With Solid Corporate Values

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2 2 3 Welcome to the World of Multiceras Multiceras S.A. de C.V. is a Mexican Corporation specializing in the design, manufacture and marketing of natural, synthetic and petroleum waxes and related products for industrial applications. Since its beginnings in 1978, the company has worked with great flexibility to adapt to changing market conditions. Having started as an exporter of Mexican beeswax and Candelilla wax, nowadays it handles a portfolio comprised of more than 60 different products, which are grouped into eight main families. A Dynamic and Innovative Company Technological development has been one of the keystones for the company's growth. Multiceras has created a solid Research and Development infrastructure and continuously trains its human capital to face everrising globalization challenges. Multiceras products are marketed in more than 20 different industrial sectors, both in Mexico and abroad. The company has increased its participation in world markets, and currently obtains 40% of its income from export sales worldwide. Product Families Candelilla Beeswax Carnauba Wax Cartowax Synthetic Waxes Wax Emulsions Microcrystalline Waxes Paraffin Waxes Page A World Class Company Committed to Customer Satisfaction Experience gathered over nearly 30 years of active presence in the market enables Multiceras to position itself as a mature, dynamic and strongly committed enterprise ready to satisfy the specific wax needs of its customers. This vocation encourages us to be more efficient everyday. Since 2000, Multiceras formalized its quality commitment, by means of the ISO 9001 certification. The rigorous application of the norm allows keeping high quality standards and continuous improvement practices, which have been reflected in better customer satisfaction results. Serving Mexico and the World Multiceras plant and corporate offices are located in Garcia, Nuevo Leon, 12 miles west of the city of Monterrey. The plant has a production capacity of 300 metric tons per day with modern equipment and facilities for processing high quality wax products. Multiceras has sales offices in Monterrey and Mexico City and is currently developing a reliable distribution network throughout Mexico. Multiceras offers a wide range of wax formulations that we constantly develop, to meet the needs of a global industry. We provide numerous products to our customers, fulfilling their expectations, while strengthening in our people a culture of Commitment, Quality and Creativity. Multiceras is inspired and supported by solid corporate values, which lead our actions everyday and help us align the efforts of all our people with the company's strategy. OMMITMENT We are committed to a loyal and responsible team effort in the duties we perform daily, which enables us to move from promises to action, generating tangible results. For Multiceras, Commitment is based upon: Honesty Teamwork Responsibility Safety With Solid Corporate Values Our Mission Our Values UALITY We promote the development of skills and talent in our personnel, so they may strive for quality, not only in the products and services we provide but also in their personal and family life. For Multiceras, Quality is based upon: Integrity Excellence Service REATIVITY Ideas, innovation and improvement are the only path to progress. We rely on our team creativity in problem solving and decision making, adding value in all tasks we carry out everyday. For Multiceras, Creativity is based upon: Drive Continuous Improvement Openness to Change

3 4 5 Candelilla Natural par Excellence Beeswax Purity and Majesty Candelilla is a family of products developed and manufactured by Multiceras. The products are based on high purity Candelilla wax. Candelilla wax is obtained from the wild plant named Euphorbia Cerifera, which grows almost exclusively in zones of semiarid climate in Mexico. Candelilla wax is a 100% natural substance, hard, friable and easy to pulverize. Its color may vary from light brown to yellow, depending on the refining and bleaching degrees. It dissolves the basic dyes well and it can reach high levels of brilliance. Most constituents of Candelilla wax are natural components found normally in vegetables and fruits. Its chemical composition is characterized by a high hydrocarbon content and a low amount of volatile esters. Its resin content can reach up to 9% in weight, which contributes to its adhesive properties. The U.S. Food and Drug Administration (FDA) classifies Candelilla wax as a Generally Recognized As Safe (GRAS) natural substance for applications in the food industry and it is widely used in a diversity of sectors in this industry. Code Presentation Product Powder Flakes Pastilles Powder Pastilles LightS Candelilla Light Candelilla Light Special Candelilla Micronized Candelilla Refined Candelilla Candelilla is used in a wide diversity of applications, and is currently used in more than 20 different industries worldwide, mainly in the European Union, the United States and Japan. Its distinctive properties make it an essential material for the manufacturing of cosmetics, gum base, inks, adhesives, coatings, emulsions, polishes and pharmaceutical products. In the cosmetics industry, due to its protective properties, Candelilla is indispensable for an important range of formulas used in the production of lipsticks, body lotions and hair preparations. Because of its plastic properties, Candelilla is used in the production of chewing gum. Moreover, its oil retention properties allow it to better preserve flavors. A specialty application can be found in the precision foundry and molding industry where, due to the extraordinary molding properties of Candelilla, it allows a precise reproduction of every detail, as required in these stringent manufacturing processes. Its chemical stability, high melting point, impermeability and dielectric properties, make it highly useful in the manufacture of a diversity of products for the electronic and electrical industries. Acid Number Color Brown Beeswax is commonly known as Wax (Cera Alba) or Wax (Cera Flava), depending on the product degree of refining. Bees secrete the basic raw material during the honeycomb building process. Raw Beeswax is obtained by melting and filtering the honeycombs, thus producing a clean wax. This raw wax has a color that ranges between brown and yellow, depending on the flower type growing in the place where the bees inhabit. Beeswax contains free acids, esters and other natural components, which provide special characteristics to the wax, such as emulsifying properties, plasticity, compatibility with other natural products and a pleasant scent. These properties make Beeswax a highly valued product for cosmetic formulations, such as face and body creams. Other uses include candles, textile products and polishes for shoes and furniture. Code Cera Flava Cera Alba Product Beeswax S7205 Beeswax S7207 Beeswax S7215 Beeswax S7232 It can be said that Beeswax is the origin of Multiceras existence, since this was the first product commercialized by the company. The hexagon, characteristic of a honeycomb, which can be observed in the company's logo, is meant as a tribute to this valuable natural wax. Raw Beeswax is brought directly from producers in different geographic locations to the Multiceras facilities, to be processed for the production of various high quality products. The wide experience acquired by Multiceras handling and formulating Beeswax, has enabled the company to position itself as a reliable developer of synthetic products, which reproduce the properties of this family of natural waxes. All beeswax products marketed by Multiceras fulfill the USP specifications Acid Number Color ish Brownish Brownish Notes: point (ºF) by USP 741 Class II method. Acid Number by USP 401. Notes: point (ºF) by USP 741 Class II method. Acid Number by USP 401.

4 6 7 Carnauba Wax The Shine from Brazil Cartowax Strength and Protection Carnauba Wax is obtained from the leaves of a palm species known as Copernicia Cerifera, so named in honor of the Polish astronomer Nicholas Copernicus. The plant grows typically in the dry regions of Ceará, northeastern Brazil, although it also grows to a minor extent in southern Brazil and in the northern regions of Paraguay and Argentina. The Copernicia Cerifera is a straighttrunk palm of slow growth, attaining an average height of 25 to 35 ft, although it can exceptionally reach up to 40 ft in height. Its bark is scaly, rough and thick. The leaves grow out from yardlong petioles in wide serried fan shapes. During the dry months, the leaves and petioles exude a wax through the pores, provided by nature to prevent excessive water evaporation from the plant. The tree reproduces prolifically. Carnauba Wax is well known for its shine properties. It combines hardness and wear resistance and is compatible with many types of wax. Depending on the tree age and on the portion of the leaf wherefrom the wax is extracted, different grades of Carnauba Wax can be obtained. The applications of Carnauba Wax are diverse. It can be used in shoe and floor polishes, as well as in cosmetics such as creams and beauty products, among others. Corrugated cardboard boxes are waxcoated to protect their packing integrity, particularly for their application in the food industry, where products must arrive to the final customer with their essential properties preserved. The systems most commonly used for wax application on corrugated cardboard boxes are the following: Cascade saturation Saturation by immersion Medium impregnation The Cartowax product line, developed and manufactured by Multiceras, is integrated by wax blends specifically formulated to improve the properties and characteristics of corrugated cardboard boxes. Fortified with special additive blends for each application system and use, the Cartowax products provide excellent functionality and performance. The properties of corrugated cardboard boxes, which are reinforced by applying Cartowax products, are the following: Humidity Resistance: Due to its protective nature, the Cartowax products provide cardboard with greater protection against humidity, enabling the packed product to maintain its properties entirely. Moreover, application of Cartowax improves strength and consistency of cardboard boxes, even when exposed to freezing temperatures for long periods of time. Stowing Stiffness: Cartowax increases stiffness of corrugated cardboard boxes, improving their stowing capacity, thus leading to a more efficient and economic storage. Lower Blocking Index: The higher blocking points of Cartowax products decrease the blocking tendency of cardboard boxes during handling and storage. Flexibility: The application of Cartowax products improve the properties of corrugated cardboard boxes during the folding process. Code 6001 Product Type I Carnauba Wax Acid Number 410 Color Congealing Penetration Color 1503 Multrend PA max Type III Carnauba Wax Brownish 1504 Cubricer max Type IV Carnauba Wax Brown Cartowax Cartowax Cascading min. +18 min. Notes: point (ºF) by USP 741 Class II method. Acid Number by USP Cartowax Medium Notes: point (ºF) by USP 741 Class II method (figures in red, ASTM D127). Congealing (ºF) ASTM D938. Penetration (dmm) ASTM D1321. Color ASTM D1500 (figures in blue, ASTM D156). +20 min.

5 Synthetic Waxes Innovation in Action Wax Emulsions A Total Solution Synthetic Waxes are chemical products developed artificially by man, with the aim of complementing the physical properties of vegetable, animal, mineral and petroleum waxes that exist normally in nature. As in many other industrial fields, the market share of Synthetic Waxes has experienced an accelerated growth from year to year. There are different categories used to classify Synthetic Waxes, depending mainly on their basic functional groups. The most common Synthetic Waxes include long chain ethylene polymers, halogenated hydrocarbons, alkyl esters and polyhydric alcohol (polyol) esters, hydrogenated waxes, straight chain and cyclic ketones, amide derivatives of fatty acids, reaction products of hydrocarbons, esters of fatty acids and derivatives of polyoxyethylene sorbitol, among others. The FischerTropsch Waxes are well known among Synthetic Waxes. They consist of hydrocarbons of very high molecular weight and melting point, as well as great hardness. They are obtained as byproducts from a liquid fuel synthesis (gasoline and diesel) from carbon monoxide (CO) and hydrogen (H ) by the 2 FischerTropsch reaction. Polyethylene Waxes, which are obtained from the heating and cracking of high quality polyethylene resins, have a wide range of applications. Synthetic Waxes can be used in the production of polishes, gum base, crayons, adhesives, dyes, paints, hot melts, PVC extrusion, foundry and textile, among many other applications. An emulsion is a two phase system, formed by two partly miscible liquids; one of them dispersed in the form of small globules (dispersed or internal phase) into the body of the other (continuous or external phase). An external agent is added to one of the two liquid phases to facilitate the formation and stability of the dispersion. In any kind of emulsion, the great interfacial tension and interfacial area result in a higher free energy for the emulsion, compared to that of the two separate phases. To supply this energy, an equal amount of mechanical work must be added to achieve the phase integration. An active surface agent, such as soap or detergent, or any molecule with one polar and one hydrocarbon end, can be added to the separate waxwater systems to considerably reduce the interfacial tension, as well as to extend the emulsion stability. These additives are known as emulsifying agents. An emulsifiable wax (natural, petroleum or synthetic) can be normally dispersed in water, with or without alteration of its original chemical composition, with the participation of an emulsifying agent. The aim of producing a wax emulsion (disperse phase) in water (continuous phase) is to take advantage of water evaporation after the emulsion application, in order to assure a uniform impregnation and deposit of the wax material on the treatment surface. Wax Emulsions are currently used for treating different surfaces, such as particleboard, cardboard, egg trays, gypsum panels and other construction materials, PVC, rubber and textile products, among others. Penetration Color 9009 Micro Wax MC 95 (F. Tropsch) Oxidized Polyethylene Wax Palmitic Acid Polyethylene Wax MultekCR max. Solids (%) ph Color Norwax 526 Norwax 527 Coreshield Beige Notes: (ºF) by the USP 741 Class II method (figures in red, ASTM D127). Penetration (dmm) ASTM D1321. Note s: Norwax and Coreshield are Registered Trade Marks of Walker Industries Holdings Ltd. Coreshield Patents: United States 6,890,976; Canada 2,449,735; Mexico 233,

6 Microcrystalline Waxes MacroFlexibility Paraffin Waxes Variety and Quality Microcrystalline Waxes are products derived from petroleum, consisting of complex hydrocarbon mixtures that include normal paraffin, as well as monocyclic and polycyclic compounds, which are products with a ramified molecular structure. Microcrystalline Waxes have a very high average molecular weight (580700), with a chain length between 40 and 50 carbon atoms, which result in a high viscosity, considerably higher than that observed in Paraffin Waxes. Unlike Paraffin Waxes, which are formed by macrocrystals, Microcrystalline Waxes are formed by very small and flexible crystals, which produce a higher oil affinity (oil gets literally trapped within the microcrystalline structure and it is not able to migrate to the surface). Due to these distinctive properties, Microcrystalline Waxes are highly malleable and less fragile than Paraffin Waxes. Microcrystalline Waxes are compatible with most vegetable, animal and mineral waxes, as well as with a great variety of synthetic and natural resins. Their properties make them an essential raw material for a wide range of applications that include cosmetics, chewing gum, paper, cardboard, industrial coatings, candles, rust prevention, adhesives and textile products, among others. Paraffin Waxes are products derived from petroleum, composed mainly of straight chain hydrocarbons without ramifications, with an average molecular weight between 360 and 420, and a chain length of 18 to 40 carbon atoms. Generally, Paraffin Waxes are processed in different refining stages (oil elimination), leading to an ample grade variety classified by melting point. They are characterized by a macrocrystalline structure (large friable crystals). Paraffin Waxes are recognized by their high purity, excellent shine and discrete odor. They present thermoplastic and water repellency properties, which make them highly useful in diverse protection applications, such as cardboard packing for the food industry, cheese coating, as well as paper wax coating. Due to their combustion properties, they are widely used as an essential raw material in candle manufacturing. Other applications include cosmetics, crayons, adhesives, carbon paper, textile products, dyes and foundry. Ceresin and Ozokerite are obtained from mixtures of Paraffin Waxes with saturated and unsaturated hydrocarbons of high molecular weight. By nature, these products offer a great consistency in quality parameters; therefore they are widely used for several cosmetic and pharmaceutical applications, such as creams, lotions and balms. Penetration Color Microcrystalline Wax Amber Wax Slack Amber Petrolatum 158 Modeling Clay Base Wax Modeling Clay Wax Microcrystalline Wax Microcrystalline Wax Mulprox 2024 Mulprox 2031 Microcrystalline Wax Nozono Wax 2932 Nozono Wax 3133 Nozono Wax A Cream Paraffin Gasket Wax 0202 Crayon Wax Campeche Wax Wick Wax min min min max. 20 max. 20 max. 20 max max. 5.0 max. 7.5 max. 4.5 max. 4.5 max. 2.0 max min. 4.5 max. 3.0 max. 2.0 max. 1.5 max. 4.0 max. 2.0 max. 4.5 max. 3.5 max. 7.0 max. 1.0 max. Penetration Color Thread Wax Petroleum Wax Slack 120 Refined Paraffin Wax 150 Drop of Water Paraffin Refined Paraffin Wax 130 Ciriowax Refined Paraffin Wax 140 Ozokerite 160 Multrend PL 1038 Paraffin Wax FNac Histowax Ozokerite 165 Ceresin 136 Refined Paraffin Wax 132/134 Mulpax 1060 Refined Paraffin Wax Multrend AD 1081 Candle Wax max max max. 1.5 max. 0.0 min. +20 min. +10 min. +5 min. +10 min. +20 min. +20 min. 10 min. 10 Notes: (ºF) by ASTM D127 method [figures in red: Congealing point (ºF) ASTM D938]. Penetration (dmm) ASTM D1321. Color ASTM D1500 (figures in blue, ASTM D156). Notes: point (ºF) by USP 741 Class II method [figures in red: Congealing point (ºF) ASTM D938]. Penetration (dmm) ASTM D1321. Color ASTM D1500 (figures in blue ASTM D156). 11

7 12 13 Application and Product Family Matrix Candelilla Beeswax Carnauba Wax Cartowax Synthetic Waxes Wax Emulsions Microcrystalline Waxes Paraffin Waxes Adhesives Cosmetics Inks Plumbing Agriculture Crayons Lubricants Polishes Candles Electronic / Electric Industry Matches Radiology Carbon Paper Fire Logs Modeling Clay Refractories Cardboard Fireworks / Military Industry Paper Rubber Cheese Coating Foundry Particle Board Rust Prevention Cleaning Industry Gum Base Pharmaceuticals Textiles Construction Histology Plastics Wax Sculpting

8 Strategy with Technological Innovation A Steadfast Quality Commitment Multiceras business strategy involves the development of new products, formulations and materials, the move towards higher valueadded business sectors, as well as the integration with complementary industries, enabling us to fulfill the increasing needs of both Mexican and international markets. To achieve these objectives, it is of prime importance to establish links between the development of proprietary technologies and those technologies generated in other disciplines and industrial sectors. For this reason, Multiceras promotes the formation of alliances with strategic partners, specialized research centers and academic institutions throughout the world. Multiceras works with prestigious international corporations for the development of new wax products and other specialty formulations, related to the basic product portfolio marketed by the company. Such is the case of wax emulsions, where Multiceras has established a strategic alliance with the Canadian Corporation Norjohn Ltd., a member of Walker Industries Holdings Ltd., headquartered in Ontario, Canada. The Candelilla Institute was created by Multiceras as a strategic initiative that promotes world competitiveness of Candelilla wax products, through projects based on international marketing, technological research, sustainable development and socioeconomical growth. In this high priority venture, Multiceras is supported by prestigious research centers and Mexican universities. Competition prevailing in the Candelilla wax industry has motivated companies to carry out investments in productive infrastructure, in order to assure the supply of this important natural raw material. However, none of these investments have focused on the integral use of this resource through technological research and sustainable development programs, which could be efficiently put into practice. The problem, which has existed for over a century, remains unsolved. Based on this endeavor and supported by its technological associates and government institutions, The Candelilla Institute is committed to the economic and social development of the Mexican Candelilla Region. Since early on, Multiceras has established a strong commitment to quality and has obtained the certification and implemented a rigorous application of the ISO 9001:2000 standard for all critical processes. Multiceras executives have defined Quality in Service as one of their top priorities, striving constantly to improve customer satisfaction levels. As an essential part of this continuous improvement process, it has been fundamental to keep a permanent monitoring of all critical variables, one of the most important of which is the Customer Satisfaction Level. Multiceras applies a biannual survey to measure the customer satisfaction level, in which 10 concepts related to products, value, service and communication are assessed through a numeric scale from 0 to 10, where a higher score means greater satisfaction. The company has established its control parameters with a 7.5 score for minimum level, 8.5 for satisfactory level and 9.5 for outstanding level. The evaluation results have been very positive, yielding an average score of 9.24 for the last 3 years. These results encourage Multiceras to keep on improving the quality of its products and services. Looking forward to the future, Multiceras develops efficient operating practices day after day, with the aim of being more competitive in its specialty world market

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