<SEC-DOCUMENT>0001104659-22-076994.txt : 20220705
<SEC-HEADER>0001104659-22-076994.hdr.sgml : 20220705
<ACCEPTANCE-DATETIME>20220705060140
ACCESSION NUMBER:		0001104659-22-076994
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20220705
FILED AS OF DATE:		20220705
DATE AS OF CHANGE:		20220705

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICAN ECONOMIC DEVELOPMENT INC
		CENTRAL INDEX KEY:			0001061736
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			O5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35934
		FILM NUMBER:		221063075

	BUSINESS ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
		BUSINESS PHONE:		528183286167

	MAIL ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2220363d1_6k.htm
<DESCRIPTION>FORM 6-K
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<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 6-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPORT OF FOREIGN PRIVATE ISSUER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of July 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOMENTO ECON&Oacute;MICO MEXICANO, S.A.B. DE C.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mexican Economic Development, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of Registrant&rsquo;s name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United Mexican States</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Jurisdiction of incorporation or organization)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">General Anaya No. 601 Pte.<BR>
Colonia Bella Vista<BR>
Monterrey, Nuevo Le&oacute;n 64410<BR>
M&eacute;xico</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F </FONT><FONT STYLE="font-family: Wingdings">x </FONT>&nbsp;&nbsp;Form 40-F <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">permitted by Regulation S-T Rule 101(b)(1): _______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">permitted by Regulation S-T Rule 101(b)(7): _______</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether by furnishing the
information contained in this</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form, the registrant is also thereby furnishing
the information to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">If &quot;Yes&quot; is marked, indicate below the
file number assigned to the registrant in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">connection with Rule 12g3-2(b): 82-_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CONTENTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. Press release from Fomento Econ&oacute;mico Mexicano, S.A.B. de
C.V. (FEMSA) and Valora Holding AG (Valora), dated July 5, 2022, regarding FEMSA&rsquo;s proposed acquisition of Valora.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. Pre-Announcement of the Public Tender Offer by Fomento Econ&oacute;mico
Mexicano, S.A.B. de C.V., for all publicly held registered shares with a nominal value CHF 1.00 each of Valora Holding Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to the requirements of the Securities
Exchange Act of 1934, the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">registrant has duly caused this report to be signed
on its behalf of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOMENTO ECON&Oacute;MICO MEXICANO, S.A.B. de C.V.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: <U>/s/ Eugenio Garza y Garza</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eugenio Garza y Garza</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of Finance and Corporate Development</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: &nbsp;July 5, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 9%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT NO.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 91%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2220363d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="tm2220363d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release from Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. (FEMSA) and Valora Holding AG (Valora), dated July 5, 2022, regarding FEMSA&rsquo;s proposed acquisition of Valora. </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2220363d1_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD><A HREF="tm2220363d1_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-Announcement of the Public Tender Offer by Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V., for all publicly held registered shares with a nominal value CHF 1.00 each of Valora Holding Ltd.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FEMSA and Valora join forces:<BR>
A strong foundation to jointly develop the European market leader in convenience stores and food service </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agreement on the acquisition of Valora Holding AG by Fomento Econ&oacute;mico
Mexicano, S.A.B. de C.V., a leading Latin American retailer. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><B>Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. (FEMSA), a leading retail and beverage company with total sales of more than
USD 27 billion / CHF 26.5 billion in 2021, today announced an all-cash offer to purchase all of the publicly held shares of Valora Holding
AG (Valora) for CHF 260.00 per share. This is equivalent to a premium of 57.3% to the volume-weighted average share price of the last
60 trading days and 52.0% to the Valora closing share price on July 4, 2022. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><B>Based on an external fairness opinion, the Valora Board of Directors unanimously recommended that shareholders accept the offer
by FEMSA.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><B>Valora&rsquo;s largest individual shareholder owning a stake of approximately 17%, supports the offer and is undertaking to tender
all of his shares as part of this offer.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><B>Valora and FEMSA are greatly aligned regarding their strategic priorities and long-term value creation opportunities. Valora is
expected to accelerate its growth path by leveraging FEMSA&rsquo;s core convenience skill set and to serve as a platform for additional
growth in the European convenience store and food service (<I>foodvenience</I>) market. The transaction between FEMSA and Valora will
also create a formidable player in the European convenience store and food service market catering to an increasingly mobile and digital
clientele.<BR>
<BR>
</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Valora will continue to operate under its own company name, becoming the retail arm of FEMSA&rsquo;s
Proximity Division in Europe. Valora will continue to be headquartered in Muttenz (Switzerland) and will take on responsibility for further
developing the European convenience markets for FEMSA. Valora&rsquo;s brands and formats will be retained in accordance with Valora&rsquo;s
current management&rsquo;s expansion and operating plans.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>FEMSA will fund the up to USD 1.2 billion / CHF 1.1 billion all-cash acquisition with available cash
on hand. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Monterrey, Mexico / Muttenz, Switzerland, July 5,&nbsp;2022 &ndash;
Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. (&ldquo;FEMSA&rdquo;) headquartered in Monterrey (Mexico) and listed on the Mexican
and New York stock exchanges, and Valora Holding AG (&ldquo;Valora&rdquo;; SIX: VALN), one of the leading foodvenience platforms with
convenience stores and food service operations in Switzerland, Germany and other European countries, are announcing a binding agreement
under which FEMSA will launch a public tender cash offer to acquire all of Valora&rsquo;s publicly held registered shares for CHF 260.00
net per share in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FEMSA operates the largest convenience store chain in Mexico and Latin
America (Proximity Division), as well as more than 3,600 pharmacies in four Latin American countries, and controls the largest franchise
bottler of Coca-Cola products in the world in terms of sales volume (Coca-Cola FEMSA). FEMSA is the second largest shareholder of the
Heineken (HEIA.AS) group and is listed on the Mexican stock exchange (ticker symbols: FEMSAUBD.MX; FEMSAUB.MX) and on the New York Stock
Exchange (ticker symbol: FMX). FEMSA is an investment grade company that maintains a sound financial profile with significant liquidity
and access to the international capital markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transaction agreement sets forth the intention that, once the settlement of the offer has been completed, Valora will accelerate the development
of European markets as the European retail affiliate within FEMSA&rsquo;s Proximity Division. The registered office and headquarters of
Valora will remain in Muttenz, Switzerland. The company will continue to operate under its current name and with concepts, formats and
brands that are well established in accordance with the current management&rsquo;s expansion and operating plans. FEMSA expects to complement
these plans with the unique set of capabilities and new initiatives it has developed in other markets. </FONT>FEMSA intends to have Valora
apply with SIX Exchange Regulation for the delisting of the Valora shares in accordance with the Listing Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Daniel
Rodriguez Cofr&eacute;, CEO of FEMSA</B></FONT>, comments: &ldquo;FEMSA and Valora have each been around for well over one hundred years,
and both companies have developed successful business models and strong corporate cultures. Having built a significant store base and
convenience and logistics expertise in Latin America during the past four decades, FEMSA has been looking for a platform to grow and develop
our proximity retail business in markets outside of Latin America. Valora has earned an excellent reputation in the international convenience
and food service business with its sophisticated concept of innovative formats at high-traffic locations, and we look forward to further
expanding on this strategy with the continued support of Valora&rsquo;s management, who will together with the Valora team members play
a key role in our plans for the company&rsquo;s future.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;As the largest franchise bottler by volume in the global Coca-Cola
system, as well as the second largest shareholder of Heineken, we are fortunate to have close business relationships with many of the
leading consumer products companies in the world. Now we are joining forces with Valora to become one of the leading convenience and food
service platforms in Europe, serving the needs of an increasingly mobile and digital clientele,&rdquo; says <B>Carlos Arenas, CEO of FEMSA&rsquo;s
Proximity Division</B>. &ldquo;Valora has the knowledge, experience, network and operating and cultural understanding required to expand
rapidly and sustainably in the various European markets, while we bring to bear proven expertise in scaling growth, and the opportunity
for cross fertilization of best practices.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;The transaction with FEMSA, which does not yet have any operations
in Europe, is extraordinary in that it creates unique opportunities for both companies with benefits for all stakeholders. After the transaction,
Valora will operate as the European retail affiliate within FEMSA&rsquo;s Proximity Division and will continue with its existing growth
strategy to create sustainable value,&rdquo; comments <B>Valora Chairman Sascha Zahnd</B> on the unanimous decision of the Board of Directors
in favour of the intended transaction with FEMSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
 &ldquo;FEMSA and Valora complement each other very well with their growth-oriented strategies in the convenience store and food service
businesses, capacity for innovation, and digitalisation philosophy,&rdquo; comments <B>Valora CEO Michael Mueller</B> on the planned transaction
with FEMSA. &ldquo;We aim to pro-actively drive the growth of the sector and can benefit from FEMSA&rsquo;s resources and extensive experience
as a leading retail company. The new scale and opportunities offered by the transaction with FEMSA, as well as FEMSA&rsquo;s willingness
to continue implementing our successful growth strategy under existing management and employees, convinced Valora&rsquo;s Group Executive
Management to support FEMSA&rsquo;s offer to become an integral part of the FEMSA Group.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ambition to accelerate Valora&rsquo;s growth
plans </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FEMSA and Valora expect the transaction to give positive impetus to
the development of the European business and accelerate growth by leveraging resources of both companies. The value creation thesis is
driven by growth, rather than by cost synergies from overlapping retail networks, thus it is not expected that there will be an adverse
impact on the workforce because of the transaction. In fact, the two companies expect the envisaged growth in Europe to create a significant
number of new and attractive employment opportunities in Switzerland and other European countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The numerous existing business relationships and partnerships in Switzerland
and internationally will not be affected by the transaction between Valora and FEMSA and will be strengthened and expanded by the targeted
growth. With FEMSA&rsquo;s backing, Valora can continue to play an active role in the ongoing growth of the sector from a position of
strength.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transaction is to be fully funded with FEMSA&rsquo;s available
cash on hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tender offer is subject to customary terms and <FONT STYLE="background-color: white">conditions
as well as regulatory approvals for this type of transactions, and is expected to be settled end of September or beginning of October
2022</FONT>. The intention is to then delist Valora from SIX Swiss Exchange. The pre-announcement of the offer which has been published
today includes the material terms and conditions of the public tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse is acting as exclusive financial advisor to FEMSA as
well as offer manager for the public tender offer. The exclusive financial advisor to Valora is J.P. Morgan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Link
to the website with formal pre-announcement: </B></FONT><U>https://femsa.gcs-web.com/valora-transaction</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release is for informational purposes only and does not
constitute an offer to buy or a solicitation of an offer to sell any securities of Valora. Complete terms and conditions of the offer
will be set forth in the offer prospectus which is expected to be published on or around July 20, 2022 (the &ldquo;Offer Prospectus&rdquo;).
Holders of shares in Valora are urged to carefully read the Offer Prospectus because it contains important information about the offer.
This announcement is not for publication, release or distribution in or into or from any jurisdiction where it would otherwise be prohibited.
Please also refer to &ldquo;Legal Disclaimers&ldquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
of the Offer Prospectus once published will be made available free of charge by </FONT>Credit Suisse. Credit Suisse may be contacted
at: <U>equity.prospectus@credit-suisse.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Invitation to LOCAL media, analyst &amp; investors
CONFERENCE, incl. call &amp; audio webcast:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The management of FEMSA and Valora is glad to invite to a local media,
analyst &amp; investors conference, including a conference call &amp; audio webcast, to go over the details of the transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:
 &#9;</B></FONT>July 5, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time:</B></FONT>
 &#9;<B>9:30 AM CEST </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Location:</B></FONT>
 &#9;Widder Hotel (Widder Saal) &ndash; Rennweg 7, 8001 Z&uuml;rich, Switzerland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Language:</B></FONT>
 &#9;English</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Speakers:</B></FONT></TD><TD>Daniel Rodriguez Cofr&eacute;, CEO of FEMSA; Salvador Alfaro, CFO of the FEMSA Proximity Division; Sascha Zahnd, Chairman of Valora
Group; Michael Mueller, CEO of Valora Group</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.85pt; text-indent: -84.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conference
call: </B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico: +52 554 777 2329</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.85pt; text-indent: 0.2pt">Switzerland / Europe: +41 (0) 58 310
50 00<BR>
United Kingdom: +44 (0) 207 107 0613<BR>
United States: +1 (1) 631 570 56 13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Webcast:
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><U>Link
</U>(questions only via conference call)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recorded conference call and webcast will be available after the event on<BR>
<U>www.valora.com</U></FONT> as well as on <U>www.femsa.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -85.05pt">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Invitation to INTERNATIONAL media, analyst &amp; investors conference
CALL &amp; audio WEBCAST:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The management of FEMSA and Valora invite to a complementary international
conference call &amp; audio webcast to also provide international stakeholders to follow the details of the transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:
 &#9;</B></FONT>July 5, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time:</B></FONT>
 &#9;<B>3:00 PM CEST / 9:00 AM ET / 8:00 AM CT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Language:</B></FONT>
 &#9;English</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 85.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Speakers:</B></FONT></TD><TD>Daniel Rodriguez Cofr&eacute;, CEO of FEMSA; Salvador Alfaro, CFO of the FEMSA Proximity Division; Michael Mueller, CEO of Valora
Group; Beat Fellmann, CFO of Valora Group</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.85pt; text-indent: -84.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conference
call: </B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico: +52 554 777 2329</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84.85pt; text-indent: 0.2pt">Switzerland / Europe: +41 (0) 58 310
50 00<BR>
United Kingdom: +44 (0) 207 107 0613<BR>
United States: +1 (1) 631 570 56 13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Webcast:
 &#9;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Link
</U>(questions via conference call and webcast)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recorded conference call and webcast will be available after the event on<BR>
<U>www.valora.com</U></FONT> as well as on <U>www.femsa.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-indent: -85.05pt">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FEMSA contact:</B></FONT></TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 33%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Juan Fonseca</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+52 81 83 28 6229</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor Relations Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>investor@femsa.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mauricio Reyes</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone: </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;+52 81 83 28 6000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Communications Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>comunicacion@femsa.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Valora contact:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christina Wahlstrand</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;+41 61 467 24 53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head of Corporate Communications &amp; Branding </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mai</FONT>l:</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>media@valora.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annette Carrer-Martin</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+41 61 467 21 23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head of Investor Relations</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ir@valora.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proxy Advisor contact:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Morrow Sodali</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+44 20 31 48 97 80</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information Agent</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail: </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>valora-offer@investor.morrowsodali.com</U></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About FEMSA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FEMSA is a company that creates economic and social value through companies
and institutions and strives to be the best employer and neighbor to the communities in which it operates. It participates in the retail
industry through a Proximity Division operating OXXO, a small-format store chain, and OXXO Gas, a chain of retail service stations; through
a Health Division, which includes drugstores and related activities; and through FEMSA&rsquo;s Digital Division, which includes Spin by
OXXO and OXXO Premia, among other loyalty and digital financial services initiatives. In the beverage industry, it participates through
Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products in the world by volume; and in the beer industry, as the second largest
shareholder of Heineken, one of the world&rsquo;s leading brewers with operations in over 70 countries. FEMSA also participates in the
logistics and distribution industry through its Strategic Business Unit, which additionally provides point-of-sale refrigeration and plastic
solutions to its business units and third-party clients. Across its business units, FEMSA has more than 320,000 employees in 13 countries.
FEMSA is a member of the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index and the Mexican Stock Exchange Sustainability
Index, among other indexes that evaluate its sustainability performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
information is available at <U>www.femsa.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Valora</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each and every day, around 15,000 employees in the Valora network work
to brighten up their customers&rsquo; journey with a comprehensive foodvenience offering &ndash; nearby, quick, convenient and fresh.
The around 2,700 small-scale points of sale of Valora are located at highly frequented locations in Switzerland, Germany, Austria, Luxembourg
and the Netherlands. The company includes, among others, k kiosk, Brezelk&ouml;nig, BackWerk, Ditsch, Press &amp; Books, avec, Caff&egrave;
Spettacolo and the popular own brand ok.&ndash; as well as a continuously growing range of digital services. Valora is also one of the
world&rsquo;s leading producers of pretzels and benefits from a well-integrated value chain in the area of baked goods. In 2021, Valora
generated annual external sales of CHF 2.2 billion. The Group&rsquo;s registered office is in Muttenz, Switzerland. The registered shares
of Valora Holding AG (VALN) are traded on SIX Swiss Exchange AG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
information is available at <U>www.valora.com</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This announcement contains forward-looking statements. Forward-looking
statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. No
assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions.
FEMSA undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or
future events or for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Disclaimers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Additional Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tender offer described herein has not yet commenced. This release
is for informational purposes only and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation
of any offer, to purchase or subscribe for any registered shares or other equity securities in Valora Holding AG, nor shall it form the
basis of, or be relied on in connection with, any contract therefor. This release is not part of the offer documentation relating to
the tender offer. Main terms and conditions of the tender offer have been published in today's pre-announcement of the tender offer,
and full details including terms and conditions will be published in the tender offer prospectus. Shareholders of Valora Holding AG are
urged to read the tender offer documents, which are or will be available at <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>https://femsa.gcs-web.com/valora-transaction</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Offer Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tender offer will not be made, directly or indirectly, in any country
or jurisdiction in which the tender offer would be considered unlawful or otherwise violate any applicable laws or regulations, or which
would require FEMSA or any of its subsidiaries to change or amend the terms or conditions of the tender offer in any way, to make an additional
filing with any governmental, regulatory or other authority or take additional action in relation to the tender offer. It is not intended
to extend the tender offer to any such country or jurisdiction. Any such document relating to the tender offer must neither be distributed
in any such country or jurisdiction nor be sent into such country or jurisdiction, and must not be used for the purpose of soliciting
the purchase of securities of Valora Holding AG by any person or entity resident or incorporated in any such country or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tender offer is subject to the requirements of Section 14(e) of,
and Regulation 14E under, the U.S. Securities Exchange Act of 1934, as amended (the &quot;U.S. Exchange Act&quot;), including amendments
to the terms and conditions of the tender offer, extensions of the tender offer, purchases outside of the tender offer and minimum offer
period, and is otherwise being made in accordance with the requirements of Swiss law. Accordingly, the tender offer will be subject to
disclosure and other procedural requirements, including with respect to withdrawal rights, settlement procedures and timing of payments
that are different from those applicable under U.S. tender offer procedures and laws. Neither the U.S. Securities and Exchange Commission
nor any securities commission of any State of the U.S. has (a) approved or disapproved of the tender offer; (b) passed upon the merits
or fairness of the tender offer; or (c) passed upon the adequacy or accuracy of the disclosure in the pre-announcement. Any representation
to the contrary is a criminal offence in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The communication is not being made by, and has not been approved by,
an authorised person for the purposes of Section 21 of the Financial Services and Markets Act 2000. In the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reference is made to the pre-announcement of the tender offer published
today for full offer restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
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<FILENAME>tm2220363d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pre-Announcement of the Public Tender Offer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><B>Fomento Econ&oacute;mico Mexicano,
S.A.B. de C.V., Monterrey, Mexico </B>(or one or several of its direct or indirect subsidiaries, in which case Fomento Econ&oacute;mico
Mexicano, S.A.B. de C.V. will guarantee their obligations to the extent required)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">for all publicly held registered shares with a nominal value of CHF
1.00 each of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Valora Holding Ltd., Muttenz, Switzerland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the terms and subject to the conditions set
forth below, Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V., <I>a sociedad an&oacute;mina busatil de capital variable</I> organized
and existing under the laws of the United Mexican States (&quot;<B>Mexico</B>&quot;), with registered office in Monterrey, Mexico (&quot;<B>Femsa</B>&quot;),
or one or several of its direct or indirect subsidiaries (Femsa or such subsidiary or subsidiaries, the &quot;<B>Offeror</B>&quot;), intends
to launch within six (6) weeks a public tender offer (the &quot;<B>Offer</B>&quot;) pursuant to art. 125 et seq. of the Swiss Federal
Act on Financial Market Infrastructure and Market Conduct in Securities and Derivatives Trading of June 19, 2015, as amended, and its
implementing ordinances for all publicly held registered shares (<I>Namenaktien</I>) of Valora Holding Ltd., Muttenz, Switzerland (the
 &quot;<B>Company</B>&quot; or &quot;<B>Valora</B>&quot;), with a nominal value of CHF 1.00 each (each, a &quot;<B>Valora Share</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 4, 2022, Femsa and the Company entered
into a transaction agreement pursuant to which Femsa agreed to submit and conduct, or cause one of its subsidiaries to submit and conduct,
the Offer, and the Company's board of directors has unanimously resolved, <I>inter alia</I>, to recommend the Offer for acceptance by
the holders of Valora Shares. On the same date, Femsa and Ernst Peter Ditsch, holding 742,197 Valora Shares, corresponding to 16.91% of
the Company's share capital as of the date of this pre-announcement (the &quot;<B>Pre-Announcement</B>&quot;), entered into a tender
undertaking in which Mr. Ditsch agreed to tender all 742,197 Valora Shares held by him into the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>A.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>TERMS OF THE
OFFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offer is expected to be made on the following main terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Object of the
Offer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as set forth below and subject to the offer
restrictions, the Offer will extend to all publicly held Valora Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offer will not extend to (i) Valora Shares
held by Femsa or any of its direct or indirect subsidiaries (each direct or indirect subsidiary of Femsa or of Valora, including in the
case of Femsa the Offeror, hereinafter a &quot;<B>Subsidiary</B>&quot;; Femsa together with its Subsidiaries, the &quot;<B>Femsa Group</B>&quot;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Valora together with its Subsidiaries, the &quot;<B>Valora
Group</B>&quot;) or (ii) Valora Shares held by the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Offer Price</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The offer price for each Valora Share is CHF 260 net in cash (the &quot;<B>Offer
Price</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offer Price will be reduced by the gross amount
of any dilutive effects in respect of the Valora Shares prior to the consummation of the Offer (the &quot;<B>Settlement</B>&quot;, and
the date of such Settlement, the &quot;<B>Settlement Date</B>&quot;), including dividend payments and other distributions of any kind,
demergers and spin-offs, capital increases and the sale of treasury shares at an issuance or sale price per Valora Share below the Offer
Price, the purchase by the Company or any of its Subsidiaries of Valora Shares at a purchase price above the Offer Price, the issuance
by the Company or any of its Subsidiaries of options, warrants, convertible securities or other rights to acquire Valora Shares or other
securities of the Company below market value, and repayments of capital in any form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">The Offer Price implies a premium of 57.3%
to the volume-weighted average price of all on-exchange transactions in Valora Shares executed on the SIX Swiss Exchange Ltd (&quot;<B>SIX</B>&quot;)
during the sixty (60) SIX trading days (each a &quot;<B>Trading Day</B>&quot;) prior to the publication of this Pre-Announcement (being
CHF 165.26).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offer Period
and Additional Acceptance Period</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is expected that the offer prospectus relating
to the Offer (the &quot;<B>Offer Prospectus</B>&quot;) will be published within six (6) weeks from the date of this Pre-Announcement.
After the lapse of the cooling-off period of ten (10) Trading Days, the Offer will be open for acceptance for at least twenty-one (21)
Trading Days (the &quot;<B>Offer Period</B>&quot;). The Offeror reserves the right to extend the Offer Period once or several times with
the approval of the Company to a maximum of forty (40) Trading Days or, with the approval of the Swiss Takeover Board (the &quot;<B>TOB</B>&quot;)
and the Company, beyond forty (40) Trading Days. If the Offer is successful, after the expiration of the (possibly extended) Offer Period,
there will be an additional acceptance period of ten (10) Trading Days for the subsequent acceptance of the Offer (the &quot;<B>Additional
Acceptance Period</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assuming that the Offer Prospectus will be published
on July 20, 2022 and applying the periods above, the Offer Period would run from about August 5, 2022 until about 4 p.m.Swiss time on
September 2, 2022, and the Additional Acceptance Period would run from about September 9, 2022 until about 4 p.m. Swiss time on September
22, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Offer Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offer is expected to be subject to the conditions set forth below
(each a &quot;<B>Condition</B>&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Minimum Acceptance Rate</U>: By the end of the (possibly extended) Offer Period, the Offeror shall
have received valid and irrevocable acceptances for such number of Valora Shares representing, when combined with any Valora Shares that
Femsa and its Subsidiaries will own at the end of the (possibly extended) Offer Period (but not including Valora Shares held by the Company
or any of its Subsidiaries), at least 66&frac23;% of the fully diluted share capital of Valora as
at the end of the (possibly extended) Offer Period (i.e., of all Valora Shares issued as at such date plus all Valora Shares the issuance
of which (i) has been resolved by a shareholders'
meeting or the board of directors of the Company before such date, or (ii) may occur through the exercise of options or conversion or
other rights for the issuance, acquisition, transfer or receipt of Valora Shares which are issued at, or the issuance of which has been
resolved by the shareholders' meeting or the board of directors of the Company before, such date).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Merger Clearances and Other Approvals</U>: All waiting periods applicable to the acquisition of the
Company by the Offeror shall have expired or been terminated and all competent merger control and other authorities and, if applicable,
courts in all jurisdictions shall have approved or cleared or, as the case may be, not prohibited or objected to, the Offer, its Settlement
and the acquisition of the Company by the Offeror (each such expiration or termination of a waiting period, approval, clearance, non-prohibition
or non-objection, a &quot;<B>Clearance</B>&quot;). No condition, restriction or undertaking shall have been imposed on Femsa, the Company
and/or any of their Subsidiaries in connection with any Clearance, and no Clearance shall be subject to any condition, restriction or
undertaking on any of them that, individually or together with any other condition, restriction or undertaking or other facts, occurrences,
circumstances or events, in the opinion of an independent accounting firm or investment bank of international repute to be appointed
by the Offeror (the &quot;<B>Independent Expert</B>&quot;) would reasonably be capable of causing a Material Adverse Effect on Femsa,
the Company, any of their respective Subsidiaries or on the combined group consisting of Femsa Group and Valora Group when aggregating
all respective effects on Femsa Group and Valora Group. For the purposes of this Condition (b), a &quot;<B>Material Adverse Effect</B>&quot;
means a reduction of the consolidated earnings before interest, tax, depreciation and impairment of property, plant and equipment, impairment
of goodwill, and amortization of and impairment of other intangible assets (EBITDA) by an amount of CHF 31,480,000 (which, according to
the annual report of Valora for the year ended December 31, 2021, corresponds to approximately 33% of the EBITDA of Valora for the financial
year 2021) or more.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>No Injunction or Prohibition</U>: No judgment, award, decision, order or other authoritative measure
shall have been issued temporarily or permanently, in full or in part, preventing, prohibiting or declaring illegal the Offer, its acceptance,
the Settlement or the acquisition of the Company by the Offeror.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>No Material Adverse Effect</U>: Between the date of the Pre-Announcement and the end of the
                                                             (possibly extended) Offer Period, no Company related unforeseeable facts, occurrences, circumstances or events shall have arisen or
                                                             occurred, and no Company related unforeseeable facts, occurrences, circumstances or events shall have been disclosed or reported
                                                             by the Company or otherwise come to Femsa's or the Offeror's attention which, individually or together with any other Company
                                                             related unforeseeable facts, occurrences, circumstances, events or conditions, restrictions or undertakings, in the opinion of the
                                                             Independent Expert, would reasonably be capable of having a Material Adverse Effect on the Company, any of its Subsidiaries or on
                                                             the Valora Group, taken as a whole. For the purposes of this Condition (d) a &quot;<B>Material Adverse Effect</B>&quot; means a
                                                             reduction of the consolidated earnings before interest, tax, depreciation and impairment of property, plant and equipment,
                                                             impairment of goodwill, and amortization of and impairment of other intangible
assets (EBITDA) by an amount of CHF 31,480,000 (which, according to the annual report of Valora for the year ended December 31, 2021,
corresponds to approximately 33% of the EBITDA of Valora for the financial year 2021) or more as a result of one or more Company related
unforeseeable facts, occurrences, circumstances or events. When determining whether facts, occurrences, circumstances or events would
reasonably be capable of having a Material Adverse Effect with respect to any person mentioned in this Condition (d), any fact, occurrence,
circumstance or event that is caused by any macroeconomic fact, occurrence, circumstance or event such as the COVID-19 pandemic or the
aggression and/or war of Russia against third countries, in particular against the Ukraine, shall not be taken into account, including
related economic consequences of such events such as supply chain issues, supply drop, price increases of all kind of commodities (such
as electricity or fuel), products and other goods, increases in factor costs (such as labor or financing costs including interest rates),
inflation or recession.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>Registration in the Share Register of the Company</U>: The board of directors of the Company shall
have resolved to register the Offeror and/or any other company controlled and designated by Femsa in the Company's share register as shareholder(s)
with voting rights with respect to all Valora Shares that Femsa or any of its Subsidiaries has acquired or may acquire (with respect to
Valora Shares to be acquired in the Offer, subject to all other Conditions having been satisfied or waived), and the Offeror and/or any
other company controlled and designated by Femsa shall have been registered in the share register of the Company as shareholder(s) with
voting rights with respect to all Valora Shares acquired.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><U>Resignation and Appointment of Members of the Board of Directors of the Company</U>: All members of
Valora's board of directors shall have resigned from their functions on the board of directors of the Company and its Subsidiaries with
effect from and subject to the Settlement, and a duly convened general meeting of the Company's shareholders shall have elected the persons
nominated by the Offeror to the Company's board of directors with effect from and subject to the Settlement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><U>No Adverse Resolutions by the General Meeting of Shareholders of the Company</U>: The general meeting
of shareholders of the Company shall not have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">resolved or approved any dividend, other distribution or capital
reduction or any acquisition, spin-off (<I>Abspaltung</I>), transfer of assets and liabilities (<I>Verm&ouml;gens&uuml;bertragung</I>)
or other disposal of assets (x) with an aggregate value or for an aggregate consideration of more than CHF 232,188,000 (corresponding
to 10% of the consolidated total assets of the Valora Group as of December 31, 2021, as per the Company's annual report for the year
ended December 31, 2021), or (y) contributing in the aggregate more than CHF 3,028,000 to the annual consolidated EBIT (corresponding
to 10% of the EBIT of Valora in the financial year 2021, as per the Company's annual report for the year ended December 31, 2021);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">resolved or appr&#8239;oved any merger, demerger (<I>Aufspaltung</I>)
or ordinary, authorized or conditional increase of the share capital of the Company; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">adopted any amendment of the articles of association of the
Company to introduce any transfer restrictions (<I>Vinkulierung</I>) or voting limitations (<I>Stimmrechtsbeschr&auml;nkungen</I>).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><U>No Acquisition or Sale of Material Assets or Incurrence or Repayment of Material Indebtedness</U>:
With the exception of the obligations that have been made public prior to the date of this Pre-Announcement or that are related to the
Offer or arise from the Settlement, between December 31, 2021, and the transfer of control to the Offeror, the Company and its Subsidiaries
shall not have undertaken to acquire or sell (or have acquired or sold) any assets or have undertaken to incur or repay (or have incurred
or repaid) any indebtedness in the aggregate amount or aggregate value of more than CHF 232,188,000 (corresponding to 10% of the consolidated
total assets of the Valora Group as of December 31, 2021, as per the Company's annual report for the year ended December 31, 2021).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Offeror reserves the right to waive, in whole or in part, one or
more of the Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">Conditions (a) and (d) shall be in force
and in effect until the expiration of the (possibly extended) Offer Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conditions (b), (c), (g) and (h) shall be in force and effect until
the Settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conditions (e) and (f) shall be in force and effect
until the Settlement or, if earlier, until the date when the applicable corporate body of the Company has taken the required resolution
mentioned therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the Conditions (a) or (d) have not been
satisfied or waived by the end of the (possibly extended) Offer Period, the Offer will be declared unsuccessful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the respective corporate body of the Company resolves on the matters
specified in Conditions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e) or (f) prior to the expiration of the (possibly extended) Offer
Period and any of the Conditions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">(e) or (f) have not been satisfied or
waived (with respect to the resolutions of corporate bodies mentioned therein) by the end of the (possibly extended) Offer Period, the
Offer will be declared unsuccessful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Condition (b) has not been satisfied or
waived by the anticipated Settlement Date, the Offeror is obliged to postpone the Settlement for a period of up to four months after the
expiration of the Additional Acceptance Period (the &quot;<B>Postponement</B>&quot;). If any of the Conditions (c), (g) or (h) or, if
and to the extent still applicable (see preceding paragraphs), any of the Conditions (e) or (f), have not been satisfied or waived by
the anticipated Settlement Date, the Offeror shall be entitled to declare the Offer unsuccessful or to declare a Postponement. During
the Postponement, the Offer shall continue to be subject to the Conditions (b), (c), (g) and (h) and, if and to the extent still applicable
(see preceding paragraphs), Conditions (e) and (f), as long as, and to the extent, such Conditions have not been satisfied or waived.
Unless the Offeror applies for, and the TOB approves, an additional postponement of the Settlement, the Offeror will declare the Offer
unsuccessful if such Conditions have not been satisfied or waived during the Postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>B.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>OFFER RESTRICTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offer will not be made, directly or indirectly,
in any country or jurisdiction in which the Offer would be considered unlawful or otherwise violate any applicable laws or regulations,
or which would require Femsa or any of its Subsidiaries to change or amend the terms or conditions of the Offer in any way, to make an
additional filing with any governmental, regulatory or other authority or take additional action in relation to the Offer. It is not intended
to extend the Offer to any such country or jurisdiction. Any such document relating to the Offer must neither be distributed in any such
country or jurisdiction nor be sent into such country or jurisdiction, and must not be used for the purpose of soliciting the purchase
of securities of the Company by any person or entity resident or incorporated in any such country or jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Pre-Announcement does not constitute the
Offer. The Offeror will disseminate the Offer Prospectus (with full Offer terms and conditions) as required by applicable law, and the
shareholders of the Company should review the Offer Prospectus and all other documents relating to the Offer carefully. The Offer may
not be accepted before publication of the Offer Prospectus and expiration of a cooling-off period of ten (10) Trading Days (if not extended
by the TOB), which will run from the Trading Day immediately after the publication date of the Offer Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to Swiss law, Valora Shares tendered
into the Offer may generally not be withdrawn after they are tendered except under certain circumstances, in particular in case a competing
offer for the Valora Shares is launched.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offer will be made for the registered shares
of the Company, a Swiss company whose shares are listed on the SIX, and is subject to Swiss disclosure and procedural requirements, which
are different from those of the United States of America (the &quot;<B>U.S.</B>&quot;). The Offer will be subject to the requirements
of Section 14(e) of, and Regulation 14E under, the U.S. Securities Exchange Act of 1934,as amended (the &quot;<B>U.S. Exchange Act</B>&quot;),
including amendments to the terms and conditions of the Offer, extensions of the Offer, purchases outside of the Offer and minimum Offer
Period, and will otherwise be made in accordance with the requirements of Swiss law. Accordingly, the Offer will be subject to disclosure
and other procedural requirements, including with respect to withdrawal rights, settlement procedures and timing of payments that are
different from those applicable under U.S. tender offer procedures and laws. Holders of Valora Shares resident in the U.S. (each a &quot;<B>U.S.
Holder</B>&quot;) are urged to consult with their own Swiss advisors regarding the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It may be difficult for U.S. Holders to enforce
their rights and any claim arising out of U.S. securities laws, since the Offeror and the Company are located in a non-U.S. jurisdiction,
and some or all of their officers and directors may be residents of a non-U.S. jurisdiction. U.S. Holders may not be able to sue a non-U.S.
company or its officers or directors in a U.S. or non-U.S. court for violations of the U.S. securities laws. Further, it may be difficult
to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court's judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">The receipt of cash pursuant to the Offer
by a U.S. Holder may be a taxable transaction for U.S. federal income tax purposes and under applicable U.S. state and local laws, as
well as foreign and other tax laws. Each U.S. Holder is urged to consult his or her independent professional advisor immediately regarding
the U.S. tax consequences of an acceptance of the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information contained in this Pre-Announcement
has not been reviewed or authorized by the U.S. Securities and Exchange Commission (the &quot;<B>SEC</B>&quot;). Neither the SEC nor any
securities commission of any State of the U.S. has (a) approved or disapproved of the Offer; (b) passed upon the merits or fairness of
the Offer; or (c) passed upon the adequacy or accuracy of the disclosure in this Pre-Announcement. Any representation to the contrary
is a criminal offence in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The communication of this Pre-Announcement is
not being made by, and has not been approved by, an authorised person for the purposes of section 21 of the Financial Services and Markets
Act 2000. In the United Kingdom (&quot;<B>U.K.</B>&quot;), this communication and any other offer documents relating to the Offer is/will
be directed only at persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &quot;<B>Order</B>&quot;), (ii) falling within article 49(2)(a)
to (d) (&quot;high net worth companies, unincorporated associations, etc.&quot;) of the Order or (iii) to whom an invitation or inducement
to engage in investment activity (within the meaning of section 21 of Financial Services and Markets Act 2000) in connection with the
offer to purchase securities may otherwise lawfully be communicated (all such persons together being referred to as &quot;<B>relevant
persons</B>&quot;). No communication in respect of the Offer must be acted on or relied on by persons who are not relevant persons. The
Offer, any investment or investment activity to which this communication relates is/will be available only to relevant persons and will
be engaged in only with relevant persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Australia, Canada and Japan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">The Offer will not be addressed to shareholders
of the Company whose place of residence, seat or habitual abode is in Australia, Canada or Japan, and such shareholders may not accept
the Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>C.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional information on the Offer is expected
to be published electronically through the same media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IDENTIFICATION</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Swiss&nbsp;&nbsp;security&nbsp;&nbsp;number</B></FONT></TD>
    <TD STYLE="width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ISIN</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ticker Symbol</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered shares with a nom</FONT>inal</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">208 897</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CH000 208 897 6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VALN</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">value of CHF 1.00 each of</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valora</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 5, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Financial Advisor and Offer Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2220363d1_ex99-1img003.jpg" ALT="" STYLE="height: 41px; width: 299px"></P>

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<DOCUMENT>
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<DOCUMENT>
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<DOCUMENT>
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