Soriana Chedraui America Móvil Cemex Tv Azteca AlseaSoriana 0.00460907Chedraui 0.00282238 0.00437549America Móvi 0.0008582 0.00080453 0.00339074Cemex 0.00183475 0.00127214 0.00048646 0.01163895Tv Azteca 0.00065567 0.00065024 -0.00041905 0.00273835 0.00685353Alsea 0.0010585 0.00090318 0.00020607 0.0052238 0.00177674 0.00753634

Soriana Chedraui America Móvil Cemex Tv Azteca AlseaSoriana 0.00460907Chedraui 0.00282238 0.00437549America Móvi 0.0008582 0.00080453 0.00339074Cemex 0.00183475 0.00127214 0.00048646 0.01163895Tv Azteca 0.00065567 0.00065024 -0.00041905 0.00273835 0.00685353Alsea 0.0010585 0.00090318 0.00020607 0.0052238 0.00177674 0.00753634

Sor Che Am M Cem Tv A Als IPyC CET 91 SorianaMar 2, 2015 38.58 48.37 15.28 14.96 5.67 45.38 44,360.87 2.94% 9.42%Feb 2, 2015 35.26 48.96 16 15.15 6.37 45.85 44,190.17 2.94% 0.92%Jan 1, 2015 34.94 41.54 16.03 13.31 5.94 40.12 40,950.58 2.91% -13.30%Dec 1, 2014 40.3 42.3 16.4 15.04 6.2 40.77 43,145.66 2.92% -1.27%Nov 3, 2014 40.82 45.79 16.4 17.27 6.86 43 44,190.47 2.92% -7.25%Oct 1, 2014 44.01 47.37 16.31 16.59 7.04 42.06 45,027.52 2.95% -1.72%Sep 1, 2014 44.78 47.38 16.83 17.5 7 42.49 44,985.66 2.86% -0.60%Aug 1, 2014 45.05 45.43 15.87 17.37 7.02 45.11 45,628.09 2.89% 6.07%Jul 1, 2014 42.47 43.36 15.47 16.58 7.25 44.99 43,817.69 2.90% -0.98%Jun 2, 2014 42.89 45.39 13.24 17.18 7.32 46.67 42,737.17 3.08% 6.03%May 1, 2014 40.45 43.8 12.24 16.56 7.44 43.83 41,362.51 3.42% 7.52%Apr 1, 2014 37.62 39.85 12.96 16.73 7.18 45.19 40,711.56 3.37% -5.60%Mar 3, 2014 39.85 38.21 12.74 15.87 7.97 47.5 40,461.60 3.29% 4.68%Feb 3, 2014 38.07 38.65 12.64 16.67 7.68 41.08 38,782.89 3.39% 0.08%Jan 1, 2014 38.04 39.66 14.06 15.89 8.31 39.9 40,879.75 3.41% -17.54%Dec 2, 2013 46.13 46.13 14.99 14.75 7 40.79 42,727.09 3.41% 10.07%Nov 1, 2013 41.91 41.45 14.98 13.89 6.27 39.49 42,499.13 3.48% 0.38%Oct 1, 2013 41.75 40.8 13.68 13.33 6.91 40.58 41,038.65 3.47% -1.00%Sep 2, 2013 42.17 41.44 12.7 14.1 7.41 36.66 40,185.23 3.68% 2.35%Aug 1, 2013 41.2 38.18 12.56 14.59 6.64 33.79 39,492.37 3.89% -2.90%Jul 1, 2013 42.43 41.42 13.13 14.15 6 34.9 40,837.88 3.89% -11.92%Jun 3, 2013 48.17 47.89 13.69 13.23 6.89 30.84 40,623.30 3.83% 3.41%May 1, 2013 46.58 47.59 12.45 14.36 9.09 35.53 41,588.32 3.73% -5.99%Apr 1, 2013 49.55 46.31 12.66 13.16 8.99 36.6 42,263.48 3.89% 3.40%Mar 1, 2013 47.92 41.57 12.68 14.45 8.76 34.99 44,077.09 4.00% 9.86%Feb 1, 2013 43.62 38.72 12.95 13.19 8.9 31.53 44,120.99 4.19% -10.60%Jan 1, 2013 48.79 43.87 15.47 13.34 8.95 29.07 45,278.06 4.30% -0.14%Dec 3, 2012 48.86 41.76 14.44 12.21 8.48 25.42 43,705.83 4.21% 7.48%Nov 1, 2012 45.46 36.83 14.81 11.08 8.06 22.29 41,833.52 4.46% 4.24%Oct 1, 2012 43.61 35.08 16.01 11.41 8.23 20.71 41,619.96 4.35% 5.03%Sep 3, 2012 41.52 32.56 15.83 10.3 8.87 19.76 40,799.24 4.27% 6.54%Aug 1, 2012 38.97 31.85 16.31 9.38 8.21 18.63 39,421.65 4.32% -1.02%Jul 2, 2012 39.37 34.67 17.12 8.92 8.8 18.1 40,704.28 4.41% -4.53%Jun 1, 2012 41.24 35.89 16.7 8.63 8.94 17.65 40,199.55 4.46% 9.77%May 1, 2012 37.57 34.31 16.08 7.74 8.66 16.51 37,872.95 4.39% 3.10%Apr 2, 2012 36.44 33.69 16.65 9.06 8.52 17.65 39,461.00 4.35% 0.03%Mar 1, 2012 36.43 32.98 15.25 9.52 8.03 17.58 39,521.24 4.43% 12.16%Feb 1, 2012 32.48 31.85 14.77 9.46 8.06 16.13 37,816.69 4.39% 0.46%Jan 2, 2012 32.33 31.61 14.53 8.49 8.92 14.12 37,422.68 4.46% -2.68%Dec 1, 2011 33.22 34.77 15.11 7.12 8.75 13.59 37,077.52 4.44% 1.34%Nov 1, 2011 32.78 33.58 15.53 6.11 8.66 13.24 36,829.15 4.37% 14.82%Oct 3, 2011 28.55 31.71 16.13 5.61 8.09 13.25 36,159.99 4.37% 2.85%Sep 1, 2011 27.76 32.51 14.58 4.24 7.24 9.7 33,503.28 4.28% -6.34%Aug 1, 2011 29.64 36.11 15.05 6.4 7.1 11.24 35,721.10 4.22% -7.49%Jul 4, 2011 32.04 35.21 14.4 7.94 8.89 12.76 35,999.34 4.27% -7.32%Jun 1, 2011 34.57 36.46 14.96 9.67 9.43 11.45 36,558.07 4.39% -2.70%

May 2, 2011 35.53 37.52 14.43 9.6 8.06 11.93 35,832.79 4.45% -9.11%Apr 1, 2011 39.09 38.31 15.62 9.6 8.22 12.57 36,962.62 4.39% -6.37%Mar 2, 2011 41.75 37.62 16.34 10.22 8.23 11.93 37,440.51 4.32% 5.99%Feb 1, 2011 39.39 36.55 16.42 10.46 8.45 12.21 37,019.70 4.29% 5.01%Jan 3, 2011 37.51 36.8 16.36 11.02 7.98 13.01 36,982.24 4.44% -3.89%Dec 1, 2010 39.03 36.85 16.79 12.66 8.6 12.24 38,550.79 4.53% 6.52%

σi 0.43%Weights Weights 21%

W^2 W^2 4.51%Soriana

Soriana Soriana 0.46%Chedraui Chedraui 0.00282238America Móvil America Móvi0.0008582046Cemex Cemex 0.0018347467Tv Azteca Tv Azteca 0.0006556675Alsea Alsea 0.0010584961

SorianaSoriana Soriana 0.46%Chedraui Chedraui 6.038097E-05America Móvil America Móvi3.821009E-05Cemex Cemex 8.106281E-06Tv Azteca Tv Azteca 1.103751E-06Alsea Alsea 1.189771E-05

Ʃ1 Ʃ1 0.00086888Ʃ2 Ʃ2 0.0001790385

σ portafolio σ portafolio 3.2372%ExpR Port 0.3624%RFR 0.5776%

Sharpe Sharpe RBeta Beta

Nov 1, 2010 38.23 38.2 16.7 10.88 8.77 11.29 0.0254828326Oct 1, 2010 37.28 39.23 16.6 10.4 9.35 11.88 0.0849825378Sep 1, 2010 34.36 35.67 15.8 10.37 8.47 11.89 0.0684079602

Aug 2, 2010 32.16 35.74 14.46 9.88 8.52 11.71 -0.027811366Jul 1, 2010 33.08 34.39 14.7 11.52 6.95 11.88 0.0324594257Jun 1, 2010 32.04 33.19 14.3 12.06 6.84 11.45 -0.053750738May 3, 2010 33.86 34.37 14.7 13.94 6.54 12.16 -0.056035684Apr 1, 2010 35.87 34.37 14.76 14.12 6.98 12.19 -0.005268996Mar 1, 2010 36.06 34.37 14.45 12.25 7.12 12.29 0.0700296736Feb 1, 2010 33.7 34.37 13.23 11.8 6.86 10.56 0.1335351497Jan 1, 2010 29.73 34.37 13.27 11.56 6.86 9.45Dec 1, 2009 29.73 34.37

Chedraui America Móvil Cemex Tv Azteca Alsea Pfolio CETES 91 IPyC-1.21% -4.50% -1.25% -10.99% -1.03% -2.04% 0.39%17.86% -0.19% 13.82% 7.24% 14.28% 4.22% 7.91%-1.80% -2.26% -11.50% -4.19% -1.59% -4.93% -5.09%-7.62% 0.00% -12.91% -9.62% -5.19% -3.13% -2.36%-3.34% 0.55% 4.10% -2.56% 2.23% -1.87% -1.86%-0.02% -3.09% -5.20% 0.57% -1.01% -1.76% 0.09%4.29% 6.05% 0.75% -0.28% -5.81% 2.55% -1.41%4.77% 2.59% 4.76% -3.17% 0.27% 2.44% 4.13%

-4.47% 16.84% -3.49% -0.96% -3.60% 6.35% 2.53%3.63% 8.17% 3.74% -1.61% 6.48% 5.45% 3.32%9.91% -5.56% -1.02% 3.62% -3.01% 0.54% 1.60%4.29% 1.73% 5.42% -9.91% -4.86% -1.93% 0.62%

-1.14% 0.79% -4.80% 3.78% 15.63% 2.86% 4.33%-2.55% -10.10% 4.91% -7.58% 2.96% -5.73% -5.13%

-14.03% -6.20% 7.73% 18.71% -2.18% -4.80% -4.32%11.29% 0.07% 6.19% 11.64% 3.29% 5.55% 0.54%

1.59% 9.50% 4.20% -9.26% -2.69% 2.74% 3.56%-1.54% 7.72% -5.46% -6.75% 10.69% 2.57% 2.12%8.54% 1.11% -3.36% 11.60% 8.49% 4.34% 1.75%

-7.82% -4.34% 3.11% 10.67% -3.18% -1.71% -3.29%-13.51% -4.09% 6.95% -12.92% 13.16% -6.92% 0.53%

0.63% 9.96% -7.87% -24.20% -13.20% 0.15% -2.32%2.76% -1.66% 9.12% 1.11% -2.92% -1.64% -1.60%

11.40% -0.16% -8.93% 2.63% 4.60% 2.46% -4.11%7.36% -2.08% 9.55% -1.57% 10.97% 2.48% -0.10%

-11.74% -16.29% -1.12% -0.56% 8.46% -10.17% -2.56%5.05% 7.13% 9.25% 5.54% 14.36% 5.61% 3.60%

13.39% -2.50% 10.20% 5.21% 14.04% 3.75% 4.48%4.99% -7.50% -2.89% -2.07% 7.63% -1.78% 0.51%7.74% 1.14% 10.78% -7.22% 4.81% 1.57% 2.01%2.23% -2.94% 9.81% 8.04% 6.07% 2.17% 3.49%

-8.13% -4.73% 5.16% -6.70% 2.93% -4.01% -3.15%-3.40% 2.51% 3.36% -1.57% 2.55% -0.25% 1.26%4.61% 3.86% 11.50% 3.23% 6.90% 5.36% 6.14%1.84% -3.42% -14.57% 1.64% -6.46% -0.97% -4.02%2.15% 9.18% -4.83% 6.10% 0.40% 5.28% -0.15%3.55% 3.25% 0.63% -0.37% 8.99% 4.92% 4.51%0.76% 1.65% 11.43% -9.64% 14.24% 0.35% 1.05%

-9.09% -3.84% 19.24% 1.94% 3.90% -2.40% 0.93%3.54% -2.70% 16.53% 1.04% 2.64% -0.04% 0.67%5.90% -3.72% 8.91% 7.05% -0.08% 3.37% 1.85%

-2.46% 10.63% 32.31% 11.74% 36.60% 9.80% 7.93%-9.97% -3.12% -33.75% 1.97% -13.70% -4.65% -6.21%2.56% 4.51% -19.40% -20.13% -11.91% -3.72% -0.77%

-3.43% -3.74% -17.89% -5.73% 11.44% -3.93% -1.53%-2.83% 3.67% 0.73% 17.00% -4.02% 3.36% 2.02%

-2.06% -7.62% 0.00% -1.95% -5.09% -6.17% -3.06%1.83% -4.41% -6.07% -0.12% 5.36% -2.84% -1.28%2.93% -0.49% -2.29% -2.60% -2.29% 0.74% 1.14%

-0.68% 0.37% -5.08% 5.89% -6.15% 1.69% 0.10%-0.14% -2.56% -12.95% -7.21% 6.29% -2.90% -4.07%5.34% 4.71% 14.27% 7.68% 10.17%0.29% 0.22% 2.04% 0.59% 1.03%

10% 44% 1% 17% 7%1.02% 19.52% 0.01% 2.83% 0.45%

Chedraui America Móvil Cemex Tv Azteca Alsea2.14% 4.45% 0.44% 0.17% 1.12%0.44% 4.45% 0.10% 1.70% 0.67%

0.0008045287 0.34% 0.44% 7.44% 2.95%0.0012721357 0.0004864605 1.16% 0.17% 0.07%0.0006502426 -0.0004190547 0.0027383454 0.69% 1.12%0.0009031751 0.0002060722 0.0052237992 0.0017767415 0.75%

Chedraui America Móvil Cemex Tv Azteca Alsea

0.44%3.582026E-05 0.34%1.281962E-06 2.1492806E-06 1.16%1.103074E-05 -3.116762E-05 4.609732E-06 0.69%6.077152E-06 6.0792712E-06 3.487972E-06 1.997093E-05 0.75%

-0.026255417 0.0060240964 0.0461538462 -0.062032086 -0.04966330.0998037567 0.0506329114 0.0028929605 0.1038961039 -0.00084104

-0.00195859 0.0926694329 0.0495951417 -0.005868545 0.01537148

0.0392555976 -0.0163265306 -0.142361111 0.2258992806 -0.014309760.0361554685 0.027972028 -0.044776119 0.0160818713 0.03755459-0.034332267 -0.0272108844 -0.134863702 0.0458715596 -0.05838816

0 -0.0040650407 -0.012747875 -0.063037249 -0.002461030 0.0214532872 0.1526530612 -0.019662921 -0.00813670 0.0922146636 0.0381355932 0.0379008746 0.163825760 -0.003014318 0.0207612457 0 0.11746032