

(gr. CO2 Eq. / 355 mL Bottle)#1 Beverage Packaging MaterialBillion beverages (USA)

PET Fundamental Advantages

Source: Wood Mackenzie, McKinsey Co., PET Resin Association and SBAcci.35(1) Data from EPA and PET Resin Association considering bottle weight of containers. Includes emissions calculation for energy on processing and transportation, and non-energy related emissions; considers that material is

recycled once

36

Multinational food company dedicated to bringing local favorite foods to communities everywhere

• 642,000 points of sale

• 10% of its sales came from innovation

2018

Revenues

US $6.3 Billion

EBITDA

US $684 Million

37

Highly recognized branded foods in Mexico, U.S., Central & South America and Europe

Region % Sales

LatAm8%

U.S.15%

Europe36%

Mexico41%

• Broad geographic footprint: 69 manufacturing facilities and operations in 18 countries

• Offers quality food at a wide range of price points and across diverse categories

Cooked meats 59%

Dairy 18%

Dry meats 18%

Other categories 5%

Categories products

Mexico

United States

Dominican Rep.

El Salvador

Guatemala

Ecuador

Italy

Belgium

Germany

Netherlands

Spain

France

Peru

Honduras

Nicaragua

Costa Rica

Portugal

Romania

38

Diversified and strong brand portfolio in each market

PACKAGED MEATS DAIRY OTHER THIRD PARTY

MEXICO

EUROPE

U.S.

LATAM

39

Broad supply chain network

Reach, service, efficiency and knowledge

• Global processes

• Benchmarks

• Best practice implementation

• Production sharing capabilities

Safety & quality throughout the supply chain

• Sourcing development programs and

certifications

• In-store quality checks

• Customer development programs

• Certified facilities

69 Production

facilities

25 Europe

13 Latam

25 Mexico

6 USA208

Distribution centers

18 Europe

39 Latam

137 Mexico

14 USA+642,000

Points of sale

65,000 Europe

116,000 Latam

378,000 Mexico

83,000 USA

40

Consumer oriented innovation

41

Health & Nutrition

Origin & Tradition

Indulgence

Convenience

Sustainability & Trust

Innovation Platforms

• Based on “Design Thinking”

• Consumer research (260K contacts/year)

• 2 Research & Development Centers (+200 specialists)

• Innovations represent 10% of sales

• +200 new products launchedyear-to-date (3Q19)

Growth strategy

Strengthen Core Business

• Continue consolidating recent acquisitions while implementing best practices

• Reinforce brand equity through innovation and differentiated marketing

• Increase distribution to improve market share

Expand the Core

• Capture greater market share in the foodservice market

• Fully leverage assets through distribution of third-party leading brands

• Achieve fair-share in relevant markets / categories

• M&A in packaged meats and dairy

• Grow exports of heritage products

Invest in the Future

• Explore new categories

• Enter new geographies

• Complement innovation capabilities through open innovation / venture capital

• Continue developing world class talent

42

43

Leading provider of lightweighting solutions for the automotive industry

• Global footprint, cost competitiveness, R&D, skilled labor force

• One out of every four new vehicles sold worldwide has at least one Nemak component

• Sole supplier in ~90% of sales volume

2018

Revenues

US $4.7 Billion

EBITDA

US $734 Million

44

Focused on broad portfolio of highly-engineered solutions

Combustion Engine• Heads

• Blocks

• Transmissions

Electric Vehicles• Battery Housings

• E-Motor Housings

Vehicle Structures• Longitudinal Members

• Sub-Frames

• Pillars & others

45

Diversified customer base

• More than 50 customers worldwide

• Nemak supplies ~650 out of ~1,300 vehicle

platforms worldwide

46

Solid customer relationships; diversified revenue stream

NorthAmerica56%

Europe35%

Others9%

2018Volume distributionBy Customer

2018Revenue distributionBy Region

47

Otros

29%

21%13%

12%

6%

5%

3%3%

3%5%

Global footprint with facilities close to customers

16Countries

Russia

Slovakia

Spain

38Manufacturing facilities• North America (18)

• Europe (14)

• South America (3)

• Asia (3)

48

Combustion Engine Hybrid Pure Electric

US $450 – 500 US $480 – 580 US $550 – 700

Heads, Blocks & Trans Heads & Blocks E-Motor Housings

Structural Components Structural Components Structural Components

Battery Housings Battery Housings

Hybrid Trans Other EV Components

Driving Nemak content per vehicle

Increased value added to sales

49

Sample awarded programs involving electric vehicles and structural components

50

Porsche TaycanVolvo Polestar

BMW X5 Jeep Wrangler Hybrid Mercedes-Benz GLE Hybrid

BMW i8

$2,958 $2,955

$1,950

$2,880

$308 $309$260

$365

$0

$100

$200

$300

$400

$500

$600

$700

$800

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2007 2008 2009 2010

Revenues

EBITDA

Headcount rightsizing

Optimization of work shifts

Increase equipment output

Volume reallocation

Key InitiativesSales vs. EBITDA

Revenues 2009 vs 2008: -34%EBITDA 2009 vs 2008: -16%

EBITDA Margin 10.4% 10.5% 13.3% 12.7%

Strong track record of agile cost structure adjustments and operating efficiencies to maximize profitability

51

Differentiated approach by business segment

Maximize combustion engine business

• Operational efficiencies

• Cash flow generation

• Capacity utilization & consolidation

• Margin expansion through increased secondary processes (e.g. machining)

Capture growth in structural & EV components

• Greater margins & value added

• New competencies

• Assembly

• Design engineering

52

53

IT and Telecom services for the enterprise and government segments

Main Services

• Information security

• Managed networks

• Consultancy services

• Systems integration

• Cloud services

• Internet

2018

Revenues

US $809 Million

EBITDA

US $422 Million

54

Diversified revenue stream; focused on the enterprise market

16%Government

66%Enterprise

3%Wireless

65%Telecom17%

IT

15%*FTTH

18%Mass Market

*FTTH: Fiber to the home

By Market Segment

Sales Breakdown

By Type of Service

55

Strategic evolution

• Start up local Mass Market «Fixed Wireless»

• Avantel acquisition (´06)• Broad band Mass Market

• Vertical markets• Cloud services• App management• Data center

• Enterprise strategy• Value added services – Data IP

• Start up LD services

ALESTRA CONVERGENCE

• Unified communications• Managed networks• Security

• Large Scale Solutions• Systems integration• Data center

• IPTV (´13)• Cloud services & managed IT

1997

1999

2000

2008

2011

2008

2011

• Value added services Mass Market– Wimax• Enterprise integration Telco / IT• FTH

2015 2015

TELECOMM MARKET OPENED

IP PROTOCOL, INTERNET BUBBLE

VOICE AND DATA NET CONVERGENCE LAN/WAN

TELECOM / IT CONVERGENCE

DATA CENTER CONVERGENCE

MEGER 2016

56

Strategy: Strong Positioning in IT & Telecom

MISSIONEnable organizations to become more productive through digitalization

Provide world-class IT & Telecom managed solutions to enterprise and government customers

Multi-cloud solutions partnering with AWS & Microsoft Azure

Multi-platform Mobility Solution to complementICT services

Strategic Alliance with Global Data Center operator

Maximize value from non-strategic assets: Mass Market segment, alternate network

57

Network

Functional separation into two business units

Benefits:

• Accelerate growth – focusing commercial and investment efforts in each business unit

• Increase profitability – maximizing infrastructure utilization

• Better efficiencies - Transparency

Services (Alestra) Infrastructure

Telecom IT

Enterprise & Government

Wholesale/Operators(including Alestra Services)

58

59

Exploration & Production (E&P) operations in the U.S. and Mexico

• Involvement in the E&P industry began in 2006

• Operating mature fields in Mexico since 2013

2018

Revenues

US $108 Million

EBITDA

US $31 Million

60

Current U.S. Operations – 578 wells

Talent

• Team of experienced people in the U.S.

Technology

• Fracking for horizontal drilling

• Mature fields optimization

• World-class sub-surface analysis

capabilities

Successful transition to operations

• Experienced transition to operations

• Mineral rights on leases over 11,000

net acres

Net production(MBOED)

0.9 1.1 1.0

2.7

4.7

6.4

8.2 8.37.2

4.9 4.4

2.3

08 09 10 11 12 13 14 15 16 17 18 YTD19

Involvement in the E&P industry began

in 2006

• JV with Ensign Natural Resources (8.6%)

• Development of Eagle Ford Shale -544 wells in production

61

Activities in Mexico – 128 wells

• Service contracts in San Andrés and Tierra Blanca fields with Pemex (CIEPs)

• Producing over 3.2 MBOED

• Optimization of existing wells

• Development of new wells in conventional formation

• In a JV with Verdad Exploration, won contracts to operate two wet gas fields in Tamaulipas, Mexico

• Area of 363 Km2

• Minimum required investment of US $4 Million

62

Strategy

• Divest assets outside of Mexico

• Continue to assess opportunities in Mexico

• Find unique opportunities in current market

• Evaluate infrastructure investments

63

Index

ALFA Overview

ALFA Third Quarter Results

Appendix

Alpek – Petrochemicals

Sigma – Food Products

Nemak – Aluminum Autoparts

Axtel – IT & Telecom

Newpek – Oil & Gas

Other Information

64

1979Nemak is founded

2008Sigma invest in

Perú

ALFA's heritage goes back to 1890

2018Alpek acquires

PQS (Brazil)

1993 1997

ALFA Invest US $3,200 Million in modernization and expansion

2000Nemak invests in Canada

2005Hylsamex is divested

2005Nemak acquiresRautenbach

2007Nemak acquires Teksid and Hydro assets

2001Alpek expands

to the U.S.

1996Alestra is founded

(Telecom)

2004Sigma expands in cheese

2007Alpek acquires Eastman PET Mexico & Argentina

2010Sigma

acquires Bas-S

2013Sigma

acquires Campofrio

2016Alestra/Axtel

merger

2011Alpek acquires

Eastman Columbia and

Wellman

1890Brewery is founded

1974Grupo Monterrey

Splits

1975First investment in

petrochem

1980ALFA invest

in food

1982Mexican crisis and

financial restructuring

65

ALFA Guidance 2019A

(US $ Millions) Revenues EBITDA CAPEX

2018 2019e 2018 2019e 2018B 2019e

ALFA 19,055 19,107 2,858C 2,429D 1,570 979

Alpek 6,991 7,248 1,063 918 827 310

Sigma 6,336 6,679 684 735 180 194

Nemak 4,704 4,377 734 620 403 320

Axtel 809 641 422 217 117 122

Newpek 108 54 31 (3) 21 29

Assumptions:

• Mexico GDP growth: 1.7%

• U.S. GDP growth: 2.3%

• Eurozone GDP Growth: 1.8%

• Avg. exchange rate Mx Peso to U.S: $20.60

• Avg. exchange rate Euro to US: $1.18

• Avg. oil price (Brent): US $68/barrel

A. Guidance as of February 14, 2019 | B. CAPEX for 2018 includes acquisitions | C. Includes US $427 Million from extraordinary items | D. Includes US $200 Million from sale of Cogen plants 66

ALFA on-track to achieve full year EBITDA Guidance

Net Extraordinary Items YTD

Reported EBITDA YTD

Comparable EBITDA YTD

4Q19 EBITDA (To meet guidance)

Gain from Cogen Power Plants

Sale (Estimate)

2019 EBITDA Guidance

1,661 13

571

555

200 2,429

3Q19

1,674

67

9

13

9

6

12

2014 2015 2016 2017 2018

ROIC 2014 - 2018

ROIC = NOPAT / Invested Capital | NOPAT = EBIT – Taxes | Invested Capital = Stockholder’s Equity + Debt68

Breakdown by Region

Mexico

32%

U.S. & Canada

31%

Europe

21%

South & Central America

10%

Asia & Others

6%

Revenues 2018US $19.1 Billion

69

70

Debt Profile and maturities

Rate (%)Currency (%)

Var.

9%

Fix

91%

U.S.

72%

EUR

16%

MXN

10%

Other

2%

Debt maturities(US $ Million)

1,253

426283

405

853

395

2,296

8751,042

63

564

1,011

CASH 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+

Debt maturities – 3Q19

Cash 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+

Alfa Holding Alpek Nemak Sigma Axtel Newpek Other

US $ Million Cash 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+

ALFA Holding 44 - 50 - - - 500 - - - - 500

Alpek 309 15 128 329 710 319 19 265 15 15 15 501

Nemak 285 130 39 32 37 37 611 592 3 3 2 11

Sigma 518 274 33 19 21 23 654 - 999 - 500 -

Axtel 39 7 23 16 82 14 513 17 25 46 46 -

Newpek 5 - - - - - - - - - - -

TOTAL* 1,253 426 283 405 853 395 2,296 875 1,042 63 564 1,011

Total Debt:US $8,213 MillionAvg. Life of Debt 5.6 years

*Includes other entities 71

Outstanding bonds - ALFA

90

95

100

105

110

115

120

9/2

8/2

01

8

10

/12

/20

18

10

/26

/20

18

11

/9/2

01

8

11

/23

/20

18

12

/7/2

01

8

12

/21

/20

18

1/4

/20

19

1/1

8/2

01

9

2/1

/20

19

2/1

5/2

01

9

3/1

/20

19

3/1

5/2

01

9

3/2

9/2

01

9

4/1

2/2

01

9

4/2

6/2

01

9

5/1

0/2

01

9

5/2

4/2

01

9

6/7

/20

19

6/2

1/2

01

9

7/5

/20

19

7/1

9/2

01

9

8/2

/20

19

8/1

6/2

01

9

8/3

0/2

01

9

9/1

3/2

01

9

9/2

7/2

01

9

2044

2024

72

Outstanding bonds – ALFA Subsidiaries

Sigma

Axtel

Alpek

Nemak

Val

ue

Val

ue

90

92

94

96

98

100

102

104

106

9/2

8/2

01

8

10

/19

/20

18

11

/9/2

01

8

11

/30

/20

18

12

/21

/20

18

1/1

1/2

01

9

2/1

/20

19

2/2

2/2

01

9

3/1

5/2

01

9

4/5

/20

19

4/2

6/2

01

9

5/1

7/2

01

9

6/7

/20

19

6/2

8/2

01

9

7/1

9/2

01

9

8/9

/20

19

8/3

0/2

01

9

9/2

0/2

01

9

2024

2025

90

92

94

96

98

100

102

104

106

9/2

8/2

01

8

10

/19

/20

18

11

/9/2

01

8

11

/30

/20

18

12

/21

/20

18

1/1

1/2

01

9

2/1

/20

19

2/2

2/2

01

9

3/1

5/2

01

9

4/5

/20

19

4/2

6/2

01

9

5/1

7/2

01

9

6/7

/20

19

6/2

8/2

01

9

7/1

9/2

01

9

8/9

/20

19

8/3

0/2

01

9

9/2

0/2

01

9

2024

9092949698

100102104106108110

9/2

8/2

01

8

10

/19

/20

18

11

/9/2

01

8

11

/30

/20

18

12

/21

/20

18

1/1

1/2

01

9

2/1

/20

19

2/2

2/2

01

9

3/1

5/2

01

9

4/5

/20

19

4/2

6/2

01

9

5/1

7/2

01

9

6/7

/20

19

6/2

8/2

01

9

7/1

9/2

01

9

8/9

/20

19

8/3

0/2

01

9

9/2

0/2

01

9

2024

2028

2026

2019

9092949698

100102104106108110

9/2

8/2

01

8

10

/19

/20

18

11

/9/2

01

8

11

/30

/20

18

12

/21

/20

18

1/1

1/2

01

9

2/1

/20

19

2/2

2/2

01

9

3/1

5/2

01

9

4/5

/20

19

4/2

6/2

01

9

5/1

7/2

01

9

6/7

/20

19

6/2

8/2

01

9

7/1

9/2

01

9

8/9

/20

19

8/3

0/2

01

9

9/2

0/2

01

9

2023

2022

2029

73

ALFA & Subsidiaries Outstanding Bonds

CompanyAmount(M US)

RateYTM

(30/Sept/2019)Maturity

Ratings

S&P Fitch Moody’s

Alfa 500 5.250% 3.3% March 25, 2024 BBB- ; SO BBB- ; SO Baa3 ; SO

Alfa 500 6.875% 5.6% March 25, 2044 BBB- ; SO BBB- ; SO Baa3 ; SO

Alpek 650 4.500% 3.0% November 20, 2022 BBB- ; SO BBB- ; SO Baa3 ; SO

Alpek 300 5.375% 3.1% August 08, 2023 BBB- ; SO BBB- ; SO Baa3 ; SO

Alpek 500 4.25% 4.1% September 18, 2029 BBB- ; SO BBB- ; SO Baa3 ; SO

Sigma 250 6.875% 2.7% December 16, 2019 BBB ; SO BBB ; SO Baa3 ; SO

Sigma €600 2.625% 0.8% February 07, 2024 BBB ; SO BBB ; SO Baa3 ; SO

Sigma 1,000 4.125% 3.5% May 02, 2026 BBB ; SO BBB ; SO Baa3 ; SO

Sigma 500 4.875% 3.9% March 27, 2028 BBB ; SO BBB ; SO Baa3 ; SO

Nemak 500 4.750% 2.3% January 23, 2025 BB+ ; SO BBB- ; SO Ba1 ; SO

Nemak €500 3.25% 4.3% March 15, 2024 BB+ ; SO BBB- ; SO Ba1 ; SO

Axtel 500 6.375% 5.6% November 14, 2024 BB ; SO BB- ; SO Ba3 ; SO

74

US 50%

EUR43%

Other 8%

US100%

MXN 0%

US100%

Debt by Currency

US61%

EUR27%

MXN 9%

US 65%

MXN35%

US $1,047 Million US $2,329 Million US $2,524 Million

US $1,498 Million US $790 Million

*Includes currency hedging

Other 3%

75

Debt by Fixed and Variable Interest Rate

Fix100%

Fix92%

Var8%

Fix85%

Var15%

Fix82%

Var18%

Fix95%

Var 5%

US $1,047 Million US $2,329 Million US $2,524 Million

US $1,498 Million US $790 Million

*Includes currency hedging76

Brent Crude Oil

120

100

80

60

40

202014 2015 2016 2017 2018 2019

Guidance 2019($68/bbl)

US $/Bbl

Brent Crude Oil

99 $/bbl

53 $/bbl

44 $/bbl

54 $/bbl 71 $/bbl

77

201

74 71 69 63 59 71 64 63 60 72 80 81104

133 135 118 110155 140

PET Margin (Asia)

PTA

PET

2011

210

2012 3Q2015

258

2013 2014 1Q

260

4Q 1Q 2Q 3Q 4Q

478

4Q1Q2Q 3Q 1Q

394

270

2Q

230210

284

212240

276 263

342

377

324333

370

2Q

China

2016 2017 2018 2019

Margin: Asia PET to Px/MEG (US $/Ton)

250

304

3Q

78

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Pork Ham Price in Europe and U.S.

2018

2019

€/kgPork Ham Price in Europe

1.5

2.0

2.5

3.0

3.5

Jan. Mar. May. Jul. Sept. Nov.

US $/lbPork Ham Price in U.S.

Jan. Mar. May. Jul. Sept. Nov.

2018

2019

79

Contact

Hernán F. LozanoV.P. of Investor Relations & Corporate Communications

T. +52 (81) 8748 2521iralfa@alfa.com.mx