11 0 T 2 R O P E L R A U N N A

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1 Minera Frisco ANNUAL REPORT 2011

2 Contents 01 Introduction 02 Overview of MINERA FRISCO 04 Key Financial and Operating Data 06 Letter to Shareholders 08 Units in Operation 22 Projects in Installation and Expansion 36 Projects under feasibility and implementation studies 38 Exploration 40 Sustainability Studies 42 Human Resources 46 Board of Directors 47 Report of the Corporate and Auditing Practices Committee 49 Consolidated Financial Statements El Coronel / Aerial view

3 CORPORATE PROFILE. MINERA FRISCO is a company with a deep history dedicated to the exploration and exploitation of mining lots for the production and sale of mainly gold doré and silver bars, as well as cathode copper and copper, lead-silver and zinc concentrates. The company currently has 3,500 employees and six mining units in Mexico: El Coronel, San Felipe, María, San Francisco del Oro, Tayahua and Asientos, developing six projects including new mines and expansions, as well as several exploration projects. Through alliances and its own resources, the company uses cutting-edge technology for the localization and processing of minerals and carries out environmental administration initiatives focused on minimizing the generation of residues and water consumption, while compensating for adverse environmental impacts.

4 VISION, MISSION AND PRINCIPLES Vision: To be a strong mining company in the global arena of the extraction of precious and base metals with processes that have minimal risks to guarantee the rate of return to shareholders and favor the development of sustainable communities. Mission: To work in a harmonious way with all stakeholders, promoting a culture of innovation and practices of technological and environmental efficiency that allow us to grow toward common objectives. Principles: Commitment with shareholders Integral human development Teamwork Environmental, security and hygiene consciousness Quality and ongoing improvement El Concheño / Open-pit

5 2011 was a milestone year for Minera Frisco. The company continued an ambitious investment plan to increase production at all of its mining units and increased exploration activities and metallurgical research with the goal of expanding reserve and resource bases across all of its projects. MINERA FRISCO has a long history that dates back to the 17 th century, when the first mineral deposits were discovered in San Francisco del Oro. Throughout the years the company has incorporated different mines to its portfolio and was constituted in 1962 as a 100% Mexican company. Since its founding to the present, Frisco has maintained its positioning as a solid mining company with the constant goal of high standards of efficiency, quality and security. San Felipe / Aerial view 1

6 Overview of Minera Frisco Breakdown of Sales by Product 45% Gold and silver doré bars 19% Lead-silver concentrates 15% Zinc concentrates 9% Copper concentrates 12% Cathodic copper 15 History Timeline Mining begins in Chihuahua during the second half of the 17 th century, with a mineral deposit discovery by Francisco de Molina. As a result of the new Mining Law, foreign and Mexican companies partner to create Minera Frisco, S.A. Minera Lampazos begins mining silver ore (closed in 1987). Minera Cumobabi, S.A. de C.V. begins operations, mining copper ore and molybdenum (closed in 1989). Minera María begins operations in the town of Cananea in Sonora, mining copper ore (closed in 1981). Empresas Frisco, S.A. de C.V. is created and acquired by Grupo Carso

7 Mining Units Name Metals Exploitation Type Process Units in Operation 1 El Coronel Au, Ag Open-Pit Heap Leaching 2 San Felipe Au, Ag Open-Pit Heap Leaching / Dynamic Leaching 3 Asientos Au, Ag, Pb, Zn, Cu Underground Milling and Flotation 4 Tayahua Au, Ag, Pb, Zn, Cu Underground Milling and Flotation 5 San Francisco del Oro Au, Ag, Pb, Zn, Cu Underground Milling and Flotation 6 María Cu Open-Pit Heap Leaching Expansion Projects 1 El Coronel - Secondary Crusher Crushing circuit, expansion of settling ponds and heap formation 2 San Felipe II Crushing circuit, settling ponds, heap formation and Merrill Crowe plant 3 Tayahua - Primary Copper Access ramp of 5.6 kms, crushing, grinding and flotation plant Installation Projects 7 El Concheño Au, Ag Open-Pit Dynamic Leaching 8 El Porvenir Au, Ag Open-Pit Heap Leaching 9 San Francisco del Oro Open-pit Au, Ag Open-Pit Flotation and Dynamic Leaching Projects under Feasibility and Implementation Studies 10 Espejeras Au, Ag Open-Pit Dynamic Leaching 11 Calcosita - Tayahua Cu Open-Pit Heap Leaching 12 Lampazos Au, Pb Open-Pit / Underground Flotation 13 Clarines Au, Ag Open-Pit Flotation and Dynamic Leaching 14 Vetas Negras Au, Ag Open-Pit Dynamic Leaching 15 Santa Fe Au, Ag Open-Pit Bulk Flotation 16 Federicos Au, Ag Open-Pit Heap Leaching Compañía San Felipe begins operations in Baja California (closed in 2001). Minera Tayahua is acquired (51%), located in Mazapil, Zacatecas. The Unidad de Manejo para la Conservación de la Vida Silvestre (UMA) (Unity of Conservation Management of Wildlife) creates the Reserva San Francisco del Oro in Chihuahua. The second phase of Minera María begins operations, mining copper ore for the production of cathodes. The Asientos unit in Aguascalientes and the El Coronel unit in Zacatecas begin operations to produce gold doré and silver bars. Beginning in the second half of 2010 Frisco begins a program of strong investment in six projects that contemplate expansions as well as new plants and facilities

8 Key Financial and Operating Data MINERA FRISCO (Thousand pesos at December 31, 2011*) Variación % Revenues 8,544,566 7,141, % Operating Income 3,669,712 3,237, % Operating Margin 42.90% 45.30% -2.4 EBITDA 4,309,534 3,657, % EBITDA Margin 50.40% 51.20% -0.8 Controlling participation in Net Income 545,750 1,397, % Percentage to Sales 6.40% 19.60% Total Assets 24,303,232 20,097, % Total Liabilities 12,300,424 18,339, % Consolidated Stockholder s Equity 12,002,808 1,758, % CapEx 7,984,478 3,087, % Total Debt 8,350,000 12,616, % Net Debt 3,488,644 6,276, % Net Debt/EBITDA (times) CapEx/Revenues 93.4% 43.2% 50.2 Shares Outstanding (thousand) 2,545,382 0 NA Income per Share** NA Stock Price at year end*** NA * Except outstanding shares and Income per share. ** Controlling Participation in Net Income divided by the compounded average number of oustanding shares. *** Price at the beginning of its trading on January 6, 2011 was of $30.14 pesos per share. EBITDA: Earnings before interest, taxes, depreciation and amortization. NA: Not applicable 4

9 3,087 3,489 7,142 3,238 3,657 8,545 3,670 4,309 7,984 6, Revenues (Million pesos) Operating Income (Million pesos) EBITDA (Million pesos) CapEx (Million pesos) Net Debt (Million pesos) 5

10 Letter to shareholders Global Economic Outlook The economic outlook since 2000 includes structural problems, mainly in developed countries, which have not been resolved and have only been faced with aggressive monetary and fiscal policies. With the change in civilizations from industrial to service societies, as well as rapid technological advances that have allowed large productivity increases and the ability to produce goods and services at lower costs, we should be seeing the generalized creation of value and wealth. However, fiscal and structural trade deficits, as well as an unsustainable welfare state and problems with the financial system that do not appropriately guide change are provoking high levels of unemployment that are most evident even among the bestprepared youth. Despite a global economic situation that is unfavorable for the exports of developed nations, the monetary policies of these nations have allowed important capital access and long-term, low-interest financing for developing nations. It has also permitted developing countries to focus on domestic economies and impulse the activities necessary for development with the formation of human and physical capital, as well as the promotion of activities that will be intensive job engines in coming years. Investments in coming years that are equivalent to 25% of GDP would create high sustained economic growth, as well as sustained job growth, which would allow developing countries to cross the threshold of per capita income of $15,000 dollars. This in turn would result in a larger middle class and bring currently marginalized and poverty-stricken groups to the benefits of better education and health, leading to a virtuous cycle of development for our countries. Even with the negative effects of the global economy, Mexico and other emerging countries are facing more growth opportunities than developed nations. Mexico has an adequatelycapitalized banking system, better public finances, low interest rates, long-term peso and dollar-indexed financing, and most importantly, many needs that become investment opportunities for the private sector, which in turn lead to potential for development and more employment. Metals Market In 2011, the precious metals market experienced an important increase in prices. In the case of gold, the global economic situation, negative real interest rates and the growing demand for the physical metal especially in China as well as the growing demand of exchange-traded funds have pushed prices to maximum historic levels. Gold traded at $1,925 USD/ Oz in September of 2011 and prices for the year were 25% above 2010 levels. Meanwhile, global production was 2,801 tons, a 5.7% increase from In the case of silver, it is being considered an investment in addition to industrial uses. Global mining production was 24,150 tons in 2011, a similar level to Throughout the year, there were large periods of volatility, with prices closing the year at 60% above In the case of base metals, copper has had an important upturn in recent years. Demand in China for the metal increased in 2011 to almost 8.0 Mt, which is 40% of global consumption. Meanwhile, the supply of deposits has been affected in recent years by labor strikes, climate and decreases in production laws. Global mining production was Mt for As for zinc and lead, there has been an increase in global supply in recent years, creating historically high inventories, with China as the principal consumer and producer. MINERA FRISCO Within this context there is a historic opportunity for the company, which in addition to having many years of operation, has a portfolio of important mining lots in Mexico and important growth potential for its operational units. Thanks to the experience of the company in executing and installing projects and taking advantage of specialization in process engineering, construction and the build-out of structures from affiliated companies, there are currently six expansion projects as well as the simultaneous installation of new mines. These projects are the principal present and near future challenge for the company. These projects represent an important increase in the production capacity of over 200% and a CapEx of $7.984 billion pesos for 2011, a figure that will be surpassed in

11 Frisco currently has one of the most aggressive expansion programs in the world for now and the near future, executing with the highest levels of quality, in record time and cost efficiency, offering experience and equipment integration that is fundamental for the execution of future projects. In the operation of our mining units, we have made an important effort to continue metallurgical investigation and the optimization of our processes. This translates into production cost improvements, efficiency in the recovery of metallurgical values, processes with better environmental sustainability and in general better economic viability of the projects. In terms of exploration, in 2011 we significantly increased the economic resources, equipment and specialists to increase our reserve base and mineral resources to support the operation of current projects, expansion plans and the viability of projects that are being installed. Additionally, there are many mining lots from our portfolio that are in geological study and exploration seeking viability to be exploited in the future. In terms of operations, higher year-on-year metals prices in 2011 and increases in produced volumes of mainly copper, gold and lead caused revenue to increase 20% to $8.545 billion pesos, while EBITDA increased 18% with a slight decrease of 0.8 percentage points in EBITDA margin, which was 50.4%. Total assets were $ billion pesos, while controlling stockholders equity was $ billion pesos. Debt to equity was 1.0 time, while net debt was 0.8 times 2011 EBITDA. Debt coverage was 7.1 times. Given the relevance of the investments in installation projects, the company considered the guarantee of minimum level of profitability to be fundamental and has hedged the price of metals. As the projects near operation and the new projects have a lesser weight with respect to the total production base, the company has significantly decreased its position of hedges with respect to production. Among the most important corporate events, at the beginning of the year the acquisition was completed of 39% of the shares of Minera Tayahua, raising the participation of Minera Frisco to 90.2% of equity. At the same time, an Extraordinary Shareholders Meeting was held to decree a capital increase of 250 million shares at a price of $47.00 pesos per share, of which million shares were subscribed. Sustainability activities in 2011 included environmental control operative plans, sustainability of water and energy resources, management of environmental liabilities, certifications, integral management systems and the analysis of stakeholders. Additionally, we increased our labor force by 30%, benefitting the communities where we operate with job creation. The labor climate and relation between the company and the unions remains healthy and cordial. Minera Frisco has a solid financial position that allows it to face its current, immediate and future expansion plans that will convert it into a company with world-class production levels, as well as the operating experience to achieve these goals with the highest standards. On behalf of the Board of Directors and the management team at Minera Frisco, we thank all of our employees, their effort, commitment, and our shareholders for their trust. Minera Frisco will seek to maintain the successful course to contribute to the development of our country. Sincerely, José Humberto Gutiérrez-Olvera Zubizarreta Chairman of the Board Alejandro Aboumrad González Chief Executive Officer 7

12 Operational Units MINING UNITS Frisco is the fastest-growing Mexican mining company, establishing an exceptional portfolio of high-quality assets. In recent years due to the recovery of metals prices, the company significantly increased exploration in the lots that has conserved, such as San Francisco del Oro, María, Tayahua and San Felipe. Additionally, new units were put into operation such as Asientos and El Coronel, both property of Minera Real de Ángeles and which began activities in As of the second half of 2010, the company began an important investment program in six projects that contemplates expansions as well as new facilities and plants to increase capacity of crushing and production. Units in Operation Installed Capacity Expansion Current + Start-Up of Ore Milled 2011 Name TPD at Dec 31, 2011 Projects Project Operations (t) El Coronel 35,000 30,000 65,000 2 nd Semester ,750,130 San Felipe 7,500 15,000 22,500 2 nd Semester ,354,832 Asientos 4, ,000-1,148,986 Tayahua Pb - Zn 1, , ,277 Tayahua Cu 3,700 20,000 23, ,950 San Francisco del Oro 4, , ,909 María 27, ,000-6,046,713 Total 82,700 65, ,700 26,880,797 Units in Installation Name Nominal Installed Start-Up of Capacity Operations El Concheño 20,000 2 nd Semester 2012 El Porvenir 10,000 3 rd Quarter 2012 San Francisco del Oro Tajo 10,000 3 rd Quarter 2012 Total 40,000 Annual estimated utilization factor 88% 8

13 STRATEGY Minera Frisco is making a great effort to continue metallurgical investigation, improvement of processes and explorations, which allow us: 1. To be more efficient in our operations 2. To increase our reserves 3. To consolidate sustainability activities 4. To improve recoveries 5. To lower costs Also create solid fundamentals for economic, operational and environmental viability of the projects in operation and installation, as well as those in the process of geological evaluation, exploration or beginning exploitation. Production of Metal Contents At December 31, 2011 Name Gold % Silver % Lead % Zinc % Copper % (Oz) total (Oz) total (t) total (t) total (t) total El Coronel 197, , San Felipe 24, , Asientos 4, ,656, , , Tayahua 5, ,837, , , , San Francisco del Oro 3, ,401, , , , María , Total , ,309, , , , Total ,791 5,496,360 20,744 91,571 16,830 Var%

14 El Coronel Aerial view of the mining unit Crushing circuit including mineral conveyor belts screening and hopper 10

15 Aerial view of the pit The El Coronel mining unit is located in Zacatecas. It is an open-pit mine that uses heap leaching and recovers the mineral through carbon absorption, stripping and electrolysis. Then the ore is sent to the foundry to be processed into doré gold and silver bars for sale. 11

16 San Felipe Panoramic view Crushing circuit 12

17 Loading a truck with mineral to be transported to the crushing process San Felipe is located in Baja California. It is an open-pit mine that uses heap leaching. Its milling capacity at the end of the year was 7,500 tons daily and it produces doré gold and silver bars for sale. 13

18 Asientos Aerial view of the plant Underground drilling 14

19 Night view of the milling area Asientos is located in the state of Aguascalientes. This is an underground mine that uses a milling and flotation process. In November of 2011 a new mill, floatation cells and a settling tank were installed to guarantee an installed milling capacity of 4,000 daily tons for the production of lead, zinc and copper. 15

20 Tayahua Milling and Flotation plant Rock transportation in the mine 16

21 Underground drilling in the mine Tayahua is in Zacatecas and is a polymetallic underground operation that exploits mainly bodies of primary copper and zinc. 17

22 San Fco. del Oro Underground mining Transportation system by aerial ropeway buckets 18

23 Milling and classification process San Francisco del Oro is where Minera Frisco gets its name and is a polymetal underground mine. 19

24 María Crushing circuit Mineral conveyor belt to the stockpile Production of cathode copper 20

25 Minera María is a copper mine. The mineral is extracted and sent to the crushing area to reduce its size and be stockpiled or terraced. 21

26 Installation and expansion projects MINERA FRISCO has formed a specialized team with an important execution capacity, which is fundamental for simultaneously installing six projects of the dimensions of those currently being built in record time, maintaining quality, cost and process efficiency. This has resulted in a CapEx of $7.984 billion pesos in 2011, a figure that is expected to be surpassed in Today Frisco is a mining company with one of the highest levels of investment in the world and is positioning itself in the near future as a company with the best capacity to face and execute these growth rates. Minera Frisco has one of the most aggressive expansion programs in the world today and in the near future, executing with the highest levels of quality, record execution times and cost efficiencies, generating an experience and integration of teams that are fundamental for the execution of the following projects: Mining Units Name Metals Exploitation Type Process Installation Projects 7 El Concheño Au, Ag Open-Pit Dynamic Leaching 8 El Porvenir Au, Ag Open-Pit Heap Leaching 9 San Francisco del Oro pen-pit Au, Ag Open-Pit Flotation and Dynamic Leaching Expansion Projects 1 El Coronel - Secondary Crusher Crushing circuit, expansion of settling ponds and heap formation 2 San Felipe II Crushing circuit, settling ponds, heap formation and Merrill Crowe plant 3 Tayahua - Primary Copper Access ramp of 5.6 kms, crushing, grinding and flotation plant Numeration corresponding to map on page 2 22

27 El Concheño Crushing area and leaching tanks / Installation Located in Chihuahua, El Concheño is a new unit for gold and silver ores, which will be exploited by open-pit and underground mine, recovering metals through dynamic leaching. 23

28 El Concheño General view of the plant / Installation Foundation of the grinding and hydrocyclone area 24

29 Foundation of the thickening tanks and leaching area 25

30 El Porvenir Formation of beds / Installation Installation of crushing circuits 26

31 Screening and crushing area El Porvenir is a new project located in Aguascalientes that consists of an open mining pit, using heap leaching. The plant will use the Merrill Crowe process and the metals will be smelted in an induction oven to produce doré bars of gold and silver. 27

32 San Fco. del Oro Tajo Open-pit / Installation Crushing area of 10 thousand tons per day 28

33 Installation of leaching tanks Within the San Francisco del Oro unit, a new project is being installed that includes open-pit mine extraction in areas such as Frisco, Sainas and Clarines. 29

34 El Coronel-Secondary Crusher Conveyor belts / Expansion Explosion to prepare the area for the second crushing circuit 30

35 Within the expansion plans of El Coronel, the installation of a new fixed crushing circuit began at the end of 2011 with an estimated capacity of 30,000 tons daily. This will increase the crushing capacity of El Coronel to 65,000 tons daily, almost doubling the current capacity. 31

36 San Felipe II Panoramic view / Expansion Screening and crushing area 32

37 Grinding area and conveyor belt to the stock-pile San Felipe II is an expansion project that contemplates the installation of a new crushing circuit, stockpiling and Merrill Crowe plant. 33

38 Tayahua-Primary Copper Access tunnel / Expansion Subterranean extraction equipment 34

39 Entry to the Gloria Estela access ramp This project contemplates the development of a 5,600 meter access ramp, a beltway around the ore body and the installation of an internal crusher with a capacity of 20,000 tons daily. 35

40 Feasibility studies and implementation projects The work plan to assess the viability of mining lots is centered on ongoing metallurgic research, geological studies and the evaluation of the environmental and social impact of projects. Seven exploration projects are currently being evaluated, in which probable gold and silver resources have been identified. Geological and geophysical exploration, as well as diamond tipped and reverse circulation drilling, are being carried out with copper and basic sulfur projects. Mineralogical and metallurgical test are continuously being done. Mining Units Name Metals Exploitation Type Process Projects under Feasibility and Implementation Studies 10 Espejeras Au, Ag Open-Pit Dynamic Leaching 11 Calcosita - Tayahua Cu Open-Pit Heap Leaching 12 Lampazos Au, Pb Open-Pit / Underground Flotation 13 Clarines Au, Ag Open-Pit Flotation and Dynamic Leaching 14 Vetas Negras Au, Ag Open-Pit Dynamic Leaching 15 Santa Fe Au, Ag Open-Pit Bulk Flotation 16 Federicos Au, Ag Open-Pit Heap Leaching Numeration corresponding to map on page 2 36

41 Topography Metallurgical tests Drilling 37

42 Exploration During 2011 the exploration budget was six times larger than the prior year. These resources were assigned to equipment as well as personnel, increasing the number of professionals with vast experience in mining and diamond drilling and inverse circulation equipment. The current and future exploration programs are focused on locating gold and silver deposits to increase reserves that can be mined with open-pit techniques. Geological and geophysical works, as well as drilling, are currently being carried out. In the more advanced exploration projects, surface land is being acquired for modeling of geological resources. 38

43 Conducting geological tests We have significantly increased the economic resources and exploration equipment, as well as specialists to increase the base of reserves and mineral resources to support the current operation, expansion plans and the feasibility of installation projects. 39

44 Sustainability activities A fundamental part of the strategy and culture of Minera Frisco is social responsibility, a commitment that beyond business activity maximizes the positive impact of its activities and transfers resources to benefit the communities where it operates. With this objective, in 2011 the following activities were carried out: In the area of hazardous waste management, we introduced an initiative so that all of our units have a registered plan with the Environmental and Natural Resources Ministry, with San Francisco del Oro receiving the first validation. We also began the process to identify and quantify environmental liabilities in all mining units to reduce the environmental footprint to comply with Mexican norms and the NIF C-18. CIDEC, Microm and Sinergia companies dedicated to the production of efficient energy technologies, diagnosed the lighting needs in all business units to soon implement eco technologies and solar and wind power to reduce greenhouse effects. As part of the activities aimed at the conservation of biodiversity, there was a second monitoring of the Royal Eagle in the Altamira hill in Aguascalientes, in accordance with the protection and conservation program that Asientos co-sponsors. In the El Concheño project, construction of the native plant nursery has begun according to the initiatives of the other units that have these production structures. It should be noted that Minera Frisco has maintained since 2001 the UMA wildlife conservation management unit Reserva San Francisco Oro, which includes 150 hectares of wild flora and fauna. The reserve promotes ecological consciousness and tourism. At midyear, the water project of the San Felipe unit began, including the installation of a desalinization plant that uses inverse osmosis technology, representing an environmental benefit as a smaller area would be impacted and a greater water recovery would be achieved. At El Coronel, the implementation has begun of the Environmental and Social Management System, which takes into account the ISO , ISO norms and the best practices of the International Code for Cyanide Handling. The objective is to reduce the health and environmental risks. Four units of the Group: Minera María, Tayahua, El Coronel and San Francisco del Oro maintain the Certificado de Industria Limpia (Certification for clean industry) that is awarded by the Federal Environmental Protection Agency. 40

45 Minera Frisco has maintained since 2001 the UMA wildlife conservation management unit Reserva San Francisco del Oro, which includes 150 hectares of wild flora and fauna. 41

46 Human Resources Due to the expansion projects and the construction of new units, 963 people were hired in the year, many of them local, benefitting neighboring communities with jobs. There were a total of 3,580 people in the operation, of which 6% were women and 94% men, without including outside contractors. Security of employees and neighboring communities is a priority for Minera Frisco. This is why the company offered training in industrial security and occupational health, the environment and operational processes. A total of 123,159 hours of training was provided for union and non-union collaborators. The relationship between the company and the national and local union is healthy and cordial, maintaining positive and direct communication that permits dialog and agreements. With respect to the social benefits to collaborators, the company pays equitable and fair wages, above those established by the Federal Work Law and based on performance evaluations. 42

47 Personnel installing irrigation pipes Security of employees is a priority for Minera Frisco. This is why the company offered training in industrial security and occupational health, the environment and operational processes. 43

48 Asientos / Drilling Tayahua / Underground operation San Felipe / Equipment 44

49 Tayahua / Metallurgical tests El Concheño / Construction El Coronel / Open-pit El Concheño / Panoramic view Tayahua / Aerial view San Fco. del Oro / Underground operation 45

50 Board of Directors Board Members Position* Years as Board Member** Type of Board Member* Carlos Slim Helú José Humberto Gutiérrez Olvera Zubizarreta Sergio W. Covarrubias Vázquez COB - Fundación Carlos Slim COB - Fundación Telmex COB - Impulsora del Desarrollo y el Empleo en América Latina COB - Carso Infraestructura y Construcción 1 Patrimonial Related COB - Minera Frisco CEO - Grupo Carso COB and CEO - Grupo Condumex 1 Related COB - Grupo IDESA CEO - Equipos Mecánicos Montebello 1 Independent Alejandro Gutiérrez Gutiérrez Business Consultant 1 Independent Guillermo Gutiérrez Saldívar COB - Grupo IDESA CEO - Equipos Mecánicos 1 Independent José Kuri Harfush COB - Janel 1 Related Gerardo Kuri Kaufmann CEO - Inmuebles Carso 1 Related Juan Rodríguez Torres Business Consultant 1 Independent José Shedid Mehry Business Consultant 1 Independent Patrick Slim Domit Vice Chairman - Grupo Carso COB - América Móvil Commercial Director of Mass Markets - Teléfonos de México COB - Sears Operadora México 1 Patrimonial Related Treasurer Quintín Humberto Botas Hernández Comptroller - Grupo Condumex 1 Secretary Sergio F. Medina Noriega Director of the Legal Department - Teléfonos de México 1 Pro-secretary Alejandro Archundia Becerra Manager of the Legal Department - Grupo Condumex 1 * Based on information from the Board members. ** The age as board members was considered from 2011, date on which the shares of Minera Frisco, S.A.B. de C.V. were listed on the Mexican Stock Exchange. COB: Chairman of the Board CEO: Chief Executive Officer 46

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