1. Preparatory stage:

• Preparation of the tender offer (study, due diligence, financing, draft prospectus and offer notice).
• The offeror approaches the target and/or its key shareholders.
• Negotiations with the target and/or its key shareholders.

2. The offeror files the offer with the CNBV. The filing can be public or confidential.

3. Review and approval of prospectus of the offeror by the CNBV.

Approval: Four to eight weeks.

4. Publication of the prospectus after approval by the CNBV.

5. Launch of the acceptance period. Duration: not less than 20 business days.

6. Opinion from the board of directors, regarding (i) the price of the offer; and (ii) any conflict of interests, must be filed within 10 business days from the date the offer is launched. The term may be increased or decreased by the CNBV.

7. Publication of results: one business day after the end of the offer period.

8. Payment of the offered consideration by the offeror: One business day after the end of the offer period.

9. Squeeze-out or sell-out: Tender offer for a period of 180 days upon request from the CNBV.

10. Publication of results: One business day after the end of the offer period.

11. Payment of the offered consideration by the offeror: One business day after the end of the offer period.