[Last updated: 1 January 2025, unless otherwise noted]

As a general rule, the CNBV must approve a delisting of a Company that is listed on the Mexican Stock Exchange or the Institutional Stock Exchange.

The CNBV will customarily not allow a delisting of a Mexican issuer (even if the issuer no longer has a relevant float) unless a squeeze-out or sell- out has been carried out, pursuant to the rules set forth herein. In the event an issuer is up to date with its reporting obligations and 95% of the outstanding securities issued by the issuer approve a delisting, the CNBV will authorize it pursuant to a tender offer as set forth in 7.1. above, and considering the following:

• The number of investors that would have participated in the offer.
• The percentage of the capital owned by such investors.
• The particularities of investors that did not participate in the offer and, the circumstances of why they abstained from accepting the offer.

The CNBV may provide certain exemptions to the obligations set forth above when it is justified by the reduced number of securities held by the general public. In any case, the trust mentioned in 7.1(e) above must be created.