Pichardo Asset Management

Pichardo Asset Management, S.A. de C.V., PAM, is an independent investment advisory firm, with 28-year experience in portfolio management covering the universe of stocks listed in the Mexican Stock Exchange. PAM has a well-informed opinion in macro, forex, interest rates and yield curve. PAM´s internal in-depth analysis and proprietary valuation models as well as solid structure in operations and compliance are the basis to provide a quality service to institutional investors. PAM is the portfolio manager of PAM-Compass Investment Ocho listed in the Mexican Stock Exchange, The Mexico and Equity Income Fund, Inc. listed in the New York Stock Exchange, and the Mitla Fund listed in the Luxembourg Stock Exchange. PAM also provides service for managed accounts with an experienced front and back office, and best execution reports. PAM is a U.S. registered Investment Advisor, as of June 4, 2003, pursuant to section 204 of the U.S. Investment Advisers Act of 1940.