Investor Presentaiton

The Company paid $214.0 million as dividends to the majority shareholders with charge to accumulated earnings, while the minority shareholders of Grupo Herdez received $145.0 million. Financial Structure As of December 31, 2009 the consolidated bank debt totaled $1,182.0 million, a $102.1 million decrease or 8.0%. The Company reported a ratio of interest-bearing liabilities to 12m-EBITDA of 0.8 times in comparison to 1.3 times during the previous year. Net consolidated bank debt totaled $757.8 million, or 29.3% lower than the debt reported in 2008. This reflected both an increase in cash as well as a reduction in the banking liabilities of the Group. The Company reported a net debt-to-stockholders' equity of 0.20 times versus 0.34 times obtained in the previous year. It is especially relevant to mention that the return on the majority stockholders equity of 28.0% decreases to 24.4% due to the elimination of non-recurrent benefits, as compared to the 19.2% obtained in 2008. Therefore, the pre-tax return on invested capital increased from 21.6% in 2008 to 27.6% in 2009. Stockholders' Equity During 2009 the majority stockholders' equity totaled $2,921.2 million pesos or 21.3% more than the amount reported in 2008 due to the increase in income. Consequently, the book value per share increased from $5.62 in 2008 to $6.83 in 2009 with 427.5 million shares outstanding as of December 31. Bank Debt/EBITDA times EBITDA million pesos 25 25 TRUST IN OUR FUTURE 0.8 1.1 1.0 1.3 1,045.9 1,004.0 976.9 1,404.9

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