VITALISASSET MANAGEMENT

January 2020

OUR FACTS

Actuarial consultancy company with 25 years of experience.

One out of the ten biggest independent investment advisors

in Mexico (with audited returns).

More than 700 clients.

Have impacted more than 300 thousand workers through

pension plans, funds, and savings.

Second largest actuarial firm in Mexico.

We manage more than $50,000 millions MXN through

discretional accounts and treasuries.

29%

71%

Planes dePensiones

Individuos

25%

54%

16%

3% 2%Equities

FixedIncomeGlobal AA

Real Estate

PrivateEquity

Asset Class

Type of Client

Data as of september, 30th 2019

Pension Plans

Indiviuals

MILESTONES

2000 2017 2017 2018

Vitalis becomes one ofthe first signatories of the

ONU Principles ofResponsible Investments

in Mexico

UN P.R.I.

Vitalis launches an app topromote saving for

retirement

MILLAS PARA EL RETIRO

Vitalis begins managingportfolios for pension

plans

INVESTMENT MANAGEMENT

We registered 4 funds in Luxembourg

LUXEMBOURG SICAV REGISTERED

1992

Actuarial consultancyspecializing in Labor

Liabilities studies

VITALIS COMPANY LAUNCH

SERVICES

ACTUARY INVESTMENTS ADDITIONAL SERVICES

▪ Active investment of pension funds

▪ Investment of long-term individual

and corporate portfolios

▪ “Big Brother”: monthly descriptive

analysis of portfolios

▪ Actuarial valuations of labor

liabilities

▪ Design and implementation of

private pension plans

▪ Record Keeping Service

▪ Customize Reporting

▪ Millas para el retiro

PENSION PLANS

▪ Tailor-made strategies

based on the

requirements of Labor

Liabilities.

▪ Global Trust for small

pension plans investing in

a balanced strategy.

TECHNICAL RESERVES

• Management of strategies

according to the needs of

of the insurance company.

UHNW PORTFOLIOS

▪ Advisory and

management of strategies

for individuals

▪ Portfolios focused on long

term horizon

INTERNATIONAL PORTOFLIOS

• Management of strategies

registered in Luxembourg

▪ Partnerships with

various international

banks for investments

in USD and/or EUR

▪ Partnership with a

Spanish Asse

Managmenet firm to offer

investment funds in

European Equities

INVESTMENT MANAGEMENT

INVESTMENT PROCESS

Fanatically disciplined in our decisions, methodologies and in our corporate governance

INVESTMENT COMMITTEE

RISK CONTROL RESEARCH

BOARD PRESIDENT

PORTFOLIO CONSTRUCTION

✓ Bi-weekly investment committee:

✓ Daily Management and anaylisis team meetings

✓ Daily/weekly/monthly risk control

FIXED INCOME INVESTMENT PROCESS

•FUNDAMENTAL ANALYSIS

•CASH-FLOWS

•MULTIPLESISSUANCES

•ISSUANCESSECTORS

•SECTORS

CREDIT ANALYSIS

•ECONOMIC CYCLESRATE CURVE

•INTEREST RATES CURVE

•DURATION

•POLITICAL ENVIROMENT

•INFLATION

ECONOMIC AND

POLITICAL ANAYLISIS

PORTAFOLIO OBJETIVES

Rating

Duration

Liquidity

Yield

RISK MANAGEMENT

FIXED INCOME PORTAFOLIO

EQUITIES INVESTMENT PROCESS

RISK CONTROL

POLITICAL AND ECONOMIC

ENVIRONMENT

COUNTRIES

SECTORSCOMPANIES

FUNDAMENTAL ANAYLYSIS

EQUITIES PORTFOLIO

INVESTMENT STRATEGY

STRATEGY

FIXED INCOMEInflation Linked

MXNFixed Income

MXN

Emerging Fixed Income*

USD

EQUITIES

Global equitiesMXN

Global Equities* USD

Megatrends**EUR

GLOBALGlobal Balanced

MXN Global Allocation**

EURVITALIX*

USD

* Investment strategies domiciled in Luxembourg under a SICAV.** Co-managed strategies with Fidentiis Asset Management and domiciled in Luxembourg.

Strategies MTD* YTD* 1 Year** 2 Years** 3 Years** 5 Years**

Since

Inception

**

Inception

date

Global Balanced1 0.6% 0.6% 10.4% 5.6% 5.7% 6.3% 8.3% 31/12/2011

Global Equity2 -1.4% -1.4% 1.4% -6.5% -2.8% 5.7% 11.0% 31/12/2011

Fixed Income3 1.8% 1.8% 14.3% 11.2% 9.5% 7.0% 7.2% 19/12/2012

Inflation Linked 2.4% 2.4% 19.1% 11.8% 10.9% 8.1% 8.5% 28/03/2012

1 Global Balanced: Strategy 70% Fixed Income + 30% Equity

Markets

MTD* YTD* 1 Year** 2 Years** 3 Years** 5 Years**Since

Inception

Inception

date

Fondeo* 0.6% 0.6% 8.5% 8.3% 8.0% 6.3% 5.4% 31/12/2011

Inflation* 0.6% 0.6% 3.1% 3.8% 4.7% 4.0% 4.0% 31/12/2011

PIPG-REAL 10A 2.1% 2.1% 13.5% 8.5% 7.8% 6.6% 6.8% 28/03/2012

IPC 1.3% 1.3% 0.3% -6.5% -2.1% 1.5% 2.2% 31/12/2011

S&P 0.1% 0.1% 18.5% 7.7% 8.8% 15.3% 16.7% 31/12/2011

2 VTLS-RV: Mutual Fund registered at CNBV since 29/05/17. Historic performance form same strategy.3 VTLS-RF: Mutual Fund registered at CNBV since 25/04/19. Historic performance form same strategy.

Efective Performance* Annualized Performance**

PERFORMANCE

RENDIMIENTOS HISTÓRICOS

0%

200%

400%

600%

800%

1000%

1200%

1400%

1600%

1800%

jul/

01

ago/0

2

ago/0

3

ago/0

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ago/0

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ago/0

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ago/0

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sep/0

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sep/1

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sep/1

2

oct/

13

oct/

14

oct/

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oct/

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oct/

17

nov/1

8

nov/1

9

Renta Variable (MXP)

VITALIS IPC S&P MSCI Europe MSCI World MEXEURUS

Vitalis1 IPC2 S&P3 MSCI Europa4 MSCI World4 MEXEURUS5

Fuentes al 30 11 2019: 1 Valuación diaria de los portafolios Asset Management 2 http://mx.investing.com/indices/ipc3 http://us.spindices.com/indices/equity/sp-5004 https://www.msci.com/end-of-day-data-search5 1/3 IPC + 1/3 S&P + 1/3 MSCI Europe

-50%

0%

50%

100%

150%

200%

250%

dic

/04

dic

/05

dic

/06

dic

/07

dic

/08

dic

/09

dic

/10

dic

/11

dic

/12

dic

/13

nov/1

4

nov/1

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nov/1

6

nov/1

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nov/1

8

nov/1

9

Deuda

Vitalis (Deuda) SIID Fondeo USD

Fondeo (Cetes a 28 días)1 SIID (Fondeo Deuda)2

Fuente al 30 11 2019:

1 http://www.banxico.org.mx/

2 http://www.amib.com.mx/

FIXED INCOME – VTLS-RF

A strategy design for pension plans. It seeks to invest in low-risk instruments with attractive rates. The fund invests in a diversified portfolio of corporate and government bonds.

* Data as at January, 31st 2020

Holdings (TOP 10)

Issuer Ranking %

UDIBONO 220609 09/06/2022 10.75

UDIBONO 201210 10/12/2020 9.96

BIMBO 16 02/09/2026 7.01

CIENCB 15 10/01/2039 5.37

BINBUR 18 19/05/2023 4.51

FEFA 16-2 19/05/2023 4.39

FIBRAHD 19U 3.77

FIBRAHD 19 3.66

RCO 18U 2.79

ELEKTRA 119 2.77

STRATEGY MIX

HISTORIC PERFORMANCE

0%

50%

100%

150%

200%

250%

2004 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2019

VITALIS RF VTLS RF E-1

61.7%25.6%

8.0%

4.8%

Corporativo

Gubernamental

Cuasi-gubernamental

Carreteros

AUM 587 M MXN

Duration 3.70

YTM 6.58%

INFLATION LINKED STRATEGY

AUM: 547 M MXN

Benchmark: Inflation

Duration 10.49

YTM 3.73%

The Inflation linked strategy is ideal for pension funds. It seeks to invest in fixed income instruments linked to inflation to bring an attractive yield with a low risk profile.

ASSET ALLOCATION

ACCUMULATED RETURN

HOLDINGS (TOP 10)

Issuer Ranking %

UDIBONO 461108 08/11/2046 40.55

UDIBONO 220609 09/06/2022 12.44

UDIBONO 401115 15/11/2040 3.95

FIBRAHD 15 3.03

FIBRAHD 19U 3.02

FMTY 14 3.00

CAMSCB 13U 29/12/2037 2.73

UDIBONO 231116 16/11/2023 2.72

AMX 10U 13/02/2025 2.46

CFE 15U 10/11/2027 2.19

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015 2016 2017 2018 2019

TASA REAL

62.7%12.8%

12.2%

6.3%6.0%

0.1%Udibonos

Pemex, CFE,Fovissste, InfonavitCorporativos

Carreteros

Fibras

Sociedades deInversión de Deuda* Data as at January, 31st 2020

GLOBAL EQUITY VTLS-RV

AUM: 521 M MXN

The aim of the fund is to offer an attractive performance for an investor looking for a high conviction equity strategy. The fund invests directly in a concentrated global stocks portfolio and indirectly through global funds, ETF´s and Real Estate vehicles.

HISTORIC PERFORMANCE

Holdings (TOP 10)

Issuer Ranking %

Alsea 9.07

Amazon 6.94

Grupo Traxión 6.41

MSCI ACWI ETF 5.72

LafargeHolcim 4.90

Heidelberg Cement AG 4.85

Plantaciones de Teca 4.77

Heineken 4.39

UPM-Kymmene Oyj 4.21

Booking Holdings 4.16

CURRENCY EXPOSURE

-200%

0%

200%

400%

600%

800%

1000%

1200%

1400%

1600%

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

VTLS-RV E-1 VITALIS RV

31.7%

28.5%

10.8%

4.9%

4.8%

4.4%

4.2%3.9%

3.7% 3.0%

Estados Unidos

México

Cash

Suiza

Alemania

Holanda

Finlandia

Portugal

Francia

Japón* Data as at January, 31st 2020

GLOBAL BALANCE STRATEGY

AUM: 131 M MXN

Duration 5.20

YTM 5.94%

A strategy designed for pension schemes looking to manageassets in a balanced way. The aim is to offer attractive, longterm returns through a diversified investment strategy throughfixed income and equity instruments .

STRATEGY MIX

HISTORIC PERFORMANCE

Holdings (TOP 10)

Issuer Ranking %

UDIBONO 461108 08/11/2046 5.91

UDIBONO 220609 09/06/2022 5.63

UDIBONO 201210 10/12/2020 5.22

BIMBO 16 02/09/2026 3.67

UDIBONO 401115 15/11/2040 2.98

FIBRAHD 15 2.89

CIENCB 15 10/01/2039 2.82

BINBUR 18 19/05/2023 2.36

FEFA 16-2 29/01/2026 2.30

BNMXCB 14U 2.28

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2017 2018 2019

GLOBAL BALANCEADA

34.0%

31.2%

19.4%

7.4%

6.3% 1.8%

Instrumentos Tasa Nominal

Instrumentos Tasa Real

Capitales

Real Estate

Alternativos

Divisas

* Data as at January, 31st 2020

RECORD KEEPING

A individualized system for pension plans and savings funds.

Software developed internally to help with the management of

the individualization of accounts:

• Contributions made by the employee, employer, as

well as voluntary contributions.

▪ Balance enquiries can be made online or on the phone

▪ Loan applications can be done online

▪ Record of daily interests

▪ Financial statements and reports are electronically

sent out

BIG BROTHER

▪ We know which resouces are needed and how much time isrequired to monitor an investment portfolio.

▪ We work with a specialist team to look at the dailymovements being made in accordance with the madate andagreed comisions.

▪ We carry out daily and monthly tracking reports :

✓ Returns (daily, monthly and annually)✓ Balancing of deposits and withdrawals✓ Holdings✓ Relevent movement/transactions✓ Attribution analysis✓ Benchmarks (yields and graphs)✓ Risks measures

INTERNATIONAL PARTNERS

In 2017 VITALIS and Fidentiis Asset Management (based in Spain) reached an agreement for a comercial partnership whichincluded fund distribution in Spain and Mexico.

MAJOR CLIENTS

contacto@vitalis.com.mx www.vitalis.com.mx Gob Rafael Rebollar 47

San Miguel ChapultepecMéxico D.F.Tel. 52 55 5235 3000

4400, Ch. Cote de Liesse, Porte 200 Mont-Royal

H4N 2P7CanadáTel. (514) 987 9550