Investment Opportunities - Goodrich, Riquelme y Asociados

Supplementary materials
XI I
T
M
A
M
T
A E
T
M
T
P
N
D
T
A
C
P
T
P
B
T
L
A
M
M
M
S
PEMEX
A
T
C
E
E
P
T
M
R
A
T
F
S
D
T
C
N
D
P
M
T
P
G
B
P
J
T
G
A
I
I
T
A
F
I
L
O
P
A
H
S
C
M
M
MSC
B
T
I
Z
B
T
M
L
P
S
E
A
C
L
P
S
C
F
P
H
E
P
A
C
P
S
T
E
W
I
MW
S
T
C
T
M
E
F
F
E
T
E
T
F
C
E
E
C
F
MW
C
F
E
C
I
T
P
S
O
N
E
A
S
P
I
A
M
R
M
E
S
A
T
N
T
T
T
T
T
S
C
A
H
I M
P
T
S
S
E
R
C
J
P
RLPSEP
LPSEP
P
T
L
C
RLPSEP
LPSEP
LPSEP
RLPSEP
S
C
A
M
C
M
A
S
C
C
H
P
N
T
C
N
W
E
N
W
W
CNA
L
D
C
A
CNA
M
L
C
T
P
L
P
C
P
C
G
CNA
C
R
T
W
CNA
CNA
R
P
R
W
T
W
P
A
S
M
D
I
A
N
A
C
P
M
C
S
PEP
I
M
N
T
G
F
PEMEX E
L
L
PEP
T
M
A
N
B
G
T
PEP
M
S
A
P
G
A
PEP
T
A
PEP
M
PEP
PEMEX
T
T
A
T
PEP
S
V
T
H
PEP
I
M
S
C
M
MSC
M
MSC
T
I
MSC
T
S
PEMEX
C
PEMEX
PEMEX
A
T
PEMEX
PEMEX
MSC M
D
T
I
I
T
I
D
MSC
B
B
S
T
MSC
T
S
A
C
S
C
I
F
CSM
N
E
S
T
M
CSM
B T
M
T
C
N
M
T
N
A
C
A
L
M
L
LNCM
PEMEX E
J
M
L
M
P
F
C
LNCM
T
I
LNCM
PEP
LNCM
T
M
T
LNCM
M
LNCM
A
LNCM
L
A
LNCM
M
PEP
O
M
R
I
M
M
A
I
M
M
T
M
LNCM
M
T
N
M
L
LNCM
T
I
M
I
M
I
R
U
C
N
M
T
N
M
U
LNCM I
A
L
I
T
INCONTERMS S
P
LNCM
M
T
I
M
A
LNCM
N
F
L
M
M
T
W
PEP
M
M
Hぶ F
I
A
M
M
A
M
T
H
M
I
C
M
M
C
M
T
I
M
M
M
M
M
I
T
T
A
O
M
A
T
A
F
M
I
LNCM
L
M
I
M
F
C
M
M
R
A
M
C
S
M
M
S
M
Iぶ R
T
SCT
M
M
T
M
D
G
M
P
C
M
M
M
B
M
H
B
O
T
M
M
M
M
S
T
T
M
R
GRT
M
I
I
M
M
V
N
I
U
M
S
T
LNCM
S
A
M
L
S
R
S
E
R
H
S
F
C
C
L
F
R
M
I
F
P
M
T
I
H
V
T
C
R
C
C
L
O P
L
L
D
M
C
T
M
P
D
T
T
M
T
M
T
L
;ぶ T
F
H
T
D
B
M
M
T
M
H
T
L
L
T
M
T
C
M
M
C
V
M
F
T
FIL
T
M
M
M
M
NAFTA
B
P
M
NAFTA
NAFTA
M
M
M
NAFTA
J
H
M
A
M
US
M
C
I
F
S
NAFTA
NAFTA
US
NAFTA
NAFTA
US
T
U
T
D
B
R
DOT
S
M
NAFTA
E
NAFTA
U
L
NAFTA
US
P
C
US
U
C
T
US
NAFTA U S
N
A
F
T
L
U
B
VS D
A
US
S
M
A
M
O M
M
A
DOT
M
S
M
M
B
H
I
P
W
M
NAFTA
US
M
US
M
M
NAFTA I
M
U
M
S
US
A
I
A
M
C
I
M
A
T
A
C
SA
C
A
A
M
A
T
A
L
T
SCT
M
A
O
M
M
A
U
M
SCT
S
M
FIL
M
C
SCT
M
A
SCT
C I
R
R
O M
M
P
S
C
S
FIL
S
W
FIL
FIL
S
D
FIL
R
R
R
C
T
L
M
F
I
C
T
SCT
C
T
T
H
T
H
M
I
SCT
C
SCT
M
D
Iぶ P
T
SCT
T
T
I
F
M
A
T
M
C
I
A
M
A
H
P
T
T
Q
T
A
L
G
M
M
D
C
A
P
C
P
A
T
SCT
M
A
L
C
A
A
O
P
T
F
M
I
I
SCT P
M
C
I
SCT
P
;ぶ R
T
L
P
J
T
T
L
SCT
T
F
C
P
I
M
U
L
P
E
Hぶ F
M
T
L
P
M
FIL I
F
M
I
I
C
F
FIL
I
A
N
P
M
L
I
M
P
M
US
M
C
U
P
B
M
SCT
C
LNG
USA
C
B
U
N
F
T
L
P
M
T
B
T
M
M
A
M
M
I
M
M
M
A
T
M
T
T
B
C
G
Y
O
C
C
N
I
T
C
T
S
R
P
C
FONATUR
L
T
L
F
M
P
P
;ぶ T
T
A
P
C
T
L
L
J
J
T
T
L
S
P
M
P
R
T
F
Hぶ C
B
T
M
D
M
F
A
L
L
G
G
L
T
M
O
A
F
S
L
B
U
W
M
D
Iぶ T
T
C
P
A
A
J
PROFECO
M
T
C
P
A
T
M
H
T
L
I
T
I
M
M
A
T
M
D
L
F
C
A
M
A
I M
T
F
P
T
C
N
C
I
S
A
F
A
G
T
I
A
N
F
L
D
;ぶ P
P
A
I
M
T
M
S
D
M
I
P
I
M
FONHAPO
S
D
CONAVI FOVISSTE
S
Hぶ S
M
T
T
I
G
A
B
T
M
Iぶ P
T
M
T
T
SCT
N
D
P
I
C
T
T
T
I
C
SCT
A
M
L
A
O
F
P
W
G
T
T
I
C
A
T
M
I
M
I
M
M
B
O
T
F
T
A
U
W
F
M
I
M
P
S
I
M
M
M
P
I
I
T
M
A
F
M
T
B
F
U
C
M
S
D
S
C
S
H
T
M
I
I
S
D N
M
T
M
T
M
M
L
A
M
E
M
T
M
M
T
C
L
T
M
T
I
E
PEMEX
E
M
L
A
M
T
P
T
T
T
T
M
M
E
T
T
E
R
M
E
M
M
M
E
P
A
A
L
M
PEMEX
M
E
M
M
T
R
L
PEMEX
F
T
F
L
S
T
J
F
A
A
M
C
A
M
FIL
C
A
A
C
C
M
M
A
T
F
U
F
M
A
A
A
T
A
L
J
M
O
M
C
R
M
C
T
C
T
A
T
I
T
F
T
C
T
A
L
T
M
N
A
A
T
F
C
R
I
P
H
N
M
C
T
T
F
I
T
T
W
A
T
A
L
T
C
M
F
O
F
F
A
D
F
L
L
S
L
F
O
D
M
E
H
N
R
N
R
I
T
A
M
I
E
S
C
F
E
C
T
F
T
E T
T
T
F
A
F
C
T
COFETEL
1.T
2.T
3.T
T
L
C
J
COFETEL
C
A
T
SCT
M
M
T
T
M
P
T
SCT
T
T
I
T
SCT
M
T
M
F
C
S
C
SCT A
T
F
M
F
I
T
A
C
A
T
A
T
SCT
A
I
SCT
P
T
SCT
T
C
F
SCT
A
R
L
D
A
R
O
I
N
J
TELMEX
J
S
M
TV
VS
M
C
XIII
NAFTA
E
NAFTA P
P
A
W
C
NAFTA P
F
P
A
T
O
T
A
F A
G
A
M
I
A
D
F
M
T
M
I
A
D
NAFTA S
J
E
M
A
NAFTA
G
F
F
I
U
A
A
A
D
L
D
A
M
M
F
T
J
U
A
R
J
F
C
H
I
D
J
J
T
D
I
M
C
L
D
M
M
P
D
C
A
M
M
M
V
T
F
M
I
N
M
M
M
R
V
F
N
V
NAFTA
EU
V
F
E
T
M
U
MEUFTA
F
T
J
M
E
S
F
T
A
M
J
O J
A
M
M
J
D
M
M
NAFTA
S
A
T
M
A
M
I
NOM
J
U
V
M
M
J
V
J
NAFTA
M
N
NAFTA
NAFTA
T
T
U
I
M
A
T
P
G E
U
E
W
E
M
T
E
P
M
A
T
E
N
T
I
U
S
T
PEMEX
F
T
A
US
W
M
T
M
M
A
I
M
I
CFE
T
K
P
M
A
I
K
U
N
C
P
F
K
P
C
C
C
UNFCCC
P
A
S
A
P
W
A
P
A
S
U
I
A
R
E
U
R
I
UNFCCC T
P
T
A
CER
U
P
REU
A
T
CDM
E
A
A
A
C
A
REU
D
M
A
C
REU
T
CDM
P
A
I
A
A
P
T
P
I
A
CER
F
M
P
C
I
T
M
I
A
M
C
M
T
C
U
K
I
N
S
P
I
M
P
M
C
C
C
P
T
T
F
T
T
F
O
T
C
P
U
N
I
I J
J
M
F
CDM
A
F
M
M
I
B
CDM
B
CER
U
I
M
F
M
J
H M
P
T
M
A
A
T
M
T
M
B
T
N
C
I
F
M
C
PPP
M
S
U
A
M
C
A
C
C
U
O
G
I
O
W
M
G
Z
US
C
S
S
M
S
S
A
I
T
S
S
PPP
I E
L
M
A
T
E
F
I
M
G
T
L
M
C
P
F
E
I
I
F
J E
G
E
I
H
N
E
M
N
I
M
A
C
I
A
W
M
C
T
M
L
L
I
I
C
T
A
E
I
L
E
E
C
S
U
N
U
M
C
T
M
S
M
J
M
C
C
C
C
F
T
M
C
C
P
M
L
I
I
M
M
C
C
M
O
F
M
A
M
M
I
M
I
M
I
M
C
M
F
M
M
M
M
M
M
T
C
C
M
M
I
M
L
M
U
P
M
C
A
C
T
F
T
I
T
A
C
C
L
T
S
E
P
P
C
T
M
E
M
C
A
M
I
I
T
W
I
C
T
F
T
T
T
P
C
E
P
T
L
J
T
T
T
T
W
I
E
P
C
P
K I
U
NAFTA
J
M
NAFTA
M
VS
S
M
E
US
W
U
M
C
M
E
F
M
S
T
A
M
C
M
O
M
L B
N
C
M
S
I
A
M
US
T
T
M
EU
EFTA
M
US C
M O
O
M
T