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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

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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

Mario PáezSigma PresidentTenure 44 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

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EBITDA up 33% y-o-y including US $39 million gain from Mass Market sale

2Q19 Highlights EBITDA (US $ Million)

• Better-than-expected EBITDA driven by operating efficiencies

• Completed Mass Market business sale in 2Q19

• Strategic initiatives:

• Advanced process to monetize Data Centers in Monterrey and Queretaro through a partnership

• Functional separation: “Infrastructure” and “Service” business units

54 55 55 56 57

14 14 13 2 15

138

39

2Q18 3Q18 4Q18 1Q19 2Q19

Continued Discontinued Extraordinary

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Reach, service, efficiency and knowledge

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Safety & quality throughout the supply chain

• Sourcing development programs and certifications

• In-store quality checks

• Customer development programs

• Certified facilities

70 Production

facilities

26 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

38

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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

40

]8

The leading lightweighting solutions provider for the auto industry

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

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

• Sole supplier in ~90% of sales volume

2018

RevenuesUS $4.7 Billion

EBITDAUS $734 Million

42

Focused on innovative lightweighting solutions for the automotive industry

Powertrain• Heads• Blocks• Transmissions

EV Components• E-Motor Housings• Battery Housings

Structural Components• Longitudinal Members• Shock Towers• Cross Members

43

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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

48

Strategy

Maximize powertrain business

• Capture growth – aluminum penetration in blocks

• Focus on high complexity products

• Continue to increase efficiencies• Increase machining – additional value added,

margin expansion

Invest in development of structural components and parts for EVs

• High-growth segment• Lightweighting key for EV performance

• Complex products• Attractive profitability

49

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40

9 3

31

08 09 10 11 12 13 14 15 16 17 18

Current U.S. Operations

Talent• Team of experience people in the

U.S.

Technology• Fracking for horizontal drilling in

Eagle Ford – 540 wells in operation• 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

Newpek fields

KS

TX

OK

CO

Eagle Ford

EBITDA(US $ Million)

0.9 1.1 1.02.7

4.76.4

8.2 8.37.2

4.9 4.4

08 09 10 11 12 13 14 15 16 17 18

Net production(MBOED)

58

Activities in Mexico

• Service contracts in San Andrés and Tierra Blanca fields

• Producing over 3.2 mboed on 126 wells

• 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

59

Strategy

• Divest assets outside of Mexico

• Continue to assess opportunities in Mexico

• Find unique opportunities in current market

• Leverage partnerships

• Evaluate infrastructure investments

60

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_6

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 63

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Debt maturities – 2Q19

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 110 50 499 498

Alpek 287 605 35 364 723 315 14 262 12 12 12 2

Nemak 290 152 65 27 35 35 633 593 5 4 4 15

Sigma 513 272 31 17 19 20 683 0 999 500

Axtel 43 14 23 15 83 14 513 18 26 47 47 0

Newpek 5 0 0

Other 0 10 10 1 1 0 0 0 0 0 1

1,095 164 433 861 384 2,342 874 1,042 63 564 516

Total Debt:US $8,338 MillionAvg. Life of Debt 5.6 years

68

Company Amount(M US) Rate Price / YTM

(31/Mar/2019) MaturityCurrent Rating

S&P Fitch Moody’s

Alfa 500 5.250% $106.6 / 3.7% March 25, 2024 BBB- ; SO BBB- ; SO Baa3 ; SO

Alfa 500 6.875% $111.6 / 6.0% March 25, 2044 BBB- ; SO BBB- ; SO Baa3 ; SO

Alpek 650 4.500% $102.8 / 3.6% November 20, 2022 BBB- ; SO BBB- ; SO Baa3 ; SO

Alpek 300 5.375% $106.0 / 3.8% August 08, 2023 BBB- ; SO BBB- ; SO Baa3 ; SO

Sigma 250 6.875% $102.0 / 2.3% December 16, 2019 BBB ; SO BBB ; SO Baa3 ; SO

Sigma €600 2.625% €106.2 / 1.2% February 07, 2024 BBB ; SO BBB ; SO Baa3 ; SO

Sigma 1,000 4.125% $101.2 / 3.9% May 02, 2026 BBB ; SO BBB ; SO Baa3 ; SO

Sigma 500 4.875% $104.1 / 4.3% March 27, 2028 BBB ; SO BBB ; SO Baa3 ; SO

Nemak 500 4.750% $101.2 / 4.5% January 23, 2025 BB+ ; SO BBB- ; SO Ba1 ; SO

Nemak €500 3.25% €103.7 / 2.4% March 15, 2024 BB+ ; SO BBB- ; SO Ba1 ; SO

Axtel 500 6.375% $102.2 / 5.9% November 14, 2024 BB ; SO BB- ; SO Ba3 ; SO

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Pork Ham Price in U.S.

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0.2

0.3

0.4

0.5

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

2018

2019

US $/lbPork Ham Price in U.S.

74

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