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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>UNITED
STATES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>WASHINGTON,
D.C. 20549</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>FORM&#160;<ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric>
REGISTRATION STATEMENT PURSUANT TO SECTION&#160;12(b)&#160;OR (g)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>OR</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric>
ANNUAL REPORT PURSUANT TO SECTION&#160;13 OR 15(d)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
the Fiscal Period Ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">December&#160;31</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2022</ix:nonNumeric></ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>OR</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric>
TRANSITION REPORT PURSUANT TO SECTION&#160;13 OR 15(d)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">For
the transition period from __________ to __________</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>OR</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric>
SHELL COMPANY REPORT PURSUANT TO SECTION&#160;13 OR 15(d)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Date
of event requiring this shell company report __________</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Commission
file number <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-39251</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><span style="-sec-ix-hidden: hidden-fact-0">BETTERWARE
DE M&#201;XICO, S.A.P.I. DE C.V</span>.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Exact
name of Registrant as specified in its charter)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Not
Applicable</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Translation
of Registrant&#8217;s name into English)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: hidden-fact-1">MEXICO</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Jurisdiction
of incorporation or organization)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName"><ix:nonNumeric contextRef="c0" name="dei:ContactPersonnelName">Luis
Campos</ix:nonNumeric></ix:nonNumeric>, Board Chairman</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>+52
<ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">(33)</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">3836-0500</ix:nonNumeric></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1">Luis
Enrique Williams 549</ix:nonNumeric></ix:nonNumeric> </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Colonia
Belenes Norte</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown">Zapopan</ix:nonNumeric></ix:nonNumeric>,
Jalisco, <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">45145</ix:nonNumeric></ix:nonNumeric>, M&#233;xico</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Name,
Telephone, E-mail and or Facsimile number and Address Company Contact Person)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Securities
registered pursuant to Section&#160;12(b)&#160;of the Act:</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif">Title of each class</span></td> <td style="font-size: 10pt; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif">Trading Symbol</span></td> <td style="font-size: 10pt; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="border-bottom: black 1.5pt solid; font-size: 10pt; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif">Name of each exchange in which registered</span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif">Ordinary Shares, no par value per share</span></ix:nonNumeric></td> <td style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="font-size: 10pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif">BWMX</span></ix:nonNumeric></td> <td style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">The <ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Stock Market LLC</span></td></tr> </table><div>
</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Securities
registered pursuant to Section&#160;12(g)&#160;of the Act: </b>None</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Securities
for which there is a reporting obligation pursuant to Section&#160;15(d)&#160;of the Act: </b>None</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report: <span style="text-decoration:underline"><ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">37,316,546</ix:nonFraction> Ordinary Shares, as of December&#160;31, 2022</span>.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&#160;405 of the Securities Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#9744;
Yes&#160;&#160;&#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&#160;13
or 15(d)&#160;of the Securities Exchange Act of 1934.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#9744;
Yes&#160;&#160;&#9746; <ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1)&#160;has filed all reports required to be filed by Section&#160;13 or 15(d)&#160;of the Securities
Exchange Act of 1934 during the preceding 12&#160;months (or for such shorter period that the registrant was required to file such reports),
and (2)&#160;has been subject to such filing requirements for the past 90&#160;days.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#9746;
<ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric>&#160;&#160;&#9744; No</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule&#160;405
of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12&#160;months (or for such shorter period that the registrant
was required to submit such files).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#9746;
<ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric>&#160;&#160;&#9744; No</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule&#160;12b-2 of the Exchange Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; white-space: nowrap; width: 33%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: justify; white-space: nowrap; width: 34%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="text-align: justify; white-space: nowrap; width: 33%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; font-size: 10pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Large accelerated filer &#9744;</span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory">Accelerated filer</ix:nonNumeric> &#9746;</span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Non-accelerated filer &#9744;</span></td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; font-size: 10pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td> <td style="white-space: nowrap; font-size: 10pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">Emerging growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></td></tr> </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section&#160;13(a)&#160;of the Exchange Act. &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:IcfrAuditorAttestationFlag">&#9746;</ix:nonNumeric>
Yes&#160;&#160;&#9744; No</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. &#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b).
&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font-size: 10pt; text-align: justify; text-indent: 0in; width: 25%"><span style="font-family: Times New Roman, Times, Serif">U.S. GAAP &#9744;</span></td> <td style="font-size: 10pt; text-align: justify; text-indent: 0in; width: 50%"><span style="font-family: Times New Roman, Times, Serif"><span style="-sec-ix-hidden: hidden-fact-2">International Financial Reporting Standards as issued</span><br/> by the International Accounting Standards Board &#9746;</span></td> <td style="font-size: 10pt; text-align: justify; text-indent: 0in; width: 25%"><span style="font-family: Times New Roman, Times, Serif">Other &#9744;</span></td></tr> </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#9744;
Item&#160;17&#160;&#160;&#9744; Item&#160;18</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule&#160;12b-2 of the Exchange
Act).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#9744;
Yes&#160;&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric> No</span></p><div>

</div><p style="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>




</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">TABLE
OF CONTENTS</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="3"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#b_001">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.2in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#b_002">CERTAIN CONVENTIONS</a></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.2in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#b_003">CURRENCY PRESENTATION</a></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.2in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#b_004">PRESENTATION OF FINANCIAL INFORMATION</a></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.2in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#b_005">PRESENTATION OF INDUSTRY AND MARKET DATA</a></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">vii</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td colspan="3"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#b_006">PART I</a></span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 9%"><a href="#b_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1.</span></a></td>
    <td style="width: 80%"><a href="#b_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
    AND ADVISERS</span></a></td>
    <td style="text-align: center; width: 6%"><span style="font-family: Times New Roman, Times, Serif">1</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2.</span></a></td>
    <td><a href="#b_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3.</span></a></td>
    <td><a href="#b_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEY INFORMATION</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4.</span></a></td>
    <td><a href="#b_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMPANY INFORMATION</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4A.</span></a></td>
    <td><a href="#b_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNRESOLVED SEC STAFF COMMENTS</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5.</span></a></td>
    <td><a href="#b_012"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6.</span></a></td>
    <td><a href="#b_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="text-align: center">41</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7.</span></a></td>
    <td><a href="#b_014"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="text-align: center">47</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8.</span></a></td>
    <td><a href="#b_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="text-align: center">47</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9.</span></a></td>
    <td><a href="#b_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="text-align: center">48</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10.</span></a></td>
    <td><a href="#b_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="text-align: center">49</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 11.</span></a></td>
    <td><a href="#b_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURES REGARDING
    MARKET RISK</span></a></td>
    <td style="text-align: center">58</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 12.</span></a></td>
    <td><a href="#b_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="text-align: center">61</td></tr>
  <tr style="vertical-align: bottom; ">
    <td colspan="2"><a href="#b_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II </span></a></td>
    <td><a href="#b_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="text-align: center">62</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 13.</span></a></td>
    <td><a href="#b_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="text-align: center">62</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 14.</span></a></td>
    <td><a href="#b_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
    AND USE OF PROCEEDS</span></a></td>
    <td style="text-align: center">62</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 15.</span></a></td>
    <td><a href="#b_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="text-align: center">62</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.</span></a></td>
    <td><a href="#b_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reserved</span></a></td>
    <td style="text-align: center">65</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16A.</span></a></td>
    <td><a href="#b_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="text-align: center">65</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16B.</span></a></td>
    <td><a href="#b_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CODE OF ETHICS</span></a></td>
    <td style="text-align: center">66</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16C.</span></a></td>
    <td><a href="#b_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="text-align: center">66</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16D.</span></a></td>
    <td><a href="#b_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="text-align: center">66</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16E.</span></a></td>
    <td><a href="#b_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
    PURCHASERS</span></a></td>
    <td style="text-align: center">67</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16F.</span></a></td>
    <td><a href="#b_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="text-align: center">67</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16G.</span></a></td>
    <td><a href="#b_031"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CORPORATE GOVERNANCE</span></a></td>
    <td style="text-align: center">67</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16H.</span></a></td>
    <td><a href="#b_032"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MINE SAFETY DISCLOSURE</span></a></td>
    <td style="text-align: center">67</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_033"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16I.</span></a></td>
    <td><a href="#b_033"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
    INSPECTIONS</span></a></td>
    <td style="text-align: center">67</td></tr>
  <tr style="vertical-align: bottom; ">
    <td colspan="3"><a href="#b_035"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART III</span></a></td>
    <td style="text-align: center">68</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 17.</span></a></td>
    <td><a href="#b_036"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="text-align: center">68</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 18.</span></a></td>
    <td><a href="#b_037"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="text-align: center">68</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><a href="#b_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 19.</span></a></td>
    <td><a href="#b_038"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</span></a></td>
    <td style="text-align: center">69</td></tr>
  <tr style="vertical-align: bottom; ">
    <td colspan="2"><a href="#b_039"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</span></a></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center">70</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">CAUTIONARY
NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">This
annual report contains a number of forward-looking statements, including statements about the financial conditions, results of operations,
earnings outlook and prospects and may include statements for the period following the date of this annual report. In addition, any statements
that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions,
are forward-looking statements. Forward-looking statements are typically identified by words such as &#8220;plan,&#8221; &#8220;believe,&#8221;
&#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;outlook,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221;
&#8220;project,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221;
&#8220;predict,&#8221; &#8220;should,&#8221; &#8220;would&#8221; and other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
forward-looking statements are based on the current expectations of the management of the Company (See &#8220;Presentation of Financial
Information&#8221;), as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects
and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated.
These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking statements. Given these uncertainties, you should
not rely upon forward looking statements as predictions of future events. These risks and uncertainties include, but are not limited
to, those factors described in &#8220;Risk Factors,&#8221; those discussed and identified in public filings made with the Securities
and Exchange Commission (&#8220;SEC&#8221;) by Betterware and the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
inability to profitably expand into new markets;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
possibility that the Group may be adversely affected by external economic, business and/ or competitive factors;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">operational
risk;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">financial
performance;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">litigation
and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the
Group&#8217;s resources;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">changes
in our investment commitments or our ability to meet our obligations thereunder;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">natural
disaster-related losses which may not be fully insurable;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">epidemics,
pandemics and other public health crises, particularly the COVID-19 pandemic;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">geopolitical
risk and changes in applicable laws or regulations;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">fluctuations
in exchange rates between the peso and the U.S. dollar; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">changes
in interest rates or foreign exchange rates.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Should
one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of the Company prove
incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except to the extent
required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect
events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_002"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">CERTAIN
CONVENTIONS</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Betterware
de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware de M&#233;xico, S.A.B. de C.V.), a Mexican <i>sociedad an&#243;nima promotora
de inversi&#243;n de capital variable,</i> was incorporated under the laws of Mexico in 1995. Unless otherwise stated or unless the
context otherwise requires, the terms (i) &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;Company,&#8221; the &#8220;Group&#8221;
refer to Betterware de M&#233;xico, S.A.P.I. de C.V. and subsidiaries on a consolidated basis, (ii) &#8220;Betterware,&#8221; &#8220;BTW,&#8221;
&#8220;BWM&#8221; and &#8220;BW&#8221; refer to Betterware de M&#233;xico, S.A.P.I. de C.V. on a standalone basis, and (iii) &#8220;JAFRA&#8221;
or &#8220;Jafra&#8221; refers to Jafra Cosmetics International, Inc., Jafra Mexico Holding Company, B.V., Distribuidora Comercial Jafra,
S.A. de C.V., Jafra Cosmetics International, S.A. de C.V., Jafra Cosmetics, S.A. de C.V., Serviday, S.A. de C.V., Jafrafin, S.A. de C.V.
and Distribuidora Venus, S.A. de C.V., on a consolidated basis. See &#8220;Company Information&#8212;Organizational Structure.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_003"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">CURRENCY
PRESENTATION</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
this annual report, unless otherwise specified or the context otherwise requires:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;$,&#8221;
&#8220;US$&#8221; and &#8220;U.S. dollar&#8221; each refer to the United States dollar; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;MX$,&#8221;
&#8220;Ps.&#8221; and &#8220;peso&#8221; each refer to the Mexican peso.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Certain
numbers and&#160;percentages included in this annual report have been subject to rounding adjustments. Accordingly, figures shown for
the same category presented in various tables or other sections of this annual report may vary slightly, and figures shown as totals
in certain tables may not be the arithmetic aggregation of the figures that precede them.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_004"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">PRESENTATION
OF FINANCIAL INFORMATION</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">This
annual report contains our Audited Consolidated Financial Statements as of December 31, 2022 and 2021, and for the year ended December
31, 2022 (the &#8220;2022 period&#8221;) and 2021 (the &#8220;2021 period&#8221;), and the 53 weeks ended January 3, 2021 (the &#8220;2020
period&#8221;) (collectively, our &#8220;Audited Consolidated Financial Statements&#8221;).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Until
and including the 2020 period, Betterware&#8217;s financial year was a 52- or 53-weeks period ending on the Sunday nearest to December
31. However, due to the fact that in 2021 Betterware issued debt on the Mexican Stock Exchange and in order to comply with the Mexican
General Corporate Law, our financial period is required to end on the last day of the calendar year. Therefore, the financial information
for the 2022 and 2021 periods is presented as of December 31, 2022 and December 31, 2021, respectively, and for the years then ended.
The comparative financial year of 2020 consisted of 53 weeks ended on January 3, 2021, but was not adjusted to calendar year because
the effects of the change are not significant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
the preparation of the Company&#8217;s consolidated financial statements as of and for the 2022 period, management concluded that certain
prior year errors that were deemed to be immaterial, on an individual and aggregate basis, to the Company&#8217;s previously reported
consolidated financial statements as of and for the 2021 period under the SEC&#8217;s Staff Accounting Bulletin No. 99, could not be
corrected on an out-of-period basis in the current year financial statements because to do so would cause a material misstatement in
those financial statements. Due to the decrease in profit before taxes from 2021 to 2022, materiality levels in the 2022 period for accounting
purposes decreased to approximately half of the materiality levels established in the 2021 period. Therefore, the Company referred to
the guidance prescribed by the SEC&#8217;s Staff Accounting Bulletin No. 108 which specifies, among other things, that the errors must
be corrected as an immaterial restatement of the prior year financial statements the next time those financial statements are filed.
See &#8220;Operating and Financial Review and Prospects&#8212;Previously Issued Financial Statement Corrections.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
purposes of this annual report, the term fiscal&#160;year is synonymous with financial&#160;year and refers to the periods covered by
our Audited Consolidated Financial Statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
prepare our Audited Consolidated Financial Statements in accordance with International Financial Reporting Standards
(&#8220;IFRS&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). We have applied IFRS issued by
the IASB effective at the time of preparing our Audited Consolidated Financial Statements. Our Audited Consolidated Financial
Statements for the 2022 period have been audited by PricewaterhouseCoopers, S. C. (&#8220;PWC&#8221;), and independent registered
public accounting firm, whose report dated May 15, 2023, is also included in this annual report. Our Audited Consolidated Financial
Statements for the 2021 and 2020 periods were audited by Galaz, Yamazaki, Ruiz Urquiza, S.C. member of <ix:nonNumeric contextRef="c0" name="dei:AuditorName">Deloitte Touche Tohmatsu
Limited</ix:nonNumeric> (&#8220;Deloitte&#8221;), an independent registered public accounting firm, whose report dated April 28, 2022, is also
included in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Audited Consolidated Financial Statements include the position and results of operations of the Group formed by Betterware, BLSM Latino
America Servicios, S.A. de C.V. (&#8220;BLSM&#8221;), Gur&#250;Comm, S.A.P.I. de C.V., Innova Cat&#225;logos, S.A. de C.V., Programa
Lazos, S.A. de C.V., Betterware de Guatemala, S.A., Finayo, S.A.P.I. de C.V. SOFOM ENR, and JAFRA (See &#8220;The Business Combination&#8212;Organizational
Structure&#8221;). The transactions, balances and unrealized gains or losses arising from intra-group transactions have not been considered
for the preparation of the Audited Consolidated Financial Statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Audited Consolidated Financial Statements are presented in thousands of Pesos.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Non-IFRS
Measures</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
define &#8220;EBITDA&#8221; as profit for the&#160;year adding back the depreciation of property, plant and equipment and right-of-use
assets, amortization of intangible assets, financing cost, net and total income taxes. EBITDA is not measure required by or presented
in accordance with IFRS. The use of EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or
as a substitute for analysis of, our results of operations or financial condition as reported under IFRS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group believes that this non-IFRS financial measure is useful to investors because (i)&#160;The Group uses this measure to analyze its
financial results internally and believes it represents a measure of operating profitability and (ii)&#160;this measure will serve investors
to understand and evaluate the Group&#8217;s EBITDA and provide more tools for their analysis as it makes the Group&#8217;s results comparable
to industry peers that also use this metric. See &#8220;Operating and Financial Review and Prospects&#8212;Operating Results<i>&#8212;</i>Reconciliation
Of Non-IFRS Measures.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>The
Business Combination</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>T</i></span><i>he
Initial Public Offering</i></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
October&#160;16, 2018, DD3 Acquisition Corp., a British Virgin Islands company (&#8220;DD3&#8221;), consummated its initial public offering
of 5,000,000 units and on October&#160;23, 2018, the underwriters for DD3&#8217;s initial public offering purchased an additional 565,000
units pursuant to the partial exercise of their over-allotment option. The units in DD3&#8217;s initial public offering were sold at
an offering price of US$10.00 per unit, generating total gross proceeds of US$55,650,000.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>The
Merger</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;2, 2019, DD3 entered into a Combination and Stock Purchase Agreement (as amended, the &#8220;Combination and Stock Purchase
Agreement&#8221;) with Campalier, S.A. de C.V., a Mexican <i>sociedad an&#243;nima de capital variable</i> (&#8220;Campalier&#8221;),
Promotora Forteza, S.A. de C.V., a Mexican <i>sociedad an&#243;nima de capital variable</i> (&#8220;Forteza&#8221;), Strevo, S.A. de
C.V., a Mexican <i>sociedad an&#243;nima de capital variable</i> (&#8220;Strevo&#8221;, and together with Campalier and Forteza, &#8220;Sellers&#8221;),
Betterware, BLSM, and, solely for the purposes of Article&#160;XI therein, DD3 Mex Acquisition Corp, S.A. de C.V., pursuant to which
DD3 agreed to merge with and into Betterware (the &#8220;Merger&#8221;) in a Business Combination that resulted in Betterware surviving
the Merger and BLSM becoming a wholly-owned subsidiary of Betterware.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
part of the Combination and Stock Purchase Agreement, and prior to the closing of the Merger, DD3 was redomiciled out of the British
Virgin Islands and continued as a Mexican corporation pursuant to Section&#160;184 of the Companies Act and Article&#160;2 of the Mexican
General Corporations Law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Betterware&#8217;s
Restructure</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Following
the execution of the Combination and Stock Purchase Agreement, on February&#160;21, 2020, Betterware&#8217;s shareholders approved, a
corporate restructure in Betterware (the &#8220;Betterware Restructure&#8221;) which implied, among other things (i)&#160;Betterware&#8217;s
by-laws amendment in order to issue Series&#160;C and Series&#160;D non-voting shares, and (ii)&#160;a redistribution of Betterware&#8217;s
capital stock as follows: (a)&#160;fixed portion of Betterware&#8217;s capital stock represented by 3,075,946, Series&#160;A, ordinary
voting shares, and (b)&#160;the variable portion of Betterware&#8217;s capital stock represented by (x)&#160;1,961,993, Series&#160;B,
ordinary voting shares, (y)&#160;897,261, Series&#160;C, ordinary non-voting shares (&#8220;Series&#160;C Shares&#8221;), and (z)&#160;168,734,
Series&#160;D, ordinary non-voting shares (&#8220;Series&#160;D Shares&#8221;). In addition, Strevo transferred one Series&#160;A ordinary
voting share of Betterware to Campalier (the &#8220;Campalier Share&#8221;), which remained under certain Share Pledge Agreement, dated
July&#160;28, 2017, entered between Strevo, as pledgor, MCRF P, S.A. de C.V. SOFOM, E.N.R. (&#8220;CS&#8221;), as pledgee, and Betterware.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Immediately
after consummation of Betterware Restructure and the transfer of the Campalier Share to Campalier, Forteza indirectly, through Banco
Invex, S.A., Invex Grupo Financiero (&#8220;Invex&#8221;), as trustee of the irrevocable management and security trust No.&#160;2397
(the &#8220;Invex Security Trust&#8221;), dated March&#160;26, 2016, owned approximately 38.94% of the outstanding common stock of Betterware,
and Campalier indirectly, through the Invex Security Trust, owned approximately 61.06% of the outstanding common stock of Betterware.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
March&#160;9, 2020, the Invex Security Trust released the Series&#160;C Shares and the Series&#160;D Shares to Campalier and Forteza,
respectively, that were held under the Invex Security Trust.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
March&#160;10, 2020, CS, as pledgee, entered into a Termination of the Share Pledge Agreement over the Campalier Share with Campalier,
as pledgor, and Betterware. In addition, CS, as beneficiary, Invex, as trustee, and Campalier, as settlor, entered into a Transfer Agreement,
where Campalier transferred the Campalier Share to the Invex Security Trust.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Upon
such transfer to the Invex Security Trust, Betterware&#8217;s shareholders approved (i)&#160;the sale of all or a portion of such Betterware&#8217;s
Series&#160;C and Series&#160;D shares to DD3 Acquisition Corp., S.A. de C.V. (the &#8220;DD3 Acquisition&#8221;), (ii)&#160;the Merger,
(iii)&#160;the amendment of Betterware&#8217;s by-laws to become a <i>sociedad an&#243;nima promotora de inversion de capital variable</i>,
(iv)&#160;the increase of Betterware&#8217;s capital stock by MX$94,311,438.00, through the issuance of 2,211,075 ordinary shares, without
nominal value, subscribed by the shareholders of DD3 Acquisition Corp., S.A. de C.V., and (v)&#160;the increase of Betterware&#8217;s
capital stock by MX$872,878,500.00 through the issuance of 4,500,000 ordinary treasury shares without nominal value, offered for subscription
and payment under Betterware&#8217;s public offering in the U.S. completed and filed with the SEC under our Registration Statement on
Form&#160;F-1, which became effective on January&#160;22, 2020. On March&#160;10, 2020, Betterware&#8217;s corporate name changed from
Betterware de M&#233;xico, S.A. de C.V. to Betterware de M&#233;xico, S.A.P.I. de C.V.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
DD3 Acquisition was closed on March&#160;13, 2020, and as a result, all of Betterware shares that were issued and outstanding immediately
prior to the closing date were canceled and new shares were issued. The DD3 Acquisition was accounted as a capital reorganization, whereby
Betterware issued shares to the DD3 shareholders and obtained US$22,767 (Ps.498,445) in cash through the acquisition of DD3 and, simultaneously
settled liabilities and related transaction costs on that date, for net cash earnings of US$7,519 (Ps.181,734) on such date. In addition,
Betterware assumed the obligation of the warrants issued by DD3, a liability inherent to the transaction, equivalent to the fair value
of Ps.55,810 of the warrants. No other assets or liabilities were transferred as part of the transaction that required adjustment to
fair value as a result of the acquisition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
the same date, a total of 2,040,000 of Betterware shares, that were offered for subscription and payment under its public offering on
Nasdaq Capital Market (&#8220;Nasdaq&#8221;), were subscribed and paid for by various investors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
July&#160;14, 2020, Betterware&#8217;s corporate name changed from Betterware de M&#233;xico, S.A.P.I. de C.V. to Betterware de M&#233;xico,
S.A.B. de C.V. For purposes of this annual report, the Merger, the Betterware Restructure and all related actions undertaken in connection
thereto are referred to as the &#8220;Business Combination.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>
Closing of the Business Combination</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Upon
satisfaction of certain conditions and covenants as set forth under the Combination and Stock Purchase Agreement, the Business Combination
was consummated and closed on March&#160;13, 2020 (the &#8220;Closing&#8221;). At Closing, the following actions occurred:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">DD3
issued to the Sellers as consideration for the purchase of a portion of the Series&#160;C and Series&#160;D shares and the BLSM shares
outstanding as of January 3, 2021, a debt acknowledgement in an amount equal to $15,000,546.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">all
of Betterware shares issued and outstanding immediately prior to the Closing were canceled and, Campalier and Forteza received, directly
and indirectly (through the Invex Security Trust), 18,438,770 and 11,761,175, respectively, of Betterware&#8217;s shares; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">all
of DD3&#8217;s ordinary shares issued and outstanding immediately prior to the Closing were canceled and exchanged for Betterware shares
on a one-for-one basis.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
the Closing date, 2,040,000 shares of Betterware offered for subscription and payment under Betterware&#8217;s public offering in the
U.S. on the Nasdaq were subscribed and paid for by various investors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
part of the Merger, Betterware assumed an obligation that granted existing warrant holders the option to purchase (i)&#160;a total of
5,804,125 Betterware shares at a price of US$11.50 per share that would expire on or before March&#160;25, 2025, and (ii)&#160;a total
of 250,000 units that automatically became an option to issue 250,000 Betterware shares and warrants to buy 250,000 additional Betterware
shares. Betterware registered the warrants to be traded on OTC Markets, which had an observable fair value. The following events occurred
in 2020 as part of the warrants agreement:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(i)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During
July&#160;and August&#160;2020, Betterware repurchased 1,573,888 warrants. During August&#160;and October 2020, 895,597 warrants were
exchanged for 621,098 shares, of which, 462,130 warrants were settled on a cash basis by exchanging 1 warrant for 1 share at a price
of US$11.44 for share, which resulted in receiving cash by an amount of Ps.116,419. The remaining 433,467 warrants were exchanged on
a cashless basis by exchanging 1 warrant for 0.37 shares.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(ii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
September&#160;2020, the purchase option of units was exercised by their holders on a cashless basis, which resulted in the issuance
of 214,020 Betterware shares.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(iii)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Additionally,
in October 2020, and as part of the terms of the warrant agreement, Betterware exercised the redemption of the warrants on a cashless
basis by exchanging 3,087,022 warrants for 1,142,325 of Betterware&#8217;s shares. A total of 8,493 public warrants were not exercised
by their holders during the redemption period that expired on November&#160;9, 2020, therefore, they were paid by Betterware for a price
of US$0.01 per warrant.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(iv)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
December 2020, holders exercised a total of 239,125 private warrants on a cashless basis and exchanged for 156,505 of Betterware&#8217;s
shares.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(v)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of the January 3, 2021, the warrant holders redeemed all of the outstanding warrants and purchase option of units and Betterware recognized
a loss for the increase in the fair value of the warrants of Ps.851,520, which was recognized under the heading &#8220;Loss in valuation
of warrants&#8221; in the consolidated and combined statement of profit or loss. As of the date of this annual report, all of the warrants
have been redeemed.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
August 2, 2021, Betterware&#8217;s corporate name changed from Betterware de M&#233;xico, S.A.B. de C.V. to Betterware de M&#233;xico,
S.A.P.I. de C.V.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>The
Forteza Merger</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
December&#160;14, 2020, Betterware and Forteza (Betterware&#8217;s shareholder), entered into a merger agreement pursuant to which Forteza
agreed to merge with and into Betterware, surviving Betterware as the acquiror (the &#8220;Forteza Merger&#8221;). On December&#160;16,
2020, the merger was consummated. Consequently, shares in Betterware were delivered to Forteza&#8217;s shareholders in proportion to
their shareholding in Betterware, without implying an increase in our share capital or in the total number of outstanding shares of Betterware.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Other
Transactions during 2020</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
December 3, 2020, we acquired 70% of the shares of Betterware de Guatemala, S.A., a company focused on the distribution of our line of
products and providing home solutions in Guatemala.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
December 16, 2020, in conjunction with Finvek Advisors, S.A. de C.V., we incorporated Programa Lazos, S.A. de C.V. (&#8220;Programa Lazos&#8221;),
focused on granting loans and financial leasing or financial factoring operations in Mexico. We own 70% of the voting shares of Programa
Lazos.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Other
Transactions during 2021 and Subsequent Events during 2022</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
March 12, 2021, Betterware entered into an agreement to acquire 60% of Gur&#250;Comm, S.A.P.I. de C.V. (&#8220;Gur&#250;Comm&#8221;),
for Ps.45 million. Gur&#250;Comm is a mobile virtual network operator and communications software developer, with an enterprise value
of Ps.75 million (approximately US$3.5 million). On March 28, 2022, the shareholders of Gur&#250;Comm approved, and Betterware agreed
to, the redemption of the shares owned by Betterware in Gur&#250;Comm. Therefore, the 55,514 shares that had been previously fully
subscribed and paid by Betterware were redeemed. The additional 37,693 shares that were subscribed but not yet paid, were canceled. Gur&#250;Comm&#8217;s
redemption and Betterware&#8217;s investment withdrawal was mainly due to the fact that the business was not growing according to shareholders
expectations, and consequently, Betterware&#8217;s investment return would take longer than anticipated. The financial impact that the
redemption transaction had at a consolidated level was a loss in sale of shares of Ps.16.6 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Until
June 30, 2021, BLSM (formerly a related party of Betterware) provided administrative, technical, and operational services to Betterware.
On July 1, 2021, all of BLSM&#8217;s employees were transferred to Betterware, without having a material impact on a consolidated basis.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
July 22, 2021, Betterware entered into an agreement to acquire 70% of Innova Cat&#225;logos, S.A. de C.V. (&#8220;Innova&#8221;), for
Ps.5 million. Innova focuses on purchase and sale of clothing, footwear and accessories. On November 18, 2022, we withdrew our investment
and cancelled all of the 238 subscribed and paid shares that we held in Innova. The investment withdrawal and the redemption of Betterware&#8217;s
shares in Innova was mainly due to the fact that the business was not growing according to shareholders expectations. The financial impact
that the redemption transaction had at a consolidated level was a loss in sale of shares of approximately Ps.5 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
March 25, 2021, Betterware and Programa Lazos, S.A acquired 2% and 98%, respectively, of the shares of Finayo, S.A.P.I. de C.V., a Mexican
<i>sociedad an&#243;nima promotora de inversi&#243;n de capital variable</i> for the aggregate purchase price of Ps.1.1 million.
Finayo, S.A.P.I. de C.V. focuses on granting loans, financial leasing and factoring operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>The
JAFRA Acquisition</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
January 18, 2022, Betterware entered into a stock purchase agreement to acquire the operations of Jafra Cosmetics International, Inc.
and Jafra Mexico Holding Company, B.V. in Mexico and the United States from the Vorwerk Group based in Germany for a total cash consideration
of US$255 million (equivalent to Ps. 5,355 million), on a debt and cash-free basis (the &#8220;JAFRA Acquisition&#8221;). See &#8220;Company
Information&#8212;Organizational Structure.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">JAFRA
is a leading global company in direct sales in the beauty and personal care (B&amp;PC) industry with strong presence in Mexico and the
United States through independent leaders and consultants who sell JAFRA&#8217;s unique products. The JAFRA Acquisition was approved
by the Federal Economic Competition Commission on March 24, 2022, and consummated on April 7, 2022. The funds necessary to pay the purchase
price, and other associated expenses, under the JAFRA Acquisition were obtained from (i) a long-term syndicated loan of Ps.4,499 million,
and (ii) US$30 million from available cash of Betterware. See &#8220;Indebtedness&#8212;Long Term Syndicated Credit Line.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of this annual report and as consequence of the transactions described before, the total number of outstanding shares of
the Company is 37,316,546.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_005"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">PRESENTATION
OF INDUSTRY AND MARKET DATA</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
this annual report, we rely on, and refer to, information regarding our business and the markets in which we operate and compete. The
market data and certain economic and industry data and forecasts used in this annual report were obtained from internal surveys, market
research, governmental and other publicly available information, and independent industry publications. Industry publications, surveys
and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but that
the accuracy and completeness of such information is not guaranteed. We believe that these industry publications, surveys, and forecasts
are reliable, but we have not independently verified them and cannot guarantee their accuracy or completeness.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Certain
market share information and other statements presented herein regarding our position relative to our competitors are not based on published
statistical data or information obtained from independent third parties, but reflects our best estimates. We have based these estimates
upon information obtained from publicly available information from our competitors in the industry in which we operate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_006"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">PART&#160;I</span></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_007"></a></div><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: 0in"></td><td style="white-space: nowrap; width: 0.75in; text-align: left"><b>ITEM 1.</b></td><td style="text-align: justify"><b>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_008"></a></div><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: 0in"></td><td style="width: 0.75in; text-align: left"><b>ITEM 2.</b></td><td style="text-align: justify"><b>OFFER STATISTICS AND EXPECTED TIMETABLE</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_009"></a></div><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: 0in"></td><td style="white-space: nowrap; width: 0.75in; text-align: left"><b>ITEM 3.</b></td><td style="text-align: justify"><b> KEY INFORMATION</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p><div>

</div><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: 0in"></td><td style="width: 0.5in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>[Reserved]</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><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: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>CAPITALIZATION
AND INDEBTEDNESS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0in"></td><td style="width: 0.5in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>REASONS FOR THE OFFER AND USE OF PROCEEDS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>RISK
FACTORS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>An
investment in our Ordinary Shares carries a significant degree of risk. You should carefully consider the following risk factors, together
with all of the other information included in this annual report, before making a decision to invest in our ordinary shares. The risks
described below are those which the Group believes are the material risks that it faces. Some statements in this annual report, including
such statements in the following risk factors, constitute forward-looking statements. See the section entitled &#8220;Cautionary Note&#160;Regarding
Forward-Looking Statements.&#8221; If any of the following events occur, our business, financial condition and operating results may
be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of
your investment</i>.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Risks Related to Our Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
we are unable to retain our existing, or recruit new, independent distributors, leaders and consultants, our results of operations could
be negatively affected.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
distribute almost all of our products through our independent distributors, leaders and consultants, and we depend on them directly for
the sale of our products. We experience high turnover among distributors, leaders and consultants from&#160;year to&#160;year since they
can terminate their services at any time. As a result, we need to make significant efforts to retain existing and recruit or attract
others.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">To
increase our revenue, we must increase the number and/or the productivity of our distributors, leaders and consultants. The number and
productivity of our distributors, leaders and consultants also depends on several additional factors, including:</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">adverse
publicity regarding of any company of the Group, our products or our distribution channel;</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">aggressive
new competitors in the market looking to increase their market share;</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">failure
to motivate our distributors, leaders and consultants with new products;</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">failure
to provide an attractive compensation plan for distributors, leaders and consultants;</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 10; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">issues
with our new product&#8217;s quality;</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
public&#8217;s perception of our products;</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">competition
for distributors, leaders and consultants from other direct selling companies;</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
public&#8217;s perception of our distributors, leaders and consultants, and direct selling businesses in general; and</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">general
economic and business conditions.</span></td>
</tr></table><div>

</div><p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
operations would be harmed if we fail to generate continued interest and enthusiasm among our distributors, leaders and consultants or
we fail to attract new, or if our distributors, leaders and consultants are unable to operate due to internal or external factors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
number of our active distributors, leaders and consultants, may not increase and could decline in the future. Our operating results could
be harmed if existing and new business opportunities and products do not generate sufficient interest to retain existing distributors,
leaders and consultants recruit new of them.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
loss of key high-level distributors, leaders or consultants could negatively impact our growth and our revenue.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, BWM had approximately 778,845 active associates and 39,413&#160;distributors, and JAFRA had approximately 492,191
and 21,385 active consultants and leaders, respectively. BWM&#8217;s distributors and JAFRA&#8217;s leaders and consultants, together
with their extensive networks of downline distributors or leaders, account for an important part of our net revenue. As a result, the
loss of a high-level distributors, leaders or consultants, could negatively impact our network growth and our net revenue.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>A
decline in our customers&#8217; purchasing power or consumer confidence or in customers&#8217; financial condition and willingness to
spend could materially and adversely affect our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
sale of our products strongly correlates to the level of consumer spending generally, and thus is significantly affected by the general
state of the economy and the ability and willingness of consumers to spend on discretionary items. Reduced consumer confidence and spending
generally may result in reduced demand for our products and limitations on our ability to maintain or increase prices. A decline in economic
conditions or general consumer spending in any of our major markets could have a material adverse effect on our business, financial condition
and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
to successfully develop new products could harm our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">An
important component of our business is our ability to develop new products that create enthusiasm among our customers. If we fail to
introduce new products planned for the future, our distributors, leaders and consultants&#8217; productivity could be harmed. In addition,
if our new products fail to gain market acceptance, are restricted by regulatory requirements, or have quality problems, this would harm
our results of operations. Factors that could affect our ability to continue to introduce new products include, among others, government
regulations, proprietary protections of competitors that may limit our ability to offer comparable products and any failure to anticipate
changes in consumer tastes and buying preferences.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
depend on multiple contract manufacturers mostly located in China, and the loss of the services provided by any of our manufacturers
could harm our business and results of operations.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
outsource product manufacturing to third-party contractors located mainly in China. During the 2022 period, products supplied by Chinese
manufacturers accounted for approximately 93% of BWM&#8217;s revenues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
these suppliers have unscheduled downtime or are unable to fulfill their obligations under these manufacturing agreements because of
political or regulatory restrictions, equipment breakdowns, labor strikes, natural disasters, health diseases or health epidemics, such
as the COVID-19 pandemic, or any other cause, this could adversely affect our overall operations and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Also,
although we provide all of the formulations used to manufacture our products, we have limited control over the manufacturing process
itself. As a result, any difficulties encountered by the third-party manufacturer that result in product defects, production delays,
cost overruns, or the inability to fulfill orders on a timely basis, due to, for instance, sanctions or blocks imposed to Chinese products,
could have a material adverse effect on our business, financial condition and operating results</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Disruptions
<span>or delays at our facility in Queretaro, Mexico could have a material adverse effect on our business,
particularly with respect to the beauty and personal care segment.</span></i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
facility in Queretaro, Mexico, manufactures a substantial portion of the products of our beauty and personal care segment, which accounts
85% of JAFRA sales, and as of December 31, 2022 represented 38% of our total sales at a consolidated level. Significant unscheduled downtime
or a reduction in capacity at this facility, whether due to equipment breakdowns, power failures, natural disasters (due to climate change
or otherwise), pandemics (including COVID-19), weather conditions hampering delivery schedules, shortages of raw materials and products,
technology disruptions or other disruptions, including those caused by transitioning manufacturing across these facilities, or any other
cause could have a material adverse effect on our ability to provide products to our leaders, consultants and customers, which could
have a material adverse effect on our sales, business, prospects, reputation, results of operations, financial condition and/or cash
flows.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Additionally,
some of our employees at this facility are members of labor unions. In the past, we have experienced labor-union related work strikes
in Mexico which have affected our operations. Also, negotiating labor contracts, either for new locations or to replace expiring contracts,
is time consuming or may not be accomplished on a timely basis. If we are unable to satisfactorily negotiate those labor contracts with
the labor unions on terms acceptable to us or without a strike or work stoppage, the effects on our business could be materially adverse.
Any strike or work stoppage could disrupt our business, adversely affecting our results of operations and our public image could be materially
adversely affected by such labor disputes. In addition, existing labor contracts may not prevent a strike or work stoppage, and any such
work stoppage could have a material adverse effect on our business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; "><b><i>Volatility
in costs, along with delays and disruptions in the supply of materials and services, as a result of the recent global supply chain disruptions,
could have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
purchase raw materials, including essential oils, alcohols, chemicals, containers and packaging components, from various third-party
suppliers. Substantial cost increases delays and the unavailability of raw materials or other commodities, as a result of continued global
supply chain disruptions, and higher costs for energy, transportation and other necessary services have adversely affected and may continue
to adversely affect our beauty and personal care segment profit margins if we are unable to wholly or partially offset them, such as
by achieving cost efficiencies in its supply chain, manufacturing and/or distribution activities. In addition, we purchase certain finished
goods, raw materials, packaging and other components from single-source suppliers or a limited number of suppliers and if we are required
to find alternative sources of supply, these new suppliers may have to be qualified under applicable industry, governmental and Company-mandated
vendor standards, which can require additional investment and be time-consuming.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any
significant disruption to our manufacturing or sourcing of products or raw materials, packaging and other components for any reason (including
the continued global supply chain disruptions) could materially impact our inventory levels and interrupt and delay our supply of products
to its leaders and consultants. Such events, if not promptly remedied, could have a material adverse effect on our business, prospects,
reputation, results of operation, financial condition and/or cash flows.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; "><b><i>Competition
could have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
markets in which we operate are competitive. Our results of operations may be harmed by market conditions and competition in the future.
Many competitors have greater name recognition and financial resources than we have, which may give them a competitive advantage.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
compete against a number of multi-national manufacturers, some of which are larger and have substantially greater resources than us,
and which may therefore have the ability to spend more aggressively than us on new business acquisitions, research and development activities,
technological advances to evolve in their e-commerce capabilities and advertising, promotional, social media and/or marketing activities
and have more flexibility than us to respond to changing business and economic conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Also,
our products compete directly with branded, premium retail products. We currently do not have significant patent or other proprietary
protection, and competitors may introduce products with the same ingredients that we use in our products.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
also compete with other companies for distributors, leaders and consultants. Some of these competitors have a longer operating history,
better name recognition and greater financial resources than we do. Some of our competitors have also adopted and could continue to adopt
some of our business strategies. Consequently, to successfully compete in this market and attract and retain distributors, leaders and
consultants, we must ensure that our business opportunities and compensation plans are financially rewarding. We may not be able to continue
to successfully compete in this market for distributors, leaders and consultants, which would ultimately, affect our business operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
the industry in which we operate, our business or our products are subject to adverse publicity, our business may suffer.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are very dependent upon our distributors, leaders, consultants and the general public perception of the overall integrity of our business,
as well as the safety and quality of our products and similar products distributed by other companies. The number and motivation of our
distributors, leaders and consultants and the acceptance by the general public of our products may be negatively affected by adverse
publicity regarding:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            legality of network-marketing systems in general or our network-marketing system specifically;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            safety and quality of our products;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">regulatory
                                            investigations of our products;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
                                            actions of our distributors, leaders and consultants;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">management
                                            of our distributors, leaders and distributors; and</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">the
                                            direct selling industry.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Any
event that negatively affects the general public perception of our industry, business or products could have a material effect in our
results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Failure
of our technology initiatives to create sustained enthusiasm in our distributors, leaders and consultants and incremental cost savings
could negatively impact our business.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
constantly develop and implement strategies to continue using technology to attract distributors, leaders and consultants and provide
them new technology to facilitate taking orders of our products. In certain demographic markets, we have experienced some success implementing
our technology strategies to improve our operating efficiency. However, any cost savings from our technology strategies may not prove
to be significant, or we may not be successful in adapting and implementing these strategies to other markets in which we operate. This
could result in our inability to service our distributors, leaders and consultants in the manner they expect, which could ultimately
affect our results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>We
are dependent on information and communication technologies, and our systems and infrastructures face certain risks, including cybersecurity
risks.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
operation of complex infrastructures and the coordination of the many actors involved in our operation require the use of several highly
specialized information systems, including both our own information technology systems and those of third-party service providers, such
as systems that monitor our operations or the status of our facilities, communication systems to inform the public, access control systems
and closed circuit television security systems, infrastructure monitoring systems and radio and voice communication systems used by our
personnel. In addition, our accounting and fixed assets, payroll, budgeting, human resources, supplier and commercial, hiring, payments
and billing systems and our websites are key to our functioning. The proper functioning of these systems is critical to our operations
and business management. These systems may, from time to time, require modifications or improvements as a result of changes in technology,
the growth of our business and the functioning of each of these systems.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
risk of cyber-crime continues to augment across all industries and geographies as infiltrating technology is becoming increasingly sophisticated.
If we are unable to prevent a significant cyber-attack, such attack could materially disrupt our operations, damage our reputation and
lead to regulatory penalties and financial losses. To prevent such disruptions to our operations we have implemented a multi-layer security
framework, from strategic corporate policies to operational procedures and controls. To support this framework, we use sophisticated
technologies to secure our perimeter, computing equipment, networks, servers, storage and databases.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Information
technology systems cannot be completely protected against certain events such as natural disasters, fraud, computer viruses, hacking,
communication failures, equipment breakdown, software errors and other technical problems. However, our security framework allows us
to minimize and manage these risks through the use of enabling technologies such as, but not limited to, firewalls, mail&#160;&amp; web
filtering, end point protection, antivirus and anti malware, access lists, encryption and hardening.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, our business operations routine involves gathering personal information about vendors, distributors, leaders, consultants,
customers and employees among others, through the use of information technologies. Breaches of our systems or those of our third-party
contractors, or other failures to protect such information, could expose such people&#8217;s personal information to unauthorized use.
Any such event could give rise to a significant potential liability and reputational harm.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022 and 2021, BWM encountered an increased number of non-material phishing attempts which consisted of fake e-mails requesting minor
payments and/or confidential information and e-mails with malicious files successfully quarantined and contained as well as sporadic
attempted attacks, minor and unsuccessful, on our infrastructure. None of these attempts were material nor had any major consequences
for our operations or our customers. However, we cannot guarantee any future events will not affect our operations or customers. We are
constantly seeking to improve and strengthen our security strategy by aligning it with Security Frameworks and Best Practices such as
NIST and ISO 27000.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2021 (prior to consummation of the JAFRA Acquisition), JAFRA received various attacks with at least one impacting IT servers such as
email, SharePoint, and other Information Technology support services. None of these attacks affected our core servers or our customers&#8217;
personal information. In 2022, JAFRA implemented a Security Operation Center for purposes of identifying and preventing cybersecurity
attacks. This Security Operation Center has prevented a considerable number of incidents such as: ransomware attacks (nine in total),
malware execution via USB, malicious URLs, malicious content from email, various JAFRA account login attempts and phishing. No attacks
were materialized during the 2022 period. We expect align JAFRA&#8217;s operations with the NIST CSF and ISO 27000 frameworks.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Because
of the costs and difficulties inherent in managing cross-border business operations, our results of operations may be negatively impacted.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Managing
our business, operations, personnel or assets in multiple jurisdictions is challenging and costly. Management may be inexperienced in
cross-border business practices and unaware of significant differences in accounting rules, legal regimes and labor practices. Even with
a seasoned and experienced management team, the costs and difficulties inherent in managing cross-border business operations, personnel
and assets can be significant (and much higher than in a purely domestic business) and may negatively impact our financial and operational
performance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
distributors, leaders and consultants are independent contractors and not employees. If regulatory authorities were to determine, however,
that our distributors leaders and consultants are legally our employees, we could have significant liability under social benefit laws.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Distributors,
leaders and consultants are self-employed and are not our employees. Periodically, the question of the legal status of our distributors,
leaders and consultants has arisen, usually with regard to possible coverage under social benefit laws that would require us to make
regular contributions to social benefit funds. We cannot guarantee there will not be a future judicial or administrative determination
adverse to the current criteria, which would substantial and materially adversely affect our business and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><span style="font-family: Times New Roman, Times, Serif"><b><i>Inflation
could adversely&#160;affect our business and results of operations.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif">While
inflation&#160;in the United States and global markets has been relatively low in recent years, during 2021 and 2022, the economy in
the United States and global markets encountered a material increase in the level of inflation. The impact of COVID-19, geopolitical
developments such as the Russia-Ukraine conflict and global supply chain disruptions continue to increase uncertainty in the outlook
of near-term and long-term economic activity, including whether inflation will continue and how long, and at what rate. Increases in&#160;inflation
raise our costs for commodities, labor, materials and services and other costs required to grow and operate our business, and failure
to secure these on reasonable terms may adversely&#160;impact our financial condition. Additionally, increases in inflation has caused,
and may in the future cause, global economic uncertainty and uncertainty about the interest rate environment, which may make it more
difficult, costly or dilutive for us to secure additional financing. A failure to adequately respond to these risks could have a material
adverse impact on our financial condition, results of operations or cash flows.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; "><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Goodwill,
property, plant and equipment and intangible assets represent a significant portion of the Group&#8217;s statement of financial position,
and our operating results may suffer from possible impairments.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Goodwill,
property, plant and equipment and intangible assets in our statement of financial position derived from past business combinations carried
out by the Group, are further explained in the notes to the consolidated financial statements located elsewhere in this annual report.
Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually. Property, plant and equipment
and intangible assets with definite useful lives are tested for impairment whenever there is an indication that these assets may be impaired.
In the case of an impairment, we will recognize charges to our operating results based on the impairment assessment processes. In addition,
future acquisitions may be made by the Group and a portion of the purchase price of these acquisitions may be allocated to acquired goodwill,
property, plant and equipment and intangible assets. An&#160;impairment&#160;on property, plant and equipment or goodwill of acquired
businesses could have a material adverse effect on our financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
COVID-19 virus&#160;(nCoV), as well as any other public health crises that may arise in the future, has had and may continue to have
a negative impact on our gross margins and in our results of operation.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
late December&#160;2019, a notice of pneumonia of unknown cause originating from Wuhan, Hubei province of China was reported to the World
Health Organization. A novel COVID-19 virus&#160;(nCoV) was identified, with cases soon confirmed in multiple provinces in China, as
well as in several other countries. The Chinese government placed Wuhan and multiple other cities in Hubei province under quarantine,
with approximately 60 million people affected. On March&#160;11, 2020, the World Health Organization declared the coronavirus outbreak
a pandemic. The COVID-19 pandemic has resulted in several cities be placed under quarantine, increased travel restrictions from and to
several countries, such as the U.S., China, Italy, Spain and Mexico which had forced extended shutdowns of certain businesses in certain
regions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations were not interrupted
as a result of the COVID-19 pandemic in 2021 and 2020. However, during 2022, after the COVID-19 pandemic effects eased, we suffered a
decline in the number of associates and distributors due to the contraction of the market size for home goods and in consumer spending.
Consequently, our net revenue related to our home organization segment decreased by 37.0%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Also,
as consequence of the COVID-19 pandemic, we faced external headwind as supply chain disruption in China, specifically increases in sea
freight prices and the rationing of energy, has caused partial and total shutdowns of some factories. If these events continue, our results
of operations could be negatively impacted. We cannot predict future events that could disrupt our supply chain.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Although
impact of COVID-19 pandemic has eased as restrictions have been or are being lifted in most of the countries we operate, the continuing
impact of COVID-19 pandemic remains uncertain and may continue to affect our operations and the markets in which we operate, for so long
as the health crisis and the virus impact continues, including the emergence of new strains such as the Omicron or Delta variant, of
the virus arise.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Material
weaknesses have been identified in Betterware&#8217;s internal control over financial reporting, and if we fail to establish and maintain
proper and effective internal controls over financial reporting, our results of operations and our ability to operate our business may
be harmed.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, our management assessed the effectiveness of our internal control over financial reporting based on the criteria
for effective internal control over financial reporting established in Internal Control - Integrated Framework, issued by the Committee
of Sponsoring Organizations of the Treadway Commission in 2013.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
results conclude thar we did not design and maintain effective controls over the (i) business combination transaction process; (ii) period-end
financial reporting and consolidation process; and (iii) certain information technology (&#8220;IT&#8221;) general controls for information
systems that are relevant to the preparation of our consolidated financial statements.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are in the process of implementing several measures to strength
our internal control over financial reporting such as the deployment of IT applications to enable and automate the consolidation and ITGC
process. <span>For details of the controls and remediation plan, see &#8220;<i>Item 15&#8212;Controls
and Procedures&#8212;Disclosure Controls and Procedures</i>.&#8221;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2021, the Company changed its status from an emerging growth company to an large accelerated filer, and during 2022 the Company change
its status again to an accelerated filer. Therefore, the Company keep working and improving about the implementation of a formal internal
control over financial reporting program based on a top-down risk assessment to validate the existence of controls over significant,
accounts, processes, applications and IT environments. See &#8220;<i>Disclosure Controls and Procedures&#8212;Control and Procedures</i>.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
we fail to establish and maintain proper and effective internal controls over financial reporting or adequately resolve our existing
material weaknesses, our results of operations and our ability to operate our business may be harmed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Our controlling shareholder may have interests that conflict with your interests.</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of this annual report, Campalier owns approximately 53.65% of our outstanding Ordinary Shares. As the&#160;controlling&#160;shareholder,
Campalier may take actions that are not in the best interests of the Group&#8217;s other shareholders. These actions may be taken in
many cases even if they are opposed by the Group&#8217;s other shareholders. In addition, this concentration of ownership may discourage,
delay or prevent a change in control which could deprive you of an opportunity to receive a premium for your Ordinary Shares as part
of a sale of the Group.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
business and results of operations may be adversely affected by the increased strain on our resources from complying with the reporting,
disclosure and other requirements applicable to public companies in the United States promulgated by the U.S. Government, Nasdaq or other
relevant regulatory authorities.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Compliance
with existing, new and changing corporate governance and public disclosure requirements adds uncertainty to our compliance policies and
increases our costs of compliance. Changing laws, regulations and standards include those relating to accounting, corporate governance
and public disclosure, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act of 2002, new SEC
regulations and the Nasdaq listing guidelines. Application of these laws, regulations and guidelines may evolve over time as new guidance
is provided by regulatory and governing bodies. In particular, compliance with Section&#160;404 of the Sarbanes-Oxley Act of 2002 (&#8220;Section&#160;404&#8221;)
and related regulations regarding required assessment of internal controls over financial reporting and our external auditor&#8217;s
audit of that assessment, requires the commitment of significant financial and managerial resources. We also expect the regulations to
increase our legal and financial compliance costs, making it more difficult to attract and retain qualified officers and members of our
board of directors, particularly to serve on our audit committee, and make some activities more difficult, time-consuming and costly.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Existing,
new and changing corporate governance and public disclosure requirements could result in continuing uncertainty regarding compliance
matters and higher costs of compliance as a result of ongoing revisions to such governance standards. Our efforts to comply with evolving
laws, regulations and standards have resulted in, and are likely to continue to result in, increased general and administrative expenses.
In addition, new laws, regulations and standards regarding corporate governance may make it more difficult for our company to obtain
director and officer liability insurance. Further, our board members and senior management could face an increased risk of personal liability
in connection with their performance of duties. As a result, we may face difficulties attracting and retaining qualified board members
and senior management, which could harm our business. If we fail to comply with new or changed laws or regulations and standards differ,
our business and reputation may be harmed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
revenue and profitability may be affected if we fail to acquire new companies or integrate those that we have already acquired, such
as JAFRA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
consider acquisitions a useful instrument to complement our organic growth. We opportunistically explore acquiring other businesses and
assets, such as the JAFRA Acquisition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">However,
we may face financial, managerial and operational challenges, including diversion of management attention and resources needed for existing
operations, difficulties with integrating acquired businesses, such as JAFRA, integration of different corporate cultures, increased
expenses, potential dilution of our brand, assumption of unknown liabilities, potential disputes with the sellers and the need to evaluate
the financial systems of and establish internal controls for acquired entities. Further, we seek out acquisitions of companies that maintain
the same high quality standards that we maintain, and if we misjudge or overestimate products quality standards, we may not be able to
use these products or implement the strategies that were the primary reason for the corresponding acquisition, such as may be the case
with the JAFRA Acquisition, which would lead to a significant loss both financially and in time spent by our teams trying to integrate
the products or implement the strategy.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, our ability to realize the benefits we anticipate from our acquisition activities, including the JAFRA Acquisition, including
any anticipated sales growth, cost synergies and other anticipated benefits, will depend in large part upon whether we are able to integrate
such businesses efficiently and effectively. Integration is an ongoing process, and we may not be able to fully integrate such businesses
smoothly or successfully, and the process may take longer than expected. Further, the integration of certain operations and the differences
in operational culture following such activity will continue to&#160;require the dedication of significant management resources, which
may distract management&#8217;s attention from day-to-day business operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">There
may also be unasserted claims or assessments that we failed or were unable to discover or identify in the course of performing due diligence
investigations of target businesses. While we normally negotiate representation and warranties and related indemnification in relation
to such acquisitions, these may not be enough to cover our exposure if a significant liability arises in connection with any acquisition
agreement, including the JAFRA Acquisition. We cannot assure you that these indemnification provisions will protect us fully or at all,
and as a result we may face unexpected liabilities that could adversely affect our business, financial condition and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
we are unable to successfully integrate the operations of JAFRA, or any other acquired business, into our business, we may be unable
to realize the sales growth, cost synergies and other anticipated benefits of such transactions, and our business, results of operations
and cash flow could be adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
indebtedness and any future inability to meet any of our obligations under our indebtedness, could adversely affect us by reducing our
flexibility to respond to changing business and economic conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of December 31, 2022, we had Ps.6,441 million of outstanding indebtedness (current and non-current borrowings, and leases). We rely on
obtaining financing and refinancing of existing indebtedness in order to operate our business, implement our strategy and grow our business.
Recent disruptions in the global credit markets and their effect on the global and Mexican economies could materially adversely affect
our business. We may also incur additional working capital lines of credit to meet future financing needs, subject to certain restrictions
under our indebtedness, which would increase our total indebtedness. We may be unable to generate sufficient cash flow from operations
and future borrowings, and other financing may be unavailable in an amount sufficient to enable us to fund our current and future financial
obligations or our other liquidity needs, which would have a material adverse effect on our business, prospects, financial condition,
liquidity and results of operations as well as reduce the availability of our cash flow to fund working capital, operations, capital
expenditures, dividend payments, strategic acquisitions, expansion of our operations and other business activities. Our indebtedness
could have material negative consequences on our business, prospects, financial condition, liquidity, results of operations and cash
flows, including the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">limitations
on our ability to obtain additional debt financing sufficient to fund growth, such as working capital and capital expenditures requirements
or to meet other cash requirements, in particular during periods in which credit markets are weak;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a
downgrade in our credit ratings;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a
limitation on our flexibility to plan for, or react to, competitive challenges in our business and industry;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
possibility that we are put at a competitive disadvantage relative to competitors with less debt or debt with more favorable terms than
us, and competitors that may be in a more favorable position to access additional capital resources and withstand economic downturns;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">limitations
on our ability to execute business development activities to support our strategies or ability to execute restructuring as necessary;
and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">limitations
on our ability to invest in recruiting, retaining and servicing our distributors, leaders and consultants.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Certain
of our indebtedness contain customary covenants, including, among other things, limits on the ability of the company and any restricted
subsidiary to, subject to certain exceptions, incur liens, incur debt, merge, consolidate or dispose of all or substantially all of its
assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Changes
in taxes and other assessments may adversely affect us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
legislatures and tax authorities in the tax jurisdictions in which we are subject to tax regularly enact reforms to the tax and other
assessment regimes to which we, our distributors, leaders and consultants, and our customers are subject. Such reforms include changes
in tax rates and, occasionally, enactment of temporary taxes, the proceeds of which are earmarked for designated governmental purposes.
In addition, the interpretation of tax laws by courts and taxation authorities is constantly evolving. The effects of these changes and
any other changes that result from enactment of additional tax reforms or changes to the manner in which current tax laws are applied
cannot be quantified and there can be no assurance that any such reforms or changes would not have an adverse effect upon our business
directly or indirectly (e.g., by affecting the business of our consultants and representatives).</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
example, Latin American governments have often increased taxes or changed tax legislation as a response to macroeconomic crises or other
developments affecting their respective jurisdictions. These and any other possible future changes in tax policy laws in the countries
where we are subject to tax may adversely affect our business, financial condition and results of operations.</span></p><div>

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</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>We
are subject to environmental laws and regulations risks that could affect our operations and results of operations</b></span></p><div>



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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
operations are subject to a wide range of environmental laws and regulations in each of the jurisdictions in which we operate. These
laws and regulations impose increasingly rigorous environmental protection standards. According to Mexican General Law of Ecological
Balance and Environmental Protection (Ley General de Equilibrio Ecol&#243;gico y la Protecci&#243;n al Ambiente or LGEEPA in Spanish),
organizations must comply with the following, among others: (i) guarantee the human right of every person to a healthy environment for
their development and well-being; (ii) the preservation, restoration and improvement of the environment; (iii) the preservation and protection
of biodiversity, as well as the establishment and administration of protected natural areas; (iv) the sustainable use, preservation and,
where appropriate, restoration of soil, water and other natural resources, so that they are compatible for obtaining economic benefits
and the activities of society with the preservation of the ecosystems; and (v) prevention and control of air, water and soil pollution,
among others. The establishment of these controls and security measures exposes us to a risk of significant environmental costs and responsibilities,
such as taxes, investment in equipment and technology, investment in spaces for development and well-being, fines and penalties. In addition,
we are exposed to the fact that, over time, these laws and regulations may become more stringent over existing ones, which could lead
to the imposition of new risks and costs resulting in a decrease in our profitability.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Environmental
requirements can restrict trade which could lead to increased transportation and import costs for the products we sell to our customers.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Environmental,
social and corporate governance (ESG) issues, including those related to climate change and sustainability, may have an adverse effect
on our business, financial condition and results of operations and damage our reputation.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">There
is an increasing focus from certain investors, customers, consumers, employees and other stakeholders concerning ESG matters. Additionally,
public interest and legislative pressure related to public companies&#8217; ESG practices continue to grow. If our ESG practices fail
to meet regulatory requirements or investor, customer, consumer, employee or other stakeholders&#8217; evolving expectations and standards
for responsible corporate citizenship in areas including environmental stewardship, support for local communities, board of director
and employee diversity, human capital management, employee health and safety practices, product quality, supply chain management, corporate
governance and transparency, our reputation, brand and employee retention may be negatively impacted, and our customers and suppliers
may be unwilling to continue to do business with us. See &#8220;Company Information&#8212;Environment, Social and Governance.&#8221;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Customers,
consumers, investors and other stakeholders are increasingly focusing on environmental issues, including climate change, energy and water
use, plastic waste and other sustainability concerns. Concern over climate change may result in new or increased legal and regulatory
requirements to reduce or mitigate impacts to the environment. Changing customer and consumer preferences or increased regulatory requirements
may result in increased demands or requirements regarding plastics and packaging materials, including single-use and non-recyclable plastic
products and packaging, other components of our products and their environmental impact on sustainability, or increased customer and
consumer concerns or perceptions (whether accurate or inaccurate) regarding the effects of substances present in certain of our products.
Complying with these demands or requirements could cause us to incur additional manufacturing, operating or product development costs.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
we do not adapt to or comply with new regulations, or fail to meet evolving investor, industry or stakeholder expectations and concerns
regarding ESG issues, investors may reconsider their capital investment in our Company, and customers and consumers may choose to stop
purchasing our products, which could have a material adverse effect on our reputation, business or financial condition.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; "><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
products are subject to federal, state and international regulations that could have a material adverse effect on our business, prospects,
results of operations, financial condition and/or cash flows.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
business is subject to numerous laws, regulations and trade policies. We are subject to regulation by the FTC and the FDA in the U.S.,
as well as various other federal, state, local and foreign regulatory authorities, including those in the countries in which the Company
operates. Our facility located in Queretaro, Mexico is registered with the FDA as a drug manufacturing establishment, permitting the
manufacture of cosmetics and other beauty-care products that contain over-the-counter drug ingredients, such as sunscreens, anti-perspirant
deodorants and anti-dandruff hair-care products. Regulations in the U.S., the EU, Canada and other countries in which we operate are
designed to protect consumers or the environment, such as regulations enacted to address the impacts of climate change, have an increasing
influence on our product claims, ingredients and packaging. To the extent federal, state, local and/or foreign regulatory changes occur
in the future, whether due to changes in applicable laws or regulations or evolving interpretations and enforcement policies by regulatory
authorities, they could require us to reformulate or discontinue certain of our products or revise its product packaging or labeling,
any of which could result in, among other things, increased our costs, delays in product launches, product returns or recalls and lower
net sales, and therefore could have a material adverse effect on our business, prospects, results of operations, financial condition
and/or cash flows</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Related to Mexico</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Since
more that 90% our operations are concentrated in Mexico, economic developments in Mexico may adversely affect our business and results
of operations. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Currently,
almost all of our operations are conducted, and almost all of our customers are located, in Mexico. Accordingly, our ability to raise
revenues, our financial condition and results of operations are substantially dependent on the economic conditions prevailing in Mexico.
As a result, our business may be significantly affected by the Mexican economy&#8217;s general condition, by the depreciation of the
Mexican peso, by inflation and high interest rates in Mexico, or by political developments in Mexico. Declines in growth, high rates
of inflation and high interest rates in Mexico have a generally adverse effect on our operations. If inflation in Mexico increases while
economic growth slows, our business, results of operations and financial condition will be affected. In addition, high interest rates
and economic instability could increase our costs of financing. For the years ended December&#160;31, 2021, and 2022, GDP increased 4.8%
and decreased to 3.1%, respectively.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022, Mexico&#8217;s sovereign debt rating has been confirmed and a stable outlook has been maintained. We cannot ensure that the rating
agencies will not announce an outlook revision and/or any downgrades of Mexico or any of its state owned companies. These revisions and
downgrades could adversely affect the Mexican economy and, consequently, our business, financial condition, operating results and prospects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the event that the Mexican economy continues to experience a deterioration of economic conditions such as rising inflation, additional
interest rate increases, downgrade of sovereign debt, among other factors, the activities, financial situation, operating results, cash
flows and/or prospects of the Group, could be adversely and significantly affected.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Developments
in other countries could materially affect the Mexican economy and, in turn, our business, financial condition and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Mexico&#8217;s
economy is vulnerable to global market downturns and economic slowdowns. The global economy, including Mexico&#8217;s economy, has been
materially and adversely affected by a significant lack of liquidity, disruption in the credit markets, reduced business activity, rising
unemployment, interest rates changes and erosion of consumer confidence during the global pandemic and its effects. This situation has
had a direct adverse effect on the purchasing power of our customers in Mexico. The macroeconomic environment in which we operate is
beyond our control, and the future economic environment may continue to be less favorable than in recent years. There is no assurance
of a strong economic recovery or that the current economic conditions will ameliorate. The risks associated with current and potential
changes in the Mexican economy are significant and could have a material adverse effect on our business and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
market prices of securities issued by companies with Mexican operations are affected to varying degrees by the economic and market situation
in other places, including the United States, China, the rest of Latin America and other countries with emerging markets. Therefore,
investors&#8217; reactions to events in any of these countries could have an adverse effect on the market price of securities issued
by companies with Mexican operations. Past economic crises that have occurred in the United States, China or in countries with emerging
markets could cause a decrease in the levels of interest in the securities issued by companies with Mexican operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the past, the emergence of adverse economic conditions in other emerging countries has led to capital flight and, consequently, to decreases
in the value of foreign investments in Mexico. The financial crisis that arose in the United States during the third quarter of 2008,
unleashed a global recession that directly and indirectly affected the economy and the Mexican stock markets and caused, among other
things, fluctuations in purchase prices the sale of securities issued by publicly traded companies, shortage of credit, budget cuts,
economic slowdowns, volatility in exchange rates, and inflationary pressures.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Financial
problems or an increase in risk related to investment in emerging economies or a perception of risk could limit foreign investment in
Mexico and adversely affect the Mexican economy. Mexico has historically experienced uneven periods of economic growth and the economy
as a whole has recently been adversely affected by the current expectation of a recession or slowdown in the United States and other
countries&#8217; economies. There can be no assurance that the overall business environment in which we operate will improve and we cannot
predict the impact any future economic downturn could have on our results of operations and financial condition. However, consumer demand
generally decreases during economic downturns, which will negatively affect our business and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
political situation in Mexico could negatively affect our operating results. </i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Mexican
political events may significantly affect our business operations. As of this date, the president&#8217;s political party and its allies
hold a majority in the Chamber of Deputies and the Senate and a strong influence in various local legislatures. The federal administration
has significant power to implement substantial changes in law, policy and regulations in Mexico, including Constitutional reforms, which
could negatively affect our business, results of operations, financial condition and prospects. We cannot predict whether potential changes
in Mexican governmental and economic policy could adversely affect Mexico&#8217;s economic conditions or the sector in which we operate.
We cannot provide any assurances that political developments in Mexico, over which we have no control, will not have an adverse effect
on our business, results of operations, financial condition and prospects.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">After
the mid-term elections held on June&#160;6, 2021, the political party Movimiento Regeneraci&#243;n Nacional (National Regeneration
Movement, or &#8220;Morena&#8221;) lost the absolute majority in the C&#225;mara de Diputados (Chamber of Deputies) that it had held
since 2018. However, Morena continues to hold the most seats relative to any other political party. In July 2024, federal elections will
be held in Mexico to elect new president and both houses of congress. We cannot predict the impact that political developments in Mexico
will have on the Mexican economy nor can provide any assurances that these events, over which we have no control, will not have an adverse
effect on our business, financial condition and results of operations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Mexican federal government has made significant changes to policies and regulations and may continue to do so in the future. For instance,
the Mexican federal government drastically cut spending for the 2019 budget and it may cut spending in the future which may adversely
affect economic growth. On July&#160;2, 2019, the new Mexican Federal Republican Austerity Law (<i>Ley Federal de Austeridad Republicana</i>)
was approved by the Mexican Senate. Federal government actions, such as those implemented to control inflation, federal spending cuts
and other regulations and policies may include, among other measures, increases in interest rates, changes in tax policies, price controls,
currency devaluations, capital controls and limits on imports. Our business, financial condition and results of operations may be adversely
affected by changes in governmental policies or regulations involving or affecting our management, operations and tax regime.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
cannot predict the impact that economic, social and political instability in or affecting Mexico could adversely affect our business,
financial condition and results of operations, as well as market conditions and prices of our securities. These and other future developments,
over which we have no control, in the Mexican economic, political or social environment may cause disruptions to our business operations
and decreases in our sales and net income.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Currency
exchange rate fluctuations, particularly with respect to the US dollar/Mexican peso exchange rate, could lower margins.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
value of the Mexican peso has been subject to significant fluctuations with respect to the U.S.&#160;dollar in the past and may be subject
to significant fluctuations in the future. Historically, BWM has been able to raise their prices generally in line with local inflation,
thereby helping to mitigate the effects of devaluations of the Mexican peso. However, BWM may not be able to maintain this pricing policy
in the future, or future exchange rate fluctuations may have a material adverse effect on our ability to pay suppliers.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Given
Betterware&#8217;s inability to predict the degree of exchange rate fluctuations, it cannot estimate the effect these fluctuations may
have upon future reported results, product pricing or our overall financial condition. Although we attempt to reduce our exposure to
short-term exchange rate fluctuations by using foreign currency exchange contracts, it cannot be certain that these contracts or any
other hedging activity will effectively reduce exchange rate exposure. In particular, BWM currently employs a hedging strategy comprised
of forwards U.S. dollar&#8211;Mexican peso derivatives that are designed to protect us against devaluations of the Mexican peso. The
hedging contracts cover 100% of the home organization product needs until August&#160;2023. In addition, we generally purchase our hedging
instruments on a rolling twelve-month basis; instruments protecting it to the same or a similar extent may not be available in the future
on reasonable terms. Unprotected declines in the value of the Mexican peso against the U.S. dollar will adversely affect our ability
to pay our dollar-denominated expenses, including our supplier obligations.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Any
adverse changes in our business operations in Mexico would adversely affect our revenue and profitability.</i></b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following factors, among others, could harm our business in Mexico:</span></p><div>

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</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">worsening
economic conditions, including a recession in the United States and/or Mexico;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">fluctuations
in currency exchange rates and inflation;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">longer
collection cycles;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">potential
adverse changes in tax laws or price controls;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">changes
in labor conditions;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">burdens
and costs of compliance with a variety of laws;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 20; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">political,
social and economic instability;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">increases
in taxation; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">outbreaks
of disease and health epidemics, such as the COVID-19 pandemic.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Economic
and political developments in Mexico and the United States may adversely affect Mexican economic policy.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
U.S. economy heavily influences the Mexican economy, and therefore, the deterioration of the United States&#8217; economy, the termination
of the United States-Mexico-Canada trade agreement (&#8220;USMCA)&#8221;, claims or disputes thereunder or other related events may impact
the economy of Mexico. Economic conditions in Mexico have become increasingly correlated to economic conditions in the United States
as a result of the North American Free Trade Agreement (&#8220;NAFTA&#8221;), and, subsequently, the USMCA, which has induced higher
economic activity between the two countries and increased the remittance of funds from Mexican immigrants working in the United States
to Mexican residents. On an annual basis, as of 2022, close to 81% of Mexico&#8217;s total exports are purchased by the United States,
the single country with the highest share of trade with Mexico. Due to its recent entry into force, it is currently unclear what the
results of the USMCA and its implementation will be. The new terms of the USMCA could have an impact on Mexico&#8217;s economy generally
and job creation in Mexico, which could significantly adversely affect our business, financial performance and results of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Likewise,
any action taken by the current U.S. or Mexico administrations, including changes to the USMCA and/or other U.S. government policies
that may be adopted by the U.S. administration, could have a negative impact on the Mexican economy, such as reductions in the levels
of remittances, reduced commercial activity or bilateral trade or declining foreign direct investment in Mexico. In addition, increased
or perceptions of increased economic protectionism in the United States, Mexico and other countries could potentially lead to lower levels
of trade and investment and economic growth, which could have a similarly negative impact on the Mexican economy. These economic and
political consequences could adversely affect our business, operating results and financial condition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
cannot make assurances that any events in the United States or elsewhere will not materially and adversely affect us.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mexico
is an emerging market economy, with attendant risks to our results of operations and financial condition.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Mexican government has exercised, and continues to exercise, significant influence over the Mexican economy. Accordingly, Mexican governmental
actions concerning the economy and state-owned enterprises could have a significant impact on Mexican private sector entities in general,
as well as on market conditions, prices and returns on Mexican securities. The national elections held on July&#160;2, 2018 ended six&#160;years
of rule&#160;by the Institutional Revolutionary Party or PRI with the election of President Andres Manuel Lopez Obrador, a member of
the Morena Party, and resulted in the increased representation of opposition parties in the Mexican Congress and in mayoral and gubernatorial
positions. Multiparty rule&#160;is still relatively new in Mexico and could result in economic or political conditions that could materially
and adversely affect our operations. We cannot predict the impact that this new political landscape will have on the Mexican economy.
Furthermore, our financial condition, results of operations and prospects and, consequently, the market price for our shares, may be
affected by currency fluctuations, rising inflation, rising interest rates, price controls, regulation, taxation, social instability
and other political, social and economic developments in or affecting Mexico.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Mexican economy in the past has suffered balance of payment deficits and shortages in foreign exchange reserves. There are currently
no exchange controls in Mexico; however, Mexico has imposed foreign exchange controls in the past. Pursuant to the provisions of the
United States-Mexico-Canada Agreement, if Mexico experiences serious balance of payment difficulties or the threat thereof in the future,
Mexico would have the right to impose foreign exchange controls on investments made in Mexico, including those made by U.S. and Canadian
investors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Securities
of companies in emerging market countries tend to be influenced by economic and market conditions in other emerging market countries.
Emerging market countries, including Argentina and Venezuela, have recently been experiencing significant economic downturns and market
volatility. These events could have adverse effects on the economic conditions and securities markets of other emerging market countries,
including Mexico.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>investments
in Mexican companies entail substantial risk; the Mexican government has exercised, and continues to exercise, an important influence
on the Mexican economy</b></span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Investments
in Mexico carry significant risks, including the risk of expropriation or nationalization laws being enacted or imposing exchange controls,
price controls, taxes, inflationary, hyperinflationary, exchange rate risk, credit risk, among other governmental or political restrictions.
We are incorporated under the laws of Mexico and most of our operations and assets are located in Mexico. As a consequence of the foregoing,
our financial situation and operating results could be negatively affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Mexican government has exercised, and continues to exercise, a strong influence on the country&#8217;s economy. Consequently, Mexican
federal government actions and policies related to the economy, state-owned and controlled companies, and financial institutions financed
or influenced, could have a significant impact on private sector entities in general, including us, in particular and on market conditions,
prices and returns on Mexican securities, including counterparty risk. The Mexican federal government has made major policy and regulatory
changes and may do so again in the future. Actions to control inflation and other regulations and policies have involved, among other
measures, an increase in interest rates, changes in fiscal policies, price controls, currency devaluations, capital controls and limits
on imports. Tax and labor legislation, in particular, in Mexico is subject to continuous change, and we cannot guarantee that the Mexican
government will maintain current economic or other policies in force or if any the changes to such laws and policies would have a material
adverse effect on us or on our financial performance. The measures adopted by the government could have a significant effect on private
sector entities in general, as well as on the market situation and on the price of our shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Additionally,
the Mexican federal government has implemented protectionist policies in the past and could implement certain national policies in the
future that could restrict our operations, including restrictions on imports from certain countries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Mexico
may experience high levels of inflation in the future, which could affect our results of operations.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Historically,
inflation in Mexico has led to higher interest rates, depreciation of the Mexican peso and the imposition of substantial government controls
over exchange rates and prices. The annual rate of inflation for the last three years, as measured by changes in the Mexican National
Consumer Price Index (&#205;ndice Nacional de Precios al Consumidor), as provided by INEGI and as published by Banco de M&#233;xico,
was 3.2% in 2020, 7.4% in 2021 and 8.03% in 2022. If Mexico experiences high levels of inflation as it has in the past, these might adversely
affect our operations and financial performance. For example, during 2021, due to inflation effects, our business was impacted by a sluggish
consumer in Mexico and by external factors related to cost pressures and supply chain disruptions prevailing globally.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, increased inflation would raise our cost of funding, which we may not be able to fully pass on to our customers, given that
doing so could adversely affect our business. Our financial condition and profitability may be adversely affected by the level of, and
fluctuations in, interest rates, which affect our ability to earn a spread between the interest received on our loans or the rentals
and fees charged on our leases and the cost of our funding. Although we have taken measures to minimize the potential impact of inflation
by ensuring that the majority of our liabilities have fixed interest rates, if the rate of inflation increases or becomes uncertain and
unpredictable, our business, financial condition and results of operations could be adversely affected.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b><i>Security
violence risks in Mexico could increase, and this could adversely affect our results. </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Mexico
is currently experiencing high levels of violence and crime due to, among others, the activities of organized crime. Despite the measures
adopted by the Mexican government efforts, organized crime (especially drug-related crime) continues to exist and operate in Mexico.
These activities, their possible escalation and the violence associated with them have had and may have a negative impact on the Mexican
economy or on our operations in the future. The presence of violence among drug cartels, and between these and the Mexican law enforcement
and armed forces, or an increase in other types of crime, pose a risk to our business, and might negatively impact business continuity.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
regulatory environment in which we operate is evolving, and our operations may be modified or otherwise harmed by regulatory changes,
subjective interpretations of laws or an inability to work effectively with national and local government agencies.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Although
our reviews applicable local laws in developing our plans, our efforts to comply with them may be harmed by an evolving regulatory climate
and subjective interpretation of laws by the authorities. Any determination that our operations or activities are not in compliance with
applicable regulations could negatively impact our business and our reputation with regulators in the markets in which we operate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Laws
and regulations may restrict our direct sales efforts and harm our revenue and profitability.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Various
government agencies throughout the world regulate direct sales practices. These laws and regulations are generally intended to prevent
fraudulent or deceptive schemes, often referred to as &#8220;pyramid&#8221; schemes, that compensate participants for recruiting additional
participants irrespective of product sales and/or which do not involve legitimate products. The laws and regulations in our current markets
often:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">impose
on it order cancellations, product returns, inventory buy-backs and cooling-off rights for consumers, distributors, leaders and consultants;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">require
us or our distributors, leaders and consultants to register with governmental agencies;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">impose
on it reporting requirements to regulatory agencies; and/or</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">require
it to ensure that distributors, leaders and consultants are not being compensated solely based upon the recruitment of new of them.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Complying
with these sometimes inconsistent rules&#160;and regulations can be difficult and requires the devotion of significant resources on the
Group&#8217;s part.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, Mexico could change its laws or regulations to negatively affect or prohibit completely network or direct sales efforts. Government
agencies and courts in Mexico may also use their powers and discretion in interpreting and applying laws in a manner that limits our
ability to operate or otherwise harms our business. If any governmental authority were to bring a regulatory enforcement action against
the Group that interrupts our business, our revenue and earnings would likely suffer.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>You
may have difficulty enforcing your rights against Betterware and our directors and executive officers.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Betterware
is a company incorporated in Mexico. Most of our directors and executive officers are non-residents of the U.S. You may be unable to
effect service of process within the U.S. on Betterware, its directors and executive officers. In addition, as all of our assets and
substantially all of the assets of our directors and executive officers are located outside of the U.S., you may be unable to enforce
against BWM and our directors and executive officers&#8217; judgments obtained in the U.S. courts, including judgments predicated upon
civil liability provisions of the U.S. federal securities laws or state securities laws. There is also doubt as to the enforceability,
in original actions in Mexican courts, of liabilities including those predicated solely on U.S. federal securities laws and as to the
enforceability in Mexican courts of judgments of U.S. courts obtained in actions, including those predicated upon the civil liability
provisions of U.S. federal securities laws. There is no bilateral treaty currently in effect between the United States and Mexico that
covers the reciprocal enforcement of civil foreign judgments. In the past, Mexican courts have enforced judgments rendered in the United
States by virtue of the legal principles of reciprocity and comity, consisting of the review in Mexico of the United States judgment,
in order to ascertain, among other matters, whether Mexican legal principles of due process and public policy (<i>orden p&#250;blico</i>)
have been complied with, without reviewing the merits of the subject matter of the case.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Risks
Related to Ownership of our Ordinary Shares</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>As
a &#8220;foreign private issuer&#8221; under the rules&#160;and regulations of the SEC, Betterware is permitted to, and is expected to,
file less or different information with the SEC than a company incorporated in the United States or otherwise subject to these rules
and is expected to follow certain home country corporate governance practices in lieu of certain Nasdaq requirements applicable to U.S.
issuers.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Betterware
is considered a &#8220;foreign private issuer&#8221; under the Securities Exchange Act (the &#8220;Exchange Act&#8221;) and therefore
exempt from certain rules&#160;under the Exchange Act, including the proxy rules, which impose certain disclosure and procedural requirements
for proxy solicitations for U.S. and other issuers. Moreover, the Group is not required to file periodic reports and financial statements
with the SEC as frequently or within the same time frames as U.S. companies with securities registered under the Exchange Act. We currently
prepare our financial statements in accordance with IFRS. The Group is not required to file financial statements prepared in accordance
with or reconciled to U.S. GAAP so long as our financial statements are prepared in accordance with IFRS. The Group is not required to
comply with Regulation&#160;FD, which imposes restrictions on the selective disclosure of material information to shareholders. In addition,
BWM&#8217;s officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of
Section&#160;16 of the Exchange Act and the rules&#160;under the Exchange Act with respect to their purchases and sales of Company securities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, as a &#8220;foreign private issuer&#8221; whose shares are listed on Nasdaq, the Company is permitted to, and is expected to,
follow certain home country corporate governance practices in lieu of certain Nasdaq requirements. A foreign private issuer must disclose
in its annual reports filed with the SEC each Nasdaq requirement with which it does not comply followed by a description of its applicable
home country practice. As a Mexican corporation listed on Nasdaq, the Company is expected to follow our home country practice with respect
to the composition of the board of directors and nominations committee and executive sessions. Unlike the requirements of Nasdaq, the
corporate governance practices and requirements in Mexico do not require the Company to (i) have a majority of its board of directors
to be independent, (ii) establish a nominations committee, and (iii) hold regular executive sessions where only independent directors
shall be present. Such home country practices of Mexico may afford less protection to holders of Company shares than under U.S. standards.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company could lose its status as a &#8220;foreign private issuer&#8221; under current SEC rules&#160;and regulations if more than 50%
of the Company&#8217;s outstanding voting securities become directly or indirectly held of record by U.S. holders and one of the following
is true: (i)&#160;the majority of the Company&#8217;s directors or executive officers are U.S. citizens or residents; (ii)&#160;more
than 50% of the Company&#8217;s assets are located in the United States; or (iii)&#160;the Company&#8217;s business is administered principally
in the United States. If the Company loses its status as a foreign private issuer in the future, it will no longer be exempt from the
rules&#160;described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements
as if it were a company incorporated in the United States. If this were to happen, the Company would likely incur substantial costs in
fulfilling these additional regulatory requirements and members of the Company&#8217;s management would likely have to divert time and
resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
securities or industry analysts do not publish or cease publishing research or reports about Betterware, our business, or markets, or
if they change their recommendations regarding the Company shares adversely, the price and trading volume of the Company shares could
decline.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
trading market for the Company shares is influenced by the research and reports that industry or securities analysts may publish about
the Company, our business, market or competitors. Securities and industry analysts do not currently, and may never, publish research
on the Company. If no securities or industry analysts commence coverage of the Company, the price and trading volume of the Company shares
would likely be negatively impacted. If any of the analysts who may cover the Company change their recommendation regarding the Company
shares adversely, or provide more favorable relative recommendations about the Company&#8217;s competitors, the price of the Company
shares would likely decline. If any analyst who may cover the Company were to cease coverage of the Company or fail to regularly publish
reports on it, the Company could lose visibility in the financial markets, which in turn could cause our share price or trading volume
to decline.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>There
can be no assurance that Betterware will be able to comply with the continued listing standards of Nasdaq.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Betterware&#8217;s
shares are listed on Nasdaq under the symbol &#8220;BWMX.&#8221; If Nasdaq delists the Company&#8217;s securities from trading on its
exchange for failure to meet the listing standards, the Company and its shareholders could face significant material adverse consequences
including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a
limited availability of market quotations for the Company&#8217;s securities;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a
determination that the Company shares are &#8220;penny stock&#8221; which will require brokers trading in the Company shares to adhere
to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for the Company shares;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a
limited amount of analyst coverage; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a
decreased ability to issue additional securities or obtain additional financing in the future.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>If
Betterware is characterized as a passive foreign investment company, or a PFIC, adverse U.S. federal income tax consequences may result
for U.S. holders of Company shares.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Based
on the projected composition of our income and assets, including goodwill, it is not expected that the Company will be a PFIC for the
foreseeable future. However, the tests for determining PFIC status are applied annually after the close of the taxable&#160;year, and
it is difficult to predict accurately future income and assets relevant to this determination. Accordingly, there can be no assurance
that the Company will not be considered a PFIC for any taxable&#160;year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
the Company is a PFIC for any&#160;year during which a U.S. holder holds Company shares, a U.S. holder generally would be subject to
additional taxes (including taxation at ordinary income rates and an interest charge) on any gain realized from a sale or other disposition
of the Company shares and on any &#8220;excess distributions&#8221; received from the Company. Certain elections may be available that
would result in alternative treatments of the Company shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
urge U.S. holders to consult their own tax advisors regarding the possible application of the PFIC rules&#160;to the ownership of Company
shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>An
investor may be subject to adverse U.S. federal income tax consequences in the event the IRS were to disagree with the U.S. federal income
tax consequences described herein.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Tax Cuts and Jobs Act of 2017, or the TCJA, was signed into law on December&#160;22, 2017. The TCJA changes many of the U.S. corporate
and international tax provisions, and certain of the provisions are unclear. No ruling has been or will be requested from the IRS as
to any U.S. federal income tax consequences described herein. The IRS may disagree with the descriptions of U.S. federal income tax consequences
contained herein, and its determination may be upheld by a court. Any such determination could subject an investor or the Company to
adverse U.S. federal income tax consequences that would be different than those described herein. Accordingly, each prospective investor
is urged to consult a tax advisor with respect to the specific tax consequences of the acquisition, ownership and disposition of DD3&#8217;s
or the Company&#8217;s securities, including the applicability and effect of state, local or non-U.S. tax laws, as well as U.S. federal
tax laws.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>The
Amended and Restated Charter of Betterware provides for the exclusive jurisdiction of the federal courts in Mexico City, Mexico for substantially
all disputes between the Company and its shareholders, which could limit Company shareholders&#8217; ability to obtain a favorable judicial
forum for disputes with the Company or its directors, officers, other employees or shareholders.</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Amended and Restated Charter of the Company provides for the exclusive jurisdiction of the federal courts located in Mexico City, Mexico
for the following civil actions:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">any
action between the Company and its shareholders; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">any
action between two or more shareholders or groups of shareholders of the Company regarding any matters relating to the Company.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">This
exclusive jurisdiction provision may limit a shareholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable
for disputes with the Company or any of its directors, officers, other employees or shareholders, which may discourage lawsuits with
respect to such claims, although the Company&#8217;s shareholders will not be deemed to have waived the Company&#8217;s compliance with
U.S. federal securities laws and the rules&#160;and regulations thereunder applicable to foreign private issuers. Alternatively, if a
court were to find the exclusive jurisdiction provision contained in the Amended and Restated Charter to be inapplicable or unenforceable
in an action, the Company may incur additional costs associated with resolving such action in other jurisdictions, which could harm the
Company&#8217;s business, operating results and financial condition. The exclusive jurisdiction provision would not prevent derivative
shareholder actions based on claims arising under U.S. federal securities laws from being raised in a U.S. court and would not prevent
a U.S. court from asserting jurisdiction over such claims. However, there is uncertainty whether a U.S. court would enforce the exclusive
jurisdiction provision for actions for breach of fiduciary duty and other claims.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="text-align: justify; font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>The
anti-takeover&#160;protections included in our Bylaws and others provided under Mexican Law may deter potential acquirors.</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
bylaws provide that, subject to certain exceptions as explained below, prior written approval from the board of directors shall be required
for any person, or group of persons to acquire, directly or indirectly, any of our common shares or rights to our common shares, by any
means or under any title whether in a single event or in a set of consecutive events, such that its total shares or rights to shares
would represent 20% or more of our outstanding shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">These
provisions could make it substantially more difficult for a third party to acquire control of us. These provisions in our bylaws may
discourage certain types of transactions involving the acquisition of our securities. These provisions could discourage transactions
in which our shareholders might otherwise receive a premium for their shares over the then current market price. Holders of our securities
who acquire shares in violation of these provisions will not be able to vote, or receive dividends, distributions or other rights in
respect of, these securities and would be obligated to pay us a penalty. For a description of these provisions, see &#8220;Item&#160;10.
Additional Information&#8212;Bylaws&#8212;&#8212;Anti-takeover&#160;Protections.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_010"></a></div><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: 0in"></td><td style="white-space: nowrap; width: 0.75in; text-align: left"><b>ITEM 4.&#160;</b></td><td style="text-align: justify"><b>INFORMATION ON
                                            THE COMPANY</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company makes its filings in electronic form under the EDGAR filing system of the SEC. Our filings are available through the EDGAR system
at www.sec.gov. The Company&#8217;s filings are also available to the public through the Internet at our website at https://investors.betterware.com.mx.
Such filings and other information on our website are not incorporated by reference in this annual report. Interested parties may request
a copy of this filing, and any other report, at no cost, by writing to the following email address: ir@better.com.mx.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0in"></td><td style="width: 0.5in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>HISTORY AND DEVELOPMENT OF THE COMPANY</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Founded
                                            in 1995, Betterware is a leading direct-to-costumer company in Mexico. Betterware is focused
                                            on the home organization segment, with a wide product portfolio including home solutions,
                                            kitchen and food preservation, technology and mobility, among other categories.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            August&#160;2, 2019, DD3 entered into a Combination and Stock Purchase Agreement with Sellers,
                                            Betterware, BLSM, pursuant to which DD3 agreed to merge with and into Betterware in a Business
                                            Combination. See &#8220;The Business Combination.&#8221;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            August 2019, Betterware started building a distribution center which was completed in the
                                            first quarter of 2021. As of December 2022, the total investment amounted to Ps.1,108,458.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            March&#160;13, 2020, the Merger with DD3 was closed and consummated.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            December&#160;14, 2020, the Forteza Merger was closed and consummated.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            August 2, 2021, Betterware&#8217;s corporate name changed from Betterware de M&#233;xico,
                                            S.A.B. de C.V. to Betterware de M&#233;xico, S.A.P.I. de C.V.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            August 30, 2021, we completed an offering of a two-tranche sustainability bond issuance for
                                            a total of&#160;Ps.1,500,000, with maturities across 4 and 7 years, offered in&#160;the Mexican
                                            Market. See&#8221; Indebtedness&#8212;Long Term Bond Offering.&#8221;</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 35.45pt"></td><td style="width: 21.25pt"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            January 18, 2022, we entered into a share purchase agreement to acquire 100% of JAFRA&#8217;s
                                            operations in Mexico and the United States. The transaction was consummated on April 7, 2022.
                                            See &#8220;&#8212;Presentation of Financial Information&#8212;The JAFRA Acquisition&#8212;Organizational
                                            Structure.&#8221; JAFRA is a leading global brand in direct sales in the beauty and personal
                                            care (B&amp;PC) industry with a strong presence in Mexico and the United States founded in
                                            1956.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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="padding-left: -0.125in; width: 0in"></td><td style="padding-left: -0.125in; width: 0.5in; text-align: left"><b>B.</b></td><td style="padding-left: -0.125in; text-align: justify"><b>BUSINESS OVERVIEW</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are a leading company in the direct sales industry, offering a product portfolio divided two segments:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Home organization segment (BWM) integrated by six different categories: kitchen and food preservation, home solutions, bathroom, laundry&#160;&amp; cleaning, tech and mobility and bedroom. For the 2022 period, this segment represented 55.1% of our net revenue in a consolidated basis.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beauty and personal care (B&amp;PC) segment (JAFRA) integrated by four main categories: fragrance, color, skin care and toiletries. For the 2022 period, this segment represented 44.9% of our net revenue in a consolidated basis.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Home
Organization Segment (BWM):</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Betterware
is a leading direct-to-customer company in Mexico. Our home organization segment is focused on creating innovative products that solve
specific needs regarding organization, practicality, space-saving and hygiene within the household, with a wide product portfolio including
home solutions, kitchen and food preservation, technology and mobility, bedroom, bathroom, laundry and cleaning and other categories
that include products and solutions for every corner of the household.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
home organization segment&#8217;s products are sold through monthly catalogues published throughout the&#160;year. During 2022, BWM launched
568 new products (compared to 338 during 2021), with a balance of 397 new developments (compared to 281 during 2021) and 171 bring-backs
(compared to 57 during 2021). Despite the 6.4% reduction in the number of &#8220;Stock Keeping Unit&#8221; (SKU&#8217;s) displayed per
catalogue (driven by change to monthly catalogues), increased innovation allowed Betterware to exhibit more than 3,800 SKU&#8217;s throughout
the year (achieving a 12% growth compared to 3,395 during 2021). All of our home organization&#8217;s products are branded with unique
characteristics and manufactured by +365 certified manufactures in China and M&#233;xico, and then delivered to BWM&#8217;s warehouse
in Guadalajara, Jalisco where we process and pack the products.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
sell our home organization segment&#8217;s products through a unique two-tier sales model., As of December 31, 2022, more than 39,413
distributors and 778,845 associates across Mexico, who serve + 23% household penetration in Mexico; and 79% of distributors and 28% of
associates place orders every week. Our distributors and associates are monitored tightly through an in-house developed business intelligence
platform that tracks weekly performance and has a detailed mapping system of the country to identify potential areas to penetrate and
increase the network.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
home organization segment business model is tailored to Mexico&#8217;s unique geographic, demographic and economic dynamics, where communities
are small and scattered across the country, with very low retail penetration and difficult to fulfill last mile logistics. Additionally,
our business model is resilient to economic downturns and seasonal fluctuations given low average sales price to consumers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have a zero last mile cost, because our distributors and associates deliver our products to final consumers, which means that our state-of-the-art
infrastructure allows us to safely deliver products to every part of the country in a timely and efficient manner. Our infrastructure
is backed by the strategic location of our distribution center in Jalisco, Mexico.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Supported
by our top-notch product innovation, business intelligence and technology units, which provide daily monitoring of key metrics and product
intelligence, our home organization product segment has been able to achieve sustainable double-digit growth rates by successfully expanding
our household penetration.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Beauty
and Personal Care Segment (JAFRA)</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
beauty and personal care segment has a portfolio of more than 500 products within four main categories: fragrances, color, skin care
and toiletries. JAFRA has been leader in the fragrance market since 2015. In 2022, our beauty and personal care segment&#8217;s products
were sold through 12 promotional catalogues published on a monthly basis offering 300 products in average per catalogue, as well as a
brochure with annually available products at regular price. JAFRA develops approximately 200 new products in average for all categories
every year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Almost
all of our beauty and personal care segment&#8217;s products are produced in our facility located in Queretaro, M&#233;xico and distributed
across Mexico and in some cities of the United States through our distribution center located in Lerma, Mexico. Our beauty and personal
care segment&#8217;s products are sold through a generational multilevel model, reaching more than 7,500 cities in Mexico.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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</div><p style="font: italic 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Industry
Overview</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
operate under &#8220;Direct selling&#8221; retail industry. The direct selling industry differs from broader retail mainly in the avenue
where entrepreneurial-minded individuals can work independently to build a business with low start-up and overhead costs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
direct selling representatives as distributors, leaders and consultants, are not employees of the Company and work on their own, retaining
their freedom to run a business and have other sources of income.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
independent distributors, leaders and consultants earn sales commissions as a freelancer. They set their own hours, create their own
marketing plans, determine whether to build a sales team and how to mentor those within it and how to serve their customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Competitive
Strengths</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Unique
Business Intelligence and Data Analytics Unit</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
in-house business intelligence unit plays a crucial role within the operations and strategy of the Company. The unit&#8217;s team is
comprised of geographers, anthropologists, actuaries, among others, in order to diversify the way of thinking and create the best analyses
and business strategies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
main functions of the business intelligence unit are:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Clear
strategy development;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tight
monitoring; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">3.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Product
intelligence.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Product
Development and Innovation Program</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
offer a product portfolio with great depth in:</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
home organization segment through six different categories: kitchen and food preservation, home solutions, bathroom, laundry&#160;&amp;
cleaning, tech and mobility and bedroom, and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
beauty and personal care segment through four different categories: fragrances, color, skin care and toiletries.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
update our catalogues content and focus on constant product innovation and incentive plans in order to attract clients&#8217; repeated
purchases.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
perform industry analyses and product development and monitoring to support and decide our commercial strategy.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Distributors,
Associates, Leaders and Consultants Network&#160;&amp; Loyalty and Reward Programs</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
                                            home organization segment has a unique two-tier sales model and one of the most robust networks
                                            with more than 39,413 distributors and 778,845 associates as of December 31, 2022.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
                                            home organization segment&#8217;s distributors and associates serve around 23% Household
                                            Penetration in Mexico and 79% of distributors and 28% of associates place orders every week.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
                                            beauty and personal care segment has a multilevel program, with 10 levels of seniority determined
                                            by the amount of sales and consultants they have, offering attractive benefits and incentives.
                                            As of December 31, 2022, we had a network of more than 21,385 leaders and 492,191 consultants.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
                                            beauty and personal care segment has one of the biggest distribution networks of leaders
                                            and consultants in Mexico reaching more than 7,500 cities. Also, 92% of leaders and 54% of
                                            consultants place orders on a monthly basis.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
                                            have a rewards program intended to attract, retain, and motivate distributors, associates,
                                            leaders and consultants through product discounts, points, trips, gifts and more.</span></td></tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Unparalleled
Logistics and Supply Chain Platform</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif">Our
home organization segment&#8217;s products are manufactured by more than 365 third-party certified factories located in China and Mexico
following BWM&#8217;s quality standards. All of our beauty and personal care segment&#8217;s products are internally manufactured in
our facility located in Queretaro, Mexico.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif"><i> Experienced Management&#160;&amp; Meritocratic Culture</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
Board Chairman, Mr. Luis Campos, has more than 30&#160;years of experience in the direct-to-consumer selling sector across the Americas
and a strong track record of delivering value to its shareholders with commitment to excellence.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Top
management has worked at the Company, in average, seven&#160;years.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
culture is based on the following principles:</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Result
driven management:</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Incentives
based on results; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Highly
professional operation and no bureaucracy.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Meritocratic
culture:</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Culture
focused on solutions, delivery, discipline and commitment.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">3.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Closeness
to salesforce:</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Management
is close and visible to distributors, associates, leaders and consultants; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 1in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Open
office spaces for efficient flow of information and data allows fast decision making.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0.55pt"><span style="font-family: Times New Roman, Times, Serif"><i>Expansion
Strategy</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0.55pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0.55pt"><span style="font-family: Times New Roman, Times, Serif">We
have a plan for growth, which includes organic and inorganic initiatives. The main strategies divided by timeline are the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0.55pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Short
Term</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">New
product categories;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Web
marketing/E-commerce; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">3.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Increase
service capacity.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Medium
Term</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">1.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">New
product lines;</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">2.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">International
expansion to North America and Latin America; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">3.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Strategic
business acquisitions.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 29; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Customers</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
are 100% committed to provide products to our customers that serve as everyday solutions for modern space organization and beauty and
personal care for all kind of clients. We also have the objective of providing products that are accessible to anyone.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Most
of our end customers are adult men and women with the desire of optimizing their homes organization and care about beauty and personal
care.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Sales
&amp; Marketing</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
main advertising expenditures are sales catalog design and printing expenses, particularly with respect to our catalogues that are delivered
to our distributors, associates, leaders and consultants who then distribute them to customers. As of December 31, 2022, sales and marketing
expenses represented 3.9% of our net revenue. In addition, another advertising costs includes videos, radio and tv spots, social media,
promotional campaigns, marketing campaigns, billboards and transit advertising in bus lines and subways, which as of December 31, 2022,
represented 0.5% of our net revenue.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Environmental,
Social and Governance (ESG)</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>Sustainability events during 2021</i></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
2021, we issued a Ps.1,500 million Sustainable Bond Program to, among other things, acquire certain assets intended to help us achieve
a resilient economy with low greenhouse gas emissions. The bond program was also intended to help us developing social projects that
meet one or more goals of the Sustainable Development Goals (SDG), established in the 2030 Agenda for Sustainable Development, adopted
by the United Nations (UN). These environmental and social impact projects are mainly focused on:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Allowing
us to reduce electricity and water consumption.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Using
recyclable materials for construction of our products.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Developing
products with environmentally friendly packaging.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Developing
internal tools for measuring our environmental impact.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Employment
generation through new sources of income.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Supporting
vulnerable groups and empowering women.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Strong
relationship with local suppliers.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, the financing obtained under such bonds was allocated to finance the construction of the Campus Betterware, which was built
to: (i) concentrate activities; (ii) promote care for the environment and the individual well-being of our employees, and (iii) improve
life quality of the communities surrounding the Campus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
construction of the Campus respects the ecosystem and took advantage of natural light and ventilation to reduce the environmental footprint.
Likewise, we took advantage of the characteristics of the land, and we incorporated local flora species of the place into the outdoor
recreation areas.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Some
of the environmental friendly practices that were implemented in the construction of the Campus, include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Approximately,
90% of the materials were recyclable materials such as glass and aluminum.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Installation
of LED lighting throughout the Campus.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Insulating
materials were used to prevent the walls of the buildings from raising their temperatures, avoiding the excessive use of air conditioners.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Installation
of drip irrigation systems to take care of the local vegetation.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Installation
of a nursery to care for endemic trees and plants.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
focus and seek to protect labor rights and promote a safe and secure work environment for all workers by increasing the number of workers
using Campus Betterware amenities, including a hair salon, infirmary, coffee shop, library, training room, basketball and soccer fields,
a gym, laundry, and a meditation garden. On December 14, 2021, Betterware received a Fitwell certification for the &#8220;Campus Betterware&#8221;
project.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Sustainability
Events during 2022</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022, we developed a comprehensive &#8220;Materiality Assessment&#8221; that involved all our stakeholders and followed recognized international
standards. In this assessment, we analyzed information from our employees, distributors, associates, leaders, consultants, clients, suppliers,
community and investors. This broad focus on our stakeholders gave us a specific materiality matrix that was used to prioritize the key
subjects that are material for the Group. We were able to identify our &#8220;Sustainable Development Goal&#8221; standards (SDGs).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
performing the assessment, we followed the &#8220;Global Reporting Initiative&#8221; standards (GRIs) and the &#8220;Sustainability Accountant
Standards Board&#8221; (SASB).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Once
we had all the material issues identified, we created a comprehensive ESG model with focus, dimension, and lines of action. Also, this
model recognizes specific SDGs that we will focus on within the sustainability strategy. Specifically, we will focus on ten SDGs:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_001.jpg"/></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Strategic
Sustainability Model</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image_002.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Within
the three ESG&#8217;s dimensions, environment, social and governance, we determined several focuses and action lines. We developed a
strategic sustainability model around these focuses and action lines.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Some
of the initiatives that have been developed during 2022 include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><i>Environment:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>BWM
Environment:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">All
the carboard boxes that come from China are recycled and all our catalogs are printed in paper PEFC (Program for the Endorsement of Forest
Certification) certified.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Around
55% of the collaborators use the collective transport service provided by BWM and 2% is in the carpooling scheme, under which BWM provides
money for gas and a preferred parking spaces.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
are promoting ECO products so that their participation within our catalog becomes more significant.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Twice
a year, we deliver an endowment of ecological bags to all its distributors according to their registered associates. The idea of these
reusable ecological bags is to replace the distribution of their catalog products using disposable plastic bags, causing less environmental
impact.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>JAFRA
environment:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Energy
efficiency: we have implemented a system that produces heat and electricity simultaneously in a single plant (Co-generation &#8220;CHP&#8221;),
which allows to reduce our greenhouse gas emissions up to 92 tons CO2e annually.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Energy
saving: we implemented good energy consumption practices such as natural lighting in operational areas and warehouses, use of LED technology
for facilities&#8217; lighting, photocells for outdoor lighting, automatic lighting shutdown program and awareness campaigns on the efficient
use of electrical energy.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Waste
reduction and recovery: we have also focused on waste recovery processes, which have allowed to recover more than 90% of the waste generated,
reducing the load on landfills, and integrating them into reuse or recycling processes, in addition to the 10% reduction in waste generation
for each product produced.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 32; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Water
saving: good water consumption practices have also been implemented, such as improving the efficiency of the demineralization process,
installation of water-saving technologies, reuse of discharge water, treatment of water discharges and awareness campaigns on the efficient
use of water. A 19% reduction in drinking water consumption has been achieved for each product produced.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Reforest
team: JAFRA has reforestation activities, integration of trees and maintenance of species. This activity is conducted through our collaborators
and their families in protected areas of the state of Quer&#233;taro, Mexico. With this program we have managed to offset carbon emissions,
contributing to the conservation of forests, promoting environmental and social awareness among employees and families.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;<i>Reciclat&#243;n
&amp; Recolectr&#243;n</i>&#8221; Programs: consist of collecting waste generated at the collaborators homes (Paper / cardboard / electronics)
and offering alternatives for the correct disposal of waste. Due to this program, the waste load in the landfills has been reduced, the
percentage of waste use has increased and the culture of recycling in the collaborators had also encouraged.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#8220;<i>Tapitas
por Vidas</i>&#8221; Program: In alliance with the civil association &#8220;<i>Banco de Tapitas,</i>&#8221; we gather and donate plastic
lids in support of the fight against childhood cancer. In addition to the important social impact, it is possible to reduce the burden
of waste in the landfills of the town and increase the percentage of waste recycling.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Social</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
implemented a platform called &#8220;Betterware experts&#8221; for use of our distributors with tools and learning programs to increase
recruiting of new associates or customers, increase sales and to promote their personal development.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Emotional
Assistance Program is focused on improving our employee&#8217;s, and their direct relatives, life quality through professional advice.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Workplace
climate survey update. We conduct a survey on employees&#8217; experience (Workplace Climate Survey) that helps us understand better,
from the perspective of our employees, which organizational, digital, physical, and interpersonal elements of our company need to be
reinforced or developed to offer a positive work experience to our employees.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Equal
and competitive compensation between women and men and balance in work opportunities and promotions.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Daycare
in Campus Betterware available for all BWM&#8217;s employees to support them during their workday.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Governance</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
promote and encourage full and effective participation of women and equal leadership opportunities at all decision-making levels.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Women
occupy key positions within the Company, including chief executive officer, chief financial officer, quality and development director,
credit and collection director, international commercial director, national sales director, as well as a high number of managers from
the different areas of the Company. On March 8, 2023, Silvia Davila was appointed as the first woman to become Independent Board Member
of the Company. This action is in line with our commitment to include at least two women in our Board of Directors by 2025.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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="padding-left: -0.125in; width: 0in"></td><td style="padding-left: -0.125in; width: 0.5in; text-align: left"><b>C.</b></td><td style="padding-left: -0.125in; text-align: justify"><b>ORGANIZATIONAL STRUCTURE</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following diagram depicts the organizational structure of the Group as of the date of this annual report:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><img alt="" src="image_003.jpg"/>&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0in"></td><td style="width: 0.5in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>PROPERTY, PLANT AND EQUIPMENT</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">We
own the following properties in Mexico:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">BWM&#8217;s
principal executive offices are located in El Arenal, Jalisco, Mexico. We built this facility to concentrate our corporate offices, storage
and distribution of our home organization segment activities. The facility was completed in 2021 and the total investment amounted to
Ps.1,108 million.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">JAFRA&#8217;s
production facility was built in October 2008, and is located in Quer&#233;taro, Mexico. All of our beauty and personal care segment&#8217;s
products are produced in this facility. The total investment amounted to Ps.735 million.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">JAFRA&#8217;s
main corporate offices are located in Mexico City, Mexico.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As of the date of this annual report, we do not have plans to build, expand or improve any new or existing facilities. We have
not identified any environmental issues that may affect our assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_011"></a></div><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: 0in"></td><td style="white-space: nowrap; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM 4A.</b>&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>UNRESOLVED
SEC STAFF COMMENTS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have no unresolved comments from the staff of the SEC with respect to its periodic reports under the Exchange Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 34; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_012"></a></div><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: 0in"></td><td style="white-space: nowrap; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM</b></span> <b>5.</b></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>OPERATING
AND FINANCIAL REVIEW AND PROSPECTS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Our
discussion and analysis of our results of operations and financial condition are based upon our Audited Consolidated Financial Statements,
which have been prepared in accordance with IFRS. Our operating and financial review and prospects should be read in conjunction with
our Audited Consolidated Financial Statements, the accompanying notes thereto and other financial information appearing elsewhere in
this annual report.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Operating
Results</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Factors
Affecting Our Results of Operations of the Group</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
number of factors have a significant impact on our business and results of operations, the most important of which are regulations, fluctuations
in exchange rates in the currencies in which we operate, external factors, such as the COVID-19 pandemic and our capital investment plans.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Betterware&#8217;s
distributors and associates</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">BWM
sells its products through a unique two-tier sales model that is comprised of distributors and associates. Distributors act as link between
BWM and the associates. BWM distributes products in a weekly basis to distributors&#8217; domicile, who in turn deliver the products
to the associates. BWM provides distributors a two-week credit line for them to pay BWM back the price for the products.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><i>JAFRA&#8217;s
leaders and consultants </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">JAFRA
sells its products through a multilevel program with 10 levels of leaders and consultants. Leaders and consultants are the link between
JAFRA and final customers. JAFRA provides a 30-day credit line to leaders and consultants to pay JAFRA back for the price of the products.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><i>Net
Revenue</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
generate revenue mainly through sale of products within two main segments:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Wingdings">&#216;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Home
organization segment, under the Betterware&#174; brand. Some of the categories through which Betterware offers its product line include
kitchen and food preservation, home solutions, bathroom, laundry&#160;&amp; cleaning, tech and mobility and bedroom. BWM&#8217;s products
are sold through catalogues and are distributed to the end customer by its network of distributors and associates. BWM sells its products
to a wide array of customers but focuses on the C and D segments of the Mexico&#8217;s socioeconomic pyramid; and</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#216;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Beauty
and personal care (B&amp;PC) segment, under JAFRA&#8217;s brand. Our beauty and personal care segment includes four main categories:
fragrance, color, skin care and toiletries. JAFRA&#8217;s products are sold through 12 promotional catalogues published on a monthly
basis and are distributed to the end customer by its network of leaders and consultants. JAFRA offers monthly promotions focused on the
&#8220;D&#8221; segment of the Mexico&#8217;s socioeconomic pyramid.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended December
31, 2022, our revenue increased mainly due to the revenue provided by JAFRA after consummation of the JAFRA Acquisition. For the year
ended December 31, 2022, JAFRA contributed with 44.9% of our consolidated net revenue. Results for the year were also ahead of expectations
due to positive trends in our sales network and positive results of our strategies since consummation of the JAFRA Acquisition. This
was offset by Betterware&#8217;s revenue decrease due to a decrease in the number of distributors and associates in our network.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
report net revenue, which represents its gross revenue less sales discounts, adjustments and allowances. We also have deferred revenue
due to undelivered performance obligations related to the promotional points program as per IFRS 15 <i>&#8220;Revenue from Contracts
with Customers.&#8221;</i> Deferred revenue relates to the accumulated points than distributors, associates, leaders and consultants
have gained from their purchases and recruitment of new sales force. They can redeem these points for rewards (furniture, electronics,
domestic appliances, among others). Revenue from the points program are recognized when points are actually redeemed and exchanged by
distributors, associates, leaders and consultants.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
revenue is recognized using a five-step model:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Identify
the contract with client (verbal or written).</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Identify
the performance obligations committed in the contract.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Consider
the contractual terms and our business model in order to determine the transaction price. The transaction price is the amount of consideration
to which an entity expects to be entitled in exchange for transferring goods or services to a customer, excluding amounts collected on
behalf of third parties.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Allocate
the transaction price to the performance obligations identified in the contract (generally each distinct good or service), to depict
the amount of consideration to which an entity expects to be entitled in exchange for transferring the promised goods or services to
the customer.</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Recognize
revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either at a point in time (when)
or over time (as).</span></td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Cost
of Sales</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">Our
cost of sales consists of the purchase of raw materials, finished goods, air and maritime freight costs, land freight costs, customs
costs, provisions for defective inventory, among others.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Selling
Expenses</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
selling expenses include all costs related to the sale of products, such as printing and design of sales catalogues, packaging materials,
events, marketing and advertising, promotional points program expenses, and employee compensation and social contributions. Costs related
to sales catalog and rewards or points program products account for most of the weight of total selling expenses.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Administrative
Expenses</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Administrative
expenses primarily include employees compensation, social contributions and associated expenses. Also, includes research and development,
leases, professional services relating to our statutory corporate audit and tax advisory fees, legal fees, outsourcing fees relating
to information technology, and corporate site and insurance costs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Distribution
Expenses</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distribution expenses include the cost
to carry the products from distribution centers to the final distributors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Financing
Income (Cost)</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
financing income (cost) consists primarily of: (i)&#160;interest expense and charges in connection with financings, (ii)&#160;income
derived from investments of excess cash, (iii)&#160;loss/gains from foreign exchange changes, and (iv)&#160;loss /gains in valuation
of derivative financial instruments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Income
Taxes</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are subject to (i) a 30% income tax rate under Mexican Income Tax Law, (ii) 25% income tax rate under Guatemalan law, and (iii) 21% income
tax rate under U.S. law. See &#8220;Taxation&#8221; section below for more information.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Fluctuations
in Exchange Rates in the Currencies in which We Operate</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
primary foreign currency exposure gives rise to market risks associated with exchange rate movements of the, Mexican Peso against the
U.S. dollar See &#8220;&#8212;Quantitative and Qualitative Disclosure about Market Risk&#8212;Exchange Rate Risk.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Previously
Issued Financial Statement Corrections</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
the preparation of the Company&#8217;s consolidated financial statements as of and for the 2022 period, management concluded that certain
prior year errors that were deemed to be immaterial, on an individual and aggregate basis, to the Company&#8217;s previously reported
consolidated financial statements as of and for the 2021 period under the SEC&#8217;s Staff Accounting Bulletin No. 99, could not be
corrected on an out-of-period basis in the current year financial statements because to do so would cause a material misstatement in
those financial statements. Due to the decrease in profit before taxes from 2021 to 2022, materiality levels in the 2022 period for accounting
purposes decreased to approximately half of the materiality levels established in the 2021 period. Therefore, the Company referred to
the guidance prescribed by the SEC&#8217;s Staff Accounting Bulletin No. 108 which specifies, among other things, that the errors must
be corrected as an immaterial restatement of the prior year financial statements the next time those financial statements are filed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Accordingly,
we made corrections of immaterial errors related to our consolidated financial statements for the 2021 period and the 2020 period. Below
we provide a representation of the effects of these immaterial corrections:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td colspan="15" style="font-weight: bold; text-align: center">Consolidated Statement of Financial Position as of December 31, 2021</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">39,852</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">607,363</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">881,976</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">921,893</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
adjustments relate to the following matters:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Cut-off
for revenue where control was not transferred to the customer.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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expensed at the same time the revenues were realized; instead of when catalogues were received as IFRS states.</span></td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(d)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Immaterial
provisions for labor and tax matters not recorded.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Results
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All amounts discussed are in thousands
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Net
Revenue</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
    <td><b>The Group&#8217;s net revenue</b></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">JAFRA</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,164,205</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total net revenue</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>The Group:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net revenue increased by 14.3%,
or MX$1,439,866, to MX$11,507,549 for the 2022 period compared to MX$10,067,683 for the 2021 period, due to the fact that in 2022 as a
result of the JAFRA Acquisition we increased the number of consultants and leaders by 492,191 and 21,385, respectively, which contributed
to increase our consolidated net revenue by MX$5,164,205 in our beauty and personal care product segments sales with: (i) MX$3,472,919
from the fragrances product line, (ii) MX$642,876 from color product line, (iii) MX$611,905 from skin care product line, and (iv) MX$321,806
from toiletries product line. This increase was offset by a decrease of 37.0% in our net revenue from our home organization segment in
comparison to prior year due to a decline in the number of distributors and associates by 22.7% and 26.8%, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 39; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>BWM:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net revenue decreased by 37.0%,
or MX$3,724,339, to MX$6,343,344 for the 2022 period compared to MX$10,067,683 for the 2021 period, due to the&#160;decline in the number
of distributors and associates that integrate our sales network in the outcome of the COVID-19 pandemic in comparison to the extraordinary
growth during the year ended December 31, 2021. During the year ended December 31, 2022, distributors decreased by 22.7% to 39,413 (compared
to 50,972 in 2021), and associates decreased by 26.8% to 778,845 (compared to 1,063,720 in 2021).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Cost
of Sales</b></span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>



</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>December&#160;31,</b></span></p></td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">The Group&#8217;s cost of sales</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">(as adjusted)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">BWM</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">4,498,008</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">JAFRA</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,002,914</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">4,498,008</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>The Group:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of sales decreased 20.4%,
or MX$918,915, to MX$3,579,093 for the 2022 period compared to MX$4,498,008,218 for the 2021 period, mainly because JAFRA historically
has had higher gross margins than BWM, as a result of manufacturing most of its products within Mexico and not having to bear international
freight costs as BWM. Gross profit increased by MX$2,358,781 from MX$5,569,675 for the 2021 period to MX$7,928,456 for the 2022 period.
As a&#160;percentage of net revenue, cost of sales was 31.1% for the 2022 period and 44.7% for the 2021 period.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><i>BWM:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of sales decreased 42.7%,
or MX$1,921,829, to MX$2,576,179 for the 2022 period compared to MX$4,498,008 for the 2021 period as a result of decreased revenue, resulting
in a gross profit of MX$3,767,165 for the 2022 period compared to MX$5,569,675 for the 2021 period. As a&#160;percentage of net revenue,
cost of sales was 40.6% for the 2022 period and 44.7% for the 2021 period. The decrease of cost of sales as a&#160;percentage of net revenues
was primarily due to a decrease in international air and sea freight costs during 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Administrative
Expenses</b></span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>December&#160;31,</b></span></p></td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">The Group&#8217;s administrative expenses</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">(as adjusted)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">BWM</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,247,742</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">JAFRA</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,498,216</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total administrative expenses</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>
</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>The Group:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Administrative expenses increased
108.1%, or MX$1,348,900, to MX$2,596,642 for the 2022 period compared to MX$1,247,742 for the 2021 period primarily due to an increase
of (i) 105.3% in wages paid to employees and social security contributions, (ii) 82.9% in repairs, maintenance and other general expenses,
and (iii) 250.3% in depreciation. All these expenses increased mainly as a result of the JAFRA Acquisition.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>BWM:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Administrative expenses decreased
12.0%, or MX$149,316, to MX$1,098,426 for the 2022 period compared to MX$1,247,742 for the 2021 period primarily due to the restructuring
completed during the second half of 2022 in BWM&#8217;s operating expenses to stabilize the budgeted sales level, which resulted in a
reduction in, among other things, wages paid to employees, advertising, warehouse rent payments and the impairment loss on trade account
receivable mostly offset by the increase in depreciation primarily from the new distribution center of Betterware in El Arenal, Jalisco,
Mexico. As a&#160;percentage of net revenues, administrative expenses represented 17.3% and 12.4% for the 2022 and 2021 periods, respectively.
Increase in administrative expenses as a percentage of net revenues was due to a loss of operating leverage because the decrease in sales.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 40; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Administrative
expenses by department are as follows:</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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2021</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Selling
Expenses</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td><b>The Group&#8217;s selling expenses</b></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%">BWM</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,256,289</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">JAFRA</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,786,749</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>The Group:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Selling
expenses increased 123.5%, or MX$1,551,741, to MX$2,808,030 for the 2022 period compared to MX$1,256,289 for the 2021 period, primarily
due to an increase in sales promotions and incentives, commissions, packaging material costs, events, market research, among others,
related to the incorporation of the beauty and personal care segment upon consummation of the JAFRA Acquisition.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>BWM:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Selling
expenses decreased 18.7%, or MX$235,008, to MX$1,021,281 for the 2022 period compared to MX$1,256,289 for the 2021 period, primarily
due to a decrease, mainly, in our rewards program and sales catalogues expenses. BWM&#8217;s selling expenses were 16.1% of net revenue
for the 2022 period compared to 12.5% of net revenue for the 2021 period. The increase in selling expenses as a percentage of net revenues
was mainly associated with an increase of sales bonuses and wages to hire new staff to promote sales, and the increase in events and
conventions expenses.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>The
selling expenses major line items include:</b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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2021</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 41; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">
<b>Distribution Expenses</b></span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td><b>The Group&#8217;s distribution expenses</b></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>The Group:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Distribution
expenses increased 2.1%, or MX$9,737, to MX$473,516 for the 2022 period compared to MX$463,779 for the 2021 period. This increase was
mainly the result of a 55.1% increase in freight costs in our beauty and personal care segment after consummation of the JAFRA Acquisition,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>BWM:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Distribution
expenses decreased 53.0%, or MX$245,695, to MX$218,084 for the 2022 period compared to MX$463,779 for the 2021 period. This decrease
relates to the decrease in sales and an 8% average discount in freight costs agreed with our carriers during 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Financing
Income (Cost)</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Interest
expenses increased 616.6% or MX$467,503 in 2022 as compared to 2021, due to interest payment of the long-term syndicated loan obtained
to fund the JAFRA Acquisition and interest payments associated with our bond issuance in Mexico (See &#8220;&#8212;Liquidity and Capital
Resources&#8212;Indebtedness&#8221;).</span></td>
</tr></table><div>

</div><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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(2)</sup></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">To
reduce the risks related to fluctuations in the exchange rate of the US dollar, we use derivative financial instruments such as forwards
to mitigate foreign currency exposure resulting from inventory purchases made in US dollars. As of December 31, 2022, Betterware had
US$41.8 million of forwards contracts with an average exchange rate of Ps. 20.31 compared to US$134.1 million of forwards contracts as
of December 31, 2021 with an average exchange rate of Ps.20.66. The difference between the average exchange rate of the forward contracts
and the real average exchange rate of Ps.20.12 and Ps.20.28 in each period represents the (loss) and gain in 2022 and 2021, respectively.</span></td>
</tr></table><div>

</div><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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(3)</sup></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
exposure to currency exchange rate <span>fluctuations and how we mitigate this risk can be found in the
section entitled &#8220;Risk Factors&#8212;Risks Related to Mexico&#8221; and &#8220;Currency Exchange Rate</span> Fluctuations.&#8221;
In addition, the unrealized gain in valuation of financial derivative instruments from 2021 was converted in foreign exchange loss when
forwards were paid during 2022.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif"> <b>Income Tax Expense</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;<span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income taxes decreased 36.5%
or MX$297,636 to MX$516,920 for the 2022 period compared to MX$814,556 for the 2021 period due to higher pre-tax profits paid during the
2021 period as compared to the 2022 period. The effective income tax rate is 37.3% in 2022 and 31.8% in 2021, the difference is derived
principally from certain non-deductible expenses of JAFRA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Reconciliation
Of Non-IFRS Measures</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Non
IFRS Financial Measures</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
define &#8220;EBITDA&#8221; as profit for the year adding back the depreciation of property, plant and equipment and right of use assets,
amortization of intangible assets, financing cost, net and total income taxes. EBITDA is not a measure required or presented in accordance
with IFRS. The use of EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute
for analysis of, our results of operations or financial condition as reported under IFRS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
believe that this non-IFRS financial measure is useful to investors because (i)&#160;We use this measure to analyze our financial results
internally and believe they represent a measure of operating profitability and (ii) this measure will serve investors to understand and
evaluate our EBITDA and provide more tools for their analysis as it makes our result comparable to industry peers that also prepare this
measure.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>EBITDA
Reconciliation to Net Income/(Loss) from Continuing Operations</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">BWM</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">516,920</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt">EBITDA</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">Ps.</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,514,227</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>The Group:</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2022 period, consolidated
EBITDA decreased 13.7% or Ps.367,879, to Ps.2,316,108 from Ps.2,683,987 in 2021, mostly due to lower operating leverage in Betterware,
which led to an 653bps consolidated EBITDA margin contraction. Comparable EBITDA margin for the year contracted 279bps mainly explained
by a lower operating leverage, partially offset by gross margin expansion and the reduction of fixed operating costs to align with our
current level of sales in Betterware.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

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

</div><!-- Field: Page; Sequence: 43; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Betterware&#8217;s
Capital Expenditures</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
capital expenditures were mainly related to the construction settlements after guarantee period of our new headquarters and distribution
center in Jalisco, Mexico. Our&#160;capital&#160;expenditures&#160;for this property in 2022, 2021 and 2020 periods amounted to MX$37,500,
MX$397,000 and MX$508,958, respectively. The total investment amounted to MX$1,108,458.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Betterware&#8217;s Results of Operations&#160;&#8212;
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">All amounts discussed are in thousands
of Mexican pesos unless otherwise noted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Net
Revenue</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">January 3, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><p style="margin-top: 0; margin-bottom: 0">Previously<br/>
Presented</p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

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or MX$2,830,055, to MX$10,067,683 for the 2021 period compared to MX$7,237,628 for the 2020 period, primarily due to: (i)&#160;an increase
in volume of units sold of 185.5 million in 2021 compared to 133.7 million in 2020 mainly as a result of certain commercial actions implemented
during 2021, such as increasing the share of lower price items and offer new products in our catalogues, (ii) focus on retention and recruitment
of distributors and associates and improving in-person interaction with them, and (iii) since the second half of 2021, we applied a general
increase of 12% in the price of our products.&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b>Cost
of Sales</b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Previously<br/>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cost of sales increased 37.1%,
or MX$1,217,660, to MX$4,498,008 for the 2021 period compared to MX$3,280,348 for the 2020 period as a result of increased revenue, resulting
in a gross profit of MX$5,569,675 for the 2021 period compared to MX$3,957,280 for the 2020 period. As a&#160;percentage of net revenue,
cost of sales was 44.7% for the 2021 period and 45.3% for the 2020 period. The decrease of cost of sales as a&#160;percentage of net revenues
was primarily because in the second half of 2021, we applied a general price increase of 12% to our products to offset the impact of the
increase in air and sea freight costs to meet the demand.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b><i>Administrative
Expenses</i></b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">January 3, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Previously Presented</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Administrative expenses increased
86.9%, or MX$580,095, to MX$1,247,742 for the 2021 period compared to MX$667,647 for the 2020 period primarily due to increases in wages
paid to employees, fees paid of software as a services license, a one-time consulting corporate services fee payment, and the increase
in depreciation primarily from the new office center business of the Company on Jalisco, Mexico. As a&#160;percentage of net revenues,
these expenses represented 12.4% and 9.2% for the 2021 and 2020 periods, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Administrative
expenses by department are as follows:</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><b><i>Selling
Expenses</i></b></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Selling
expenses increased 40.3%, or MX$361,014, to MX$1,256,289 for the 2021 period compared to MX$895,275 for the 2020 period, primarily due
to an increase in our rewards program, expenses incurred in printing a higher volume of sales catalogues in order to satisfy demand from
Distributors and Associates and packing materials. At the same time, the sales bonuses and wages decreased because of the reduction in
the number of sales managers within the Company. The Company&#8217;s selling expenses were 12.5% of net revenue for the 2021 period compared
to 12.4% of net revenue for the 2020 period. The selling expenses major line items include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">200,669</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Distribution
Expenses</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distribution expenses increased
40.1%, or MX$132,756 to MX$463,779 for the 2021 period compared to MX$331,023 for the 2020 period. This increase relates to the fact
that distribution expenses are driven primarily by sales volume, which increased 39.1% for the 2021 period, compared to the 2020 period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 45; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Financing
Income (Cost)</i></span></p><div>



</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">January 03,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">Financing Income (Cost)</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Interest Expense <sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">Ps.</td><td style="width: 9%; text-align: right">(75,818</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(80,253</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Interest Income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,872</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,930</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Unrealized gain (loss) in Valuation of Financial Derivative Instruments <sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">330,315</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(287,985</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">Changes in fair value of warrants <sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(851,520</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Foreign Exchange Loss, Net <sup>(4)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(319,739</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(30,402</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Financing Cost, Net</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(39,370</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(1,239,230</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Interest
                                            expenses decreased 5.5% or MX$4,435 in 2021 as compared to 2020, due to prepayment of loans
                                            in August 2021. The variation did not represent a high percentage because in September 2021,
                                            those interest payments were compensated by the interest expenses associated with our bond
                                            issuance in Mexico (See &#8220;Indebtedness&#8221;).</span></td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            connection with the secured line of credit for up to Ps.400,000 contracted with Banamex (see&#160;&#8212;&#8220;Indebtedness&#8212;Banamex
                                            Term Loans&#8221;), and in order to mitigate the risk of future increases in interest rates,
                                            we entered into a derivatives contract with Banamex, which consists of an interest rate swap.
                                            By using this interest rate swap, we converted our variable interest rates into fixed rates.
                                            The swap and the initial secured line were fully prepaid on August 31, 2021. In addition,
                                            to reduce the risks related to fluctuations in the exchange rate of the US dollar, we use
                                            derivative financial instruments such as forwards to mitigate foreign currency exposure resulting
                                            from inventory purchases made in US dollars. As of December 31, 2021, the Company had USD$134.1
                                            million with an average rate of Ps. 20.66. The difference between the average exchange rate
                                            of the forward contracts and the real average exchange rate of Ps. 21.53 and Ps. 20.28 in
                                            each period represents the (loss) and gain in 2020 and 2021.</span></td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">During
                                            the 2020 period, we assumed the obligation associated with outstanding warrants upon the
                                            Merger with DD3. Changes in the fair value of the warrant obligations, which increased during
                                            the&#160;year in direct correlation with the increase in our share price, was recognized
                                            in financing income/costs. As of December 31, 2021, we do not have outstanding warrants.</span></td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
                                            exposure to currency exchange rate <span>fluctuations and
                                            how we mitigate this risk can be found in the section entitled &#8220;Risk Factors&#8212;Risks
                                            Related to Mexico&#8221; and &#8220;Currency Exchange Rate</span> Fluctuations.&#8221; Additionally,
                                            the unrealized loss in valuation of financial derivative instruments from 2020 was converted
                                            in foreign exchange loss when forwards were paid during 2021.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><i>Income
Tax Expense</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">January 3, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Previously<br/> Presented</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Adjusted</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Previously<br/> Presented</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Adjusted</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Current</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">Ps.</td><td style="width: 9%; text-align: right">782,901</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">791,856</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">576,834</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">576,834</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Deferred</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">41,553</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">22,700</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(34,066</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(51,173</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total Income Tax Expense</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">Ps.</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">824,454</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">814,556</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">542,768</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">525,661</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income taxes increased 55.0%
or MX$288,895 to MX$814,556 for the 2021 period compared to MX$525,661 for the 2020 period due to higher pre-tax profits. The effective
income tax rate is 31.8% in 2021 and 63.8% in 2020, the difference is derived from the effect of fair value of warrants for Ps.851,520,
that affects the accounting result before taxes in the year 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Reconciliation
Of Non-IFRS Measures</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Non
IFRS Financial Measures</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
define &#8220;EBITDA&#8221; as profit for the year adding back the depreciation of property, plant and equipment and right of use assets,
amortization of intangible assets, financing cost, net and total income taxes. EBITDA is not a measure required or presented in accordance
with IFRS. The use of EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute
for analysis of, our results of operations or financial condition as reported under IFRS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
believe that this non-IFRS financial measure is useful to investors because (i)&#160;We use this measure to analyze our financial results
internally and believe they represent a measure of operating profitability and (ii) this measure will serve investors to understand and
evaluate our EBITDA and provide more tools for their analysis as it makes our result comparable to industry peers that also prepare this
measure.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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

</div><!-- Field: Page; Sequence: 46; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>EBITDA
Reconciliation to Net Income/(Loss) from Continuing Operations</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

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

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Previously Presented</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">In thousands of Mexican Pesos</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,747,939</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">338,361</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">298,444</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.5pt">Add: Total Income Taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">824,454</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">814,556</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">542,768</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">525,661</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.5pt">Add: Financing Cost, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39,370</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39,370</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,239,230</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,239,230</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.5pt">Add: Depreciation and Amortization</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">82,122</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">82,122</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">43,688</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">43,688</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt; padding-left: 0.5pt">EBITDA</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Ps.</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,746,830</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,683,987</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,164,047</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,107,023</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the 2021 period, consolidated
EBITDA increased 27.4% to Ps.2,683,987 from Ps.2,107,023 in 2020, mostly due to higher sales. Comparable EBITDA margin for the year contracted
264bps mainly explained by a lower operating leverage, partially offset by gross margin expansion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>LIQUIDITY
                                            AND CAPITAL RESOURCES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
primary source of liquidity is cash flow generated from our two main operating segments, sales of home organization products and beauty
and personal care (B&amp;PC). Variation in sales of our products directly affects our cash flow. We have historically met our short-
and long-term working capital and capital expenditure requirements through net cash flow provided by operating activities. Our capital
expenditures expenses requirements are mainly related to investment in technology, and, in prior years, to the construction of our distribution
center. We financed the JAFRA Acquisition through a long-term debt instrument, and despite the current inflationary environment, we believe
we will have sufficient resources to meet our debt service obligations in a timely manner.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
order to maintain sufficient liquidity, we strive to maintain a minimum cash and cash equivalent&#160;monthly balance of Ps.400,000 in
order to cover our Selling, General and Administrative expenses. As of December 31, 2022, our cash and cash equivalents was Ps.815,644,
above the minimum cash and cash equivalent&#160;monthly balance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the 2022 period, BWM imported 93% of its products. Such imports are paid in dollars. To reduce the risk related to fluctuations in exchange
rates, BWM uses derivative financial instruments as &#8220;forwards&#8221; to moderate the exchange risks resulting from future inventory
and purchases in dollars. The hedging forwards contracts cover 100% of the product needs until August 2023. The acquisition of JAFRA
is essential for our future growth opportunities, since it is expected to incorporate an attractive portfolio of products that will diversify
our offer, with unique brands in different market segments in Mexico and the United States, giving greater stability to our financial
strength in changing business environments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>Cash
Flow</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>Year
ended December 31, 2022 compared with year ended December 31, 2021</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cash
Flows from Operating Activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash flow provided by operating
activities decreased 3.8%, or MX$55,895, to MX$1,409,702 for the 2022 period compared to MX$1,465,597 for the 2021 period, mainly derived
from a decline in net income in our home organization segment of MX$1,371,037, decreasing from MX$1,747,939 in 2021 to MX$376,902 in
2022, mainly as a result of lower contribution margin driven by lower net sales, which was partially offset by the MX$493,062 increase
in net income arising from our beauty and personal care segment in 2022. Additionally, there was (i) an increase of MX$287,987 in trade
accounts receivable due to the JAFRA Acquisition , (ii) a decrease of MX$875,340 in accounts payable related to decreased in sales of
BWM which derived in lower purchases of inventories, and (iii) an increase in interest expense cashflows of MX$467,503 derived from the
long-term syndicated loan obtained during 2022 to pay the purchase price and other associated expenses under and in connection with the
JAFRA Acquisition. Historically, Betterware did not invest in working capital because it is financed by the days payable to suppliers
(sales are higher, cash collection from sales is faster than payments made to suppliers). However, during the 2022 period and due to
the decrease in sales, we did an investment in working capital of Ps.659,652 as inventory turnover increased from 104&#160;days during
the 2021 period, to 174 during the 2022 period, days of payables decreased from 165 during the 2021 period to 171 during the 2022 period,
and days of receivables were maintained at 27 days for the years ended December 31, 2021 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cash
Flows from Investing Activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Cash
flows used in investing activities increased by 1,406.1%, or MX$(4,504,844), to MX$(4,825,222) for the 2022 period compared to MX$(320,378)
for 2021 period mainly due to an increase in investing activities associated with the purchase price and other associated expenses under
and in connection with the JAFRA Acquisition. Cash flows used in investing activities include investment in business acquisitions, technological
platform, product innovation, equipment, and property.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Cash
Flows from Financing Activities</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Cash
flows generated from (used in) financing increased by 593.0%, or MX$3,675,807, to MX$3,055,966 for the 2022 period compared to MX$(619,841)
for the 2021 period. During 2022, we received MX$4,498,695 under the long-term financing agreement entered with a group of banks integrated
by Banamex, HSBC, BBVA, BanBajio, Bancopel and Scotiabank, which was used to pay the purchase price and other associated expenses under
and in connection with the JAFRA Acquisition. Additionally, funds for MX$1,320,010 were disbursed under the short-term financing agreements
as follows: (i) MX$250,000 by Banamex, (ii) MX$620,000 by HSBC, and (iii) MX$450,010 by BBVA. As of the date of this annual report, we
have repaid an aggregate amount of MX$1,120,025 under these short-term financing agreements, of which: (i)&#160;MX$50,000 was paid to
Banamex, (ii) MX$620,000 was paid to HSBC, and (iii)&#160;MX$450,010 was paid to BBVA. For the year ended December 31, 2022 and 2021,
we paid dividends in the amount of MX$949,610 and MX$1,400,000, respectively. For the year ended December 31, 2022 period, we paid interests
for MX$502,847, a 923.6% increase compared to MX$49,123 paid for the year ended December 31, 2021 period, mainly due to the repayments
made under the different financing agreements with financial institutions. See &#8220;&#8212;Liquidity and Capital Resources&#8212;Indebtedness.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>Year
ended December 31, 2021 adjusted compared with year ended January 3, 2021 adjusted </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Cash
flows from Operating, Investing and Financing Activities did not chance for the immaterial adjustments made to the financial statements
as of December 31, 2021 and January 3, 2021, because all adjustments were reconciled between operating activities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Indebtedness</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Long
Term Syndicated Credit Line </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 31, 2022, Betterware
entered into a credit agreement with Banamex, HSBC, BBVA, BanBajio, BanCoppel and Scotiabank, as syndicated lenders, for a credit line
of up to Ps.4,498,695. The funds under the credit line were entirely allocated to pay the purchase price and other associated expenses
under and in connection with the JAFRA Acquisition in Mexico and the United States. The maturity date is set up to be five years as from
March 2022 and pays monthly interest at the 28-day TIIE rate plus the applicable margin established in the contract. During the initial
24 months as from entering into the credit line, Betterware is not required to make any principal repayments. Starting on month 25, Betterware
will require make incremental monthly capital repayments until reaching repayment of the principal outstanding amount by month 60. Certain
JAFRA&#8217;s subsidiaries are jointly liable under this credit agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Long
Term Bond Offering</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
August 30, 2021, Betterware successfully concluded the offering of a two-tranche sustainability bond issuance for a total of Ps.1,500,000,
with maturities across 4 and 7 years, offered in the Mexican Market. The first offer of sustainability bonds for Ps.500,000 started paying
interest at 5.15% rate plus 0.40% and for the subsequent monthly payments, the rate will be based on the 29-day TIIE rate issued by Banxico
plus 0.40%, and the second offer of Ps.1,000,000 will pay interest semi-annually at a fixed rate of 8.35% during the sustainability bond
term. Capital payments will have to be made at the maturity date for each tranche under this bond issuance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Banamex
- Unsecured credit line</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Betterware has an unsecured
credit line with Banamex of up to Ps.400,000 TIIE plus 110 basis points. As of December 31, 2022, Betterware has withdrawn Ps.250,000
under such credit line, of which Ps.50,000 has been reimbursed to Banamex.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>BBVA-Credit
line</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 5, 2022, we entered
into a credit line with BBVA for up to Ps.400,000. On May 31, 2022, we entered into an amendment pursuant to which the available amount
under the credit line was increased by Ps.800,000. The line of credit bears interest at the 28-day TIIE rate plus 206 basis points, payable
monthly, with a term of 36 months from the date of signing the original contract. During 2022, Betterware withdrew Ps.450,010 under the
credit line, which were fully repaid before the end of the year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>HSBC-Credit
line</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On March 10, 2020, Betterware entered into a credit line agreement
with HSBC M&#233;xico, S.A., for an amount of Ps.50,000. BLSM is jointly liable under this credit line. On May 4, 2020, we entered into
an amendment pursuant to which the funds available under the credit line were increased to Ps.150,000. The maturity date of this credit
line is March 10, 2024, and it bears interest at the TIIE rate plus 200 basis points. During 2022, 2021 and 2020,&#160;the we withdraw
funds under this credit line in the amounts of Ps.620,000, Ps.20,000 and Ps.115,000, respectively. All of such amount have been fully
repaid as of the date of this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>RESEARCH
                                            AND DEVELOPMENT, PATENTS AND LICENSES, ETC.</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
research and development efforts consist of constant product innovation with the objectives of refreshing our catalogue content and attracting
clients&#8217; repeated purchases and data analytics unit technology in order to improve product development processes. For further details,
see &#8220;Item&#160;4.B. Information on the Company-Business Overview-Research and Development.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>TREND
                                            INFORMATION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>COVID-19
Virus Impact</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
a result of the coronavirus (COVID-19) outbreak and its global spread to a large number of countries, the World Health Organization classified
the viral outbreak as a pandemic on March&#160;11, 2020. See &#8220;Risk Factors&#8212;The COVID-19 virus&#160;(nCoV), as well as any
other public health crises that may arise in the future, has had and may continue to have a negative impact on our gross margins and
in our results of operation.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
operations since beginning of the COVID-19 pandemic, were not interrupted, due to our product lines include hygiene and cleaning solutions,
qualified as an essential activity in Mexico. However, the effects of the return to normality have been amplified by a softer-than-expected
economic environment and a weaker consumer spending. During 2022 and after the restrictions imposed in connection with the COVID-19 pandemic
were relaxed, BWM&#8217;s network of associates and distributors declined.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Inflation
and Supply Chain</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
the first half of 2022, the disproportionate increase in supply and demand was reflected in high freight costs that we had to pay. To
offset the effect and stabilize the profit margin in the sale of products, we implemented an emergency plan and increased the general
price of our products. During the second half of 2022, global logistics chains were stabilized, and costs are currently on a downward
trend.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Russia
and Ukraine Conflict</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022, manufacture of our beauty and personal care segment products was affected by the shortage of aluminum produced and export by Russia,
which is one of the largest producers of this input worldwide, as a consequence of the conflict with Ukraine. This shortage generated
an increase in prices and delays in delivery times for valves and aerosols. This situation caused several consequences in our operation,
including delays and non-compliance in the arrival of materials from suppliers, decreases in absorption of operating expenses, increases
in energy costs, and increases in the prices of raw materials such as alcohol and some components.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events, that
are reasonably likely to have a material adverse effect in our revenues, income, profitability, liquidity or capital resources, or that
would cause the reported financial information in this annual report to be not necessarily indicative of future operating results or
financial conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>E.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>CRITICAL
                                            ACCOUNTING JUDGMENTS AND ESTIMATES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_013"></a></div><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: 0in"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;6.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DIRECTORS,
                                            SENIOR MANAGEMENT AND EMPLOYEES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DIRECTORS
                                            AND SENIOR MANAGEMENT</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Set
forth below is information concerning our officers and directors as of the date of this annual report. Our executive officers are appointed
by the board of directors to serve in their roles. Each executive officer is appointed for such term as may be prescribed by the board
of directors or until a successor has been chosen and qualified or until such officer&#8217;s death, resignation or removal. Unless otherwise
indicated, the business address of all of our executive officers and directors is Luis Enrique Williams, 549, Colonia Belenes Norte,
Zapopan Jalisco, M&#233;xico C.P.45145.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Name</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Age</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Position&#160;Held</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 43%; text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Luis
    Campos</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif">70</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 43%; text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Chairman&#160;of&#160;the&#160;Board</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Andres
    Campos</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">40</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Chief Executive Officer
    and Board Member</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Alejandro
    Ulloa</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">49</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Chief Corporate Financial
    Officer</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Mauricio
    Alvarez</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">53</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Chief Corporate Information
    Officer</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Diana
    Jones</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">41</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Chief Financial Officer
    of Betterware</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Santiago
    Campos</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">31</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Board Member</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Jose
    de Jesus Valdez</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">70</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Independent Board Member</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Dr.
    Mart&#237;n M. Werner</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">60</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Independent Board Member</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Dr.
    Guillermo Ortiz</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">74</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Independent Board Member</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Federico
    Clariond</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">49</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Independent Board Member</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Salvador
    Alva</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">62</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Independent Board Member</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Joaquin
    Gandara</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">52</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Independent Board Member</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Silvia
    Davila</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">52</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Independent Board Member</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif">Reynaldo
    Vizcarra</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">57</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">Secretary</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Background
of Our Officers and Directors</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s board of directors is composed of the following members and a non-member Secretary:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Luis
Campos </b>has been in the direct to consumer business for more than 30 years. He has been chairman of Betterware de M&#233;xico since
he bought the Company in 2001. Prior to Betterware, Mr.&#160;Campos served as Chairman of Tupperware Americas (1994&#160;&#8211; 1999),
Chairman of Sara Lee&#160;&#8212; House of Fuller Mexico (1991&#160;&#8211; 1993), and Chairman of Hasbro Mexico (1984&#160;&#8211; 1990).
Mr.&#160;Luis Campos is an active member of the &#8220;Consejo Nacional de Comunicaci&#243;n&#8221;, an active member of the &#8220;Consejo
Consultivo&#8221; of Banamex and he was an active member of the Direct Selling Association, The Latin America Regional Managers&#8217;
Club, The Conference Board, and a board member of the Economic Development Commission of Mid Florida, Casa Alianza-Covenant House, The
Metro Orlando International Affairs Commission, SunTrust Bank and Casa de Mexico de la Florida Central,&#160;Inc. Mr.&#160;Campos was
selected to serve on Betterware&#8217;s board of directors due to his extensive experience in consumer product companies, especially
in the direct sales, as well as his relevant top-level experience in American public multinational companies. Luis Campos is the father
of Andres and Santiago Campos.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Andres
Campos </b>has been CEO of Betterware de M&#233;xico since 2018. Prior to becoming CEO, within the Company, Andres Campos served as
Commercial Director (2014&#160;&#8211; 2018) and Strategy and New Businesses Director (2012&#160;&#8211; 2014). Prior to Betterware,
Mr.&#160;Campos worked in Banamex Corporate Banking area (2012&#160;&#8211; 2014) and in KPMG as an Auditor (2004&#160;&#8211; 2005).
Andres holds a bachelor&#8217;s degree in Business Administration from Instituto Tecnol&#243;gico y de Estudios Superiores de Monterrey
and an MBA from Cornell University. Andres Campos is son of Luis Campos and brother of Santiago Campos.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Alejandro
Ulloa &#160;</b>joined Betterware with extensive experience at large and multinational companies including Citelis (Organizaci&#243;n
Ram&#237;rez), where he served as Chief Financial Officer; General Electric, where he was Director of Equity; and Banamex Citigroup,
where he held various positions of increasing responsibility, including Vice President of Financial Institutions at the Corporate and
Investment Banking, Manager of Relations with Financial Institutions and Corporate and Investment Bank, Relationship Manager for Institutional
Remedial Management and Credit Analyst. Mr. Ulloa also served as a member of Banorte&#8217;s regional Board. He has a bachelor&#8217;s degree
in Economics from ITAM, where he also received a Diploma in Credit and Financial Risk Management; and also holds an MBA from Yale University
and has an Executive Diploma in Real Estate Management from Harvard University.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Mauricio
Alvarez</b> joined to Betterware as CIO in August 2020 responsible for information technology spanning applications, data, cybersecurity
and infrastructure, all a vital part of nearly every aspect of our customer and service experience. Mauricio joined Betterware from multinational
customer experience companies including Atento where he was Chief Information Officer for the US, Mexico and Central America. Before
Atento, Mauricio co-founded Flip Technologies, a SaaS provider for nonprofit organizations and held various IT &amp; Innovation leadership
roles of increasing responsibility at The Coca-Cola Company globally. Mauricio holds a bachelor&#8217;s degree in Computer Systems from
the Universidad Iberoamericana in Mexico City.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Diana
Jones </b>has served as Betterware CFO since 2020. Mrs.&#160;Jones previously performed as Betterware&#8217;s Director of Comptroller
(2018-2019) and Director of Finance Planning (2019-2020). Prior joining the Company, she worked as Director of External Audit in KPMG
Cardenas Dosal, S.C., (2003-2018), including a term at New York City from 2008 to 2010. Mrs.&#160;Jones holds a degree in Public Accounting
and Finance from the Monterrey Institute of Technology and Higher Education (ITESM), as well as an MBA with specialty in Finance from
Tecmilenio University. She is also a Certified Public Accountant on behalf of the Mexican Institute of Public Accountants.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Santiago
Campos </b>has served as Director of Innovation and Communication at Betterware since 2018. Prior to joining Betterware, Santiago Campos
served as Commercial Director at EPI Desarrollos, a Real Estate Development company, coordinating efforts between marketing, sales, finance
and also taking care of administration, he was involved in achieving successful projects in a span of 2.5&#160;years where 100% sales
were accomplished before finishing construction. Santiago holds a bachelor&#8217;s degree in public accounting and finance from Instituto
Tecnol&#243;gico y de Estudios Superiores de Monterrey. Mr.&#160;Campos was selected to serve on Betterware&#8217;s board of directors
due to his natural instinct in product innovation and household needs in BWM market target group. Santiago Campos is son of Luis Campos
and brother of Andres Campos.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Jose
de Jesus Valdez </b>serves as CEO of Alpek since 1988. Mr.&#160;Valdez joined Alpek in 1976 and has held several senior management positions
such as CEO of Petrocel, Indelpro and Polioles. He was also president of the &#8220;Asociaci&#243;n Nacional de la Industria Qu&#237;mica&#8221;
(ANIQ), of the &#8220;Comisi&#243;n Energ&#233;tica de la Confederaci&#243;n de C&#225;maras Industriales de los Estados Unidos
Mexicanos&#8221; (CONCAMIN) and of the &#8220;C&#225;mara de la Industria de Transformaci&#243;n de Nuevo Le&#243;n&#8221; (CANAINTRA).
Mr.&#160;Valdez is a mechanical engineer and has an MBA from Tecnol&#243;gico de Monterrey (ITESM) and a master&#8217;s degree in industrial
engineering from Stanford University. Mr.&#160;Valdez was selected to serve on the Company&#8217;s board of directors due to his vast
experience in Mexican, US and Latin American business and market economy.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Dr.&#160;Mart&#237;n
M. Werner</b>, who has served as DD3&#8217;s Chief Executive Officer and Chairman of the Board since inception, is a founding partner
of DD3 Capital. Prior to founding DD3 Capital in 2016, Dr.&#160;Werner worked at Goldman Sachs for 16&#160;years (2000&#160;&#8211; 2016)
becoming a Managing Director in 2000 and a Partner in 2006. He was co-head of the Investment Banking Division for Latin America and the
country head of the Mexico office. Dr.&#160;Werner continues to serve as the Chairman of the board of directors of Red de Carreteras
de Occidente (RCO), which is one of Mexico&#8217;s largest private concessionaires and operates more than 760 kilometers of toll roads
and is owned by Goldman Sachs Infrastructure Partners. Prior to his time with Goldman Sachs, Dr.&#160;Werner served in the Mexican Treasury
Department as the General Director of Public Credit from 1995 to 1997, and as Deputy Minister from 1997 to 1999. Among his numerous activities,
he was in charge of restructuring Mexico&#8217;s Public debt after the financial crisis of 1994 and 1995. Dr.&#160;Werner is the second
largest investor of Banca Mifel, a leading mid-market Mexican bank with $3.3 billion in assets and a credit portfolio of $2.0 billion;
he is also member of the Board of Directors of Grupo Comercial Chedraui, a leading supermarket chain in Mexico and the United States;
the Board of Directors of Grupo Aeroportuario Centro Norte, one of Mexico&#8217;s largest airport operators; and he is a member of Yale
University&#8217;s School of Management Advisory Board. Dr.&#160;Werner holds a bachelor degree in economics from Instituto Tecnol&#243;gico
Aut&#243;nomo de Mexico (ITAM) and a Ph.D. in economics from Yale University.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Dr.&#160;Guillermo
Ortiz </b>has served as Chairman of BTG Pactual Latin America ex-Brazil, a leading Brazilian financial services company with operations
throughout Latin America, the U.S. and Europe, since 2015. Prior to joining BTG, from 2010 to 2015, he was Chairman of the Board of Grupo
Financiero Banorte-Ixe, the largest independent Mexican financial institution. Dr.&#160;Ortiz also served two consecutive six-year terms
as Governor of Mexico&#8217;s Central Bank from 1998 to 2009. From 1994 to 1997, Dr.&#160;Ortiz served as Secretary of Finance and Public
Credit in the Mexican Federal Government where he guided Mexico through the &#8220;Tequila&#8221; crisis and contributed to the stabilization
of the Mexican economy, helping return the nation to growth in 1996. He has served on the Board of Directors of the International Monetary
Fund, the World Bank and the Interamerican Development Bank. Dr.&#160;Ortiz is Chairman of the Pe Jacobsson Foundation, a member of Group
of Thirty, Board of Directors of the Center for Financial Stability, Board of Directors of the Globalization and Monetary Policy Institute,
Board of Directors in the Federal Reserve Bank of Dallas and Board of Directors of the China&#8217;s International Finance Forum. He
is also an Officer of Zurich Insurance Group&#160;Ltd. and a Member of the Board of Directors of Wetherford International, a leading
company in the oil and equipment industry, as well as of a number of Mexican companies, including Aeropuertos del Sureste, one of Mexico&#8217;s
largest airport operators, Mexichem, a global leading petrochemical group, and Vitro, a leading glass manufacturer company in Mexico.
Dr.&#160;Ortiz is also a member of the Quality of Life Advisory board of the Government of Mexico City. Dr.&#160;Ortiz holds a bachelor&#8217;s
degree in economics from Universidad Nacional Aut&#243;noma de M&#233;xico (UNAM), a master&#8217;s degree and a Ph.D. in economics
from Stanford University. Dr.&#160;Ortiz was selected to serve on our board of directors due to his significant government service and
finance experience.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Federico
Clariond </b>has served as CEO of Valores Aldabra, a single-family office with investments in financial services, aluminum, packaging
and consumer goods companies, since 2011, and as CEO of Buro Inmobiliario Nacional, a Real Estate investment vehicle with holdings in
the hospitality, industrial, office, and commercial spaces throughout Mexico, since 2015. Prior to Valores Aldabra and Buro Inmobiliario
Nacional, from 2007 to 2011, Mr.&#160;Clariond served as CEO of Stabilit Mexico, a manufacturer of fiber glass reinforced plastics with
operations in Mexico, the United States and Europe, and from 2004 to 2007, as Commercial VP of IMSA Acero. Additionally, he is board
member of several companies ranging from the financial services, aluminum, packaging and consumer goods industries. Mr.&#160;Clariond
is a mechanical engineer and has an MBA from Stanford University. Mr.&#160;Clariond was selected to serve on Betterware&#8217;s board
of directors due to his vast business experience in Mexico&#8217;s private investment matters.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Salvador
Alva</b> is a consultant, entrepreneur and member of various boards and civil associations. He was President of the Instituto Tecnologico
y de Estudios Superiores de Monterrey from 2011 to 2020, President of PepsiCo Latin America from 1983 to 2008 and Vice President of Marketing
and Planning of Cerveceria Moctezuma from 1972 to 1982. Mr. Alva holds a Barchelor&#180;s degree in Chemical Engineering from UNAM and
an MBA from Universidad de las Americas.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Joaquin
Gandara</b> serves as CEO of Stone Financial Awareness since 2017. Prior to Stone Financial Awareness, he worked at Scotiabank for 24&#160;years
where he held several positions in different departments such as Credit, Consumer Banking, Branch Operations and Corporate Banking. Mr.&#160;Gandara
was selected to serve on the Company&#8217;s board of directors due to his extensive knowledge in the financial and banking field.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Silvia
Davila</b> is a proven leader with over 30 years of experience working with leading consumer companies in various roles and possesses
deep knowledge of the Latin American market. Silvia Davila currently serves as President of Danone LATAM. She has vast experience in
financial and digital transformation achieving sustained business growth. Her leadership style is based on empowerment and team development,
consistently building high-performing teams to simplify operations, adding value through processes, and promoting ideas that generate
sustained growth. She is determined, committed and passionate, and always a strategic leader who develops people. Silvia joined Danone
in 2017 as Regional President LATAM for dairy products, and since 2020, she is a member of the Global Executive Committee and responsible
for the operation in Mexico and for all categories in LATAM. Prior to Danone, she worked in Mars (2004-2017), Procter &amp; Gamble (1992-2003)
and McDonald&#180;s Mexico (1989-1992). Silvia holds a Bachelor&#180;s degree in Marketing from UNITEC, where she graduated with honors,
a Master&#180;s degree in Business Economics form ITESM and post-graduate studies from Harvard, IMD and INSEAD.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Reynaldo
Vizcarra </b>(non-member Secretary) is a member of Baker&#160;&amp; McKenzie&#8217;s Corporate and Transactional Practice Group. He is
a professor at the University An&#225;huac del Norte where he teaches foreign investment as part of the master of laws program, and
an instructor at Universidad Panamericana&#8217;s Baker McKenzie Seminar. He joined Baker&#160;&amp; McKenzie&#8217;s Mexico City office
in 1986, handling foreign investments, banking and finance matters and international agreements. He also worked in the Chicago office&#8217;s
Latin America Practice Group, advising on investments and acquisitions in Latin America (1996&#160;&#8211; 1997). In 2000, Mr.&#160;Vizcarra
co-founded Baker&#160;&amp; McKenzie&#8217;s Guadalajara office, where he led the Banking&#160;&amp; Finance Practice Group. In August&#160;2005,
he transferred to Baker McKenzie&#8217;s Cancun office as a founding member and director mainly handling tourism and real estate projects.
In 2009, he transferred back to the Mexico City office, where he was local managing partner for four&#160;years and thereafter became
National Managing Partner of the Firm in Mexico until August&#160;2018.</span></td>
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<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>COMPENSATION</b></span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
the 2022 period, we paid our top management a fix aggregate compensation of approximately MX$39 million plus a variable aggregate compensation
for bonuses of approximately MX$8 million. The amounts payable under the performance bonus depend on the results achieved and include
certain qualitative and/or quantitative objectives. Overall, the total executive compensation for the 2022 period was MX$47 million.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
July 30, 2020, Betterware modified the share-based plan incentive granted to the Chairman of the Board and certain executives and directors
of the Company on August&#160;15, 2019 (the &#8220;Incentive Plan&#8221;). The purpose of the Incentive Plan is to provide certain members
of the top management with the opportunity to receive share-based incentives to encourage them to contribute significantly to the growth
of the Company and to align the economic interests of those individuals with those of the shareholders. The Incentive Plan is aligned
with the shareholders&#8217; interest in terms of the management capacity to obtain operating results that potentially benefit the share
price. If the pre-determined results are achieved, it will cause a gradual delivery of shares over a period of four to five&#160;years
(see Note&#160;23 of the Audited Consolidated Financial Statements). As of December 31, 2022, we have issued and delivered 731,669 shares
to Campalier, a wholly owned entity of the Chairman of the Board, under the Incentive Plan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>BOARD
PRACTICES</b></span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Board
Committees</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s Audit and Corporate Practices Committee has the following specifications:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Composition</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Audit and Corporate Practices Committee of the Group consists of three members appointed by the board itself, in accordance with the
provisions of Nasdaq, the Group&#8217;s bylaws and other legal provisions, in the understanding, however, that the chairman of the Audit
and Corporate Practices Committee will be elected by the General Assembly of Shareholders of the Group.</span></td>
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<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
members of the Audit and Corporate Practices Committee are independent as under Nasdaq requirements.</span></td>
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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Audit and Corporate Practices Committee may create one or more sub-committees, to receive support in the performance of its functions.
The Audit and Corporate Practices Committee is empowered to designate and remove the members of said sub-committees and to determine
their powers.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of the date of this annual report, the members of the Audit and Corporate Practices Committee are:</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">i.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Joaquin
Gandara Ruiz Esparza&#160;&#8212; Chairman&#160;&#8212; Mr.&#160;Gandara serves as CEO of Stone Financial Awareness since 2017. Prior
to Stone Financial Awareness, he worked at Scotiabank for 24&#160;years where he held several positions in different departments such
as Credit, Consumer Banking, Branch Operations and Corporate Banking.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">ii.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">America
Taracido serves as Managing Partner at Consultores en Alta Direccion y Gesti&#243;n de Empresas, S.C. and, she joined Desarrolladora
de Ciudad as CFO. Mrs.&#160;Taracido served in various positions in countries such as Peru, the United States and Mexico and worked in
important positions in companies such as &#8220;Ernst&#160;&amp; Young M&#233;xico, Avon Cosmetics, Finanzas&#160;&amp; CFO at Smurfit
Kappa Group M&#233;xico&#8221;, and others. She is an active member of the Council of Americas and was a president of &#8220;Instituto
Mexicano de Ejecutivos de Finanzas&#8221;. Mrs.&#160;Taracido holds a master degree in Administration in &#8220;Tecnol&#243;gico Auton&#243;mo
de M&#233;xico (ITAM)&#8221;. Since April&#160;2020 she is part of the Audit Committee for Betterware Mexico.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left">iii<span style="font-family: Times New Roman, Times, Serif">.</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Federico
Clariond has served as CEO of Valores Aldabra, since 2011, and as CEO of Buro Inmobiliario Nacional. Prior to Valores Aldabra and Buro
Inmobiliario Nacional, from 2007 to 2011, Mr.&#160;Clariond served as CEO of Stabilit Mexico, a manufacturer of fiber glass reinforced
plastics with operations in Mexico, the United States and Europe, and from 2004 to 2007, as Commercial VP of IMSA Acero. Additionally,
he is board member of several companies. Mr.&#160;Clariond is a mechanical engineer and has an MBA from Stanford University. Mr.&#160;Clariond
was selected to serve on Betterware&#8217;s board of directors due to his vast business experience in Mexico&#8217;s private investment
matters.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Sessions
Frequency</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Audit and Corporate Practices Committee and its sub-committees meet with the necessary frequency for the performance of their duties,
at the request of any of its members, the Board of Directors or its Executive President or the General Assembly of Shareholders; in the
understanding that it must meet at least 4 (four) times during a calendar&#160;year.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
sessions of the Audit and Corporate Practices Committee and its sub-committees may be held by telephone or videoconference, with the
understanding that the Secretary of the respective session must take the corresponding minutes, which must in any case be signed by the
Executive President and the respective Secretary, and collect the signatures of the members who participated in the session.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Functions</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Regarding
Corporate Practices, the Audit and Corporate Practices Committee will have the functions referred to in the Securities Market Law, especially
the provisions of section I (first) of its Article&#160;42 (forty-two), and other applicable legal provisions, as well as those determined
by the General Assembly of Shareholders. They will also perform all those functions of which they must render a report in accordance
with the provisions of the Securities Market Law. In an enunciative way, but not limited to, it will have the following functions:</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Provide
opinions regarding transactions between related parties to the General Assembly of Shareholders and the Board of Directors.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Develop,
recommend and review corporate governance guidelines and guidelines of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Recommend
modifications to the bylaws of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 54; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Analyze
and review all legislative, regulatory and corporate governance developments that may affect the operations of the Group, and make recommendations
in this regard to the Board of Directors.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Prepare
and propose the different manuals necessary for the corporate governance of the Group or for compliance with the applicable provisions.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Define
the compensation and performance evaluation policies of the senior executives of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Use
the best compensation practices to align the interests of the Shareholders and the senior executives of the Group, being able to hire
any independent expert necessary for the development of this function.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Ensure
access to market data and best corporate practices through external consultants specialized in the field.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Develop
a plan for the succession of senior executives of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
matters of Audit, the Audit and Corporate Practices Committee will have the functions referred to in the Securities Market Law especially
the provisions of section II of its Article&#160;42 (forty-two), and other applicable legal provisions, as well as those determined by
the General Assembly of Shareholders. They will also perform all those functions of which they must render a report in accordance with
the provisions of the Securities Market Law. In an enunciative way, but not limited to, it will have the following functions:</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Determine
the need and viability of the fiscal and financial structures of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Comment
on the financial and fiscal structure of the international expansion of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Comment
on the financial reports, accounting policies, control and information technology systems of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Evaluate
and recommend the external auditor of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Ensure
the independence and efficiency of the internal and external audits of the Group.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Evaluate
the transactions between related parties of the Group, as well as identify possible conflicts of interest derived from them.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Analyze
the financial structure of the Group, in the short, medium and long term, including any financing and refinancing transactions.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Review
and comment on the management of the Group&#8217;s treasury, risk and exposure to fluctuations in exchange rates and hedging instruments
of the Group, whatever their nature or denomination.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Evaluate
the processes and selection of insurance brokers, as well as the coverage and premiums of the Group&#8217;s insurance policies.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>EMPLOYEES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table provides information regarding the number of our employees for the 2022, 2021 and 2020 periods, respectively:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">January 03,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; padding-left: 0.5pt">Operations</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">962</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.5pt">Finance, administration, human resources, IT</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">502</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">128</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">184</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.5pt">Sales and marketing</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">147</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>E.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>SHARE
OWNERSHIP</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>F.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DISCLOSURE
OF A REGISTRANT&#8217;S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 55; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_014"></a></div><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: 0in"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;7.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>MAJOR
SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>MAJOR
SHAREHOLDERS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth information with respect to the beneficial ownership of our shares as of the date of this annual report:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">each
shareholder, or group of affiliated shareholders, who we know beneficially owns more than 5% of our outstanding shares;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 8.5pt">&#160;</span></p><div>


</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">each
of our directors and executive officers individually; and</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 8.5pt">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">all
directors and executive officers as a group.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 8.5pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
of the date of this annual report, we had 37,316,546 issued and outstanding ordinary shares. Beneficial ownership is determined in accordance
with the rules&#160;of the SEC and generally includes any shares over which a person exercises sole or shared voting and/or investment
power. Except as otherwise indicated, we believe the beneficial owners of the shares listed below, based on information furnished by
them, have sole voting and investment power with respect to the number of shares listed opposite their names. The address for Campalier
is Av. Acueducto 6075-A, Local A, Puerta de Hierro, Zapopan, Jalisco, 45116, Mexico.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">Ordinary&#160;shares</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">Owned&#160;as&#160;of</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Campalier S.A. de C.V.<sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">20,019,793</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 6pt">Cede &amp; Co.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,224,127</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-left: 6pt">Our executive officers and directors:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 6pt">Luis Campos</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 6pt">Andres Campos</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 6pt">Alejandro Ulloa</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 6pt">Diana Jones</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 6pt">Santiago Campos</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 6pt">Dr. Guillermo Ortiz</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 6pt">Salvador Alva</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 6pt">Joaquin Gandara</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 6pt">Silvia Davila</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 6pt">Reynaldo Vizcarra</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-left: 6pt">All directors and executive officers as a group (fourteen individuals)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 8.5pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">This
entity is controlled by Luis Campos, our Board Chairman.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 8.5pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>RELATED
PARTY TRANSACTIONS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Other
than as disclosed in this annual report and the Audited Consolidated Financial Statements attached hereto and other than in the ordinary
course of business, since the beginning of our preceding three financial years, have transactions or loans with the Group&#8217;s related
parties as follow:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; ">On
June 23, 2022, </span><span style="font-family: Times New Roman, Times, Serif">our <span>subsidiary Programa
Lazos, as borrower, entered into a loan agreement for an amount of Ps.150 million with Campalier, as lender. As of December 31, 2022,
Lazos has withdrawn Ps.120 million under such loan. Principal amount bears a monthly variable interest rate of TIIE plus 349 basis points,
and it does not foresee a specific maturity date.</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>INTERESTS
OF EXPERTS AND COUNSEL</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt">&#160;</span></p><div>

</div><div><a id="b_015"></a></div><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: 0in"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;8.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>FINANCIAL
INFORMATION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>CONSOLIDATED
AND COMBINED STATEMENTS AND OTHER FINANCIAL INFORMATION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8.5pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Audited Consolidated Financial Statements are included in Item&#160;18. The Audited Consolidated Financial Statements were audited by
independent registered public accounting firm and are accompanied by their audit reports.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 8.5pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 56; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Legal
Proceedings</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are not involved in or threatened by any material proceeding that we it is not adequately insured or indemnified or which, if determined
adversely, would have a material adverse effect on our consolidated and combined financial position, results of operations and cash flows.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
August&#160;12, 2014, the International Inspection Administration &#8220;4&#8221; (&#8220;AFI&#8221; for its acronym in Spanish), under
the Central Administration of International Control, in relation to the General Administration of Large Taxpayers of the Tax Administration
Service (&#8220;SAT&#8221;, for its acronym in Spanish), requested information regarding the Group&#180;s 2010 income tax filing, which
was provided at the time. On February&#160;20, 2017, the final agreement was signed with the Taxpayer Advocacy Office (&#8220;PRODECON&#8221;,
for its acronym in Spanish) regarding this SAT review. On March&#160;2, 2017, the SAT notified us, about certain issues on which an agreement
was not reached. As a result, we filed a lawsuit for annulment before the SAT&#8217;s resolution, which is still in progress&#8217;.
Based on the evaluation of the Group&#8217;s Management, tax liabilities are not expected to arise as a result of this matter. As of
December 31, 2022, the maximum exposure was considered not significant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Dividend
Distribution Policy</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have created an Investment Committee which evaluates and recommends the Board of Directors whether or not to pay dividends. As of the
date of this annual report, we have not implemented a dividend policy.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>SIGNIFICANT
CHANGES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Please
see Note&#160;29 of the Audited Consolidated Financial Statements elsewhere in this annual report.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_016"></a></div><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: 0in"></td><td style="width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;9.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>THE
OFFER AND LISTING</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>OFFER
AND LISTING DETAILS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
ordinary shares are listed on Nasdaq under the symbol &#8220;BWMX.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>PLAN
OF DISTRIBUTION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>MARKETS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
ordinary shares began trading on Nasdaq under the symbol &#8220;BWMX,&#8221; in connection with our initial public offering, on March&#160;13,
2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>SELLING
SHAREHOLDERS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>E.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DILUTION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>F.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>EXPENSES
OF THE ISSUE</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 57; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_017"></a></div><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: 0in"></td><td style="white-space: nowrap; width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;10.&#160;</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>ADDITIONAL
INFORMATION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>SHARE
CAPITAL</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>MEMORANDUM
AND ARTICLES OF ASSOCIATION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>The
following is a summary of some of the terms of our ordinary shares, based on our articles of association in place. The following summary
is not complete and is subject to, and is qualified in its entirety by reference to, the provisions of our articles of association, and
applicable Mexican law, including Mexican corporate law.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>General</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Betterware
is a company incorporated under the General Corporations Law. As Betterware is a Mexican corporation, the rights of holders of Betterware&#8217;s
shares will be governed directly by Mexican law and the Amended and Restated Charter.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Shareholder
Meetings</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Held
at the corporate domicile of the company or, in the case of unanimous resolutions, the place where the shareholders are met.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Notice:</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">A
copy of the notice of any shareholders&#8217; meeting shall be published not fewer than fifteen (15) calendar&#160;days prior to the
date of the proposed meeting in the electronic system of the Corporations Publications of the Mexican Ministry of Economy.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>Shareholders&#8217;
Voting Rights</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Any
person authorized to vote may be represented at a meeting by a proxy who may speak and vote on behalf of the member.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Depending
on the matter that requires shareholders&#8217; approval, the by-laws and Mexican law provide a fixed quorum.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
annual ordinary shareholders&#8217; meeting must have a quorum of at least 50% plus one of the outstanding shares of the company&#8217;s
capital stock and all resolutions shall be approved with the affirmative vote of at least the majority of the present shares. In the
event of a second or subsequent call, the general ordinary stockholders&#8217; meeting may be validly held regardless of the number of
shares represented, and its resolutions shall be valid when adopted by majority vote of the shares represented at the meeting.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
extraordinary shareholders&#8217; meetings must have a quorum of at least 75% of the outstanding shares of the company&#8217;s capital
stock and all resolutions must be approved with the affirmative vote of at least 50% of the outstanding voting shares of the company.
In the event of a second or subsequent call, extraordinary general stockholders&#8217; meetings may be validly held if 50% of the outstanding
voting shares of the company is represented, and their resolutions will be valid if adopted by the favorable vote of shares representing
at least 50% of the outstanding voting shares of the company.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Notwithstanding
the provisions of the preceding paragraph, the favorable vote of shares with or without voting rights representing (i)&#160;75% (seventy-five&#160;percent)
of the Company&#8217;s outstanding capital stock shall be required to amend the Company&#8217;s by-laws and (ii)&#160;95% (ninety-five&#160;percent)
of the capital stock of the Company to resolve and request from the National Banking and Securities Commission the cancellation of the
registration of the shares of the Company in the National Securities Registry, under the terms provided in the Securities Market Law
and other applicable provisions.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For
special meetings, the rules&#160;provided for general extraordinary meetings shall apply considering only the shares of the applicable
series or class.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
annual ordinary shareholders&#8217; meeting shall:</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approve
the chief executive officer and board of directors&#8217; annual reports; the appointment of the members of the board of directors and
statutory examiners; and if applicable, the members of the board or statutory examiners&#8217; fees.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">discuss
and approve on the re-appointment, revocation and/or appointment, if any, of one third of the proprietary members and respective alternates
of the board of directors that the annual general ordinary meeting resolves to re-appoint, revoke and/or appoint;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">evaluate
the independence of independent directors;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">appoint
the chairmen of the corporate practices and audit committees;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">decide
on the use of the company&#8217;s profit, if any;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">if
applicable, determine the maximum amount of resources that may be used for the acquisition of its own shares;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">approve
the execution of transactions whether simultaneously or subsequently by the company or the legal entities it controls within the same
fiscal&#160;year that may be considered as one and the same transaction that the company when they represent 20% or more of the consolidated
assets of the company, based on figures corresponding to the close of the immediately preceding quarter, regardless of the way in which
they are applied. Stockholders holding shares with limited or restricted voting rights may vote at such meetings; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">any
other matter that shall be convened with by the general ordinary meeting in accordance with applicable law or that is not specifically
reserved for an extraordinary meeting.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">An
extraordinary shareholders&#8217; meeting shall approve:</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">extension
of the company&#8217;s term;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">anticipated
dissolution of the company;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">any
increase or decrease in the capital stock of the company;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">any
amendment in the company&#8217;s corporate purpose;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">any
change in the company&#8217;s nationality;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
company&#8217;s change in any other type of entity or company;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">any
merger;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">issuance
of shares different than ordinary shares and bonds;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">redemption
of shares; and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">any
amendment to the company&#8217;s by-laws.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"></p><div>

</div><!-- Field: Page; Sequence: 59; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Directors</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
board of directors shall have a minimum of 9 and a maximum of 21 members.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Any
shareholder, or group of shareholders, that have 10% or more of the capital stock of the Company has the right to appoint one member
of the board of directors.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
members of the board shall hold office for one&#160;year or until the shareholders that have appointed them revoke such appointment.
The directors may be reelected as many times as deemed convenient and shall continue in office until their successors have been appointed
and taken office.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Fiduciary
Duties</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Members
of the board owe fiduciary duties in accordance with the Securities Market Law and in the applicable provisions of the stock exchange
in which the shares are listed as follows:</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
members of the board of directors must act in accordance with the duty of loyalty provided under Mexican law and in the applicable provisions
of the stock exchange in which the shares are listed. The directors and the secretary, in the event they have a conflict of interest,
must abstain from participating in the relevant matter and from being present in the deliberation and voting of said matter, without
it affecting the quorum required for the installation of the board.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
members of the board of directors must act in accordance with the duty of care. For such purposes, they shall have the right to request,
at any time and in accordance with the terms they deem appropriate, information from the company&#8217;s officers and the legal entities
controlled by the company.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
breach of any director to his duty of care shall make him jointly and severally liable with other directors who have breached their duty
of care or are responsible, for the damages and losses caused to the company, which shall be limited to direct damages and losses, but
not punitive or consequential, caused to the company and to the events in which such director acted fraudulently, in bad faith, with
gross negligence or unlawfully.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Shareholders&#8217;
Derivative Actions</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
liability resulting from the breach of the duty of care or the duty of loyalty shall be exclusively in favor of the company or of the
legal entity controlled by it or over which it has a significant influence and may be exercised by the company or by the stockholders
who, individually or jointly, hold ordinary shares or shares with limited voting rights, restricted or without voting rights, representing
5% or more of the corporate capital in accordance with the provisions of Article&#160;38 of the Securities Market Law.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
members of the board of directors shall not incur in liability for damages caused to the company or to the legal entities it controls,
when a director acts in good faith.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Indemnification
of Directors and Officers</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
company shall indemnify and hold harmless the members and the secretary of the board of directors, any of the members of the company&#8217;s
committees, and the relevant officers of the company, in connection with any liability arising from the performance of their duties,
including any indemnification for any damage or injury, the necessary amounts to reach any settlement, and any fees and expenses incurred
by such persons in connection with the above. Such indemnity shall not apply if any of such persons incurred or committed fraudulent
acts, unlawful acts or omissions, or acted in bad faith.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 60; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Inspection
of Books and Records</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Members
of the general public, on payment of a nominal fee, can obtain copies of the public records of the company available at the Public Registry
of Commerce, which will include an extract of the company&#8217;s articles of incorporation with the initial capital stock and any increase
in its fixed portion, the initial stockholders and members of the Board, as well as any merger, dissolution or liquidation provision.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Any
person that is registered as a stockholder in the company&#8217;s stockholder registry book can inspect, with prior written notice to
the company, any of the company&#8217;s books or records.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Anti-takeover
Protections</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Board of Directors needs to approve, with at least 66% of its Members present in a duly conveyed meeting and with at least 66% of its
Members favorable vote, any change in Control of the Betterware or the transfer of the 20% or more of Betterware&#8217;s shares. Such
change of Control or transfer must be notified to Betterware and Betterware&#8217;s shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Board of Directors must approve the transfer within the following 90 calendar&#160;days after having all documentation the Board deems
necessary for its consideration and approval.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the event the Board of Directors authorizes the transaction, in addition to the Board approval, prior to the closing of the transaction,
the person asking for the Board&#8217;s approval shall make a tender offer for 100% of the outstanding capital stock of the Company,
at a price payable in cash not less than the highest of the following:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
book value per share, in accordance with the latest quarterly financial statements approved by the Board of Directors and presented to
the National Banking and Securities Commission or to the applicable securities exchange; or</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
highest closing price per share with respect to transactions in the securities exchange where the shares are placed, published in any
of the 365&#160;days prior to the date of the application filed or the authorization granted by the Board of Directors; or</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the
highest price paid with respect to the purchase of any shares, during the 365&#160;days immediately before sending of the request or
the authorization granted by the Board of Directors.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
each of these cases (items (i)&#160;to (iii)&#160;above), a premium equal to or greater than 15% shall be paid in respect of the price
per share payable in connection with the requested transaction, it the understanding that the Board of Directors may modify, upwards
or downwards, the amount of such premium, taking into account the opinion of a reputable investment bank.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
public tender offer must be completed within 90&#160;days of the date of the Board of Directors&#8217; authorization, on the understanding
that such term may be extended for an additional period of 60&#160;days if the applicable governmental authorizations continues to be
pending on the date of expiration of the initial term referred to above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the event that the Board of Directors receives on or before closing, an offer from a third party, requesting to make the acquisition
of at least the same number of shares, on better terms for the stockholders or holders of shares of Betterware, the Board of Directors
shall have the capacity to consider and, if applicable, authorize such second request, revoking the authorization previously granted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
the transaction is not (i)&#160;an acquisition representing the 20% of the capital stock of Betterware, or (ii)&#160;a change of Control,
it shall be registered in Betterware&#8217;s Shares Registry Book once authorized by the Board of Directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
the event the Board of Directors rejects the transaction, the Secretary of the Board shall summon, within a period of 10 calendar&#160;days
following such rejection (or within 20 calendar&#160;days prior to the termination of the term for the Board of Directors to decide on
such request), to a General Ordinary Stockholders&#8217; Meeting at which the shareholders may, by the simple majority of the votes of
the outstanding shares, ratify the decision of the Board of Directors or revoke such decision. In such case, the shareholders&#8217;
resolution shall be deemed as final and shall replace any prior rejection by the Board of Directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#8220;<i>Control</i>&#8221;
means in respect of any person, through a person or group of persons, (i)&#160;the power to impose, directly or indirectly, by any means,
resolutions or decisions, or to veto or prevent such resolutions or decisions from being taken, in any sense, at General Shareholders
Meetings, or to appoint or remove the majority of the directors, administrators, managers or their equivalents of said person; (ii)&#160;maintain
the ownership of any class of shares or rights related thereto which permit, directly or indirectly, the exercise of voting rights in
respect of more than 50% of the shares, of whatever nature, with voting rights of such person, and/or (iii)&#160;the power to direct,
determine, influence, veto or impede, directly or indirectly, the policies and/or decisions of the Board of Directors or of the management,
strategy, activities, operations or principal policies of such person, whether through ownership of shares, by contract or agreement,
written or oral, or by any other means, regardless of whether such control is apparent or implied.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
copy of the Articles of Association, as amended, is furnished under Item&#160;19. &#8220;Exhibits&#8221;.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>MATERIAL
CONTRACTS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
do not have material contracts to disclose.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>EXCHANGE
CONTROLS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>E.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>TAXATION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Material
U.S. Federal Income Tax Considerations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following is a summary of the material U.S. federal income tax consequences to U.S. Holders (as defined below) of the ownership and disposition
of our ordinary shares. This summary is based upon U.S. federal income tax laws (including the U.S. Internal Revenue Code of 1986, as
amended (the &#8220;Code&#8221;) final, temporary and proposed Treasury regulations, rulings, judicial decisions and administrative pronouncements),
all as of the date hereof and such authorities may be repealed, revoked or modified, possibly with retroactive effect, so as to result
in United States federal income tax consequences different from those discussed below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
used herein, the term U.S. Holder means a beneficial owner of one or more of our ordinary shares:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">that
is for U.S. federal income tax purposes one of the following:</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">an
individual citizen or resident (as defined in Section 7701(b) of the Code) of the United States,</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">a
corporation (or other entity that is treated as a corporation for U.S. federal income tax purposes) created or organized in or under
the laws of the United States or any political subdivision thereof (including the District of Columbia).</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">an
estate the income of which is subject to U.S. federal income taxation regardless of its source; or</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9675;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">trust
if&#8201;(1)&#160;a court within the United States can exercise primary supervision over it, and one or more United States persons have
the authority to control all substantial decisions of the trust, or (2)&#160;the trust has a valid election in effect under applicable
U.S. Treasury regulations to be treated as a United States person;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">who
holds the ordinary shares as capital assets for U.S. federal income tax purposes;</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">who
owns, directly, indirectly or by attribution, less than 10% of the share capital or voting shares of the Company; and</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">whose
holding is not effectively connected with a business carried on through a permanent establishment in Mexico.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 62; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
discussion does not cover all aspects of U.S. federal income taxation that may be relevant to, or the actual tax effect that any of the
matters described herein will have on, the acquisition, ownership or disposition of our ordinary shares by particular investors (including
consequences under the alternative minimum tax or net investment income tax), and does not address state, local, non-U.S. or other tax
laws.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">This
summary also does not address all of the tax considerations that may apply to holders that are subject to special tax rules, such as
U.S. expatriates or former long-term residents of the United States, insurance companies, individual retirement accounts and other tax-deferred
accounts, tax-exempt organizations, certain financial institutions, dealers and certain traders in securities, persons holding ordinary
shares as part of a straddle, hedging, conversion or other integrated transaction, controlled foreign corporations or passive foreign
investment companies, persons who are required to accelerate the recognition of any item of gross income with respect to the shares of
the Company as a result of such income being recognized on an applicable financial statement, persons who acquired their ordinary shares
pursuant to the exercise of employee shares options or otherwise as compensation, entities or arrangements classified as partnerships
for U.S. federal income tax purposes or persons whose functional currency is not the U.S. dollar. Such holders may be subject to U.S.
federal income tax consequences different from those set forth below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds ordinary shares, the tax treatment of a
partner generally will depend upon the status of the partner and the activities of the partnership. An entity or arrangement treated
as a partnership for U.S. federal income tax purposes, or partner in a partnership, is urged to consult its own tax advisor regarding
the specific tax consequences of owning and disposing of the ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Except
as otherwise noted, this summary assumes that the Company is not a passive foreign investment company (a &#8220;PFIC&#8221;) for U.S.
federal income tax purposes, which the Company believes to be the case. The Company&#8217;s possible status as a PFIC must be determined
annually and therefore may be subject to change. If the Company were to be a PFIC in any&#160;year, materially adverse consequences could
result for U.S. Holders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Potential
investors in our ordinary shares should consult their own tax advisors concerning the specific U.S. federal, state and local tax consequences
of the ownership and disposition of our ordinary shares in light of their particular situations as well as any consequences arising under
the laws of any other taxing jurisdiction.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Taxation
of distributions</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Distributions
received by a U.S. Holder on ordinary shares, including the amount of any Mexican taxes withheld, generally will constitute foreign source
dividend income to the extent paid out of the Company&#8217;s current or accumulated earnings and profits (as determined for U.S. federal
income tax purposes). Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable return
of capital to the extent of the U.S. Holder&#8217;s basis in the ordinary shares and thereafter as capital gain. Because the Company
does not maintain calculations of its earnings and profits under U.S. federal income tax principles, it is expected that such distributions
(including any Mexican taxes withheld) will be reported to U.S. Holders as dividends. U.S. Holders should consult their own tax advisers
with respect to the appropriate U.S. federal income tax treatment of any distribution received from the Company. Corporate U.S. Holders
who own less than 10% of the share capital or voting shares of the Company will not be entitled to claim the dividends received deduction
with respect to dividends paid by the Company. A non-corporate recipient of dividend income will generally be subject to tax on dividend
income from a &#8220;qualified foreign corporation&#8221; at a reduced capital gains rate rather than the marginal tax rates generally
applicable to ordinary income provided that the holding period requirement is met. A non-U.S. corporation (other than a corporation that
is classified as a PFIC (defined below) for the taxable&#160;year in which the dividend is paid or the preceding taxable&#160;year) generally
will be considered to be a qualified foreign corporation with respect to any dividend it pays on stock which is readily tradable on an
established securities market in the United States. The ordinary shares are listed on Nasdaq, and should qualify as readily tradable
on an established securities market in the United States so long as they are so listed. Therefore, the Company believes that it will
be a qualified foreign corporation for purposes of the reduced tax rate, although no assurance can be given that it will continue to
be treated as a qualified foreign corporation in the future. Non-corporate U.S. Holders should consult their own tax advisors to determine
whether they are subject to any special rules&#160;that limit their ability to be taxed at this favorable rate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 63; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Dividends
received on ordinary shares will be treated, for United States foreign tax credit purposes, as foreign source income. A U.S. Holder may
be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any non-United States withholding
taxes imposed on dividends received on ordinary shares. Instead of claiming a credit, a U.S. Holder may elect to deduct foreign taxes
(including any Mexican taxes) in computing its taxable income, subject to generally applicable limitations. An election to deduct foreign
taxes (instead of claiming foreign tax credits) applies to all taxes paid or accrued in the taxable&#160;year to foreign countries and
possessions of the United States. The limitations on foreign taxes eligible for credit is calculated separately with respect to specific
classes of income. The rules&#160;governing foreign tax credits are complex. Therefore, U.S. Holders should consult their own tax advisors
regarding the availability of foreign tax credits in their particular circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Taxation
upon sale or other disposition of ordinary shares</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
U.S. Holder generally will recognize U.S. source capital gain or loss on the sale or other disposition of ordinary shares, which will
be long-term capital gain or loss if the U.S. Holder has held such ordinary shares for more than one&#160;year. The amount of the U.S.
Holder&#8217;s gain or loss will be equal to the difference between such U.S. Holder&#8217;s tax basis in the ordinary shares sold or
otherwise disposed of and the amount realized on the sale or other disposition. Net long-term capital gains of non-corporate U.S. Holders,
including individuals, may be eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.
Any gain or loss that a U.S. Holder recognizes generally will be treated as gain or loss from sources within the United States for U.S.
foreign tax credit limitation purposes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Additional
tax on net investment income</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">An
additional 3.8% federal income tax may be assessed on net investment income (including dividends, other distributions, and gain realized
on the sale of ordinary shares) earned by certain U.S. Holders. This tax does not apply to U.S. Holders who hold ordinary shares in the
ordinary course of certain trades or businesses.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Passive
foreign investment company rules</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Company believes that it was not a PFIC for its 2022 taxable&#160;year and does not expect to be a PFIC for its 2023 taxable&#160;year
or in the foreseeable future. A non-U.S. corporation will be a PFIC in any taxable&#160;year in which, after taking into account the
income and assets of the corporation and certain subsidiaries pursuant to applicable &#8220;look-through rules,&#8221; either (i)&#160;at
least 75% of its gross income is &#8220;passive income&#8221; or (ii)&#160;at least 50% of the average value of its assets is attributable
to assets which produce passive income or are held for the production of passive income. However, because PFIC status depends upon the
composition of the Company&#8217;s income and assets and the market value of its assets (including, among others, less than 25% owned
equity investments) from time to time, there can be no assurance that the Company will not be considered a PFIC for any taxable&#160;year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
the Company were a PFIC for any taxable&#160;year during which a U.S. Holder held ordinary shares, unless the U.S. Holder makes a mark-to-market
election as discussed below, gain recognized by a U.S. Holder on a sale or other disposition of an ordinary shares would be allocated
ratably over the U.S. Holder&#8217;s holding period for the ordinary shares. The amounts allocated to the taxable&#160;year of the sale
or other disposition and to any&#160;year before the Company became a PFIC would be taxed as ordinary income. The amount allocated to
each other taxable&#160;year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, and
an interest charge at the rates generally applicable to underpayments of tax payable in those&#160;years would be imposed on the resulting
tax liability. The same treatment would apply to any distribution in respect of ordinary shares to the extent such distribution exceeds
125% of the average of the annual distributions on ordinary shares received by the U.S. Holder during the preceding three&#160;years
or the U.S. Holder&#8217;s holding period, whichever is shorter. Certain elections may be available that would result in alternative
treatments (such as mark-to-market treatment) of the ordinary shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
addition, if the Company were treated as a PFIC in a taxable&#160;year in which it pays a dividend or in the prior taxable&#160;year,
the reduced rate discussed above with respect to dividends paid to certain non-corporate U.S. Holders would not apply.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">In
certain circumstances, instead of being subject to the excess distribution rules discussed above, a U.S. Holder may make an election
to include gain on the ordinary shares of a PFIC as ordinary income under a mark-to-market method, provided that the ordinary shares
are regularly traded on a qualified exchange. Under current law, the mark-to-market election is only available for ordinary shares that
are regularly traded within the meaning of U.S. Treasury regulations on certain designated U.S. exchanges and foreign exchanges that
meet trading, listing, financial disclosure and other requirements to be treated as a qualified exchange under applicable U.S. Treasury
regulations. Nasdaq is a qualified exchange.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">If
a U.S. Holder makes a mark-to-market election, the U.S. Holder will include each year as ordinary income, rather than capital gain, the
excess, if any, of the fair market value of the U.S. Holder&#8217;s ordinary shares at the end of the taxable year over such U.S. Holder&#8217;s
adjusted basis in the ordinary shares and will be permitted an ordinary loss in respect of the excess, if any, of the adjusted basis
of these ordinary shares over their fair market value at the end of the taxable year, but only to the extent of the net amount previously
included in income as a result of the mark-to-market election. A U.S. Holder&#8217;s basis in the ordinary shares will be adjusted to
reflect any such income or loss amounts. Any gain or loss on the sale of the ordinary shares will be ordinary income or loss, except
that this loss will be ordinary loss only to the extent of the previously included net mark-to-market gain.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
U.S. Holder who owns, or is treated as owning, PFIC stock during any taxable&#160;year in which the Company is a PFIC would generally
be required to file IRS Form&#160;8621 annually. Prospective purchasers should consult their tax advisors regarding the requirement to
file IRS Form&#160;8621 and the potential application of the PFIC regime.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Information
reporting and backup withholding</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
U.S. federal income tax law and the Treasury regulations, certain categories of U.S. Holders must file information returns with respect
to their investment in, or involvement in, a foreign corporation. For example, U.S. Holders that hold certain specified foreign financial
assets in excess of U.S.$50,000 are subject to U.S. return disclosure obligations (and related penalties). The definition of specified
foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in
accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract
held for investment that has an issuer or counterparty other than a U.S. person and any interest in a foreign entity. U. S. Holders may
be subject to these reporting requirements unless their ordinary shares are held in an account at a domestic financial institution. Penalties
for failure to file certain of these information returns are substantial.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Payments
of dividends and sales proceeds with respect to ordinary shares by a U.S. paying agent or other U.S. intermediary will be reported to
the IRS and to the U.S. Holder as may be required under applicable regulations. Backup withholding may apply to these payments if the
U.S. Holder fails to provide a correct taxpayer identification number or certification that it is not subject to backup withholding.
Certain U.S. Holders are not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will
be allowed as a credit against the U.S. Holder&#8217;s U.S. federal income tax liability and may entitle such U.S. Holder to a refund,
provided that the required information is timely furnished to the Internal Revenue Service. U.S. Holders should consult their tax advisors
about these rules&#160;and any other reporting obligations that may apply to the ownership or disposition of ordinary shares, including
requirements related to the holding of certain foreign financial assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Material
Mexico Income Tax Considerations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following is a summary of the material Mexican federal income tax consequences to US holders of the purchase, ownership and disposition
of our shares. The summary of Mexican tax considerations does not purport to be a comprehensive description of all the Mexican tax considerations
that may be relevant to a decision to purchase, own or dispose of shares and does not address all of the Mexican tax consequences that
may be applicable to specific holders of the shares (including a holder that controls the Company, an investor that holds 10% or more
of shares by vote or value or holders that constitute a group of persons for purposes of Mexican law that controls the Company or that
holds 10% or more of the shares by vote or value, or a holder that is a resident of Mexico or that is a corporation resident in a tax
haven (as defined in the Mexican Income Tax Law)). In addition, the summary does not address any U.S. or Mexican state or local tax considerations
that may be relevant to a U.S. holder.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
summary is based upon the federal income tax laws of the United Mexican States (hereinafter &#8220;Mexico&#8221;) as in effect on the
date of this annual report on Form 20-F, including the provisions of The Convention between the Government of the United States of America
and the Government of the United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect
to Taxes on Income, together with related Protocols and Competent Authority Agreements (hereinafter &#8220;Tax Treaty&#8221;), all of
which are subject to change, possibly with retroactive effect in the case of U.S. federal income tax law. Prospective investors in our
shares should consult their own tax advisors as to the U.S., Mexican or other tax consequences of the purchase, ownership and disposition
of shares, including, in particular, the effect of any foreign, state or local tax laws and their entitlement to the benefits, if any,
afforded by the Tax Treaty.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
purposes of this summary, the term &#8220;non-Mexican holder&#8221; shall mean a holder that is not a resident of Mexico for federal
tax purposes and that does not hold shares or a beneficial interest therein in connection with the conduct of a trade or business through
a permanent establishment or fixed base in Mexico.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
purposes of Mexican taxation, the definition of residency is highly technical and residency results in several situations. Generally,
an individual is a resident of Mexico if he or she has established his or her home in Mexico, and a corporation is a resident if it has
its place of effective management or center of interest in Mexico. An individual who has a home in Mexico and another country will be
considered to be a resident of Mexico if Mexico is the individual&#8217;s significant center of interest. However, any determination
of residence should take into account the particular situation of each person or legal entity. If a legal entity or an individual is
deemed to have a permanent establishment in Mexico for Mexican tax purposes, all income attributable to that permanent establishment
will be subject to Mexican income taxes, in accordance with applicable tax laws.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Taxation
of Dividends</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
the Mexican Income Tax Law, dividends paid to Mexican individuals, or any foreign residents are subject to a 10% withholding tax if paid
from earnings generated during and after 2014 but are not subject to Mexican withholding tax if paid from earnings generated before 2014.
Non-Mexican holders may be subject to withholding tax at reduced rates if they are eligible for benefits under an applicable tax treaty
with Mexico.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Taxation
of Dispositions of Shares</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Subject
to applicable tax treaties, any gain on the sale of our shares by any holder is subject to a 10% withholding tax in Mexico on the net
gain from the sale if the transaction is carried out through the Mexican Stock Exchange. These taxes are paid through withholdings made
by the financial intermediary. However, these withholdings will not be applicable to a non-resident holder that demonstrates (before
the relevant financial intermediary) residence in a country with which Mexico holds a tax treaty to avoid double taxation. The non-resident
holder must provide the financial intermediary with a signed document stating that the non-resident holder is a foreign resident and
that their country of residence has a tax treaty to avoid double taxation with Mexico and provide their Tax ID.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
sale or transfer of shares outside of the Mexican Stock Exchange will give rise to a 25% Mexican withholding tax on the gross proceeds
realized from the transaction. Subject to certain exceptions, a non-Mexican holder may elect to pay taxes on the gains realized from
the sale of shares on a net basis at a rate of 35.0%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Other
Mexican Taxes</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">There
are no Mexican inheritance, gift, succession or value-added taxes applicable to the ownership, transfer or disposition of the Shares
by non-Mexican holders; provided, however, that gratuitous transfers of shares may in certain circumstances cause a Mexican federal tax
to be imposed upon the recipient. There are no Mexican stamp, issue, registration or similar taxes or duties payable by non-Mexican holders
of shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Material
Guatemala Income Tax Considerations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
tax system of Guatemala is a unitary system, whereby income of all kinds, other than capital gains, is lumped together and subject to
a single tax. The components of gross income subject to tax are usually business income, interest, dividends, rent, salaries, and services.
Companies are subject to income tax only on their Guatemala-source income. Dividends and other income payable abroad are taxed separately
by way of withholding taxes (WHTs).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
income tax purposes, there are two main systems that taxpayers may subscribe to: the system on earnings from lucrative activities and
the simplified optional system on income from lucrative activities. The taxpayer chooses what system the company is registered for. Once
a system is chosen, it cannot be modified until the next tax period. The request for the modification must be requested before the tax
authorities at least one month prior to the new tax period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">System
on earnings from lucrative activities: Under the system on earnings from lucrative activities, the tax is determined and paid at the
end of each quarter, without prejudicing the end-of-period final tax liquidation. The tax rate is 25% on net income. This system allows
taxpayers to deduct costs and expenses incurred during the period, according to requirements established by law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Simplified
optional system on income from lucrative activities: Under the simplified optional system on income from lucrative activities, the tax
is payable under flat tax withholdings (the tax is to be retained by either the customer or the recipient of services) or by direct remittances
to the tax office made monthly within the first ten working days of the month following the invoice date. The tax rate is 5% on gross
income that ranges from 0.01 Guatemalan quetzales (GTQ) to GTQ 30,000 and 7% on the excess.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Local
income taxes: There are no specific state or provincial government taxes on income other than the two systems previously described.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>F.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DIVIDENDS
AND PAYING AGENTS.</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>G.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>STATEMENT
BY EXPERTS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>H.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DOCUMENTS
ON DISPLAY</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
make our filings in electronic form under the EDGAR filing system of the SEC. Our filings are available through the EDGAR system at www.sec.gov.
Our filings are also available to the public through the Internet at our website at https://investors.betterware.com.mx/. Such filings
and other information on our website are not incorporated by reference in this annual report. Interested parties may request a copy of
this filing, and any other report, at no cost, by writing to the following email address: ir@better.com.mx.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>I.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>SUBSIDIARY
INFORMATION</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>J.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>ANNUAL
                                            REPORT TO SECURITY HOLDERS</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_018"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;11.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>QUANTITATIVE
                                            AND QUALITATIVE DISCLOSURES REGARDING MARKET RISK</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are exposed to market risks arising from our normal business activities, which mainly consists of exchange rate risk and interest rate
risk. These market risks principally involve the possibility that fluctuations in exchange rates and interest rates will adversely affect
the value of our financial assets and liabilities, or future cash flows and earnings. Market risk is the potential loss arising from
adverse changes in market rates and prices.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Market
risk</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
activities expose it primarily to the financial risks of changes in exchange rates and interest rates (see below). We entered into a
variety of derivative financial instruments to manage its exposure to interest rate and foreign currency risk, including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
order to reduce the risks related to fluctuations in the exchange rate of foreign currency, we use derivative financial instruments such
as forwards to adjust exposures resulting from foreign exchange currency.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Additionally,
the Group occasionally used interest rate swaps to adjust its exposure to the variability of the interest rates or to reduce their financing
costs. The Group&#8217;s practices vary from time to time depending on judgments about the level of risk, expectations of change in the
movements of interest rates and the costs of using derivatives.</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">January 03,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Long-term<br/>
 debt</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Long-term<br/>
 debt</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Borrowings</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;Fair value.<sup>(1)</sup></span></td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">Ps.</td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">6,489,926</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
fair value of the long term bond in 2022 and 2021, was calculated based on level 1 of the value hierarchy, since its price is quoted
in an active market on that date, meanwhile the fair value of borrowings in 2022 and 2020 periods, was calculated using the discounted
cash flow method and the Interbank Equilibrium Interest Rate (&#8220;TIIE&#8221;, for its acronym in Spanish), adjusted for credit risk,
and used to discount future cash flows.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exchange
risk management</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
undertake transactions denominated in foreign currencies, mainly U.S. dollars; consequently, exposures to exchange rate fluctuations
arise. Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
carrying amounts of U.S. dollars, Euro (&#8220;&#8364;&#8221;<b>)</b> and India rupee (&#8220;Rp&#8221;<b>)</b> and denominated financial
assets and financial liabilities at the reporting date are as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">January 03,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">January 03,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">US$</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left; padding-left: 0.5pt">Financial assets</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,136</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">60,340</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(24,462</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.5pt">Closing exchange rate of the year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19.3615</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20.7693</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.0013</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20.5157</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Exchange
rate sensitivity analysis</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are mainly exposed to variations in the Mexican Peso / the U.S. Dollar exchange rate. For sensitivity analysis purposes, we have determined
a 10% increase and decrease in Ps. currency units against the U.S. dollar (&#8220;relevant currency&#8221;). A 10% is the sensitivity
rate used when reporting foreign currency risk internally to key management personnel and represents management&#8217;s assessment of
the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated
financial assets/liabilities and adjusts their translation at the&#160;year-end for a 10% change in foreign currency rates. Given that
the foreign exchange currency net position results in a liability, a positive number below indicates an increase in profit where currency
units strengthen 10% against the relevant currency. For a 10% weakening of currency units against the relevant currency, there would
be a comparable impact on the net income, and the balances below would be negative.</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">January 03,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-left: 0.5pt">Impact on net income</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">US$</td><td style="width: 9%; text-align: right">19,490</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">US$</td><td style="width: 9%; text-align: right">50,186</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">US$</td><td style="width: 9%; text-align: right">39,982</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>Foreign
exchange forward contracts</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
enter into foreign exchange forward contracts to manage the foreign currency risk associated with anticipated purchase transactions up
to six months. Basis adjustments are made to the initial carrying amounts of inventories when the anticipated purchases take place.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
Note&#160;19 to our Audited Consolidated Financial Statements for details on foreign currency forward contracts outstanding at the end
of the reporting period. Foreign currency forward contract liabilities are disclosed in the line item &#8216;Derivative financial instruments&#8217;
within the consolidated and combined statement of financial position.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have entered into contracts to purchase raw materials from suppliers in China, with such purchases denominated in U.S. dollars. We have
entered into foreign exchange forward contracts to hedge the exchange rate risk arising from these anticipated future purchases.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 68; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Interest
rate risk management</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
are exposed to interest rate risk from borrowings at variable interest rates. We manage the risk by maintaining an appropriate balance
between fixed and variable rate borrowings and the use of interest rate swap contracts. Hedging activities were evaluated regularly to
align with interest rate views and defined risk appetite; ensuring the most cost-effective hedging strategies are applied.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
exposures to interest rates on financial assets and financial liabilities are detailed in the section of liquidity risk management in
our Audited Consolidated Financial Statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">As
of December 2022 and 2021, we did not have any SWAP contracted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Credit
risk management</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
exposure to credit risk is not significant as no customer represents more than 10% of sales and receivables. The concentration of credit
risk is limited due to the fact that the customer base is large and unrelated, spread across diverse geographical areas. Credit policy
has been implemented for each customer establishing purchase limits. Customers who do not satisfy the credit references set out by us,
can only carry out transactions with the Group through prepayment.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
Note 6 in our Audited Consolidated Financial Statements, for further details on trade account receivables and the expected credit loss
estimate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Collateral
held as security and other credit enhancements</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
do not hold any collateral or other credit enhancements to cover its credit risks associated with its financial assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Our
exposure to credit risk</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
exposure to credit risk concentration is not significant as no customer represents more than 10% of sales and receivables. The concentration
of credit risk is limited due to the fact that the customer base is large and unrelated, spread across diverse geographical areas. Credit
policy has been implemented for each customer establishing purchase limits. Customers who do not satisfy our credit references, can only
carry out transactions with us through prepayment.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">For
trade receivables, we have applied the simplified approach to measure the loss allowance at lifetime ECL. We determine the expected credit
losses on these items by using a provision matrix, estimated based on historical credit loss experience based on the past due status
of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit
risk profile of these assets is presented based on their past due status in terms of the provision matrix. Our Note 6 in our Audited
Consolidated Financial Statements includes further details on the loss allowance for these assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Liquidity
risk management</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity
risk management framework for management of our short, medium and long-term funding and liquidity management requirements. We manage
liquidity risk by maintaining adequate reserves, banking facilities, and reserve borrowing facilities, by continuously monitoring the
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Liquidity
maturity analysis</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
manage our liquidity risk by maintaining adequate reserves of cash and bank credit lines available and consistently monitoring its projected
and actual cash flows. The maturity analysis of lease liabilities and long-term debt maturities effectives in 2022, 2021 and 2020 are
presented in Note 14 and 16, respectively in our Audited Consolidated Financial Statements. We have access to financing facilities as
described below.</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Bank credit lines and long term debt</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; padding-left: 0.5pt">Amount used</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">Ps.</td><td style="width: 9%; text-align: right">6,198,695</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">1,500,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">626,554</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.5pt">Amount not used</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,380,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">250,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">297,828</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.5pt">Total credit lines and long term debt</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">Ps.</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,578,695</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,750,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">924,382</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 69; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_019"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;12.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>DESCRIPTION
                                            OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DEBT
SECURITIES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>WARRANTS
AND RIGHTS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>OTHER
SECURITIES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>AMERICAN
DEPOSITARY SHARES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 70; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="b_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>PART&#160;II</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_021"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;13.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>DEFAULTS,
                                            DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_022"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;14.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>MATERIAL
                                            MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_023"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;15.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>CONTROLS
                                            AND PROCEDURES</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DISCLOSURE
CONTROLS AND PROCEDURES</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Our
Chief Executive Officer (CEO) and Chief Corporate Financial Officer (CCFO) are responsible for implementing disclosure controls and procedures
to ensure that the information required to be disclosed by the Group in the reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified in SEC rules&#160;and forms. Such information is necessary
for our officers who certify our financial reports and for other members of senior management and the CEO and CCFO as appropriate to
allow timely decisions regarding required disclosure. Because of these inherent limitations, our disclosure controls and procedures may
not prevent or detect misstatements. Additionally, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
CEO and CCFO oversee and review all materials for which there is a disclosure requirement, together with all data required to support
the documents mentioned above. These executives meet at regular intervals in order to review all data. Our CEO and CCFO conducted an
evaluation of the effectiveness of our disclosure controls and procedures (pursuant to Rule&#160;13a-15(e)&#160;under the Exchange Act)
as of December 31, 2022. Based on that evaluation, our CEO and CCFO have concluded that the Company&#8217;s disclosure controls and procedures
were not effective as of December 31, 2022, due to the existence of material weaknesses in our internal controls over financial reporting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">See
Exhibits 12.1 and 12.2 for the certifications required by this Item.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>MANAGEMENT&#8217;S
ANNUAL ASSESSMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Betterware&#8217;s
management is responsible for establishing and maintaining adequate internal control over financial reporting for Betterware as defined
in Exchange Act Rule&#160;13a-15(f)&#160;and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board. Internal
control over financial reporting includes those policies and procedures that:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of Betterware;</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS
and that receipts and expenditures of Betterware are being made only in accordance with authorizations of Management and directors of
Betterware; and</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Betterware&#8217;s
assets that could have a material effect on the financial statements.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements due to the possibility
that a control can be circumvented or overridden or that misstatements due to error or fraud may occur that are not detected. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that a reasonable
possibility exists that a material misstatement of our annual or interim financial statements would not be prevented or detected on a
timely basis.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31st, 2022,
our management assessed the effectiveness of our internal control over financial reporting based on the criteria of Internal Control -
Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our assessment concluded the
following material weaknesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company did not design
and maintain an effective risk assessment process and monitoring activities, commensurate with our financial reporting requirements, related
to identifying and assessing significant changes in the business that could affect our internal control over financial reporting, and
conducting timely follow-up to determine whether the components of internal control are present and functioning effectively. These material
weaknesses contributed to the following material weaknesses associated with:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) business combination process
specifically, the Company did not design and maintain controls to determine the goodwill and long-lived assets, including the review of
the data and assumptions used to determine the fair value of the assets and liabilities acquired;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) the period-end financial
reporting and consolidation process. Specifically, the Company did not design and maintain formal accounting policies, procedures and
controls to ensure complete, accurate and timely reporting in the consolidated financial statements; and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) certain information
technology (&#8220;IT&#8221;) general controls for information systems that are relevant to the preparation of its consolidated financial
statements. Specifically, the Company did not design and maintain (i) program change management controls to ensure the completeness of
IT program and data changes affecting IT applications and underlying accounting records are identified, tested, authorized and implemented
appropriately, (ii) certain user access controls to ensure appropriate segregation of duties that adequately restrict user and privileged
access to its financial applications and data to appropriate Company personnel, (iii) computer operations controls to ensure certain critical
data interfaces between key systems are appropriately monitored.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These material weaknesses
resulted in revisions to previously issued consolidated financial statements as of and for the years ended December 31, 2021 and January
3, 2021, and certain adjustments recorded in the current year consolidated financial statements. Additionally, each of these material
weaknesses could result in further misstatements of account balances or disclosures that would result in a material misstatement to the
consolidated financial statements that would not be prevented or detected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are in the process of implementing
several measures to strengthen our internal control over financial reporting such as the deployment of IT applications to enable and automate
the consolidation, creation and updating of policies and procedures for internal control reporting, creation of an internal control area
which shall be responsible of monitoring the internal control, and IT General Control process as implementation of new tools for managing
IT system changes such as ITSM.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the material
weaknesses in our internal control over financial reporting, we have concluded that the Consolidated Financial Statements included in
this annual report present fairly, in all material respects, our financial position, results of operations and cash flows for the periods
presented in conformity with IFRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2021, the Company ceased
to be classified as an emerging growth company (&#8220;EGC&#8221;) and its status was changed to that of large accelerated filer. Consequently,
the Company was no longer eligible for an exception from compliance with the requirements of section 404 of the Sarbanes-Oxley Act of
2022, which stipulates those enterprises must establish internal controls for financial reporting and must have processes to document,
test and maintain internal controls continuously. The Company started in 2021 the implementation of a formal Internal Control over Financial
Reporting Program based on a top-down risk assessment to validate the existence of controls over significant, accounts, processes, applications
and IT environments. Our management has worked, and continues to work, to strengthen our internal control over financial reporting, however,
we have not completed all remediation efforts. Accordingly, we will continue to enhance the internal control environment and focus on
the remediation of the material weaknesses described above, performing additional procedures prescribed by management, including the use
of manual mitigating control procedures and employing any additional tools and resources deemed necessary to ensure that our consolidated
financial statements are fairly stated in all material respects.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Management
conducted an evaluation of the effectiveness of Betterware&#8217;s internal control over financial reporting based on the framework in
Internal Control&#160;&#8211; Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission
(&#8220;COSO 2013&#8221;). Based on its evaluation, Management concluded that Betterware&#8217;s internal control over financial reporting
was not effective as of December 31, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">Guadalajara,
Mexico</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">May&#160;15,
2023</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="text-align: left; width: 40%; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; width: 20%; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; width: 40%; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Andres Campos</span></td>
    <td style="text-align: left; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; padding-right: 0.5pt; padding-left: 0.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Alejandro Ulloa</span></td>
    </tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 0.5pt; padding-left: 0.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andr&#233;s
    Campos, CEO</span></td>
    <td style="text-align: left; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alejandro
    Ulloa, CCFO</span></td>
    </tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON INTERNAL CONTROLS</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span>PricewaterhouseCoopers,
S.C., the Company&#8217;s independent registered public accounting firm, has audited the effectiveness of the Company&#8217;s internal
controls over financial reporting as of December 31, 2022 as stated in their report, which appears in &#8220;<i>Item 18. Financial Statements</i>.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span>&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>CHANGES
IN INTERNAL CONTROL OVER FINANCIAL REPORTING</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">During
2022, we implemented certain changes in our internal control over financial reporting to address our material weaknesses identified in
2021, which include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Completed
the design and implementation of an Internal Control over Financial Reporting (ICFR) program, which is aligned with leading control frameworks
such as COSO and COBIT.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
ICFR program focuses on the identification, documentation, and testing of the controls intended to mitigate the risk of material financial
statement misstatements and is the basis to assess the effectiveness of our ICFR as of the end of each fiscal year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Documented
processes and controls, by which transactions are initiated, authorized, recorded, processed, corrected as necessary, transferred to
the general ledger and reported in our consolidated financial statements;</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Finalized
the implementation of the controls intended to mitigate risks on areas of higher risk to financial reporting.</span></td>
</tr></table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><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: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Documented
a remediation plan which included the deficiencies identified and the controls to be implemented for each one of them and the time of
when remediation was going to be completed.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
acknowledge that material weaknesses in our ICFR have been identified. We will continue to work to enhance the maturity level of our
implemented ICFR.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_024"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Reserved</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_025"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16A.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>AUDIT
                                            COMMITTEE FINANCIAL EXPERT</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;Directors, Senior Management and Employees&#8212;Board Practices&#8212;Board
Committees&#8212;Audit Committee.&#8221; Our Board of Directors has determined /that Joaquin Gandara Ruiz Esparza qualifies as an &#8220;audit
committee financial expert&#8221; under applicable SEC rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 74; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><div><a id="b_026"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16B.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>CODE
                                            OF ETHICS</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">We
have a Code of Ethics that applies to all directors, officers and employees of the Group, including our Chief Executive Officers, Chief
Financial Officers, principal accounting officers, controller and persons performing similar functions. Our Code of Ethics is included
as an exhibit&#160;to this annual report on Form&#160;20-F.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_027"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16C.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>PRINCIPAL
                                            ACCOUNTANT FEES AND SERVICES</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Fees
Paid to the Company&#8217;s Principal Accountant</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following table sets forth the fees for the 2022 and 2021 periods, respectively:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&#160;the&#160;Year Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December&#160;31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">(in&#160;thousands&#160;of&#160;MX$)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-left: 0.5pt">Audit fees</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">17,015</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">6,945</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.5pt">Audit related fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">312</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,258</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.5pt">Other fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,005</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,064</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; padding-left: 0.5pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">19,332</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">11,267</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;<span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Audit
Fees</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Audit fees were paid for professional
services rendered by the auditors for the audit of the Consolidated Financial Statements and the statutory financial statements of the
Group.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Audit-Related
Fees</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Audit-related
fees are typically services that are reasonably related to the performance of the audit or review of the Consolidated Financial Statements
and are not reported under the audit fee item above. This item includes fees for attestation services on financial information of the
Group included in the Group&#8217;s registration statements on Form&#160;F-1 and Form&#160;F-4 as well as its listing process in the
Bolsa Institucional de Valores (&#8220;BIVA&#8221;, Mexican Stock Exchange) in 2021 the listing process in Bolsa Mexicana de Valores
(&#8220;BMV&#8221;).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Other
Fees</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Other
fees were paid for transfer pricing services and social security compliance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>Audit
Committee&#8217;s Pre-approval Policies and Procedures</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group&#8217;s audit committee is responsible for, among other things, the oversight of the Group&#8217;s independent auditors. The audit
committee has adopted a policy of pre-approval of audit and permissible non-audit services provided by its independent auditors in its
charter.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Under
the policy, the audit committee makes its recommendations through the Board of Directors to the shareholders&#8217; meeting concerning
the continuing appointment or termination of the Group&#8217;s independent auditors. On a&#160;yearly basis, the audit committee reviews
together with management and the independent auditor, the audit plan, audit related services and other non-audit services and approves
the related fees. Any changes to the approved fees must be reviewed and approved by the audit committee. In addition, the audit committee
delegated to its Chairman the authority to consider and approve, on behalf of the Audit Committee, additional non-audit services that
were not recognized at the time of engagement, which must be reported to the other members of the audit committee at its next meeting.
No services outside the scope of the audit committee&#8217;s approval can be undertaken by the independent auditor.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_028"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16D.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>EXEMPTIONS
                                            FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 75; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_029"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16E.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>PURCHASES
                                            OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">None.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_030"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16F.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>CHANGE
                                            IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT.</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 4, 2022, our Board of Directors approved the appointment
of PricewaterhouseCoopers,, S.C. (&#8220;PWC&#8221;), as our auditors for the audit as of December 31, 2022. The change in the Group&#8217;s
external auditor was decided in connection with the JAFRA Acquisition in April 2022. At the time of the acquisition, PWC acted as external
auditor of JAFRA. Likewise, Galaz, Yamazaki, Ruiz Urquiza, S.C. (&#8220;Deloitte&#8221;) was the Company&#8217;s external auditor. Since
it was not possible for the Company to have two external auditors&#8217; firms, the Company&#8217;s Audit Committee requested both of
them to submit separate proposals to act as external auditors of the Company in a consolidated basis. After careful review of such proposals,
the appointment of PWC was recommended by the Company&#8217;s Audit Committee and was approved by the Company&#8217;s Board of Directors.
At the same time, Deloitte was dismissed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the two fiscal years ended December 31, 2021 and January 3,
2021, and the subsequent interim period through August 4, 2022 there were no disagreements with Deloitte, on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their
satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audit reports of Deloitte
on the consolidated financial statements of the Group as of December 31, 2021 and January 3, 2021, respectively, and for the years then
ended did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope,
or accounting principle.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant has requested that Deloitte furnish it with a letter
addressed to the SEC stating whether or not it agrees with the above statements. A copy of such letter, dated May 15, 2023, is filed as
Exhibit 16 to this&#160;Form&#160;20-F.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_031"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16G.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>CORPORATE
                                            GOVERNANCE</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">As
a Mexican company listed on the Nasdaq, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules&#160;permit
a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices
in Mexico, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards. Currently, we
rely on home country practice. As a result, our shareholders could be subject to less protection than they would otherwise enjoy under
the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. See &#8220;Risk Factors&#8212;As a &#8220;foreign
private issuer&#8221; under the rules&#160;and regulations of the SEC, Betterware is permitted to, and is expected to, file less or different
information with the SEC than a company incorporated in the United States or otherwise subject to these rules, and is expected to follow
certain home country corporate governance practices in lieu of certain Nasdaq requirements applicable to U.S. issuers.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_032"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;16H.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>MINE
                                            SAFETY DISCLOSURE</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_033"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM 16I.&#160;</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>DISCLOSURE
                                            REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_034"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM 16J.&#160;</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>INSIDER
                                            TRADING POLICIES</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">Not
applicable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 76; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>PART&#160;III</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><div><a id="b_036"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;17.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>FINANCIAL
                                            STATEMENTS</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Group has responded to Item&#160;18 in lieu of responding to this item.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_037"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;18.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>FINANCIAL
                                            STATEMENTS</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif"><b>(a)</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><span style="text-decoration:underline">Financial
                                            Statements</span></b></span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Betterware
de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware de M&#233;xico, S.A.B. de C.V.)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Audited
Consolidated and Combined Financial Statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 90%"><a href="#z_001"><span style="font-size: 10pt">Report of Independent Registered Public Accounting Firm <b>PCAOB
    ID 1128</b></span></a></td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: bottom; text-align: center; width: 9%">F-2</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><a href="#z_002">Report of Independent Registered Public Accounting Firm <b>PCAOB
    ID 1153</b></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-6</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 10pt"><a href="#a_002">Consolidated Statements of Financial Position as of December 31, 2022, 2021, and January 3, 2021</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-7</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 10pt"><a href="#a_003">Consolidated Statements of Profit or Loss and Other Comprehensive Income for the year ended December 31, 2022, 2021 and the 53-week period ended January 3, 2021</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-9</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 10pt"><a href="#a_004">Consolidated Statements of Changes in Stockholders&#8217; Equity for the year ended December 31, 2022, 2021 and the 53-week period ended January 3, 2021</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-11</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 10pt"><a href="#a_005">Consolidated Statements of Cash Flows for the year ended December 31, 2022, 2021 and the 53-week period ended January 3, 2021</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-12</td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-size: 10pt"><a href="#a_006">Notes to the Audited Consolidated Financial Statements</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">F-14</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_038"></a></div><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">
<td style="width: 0in"></td><td style="white-space: nowrap; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif"><b>ITEM&#160;19.&#160;</b></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>EXHIBITS</b></span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>(b)</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>List
of Exhibits</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
following exhibits are filed or incorporated by reference as part of this annual report:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit<br/>
    Number</b></span></td>
    <td style="padding-bottom: 1.5pt; vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt; text-align: center; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1788257/000155837022006349/bwmx-20211231xex1d1.htm">Articles of Association of Betterware de M&#233;xico, S.A.P.I. de C.V.*</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex2-1_better.htm">Description of Securities</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex8-1_better.htm">List of Subsidiaries.</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1788257/000155837022006349/bwmx-20211231xex11d1.htm">English Translation of the Company&#8217;s Code of Ethics.*</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-1_better.htm">Certification of Andres Campos, Chief Executive Officer of Betterware de M&#233;xico, S.A.P.I. de C.V., pursuant to Section&#160;302 of the Sarbanes Oxley Act of 2002.</a></span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-right: 0.5pt; padding-left: 0.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="f20f2022ex12-2_better.htm">Certification of Alejandro Ulloa, Corporate Chief Financial Officer of Betterware de M&#233;xico, S.A.P.I. de C.V., pursuant to Section&#160;302 of the Sarbanes Oxley Act of 2002.</a></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1</span></td>
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</div><p style="margin-top: 0; margin-bottom: 0">* <span>Incorporated by reference to the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><div><a id="b_039"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>SIGNATURES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
registrant hereby certifies that it meets all of the requirements for filing Form&#160;20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    Luis Campos</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: May 15, 2023</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif"><b>Betterware
de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware de M&#233;xico, S.A.B. de C.V., subsidiary of Campalier, S.A. de C.V.) and
subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Consolidated
financial statements as of December 31, 2022, 2021 and January 3, 2021 and for the year ended December 31, 2022, 2021 and the 53 weeks
ended January 3, and Report of Independent Registered Accounting Firm dated May 15, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Betterware
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subsidiaries</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2in 0pt 1in; text-align: justify"><span style="font-size: 12pt">Consolidated financial statements as
of December 31, 2022, 2021 and January 3, 2021 and for the year ended December 31, 2022, 2021, and the 53 weeks ended January 3, 2021</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

</div><!-- Field: Page; Sequence: 80 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Betterware de M&#233;xico, S.A.P.I. de C.V.
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b>Consolidated financial statements as of December 31, 2022, 2021,
and January 3, 2021 and for the year ended December 31, 2022, 2021 and the 53 weeks ended January 3, 2021, and Report of Independent Registered
Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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</div><!-- Field: Page; Sequence: 81; Options: NewSection; Value: 1 --><div>
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</div><div><a id="z_001"></a></div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Report of Independent Registered Public
Accounting Firm</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors and Shareholders of</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Betterware de M&#233;xico, S.A.P.I. de C.V.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Opinion on the Financial Statements and Internal Control over
Financial Reporting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have audited the accompanying consolidated statement of financial
position of Betterware de M&#233;xico, S.A.P.I. de C.V. and its subsidiaries (the &#8220;Company&#8217;) as of December 31, 2022, and
the related consolidated statements of profit or loss and other comprehensive income, of changes in stockholders&#8217; equity and of
cash flows for the year then ended, including the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
We also have audited the Company&#8217;s internal control over financial reporting as of December 31, 2022, based on criteria established
in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations
and its cash flows for the year then ended in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board. Also in our opinion, the Company did not maintain, in all material respects, effective internal control over
financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by
the COSO because material weaknesses in internal control over financial reporting existed as of that date related to ineffective design
and maintenance of controls over&#160;(i) risk assessment processes to identify and assess the risk of material misstatement in the Company&#8217;s
consolidated financial statements, (ii) monitoring activities to identify significant changes in the business and conduct timely follow
up to determine whether controls are present and functioning effectively, (iii) the business combination process to determine the goodwill
and long-lived assets, including the review of the data and assumptions used to determine the fair value of the assets and liabilities
acquired, (iv) &#160;the period-end financial reporting and consolidation process to maintain formal accounting policies, procedures and
controls to ensure complete, accurate and timely reporting in the consolidated financial statements; and (v) certain information technology
general controls for information systems that are relevant to the preparation of &#160;the Company&#8217;s consolidated financial statements
relating to program change management, certain user access and segregation of duties,and computer operations for certain critical data
interfaces between key systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or
interim financial statements will not be prevented or detected on a timely basis. The material weaknesses referred to above are described
in the Management&#8217;s Annual Assessment on Internal Control over Financial Reporting appearing under Item 15. We considered these
material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the 2022 consolidated financial
statements, and our opinion regarding the effectiveness of the Company&#8217;s internal control over financial reporting does not affect
our opinion on those consolidated financial statements.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis for Opinions</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&#8217;s management is responsible for these consolidated financial
statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal
control over financial reporting, included in the management&#8217;s report referred to above. Our responsibility is to express opinions
on the Company&#8217;s consolidated financial statements and on the Company&#8217;s internal control over financial reporting based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was
maintained in all material respects.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our audits of the consolidated financial statements included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide
a reasonable basis for our opinions.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As described in the Management&#8217;s Annual Assessment on Internal
Control over Financial Reporting appearing under Item 15, management has excluded JAFRA Segment from its assessment of internal control
over financial reporting as of December 31, 2022 because it was acquired by the Company in a purchase business combination during 2022.
We have also excluded JAFRA Segment from our audit of internal control over financial reporting. JAFRA Segment is a wholly-owned subsidiary
whose total assets and total revenues excluded from management&#8217;s assessment and our audit of internal control over financial reporting
represent 49% and 45%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31,
2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Definition and Limitations of Internal Control over Financial
Reporting</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A company&#8217;s internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting
includes those policies and procedures that (i)&#160;pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company; (ii)&#160;provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (iii)&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the company&#8217;s assets that could have a material effect on the financial statements.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Critical Audit Matters</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The critical audit matters communicated below are matters arising from
the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee
and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially
challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the
consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate
opinions on the critical audit matters or on the accounts or disclosures to which they relate.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Accounts Receivable Allowance for Credit Losses&#160;</i></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As described in Note 6 to the consolidated financial statements as
of December 31, 2022, the accounts receivable amounted to $971 million, the Company assesses the recoverability of accounts receivable
by recognizing the provision for impairment based on expected credit losses. As disclosed by Management, the Company used the segmentation
of the portfolio and the historical percentage loss due to default for each segment of the portfolio for the calculation of the allowance
for credit losses.&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal considerations for our determination that performing
procedures relating to accounts receivable allowance for credit losses is a critical audit matter are the complexity of methodologies
used by management in each of their portfolio segments and the significant judgment in evaluating audit evidence related to the assumptions.&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among
others, i) evaluating the appropriateness of the&#160; management&#180;s methodology and models for determining the allowance for credit
losses estimate, ii)&#160; evaluating on a sampling basis the portfolio classification (by expiration date, inactive portfolio and unrecoverable
portfolio), inspecting the underlying supporting documentation and iii) reperforming on a sampling basis the calculation of the historical
percentage of loss due to default, for each portfolio segment, which consider the behavior of the portfolio segments from previous years.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Goodwill and Indefinite-lived Intangible Assets Impairment Assessment&#160;</i></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As described in Notes 12 and 13 to the consolidated financial statements,
the Company annually tests the recovery value of its indefinite-lived intangible assets (goodwill, trademarks and others) which amounted
to $2,702 million as of December 31, 2022. Management&#8217;s cash flow projections for the CGU included significant judgments and assumptions
relating to the terminal value, the projected profit margin of EBITDA (income before interest, taxes, depreciation and amortization) and
the discount rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal considerations for our determination that performing
procedures relating to the goodwill&#160; and indefinite-lived intangible assets impairment assessment is a critical audit matter are
the significant judgment used by management when identifying CGUs, a high degree of auditor judgment, subjectivity, and effort in performing
procedures and evaluating management&#8217;s significant assumptions related to the terminal value, the projected profit margin of EBITDA
(income before interest, taxes, depreciation and amortization) and the discount rate and the audit effort involved the use of professionals
with specialized skill and knowledge.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures also included,
among others, i) evaluating the CGUs identified by management, ii) comparing the projections with the budget approved by the Board of
Directors of the Company, iii) comparing the actual results of the current year with the respective budget, to identify if any assumption
included in the cash flow projections could be considered too optimistic, and iv) involving professionals with specialized skill and knowledge
to assist in evaluating the appropriateness of the discounted cash flow model used, comparing the terminal value and the projected EBITDA
margin with historical results on each CGUs and independent market sources from comparable entities in the industry and comparing the
discount rate used to discount future cash flows with an estimated market rate considering the Company&#8217;s level of leverage, the expectation
of leverage in the short and medium term and the optimal level of the industry.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>JAFRA&#180;s Business Acquisition</i></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As described in Notes 1 and 11 to the consolidated financial statements,
on April 7, 2022, the Company completed the acquisition of JAFRA&#8217;s operations in Mexico and the United States for consideration
of $5,044 million, which resulted in $1,958 million of property, plant and equipment and $1,394 million of intangible assets being recorded
under acquisition method. Management applied significant judgment in estimating the fair value of property, plant and equipment and intangible
assets acquired, which involved the use of significant estimates and assumptions with respect to the timing and amounts of cash flow projections,
the revenue growth rate and the discount rate.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal considerations for our determination that performing
procedures relating to JAFRA&#8217;s business acquisition is a critical audit matter are the significant judgment used by management in
the models and methodologies used to determine the fair value of property, plant and equipment and intangible assets including the assumptions
used and the audit effort involved the use of professionals with specialized skill and knowledge.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures also included,
among others, i)&#160; comparing the models and methodologies applied by the Company to determine the fair value of property, plant and
equipment and intangible assets with the models or methodologies commonly used and recognized in the industry to determine the fair value
of similar assets, ii) evaluating the discount rate used to calculate the present values, comparing it with a comparable market rate at
the date of the transaction iii) comparing the estimated revenue growth rate with historical market trends and industry projection data
and iv) on a sample basis, we independently determine the fair value of the assets using other valuation models commonly accepted in the
market and considering data from market sources, and compared them with the values determined by management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers, S.C.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ C.P.C. Joel Mart&#237;nez Bustamante</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Audit Partner</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Guadalajara, Mexico</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 15, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="z_002"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">Report of Independent Registered Accounting
Firm<br/>
<b>To the Shareholders and Board of Directors of Betterware de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware de M&#233;xico,
S.A.B. de C.V.) and subsidiaries</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>Opinion on the Consolidated Financial
Statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">We have audited the accompanying
consolidated statements of financial position of Betterware de M&#233;xico, S.A.P.I. de C.V. and subsidiaries (collectively, the &#8220;Group&#8221;
or &#8220;Betterware&#8221;) as of December 31, 2021 and January 3, 2021, and the related consolidated statements of profit and loss and
other comprehensive income, changes in stockholders&#8217; equity, and of cash flows, for the year ended December 31, 2021 and the 53-week
period ended January 3, 2021, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as
of December 31, 2021 and January 3, 2021 and the results of its operations and its cash flows for the year ended December 31, 2021 and
the 53-week period ended January 3, 2021, in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>Basis for Opinion</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">These consolidated financial
statements are the responsibility of the Group&#8217;s management. Our responsibility is to express an opinion on the Group&#8217;s consolidated
financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements
in Mexico according to the &#8220;Codigo de Etica Profesional del Instituto Mexicano de Contadores Publicos&#8221; (&#8220;IMCP Code&#8221;),
and the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">We conducted our audit
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud. Until 2020, the Group was not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Group&#180;s internal control over financial reporting. Accordingly, we express no such opinion as of January
3, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Our audit included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b><i>Basis of preparation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">As discussed in Note
2.a, until 2020, Betterware&#8217;s financial year was a 52- or 53-weeks period ending on the Sunday nearest to December 31. However,
due to the fact that in 2021 Betterware placed debt on the Mexican Stock Exchange, the financial period must be presented in compliance
with the Mexican General Corporate Law, which must coincide with the calendar year. Therefore the financial information of 2021 is presented
as of December 31, 2021 and for the year then ended. The comparative financial year of 2020 consisted of 53 weeks ended on January 3,
2021, which were not adjusted to calendar year because the effects of the change are not significant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">/s/ Galaz, Yamazaki, Ruiz Urquiza, S.C.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Guadalajara, Jalisco, <ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Mexico</ix:nonNumeric></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">April 28, 2022 (May 15, 2023 as to the effects
of the restatement discussed in Note 2.b)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">We have served as the Company&#8217;s auditor
since 2019. In 2022, we became the predecessor auditor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Betterware de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware
de M&#233;xico, S.A.B. de C.V.) and subsidiaries</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
statements of financial position</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: -0.05pt"><b>As of December 31, 2022, 2021 and
January 3, 2021 </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(In Thousands of Mexican pesos)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Assets</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Note</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<br/> December&#160;31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<br/> December 31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of<br/> January 3,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">Current assets:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">25</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-3">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">7</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">8</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPrepaidExpenses" scale="3" unitRef="mxn">52,562</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Derivative financial instruments</td><td>&#160;</td>
    <td style="text-align: center">19</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-4">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-5">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">17</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-6">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-7">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-bottom: 1.5pt">9</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAssets" scale="3" unitRef="mxn">4,355,126</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Property, plant and equipment, net</td><td>&#160;</td>
    <td style="text-align: center">10</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="mxn">2,973,374</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="mxn">1,069,492</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PropertyPlantAndEquipment" scale="3" unitRef="mxn">791,127</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Right-of-use assets, net</td><td>&#160;</td>
    <td style="text-align: center">14</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="mxn">293,565</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="mxn">17,384</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RightofuseAssets" scale="3" unitRef="mxn">24,882</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Deferred income tax</td><td>&#160;</td>
    <td style="text-align: center">17</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="mxn">319,157</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-8">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxAssets" scale="3" unitRef="mxn">17,605</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in">Investment in subsidiaries</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" scale="3" unitRef="mxn">1,236</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" scale="3" unitRef="mxn">497</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-9">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in">Intangible assets, net</td><td>&#160;</td>
    <td style="text-align: center">13</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="mxn">1,743,882</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="mxn">369,760</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="3" unitRef="mxn">319,361</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Goodwill</td><td>&#160;</td>
    <td style="text-align: center">12</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="mxn">1,599,718</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="mxn">371,075</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="mxn">348,441</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Other assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">9</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="mxn">46,675</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="mxn">4,274</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="mxn">5,774</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in">Total non-current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentAssets" scale="3" unitRef="mxn">6,977,607</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentAssets" scale="3" unitRef="mxn">1,832,482</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentAssets" scale="3" unitRef="mxn">1,507,190</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 0.25in">Total assets</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(Continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>


</div><!-- Field: Page; Sequence: 87; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Betterware de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware
de M&#233;xico, S.A.B. de C.V.) and subsidiaries</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
statements of financial position</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>As of December 31, 2022, 2021, and January 3, 2021 </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(In Thousands of Mexican pesos)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Liabilities and stockholders&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
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2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December&#160;31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Current liabilities:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 11%; text-align: center; padding-left: 7.1pt">16</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayablesToTradeSuppliers" scale="3" unitRef="mxn">1,371,778</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-left: 7.1pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" scale="3" unitRef="mxn">305,588</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-left: 7.1pt">18</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisions" scale="3" unitRef="mxn">793,412</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisions" scale="3" unitRef="mxn">118,468</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisions" scale="3" unitRef="mxn">153,978</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-left: 7.1pt">17</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="3" unitRef="mxn">97,634</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesCurrent" scale="3" unitRef="mxn">85,221</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Value added tax payable</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 7.1pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentValueAddedTaxPayables" scale="3" unitRef="mxn">89,142</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentValueAddedTaxPayables" scale="3" unitRef="mxn">26,703</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Employee profit sharing payable</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 7.1pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisionsForEmployeeBenefits" scale="3" unitRef="mxn">135,298</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentProvisionsForEmployeeBenefits" scale="3" unitRef="mxn">7,354</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Lease liability</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 7.1pt">14</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="mxn">85,399</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentLeaseLiabilities" scale="3" unitRef="mxn">7,691</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Derivative financial instruments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 7.1pt">19</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="3" unitRef="mxn">15,329</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="3" unitRef="mxn">295,115</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Non-current liabilities:</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-left: 7.1pt">20</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-left: 5.4pt">19</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Retained earnings (deficit)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AccumulatedOtherComprehensiveIncome" scale="3" unitRef="mxn">7,515</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Equity attributable to owners of the Group</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="3" unitRef="mxn">1,096,097</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="3" unitRef="mxn">1,185,548</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="3" unitRef="mxn">881,976</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="mxn">1,183</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Total stockholders&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="mxn">1,097,280</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="mxn">1,200,203</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 5.4pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 4pt">Total liabilities and stockholders&#8217; equity</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt; padding-left: 5.4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAndLiabilities" scale="3" unitRef="mxn">5,185,229</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">See accompanying notes to consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(Concluded)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Betterware de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware
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</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: -0.05pt"><span style="font-size: 10pt"><b>Consolidated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>For the year ended December 31, 2022 (&#8220;2022&#8221;), December,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(Thousands of Mexican pesos, except per share amounts)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: center; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: center; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: center; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: center; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; text-align: center; padding-left: 2.85pt">17</td><td style="font-size: 10pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(Continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p><div>

</div><!-- Field: Page; Sequence: 89; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Betterware de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware
de M&#233;xico, S.A.B. de C.V.) and subsidiaries</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: -0.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
statements of profit or loss and other comprehensive income</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>For the year ended December 31, 2022 (&#8220;2022&#8221;), December
31, 2021 (&#8220;2021&#8221;) and the 53-week period ended January 3, 2021 (&#8220;2020&#8221;) </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(Thousands of Mexican pesos, except per share amounts)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">See accompanying notes to consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(Concluded)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: -0.05pt">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: -0.05pt"><b>Betterware de M&#233;xico, S.A.P.I.
de C.V. (formerly Betterware de M&#233;xico, S.A.B. de C.V.) and subsidiaries</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
statements of changes in stockholders&#8217; equity </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>For the year ended December 31, 2022 (&#8220;2022&#8221;), December
31, 2021 (&#8220;2021&#8221;) and the 53-week period ended January 3, 2021 (&#8220;2020&#8221;)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(Thousands of Mexican pesos)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Note</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="font-size: 10pt; text-align: center">22</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">-</div></td><td style="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">Balance as of December 31, 2020</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: center">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="mxn">308,035</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c32" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="mxn">909,428</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">(<ix:nonFraction contextRef="c33" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="mxn">371,169</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">(<ix:nonFraction contextRef="c34" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" sign="-" unitRef="mxn">718</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="mxn">845,576</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; text-align: center">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left">Dividends paid</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: center">22</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-75">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">(<ix:nonFraction contextRef="c49" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaid" scale="3" unitRef="mxn">949,610</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-76">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">See accompanying notes to consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: -0.05pt">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-indent: -0.05pt"><b>Betterware de M&#233;xico, S.A.P.I.
de C.V. (formerly Betterware de M&#233;xico, S.A.B. de C.V.) and subsidiaries</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: -0.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
statements of cash flows</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>For the year ended December 31, 2022 (&#8220;2022&#8221;), December
31, 2021 (&#8220;2021&#8221;) and the 53-week period ended January 3, 2021 (&#8220;2020&#8221;)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(Thousands of Mexican pesos)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Note</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left">Operating activities:</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 9%; font-size: 10pt; padding-left: 2.85pt">&#160;</td><td style="width: 1%; font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="font-size: 10pt; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" scale="3" unitRef="mxn">43,688</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.375in; font-size: 10pt; text-align: left">Accounting effects from changing reporting period</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: right; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-78">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:AccountingEffectsFromChangingReportingPeriod" scale="3" sign="-" unitRef="mxn">36,400</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-79">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.375in; font-size: 10pt; text-align: left">Interest expense</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: right; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForInterestExpense" scale="3" unitRef="mxn">543,321</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForInterestExpense" scale="3" unitRef="mxn">75,818</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForInterestExpense" scale="3" unitRef="mxn">80,253</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; text-align: right; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForInterestIncome" scale="3" unitRef="mxn">10,930</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.375in; font-size: 10pt; text-align: left">Loss (gain) on disposal of non-current assets</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: right; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LossgainOnDisposalOfNoncurrentAssets" scale="3" sign="-" unitRef="mxn">4,758</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LossgainOnDisposalOfNoncurrentAssets" scale="3" unitRef="mxn">478</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="mxn">5,991</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-80">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForSharebasedPayments" scale="3" unitRef="mxn">32,910</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.375in; font-size: 10pt">Divestment of subsidiaries</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" scale="3" unitRef="mxn">10,983</ix:nonFraction></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-81">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-82">-</div></td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.375in; font-size: 10pt">Others</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="font-size: 10pt; padding-bottom: 1.5pt; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; padding-bottom: 1.5pt; padding-left: 2.85pt">&#160;</td><td style="font-size: 10pt; padding-bottom: 1.5pt">&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 418.2pt">(Continued)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 92; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Betterware de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware
de M&#233;xico, S.A.B. de C.V.) and subsidiaries</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: -0.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
statements of cash flows</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b>For the year ended December 31, 2022 (&#8220;2022&#8221;), December
31, 2021 (&#8220;2021&#8221;) and the 53-week period ended January 3, 2021 (&#8220;2020&#8221;)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(Thousands of Mexican pesos)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Note</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Financing activities:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">See accompanying notes to consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(Concluded)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>


</div><!-- Field: Page; Sequence: 93; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Betterware de M&#233;xico, S.A.P.I. de C.V. (formerly Betterware
de M&#233;xico, S.A.B. de C.V.) and subsidiaries</b></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to consolidated financial statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>As of December 31, 2022, December 31, 2021 and January 3, 2021,
and for the year ended December 31, 2022, December 31, 2021 and the 53 weeks ended January 3, 2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>(Thousands of Mexican pesos, except the number of shares and earnings
per share expressed in Mexican pesos)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_1" escape="true" name="bwmx:DisclosureOfNatureOfBusinessExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">1.</td><td style="text-align: justify">Nature of business and significant events</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_2" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Betterware de M&#233;xico, S.A.<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.I.
de C.V. (formerly Betterware de M&#233;xico, S.A.B. de C.V.) (&#8220;Betterware&#8221;) and subsidiaries, hereinafter jointly referred
to as the &#8220;Group&#8221; or the &#8220;Company&#8221;. The Group&#8217;s object is the direct-to-consumer selling, which operates
through <ix:nonFraction contextRef="c0" decimals="0" format="ixt-sec:numwordsen" name="bwmx:NumberOfOperatingSegment" scale="0" unitRef="pure">two</ix:nonFraction> business segments: the home organization products (&#8220;Betterware segment&#8221; or &#8220;BWM segment&#8221;) and the
beauty and personal care products (B&amp;PC) (&#8220;JAFRA segment&#8221;). The Betterware&#8217;s segment is divided in six categories
of the home organization: (i) Kitchen and food preservation, (ii) Home solutions, (iii) Bedroom, (iv) Bathroom, (v) Laundry &amp; Cleaning
and (vi) Tech &amp; mobility. The JAFRA&#8217;s segment is divided in four categories of the beauty and personal care: (i) fragrance,
(ii) color, (iii) skin care and (iv) toiletries. The Group&#8217;s business segments products are sold in twelve catalogs published throughout
the year. The Group operates mainly in Mexico and the United States. The Group&#8217;s address, registered as its office and primary place
of business, is Gdl-Ameca-Huaxtla Km-5, El Arenal, Jalisco, M&#233;xico, and Zip Code 45350. Betterware&#8217;s controlling shareholder
is Campalier, S.A. de C.V. (&#8220;Campalier&#8221;).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_3" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Significant events and transactions
&#8211;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_4" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><b>2022</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_5" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">a)</td><td style="text-align: justify">On January 18, 2022, the Company entered into an agreement to acquire
<ix:nonFraction contextRef="c57" decimals="2" format="ixt:num-dot-decimal" name="bwmx:AgreementPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% of JAFRA in Mexico and the United States, jointly its registered brans &#8220;JAFRA&#8221;, for a total cash consideration of Ps.<ix:nonFraction contextRef="c57" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConsiderationPaidReceived" scale="3" unitRef="mxn">5,044,371</ix:nonFraction>
(see note 11). JAFRA is a leading global brand in direct sales in the Beauty and Personal Care (B&amp;PC) industry with a strong presence
in Mexico and the United States with independent leaders and consultants who sell its unique products. In addition, JAFRA provides the
opportunity to the Company to expand its geographic presence in the United States, enhancing its international focus on the North American
market.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_6" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">On March 24, 2022, the Federal Economic Competition Commission (&#8220;COFECE&#8221;)
approved the transaction of JAFRA&#8217;s Acquisition, which was concluded on April 7, 2022. The necessary funds to pay the purchase price
under the JAFRA Acquisition were obtained from a long-term loan of Ps.<ix:nonFraction contextRef="c58" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherLongtermBenefits" scale="3" unitRef="mxn">4,498,695</ix:nonFraction> (see note 16), plus the available cash resources from
the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_7" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">b)</td><td style="text-align: justify">On March 28, 2022, the Ordinary General Assembly of Shareholders of
Gur&#250;Comm, S.A.P.I. approved the retirement of Betterware as a shareholder. Consequently, we reimbursed <ix:nonFraction contextRef="c59" decimals="0" format="ixt:num-dot-decimal" name="bwmx:SubscribedPaidShares" scale="0" unitRef="shares">55,514</ix:nonFraction> subscribed and paid
shares, and we canceled <ix:nonFraction contextRef="c59" decimals="0" format="ixt:num-dot-decimal" name="bwmx:SubscribedUnpaidShares" scale="0" unitRef="shares">37,693</ix:nonFraction> subscribed and unpaid shares. Betterware withdrawn its investment because the business was not growing
according to the shareholders&#8217; expectations, and the investment return would take more years than anticipated. The effect on profit
and loss of this transaction was a loss of Ps.<ix:nonFraction contextRef="c59" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:TransactionCost" scale="3" unitRef="mxn">16,610</ix:nonFraction>.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_8" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">c)</td><td style="text-align: justify">On November 18, 2022, the Ordinary General Assembly of Shareholders
of Innova Cat&#225;logos, S.A. de C.V. approved the retirement of Betterware as a shareholder. Consequently, we reimbursed and canceled
238 subscribed and paid shares. Betterware withdrawn its investment because the business was not growing according to shareholder&#8217;s
expectations, and the return on investment would take more years than anticipated. The effect on profit and loss of this transaction was
a loss of Ps.<ix:nonFraction contextRef="c60" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:TransactionCosts" scale="3" unitRef="mxn">5,252</ix:nonFraction>.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_9" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>2021</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_10" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">d)</td><td style="text-align: justify">On July 1<sup>st</sup>, 2021, all employees from BLSM Latino America Servicios, S.A. de C.V., (&#8220;BLSM&#8221;)
were transferred to Betterware. BLSM provided administrative, technical, and operational services to Betterware until June 30, 2021.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_11" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">e)</td><td style="text-align: justify">Betterware&#8217;s legal form was changed to <i>Sociedad An&#243;nima Promotora de Inversi&#243;n
(S.A.P.I.) de Capital Variable, </i>as approved during an extraordinary shareholders meeting held on August 2, 2021.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_12" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">f)</td><td style="text-align: justify">On August 30, 2021, Betterware successfully concluded the offering of a two-tranche sustainability bond
issuance for a total of&#160;Ps.<ix:nonFraction contextRef="c61" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:SustainabilityBondIssuance" scale="3" unitRef="mxn">1,500,000</ix:nonFraction>, with maturities across <ix:nonNumeric contextRef="c62" format="ixt-sec:duryear" name="bwmx:MaturityTermOfBond">4</ix:nonNumeric> and <ix:nonNumeric contextRef="c63" format="ixt-sec:duryear" name="bwmx:MaturityTermOfBond">7</ix:nonNumeric> years, offered in&#160;the Mexican Market (see note 16).</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_13" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt"><b>2020</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_14" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">g)</td><td style="text-align: justify">As a result of the coronavirus (COVID-19) outbreak and its global spread in a large number of countries,
the World Health Organization classified the viral outbreak as a pandemic on March 11, 2020. Public health measures were taken in Mexico
to limit the spread of this virus, including but not limited to, social isolation and the closure of educational centers (schools and
universities), commercial establishments and non-essential businesses.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_15" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Betterware&#8217;s operations were
not interrupted as a result of the COVID-19 pandemic, as its product lines include hygiene and cleaning solutions, which qualified as
an essential activity in Mexico. Betterware&#8217;s gross margin was negatively affected by the depreciation of the Mexican peso compared
to the US dollar, due to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bwmx:PercentageOfProductsSoldInUnitedStates" scale="-2" unitRef="pure">90</ix:nonFraction>% of its prod ucts sold are in US dollars. To mitigate this risk, Betterware entered into forwards contracts
to fix the exchange rate for future purchases in US dollars, which allowed it to partially reduce the effects of the exchange rate due
to the COVID-19 pandemic.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_16" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Betterware implemented a proven track
record of performance and a clear and executable growth plan, which includes expansion in current geographies and categories, as well
as the addition of new markets and product extensions, all supported by a strong infrastructure deeply rooted in business intelligence.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_17" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Betterware maintained sufficient liquidity
to comply with its contractual obligations as a result of having financing sources, in addition, the payment conditions of its clients
are maintained <ix:nonNumeric contextRef="c64" name="bwmx:CustomersShipmentDateWithPaymentTerms">between 14 and 28 days</ix:nonNumeric>, while the payment conditions to its suppliers are 120 days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_18" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">h)</td><td style="text-align: justify">On March 10, 2020, Betterware&#8217;s legal name changed from Betterware
de M&#233;xico, S.A. de C.V. to Betterware de M&#233;xico, S.A.P.I. de C.V. On August 5, 2019, Betterware and DD3 Acquisition Corp.
(&#8220;DD3&#8221;, a public listed entity in the US and whose shares were trading on the Nasdaq Capital Market (&#8220;Nasdaq&#8221;)),
announced they had entered into a business combination agreement. As part of this transaction, DD3 merged into Betterware through an exchange
of shares with their respective shareholders and Betterware survived as the acquiror. BLSM became in a wholly-owned subsidiary of Betterware.
The transaction closed on March 13, 2020, and as a result, all Betterware shares that were issued and outstanding immediately prior to
the closing date were canceled and new shares were issued. This transaction was accounted as a capital reorganization, whereby Betterware
issued shares to the DD3 shareholders and obtained US$<ix:nonFraction contextRef="c65" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:CashAcquisitionCost" scale="3" unitRef="usd">22,767</ix:nonFraction> (Ps.<ix:nonFraction contextRef="c65" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:CashAcquisitionCost" scale="3" unitRef="mxn">498,445</ix:nonFraction>) in cash through the acquisition of DD3 and, simultaneously settled
liabilities and related transaction costs on that date, for net cash earnings of US$<ix:nonFraction contextRef="c66" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfSubordinatedLiabilities" scale="3" unitRef="usd">7,519</ix:nonFraction> (Ps.<ix:nonFraction contextRef="c66" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromIssueOfSubordinatedLiabilities" scale="3" unitRef="mxn">181,734</ix:nonFraction>) on such date. In addition, Betterware
assumed the obligation of the warrants issued by DD3 (see description below), a liability inherent to the transaction, equivalent to the
fair value of Ps.<ix:nonFraction contextRef="c65" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LiabilityTransactionEquivalentFairValue" scale="3" unitRef="mxn">55,810</ix:nonFraction> of the warrants. No other assets or liabilities were transferred as part of the transaction that required adjustment
to fair value as a result of the acquisition. On the same date, <ix:nonFraction contextRef="c66" decimals="0" format="ixt:num-dot-decimal" name="bwmx:NumberOfSharesOfferedForSubscriptionAndPayment" scale="0" unitRef="shares">2,040,000</ix:nonFraction> Betterware shares, that were offered for subscription and payment
under its initial public offering on Nasdaq, were subscribed and paid for by different investors. As of the closing date of the transaction,
BLSM became in a fully-owned subsidiary of Betterware. The acquisition by Betterware of BLSM was considered a common control transaction
and accounted for as a pooling of interests, whereby the historical values of BLSM&#8217;s assets and liabilities where the same before
and after. As a result of the transaction, Betterware&#8217;s original shareholders held <ix:nonFraction contextRef="c66" decimals="3" format="ixt:num-dot-decimal" name="bwmx:PercentageOfSharesHeldByShareholders" scale="-2" unitRef="pure">87.7</ix:nonFraction>% of the total outstanding shares; DD3 shareholders
obtained a <ix:nonFraction contextRef="c66" decimals="3" format="ixt:num-dot-decimal" name="bwmx:PercentageOfSharesHeldByAcquiredEntityShareholders" scale="-2" unitRef="pure">6.4</ix:nonFraction>% stake, and investors under the Nasdaq listing, a <ix:nonFraction contextRef="c66" decimals="3" format="ixt:num-dot-decimal" name="bwmx:PercentageOfSharesHeldByOtherInvestors" scale="-2" unitRef="pure">5.9</ix:nonFraction>% shake. After the closing date, Betterware had <ix:nonFraction contextRef="c65" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">34,451,020</ix:nonFraction> issued
and outstanding shares.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: justify">&#160;</p></ix:continuation><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_19" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">i)</td><td style="text-align: justify">On March 10, 2020 and as a result of the aforementioned transaction,
the warrants that DD3 had issued were automatically converted into warrants for the purchase of a total of <ix:nonFraction contextRef="c67" decimals="0" format="ixt:num-dot-decimal" name="bwmx:PurchaseTotalShare" scale="0" unitRef="shares">5,804,125</ix:nonFraction> Betterware shares.
Such warrants were exercised in accordance with the terms of the warrant agreement governing those securities, which also considered the
option to purchase <ix:nonFraction contextRef="c68" decimals="0" format="ixt:num-dot-decimal" name="bwmx:PurchaseOptionUnitShare" scale="0" unitRef="shares">250,000</ix:nonFraction> units that automatically became an option to issue <ix:nonFraction contextRef="c68" decimals="0" format="ixt:num-dot-decimal" name="bwmx:OptionIssueShare" scale="0" unitRef="shares">250,000</ix:nonFraction> Betterware shares and warrants to buy <ix:nonFraction contextRef="c68" decimals="0" format="ixt:num-dot-decimal" name="bwmx:AdditionalShare" scale="0" unitRef="shares">250,000</ix:nonFraction> additional
Betterware shares. This purchase option of units resulted in the issuance of <ix:nonFraction contextRef="c68" decimals="0" format="ixt:num-dot-decimal" name="bwmx:IssuanceShare" scale="0" unitRef="shares">214,020</ix:nonFraction> Betterware shares, which were exercised on a cashless
basis. Warrants could be exercised starting on April 12, 2020 and expired on November 9, 2020 (see note 1.m). The exercise price of the
warrants was US$<ix:nonFraction contextRef="c69" decimals="2" format="ixt:num-dot-decimal" name="bwmx:ExercisePricePerShare" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share, adjusted by dividends paid that exceeded US$<ix:nonFraction contextRef="c67" decimals="2" format="ixt:num-dot-decimal" name="bwmx:PaidExercisePricePerShare" scale="0" unitRef="usdPershares">0.50</ix:nonFraction> per share within a year, resulting in an exercise price
of US$<ix:nonFraction contextRef="c67" decimals="2" format="ixt:num-dot-decimal" name="bwmx:ExercisePricePerShare" scale="0" unitRef="usdPershares">11.44</ix:nonFraction>.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_20" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">As warrants and securities purchase
options (and underlying securities) were exercised in the 53-week period ended January 3, 2021, additional Betterware shares were issued,
resulting in a dilution for Betterware shareholders and increasing the number of Betterware shares eligible for resale in the public market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_21" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">j)</td><td style="text-align: justify">On July 30, 2020, Betterware modified the long-term share-based incentive plan with the Executive Chairman
of the Board, certain officers and directors (&#8220;Incentive Plan&#8221;), granted on August 15, 2019. The purpose of the Incentive
Plan was and remains being to provide to the Executive Chairman of the Board, eligible officers and directors with the opportunity to
receive share-based incentives to encourage them to contribute significantly to the growth of the Group and to align the economic interests
of those individuals with those of the shareholders. The delivery of certain shares to the executives and directors was agreed and approved
by the Board of Directors. The Incentive Plan is aligned with the shareholders&#8217; interest in terms of the management capacity to
obtain operating results that potentially benefit the share price; if the established results are achieved, it will cause a gradual delivery
of shares over a period of <ix:nonNumeric contextRef="c70" format="ixt-sec:duryear" name="bwmx:ShareVestedPeriod">4</ix:nonNumeric> to <ix:nonNumeric contextRef="c71" format="ixt-sec:duryear" name="bwmx:ShareVestedPeriod">5</ix:nonNumeric> years (see note 23.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_22" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">k)</td><td style="text-align: justify">On July 14, 2020, Betterware&#8217;s legal name changed from Betterware de M&#233;xico, S.A.P.I. de
C.V. to Betterware de M&#233;xico, S.A.B. de C.V.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_23" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_22"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">l)</td><td style="text-align: justify">On August 28, 2020, Betterware filed a Registration Statement on Form F-1 with the SEC in order to (i)
register the warrants that were protected under the Registration Rights Agreement, and (ii) modify the Registration Declaration on Form
F-4 that had been filed with the SEC on January 22, 2020. In the terms established in the Registration Declaration, it was effective on
September 11, 2020. The registration of Form F-1 triggered the investors rights to exercise their warrants on a cash basis.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_24" id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">m)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On October 8, 2020, Betterware announced that,
based on the agreements reached at the Ordinary General Shareholders&#8217; meeting held on October 2, 2020, it would carry out the redemption
of all outstanding warrants for the purchase of shares of Betterware. As a result of the redemption, a &#8220;cashless&#8221; exercise
of the warrants was considered for an exercise price of US$<ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="bwmx:ExercisePricePerShare" scale="0" unitRef="usdPershares">11.44</ix:nonFraction> per share, expiring on November 9, 2020, with which the warrant holders
would receive <ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="bwmx:WarrantHolderReceiveShare" scale="0" unitRef="shares">0.37</ix:nonFraction> shares of Betterware for each warrant that was redeemed</span>.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="bwmx_DisclosureOfNatureOfBusinessExplanatory-c0_cont_24"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">n)</td><td style="text-align: justify">On December 14, 2020, Betterware and Promotora Forteza, S.A. de C.V. (&#8220;Forteza&#8221;, and one of
Betterware&#8217;s shareholder), entered into a merger agreement pursuant to which Forteza agreed to merge with and into Betterware, surviving
Betterware as the acquiror. On December 16, 2020, the merger was completed. Consequently, considering that Forteza was a Betterware shareholder,
the number of Betterware shares were delivered to Forteza&#8217;s shareholders in proportion to their shareholding in Betterware, without
implying an increase in Betterware&#8217;s share capital or in the total number of outstanding shares of Betterware. The net effects of
the merger was an increase in equity of Ps.<ix:nonFraction contextRef="c73" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:IncreaseEquity" scale="3" unitRef="mxn">4,724</ix:nonFraction>.</td></tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.35pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">2.</td><td style="text-align: justify">Significant accounting policies</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">a.</td><td style="text-align: justify">Basis of preparation</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_2" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group&#8217;s consolidated financial
statements for 2022 include the financial statements of Betterware de M&#233;xico, S.A.P.I. de C.V., and subsidiaries as described in
note 2d (the &#8220;consolidated financial statements&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_3" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The preparation of the consolidated
financial statements in accordance with International Financial Reporting Standards requires the use of critical accounting estimates.
In addition, it requires Management to exercise judgment in the process of applying the Group&#8217;s accounting policies. The areas that involve
a high level of judgment or complexity, as well as areas where the judgments and estimates are significant to the consolidated financial
statements are disclosed in note 4.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Until 2020, Betterware&#8217;s financial
year was a 52- or 53-weeks period ending on the Sunday nearest to December 31, however, due to the fact that in 2021 Betterware placed
debt on the Mexican Stock Exchange, the financial period must be presented in compliance with the Mexican General Corporate Law, which
must coincide with the calendar year, therefore the financial information of 2022 and 2021 is presented as of December 31, 2022 (the &#8220;2022
period&#8221;) and as of December 31, 2021 (the &#8220;2021 period&#8221;) and for the years then ended. The financial year of 2020 consisted
of 53 weeks ended on January 3, 2021 (the &#8220;2020 period&#8221;), which were not adjusted to calendar year because the effect of the
change is not significant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_1" escape="true" name="bwmx:DisclosureOfBasisOfAccountingForFinancialStatements"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>b.</i></td><td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis of accounting &amp; correction of immaterial errors</i></b></p></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_2" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group&#8217;s consolidated financial
statements have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) or and the interpretations
issued by IFRS Interpretations Committee (&#8220;IFRIC&#8221;) applicable to companies that report under IFRS. The financial statements
comply with IFRS issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_3" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group made a correction of immaterial
errors related to its December 31, 2021 and January 3, 2021 consolidated financial statements as summarized below. The Group performed
a materiality evaluation in accordance with the Securities and Exchange Commission&#8217;s Staff Accounting Bulletin (&#8220;SAB&#8221;)
No.&#160;99,&#160;Materiality,&#160;and SAB No.&#160;108,&#160;Considering the Effects of Prior Year Misstatements when Quantifying Misstatements
in Current Year Financial Statements, and concluded that the misstatement was immaterial to its previously issued financial statements.
However, as the impact of correcting the cumulative misstatement during 2022 would have been material to net earnings, the Company revised
its previously issued financial statements as of and for the years ended December&#160;31, 2021 and January 3, 2021:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_4" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><b>Consolidated  Statement of Financial
Position as of December 31, 2021</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c0_cont_1" escape="true" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_5" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 4pt; padding-left: 3.5pt">&#160;</td></tr>
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    <td style="padding: 0pt; text-indent: 0pt">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt; text-indent: 0pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 3.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-align: left; text-indent: 0pt">Retained earnings (deficit)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 1.5pt; padding-left: 3.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_8" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><b>Consolidated Statement of Financial
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</div><div>


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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_16"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_12" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify">The adjustments relate to the following
matters:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_17"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_13" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">Cut-off
                                            for revenue where control was not transferred to the customer.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_18"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_14" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">Cost
                                            of inventory overstated on the international freight standard cost assumption; offset by
                                            overstated accruals liabilities on import expenses.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_19"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_15" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">(c)</td><td style="text-align: justify">Cost
                                            of catalogues that had a non-GAAP treatment as prepaids and were expensed at the same time
                                            the revenues were realized; instead of when catalogues were received as IFRS states.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_20"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_16" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">(d)</td><td style="text-align: justify">Immaterial
                                            provisions for labor matters.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_21"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_17" id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">(e)</td><td style="text-align: justify">Reclassification
                                            between capital stock and retained earnings for combination instead of consolidation of capital
                                            in 2020.</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_22"><ix:continuation id="bwmx_DisclosureOfBasisOfAccountingForFinancialStatements-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">(f)</td><td style="text-align: justify">Accrual
                                            for the tax contingency explained in note 28 was not recorded previously.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_23"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_1" escape="true" name="bwmx:DisclosureOfBasisOfMeasurementExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>c.</i></td><td style="text-align: justify"><i>Basis of measurement</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_24"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_2" id="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group&#8217;s consolidated financial
statements have been prepared on the historical cost basis except for certain financial instruments measured at fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_25"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_3" id="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Functional and presentation currency</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_26"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_4" id="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">These consolidated financial statements
are presented in Mexican pesos (&#8220;Ps or $&#8221;), which is the Group presentation currency. The amounts included in the consolidated
financial statements of each of the Group&#8217;s subsidiaries must be measured using the currency of the primary economic environment
in which the entity operates (&#8220;functional currency&#8221;). All financial information presented in Mexican pesos has been rounded
to the nearest thousand (except where otherwise specified). When referring to U.S. dollars (&#8220;US$&#8221;), means thousands of United
States dollars.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_27"><ix:continuation continuedAt="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_5" id="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Consolidated statement of profit or
loss and other comprehensive income</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_28"><ix:continuation id="bwmx_DisclosureOfBasisOfMeasurementExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group opted to present a single
consolidated statement of profit or loss and comprehensive income, consolidating the presentation of profit and loss, including an operating
profit line item, and comprehensive income in the same statement. Due to the commercial activities of the Group, costs and expenses presented
in the consolidated statements of profit or loss and other comprehensive income were classified according to their function. Accordingly,
cost of sales and operating expenses were presented separately.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 99; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_29"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">d.</td><td style="text-align: justify">Basis of consolidation</td>
</tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_30"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-style: normal; font-weight: normal">The
Group&#8217;s consolidated financial statements, incorporate the financial statements of the entities controlled by Betterware. Control
is achieved when the Group: </span></p><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_31"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Has
                                            the power over the investee</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_32"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Is
                                            exposed, or has rights, to variable returns from its involvement with the investee</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_33"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Has
                                            the ability to use its power to affect its returns </span></td></tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.7pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_34"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group reassesses whether or not
it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed
above.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_35"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When the Group has less than a majority
of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it
the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances
an assessing whether or not the Group&#180;s voting rights in an investee are sufficient to give power, including:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_36"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">The
                                            size of the Group&#8217;s holding of voting rights relative to the size and dispersion of
                                            holdings of the other vote holders;</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_37"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Potential
                                            voting rights held by the Group, other vote holders or other parties;</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_38"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Rights
                                            arising from other contractual arrangements; and</span></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                             </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_39"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Any
                                            additional facts and circumstances that indicate that the Group has, or does not have, the
                                            current ability to direct the relevant activities at the time that decisions need to be made,
                                            including voting patterns at previous shareholders&#8217; meetings.</span></td></tr></table><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 92.7pt; text-align: justify; text-indent: 0in"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_40"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Consolidation of a subsidiary begins
when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, the results
of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Group gains control until the
date when the Group ceases to control the subsidiary.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_41"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Where necessary, adjustments are made
to the financial statements of subsidiaries to bring the accounting policies used into line with the Group&#8217;s accounting policies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_42"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">All intragroup assets and liabilities,
equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_43"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Non-controlling interests in subsidiaries
are identified separately from the Group&#8217;s equity therein. Those interests of non-controlling shareholders that are present ownership
interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at
the non-controlling interests&#8217; proportionate share of the fair value of the acquiree&#8217;s identifiable net assets. The choice
of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent
to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling
interests&#8217; share of subsequent changes in equity.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_44"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Profit or loss and each component of
other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income
of the subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling
interests having a deficit balance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_45"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Changes in the Group&#8217;s interests
in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group&#8217;s
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference
between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized
directly in equity and attributed to the owners of the Group.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 100; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_46"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When the Group loses control of a subsidiary,
the gain or loss on disposal recognized in profit or loss is calculated as the difference between (i) the aggregate of the fair value
of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including
goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive
income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of
the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS
Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair
value on initial recognition for subsequent accounting under IFRS 9, <i>Financial Instruments</i> when applicable, or the cost on initial
recognition of an investment in an associate or a joint venture.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_47"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Betterware, has control over its subsidiaries
due to the shares and voting rights acquired, which generate rights over the variable returns from the subsidiaries, and has the ability
to influence those returns through his power over them. As of December 31, 2022, 2021 and 2020 the percentage of participation that it
maintains over its subsidiaries are the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_48"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Functional&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    Participation</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group&#8217;s companies:</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">currency</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">Home organization (&#8220;Betterware&#8221;):</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Betterware de M&#233;xico, S.A.P.I. de C.V.</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center"><ix:nonNumeric contextRef="c86" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center"><ix:nonNumeric contextRef="c86" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">BLSM Latino Am&#233;rica Servicios, S.A. de C.V.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c89" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c89" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c89" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">99</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Betterware de Guatemala, S.A.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c92" name="bwmx:OperatingCountry">Guatemala</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c92" name="bwmx:FunctionalCurrency">Quetzal</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c92" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">70</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-100">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Programa Lazos, S.A. de C.V.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c95" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c95" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c95" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">70</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-101">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-size: 10pt">Gur&#250;Comm, S.A.P.I. de C.V. <sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c98" id="ix_0_fact" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c98" id="ix_1_fact" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-102">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-103">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-size: 10pt">Innova Cat&#225;logos, S.A. de C.V.&#160;&#160;<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c101" id="ix_3_fact" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c101" id="ix_4_fact" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-104">-</div></td><td style="text-align: left">&#160;&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-105">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Betterware Ningbo Trading Co, LTD.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c104" name="bwmx:OperatingCountry">China</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c104" name="bwmx:FunctionalCurrency">Yuan</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-106">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Finayo, S.A.P.I. de C.V. SOFOM ENR</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c107" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c107" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c107" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left"></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-107">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; font-weight: bold; text-align: left">Beauty and personal care (B&amp;PC) (&#8220;JAFRA&#8221;):</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Jafra M&#233;xico Holding Company, B.V.</td><td>&#160;</td>
    <td style="text-align: center"><p style="margin: 0pt 0"><ix:nonNumeric contextRef="c109" name="bwmx:OperatingCountry">Holanda</ix:nonNumeric></p></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c109" name="bwmx:FunctionalCurrency">Euro</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c109" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" unitRef="pure">100</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-108">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-109">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Distribuidora Comercial JAFRA, S.A. de C.V.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c112" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c112" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-110">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-111">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Jafra Cosmetics International, S.A. de C.V.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c115" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c115" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-112">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-113">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Jafra Cosmetics, S.A. de C.V.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c118" name="bwmx:OperatingCountry">Mexico</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c118" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-114">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-115">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Serviday, S.A. de C.V.</td><td>&#160;</td>
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    <td style="text-align: center"><ix:nonNumeric contextRef="c121" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center"><ix:nonNumeric contextRef="c127" name="bwmx:FunctionalCurrency">Peso</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Jafra Cosmetics International, Inc.</td><td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c130" name="bwmx:OperatingCountry">United States</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">-</div></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 13.65pt">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_49"><ix:continuation continuedAt="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_2" id="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_1"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify"><ix:footnote id="ix_0_footnote" xml:lang="en-US">Gur&#250;Comm was part of the Group until March 28, 2022.</ix:footnote></td>
</tr></table></ix:continuation></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_50"><ix:continuation id="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_2"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US">Innova Cat&#225;logos was part of the Group until November
18, 2022.</ix:footnote></td>
</tr></table><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><span style="font-style: normal; font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_51"><ix:continuation id="_DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory-c0_cont_22"><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0pt"><span style="font-style: normal; font-weight: normal">As
of December 31, 2022, 2021 and January 3, 2021, there are no significant restrictions for investment in shares of the subsidiary companies
previously mentioned.</span></p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_52"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">e.</td><td style="text-align: justify">Cash and cash equivalents and restricted cash</td></tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_53"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Cash and cash equivalents consist mainly
of bank deposits and short-term investments in securities, highly liquid and easily convertible into cash with original maturities of
three months or less and that are subject to insignificant risks of changes in value. Cash is stated at nominal value and cash equivalents
are valued at fair value. Any cash or cash equivalent that cannot be disposed of in less than three months is classified as restricted
cash.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_54"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In cases where the definition of cash
and cash equivalents is not met due to restrictions, the amounts are presented in a separate line in the consolidated statements of financial
position and is excluded from cash and cash equivalents in the consolidated statements of cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_55"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">f.</td><td style="text-align: justify">Financial instruments</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_56"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Financial assets and financial liabilities
are recognized in the Group&#8217;s consolidated statement of financial position when the Group becomes a party to the contractual provisions
of the instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_57"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities
at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities
at fair value through profit or loss are recognized immediately in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_58"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">g.</td><td style="text-align: justify">Financial assets</td></tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_59"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">All recognized financial assets are
measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_60"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Classification of financial assets
</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_61"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
instruments that meet the following conditions are measured subsequently at amortized cost:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_62"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
and</span></td>
</tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_63"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            contractual terms of the financial asset give rise on specified dates to cash flows that
                                            are solely payments of principal and interest (&#8220;SPPI&#8221;) on the principal amount
                                            outstanding.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_64"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_65"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            financial asset is held within a business model whose objective is achieved by both collecting
                                            contractual cash flows and selling the financial assets; and</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_66"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            contractual terms of the financial asset give rise on specified dates to cash flows that
                                            are SPPI on the principal amount outstanding.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_67"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022, 2021 and January 3, 2021, the Group does not have this type of instruments.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_68"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_69"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the foregoing, the Group may make the following irrevocable election/designation at initial recognition of a financial asset:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_70"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Group may irrevocably elect to present subsequent changes in fair value of an equity investment
                                            in other comprehensive income if certain criteria are met; and</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_71"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Group may irrevocably designate a debt investment that meets the amortized cost or FVTOCI
                                            criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting
                                            mismatch.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_72"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">As of December 31, 2022, 2021 and January
3, 2021, the Group does not have this type of instruments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_73"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Amortized cost and effective interest
method</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_74"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The effective interest method is a
method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_75"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The amortized cost of a financial asset
is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization
using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance.
The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_76"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Foreign exchange gains and losses</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_77"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The carrying amount of financial assets
that are denominated in a foreign currency is determined in that foreign currency and translated at the closing exchange rate of each
reporting period. Specifically, for financial assets measured at amortized cost that are not part of a designated hedging relationship,
exchange differences are recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_78"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Impairment of financial assets</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_79"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group always recognizes lifetime
expected credit losses (&#8220;ECL&#8221;) for trade receivables. The expected credit losses on these financial assets are estimated using
the simplified approach by using a provision matrix, estimated based on historical credit loss experience based on the past due status
of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_80"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For financial assets that are not subject
to the simplified approach, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial
recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group
measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_81"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Lifetime ECL represents the expected
credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month
ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible
within 12 months after the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_82"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_25" id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Write-off policy</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_83"><ix:continuation id="_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group writes off a financial asset
when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery,
i.e., when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables,
when the amounts are over one year past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement
activities under the Group&#8217;s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized
in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_84"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">h.</td><td>Financial liabilities</td></tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in"><span style="font-style: normal">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_85"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">All financial liabilities are measured
subsequently at amortized cost using the effective interest method or at FVTPL.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_86"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes
in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. As of December 31,
2022, 2021 and January 3, 2021, the Group does not have this type of instruments.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_87"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Financial liabilities and equity</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_88"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Classification as debt or equity
</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_89"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify">Debt and equity instruments are classified as either financial
liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability
and an equity instrument. As of December 31, 2022, 2021 and January 3, 2021, the Group does not have this type of instruments.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_90"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Financial liabilities measured subsequently
at amortized cost </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_91"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Financial liabilities that are not
(i) contingent consideration of an acquirer in a business condensation combination and consolidation, (ii) held-for-trading, or (iii)
designated as at FVTPL, are measured subsequently at amortized cost using the effective interest method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_92"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The effective interest method is a
method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form
an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial
liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_93"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Foreign exchange gains and losses</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_94"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.05pt">For financial
liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign
exchange gains and losses are determined based on the amortized cost of the instruments. These foreign exchange gains and losses are recognized
in the &#8216;Foreign exchange (loss) gain, net&#8217; line item in the consolidated statements of profit or loss and other comprehensive
income for financial liabilities that are not part of a designated hedging relationship.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_95"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The fair value of financial liabilities
denominated in a foreign currency is determined in that foreign currency and translated at the closing exchange rate of the reporting
period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or
losses and is recognized in profit or loss for financial liabilities that are not part of a designated hedging relationship.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_96"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Derecognition of financial liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_97"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group derecognizes financial liabilities
when, and only when, the Group&#8217;s obligations are discharged, canceled or have expired. The difference between the carrying amount
of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_98"><ix:continuation id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When the Group exchanges with the existing
lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment
of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification
of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new
liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms,
including any fees paid net of any fees received and discounted using the original effective rate is at least <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:TaxRateEffectFromChangeInTaxRate" scale="-2" unitRef="pure">10</ix:nonFraction> per cent different from
the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial,
the difference between (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after
modification should be recognized in profit or loss as the modification gain or loss within other gains and losses.</p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_99"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_1" escape="true" name="bwmx:DiscriptionOfInventoriesAndCostOfSalesExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left">i.</td><td style="text-align: justify">Derivative financial instruments</td>
</tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0in"><span style="font-style: normal">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_100"><ix:continuation continuedAt="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_2" id="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group enters into a variety of
derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward
contracts and interest rate swaps.Further details of derivative financial instruments are disclosed in note 19.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_101"><ix:continuation continuedAt="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_3" id="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Derivatives are recognized initially
at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting
date. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging
instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_102"><ix:continuation continuedAt="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_4" id="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">A derivative with a positive fair value
is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivatives
are not offset in the consolidated financial statements unless the Group has both legal right and intention to offset. A derivative is
presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it
is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_103"><ix:continuation continuedAt="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_5" id="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Warrants</i></p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"><span style="font-style: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_104"><ix:continuation continuedAt="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_6" id="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The warrants meet the definition of
a derivative financial instrument as they represent a written put option that gives the holders of the warrants the right to exchange
them for the Group&#8217;s shares at a fixed price. Although the warrants will be exchanged for the Group&#8217;s shares based on the
terms of the warrant agreement, the warrants were classified as a derivative financial liability measured at FVTPL, and not as an equity
instrument, given that the functional currency of the Company (MXN) differs from the strike-price of the warrants, which is fixed in USD.
Changes in the fair value of the financial liability are presented in the consolidated statements of profit or loss under the heading
&#8220;Loss in valuation of warrants&#8221;.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_105"><ix:continuation continuedAt="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_7" id="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For purposes of the Group&#8217;s adjusted
EBITDA, the changes in the fair value of the liability are excluded as they represent non-cash charges.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_106"><ix:continuation id="bwmx_DiscriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The exchange of warrants for the Group&#8217;s
shares give rise to the settlement of the obligation associated with the liability with a corresponding increase in equity. The redemption
of warrants will result in a net impact in equity resulting from the increase in their fair value is recorded in profit or loss (reducing
retained earnings), offset by the equivalent increase in equity as a result of the issuance of shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_107"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DescriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_1" escape="true" name="bwmx:DescriptionOfInventoriesAndCostOfSalesExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">j.</td><td style="text-align: justify">Inventories and cost of sales</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_108"><ix:continuation id="bwmx_DescriptionOfInventoriesAndCostOfSalesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Inventories are measured at the lower
of cost and net realizable value. The costs comprise direct materials, direct labor, and an appropriate proportion of variable and fixed
overhead costs, the latter being allocated on the basis of normal operating capacity. The cost of inventories is based on standard cost
method. The net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred
in administration (marketing), selling and distribution.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_109"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForExpensesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">k.</td><td style="text-align: justify">Prepaid expenses</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_110"><ix:continuation id="_DescriptionOfAccountingPolicyForExpensesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Prepaid expenses are mainly comprised
of advanced payments for printed catalogs, advanced payments for events, as well as, advanced payments for the purchase of inventories
that are received after the date of the consolidated statement of financial position and during the normal course of business, and they
are presented in current assets in accordance with the classification of the destination item.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_111"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_1" escape="true" name="bwmx:DescriptionOfAccountingPolicyForOtherAsset"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">l.</td><td style="text-align: justify">Other assets</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_112"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_2" id="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Other assets mainly include inventory
of rewards related to the rewards program offered to our distributors, associates, leaders and consultants, recoverable taxes and rent
security deposits. They are presented in current or non-current assets in accordance with the classification of the destination item.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_113"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_3" id="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The inventory for the rewards program
(see Note 2.v) is acquired based on exchange estimates from distributors, associates, leaders and consultants; and is reduced at the time
the points are redeemed and the reward is sent. Rewards inventory is recognized at acquisition cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_114"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_4" id="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Rewards program for distributors,
associates, leaders and independent consultants:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_115"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_5" id="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group has a reward program, which
is offered through its business segments, to distributors and associates in Betterware, and to consultants, including leaders, in JAFRA.
Its objective is to promote the fulfillment of specific objectives in the development of commercial activities of the business but considered
separate and distinct services from sales. In the case of Distributor and Associate Rewards, Betterware rewards its Distributors for enrolling
new Associates and appointing new Distributors, while Associates receive such rewards for referring new Associates and staying active.
In the case of rewards to Consultants, including JAFRA leaders, they are awarded for sponsorship when they manage to hire a new direct
sponsor or based on the commercial activities carried out by the group or lineage to which they are related. In this way, the members
of this independent sales force help expand the organization and sales channels, and at the same time commit to developing their network
of contacts and vendors.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_116"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_6" id="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">These rewards can be in:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_117"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_7" id="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">a) Points redeemable for products
that the Group purchases from other suppliers. Points expire according to the commercial terms established by the Group, and can be
modified at management&#8217;s discretion; and b) cards with a cash balance preload redeemable with certain providers, specifically
in the JAFRA segment, both for consultants and leaders depending on the business activities carried out by the group or lineage to
which they are related.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_118"><ix:continuation id="bwmx_DescriptionOfAccountingPolicyForOtherAsset-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group evaluates the performance of distributors, associates, and consultants, including leaders, at each
reporting date based on an estimate of compliance with the established program objectives, and records the corresponding expense, presenting
it as sales expenses and a provision. in return. The provision is reduced when the points are exchanged for the available products (rewards).
The value of the rewards program and the corresponding expense are determined based on the fair value of the services received considering
the analyzes carried out by the administration for similar services in the market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_119"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>m.</i></td><td style="text-align: justify"><i>Property, plant and equipment, net</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_120"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Items of property, plant and equipment
are measured at cost less accumulated depreciation and any accumulated impairment losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_121"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If significant parts of an item have
different useful lives, then they are accounted for as separate items (major components).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_122"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Depreciation is recognized using the
straight-line method. The estimated useful lives and depreciation method are reviewed at the end of each reporting period, with the effect
of any changes in estimate accounted for on a prospective basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_123"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The following useful lives, considering
separately each of the asset&#8217;s components, are used in the calculation of depreciation:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_124"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfDetailedInformationAboutUsefulLivesAreUsedInCalculationOfDepreciationTableTextBlock"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 89%; text-align: justify"><span style="font-size: 10pt">Buildings</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><span style="font-size: 10pt">Molds and machinery</span></td>
    <td style="text-align: left"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c135" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">3</ix:nonNumeric> &#8211; <ix:nonNumeric contextRef="c136" format="ixt-sec:duryear" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">15</ix:nonNumeric> years</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify"><span style="font-size: 10pt">Computers and equipment</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-size: 10pt">Leasehold improvements</span></td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_125"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Property, plant and equipment is derecognized
upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising
on the disposal or retirement is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized
in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_126"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Borrowing costs directly attributable
to the acquisition or construction of qualifying assets (designated asset), which are assets that necessarily take a substantial period
of time before they are available for their intended use, are added to the cost of those assets, until such time as the assets are available
for their intended use. If any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that
borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_127"><ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Investment income earned on the temporary
investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_128"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>n.</i></td><td style="text-align: justify"><i>Intangible assets</i></td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_129"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Intangible assets are used when they
meet the following characteristics: they are identifiable, they obtain future economic benefits, and there is control over said benefits.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_130"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Intangible assets are classified as
follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_131"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Indefinite useful life:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_132"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">These intangible assets are not amortized and are subject to annual
impairment tests. As of December 31, 2022, 2021 and January 3, 2021, no factors have been identified that limit the useful life of these
intangible assets. The only intangible asset with an indefinite useful life that the Group owns are the Brands, which have been defined
with indefinite useful life because they will generate revenues for an indefinite period based on their position in the market.</span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_133"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Defined
useful life:</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_134"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">These
                                            are recognized at cost less accumulated amortization and recognized impairment losses. They
                                            are amortized in a straight line according to the estimate of their useful life, which is
                                            determined based on the expectation of generating future economic benefits, and they are
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_135"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The estimated useful lives of intangible
assets with a defined useful life are summarized as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_136"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1.5pt solid; padding-top: 0pt; width: 73%; font-weight: bold; text-align: justify; padding-left: 0pt">Intangibles:</td><td style="padding-top: 0pt; width: 1%; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-top: 0pt; padding-left: 0pt; padding-bottom: 0pt">Software</td><td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 0pt; text-align: justify; padding-left: 0pt; padding-bottom: 0pt">Brands and logo rights</td><td style="padding-top: 0pt; padding-bottom: 0pt; padding-left: 0pt">&#160;</td>
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  </table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_137"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="text-decoration:underline">Derecognition of Group&#8217;s intangible
assets</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_138"><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-weight: normal">An
intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising
from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the
asset, are recognized in profit or loss when the asset is derecognized.</span></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_139"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>o.</i></td><td style="text-align: justify"><i>Impairment of tangible and intangible assets other than goodwill</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_140"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">At the end of each reporting period,
the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group
estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise, they are allocated to the smallest
group of cash-generating units for which a reasonable and consistent allocation basis can be identified.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_141"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Intangible assets with indefinite useful
lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication
that the asset may be impaired.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_142"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Recoverable amount is the higher of
fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present
value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted. For impairment testing purposes, assets are grouped at the lowest levels
for which there are separately identifiable cash flows that are largely independent of the cash flows of other assets or Groups of assets
(cash generating units).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_143"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If the recoverable amount of an asset
is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Any impairment
is recognized immediately in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_144"><ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When an impairment loss subsequently
reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior
years. A reversal of an impairment loss is recognized immediately in profit or loss unless the relevant asset is carried at a revalued
amount, in which case the reversal of the impairment loss is treated as a revaluation increase.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_145"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>p.</i></td><td style="text-align: justify"><i>Goodwill</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_146"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Goodwill represents the excess of the
acquisition cost of a subsidiary over the Group&#180;s interest in the fair values of the net assets acquired determined at the date
of acquisition and is not subject to amortization.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_147"><ix:continuation id="_DescriptionOfAccountingPolicyForGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Goodwill is not amortized but is tested
annually for impairment. Goodwill arising from a business combination is allocated to the cash generating unit (&#8220;CGU&#8221;) receiving
a benefit from the synergies of the combination. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its
recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any
goodwill allocated to the CGU, and then to reduce the carrying amounts of the other long-lived assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_148"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_1" escape="true" name="bwmx:DescriptionOfAccountingPolicyForBusinessCombination"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>q.</i></td><td style="text-align: justify"><i>Business combinations</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_149"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_2" id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Businesses acquisitions are accounted
by using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated
by the sum of the assets transfer fair values by the Company, less the liabilities incurred by the Company to the previous owners of the
acquiree entity and equity shares issued by the Company in exchange for control over the acquiree equity. The cost related to the acquisition
are generally recognized in profit or loss as incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_150"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_3" id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">At the acquisition date, the identifiable
assets&#8217; acquired and the liabilities assumed are recognized at their fair value, except for:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_151"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_4" id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_3"><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: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Deferred tax assets or liabilities and assets or liabilities related to employee benefit, which are recognized
and measured in accordance with IAS 12 &#8220;Income tax&#8221; and IAS 19 &#8220;Employee Benefits&#8221;, respectively;</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_152"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_5" id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Goodwill is measured as the excess
of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree (if any), and the fair value
of the acquirer&#8217;s previously held equity interest in the acquiree (if any) over the net amounts of the identifiable assets acquired
and the liabilities assumed at the acquisition date. If at the acquisition date the net of the amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree
and the fair value of the acquirer&#8217;s previously held interest in the acquiree (if any), the excess is recognized immediately in
profit or loss as a bargain purchase gain.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_153"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_6" id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Non-controlling interests that are
equity interests and that give to their holders a proportionate share of the Company&#8217;s net assets in the event of liquidation, may initially
be measured at either fair value or at the value of the non-controlling interest&#8217;s proportionate interest in the recognized amounts of
the identifiable net assets of the acquired company. The measurement base is made on every transaction. Other types of non-controlling
interest are measured at fair value, or where applicable, based on what other IFRS specifies.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_154"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_7" id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When the consideration transferred
by the Group in a business combination includes contingent assets and liabilities resulted from a consideration arrangement, the contingent
consideration is measured at its fair value as of the acquisition date and included as part of the consideration transferred in a business
combination. Changes in fair value of the contingent consideration that qualify as an adjustment in the measurement period are adjusted
retrospectively with corresponding adjustments against goodwill. Adjustments of the measurement period are adjustments that arise from
additional information obtained during the &#8216;measurement period&#8217; (which cannot exceed one year from the acquisition date) about
facts and circumstances that existed at the acquisition date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_155"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_8" id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The accounting treatment for changes
in the fair value of the contingent consideration that do not qualify as an adjustment in the measurement period depends on how the contingent
consideration is classified. Contingent consideration classified as equity will not be remeasured at subsequent reporting dates and its
subsequent settlement is accounted in equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates
with changes in fair value recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_156"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_9" id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When a business combination is achieved
in stages, the Company&#8217;s previously held interests in the acquired entity are remeasured to fair value at the acquisition date and
the gain or loss resulted, if any, is recognized in profit or loss. The amounts arising from interests in the acquiree entity prior to
the acquisition date that have previously been recognized in other comprehensive income are reclassified in profit or loss where this
treatment would be appropriate if that interest is eliminated.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_157"><ix:continuation id="bwmx_DescriptionOfAccountingPolicyForBusinessCombination-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">If the initial accounting for a business
combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts
for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above)
or additional assets or liabilities are recognized to reflect new information obtained about facts and circumstances that existed as of
the acquisition date that, if known, would have affected the amounts recognized as of that date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_158"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>r.</i></td><td style="text-align: justify"><i>Leases</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_159"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>The Group as lessee</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_160"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group evaluates whether a contract
is or contains a lease agreement at inception of a contract. A lease is defined as an agreement or part of an agreement that conveys the
right to control the use of an identified asset for a period of time in exchange for a consideration. <ix:nonNumeric contextRef="c0" name="bwmx:DescriptionOfLeaseAgreement">The Group recognizes an asset for
right-of-use and the corresponding lease liability, for all lease agreements in which it acts as lessee, except in the following cases:
short-term leases (defined as leases with a lease term of less than 12 months); leases of low-value assets (defined as leases of assets
with an individual market value of less than US$5,000 (five thousand dollars)); and, lease agreements whose payments are variable (without
any contractually defined fixed payment).</ix:nonNumeric> For these agreements, which exempt the recognition of an asset for right-of-use and a lease
liability, the Group recognizes the rent payments as an operating expense in a straight-line method over the lease period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_161"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The right-of-use asset comprises all
lease payments discounted at present value; the direct costs to obtain a lease; the advance lease payments; and the obligations of dismantling
or removal of assets. The Group depreciates the right-of-use asset over the shorter of the lease term or the useful life of the underlying
asset; therefore, when the lessee will exercise a purchase option, the lessee shall depreciate the right-of-use asset from the commencement
date to the end of the useful life of the underlying asset. Depreciation begins on the lease commencement date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_162"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The lease liability is initially measured
at the present value of the future minimum lease payments that have not been paid at that date, using a discount rate that reflects the
cost of obtaining funds for an amount similar to the value of the lease payments, for the acquisition of the underlying asset, in the
same currency and for a similar period to the corresponding contract (incremental borrowing rate). To determine the lease term, the Group
considers the non-cancellable period, including the probability to exercise any right to extend and/or terminate the agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_163"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Subsequently, the lease liability is
measured increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and reducing
the carrying amount to reflect the lease payments made.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_164"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When there is a modification in future
lease payments resulting from changes in an index or a rate used to determine those payments, the Group remeasures the lease liability
when the adjustment to the lease payments takes effect, without reassessing the discount rate. However, if the modifications are related
to the lease term or exercising a purchase option, the Group reassesses the discount rate during the liability&#8217;s remeasurement.
Any increase or decrease in the value of the lease liability subsequent to this remeasurement is recognized as an adjustment to the right-of-use
asset to the same extent.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_165"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Finally, the lease liability is derecognized
when the Group fulfills all lease payments. When the Group determines that it is probable that it will exercise an early termination of
the contract that leads to a cash disbursement, such disbursement is accounted as part of the liability&#8217;s remeasurement mentioned
in the previous paragraph; however, in cases in which the early termination does not involve a cash disbursement, the Group cancels the
lease liability and the corresponding right-of-use asset, recognizing the difference immediately in the consolidated statement of profit
or loss and other comprehensive income.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_166"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>The Group as lessor</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_167"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">During 2022 and 2021, Betterware leased
a space on its offices at the &#8220;Betterware Campus&#8221; to a related party.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_168"><ix:continuation id="_DescriptionOfAccountingPolicyForLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">As of and for the year ended January
3, 2021, the Group did not maintain any leases as lessor.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_169"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>s.</i></td><td style="text-align: justify"><i>Foreign currency</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><b>&#160;</b></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_170"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In preparing the consolidated financial
statements, transactions in currencies other than the Mexican Peso, which is the functional currency of the consolidated entities (see
table in note 2d), those are recognized at the exchange rates as of the dates of the transactions. Monetary assets and liabilities denominated
in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that
are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of transaction.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_171"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Exchange differences on monetary items
are recognized in profit or loss in the period in which they arise.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_172"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For the purpose of presenting consolidated
financial statements, the assets and liabilities in foreign currency are translated in mexican pesos, using the exchange rates prevailing
at the end of the period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates
fluctuate significantly during that period, in which case the exchange rates are used at the date of transactions. Exchange differences
arising, if any, are recognized in other comprehensive income and accumulated in a foreign exchange translation reserve (attributed to
non-controlling interests as appropriate).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_173"><ix:continuation id="_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The adjustments related to goodwill
and to the fair value of the identifiable assets&#8217; acquired and the liabilities assumed generated in a foreign transaction, are recognized
as assets and liabilities, they are considered as assets and liabilities of the operation mentioned, and they are converted at the exchange
rate at the end of the reporting period. Exchange differences arising are recognized in other comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_174"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>t.</i></td><td style="text-align: justify"><i>Employee benefits</i></td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"><i>&#160;</i></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_175"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-weight: normal"><span style="text-decoration:underline">Retirement
benefits &#8211; Defined benefit obligations</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_176"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-weight: normal">The
Group&#8217;s defined benefit obligations cover seniority premiums which consist of a lump sum payment of 12 day&#8217;s wage for each
year worked, calculated using the most recent salary, not to exceed twice the legal minimum wage established by law. The related liability
and annual cost of such benefits are calculated with the assistance of an independent actuary on the basis of formulas defined in the
plans using the projected unit credit method at the end of each annual reporting period.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_177"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="font-weight: normal">The
Group&#8217;s net obligation with respect to the defined-benefit plan are calculated separately for each plan, estimating the amount of
future benefit accrued by employees in return for their services in ongoing and past periods; that benefit is discounted to determine
its present value, and the costs for the services that have not been recognized and the fair value of the plan assets are deducted. The
present value of the defined benefit obligation is determined by discounting the estimated future cash flows using discount rates in accordance
with IAS 19 that are denominated in the currency in which the benefits will be paid, and that have maturities that approximate to the
terms of the pension liability.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_178"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Net interest is calculated by applying
the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized
as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_179"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Service cost (including current service cost, past service cost, as well as gains and losses on curtailments
and settlements);</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                           </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_180"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Net interest expense or income; and</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: justify">&#160;</td></tr>
                                                                                                                                             </table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_181"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Remeasurements.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_182"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Remeasurements of the net defined benefit
liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling
(if applicable), are recognized immediately in the liability against other comprehensive income in the period in which they occur. Remeasurement
recognized in other comprehensive income is never reclassified to profit or loss. Past service cost is recognized in profit or loss in
the period in which a plan amendment or curtailment occurs, or when the Group recognizes the related restructuring costs or termination
benefits, if earlier.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_183"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="text-decoration:underline">Short-term and other long-term employee
benefits and statutory employee profit sharing (&#8220;PTU&#8221;)</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_184"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">A liability is recognized for benefits
accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the
undiscounted amount of the benefits expected to be paid in exchange for that service. Likewise, a liability is recognized for the amount
expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided
by the employee and the obligation can be estimated reliably.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_185"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Liabilities recognized in respect of short-term
employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_186"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Liabilities recognized in respect of other
long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Group in
respect of services provided by employees up to the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 111; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_187"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="text-decoration:underline">Statutory employee profit sharing (&#8220;PTU&#8221;)</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_188"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">PTU is recorded in the results of the
year in which it is incurred and is presented in operating expenses line item in the consolidated statement of profit or loss and other
comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_189"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">As a result of the 2014 Income Tax Law,
PTU is determined based on taxable income, according to Section I of Article 9 of the that Law.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_190"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><span style="text-decoration:underline">Termination benefits</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_191"><ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Termination benefits are recognized as
an expense when the Group&#8217;s commitment can be evidenced, without real possibility of reversing, with a detailed formal plan either
to terminate employment before the normal retirement date, or else, to provide benefits for termination as a result of an offer that is
made to encourage voluntary retirement. If the benefits are payable no later than 12 months after the reporting period, then they are
discounted at present value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_192"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>u.</i></td><td style="text-align: justify"><i>Income taxes</i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_193"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Income tax expense represents the sum
of the tax currently payable and deferred tax.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_194"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal"><span style="text-decoration:underline">Current
tax</span></span></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_195"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Current income tax (&#8220;ISR&#8221;)
is recognized in the results of the year in which is incurred.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_196"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The tax currently payable is based on
taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income
or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group&#8217;s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_197"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">A provision is recognized for those matters
for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority.
The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgment of
tax professionals within the Group supported by previous experience in respect of such activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_198"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal"><span style="text-decoration:underline">Deferred income tax</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_199"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Deferred tax is recognized on temporary
differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits
will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not
recognized if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized
if the temporary difference arises from the initial recognition of goodwill.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_200"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The carrying amount of deferred tax assets
is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates
that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_201"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">The measurement of deferred tax liabilities
and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_202"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal"><span style="text-decoration:underline">Current and deferred
tax for the year</span></span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_203"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">Current and deferred tax are recognized
in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which
case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_204"><ix:continuation id="_DescriptionOfAccountingPolicyForIncomeTaxExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Deferred income tax assets and tax
liabilities are offset when there is the legal right to offset current tax assets and current tax liabilities, and when deferred income
tax balances are related to the same tax authority. Current tax assets and tax liabilities are offset when the entity has the legal right
to offset and intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_205"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><i>v.</i></td><td style="text-align: justify"><i>Provisions </i></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_206"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Provisions are recognized when the Group
has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle
the obligation, and a reliable estimate can be made of the amount of the obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_207"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Provisions mainly include benefits incentives
granted to distributors, associates, leaders and consultants in the form of reward points, discounts and others such as compensations
to employees (bonuses) not paid at the reporting date, professional services fees, among others.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_208"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The amount recognized as a provision is
the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account
the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_209"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When some or all of the economic benefits
required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually
certain that reimbursement will be received and the amount of the receivable can be measured reliably.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_210"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Loyalty program (Group points system):</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_211"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group operates a &#8220;points system&#8221;
loyalty program, through which Betterware distributors and associates, as well as JAFRA leaders and consultants, accumulate points on
the sale of products that entitle them to exchange the points for products (rewards) that the Group acquires from different suppliers.
Since these points provide a benefit to Betterware distributors and associates and JAFRA leaders and consultants that they would not receive
without purchasing the Group&#8217;s products, this loyalty program and points system represent a separate performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>




</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_212"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Therefore, the transaction price is allocated between the product
and the points on a separate sales price basis. The standalone sale price per point is estimated based on the fair value of the product
that will be awarded when members redeem the points and the probability of redemption, as demonstrated by the Group&#8217;s historical experience.
In addition, a contractual liability is recognized for the revenue related to the points acquired at the time of the initial sale transaction,
reducing the revenue recognized on the initial sale of the goods. Revenue from loyalty points is recognized when the points are redeemed
by the customer and exchanged for related products. Revenues from points that are not expected to be exchanged are recognized in proportion
to the historical performance of rights exercised by customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_213"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Warranties</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_214"><ix:continuation id="_DescriptionOfAccountingPolicyForProvisionsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When the Group grants assurance-type warranties
in contracts with customers, those rights to the customer are recognized in profit or loss in the cost of sales line item against a provision
in the statement of financial position; however, when the Group provides its customers with service-type warranties, those are treated
under the revenue recognition model as a performance obligation. The Group has not granted any service-type warranties to its customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_215"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_AccruedExpensesPolicyTextBlock-c0_cont_1" escape="true" name="bwmx:AccruedExpensesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">w.</td><td style="text-align: justify">Accrued expenses</td></tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify; text-indent: 0cm">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_216"><ix:continuation id="bwmx_AccruedExpensesPolicyTextBlock-c0_cont_1"><p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><span style="font-style: normal; font-weight: normal">The
Group&#8217;s accrued expenses mainly comprise outstanding payment amounts (retention of income taxes and VAT) and social securities contributions
(IMSS, SAR and INFONAVIT) expenses among other accrued expenses.</span></p><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify; text-indent: 0cm">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_217"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">x.</td><td style="text-align: justify">Revenue recognition</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_218"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Revenues comprise the fair value of the
consideration received or to receive for the sale of goods and services in the ordinary course of the transactions, and are presented
in the consolidated statement of profit or loss, net of the amount of variable considerations (discounts and product returns). To recognize
revenues from contracts with its customers, the Group applies a comprehensive model, which is based on a five-step approach consisting
of the following: (1) identify the contract (verbal or written); (2) identify performance obligations in the contract; (3) determine the
transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when the
Group satisfies a performance obligation. The Group recognizes revenue at a point in time, when it transfers control over a product to
a customer, which occurs when the customers take delivery of the products and formally accepts them.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_219"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group invoices its customers at the
shipment date with payment terms between 15 and 30 days; customers are allowed to request for a product return only if the product has
quality, technical issues, or physical damages. However, this right qualifies as an assurance-type warranty (and not a performance obligation)
related to the functionality of the products sold.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>




</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_220"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Betterware&#8217;s discounts to
distributors and associates are included in the invoice price and are presented in the net sales line item from the moment in which
the customer acquires control of the products sold; thus, management does not perform estimates over discounts to be taken by the
customers. JAFRA &#8217;s discounts to leaders and consultants are not included in the invoice price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_221"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Loyalty program (The Group&#8217;s
reward points program):</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_222"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group operates a loyalty program (Reward
points program) through Betterware&#8217;s distributors and associates, and JAFRA&#8217;s leaders and consultants accumulate points on
sales of goods that entitle them to exchange the points for products the Group acquires from different suppliers. Since these points provide
a benefit to distributors and associates that they would not receive without purchasing the the Group products, this loyalty program represents
a separate performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_223"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Therefore, the transaction price is allocated
between the product and the points on a relative stand-alone selling price basis. The stand-alone selling price per point is estimated
based on the fair value of the product to be given when the points are redeemed by the distributors and associates and the likelihood
of redemption, as evidenced by the Group&#8217;s historical experience. Additionally, a contract liability is recognized for revenue relating
to the loyalty points at the time of the initial sales transaction, reducing the revenue recognized upon the initial sale of the goods.
Revenue from the loyalty points is recognized when the points are redeemed by the customer and exchanged for the related products. Revenue
for points that are not expected to be redeemed is recognized in proportion to the pattern of rights exercised by customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_224"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Variable considerations</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_225"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group adjusts the transaction price
according to the estimations that may result in a variable consideration. These estimates are determined according to the terms and conditions
of the contracts with the customer, the history or the customer&#8217;s performance.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_226"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><i>Contract costs</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_227"><ix:continuation id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group capitalizes incremental costs
to obtain a contract with a customer if it expects to recover those costs. However, the Group does not capitalize incremental costs if
the amortization period for the asset is one year or less. For any other costs related to the fulfillment of a contract with a customer,
that is not part of the revenue recognition, it is considered as an asset including all the costs incurred, only if such costs are directly
related to an existing contract or specific anticipated contract and if those costs generate or enhance resources that will be used to
satisfy performance obligations in the future and are expected to be recovered. The Group amortizes the asset recognized for the costs
to obtain and/or fulfill a contract on a systematic basis, consistent with the pattern of transfer of the good to which the asset relates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_228"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">y.</td><td>Share-based payments</td></tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 53.45pt; text-indent: 0cm">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_229"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The share-based compensation plans to
eligible executives and directors settled by providing Betterware shares are measured at their fair value as of the grant date and are
subject to compliance with certain business performance metrics of the business and their continuance at the Company for an established
period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_230"><ix:continuation id="_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The fair value determined at the grant
date is recorded as an expense based on the vesting period and the intrinsic value method, which consists of recognizing the expense from
the grant date over the period the executives or directors render the service and earn the benefits stipulated according to the plan,
with a corresponding increase in equity. At the end of each period, the Company reviews its estimates of the number of equity instruments
that are expected to be awarded.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_231"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">z.</td><td>Financing income and cost</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_232"><ix:continuation id="_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Financing income (cost) are comprised
of interest income, interest expense, the foreign currency gain (loss) on financial assets and financial liabilities; and gain (loss)
in valuation of financial derivative instruments. Those are recognized in the consolidated statement of profit or loss and other comprehensive
income when accrued.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_233"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DescriptionOfAccountingPolicyForContingencies-c0_cont_1" escape="true" name="bwmx:DescriptionOfAccountingPolicyForContingencies"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">aa.</td><td style="text-align: justify">Contingencies</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_234"><ix:continuation id="bwmx_DescriptionOfAccountingPolicyForContingencies-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Significant obligations or losses related
to contingencies are recognized when it is probable that their effects will materialize and there are reasonable elements for their quantification.
If these reasonable elements do not exist, their disclosure is included qualitatively in the notes to the consolidated financial statements.
Income, profits or contingent assets are recognized until such time as there is certainty of their realization.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_235"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_SegmentsInformationPolicyTextBlock-c0_cont_1" escape="true" name="bwmx:SegmentsInformationPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">bb.</td><td style="text-align: justify">Segments Information</td></tr></table><p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify; text-indent: 0cm">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_236"><ix:continuation continuedAt="bwmx_SegmentsInformationPolicyTextBlock-c0_cont_2" id="bwmx_SegmentsInformationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The information by operating segments
is presented consistent with the information included in the internal reports provided to the highest authority in making operating decisions
(Chief Operating Decision Maker or &#8220;CODM&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_237"><ix:continuation id="bwmx_SegmentsInformationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Board of Directors is who evaluates
the financial performance, the situation of the Group and makes strategic decisions. It has been identified as the highest authority in
operating decision-making, and it is integrated by seven independent members, two members and the Executive Board Chairman.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_238"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DescriptionOfAccountingPolicyForSocialCapital-c0_cont_1" escape="true" name="bwmx:DescriptionOfAccountingPolicyForSocialCapital"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">cc.</td><td style="text-align: justify">Social capital</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_239"><ix:continuation continuedAt="bwmx_DescriptionOfAccountingPolicyForSocialCapital-c0_cont_2" id="bwmx_DescriptionOfAccountingPolicyForSocialCapital-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group&#8217;s capital stock is integrated
by ordinary shares, registered, single series and without par value expression. The minimum fixed capital and without the right to withdraw
is Ps.<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CapitalReserve" scale="3" unitRef="mxn">50</ix:nonFraction> and it is represented by <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="bwmx:OrdinaryCost" scale="0" unitRef="shares">10,000</ix:nonFraction> shares. The variable capital is unlimited.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_240"><ix:continuation id="bwmx_DescriptionOfAccountingPolicyForSocialCapital-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When any entity of the Group purchases
shares issued by the company (treasury shares), the consideration paid, including the costs directly attributable to said acquisition
(net of taxes), they are recognized as a decrease in the Group&#8217;s capital until the shares are canceled or reissued. When these shares
are reissued, the consideration received, including incremental costs directly attributable to the transaction (net of tax) is recognized
in the Group&#8217;s capital.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">3.</td><td style="text-align: justify">Changes in significant accounting policies</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">a.</td><td style="text-align: justify"><span style="font-style: normal">Application of new and revised International Financing Reporting Standards
(&#8220;IFRSs&#8221; or &#8220;IAS&#8221;) that are mandatorily effective for the current year</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In the current year, the Group has applied
a number of new and amended IFRS and interpretations issued by the International Accounting Standards Board (&#8220;IASB&#8221;) that
are mandatorily effective for an accounting period that begins on or after January 1, 2022. The conclusions related to their adoption
are described as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><b><i>New and amended IFRS Standards that
are effective for the current year</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group adopted the following amendments,
which did not have any effects on the financial statements in the current year:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IFRS 3, Business Combination &#8211; Reference to the conceptual framework</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IAS 16, Property, Plant and Equipment - Economic benefits before intended use</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets &#8211; Onerous Contracts
- Costs to complete a contract</td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Annual improvements to IFRS 2018-2021</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 115; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><b><i>New and revised IFRS Standards in
issue but not yet effective</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">At the issuance date of these financial
statements, the Group has not applied the following new and revised IFRS that have been issued but are not yet effective. Based on management&#8217;s
analysis, the Group does not expect that the adoption of the following standards will have a material impact on the financial statements
in future periods:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">IFRS 17, Insurance contracts <sup>(1)</sup></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_13" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IAS 1, Classification of liabilities as current or non-current <sup>(1)</sup></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_14" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IAS 1, and Statement of practice 2 &#8211; Disclosure of accounting policies <sup>(1)</sup></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_15" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IAS 8, Disclosure of accounting estimates <sup>(1)</sup></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_16" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IAS 12, Deferred tax related to assets and liabilities arising from a single transaction
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_17" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IAS 1, Classification of debt with covenants <sup>(2)</sup></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_18" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 21.25pt">&#9679;</td><td style="text-align: justify">Amendments to IFRS 16 - Lease liability in a sale with leaseback <sup>(3)</sup></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify; text-indent: -21.25pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_19" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_20" id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</div><div>

</div><ix:continuation id="_DisclosureOfChangesInAccountingPoliciesExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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                                            date yet to be defined by the IASB</i></span></td>
</tr></table></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.65pt; text-indent: 7.05pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

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<td style="width: 0"></td><td style="width: 0.5in">4.</td><td style="text-align: justify">Critical accounting judgments and key sources of estimation uncertainty</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the application of the Group&#8217;s
accounting policies, which are described in note 2, management of the Group is required to make judgments, estimates, and assumptions
about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The judgments, estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future
periods. The significant estimates impacting the Group&#8217;s consolidated financial statements are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">-</td><td style="text-align: justify"><span style="text-decoration:underline">Key assumptions used in impairment testing on long-lived assets</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2cm; text-align: justify; text-indent: -0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Group performs annual impairment
testing on long-lived assets, for which key assumptions are used in the calculation of the recoverable amount (see note 12). For impairment
testing, goodwill is allocated to the cash-generating unit (&#8220;CGU&#8221;) from which the Group has considered that economic and operational
synergies of business combinations are generated. The recoverable amounts of the CGU have been determined based on the calculations of
their value in use, which require the use of estimates. The most significant of these estimates are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.8pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Discount rate based on the weighted average cost of capital
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">EBITDA margin (earnings before interest, taxes, depreciation and amortization), in accordance with the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_9" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">-</td><td style="text-align: justify"><span style="text-decoration:underline">Estimation of probability of default and recovery rate to apply the model of expected losses in the
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</div><div>

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whom it maintains an account receivable at each reporting date, either individually or as a group, an estimate of the probability of default
in the payment of accounts receivable and the estimated recovery rate, in order to reflect the cash flows that are expected to be received
from the current assets on that date (see note 6 and 21).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_11" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">-</td><td style="text-align: justify"><span style="text-decoration:underline">Critical estimation on the determination of fair values in business combinations by
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_12" id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">When business combinations are completed,
it is required to apply the acquisition method to recognize the identifiable net assets acquired at fair value, on the acquisition date;
Any excess of the consideration paid over the identified net assets is recognized as goodwill. For its part, any excess of the net assets
identified over the consideration paid is recognized as a gain within the result of the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&#160;</p></ix:continuation><div>

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</div><ix:continuation id="_DisclosureOfAccountingJudgementsAndEstimatesExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">In estimating the fair values of identifiable
assets acquired and liabilities assumed, the Company uses observable market data available. When input data is not available, the Company
engages a qualified independent appraiser to perform the valuation. Management works closely with the independent qualified appraiser
to establish the appropriate valuation techniques, assumptions, input data and criteria to be used in the valuation models.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.6pt; text-align: justify">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_3" id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022 and 2021 the Group
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</div><div>

</div><ix:continuation id="_DisclosureOfCashAndCashEquivalentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of January 3, 2021, cash and cash equivalents
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August 2021, which was presented as a current asset in the consolidated statement of financial position, since it did not complied with
the characteristics of readily convertible to cash (see note 9) and under investing activities in the consolidated statements of cash
flows.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">6.</td><td style="text-align: justify">Trade account receivables</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfTradeAccountsReceivableTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The trade accounts receivable detailed
above are measured at their amortized cost. The average, with respect to Betterware&#180;s the turnover of accounts receivable, is from
14 to 28 days as of December 31, 2022, 2021 and January 3, 2021; and JAFRA&#180;s the turnover of accounts receivable, is from 30 to
120 days as of December 31, 2022. No interest is charged on outstanding accounts receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group measures the loss reserve for
commercial accounts receivable in an amount equal to the expected lifetime credit loss. Expected credit losses in accounts receivable
are estimated using a provisions matrix with reference to the debtor&#8217;s previous default history and an analysis of the debtor&#8217;s
current financial situation, adjusted for factors specific to the debtors and the general economic conditions of the industry in which
the debtors operate, and assessing both current and predicted conditions as of the reporting date.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group&#8217;s significant growth
in recent years have caused volatility in collections. Because of this, management has applied significant estimation to determine the
estimated expected credit losses as of December 31, 2022 and 2021; where the weighting of the historical behavior was analyzed, given
what happened due to the extraordinary events of the COVID-19 pandemic, thus normalizing the expectation of future credit losses for the
year 2023.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group cancels an account receivable
when there is information that indicates that the debtor is experiencing serious financial difficulties and there is no realistic prospect
of recovery, e.g. when the debtor has been placed in liquidation or has entered bankruptcy proceedings, or when a commercial account receivable
is more than one year old, whichever occurs first. For the periods ended December 31, 2022, 2021 and January 3, 2021 Ps.<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:AccountsReceivablesCanceled" scale="3" unitRef="mxn">237,928</ix:nonFraction>, Ps.<ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:AccountsReceivablesCanceled" scale="3" unitRef="mxn">117,414</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_7" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table shows the expected
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_8" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DisclosureOfTradeAccountsReceivablePastDueTableTextBlock-c0_cont_1" escape="true" name="bwmx:DisclosureOfTradeAccountsReceivablePastDueTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_10" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_9"><ix:continuation id="bwmx_DisclosureOfTradeAccountsReceivablePastDueTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_11" id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table shows the movement
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</div><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfExpectedCreditLossTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInventoriesExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_2" id="_DisclosureOfInventoriesExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfInventoriesAndCostOfSalesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfInventoriesExplanatory-c0_cont_3" id="_DisclosureOfInventoriesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The cost of sales recognized in the
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</div><div>

</div><ix:continuation id="_DisclosureOfInventoriesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The cost of inventories recognized as
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

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</div><div>

</div><ix:continuation id="_DisclosureOfExpensesByNatureExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfPrepaidExpensesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><div>

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    <td style="padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 0.5in">10.</td><td style="text-align: justify">Property, plant and equipment, net</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DisclosureOfDetailedInformationAboutAcquisitionCostTableTextBlock-c0_cont_1" escape="true" name="bwmx:DisclosureOfDetailedInformationAboutAcquisitionCostTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
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</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_4"><ix:continuation continuedAt="bwmx_DisclosureOfDetailedInformationAboutAcquisitionCostTableTextBlock-c0_cont_2" id="bwmx_DisclosureOfDetailedInformationAboutAcquisitionCostTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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 December&#160;31,<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_5"><ix:continuation continuedAt="bwmx_DisclosureOfDetailedInformationAboutDepreciationTableTextBlock-c0_cont_2" id="bwmx_DisclosureOfDetailedInformationAboutDepreciationTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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January&#160;3,<br/>
 2021</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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December&#160;31,<br/>
 2021</b></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_7" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_6"><ix:continuation id="bwmx_DisclosureOfDetailedInformationAboutAcquisitionCostTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of<br/>
 December&#160;31,<br/>
 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 December&#160;31,<br/>
 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_8" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_7"><ix:continuation id="bwmx_DisclosureOfDetailedInformationAboutDepreciationTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 expense</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 December&#160;31,<br/>
 2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_9" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Depreciation expense is included in administrative
expenses line in the consolidated statement of profit or loss and other comprehensive income. No impairment losses have been determined.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_10" id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group built a distribution center,
which was completed in the first quarter of 2021. As of December 31, 2022, 2021 and January 3, 2021, the total payments related to this
construction amounted to Ps.<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:TotalPaymentsRelatedToThisConstruction" scale="3" unitRef="mxn">37,500</ix:nonFraction> Ps.<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:TotalPaymentsRelatedToThisConstruction" scale="3" unitRef="mxn">397,000</ix:nonFraction> and Ps.<ix:nonFraction contextRef="c64" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:TotalPaymentsRelatedToThisConstruction" scale="3" unitRef="mxn">508,958</ix:nonFraction>, respectively. The total investment amounted to Ps.<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ConstructionInProgress" scale="3" unitRef="mxn">1,108,458</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the period of 2020, the Group capitalized
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the Group didn&#8217;t capitalized borrowing costs related to the distribution center that was under construction.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">11.</td><td style="text-align: justify">Business combination</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_2" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On January 18, 2022, the Company entered
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leading global brand in direct sales in the Beauty and Personal Care (B&amp;PC) industry with a strong presence in Mexico and the United
States with independent leaders and consultants who sell unique products. In addition to entering the beauty and personal care industry,
the JAFRA acquisition provides a unique opportunity for the Company to expand its geographic presence into the United States, enhancing
its international focus on the North American.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_3" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 24, 2022, the Federal Economic
Competition Commission (&#8220;COFECE&#8221;) approved the transaction, which was concluded on April 7, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_4" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The JAFRA&#8217;s acquisition led the
Group to enter in the Beauty and Personal Care (B&amp;PC) industry market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_5" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The assets acquired and liabilities assumed
from the acquisition are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_6" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfAssetsAcquiredAndLiabilitiesAssumedTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Property, plant and equipment, net</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_7" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Goodwill is attributable to the profitability
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_8" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Current assets and other non-current
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fair value of accounts receivable is Ps.<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:FairValueOfAccountsReceivable" scale="3" unitRef="mxn">492,109</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_10" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfAssetsAcquiredAndLiabilitiesAssumedsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_11" id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The revenues contributed by JAFRA
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</div><div>

</div><ix:continuation id="_DisclosureOfContingentLiabilitiesInBusinessCombinationExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No contingent liability has arisen
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significant.</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>


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 January 3,<br/>
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 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_5" id="_DisclosureOfGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The goodwill as of December 31, 2020,
correspond to the resulting excess between the consideration given and the fair values of the net assets acquired on the acquisition date
by Betterware Latinoamerica Holding M&#233;xico, S.A. de C.V. (BLHM) and Strevo Holding, S.A. de C.V.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_6" id="_DisclosureOfGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 12, 2021, Betterware entered
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software developer. Moreover, on July 22, 2021, Betterware entered into an agreement more to acquire <ix:nonFraction contextRef="c246" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" unitRef="pure">70</ix:nonFraction>% of Innova Cat&#225;logos, S.A.
de C.V., for Ps.<ix:nonFraction contextRef="c246" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="3" unitRef="mxn">5,000</ix:nonFraction>. Innova Cat&#225;logos is a company dedicated to the purchase and sale of clothing, footwear and accessories.
The goodwill addition of Ps.<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="3" unitRef="mxn">22,634</ix:nonFraction> is the result between the consideration paid and the fair values of the net assets acquired from both
companies. During the 2022 period, GuruComm and Innova Cat&#225;logos ceased to belong to the Group in the months of March and November,
respectively, therefore, the goodwill is shown as disposals for Ps.<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DisposalAmount" scale="3" unitRef="mxn">22,634</ix:nonFraction> for the year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_7" id="_DisclosureOfGoodwillExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 25, 2022, Betterware and Programa
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recorded a goodwill of Ps.<ix:nonFraction contextRef="c247" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Goodwill" scale="3" unitRef="mxn">1,145</ix:nonFraction> corresponding to the excess for the consideration paid and the fair values of the net assets acquired
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_8" id="_DisclosureOfGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On April 7, 2022, Betterware acquired
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</div><div>


</div><!-- Field: Page; Sequence: 123; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_9" id="_DisclosureOfGoodwillExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The goodwill balances of Group&#8217;s
companies are described below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_10" id="_DisclosureOfGoodwillExplanatory-c0_cont_9"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_11" id="_DisclosureOfGoodwillExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For impairment testing purposes, goodwill
is allocated to CGUs that do not exceed operating segments. The recoverable value of the CGU was based on the fair value minus disposal
costs, estimated using discounted cash flows. The fair value measurement was classified as a Level 3 fair value based on the inputs in
the valuation technique used.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_12" id="_DisclosureOfGoodwillExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The values assigned to the key assumptions
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and internal sources.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_13" id="_DisclosureOfGoodwillExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, 2021 and January
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_14" id="_DisclosureOfGoodwillExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The key assumptions used in the estimation
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_15" id="_DisclosureOfGoodwillExplanatory-c0_cont_14"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfValuesAssignedToKeyAssumptionsRepresentManagementsAssessmentOfFutureTrendsInRelevantIndustriesAndHaveBeenBasedOnHistoricalDataFromBothInternalAndExternalSourcesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_16" id="_DisclosureOfGoodwillExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The discount rate was based on the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_17" id="_DisclosureOfGoodwillExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The cash flow projections included
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years and the estimated sales volume and price growth for the next five years. It was assumed that the sales price would increase in line
with forecast inflation over the next five years.</p></ix:continuation></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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<td style="width: 0"></td><td style="width: 0.5in">13.</td><td style="text-align: justify">Intangible assets, net</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_2" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_ScheduleOfIntangibleAssetsTableTextBlock-c0_cont_1" escape="true" name="bwmx:ScheduleOfIntangibleAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_3" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_2"><ix:continuation continuedAt="bwmx_ScheduleOfIntangibleAssetsTableTextBlock-c0_cont_2" id="bwmx_ScheduleOfIntangibleAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of <br/> January 1,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_4" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_3"><ix:continuation continuedAt="bwmx_ScheduleOfIntangibleAssetsTableTextBlock-c0_cont_3" id="bwmx_ScheduleOfIntangibleAssetsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_7" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_6"><ix:continuation id="bwmx_ScheduleAcquisitionCostTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_8" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i><span style="text-decoration:underline">Brands:</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_9" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_10" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><p style="text-align: justify">The
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_11" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i><span style="text-decoration:underline">Customer relationships:</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_12" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_13" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><p style="text-align: justify">The
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_16" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i><span style="text-decoration:underline">Brands and logo rights</span></i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_17" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Betterware has incurred expenses related to the registration trademarks
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_18" id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">At each reporting date, the Group reviews
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then the asset&#8217;s recoverable amount is estimated. As of December 31, 2022, 2021 and January 3, 2021, the Group have been not identified
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</div><div>

</div><ix:continuation id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In relation to impairment of intangible
assets with indefinite useful life (brand), the Group estimates the recoverable amount of the intangible asset which is based on fair
value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorized as a Level 3 fair value
based on the inputs in the valuation technique used (see note 12).</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

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<td style="width: 0"></td><td style="width: 0.5in">14.</td><td style="text-align: justify">Leases</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_2" id="_DisclosureOfLeasesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>Right-of-use assets, net</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_3" id="_DisclosureOfLeasesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group leases a fleet of cars for its
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distribution center and commercial venues) with different expiration date, being the latest expiration date in 2028. Those leases were
recorded as right of use assets as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_4" id="_DisclosureOfLeasesExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_ScheduleOfRightOfUseAssetsTableTextBlock-c0_cont_1" escape="true" name="bwmx:ScheduleOfRightOfUseAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_5" id="_DisclosureOfLeasesExplanatory-c0_cont_4"><ix:continuation continuedAt="bwmx_ScheduleOfRightOfUseAssetsTableTextBlock-c0_cont_2" id="bwmx_ScheduleOfRightOfUseAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_6" id="_DisclosureOfLeasesExplanatory-c0_cont_5"><ix:continuation continuedAt="bwmx_ScheduleOfRightOfUseAssetsTableTextBlock-c0_cont_3" id="bwmx_ScheduleOfRightOfUseAssetsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_7" id="_DisclosureOfLeasesExplanatory-c0_cont_6"><ix:continuation id="bwmx_ScheduleOfRightOfUseAssetsTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

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</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_9" id="_DisclosureOfLeasesExplanatory-c0_cont_8"><ix:continuation id="bwmx_DiscloureOfDepreciationExpensesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_10" id="_DisclosureOfLeasesExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The right-of-use asset depreciation
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expenses in the consolidated statement of profit or loss and other comprehensive income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_11" id="_DisclosureOfLeasesExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, 2021 and January 3, 2021, Betterware has master lease contracts for computers, servers and cars and for the
year 2022 with the JAFRA&#8217; Acquisition, lease contracts were added for the JAFRA distribution center, equipment office (printers),
cars and premises in different regions.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_12" id="_DisclosureOfLeasesExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022 and 2021, Betterware
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</div><div>

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leased warehouses and an administrative office space that expired on January 3, 2021, and that were renewed during the first three months
of 2021 in order to relocate the operations to the new distribution center. Rental expense for the period of 2020 was Ps.<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RentalExpense" scale="3" unitRef="mxn">15,703</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 128; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_14" id="_DisclosureOfLeasesExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b><i>Lease liability</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_15" id="_DisclosureOfLeasesExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The lease liabilities as of December 31,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_16" id="_DisclosureOfLeasesExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfOtherLiabilitiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" id="ix_14_fact" name="bwmx:LeaseDisposals" scale="3" sign="-" unitRef="mxn">195</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rent
    payments <sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" id="ix_19_fact" name="bwmx:RentPayments" scale="3" unitRef="mxn">76,214</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    expense <sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" id="ix_16_fact" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="3" unitRef="mxn">11,566</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_17" id="_DisclosureOfLeasesExplanatory-c0_cont_16"><ix:continuation continuedAt="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_2" id="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify"><ix:footnote id="ix_2_footnote" xml:lang="en-US">Changes that do not represent cash flow</ix:footnote></td>
</tr></table></ix:continuation></ix:continuation><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_18" id="_DisclosureOfLeasesExplanatory-c0_cont_17"><ix:continuation id="_DisclosureOfOtherLiabilitiesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(2)</sup></td><td style="text-align: justify"><ix:footnote id="ix_3_footnote" xml:lang="en-US">Changes that represent cash flow</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfLeasesExplanatory-c0_cont_19" id="_DisclosureOfLeasesExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The maturity analysis of total future minimum lease payments,
including non-accrued interest, is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfLeasesExplanatory-c0_cont_19"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfTotalFutureMinimumLeasePaymentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c348" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" scale="3" unitRef="mxn">99,715</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c349" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" scale="3" unitRef="mxn">101,315</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c350" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" scale="3" unitRef="mxn">93,946</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c351" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" scale="3" unitRef="mxn">98,812</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ps</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" scale="3" unitRef="mxn">486,129</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:nonNumeric></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DisclosureOfAccountsPayableToExplanatorySuppliers-c0_cont_1" escape="true" name="bwmx:DisclosureOfAccountsPayableToExplanatorySuppliers"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">15.</td><td style="text-align: justify">Accounts payable to suppliers</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfAccountsPayableToExplanatorySuppliers-c0_cont_2" id="bwmx_DisclosureOfAccountsPayableToExplanatorySuppliers-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Trade accounts payables to the Group&#8217;s
suppliers principally comprise amounts outstanding for trade purchases, raw material and ongoing costs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfAccountsPayableToExplanatorySuppliers-c0_cont_3" id="bwmx_DisclosureOfAccountsPayableToExplanatorySuppliers-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The average payment period to Betterware&#8217;s
suppliers is 4 months mainly for its commercial purchases and to the JAFRA&#8217;s suppliers is 30 days for the commercial area and 90
days for the manufacturing area, without interest for all Group. The Group has financial risk management policies (see note 21) to ensure
that all accounts payable are paid within the previously agreed credit terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="bwmx_DisclosureOfAccountsPayableToExplanatorySuppliers-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company has established financing
factoring for suppliers, through which they can discount their documents with different financial institutions (paying out the financial
cost). Factoring payable balance is recognized within the suppliers account in the consolidated statement of financial position. The payable
balance discounted by suppliers as of December 31, 2022, 2021 and 2020 amounted to Ps.<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DiscountedSuppliers" scale="3" unitRef="mxn">584,872</ix:nonFraction>, Ps.<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DiscountedSuppliers" scale="3" unitRef="mxn">1,237,913</ix:nonFraction> and Ps.<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DiscountedSuppliers" scale="3" unitRef="mxn">1,315,744</ix:nonFraction>, respectively.</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBorrowingsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">16.</td><td style="text-align: justify">Debt and borrowings</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_2" id="_DisclosureOfBorrowingsExplanatory-c0_cont_1"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfLongTermDebtTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simple
    credit line with Banamex, HSBC, BBVA, Baj&#237;o, BanCoppel and Scotiabank, up to Ps.4,498,695, with interest (28-day TIIE published
    in BANXICO) plus the applicable margin, such ordinary interest will be calculated by the number of days effectively elapsed over
    the base of a year 360 days, in addition, in case of default, interest will be paid at the ordinary interest rate multiplied by 2.0pp
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two-tranche
    sustainability bond, with maturities across 4 and 7 years, offered in&#160;the Mexican Market through the Bolsa Mexicana de Valores;
    the first offer of Ps.500,000 started paying interest at 5.15% plus 0.40% and for the monthly subsequent payments, the rate will
    be based on the 29-day TIIE rate issued by BANXICO plus 0.40%; the second offer of Ps.1,000,000 will pay interest semi-annually at
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    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
    line with Banamex, with interest rate at TIIE (28 days published in BANXICO) plus 110 basis points, the line considers payments of
    drawdowns in no more than a 12-month term. This short-term line of credit, which is available and paid in a term of no more than
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c377" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtAndBorrowings" scale="3" unitRef="mxn">200,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-245; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-246; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Innova
    Catalogos has a loan for financial support or &#8220;Emerging Plan for the protection of employment and income of people&#8221;; the loan was
    acquired at the beginning of 2021, for the amount of Ps.40, with maturity across 18 months, and monthly payments of Ps.2.2, this
    loan does not accrue interest, however in case of default, it will accrue interest at the rate of 24% on unpaid balances.</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-247; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c381" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtAndBorrowings" scale="3" unitRef="mxn">15</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-248; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured
    credit line with Banamex, for up to Ps.400,000, bearing interest at the TIIE rate plus 260 basis points. Withdrawals from this secured
    credit line can be made during a 10-month period starting December 15, 2018, and are payable on a quarterly basis from December 17,
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-252; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c388" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtAndBorrowings" scale="3" unitRef="mxn">188,500</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-254; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c393" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtAndBorrowings" scale="3" unitRef="mxn">28,109</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c394" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtAndBorrowings" scale="3" unitRef="mxn">3,323</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtAndBorrowings" scale="3" unitRef="mxn">1,510,385</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtAndBorrowings" scale="3" unitRef="mxn">629,877</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="3" unitRef="mxn">105,910</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c3" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherBorrowings" scale="3" unitRef="mxn">1,482,261</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_3" id="_DisclosureOfBorrowingsExplanatory-c0_cont_2"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Long term debt- Syndicated Credit
Line</i></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_4" id="_DisclosureOfBorrowingsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">On March 31, 2022, Betterware
entered into a credit agreement with Banamex, HSBC, BBVA, BanBajio, BanCoppel, and Scotiabank, as syndicated lenders, for a credit line
of up to Ps<span style="-sec-ix-hidden: hidden-fact-257">.4,498,695</span>. The funds under the credit line were entirely allocated to the JAFRA Acquisition in Mexico and the United States.
The credit line has a maturity of <ix:nonNumeric contextRef="c353" format="ixt-sec:duryear" name="bwmx:MaturityTerm">5</ix:nonNumeric> years from the date of signing the contract in March 2022, which pays monthly interest at the 28-day
TIIE rate plus the applicable margin established in the contract. The first 24 months the credit line has no principal payments, and from
month 25 capital payments begin in an increasing manner, with a global payment of <ix:nonFraction contextRef="c353" decimals="2" format="ixt:num-dot-decimal" name="bwmx:GlobalPaymentPercentage" scale="-2" unitRef="pure">30</ix:nonFraction>% in month 60. JAFRA subsidiaries are jointly responsible
for this credit.</span></td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_5" id="_DisclosureOfBorrowingsExplanatory-c0_cont_4"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Long term debt- Offering of bonds
in Securities Commission and to the Mexican Stock Exchange (&#8220;BMV&#8221;, for its acronym in Spanish)</i></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_6" id="_DisclosureOfBorrowingsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">On August 30, 2021, Betterware
successfully concluded the offering of a two-tranche sustainability bond issuance for a total of&#160;Ps.<ix:nonFraction contextRef="c354" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:BondIssuanceTotalAmount" scale="3" unitRef="mxn">1,500,000</ix:nonFraction>, with maturities across
<ix:nonNumeric contextRef="c355" format="ixt-sec:duryear" name="bwmx:MaturityTerm">4</ix:nonNumeric> and <ix:nonNumeric contextRef="c356" format="ixt-sec:duryear" name="bwmx:MaturityTerm">7</ix:nonNumeric> years, offered in&#160;the Mexican Market and issued at favorable conditions for the Company. The first offer of sustainability
bonds for Ps.<ix:nonFraction contextRef="c357" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:SustainabilityBondsAmount" scale="3" unitRef="mxn">500,000</ix:nonFraction> started paying interest at <ix:nonFraction contextRef="c357" decimals="4" format="ixt:num-dot-decimal" name="bwmx:SustainabilityBondsPayingInterest" scale="-2" unitRef="pure">5.15</ix:nonFraction>% rate plus <ix:nonFraction contextRef="c357" decimals="4" format="ixt:num-dot-decimal" name="bwmx:SustainabilityBondsRatePlus" scale="-2" unitRef="pure">0.40</ix:nonFraction>% and for the subsequent monthly payments, the rate will be based
on the 29-day TIIE rate issued by Banxico plus <ix:nonFraction contextRef="c357" decimals="4" format="ixt:num-dot-decimal" name="bwmx:BanxicoPlusPercentage" scale="-2" unitRef="pure">0.40</ix:nonFraction>%, and the second offer of Ps.<ix:nonFraction contextRef="c358" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentInterestPayable" scale="3" unitRef="mxn">1,000,000</ix:nonFraction> will pay interest semi-annually at a fixed
rate of <ix:nonFraction contextRef="c357" decimals="4" format="ixt:num-dot-decimal" name="bwmx:FixedRatePercentage" scale="-2" unitRef="pure">8.35</ix:nonFraction>% during the sustainability bond term. Capital payments are at the end of every bond maturity.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_7" id="_DisclosureOfBorrowingsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">On August 31, 2021, Ps<span style="-sec-ix-hidden: hidden-fact-260">.588,300</span>
of proceeds received from the bond offering, were used for the prepayment of the following long-term debt: Ps<span style="-sec-ix-hidden: hidden-fact-261">.521,449</span> were paid to the
secured credit line with Banamex, plus an additional Ps<span style="-sec-ix-hidden: hidden-fact-270">.18,172</span> to cancel the swap linked to that loan, and Ps<span style="-sec-ix-hidden: hidden-fact-271">.48,679</span> to the credit line
with BBVA. The rest of the proceeds were used for general corporate purposes, including additional investments in Campus Betterware and
other initiatives with positive environmental and social impacts.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_8" id="_DisclosureOfBorrowingsExplanatory-c0_cont_7"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Banamex- Unsecured credit line</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_9" id="_DisclosureOfBorrowingsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">Betterware has an unsecured credit line with Banamex up to Ps.<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LineOfCredits" scale="3" unitRef="mxn">400,000</ix:nonFraction>,
amounted to TIIE plus 110 basis points. As of December 31, 2019, the interest rate was TIIE plus 275 basis points. As of December 31,
2022, Betterware has used Ps<span style="-sec-ix-hidden: hidden-fact-262">.250,000</span> under such credit line, of which Ps<span style="-sec-ix-hidden: hidden-fact-272">.50,000</span> has been reimbursed to Banamex.</span></td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_10" id="_DisclosureOfBorrowingsExplanatory-c0_cont_9"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Banamex- Secured credit line</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_11" id="_DisclosureOfBorrowingsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">On December 2018, the Group
obtained a secured credit line with Banamex for an amount of Ps<span style="-sec-ix-hidden: hidden-fact-263">.400,000</span> to build the new Campus Betterware. On January 30, 2020, the Group
renegotiated the interest rate of the secured credit line with Banamex, which changed from the TIIE rate plus 317 basis points to the
TIIE rate plus 260 basis points. In addition, withdrawals from this credit line were extended to August 2020, and were payable on a quarterly
basis from September 2020 up to December 18, 2025. This loan was liquidated on August 31, 2021.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_12" id="_DisclosureOfBorrowingsExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">On July 30, 2020, a total
amount of Ps<span style="-sec-ix-hidden: hidden-fact-264">.195,000</span> was withdrawn from a credit agreement signed on June 3, 2020 with Banamex. This loan beared interest at the TIIE
rate plus 295 basis points maturing on December 30, 2025. This loan was liquidated on August 31, 2021.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_13" id="_DisclosureOfBorrowingsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">During the first seven months
of 2021, Betterware made payments to secured credit line with Banamex, for Ps.46,167, and as of August 31, 2021, this secured credit line was
liquidated totality for Ps<span style="-sec-ix-hidden: hidden-fact-265">.<ix:nonFraction contextRef="c362" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LiquidatedTotality" scale="3" unitRef="mxn">521,449</ix:nonFraction></span>, including interest.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_14" id="_DisclosureOfBorrowingsExplanatory-c0_cont_13"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>BBVA-Simple credit line</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_15" id="_DisclosureOfBorrowingsExplanatory-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">On September 20, 2020, the
Group entered into a credit line with BBVA for up to Ps.<ix:nonFraction contextRef="c363" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LineOfCredits" scale="3" unitRef="mxn">75,000</ix:nonFraction> bearing interest at <ix:nonFraction contextRef="c363" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">7.5</ix:nonFraction>%, payable monthly. The credit line had racks in
the Group&#8217;s distribution center pledged as collateral for an amount of Ps<span style="-sec-ix-hidden: hidden-fact-273">.80,901</span>. This credit line was liquidated on August 31,
2021. </span></td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_16" id="_DisclosureOfBorrowingsExplanatory-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">During the first seven months
of 2021, Betterware made payments to credit line with BBVA, for Ps.16,325 and as of August 31, 2021, this credit line was liquidated totality
for Ps<span style="-sec-ix-hidden: hidden-fact-274">.<ix:nonFraction contextRef="c366" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LiquidatedTotality" scale="3" unitRef="mxn">48,679</ix:nonFraction></span>, including interest.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_17" id="_DisclosureOfBorrowingsExplanatory-c0_cont_16"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>BBVA-Credit line</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_18" id="_DisclosureOfBorrowingsExplanatory-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in">&#160;</td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 5, 2022, the Group entered into a credit line with BBVA for up to Ps<span style="-sec-ix-hidden: hidden-fact-266">.400,000</span> and as of May 31, 2022, through an amending agreement, the amount was strengthened for up to Ps<span style="-sec-ix-hidden: hidden-fact-267">.800,000</span>. The line of credit bearing interest at the 28-day TIIE rate plus 206 basis points, payable monthly, with a term of 36 months from the date of signing the original contract. During 2022, Betterware made Ps.450,010 available and at the end of the year they were fully reimbursed.</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_19" id="_DisclosureOfBorrowingsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>HSBC-Credit line</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_20" id="_DisclosureOfBorrowingsExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.5in">&#160;</td> <td style="width: 0.25in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 10, 2020, <ix:nonNumeric contextRef="c369" name="bwmx:DescriptionOfLoans">Betterware entered into a current account credit line agreement with HSBC M&#233;xico, S.A., for an amount of Ps.50,000, with provisions by means of promissory notes specifying payment of principal and interest. BLSM is jointly liable for this credit. On May 4, 2020, the first amendment agreement was signed, in which the amount of the credit line was increased to Ps.150,000. The maturity date of this credit line is March 10, 2022, and it bears interest at the TIIE rate plus 200 basis points. During 2022, 2021 and 2020,&#160;the Group utilized Ps.620,000, Ps.20,000 and Ps.115,000, respectively, of which as of December 31, 2022, 2021, and January 3, 2021, the entire amounts have been repaid.</ix:nonNumeric>&#160;&#160;&#160;</span></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_21" id="_DisclosureOfBorrowingsExplanatory-c0_cont_20"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>CreditSuisse-Credit line</i></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_22" id="_DisclosureOfBorrowingsExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-weight: normal">On March 27, 2020, the Group
made a prepayment to the credit line with MCRF P, S.A. de C.V. SOFOM, E.N.R of Ps<span style="-sec-ix-hidden: hidden-fact-268">.258,750</span>. In addition, on April 27, 2020, the Group paid
the outstanding amount of the credit line. </span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_23" id="_DisclosureOfBorrowingsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">As of
December 31, 2022, 2021 and January 3, 2021, the fair value of the debt in 2022, 2021 and 2020 amounted to Ps<span style="-sec-ix-hidden: hidden-fact-258">.6,489,926</span>, Ps<span style="-sec-ix-hidden: hidden-fact-259">.1,499,867</span>
and Ps<span style="-sec-ix-hidden: hidden-fact-269">.634,992</span>, respectively. The fair value of the long term bond in 2022 and 2021, was calculated based on level 1 of the value hierarchy,
since its price is quoted in an active market on that date, meanwhile the fair value of borrowings in 2022 and 2020 periods, was calculated
using the discounted cash flow method and the Interbank Equilibrium Interest Rate (&#8220;TIIE&#8221;, for its acronym in Spanish), adjusted
for credit risk, and used to discount future cash flows.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_24" id="_DisclosureOfBorrowingsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">Interest
expenses related to the borrowings presented above are included in the interest expense item in the consolidated statement of earnings
and other comprehensive income.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_25" id="_DisclosureOfBorrowingsExplanatory-c0_cont_24"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Reconciliation of movements
of liabilities to cash flows arising from financing activities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_26" id="_DisclosureOfBorrowingsExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The table below details changes in
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activities are those for which cash flows were, or future cash flows will be, classified in the Group&#8217;s consolidated statement of
cash flows as cash flows from financing activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right"><ix:nonFraction contextRef="c404" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents" scale="3" unitRef="mxn">42,915</ix:nonFraction></td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: right">-</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_28" id="_DisclosureOfBorrowingsExplanatory-c0_cont_27"><ix:continuation id="_DisclosureOfRedesignatedFinancialAssetsAndLiabilitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify"><ix:footnote id="ix_4_footnote" xml:lang="en-US">Balances in column &#8220;Long-term debt&#8221; in the table
above, are netted with restricted cash balances on 2020 period.</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_29" id="_DisclosureOfBorrowingsExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group&#8217;s long-term debt and
interest maturities as of December 31, 2022, including non-accrued interest, are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_30" id="_DisclosureOfBorrowingsExplanatory-c0_cont_29"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfLongTermDebtMaturitiesTableTextblock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2023</td><td>&#160;</td>
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    <td style="width: 88%; text-align: left">2024</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtMaturitiesThreeYear" scale="3" unitRef="mxn">899,275</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtMaturitiesFourYear" scale="3" unitRef="mxn">2,087,221</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtMaturitiesFiveYear" scale="3" unitRef="mxn">1,698,045</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">2027-2028</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:LongTermDebtMaturitiesAfterYearFour" scale="3" unitRef="mxn">2,778,621</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_31" id="_DisclosureOfBorrowingsExplanatory-c0_cont_30"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DescriptionLineOfCreditAgreement-c0_cont_1" name="bwmx:DescriptionLineOfCreditAgreement"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">The
long-term debt of the syndicated credit line contains the following financial obligations:&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_32" id="_DisclosureOfBorrowingsExplanatory-c0_cont_31"><ix:continuation continuedAt="bwmx_DescriptionLineOfCreditAgreement-c0_cont_2" id="bwmx_DescriptionLineOfCreditAgreement-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-weight: normal">a)</span></td><td style="text-align: justify"><span style="font-weight: normal">A leverage ratio equal to or less than 3.00.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_33" id="_DisclosureOfBorrowingsExplanatory-c0_cont_32"><ix:continuation continuedAt="bwmx_DescriptionLineOfCreditAgreement-c0_cont_3" id="bwmx_DescriptionLineOfCreditAgreement-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-weight: normal">b)</span></td><td style="text-align: justify"><span style="font-weight: normal">A debt service coverage ratio equal to or greater than 1.25.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_34" id="_DisclosureOfBorrowingsExplanatory-c0_cont_33"><ix:continuation id="bwmx_DescriptionLineOfCreditAgreement-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-weight: normal">c)</span></td><td style="text-align: justify"><span style="font-weight: normal">A minimum stockholders&#8217; equity equivalent to 90% of stockholders&#8217; equity
at the close of the last immediately preceding fiscal year.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_35" id="_DisclosureOfBorrowingsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-weight: normal">The
long-term debt of the bond issue has the following financial covenants:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_36" id="_DisclosureOfBorrowingsExplanatory-c0_cont_35"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-weight: normal">a)</span></td><td style="text-align: justify"><span style="font-weight: normal">Pay interest: The first offer of sustainability bonds for Ps.<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:BondsIssued" scale="3" unitRef="mxn">500,000</ix:nonFraction>
started paying interest at <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="bwmx:SustainabilityBondsPayingInterest" scale="-2" unitRef="pure">5.15</ix:nonFraction>% plus <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="bwmx:SustainabilityBondsRatePlus" scale="-2" unitRef="pure">0.40</ix:nonFraction>% and for the subsequent monthly payments, the rate will be based on the 29-day TIIE rate issued
by Banxico plus <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="bwmx:BanxicoPlusPercentage" scale="-2" unitRef="pure">0.40</ix:nonFraction>% and the second offer of Ps.<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentInterestPayable" scale="3" unitRef="mxn">1,000,000</ix:nonFraction> will pay interest semi-annually at a fixed rate of <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="bwmx:FixedRatePercentage" scale="-2" unitRef="pure">8.35</ix:nonFraction>% during the sustainability
bond term.</span></td></tr></table><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-align: justify; text-indent: -0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_37" id="_DisclosureOfBorrowingsExplanatory-c0_cont_36"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-weight: normal">b)</span></td><td style="text-align: justify"><span style="font-weight: normal">Use the resources derived from the placement of the Stock Certificates
for initiatives with positive environmental and social impacts.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.65pt; text-indent: -0.25in"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_38" id="_DisclosureOfBorrowingsExplanatory-c0_cont_37"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-weight: normal">c)</span></td><td style="text-align: justify"><span style="font-weight: normal">Compliance with the general provisions applicable to securities issuers
and other participants; Among them, the delivery of quarterly financial information and an annual report to the Banking Commission (CNBV,
for its acronym in Spanish) and BMV.</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfBorrowingsExplanatory-c0_cont_39" id="_DisclosureOfBorrowingsExplanatory-c0_cont_38"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-weight: normal">d)</span></td><td style="text-align: justify"><span style="font-weight: normal">Compliance with the general provisions applicable to entities and issuers
supervised by the CNBV that hire external audit services.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfBorrowingsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group was in compliance with all
covenants as of December 31, 2022, December 31, 2021 and January 3, 2021, with the exception of subsection &#8220;c&#8221; of the syndicated
loan&#8217;s financial obligations, however, we obtained a waiver from the agent bank before December 31, 2022.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">17.</td><td style="text-align: justify">Income taxes</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_2" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The subsidiaries of the Group in M&#233;xico
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_3" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">According to the specific requirements
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_4" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Income tax recognized in profit or
loss for the periods of 2022, 2021 and 2020 was comprised of the following:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_5" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfIncomeTaxRecognizedInProfitOrLossTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_6" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Income tax expense recognized at the
effective ISR rate differs from income tax expense at the statutory tax rate. Reconciliation of income tax expense recognized from statutory
to effective ISR rate is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_7" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DisclosureOfReconciliationOfIncomeTaxExpenseRecognizedFromStatutoryToEffectiveIsrRateTableTextBlock-c0_cont_1" escape="true" name="bwmx:DisclosureOfReconciliationOfIncomeTaxExpenseRecognizedFromStatutoryToEffectiveIsrRateTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_8" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_7"><ix:continuation id="bwmx_DisclosureOfReconciliationOfIncomeTaxExpenseRecognizedFromStatutoryToEffectiveIsrRateTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify"><ix:footnote id="ix_5_footnote" xml:lang="en-US">Includes (i) certain payroll expenses which are partially deductible
as grocery vouchers, help for transportation, life and major medical expenses insurance, among others; and (ii) certain cost of sales
expenses as samples and obsolescence items.</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_9" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Realization of deferred tax assets
depends on the future generation of taxable income during the period in which the temporary differences will be deductible. Management
considers the reversal of deferred tax liabilities and projections of future taxable income to make its assessment on the realization
of deferred tax assets. Based on the results obtained in previous years and in future profit and tax projections, management has concluded
that it is probable the deferred tax assets will be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_10" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Composition of the deferred tax asset
(liabilities) as well as the reconciliation of changes in deferred taxes balances as of December 31, 2022, December 31, 2021 and January
3, 2021 is presented below:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_11" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_12" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_11"><ix:continuation continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_2" id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 effects from<br/>
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 reporting<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c455" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredTaxAssetsRecognizedInProfitOrLoss" scale="3" unitRef="mxn">5,538</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c456" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredIncomeTaxLiability" scale="3" unitRef="mxn">5,538</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -7.1pt; padding-left: 14.05pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c458" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredIncomeTaxLiability" scale="3" sign="-" unitRef="mxn">81,980</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c461" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredIncomeTaxLiability" scale="3" sign="-" unitRef="mxn">9,088</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-289">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c462" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredTaxAssetsRecognizedInProfitOrLoss" scale="3" sign="-" unitRef="mxn">7,380</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c463" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredIncomeTaxLiability" scale="3" sign="-" unitRef="mxn">7,380</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c441" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredIncomeTaxLiability" scale="3" sign="-" unitRef="mxn">10,888</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c464" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredTaxAssetsRecognizedInProfitOrLoss" scale="3" unitRef="mxn">10,888</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-290">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c466" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredTaxAssetsRecognizedInProfitOrLoss" scale="3" sign="-" unitRef="mxn">9,640</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c467" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DeferredIncomeTaxLiability" scale="3" sign="-" unitRef="mxn">16,599</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_13" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_12"><ix:continuation id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 comprehensive<br/>
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 December31,<br/>
 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_14" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><span style="text-decoration:underline">Unrecognized deferred tax
assets:</span></i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_15" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, derived from
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to the following items of the subsidiaries:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_16" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_15"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfUnrecognizedDeferredTaxAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><ix:continuation continuedAt="_DisclosureOfIncomeTaxExplanatory-c0_cont_17" id="_DisclosureOfIncomeTaxExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group does not recognize taxes
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</div><ix:continuation id="_DisclosureOfIncomeTaxExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2021 and January
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_3" id="_DisclosureOfProvisionsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Commissions, promotions and
other</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_4" id="_DisclosureOfProvisionsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Commissions, promotions, and other
includes commissions payable to the sales force of distributors, associates, leaders and consultants on the last week of the period, which
are paid in the first week of the year or of the following period. In addition, it includes the provision of reward points and loyalty
program obtained by distributors, associates, leaders and consultants. See notes 2.v and 2.x</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_5" id="_DisclosureOfProvisionsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Bonuses and other employee benefits</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_6" id="_DisclosureOfProvisionsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Bonuses and other employee benefits
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_7" id="_DisclosureOfProvisionsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Fees for professional services</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_8" id="_DisclosureOfProvisionsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Fees for professional services includes
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfProvisionsExplanatory-c0_cont_9" id="_DisclosureOfProvisionsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Other general provisions</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfProvisionsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">General provisions are related to
year-end expenses, plant services and center services which are pending to be paid.</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">19.</td><td style="text-align: justify">Derivative financial instruments</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="text-decoration:underline">19.1 Interest rate and exchange
rate derivatives</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_3" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group in order to reduce the risks
related to fluctuations in the exchange rate of the US dollar uses derivative financial instruments such as forwards to mitigate foreign
currency exposure resulting from inventory purchases made in US dollars.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_4" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For 2021 and 2020 periods, in relation
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_5" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On August 31, 2021, the SWAP with
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_6" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The details of the derivative financial
instrument contracts entered into by the Group as of December 31, 2022, December 31, 2021 and January 3, 2021, are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_7" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><span style="text-decoration:underline">As of December 31, 2022</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline;text-decoration: none">&#160;</span></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_8" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_7"><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_9" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><span style="text-decoration:underline">As of December 31, 2021</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><span style="text-decoration:underline;text-decoration: none">&#160;</span></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_10" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_9"><ix:continuation continuedAt="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_11" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><span style="text-decoration:underline">As of January 3, 2021</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_12" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_11"><ix:continuation continuedAt="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_3" id="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_13" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_12"><ix:continuation continuedAt="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_4" id="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_14" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_13"><ix:continuation id="_DisclosureOfFairValueOfFinancialInstrumentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify"><ix:footnote id="ix_6_footnote" xml:lang="en-US">As of January 3, 2021, the 28-day TIIE rate was <ix:nonFraction contextRef="c530" decimals="4" format="ixt:num-dot-decimal" name="bwmx:TIIERate" scale="-2" unitRef="pure">4.49</ix:nonFraction>%</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 138; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_15" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The impacts in profit or (loss) of
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_16" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="text-decoration:underline">19.2 Warrants </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_17" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As part of the merger with DD3 as
disclosed in note 1.h, during 2020, Betterware assumed an obligation that allowed existing warrant holders to purchase (i) a total of
5,804,125 Betterware shares subject to exercise as of April 12, 2020 at a price of is US$ 11.50 per share that would expire on or before
March 25, 2025 at the time of redemption or settlement, and (ii) the option to purchase <ix:nonFraction contextRef="c531" decimals="0" format="ixt:num-dot-decimal" name="bwmx:ClassOfWarrantOrRightsOptiontoPurchase" scale="0" unitRef="shares">250,000</ix:nonFraction> units that automatically became an option
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traded on OTC Markets, which had an observable fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_18" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During July and August 2020, the Group
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_19" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During September 2020, the purchase
option of units was exercised by their holders on a cashless basis, which resulted in the issuance of <ix:nonFraction contextRef="c538" decimals="0" format="ixt:num-dot-decimal" name="bwmx:IssuanceOfBetterwareShares" scale="0" unitRef="shares">214,020</ix:nonFraction> Betterware shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_20" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, on October 8, 2020 and
as part of the terms of the warrant agreement, Betterware issued a notice requiring all of its outstanding public warrants to be redeemed
by its holders given that the condition to exercise the redemption was complied. Such condition required that the share price reached
US$ <ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DerivativePrice" scale="0" unitRef="usdPershares">18.00</ix:nonFraction> during a period of at least 20 days. The redemption of warrants was exercised on a cashless basis by exchanging <ix:nonFraction contextRef="c72" decimals="0" format="ixt:num-dot-decimal" name="bwmx:WarrantExchange" scale="0" unitRef="shares">3,087,022</ix:nonFraction> warrants
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expired on November 9, 2020, and they were paid by Betterware for a price of US$ <ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="bwmx:PricePerWarrant" scale="0" unitRef="usdPershares">0.01</ix:nonFraction> per warrant.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_21" id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Finally on December 23, 2020, <ix:nonFraction contextRef="c539" decimals="0" format="ixt:num-dot-decimal" name="bwmx:PrivateWarrantsWereExercised" scale="0" unitRef="shares">239,125</ix:nonFraction>
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</div><div>

</div><ix:continuation id="_DisclosureOfDerivativeFinancialInstrumentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of January 3, 2021, the warrant
holders had redeemed all of the outstanding warrants and purchase option of units and Betterware recognized a loss for the increase in
the fair value of the warrants of Ps.<ix:nonFraction contextRef="c540" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:FairValueAdjustmentOfWarrant" scale="3" unitRef="mxn">851,520</ix:nonFraction>, which is recognized under the heading &#8220;Loss in valuation of warrants&#8221; in the
consolidated statement of profit or loss.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">20.</td><td style="text-align: justify">Retirement benefits &#8211; Defined benefit obligations</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_2" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group recognizes the liability
and corresponding impacts to profit and loss as well as comprehensive income regarding to the seniority premiums to be paid to its employees.
This benefit is determined considering the years of service and the compensation from the employees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_3" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The components of the defined benefit
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_4" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b><i>a)</i></b></td><td style="text-align: justify"><b><i>Movement in defined liability </i></b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_5" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following table shows a reconciliation
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_6" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_5"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfNetDefinedBenefitLiabilityTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_7" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b><i>b)</i></b></td><td style="text-align: justify"><b><i>Actuarial assumptions </i></b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_8" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The following were the principal actuarial
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_9" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_8"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfActuarialAssumptionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 140; Value: 2 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_10" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><b><i>c)</i></b></td><td style="text-align: justify"><b><i>Sensitivity analysis </i></b></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_11" id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Reasonably possible changes at the
reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit
obligation considering a change of &#177;0.50% in the discount rate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEmployeeBenefitsExplanatory-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfSensitivityAnalysisTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">21.</td><td style="text-align: justify">Financial instruments</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_2" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Below is the categorization of the
financial instruments, excluding cash and cash equivalents, held by the Group as of December 31, 2022, December 31, 2021 and January 3,
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_3" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Accounting classification and fair
values</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_4" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_ScheduleOfFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="bwmx:ScheduleOfFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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 level</td></tr>
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    <td>Financial assets -</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Financial liabilities -</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; padding-top: 0in; font-weight: bold; padding-right: 0in; padding-left: 0in; text-indent: 0in">As of December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-top: 0in; text-align: left; padding-right: 0in; padding-left: 0in; text-indent: 0in">Financial liabilities -</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_6" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_5"><ix:continuation id="bwmx_ScheduleOfFinancialInstrumentsExplanatory-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_7" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Measurements of fair values</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_8" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Fair value hierarchy levels 1 to 3
are based on the degree to which the fair value is observable:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_9" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
                                            1 fair value measurements are those derived from quoted prices (unadjusted) in active markets
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_10" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
                                            2 fair value measurements are those derived from inputs other than quoted prices included
                                            within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
                                            or indirectly (i.e. derived from prices); and</span></td></tr></table><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_11" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Level
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_12" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As previously disclosed, some of the
Group&#8217;s financial liabilities are measured at fair value at the end of each reporting period. The following table gives information
about how the fair values of these financial liabilities are determined (in particular, the valuation technique(s) and inputs used).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_13" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_14" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">There were no transfers between levels during the current or prior year.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_15" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Financial risk management </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_16" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group&#8217;s Treasury function
provides services to the business, coordinates access to domestic and international financial markets, monitors and manages the financial
risks relating to the operations of the Group through internal risk reports which analyses exposures by degree and magnitude of risks.
These risks include market risk (including currency risk, interest rate risk, and price risk), credit risk, liquidity risk.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_17" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group seeks to minimize the effects
of these risks by using derivative financial instruments to hedge these risk exposures. The use of financial derivatives is governed by
the Group&#8217;s policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate
risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity.
Compliance with policies and exposure limits is reviewed by the internal auditors on a continuous basis. The Group does not enter into
or trade financial instruments, including derivative financial instruments, for speculative purposes.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_18" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Market risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_19" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group&#8217;s activities expose
it primarily to the financial risks of changes in exchange rates and interest rates (see below). The Group enters into a variety of derivative
financial instruments to manage its exposure to interest rate and foreign currency risk, including:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_20" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_19"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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                                            the Group uses derivative financial instruments such as forwards to adjust exposures resulting
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_21" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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                                            from time to time depending on judgments about the level of risk, expectations of change
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_22" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">See note 19 for disclosure of the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_23" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Exchange risk management</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_24" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group undertakes transactions
denominated in foreign currencies, mainly U.S. dollars; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 143; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_25" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The carrying amounts of the Group&#8217;s
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_26" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_25"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfFinancialAssetsAndFinancialLiabilitiesAtReportingDateExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_27" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Exchange rate sensitivity analysis</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_28" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_27"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group is mainly exposed to variations in the Mexican Peso / the
U.S. Dollar exchange rate. For sensitivity analysis purposes, <ix:nonNumeric contextRef="c0" name="bwmx:ExchangeRateSensitivityAnalysisDescription">the Group has determined a 10 percent increase and decrease in Ps. currency
units against the U.S. dollar (&#8220;relevant currency&#8221;). The 10 percent is the sensitivity rate used when reporting foreign currency
risk internally to key management personnel and represents management&#8217;s assessment of the reasonably possible change in foreign
exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated financial assets/liabilities and adjusts
their translation at the year-end for a 10 percent change in foreign currency rates. Given that the foreign exchange currency net position
results in a liability, a positive number below indicates an increase in profit where currency units strengthen 10 percent against the
relevant currency. For a 10 percent weakening of currency units against the relevant currency, there would be a comparable impact on the
net income, and the balances below would be negative.</ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_29" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_28"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfDetailedInFormationAboutExchangeRateSensitivityAnalysisExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_30" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Foreign exchange forward contracts</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_31" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">It is the policy of the Group to enter
into foreign exchange forward contracts to manage the foreign currency risk associated with anticipated purchase transactions up to 12
months.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_32" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">See note 19 with details on foreign
currency forward contracts outstanding at the end of the reporting period. Foreign currency forward contract assets and liabilities are
presented in the line &#8216;Derivative financial instruments&#8217; within the consolidated statement of financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_33" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_32"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group has entered into contracts
to purchase raw materials from suppliers in China, with such purchases denominated in U.S. dollars. The Group has entered into foreign
exchange forward contracts to hedge the exchange rate risk arising from these anticipated future purchases.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_34" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Interest rate risk management</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_35" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_34"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During 2020, the Group was exposed
to interest rate risk from the borrowings at a variable interest rates. The risk is managed by the Group by maintaining an appropriate
balance between fixed and variable rate borrowings, and by the use of interest rate swap contracts. Hedging activities are evaluated regularly
to align with interest rate views and defined risk appetite; ensuring the most cost-effective hedging strategies are applied.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_36" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_35"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group&#8217;s exposures to interest
rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_37" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_36"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022 and 2021,
the Group does not have any SWAP contracted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 144; Value: 2 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_38" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_37"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Interest rate sensitivity analysis</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_39" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_38"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The sensitivity analyses determined
in 2020, ware based on the exposure to interest rates on the reporting date. For floating rate liabilities, the analysis was prepared
assuming the amount of the liability outstanding at the reporting date was outstanding during the year. A <ix:nonFraction contextRef="c186" decimals="2" format="ixt-sec:numwordsen" name="bwmx:InterestRate" scale="-2" unitRef="pure">one</ix:nonFraction> per cent increase or decrease
was used when reporting interest rate risk internally to key management personnel and represents management&#8217;s assessment of the
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_40" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_39"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If interest rates had been <ix:nonFraction contextRef="c557" decimals="2" format="ixt-sec:numwordsen" name="bwmx:InterestRate" scale="-2" unitRef="pure">one</ix:nonFraction> per
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_41" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_40"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Interest rate swap contracts</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_42" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_41"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the first months of 2021 and
prior periods, under interest rate swap contracts, the Group agreed to exchange the difference between fixed and variable rate interest
amounts calculated on agreed notional principal amounts. Such contracts enabled the Group to mitigate the risk of changing interest rates
on the cash flow exposures on the issued variable rate debt held. The fair value of interest rate swaps in 2020 was determined by discounting
the future cash flows using the curves at the reporting date and the credit risk inherent in the contract and was disclosed in note 19.
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_43" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_42"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Credit risk management</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_44" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_43"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group&#8217;s exposure to credit risk concentration is not significant
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customer base is large and unrelated, spread across diverse geographical areas. Credit policy has been implemented for each customer establishing
purchase limits. Customers who do not satisfy the credit references set out by the Group, can only carry out transactions with the Group
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_45" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_44"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">See note 6 for further details on
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_46" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_45"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Collateral held as security
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_47" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_46"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group does not hold any collateral
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_48" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_47"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Overview of the Group&#8217;s
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_49" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_48"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Credit risk refers to the risk that
a counterparty will default on its contractual obligations resulting in a financial loss/gain to the Group. As of December 31, 2022, the
Group&#8217;s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, which will
cause a financial loss to the Group due to failure to discharge an obligation by the counterparties and financial guarantees provided
by the Group, arises from the carrying amount of the respective recognized financial assets as stated in the consolidated statement of
financial position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_50" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_49"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For trade receivables, the Group has applied the simplified approach
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plus the current period adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly,
the credit risk profile of these assets is presented based on their past due status in terms of the provision matrix. The note 6, includes
further details on the loss allowance for these assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_51" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_50"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Liquidity risk management</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_52" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_51"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The ultimate responsibility for liquidity
risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for management
of the Group&#8217;s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining
adequate reserves, banking facilities, and reserve borrowing facilities, by continuously monitoring the forecast and actual cash flows,
and by matching the maturity profiles of financial assets and liabilities. Details of additional undrawn facilities that the Group has
at its disposal to further reduce liquidity risk are set out below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_53" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_52"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Liquidity maturity analysis</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_54" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_53"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group manages its liquidity risk
by maintaining adequate reserves of cash and bank credit lines available and consistently monitoring its projected and actual cash flows.
The maturity analysis of lease liabilities is presented in note 14 and long-term debt maturities effectives in 2022, 2021 and 2020 are
presented in note 16.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_55" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_54"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group has access to financing
facilities as described below. The Group expects to meet its other obligations from operating cash flows and proceeds of maturing financial
assets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_56" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_55"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:DisclosureOfDetailedInformationAboutBankCreditLinesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_57" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_56"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Capital risk management</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_58" id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_57"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group manages its capital to ensure
it will be able to continue as a going concern, while it maximizes returns for its shareholders through the optimization of its capital
structure. The Group&#8217;s management reviews the capital structure when presenting its financial projections to the Board of Directors
and stockholders as part of the annual business plan. When performing its review, the Board of Directors considers the cost of equity
and its associated risks.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfFinancialInstrumentsExplanatory-c0_cont_58"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The capital structure of the Group
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of the Group.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfStockholdersEquityNumberOfSharesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The capital stock is represented by
fully subscribed and paid common shares with no par value, with the exception of fixed capital, for which the par value per share is Ps.<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="mxnPershares">10</ix:nonFraction>.
The variable capital stock is unlimited. As of December 31, 2022, December 31, 2021 and January 3, 2021 the Group had <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="bwmx:TreasuryShare" scale="0" unitRef="shares">356,029</ix:nonFraction>, <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="bwmx:TreasuryShare" scale="0" unitRef="shares">283,403</ix:nonFraction>
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</div><div>

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

</div><!-- Field: Page; Sequence: 146; Value: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>2022</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In 2022, during the months of February
to March, the Group repurchased <ix:nonFraction contextRef="c561" decimals="0" format="ixt:num-dot-decimal" name="bwmx:RepurchasedShare" scale="0" unitRef="shares">72,626</ix:nonFraction> shares equivalent to Ps.<ix:nonFraction contextRef="c561" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:EquivalentsAmount" scale="3" unitRef="mxn">25,321</ix:nonFraction> according to the program approved on September 10, 2021 by the Board
of Directors, where up to US$<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:RepurchasedSharesAmount" scale="3" unitRef="usd">50,000</ix:nonFraction> may be repurchased, until December 31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>2021</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the Ordinary Shareholders&#8217;
Meeting held on February 18, 2021, a reclassification of Ps.<ix:nonFraction contextRef="c579" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ReclassificationAmount" scale="3" unitRef="mxn">876,518</ix:nonFraction> from share premium account to retained earnings was approved.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On June 21, 2021, the Group issued
<ix:nonFraction contextRef="c562" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesOutstanding" scale="0" unitRef="shares">731,669</ix:nonFraction> treasury shares in favor to Campalier, related to the long term incentive plan based on shares with the Executive Chairman of
the Board, agreed between Shareholders on August 15, 2019 and modified on June 30, 2020.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>2020 </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify; text-indent: -0.05pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_11" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 10, 2020, DD3 was merged
into Betterware. Due to the merger, which resulted in Betterware increased its variable capital by issuing shares to the previous shareholders
of DD3 by Ps.<ix:nonFraction contextRef="c67" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:IncreasedVariableCapital" scale="3" unitRef="mxn">181,865</ix:nonFraction>, less issuance costs of Ps.<ix:nonFraction contextRef="c67" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:StockIssuanceCost" scale="3" unitRef="mxn">16,736</ix:nonFraction>. On the same date, a liability of Ps.<ix:nonFraction contextRef="c67" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ChangesInFairValueOfFinancialLiabilityAttributableToChangesInCreditRiskOfLiability" scale="3" unitRef="mxn">55,810</ix:nonFraction> for the fair value of the assumed warrants
obligation was recognized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On October 2, 2020, the Ordinary Shareholders&#8217;
Meeting approved an increase in Betterware&#8217;s variable capital by an amount of Ps.<ix:nonFraction contextRef="c563" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:IncreasedVariableCapital" scale="3" unitRef="mxn">89,235</ix:nonFraction>, due to the cash exercise of <ix:nonFraction contextRef="c563" decimals="0" format="ixt:num-dot-decimal" name="bwmx:CashlessExercisesOfIssuanceShares" scale="0" unitRef="shares">352,256</ix:nonFraction> warrants,
equivalent to <ix:nonFraction contextRef="c563" decimals="0" format="ixt:num-dot-decimal" name="bwmx:WarrantShares" scale="0" unitRef="shares">352,256</ix:nonFraction> shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On November 9, 2020, the Ordinary
Shareholders&#8217; Meeting approved an increase in Betterware&#8217;s variable capital by an amount of Ps.<ix:nonFraction contextRef="c564" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:IncreasedVariableCapital" scale="3" unitRef="mxn">27,183</ix:nonFraction>, due to the cash exercise
of <ix:nonFraction contextRef="c564" decimals="0" format="ixt:num-dot-decimal" name="bwmx:CashExercise" scale="0" unitRef="shares">109,874</ix:nonFraction> warrants, equivalent to <ix:nonFraction contextRef="c564" decimals="0" format="ixt:num-dot-decimal" name="bwmx:WarrantShares" scale="0" unitRef="shares">109,874</ix:nonFraction> shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On November 9, 2020, the Ordinary
Shareholders&#8217; Meeting approved an increase in Betterware&#8217;s share premium by an amount of Ps.<ix:nonFraction contextRef="c564" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInProvisionForUnearnedPremium" scale="3" unitRef="mxn">860,571</ix:nonFraction>, due to the cashless exercise
of <ix:nonFraction contextRef="c564" decimals="0" format="ixt:num-dot-decimal" name="bwmx:CashlessExercisesOfIssuanceShares" scale="0" unitRef="shares">3,520,489</ix:nonFraction> warrants as of such date and as part of the redemption (see note 1.m), equivalent to <ix:nonFraction contextRef="c564" decimals="0" format="ixt:num-dot-decimal" name="bwmx:RedemptionOfShare" scale="0" unitRef="shares">1,301,293</ix:nonFraction> shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_15" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On December 14, 2020, the Ordinary
Shareholders&#8217; Meeting approved the merger of Promotora Forteza (a commonly controlled entity) into Betterware. As part of the merger
stockholders&#8217; equity increased Ps.<ix:nonFraction contextRef="c580" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:MergerReserve" scale="3" unitRef="mxn">4,724</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_16" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of January 3, 2021, and as a result
of the exercise of the purchase option of units by its holders (see note 19.2) and the share-based payments granted to certain directors
and executives (see note 23), the total capital increase in share premium amounted Ps.<ix:nonFraction contextRef="c186" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:TotalCapitalIncreaseSharePremiumAmount" scale="3" unitRef="mxn">909,428</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_17" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_16"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Dividends</i></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_18" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>2022</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_19" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On February 11, 2022, the General
Shareholders&#8217; Meeting approved a payment of dividends from retained earnings in the amount of Ps.<ix:nonFraction contextRef="c565" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn">350,000</ix:nonFraction>, which were paid in cash on March
3, 2022. Part of this amount (Ps.<ix:nonFraction contextRef="c565" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ShareholdingPaid" scale="3" unitRef="mxn">183,812</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c565" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShare" scale="0" unitRef="mxnPershares">9.38</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_20" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On April 29, 2022, the General Shareholders&#8217;
Meeting approved a payment of dividends from retained earnings in the amount of Ps.<ix:nonFraction contextRef="c581" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DividendsPaymentFromRetainedEarnings" scale="3" unitRef="mxn">350,000</ix:nonFraction>, which were paid in cash on June 22, 2022.
Part of this amount (Ps.<ix:nonFraction contextRef="c582" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ShareholdingPaid" scale="3" unitRef="mxn">183,812</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShare" scale="0" unitRef="mxnPershares">9.38</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_21" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On August 19, 2022, the General Shareholders&#8217;
Meeting approved a payment of dividends from retained earnings in the amount of Ps.<ix:nonFraction contextRef="c566" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn">200,000</ix:nonFraction>, of which the amount of Ps.<ix:nonFraction contextRef="c583" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Cash" scale="3" unitRef="mxn">199,610</ix:nonFraction> was paid
in cash on September 8, 2022. Part of this amount (Ps.<ix:nonFraction contextRef="c566" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ShareholdingPaid" scale="3" unitRef="mxn">105,035</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share
was Ps.<ix:nonFraction contextRef="c566" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShare" scale="0" unitRef="mxnPershares">5.36</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 147; Value: 2 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_22" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On October 28, 2022, the General Shareholders&#8217;
Meeting approved a payment of dividends from retained earnings in the amount of Ps.<ix:nonFraction contextRef="c567" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn">50,000</ix:nonFraction>, which were paid in cash on December 28, 2022
Part of this amount (Ps.<ix:nonFraction contextRef="c567" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ShareholdingPaid" scale="3" unitRef="mxn">26,259</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c567" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShare" scale="0" unitRef="mxnPershares">1.34</ix:nonFraction>.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_23" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>2021</b></p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_24" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On February 18, 2021, the General
Shareholders&#8217; Meeting approved a payment of dividends from retained earnings in the amount of Ps.<ix:nonFraction contextRef="c568" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn">350,000</ix:nonFraction>, which were paid in cash on March
4, 2021. Part of this amount (Ps.<ix:nonFraction contextRef="c584" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ShareholdingPaid" scale="3" unitRef="mxn">180,489</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c568" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShare" scale="0" unitRef="mxnPershares">9.57</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_25" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On May 12, 2021, the General Shareholders&#8217;
Meeting approved a payment of dividends from retained earnings in the amount of Ps.<ix:nonFraction contextRef="c569" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn">350,000</ix:nonFraction>, which were paid in cash on May 20, 2021. Part
of this amount (Ps.<ix:nonFraction contextRef="c585" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ShareholdingPaid" scale="3" unitRef="mxn">180,489</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c569" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShare" scale="0" unitRef="mxnPershares">9.57</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_26" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_25"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On August 13, 2021, the General Shareholders&#8217;
Meeting approved a payment of dividends from retained earnings in the amount of Ps.<ix:nonFraction contextRef="c570" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DividendsPaymentFromRetainedEarnings" scale="3" unitRef="mxn">350,000</ix:nonFraction>, which were paid in cash on August 19, 2021.
Part of this amount (Ps.<ix:nonFraction contextRef="c586" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ShareholdingPaid" scale="3" unitRef="mxn">183,812</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c570" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShare" scale="0" unitRef="mxnPershares">9.38</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_27" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_26"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On October 29, 2021, the General Shareholders&#8217;
Meeting approved a payment of dividends in the amount of Ps.<ix:nonFraction contextRef="c571" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn">350,000</ix:nonFraction>, which were paid in cash on November 4, 2021. Part of this amount
(Ps.<ix:nonFraction contextRef="c587" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:ShareholdingPaid" scale="3" unitRef="mxn">183,812</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c571" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShare" scale="0" unitRef="mxnPershares">9.38</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_28" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_27"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2020</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_29" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_28"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On January 10, 2020, the General Shareholders&#8217;
Meeting approved a payment of dividends from retained earnings in the amount of Ps.<ix:nonFraction contextRef="c588" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsReceived" scale="3" unitRef="mxn">70,000</ix:nonFraction>, which were paid in cash on January 10, 2020.
Part of this amount (Ps.<ix:nonFraction contextRef="c572" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOtherShares" scale="3" unitRef="mxn">42,739</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c572" decimals="2" format="ixt:num-dot-decimal" name="bwmx:DividendPerShares" scale="0" unitRef="mxnPershares">2.32</ix:nonFraction>.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_30" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_29"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On May 8, 2020, the General Shareholders&#8217;
Meeting approved a payment of dividends on account of the profits to be generated in the fiscal year 2020 in the amount of Ps.<ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RevenueFromDividends" scale="3" unitRef="mxn">100,000</ix:nonFraction>,
which were paid in cash on May 28, 2020. Part of this amount (Ps.<ix:nonFraction contextRef="c573" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:RemainingPartOfDividend" scale="3" unitRef="mxn">53,522</ix:nonFraction>) was paid to Campalier based on its shareholding. The dividend
per share was Ps.<ix:nonFraction contextRef="c574" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOtherSharesPerShare" scale="0" unitRef="mxnPershares">2.90</ix:nonFraction>.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_31" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_30"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On August 17, 2020, the Ordinary General
Shareholders&#8217; Meeting approved a payment of dividends on account of the profits to be generated in fiscal year 2020 in the amount of Ps.<ix:nonFraction contextRef="c575" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DividendPaidOnCash" scale="3" unitRef="mxn">330,000</ix:nonFraction>,
which were paid in cash on August 20, 2020. Part of this amount (Ps.<ix:nonFraction contextRef="c589" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:RemainingPartOfDividend" scale="3" unitRef="mxn">176,621</ix:nonFraction>) was paid to Campalier based on their shareholding. The dividend
per share was Ps.<ix:nonFraction contextRef="c575" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOtherSharesPerShare" scale="0" unitRef="mxnPershares">9.27</ix:nonFraction>.</p><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_32" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_31"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On November 9, 2020, the Ordinary
General Shareholders&#8217; Meeting approved a payment of dividends on account of the profits to be generated in the fiscal year 2020
in the amount of Ps.<ix:nonFraction contextRef="c564" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:DividendPaidOnCash" scale="3" unitRef="mxn">330,000</ix:nonFraction>, which were paid in cash on November 19, 2020. Part of this amount (Ps.<ix:nonFraction contextRef="c564" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:RemainingPartOfDividend" scale="3" unitRef="mxn">168,136</ix:nonFraction>) was paid to Campalier based
on their shareholding. The dividend per share was Ps.<ix:nonFraction contextRef="c576" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOtherSharesPerShare" scale="0" unitRef="mxnPershares">9.11</ix:nonFraction>.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_33" id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_32"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Legal reserve</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory-c0_cont_33"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Retained earnings include the statutory
legal reserve. The Mexican General Corporate Law requires that at least <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bwmx:IncomeTexPercentage" scale="-2" unitRef="pure">5</ix:nonFraction>% of net income of the year be transferred to the legal reserve
until the reserve equals <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="bwmx:CommonStockPercentage" scale="-2" unitRef="pure">20</ix:nonFraction>% of common stock at par value (historical pesos). The legal reserve may be capitalized but may not be distributed
unless the Group is dissolved. The legal reserve must be replenished if it is reduced for any reason. As of December 31, 2022, December
31, 2021 and January 3, 2021, the legal reserve, in pesos, was Ps.<ix:nonFraction contextRef="c577" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn"><ix:nonFraction contextRef="c578" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn"><ix:nonFraction contextRef="c590" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="mxn">10,679</ix:nonFraction></ix:nonFraction></ix:nonFraction> and it is included in retained earnings.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">23.</td><td style="text-align: justify">Share-based payments</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2" id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As disclosed
in notes 1.j and 2.y, the Group grants a compensation plan based on Betterware&#8217;s shares to Executive Chairman of the Board, certain
officers and directors. The plans were granted at the Board of Directors&#8217; Meeting on August 15, 2019, and modified July 30, 2020, in which
it was established that to obtain the rights to the corresponding shares of Be&#241;tterware, there should be a performance metric based
on EBITDA (Earnings before interest, taxes, depreciation and amortization) and their continuance at the Group, which will be delivered
based on the particular compensation plans of each individual.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.4pt; text-align: justify; text-indent: -0.05pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfSharebasedPaymentArrangementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The effects associated
with the award of share-based payments were recognized in the consolidated statement of income and other comprehensive income, with the
corresponding effect in stockholders&#8217; equity. In May 2021, the conditions of the share-based compensation plan for the Executive Chairman
of the Board were met, so in June 2021, the Betterware&#8217;s shares equivalent to <ix:nonFraction contextRef="c599" decimals="2" format="ixt:num-dot-decimal" name="bwmx:PercentageOfSharesDelivered" scale="-2" unitRef="pure">2</ix:nonFraction>% were delivered to Campalier. The plan as of December
31, 2022 and 2021 only includes certain Directors and key executives.</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">24.</td><td style="text-align: justify">Earnings per share</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The amount of basic earnings per share
is calculated by dividing the net income for the period attributable to shareholders of the Group&#8217;s ordinary shares by the weighted
average of the ordinary shares outstanding during the period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The amount of diluted earnings per
share is calculated by dividing the net income attributable to shareholders of the Group&#8217;s common shares (after adjusting it due to changes
in the fair value of warrants recognized at FVTPL in accordance with IFRS 9, if applicable) by the weighted average of the common shares
outstanding during the period plus the weighted average number of ordinary shares that would have been issued at the time of converting
all diluted potential ordinary shares into ordinary shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following events affected the
outstanding common shares for the 2022, 2021 and 2020 periods:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>2022</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_6" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In 2022, during the months of February to March, the Group repurchased <ix:nonFraction contextRef="c561" decimals="0" format="ixt:num-dot-decimal" name="bwmx:RepurchasedShare" scale="0" unitRef="shares">72,626</ix:nonFraction> shares at US$<ix:nonFraction contextRef="c352" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:ParValuePerShare" scale="0" unitRef="usdPershares">17.03</ix:nonFraction> each share or the equivalent of a total of Ps.<ix:nonFraction contextRef="c561" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:EquivalentTotal" scale="3" unitRef="mxn">25,321</ix:nonFraction>, according to the program approved on September 10, 2021 by the Board of Directors, where it was stipulated to repurchase them for up to US$<ix:nonFraction contextRef="c561" decimals="-3" format="ixt:num-dot-decimal" name="bwmx:RepurchasedSharesAmount" scale="3" unitRef="mxn">50,000</ix:nonFraction>, until December 31, 2022.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_7" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>2021</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_8" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For the year 2021, the share-based payment incentive plans with the Executive Chairman of the Board, certain officers and directors, issued by the Group (see note 22) qualified as a potentially dilutive event, resulting in <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" scale="0" unitRef="shares">20,680</ix:nonFraction> potentially dilutive shares, corresponding to the share-based incentive plan for directors and key executives. The Group issued <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="bwmx:StockIssuedDuringPeriodShareTreasuryStockReissued" scale="0" unitRef="shares">731,669</ix:nonFraction> treasury shares during the year related to the share-based incentive plan of the Executive Chairman of the Board; such shares were considered from January 1, 2021, within the calculation of diluted earnings per share for the year ended December 31, 2021.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_9" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b>2020</b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_10" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The warrants that DD3 had issued and that were automatically converted into warrants to purchase a total of <ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DilutiveEffectOfConvertibleInstrumentsOnNumberOfOrdinaryShares" scale="0" unitRef="shares">5,804,125</ix:nonFraction> shares, exercised by its holders through a cash and cashless basis. The cash exercises resulted in th</span>e issuance of <ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" scale="0" unitRef="shares">462,130</ix:nonFraction> shares and the cashless exercises in the issuance of <ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="bwmx:CashlessExercisesOfIssuanceShares" scale="0" unitRef="shares">1,457,798</ix:nonFraction> shares.</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_11" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The unit purchase option subject to the warrant contract to issue <ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="bwmx:IssuanceOfWarrants" scale="0" unitRef="shares">250,000</ix:nonFraction> Betterware shares and warrants to buy <ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="bwmx:AdditionalSharesPurchased" scale="0" unitRef="shares">250,000</ix:nonFraction> additional Betterware shares (see note 1.e). The purchase option resulted in the issuance of <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="bwmx:CashlessExercisesOfIssuanceShares" scale="0" unitRef="shares">214,020</ix:nonFraction> Betterware shares, which were exercised on a cashless basis.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_12" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
                                            effect of warrants and unit purchase options throughout the 2020 and while not exercised
                                            in the period qualified as antidilutive events. In accordance with IAS 33, antidilutive potential
                                            ordinary shares are disregarded in the calculation of diluted earnings per share.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_13" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
                                            2020, the merger transaction was, which closed on March 13, 2020, between Betterware and
                                            DD3 and the subscription and payment of Betterware shares on Nasdaq, were considered on the
                                            operation, moreover all Betterware shares issued and outstanding immediately prior to the
                                            closing date were canceled and new shares were issued.</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_14" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Additionally, IFRS requires that the
calculation of basic and diluted earnings per share (&#8220;EPS&#8221;) for all periods presented be adjusted retrospectively when the number
of ordinary shares or potential ordinary shares outstanding increases as a result of a capitalization, bond issue, or share split, or
decreases as a result of a reverse share split, EPS calculations for the reporting period and the comparative period should be based on
the new number of shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_15" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_14"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">As of December 31, 2022, December
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEarningsPerShareExplanatory-c0_cont_16" id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_15"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The following table shows the income and share data used
in the calculation of basic and diluted earnings per share for the periods of 2022, 2021 and 2020:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DisclosureOfEarningsPerShareExplanatory-c0_cont_16"><ix:nonNumeric contextRef="c0" escape="true" name="bwmx:ScheduleOfIncomeAndShareDataUsedInCalculationOfBasicEarningsPerShareTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Shares (in
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    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: left">Basic and diluted earnings per share:</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">25.</td><td style="text-align: justify">Related party balances and transactions</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_2" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following balances were outstanding
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_3" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_2"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_ScheduleOfRelatedPartiesOutstanding-c0_cont_1" escape="true" name="bwmx:ScheduleOfRelatedPartiesOutstanding"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_4" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_3"><ix:continuation id="bwmx_ScheduleOfRelatedPartiesOutstanding-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_5" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0">On June 23, 2022,
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt">&#160;</p><div>

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transactions</i></b></span><b><i> &#8211;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.05pt"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_7" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_ScheduleOfTradingTransactionsTableTextBlock-c0_cont_1" escape="true" name="bwmx:ScheduleOfTradingTransactionsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_8" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_7"><ix:continuation id="bwmx_ScheduleOfTradingTransactionsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfRelatedPartyExplanatory-c0_cont_9" id="_DisclosureOfRelatedPartyExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Remuneration of key management
personnel &#8211;</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_1" escape="true" name="bwmx:DisclosureOfRevenueAndOperatingExpenseExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
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</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_2" id="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Revenue &#8211; </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_3" id="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Revenue recognized in the 2022 was
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</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_4" id="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A disaggregation revenue per product
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</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_5" id="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_4"><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfRevenueExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_6" id="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As of December 31, 2022, December
31, 2021 and January 3, 2021, the Group did not identify significant costs to obtain/fulfill a contract that are required to be capitalized
as an asset. Consequently, the Group did not perform any analysis in order to identify possible impairment losses. See note 6 about the
expected credit loss model applicable to all financial assets measured at amortized cost.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_7" id="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>Operating expenses &#8211; </i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_8" id="bwmx_DisclosureOfRevenueAndOperatingExpenseExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Operating expenses by nature, for the periods of 2022,
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">27.</td><td style="text-align: justify">Segment information</td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_2" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The information by operating segments
is presented consistent with the information included in the internal reports provided to the highest authority in making operating decisions
(Chief Operating Decision Maker or &#8220;CODM&#8221;).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_3" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Board of Directors is who evaluates
the financial performance, the situation of the Group and makes strategic decisions. It has been identified as the highest authority in
operating decision-making, and it is integrated by seven independent members, two members and the Executive Board Chairman.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>
</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_4" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As discussed in note 1, the Group
has identified the reportable business segments as follow:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_5" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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organization segment (Betterware segment or BWM&#8217; segment): Some of the categories through which Betterware offers its product line
include kitchen and food preservation, home solutions, bathroom, laundry&#160;&amp; cleaning, tech and mobility and bedroom (see note
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in Mexico. As of December 31, 2022, the net income corresponding to this reportable segment represented 55.1%.</ix:continuation></p></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_6" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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JAFRA&#8217;s products are sold through 12 promotional catalogues published on a monthly basis and are distributed to the end customer
by its network of leaders and consultants in its operative segments located in Mexico (JAFRA Mexico) and the United States (JAFRA US).</ix:continuation>
As of December 31, 2022, the net income corresponding to this reportable segment represented <ix:nonFraction contextRef="c0" decimals="3" format="ixt:num-dot-decimal" name="bwmx:ReportableSegmentPercentage" scale="-2" unitRef="pure">44.9</ix:nonFraction>%.</p></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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is detailed in the following table:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_9" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_8"><ix:continuation id="_DisclosureOfOperatingSegmentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify"><ix:footnote id="ix_7_footnote" xml:lang="en-US">The column of eliminations corresponds to the transactions between
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assets, initial investment in subsidiary, among the most important.</ix:footnote></td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_10" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="bwmx_ScheduleOfIncomeRecognizedTableTextBlock-c0_cont_1" escape="true" name="bwmx:ScheduleOfIncomeRecognizedTableTextBlock">The income recognized during the year
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</div><div>

</div><ix:continuation continuedAt="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_11" id="_DisclosureOfEntitysReportableSegmentsExplanatory-c0_cont_10"><ix:continuation continuedAt="bwmx_ScheduleOfIncomeRecognizedTableTextBlock-c0_cont_2" id="bwmx_ScheduleOfIncomeRecognizedTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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it is not adequately insured or indemnified or which, if determined adversely, would have a material adverse effect on its consolidated
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Control, in relation to the General Administration of Large Taxpayers of the Tax Administration Service (&#8220;SAT&#8221; for its acronym
in Spanish), requested information regarding the Group&#8217;s 2010 income tax filing, which was provided at that time. On February 20,
2017, the final agreement was signed with the Taxpayer Advocacy Office (&#8220;PRODECON&#8221;, for its acronym in Spanish) regarding
the SAT&#8217;s review. On March 2, 2017, the SAT notified the Group about certain issues on which an agreement was not reached. As a
result, the Group filed a lawsuit for annulment before the SAT&#8217;s resolution. On January 31, 2023, the Group desisted on the lawsuit
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>


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financial statements, the Group has evaluated the events and transactions for their recognition or disclosure subsequent to December 31,
2022 and until May 15, 2023 (date of issuance of the consolidated financial statements), and except as noted below, has not identified
subsequent significant events:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><ix:continuation id="_DisclosureOfAuthorisationOfFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On May 15, 2023, the issuance of the
Group&#8217;s consolidated financial statements was authorized by Andr&#233;s Campos, Chief Executive Officer, and Alejandro Ulloa, Chief
Corporate Financial Officer.</p></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * * *</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">F-74</p><div>

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{"company-data": {"conformed-name": "BETTERWARE DE MEXICO, S.A.P.I. DE C.V", "cik": "0001788257", "assigned-sic": "5961", "irs-number": "000000000", "state-of-incorporation": "O5", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-39251", "film-number": "23924609"}, "business-address": {"street1": "LUIS ENRIQUE WILLIAMS 549", "street2": "BELENES NORTE", "city": "ZAPOPAN, JALISCO", "state": "O5", "zip": "45145", "phone": "52 (33) 3836 0500"}, "mail-address": {"street1": "LUIS ENRIQUE WILLIAMS 549", "street2": "BELENES NORTE", "city": "ZAPOPAN, JALISCO", "state": "O5", "zip": "45145"}, "former-company": [{"former-conformed-name": "Betterware de Mexico, S.A.B. de C.V.", "date-changed": "20200908"}, {"former-conformed-name": "Betterware de Mexico, S.A.B.I. de C.V.", "date-changed": "20200731"}, {"former-conformed-name": "Betterware de Mexico, S.A.P.I. de C.V.", "date-changed": "20200313"}]}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the Fiscal Period Ended
December 31
,
2022
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________ to __________
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report __________
Commission
file number
001-39251
BETTERWARE
DE MÉXICO, S.A.P.I. DE C.V
.
(Exact
name of Registrant as specified in its charter)
Not
Applicable
(Translation
of Registrant's name into English)
MEXICO
(Jurisdiction
of incorporation or organization)
Luis
Campos
, Board Chairman
+52
(33)
3836-0500
Luis
Enrique Williams 549
Colonia
Belenes Norte
Zapopan
,
Jalisco,
45145
, México
(Name,
Telephone, E-mail and or Facsimile number and Address Company Contact Person)
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange in which registered
Ordinary Shares, no par value per share
BWMX
The
Nasdaq
Stock Market LLC
Securities
registered pursuant to Section 12(g) of the Act:
None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report:
37,316,546
Ordinary Shares, as of December 31, 2022
.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐
Yes  ☒
No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934.
☐
Yes  ☒
No
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
☒
Yes
☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer
☒
Non-accelerated filer ☐
Emerging growth company
☐
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☒
Yes  ☐ No
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ☐
International Financial Reporting Standards as issued
by the International Accounting Standards Board ☒
Other ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
Item 17  ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).
☐
Yes
☒
No
TABLE
OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
ii
CERTAIN CONVENTIONS
iii
CURRENCY PRESENTATION
iii
PRESENTATION OF FINANCIAL INFORMATION
iii
PRESENTATION OF INDUSTRY AND MARKET DATA
vii
PART I
1
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
    AND ADVISERS
1
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM 3.
KEY INFORMATION
1
ITEM 4.
COMPANY INFORMATION
17
ITEM 4A.
UNRESOLVED SEC STAFF COMMENTS
25
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
26
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
41
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
47
ITEM 8.
FINANCIAL INFORMATION
47
ITEM 9.
THE OFFER AND LISTING
48
ITEM 10.
ADDITIONAL INFORMATION
49
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES REGARDING
    MARKET RISK
58
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
61
PART II
CONTROLS AND PROCEDURES
62
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
62
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
    AND USE OF PROCEEDS
62
ITEM 15.
CONTROLS AND PROCEDURES
62
ITEM 16.
Reserved
65
ITEM 16A.
AUDIT COMMITTEE FINANCIAL EXPERT
65
ITEM 16B.
CODE OF ETHICS
66
ITEM 16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
66
ITEM 16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
66
ITEM 16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
    PURCHASERS
67
ITEM 16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
67
ITEM 16G.
CORPORATE GOVERNANCE
67
ITEM 16H.
MINE SAFETY DISCLOSURE
67
ITEM 16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
    INSPECTIONS
67
PART III
68
ITEM 17.
FINANCIAL STATEMENTS
68
ITEM 18.
FINANCIAL STATEMENTS
68
ITEM 19.
EXHIBITS
69
SIGNATURES
70
i
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
annual report contains a number of forward-looking statements, including statements about the financial conditions, results of operations,
earnings outlook and prospects and may include statements for the period following the date of this annual report. In addition, any statements
that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions,
are forward-looking statements. Forward-looking statements are typically identified by words such as "plan," "believe,"
"expect," "anticipate," "intend," "outlook," "estimate," "forecast,"
"project," "continue," "could," "may," "might," "possible," "potential,"
"predict," "should," "would" and other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking.
The
forward-looking statements are based on the current expectations of the management of the Company (See "Presentation of Financial
Information"), as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects
and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated.
These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking statements. Given these uncertainties, you should
not rely upon forward looking statements as predictions of future events. These risks and uncertainties include, but are not limited
to, those factors described in "Risk Factors," those discussed and identified in public filings made with the Securities
and Exchange Commission ("SEC") by Betterware and the following:
●
the
inability to profitably expand into new markets;
●
the
possibility that the Group may be adversely affected by external economic, business and/ or competitive factors;
●
operational
risk;
●
financial
performance;
●
litigation
and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the
Group's resources;
●
changes
in our investment commitments or our ability to meet our obligations thereunder;
●
natural
disaster-related losses which may not be fully insurable;
●
epidemics,
pandemics and other public health crises, particularly the COVID-19 pandemic;
●
geopolitical
risk and changes in applicable laws or regulations;
●
fluctuations
in exchange rates between the peso and the U.S. dollar; and
●
changes
in interest rates or foreign exchange rates.
Should
one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of the Company prove
incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Except to the extent
required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect
events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events.
ii
CERTAIN
CONVENTIONS
Betterware
de México, S.A.P.I. de C.V. (formerly Betterware de México, S.A.B. de C.V.), a Mexican
sociedad anónima promotora
de inversión de capital variable,
was incorporated under the laws of Mexico in 1995. Unless otherwise stated or unless the
context otherwise requires, the terms (i) "we," "us," "our," "Company," the "Group"
refer to Betterware de México, S.A.P.I. de C.V. and subsidiaries on a consolidated basis, (ii) "Betterware," "BTW,"
"BWM" and "BW" refer to Betterware de México, S.A.P.I. de C.V. on a standalone basis, and (iii) "JAFRA"
or "Jafra" refers to Jafra Cosmetics International, Inc., Jafra Mexico Holding Company, B.V., Distribuidora Comercial Jafra,
S.A. de C.V., Jafra Cosmetics International, S.A. de C.V., Jafra Cosmetics, S.A. de C.V., Serviday, S.A. de C.V., Jafrafin, S.A. de C.V.
and Distribuidora Venus, S.A. de C.V., on a consolidated basis. See "Company Information—Organizational Structure."
CURRENCY
PRESENTATION
In
this annual report, unless otherwise specified or the context otherwise requires:
●
"$,"
"US$" and "U.S. dollar" each refer to the United States dollar; and
●
"MX$,"
"Ps." and "peso" each refer to the Mexican peso.
Certain
numbers and percentages included in this annual report have been subject to rounding adjustments. Accordingly, figures shown for
the same category presented in various tables or other sections of this annual report may vary slightly, and figures shown as totals
in certain tables may not be the arithmetic aggregation of the figures that precede them.
PRESENTATION
OF FINANCIAL INFORMATION
This
annual report contains our Audited Consolidated Financial Statements as of December 31, 2022 and 2021, and for the year ended December
31, 2022 (the "2022 period") and 2021 (the "2021 period"), and the 53 weeks ended January 3, 2021 (the "2020
period") (collectively, our "Audited Consolidated Financial Statements").
Until
and including the 2020 period, Betterware's financial year was a 52- or 53-weeks period ending on the Sunday nearest to December
31. However, due to the fact that in 2021 Betterware issued debt on the Mexican Stock Exchange and in order to comply with the Mexican
General Corporate Law, our financial period is required to end on the last day of the calendar year. Therefore, the financial information
for the 2022 and 2021 periods is presented as of December 31, 2022 and December 31, 2021, respectively, and for the years then ended.
The comparative financial year of 2020 consisted of 53 weeks ended on January 3, 2021, but was not adjusted to calendar year because
the effects of the change are not significant.
During
the preparation of the Company's consolidated financial statements as of and for the 2022 period, management concluded that certain
prior year errors that were deemed to be immaterial, on an individual and aggregate basis, to the Company's previously reported
consolidated financial statements as of and for the 2021 period under the SEC's Staff Accounting Bulletin No. 99, could not be
corrected on an out-of-period basis in the current year financial statements because to do so would cause a material misstatement in
those financial statements. Due to the decrease in profit before taxes from 2021 to 2022, materiality levels in the 2022 period for accounting
purposes decreased to approximately half of the materiality levels established in the 2021 period. Therefore, the Company referred to
the guidance prescribed by the SEC's Staff Accounting Bulletin No. 108 which specifies, among other things, that the errors must
be corrected as an immaterial restatement of the prior year financial statements the next time those financial statements are filed.
See "Operating and Financial Review and Prospects—Previously Issued Financial Statement Corrections."
For
purposes of this annual report, the term fiscal year is synonymous with financial year and refers to the periods covered by
our Audited Consolidated Financial Statements.
We
prepare our Audited Consolidated Financial Statements in accordance with International Financial Reporting Standards
("IFRS"), as issued by the International Accounting Standards Board ("IASB"). We have applied IFRS issued by
the IASB effective at the time of preparing our Audited Consolidated Financial Statements. Our Audited Consolidated Financial
Statements for the 2022 period have been audited by PricewaterhouseCoopers, S. C. ("PWC"), and independent registered
public accounting firm, whose report dated May 15, 2023, is also included in this annual report. Our Audited Consolidated Financial
Statements for the 2021 and 2020 periods were audited by Galaz, Yamazaki, Ruiz Urquiza, S.C. member of
Deloitte Touche Tohmatsu
Limited
("Deloitte"), an independent registered public accounting firm, whose report dated April 28, 2022, is also
included in this annual report.
iii
The
Audited Consolidated Financial Statements include the position and results of operations of the Group formed by Betterware, BLSM Latino
America Servicios, S.A. de C.V. ("BLSM"), GurúComm, S.A.P.I. de C.V., Innova Catálogos, S.A. de C.V., Programa
Lazos, S.A. de C.V., Betterware de Guatemala, S.A., Finayo, S.A.P.I. de C.V. SOFOM ENR, and JAFRA (See "The Business Combination—Organizational
Structure"). The transactions, balances and unrealized gains or losses arising from intra-group transactions have not been considered
for the preparation of the Audited Consolidated Financial Statements.
Our
Audited Consolidated Financial Statements are presented in thousands of Pesos.
Non-IFRS
Measures
We
define "EBITDA" as profit for the year adding back the depreciation of property, plant and equipment and right-of-use
assets, amortization of intangible assets, financing cost, net and total income taxes. EBITDA is not measure required by or presented
in accordance with IFRS. The use of EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or
as a substitute for analysis of, our results of operations or financial condition as reported under IFRS.
The
Group believes that this non-IFRS financial measure is useful to investors because (i) The Group uses this measure to analyze its
financial results internally and believes it represents a measure of operating profitability and (ii) this measure will serve investors
to understand and evaluate the Group's EBITDA and provide more tools for their analysis as it makes the Group's results comparable
to industry peers that also use this metric. See "Operating and Financial Review and Prospects—Operating Results
—
Reconciliation
Of Non-IFRS Measures."
The
Business Combination
T
he
Initial Public Offering
On
October 16, 2018, DD3 Acquisition Corp., a British Virgin Islands company ("DD3"), consummated its initial public offering
of 5,000,000 units and on October 23, 2018, the underwriters for DD3's initial public offering purchased an additional 565,000
units pursuant to the partial exercise of their over-allotment option. The units in DD3's initial public offering were sold at
an offering price of US$10.00 per unit, generating total gross proceeds of US$55,650,000.
The
Merger
On
August 2, 2019, DD3 entered into a Combination and Stock Purchase Agreement (as amended, the "Combination and Stock Purchase
Agreement") with Campalier, S.A. de C.V., a Mexican
sociedad anónima de capital variable
("Campalier"),
Promotora Forteza, S.A. de C.V., a Mexican
sociedad anónima de capital variable
("Forteza"), Strevo, S.A. de
C.V., a Mexican
sociedad anónima de capital variable
("Strevo", and together with Campalier and Forteza, "Sellers"),
Betterware, BLSM, and, solely for the purposes of Article XI therein, DD3 Mex Acquisition Corp, S.A. de C.V., pursuant to which
DD3 agreed to merge with and into Betterware (the "Merger") in a Business Combination that resulted in Betterware surviving
the Merger and BLSM becoming a wholly-owned subsidiary of Betterware.
As
part of the Combination and Stock Purchase Agreement, and prior to the closing of the Merger, DD3 was redomiciled out of the British
Virgin Islands and continued as a Mexican corporation pursuant to Section 184 of the Companies Act and Article 2 of the Mexican
General Corporations Law.
Betterware's
Restructure
Following
the execution of the Combination and Stock Purchase Agreement, on February 21, 2020, Betterware's shareholders approved, a
corporate restructure in Betterware (the "Betterware Restructure") which implied, among other things (i) Betterware's
by-laws amendment in order to issue Series C and Series D non-voting shares, and (ii) a redistribution of Betterware's
capital stock as follows: (a) fixed portion of Betterware's capital stock represented by 3,075,946, Series A, ordinary
voting shares, and (b) the variable portion of Betterware's capital stock represented by (x) 1,961,993, Series B,
ordinary voting shares, (y) 897,261, Series C, ordinary non-voting shares ("Series C Shares"), and (z) 168,734,
Series D, ordinary non-voting shares ("Series D Shares"). In addition, Strevo transferred one Series A ordinary
voting share of Betterware to Campalier (the "Campalier Share"), which remained under certain Share Pledge Agreement, dated
July 28, 2017, entered between Strevo, as pledgor, MCRF P, S.A. de C.V. SOFOM, E.N.R. ("CS"), as pledgee, and Betterware.
iv
Immediately
after consummation of Betterware Restructure and the transfer of the Campalier Share to Campalier, Forteza indirectly, through Banco
Invex, S.A., Invex Grupo Financiero ("Invex"), as trustee of the irrevocable management and security trust No. 2397
(the "Invex Security Trust"), dated March 26, 2016, owned approximately 38.94% of the outstanding common stock of Betterware,
and Campalier indirectly, through the Invex Security Trust, owned approximately 61.06% of the outstanding common stock of Betterware.
On
March 9, 2020, the Invex Security Trust released the Series C Shares and the Series D Shares to Campalier and Forteza,
respectively, that were held under the Invex Security Trust.
On
March 10, 2020, CS, as pledgee, entered into a Termination of the Share Pledge Agreement over the Campalier Share with Campalier,
as pledgor, and Betterware. In addition, CS, as beneficiary, Invex, as trustee, and Campalier, as settlor, entered into a Transfer Agreement,
where Campalier transferred the Campalier Share to the Invex Security Trust.
Upon
such transfer to the Invex Security Trust, Betterware's shareholders approved (i) the sale of all or a portion of such Betterware's
Series C and Series D shares to DD3 Acquisition Corp., S.A. de C.V. (the "DD3 Acquisition"), (ii) the Merger,
(iii) the amendment of Betterware's by-laws to become a
sociedad anónima promotora de inversion de capital variable
,
(iv) the increase of Betterware's capital stock by MX$94,311,438.00, through the issuance of 2,211,075 ordinary shares, without
nominal value, subscribed by the shareholders of DD3 Acquisition Corp., S.A. de C.V., and (v) the increase of Betterware's
capital stock by MX$872,878,500.00 through the issuance of 4,500,000 ordinary treasury shares without nominal value, offered for subscription
and payment under Betterware's public offering in the U.S. completed and filed with the SEC under our Registration Statement on
Form F-1, which became effective on January 22, 2020. On March 10, 2020, Betterware's corporate name changed from
Betterware de México, S.A. de C.V. to Betterware de México, S.A.P.I. de C.V.
The
DD3 Acquisition was closed on March 13, 2020, and as a result, all of Betterware shares that were issued and outstanding immediately
prior to the closing date were canceled and new shares were issued. The DD3 Acquisition was accounted as a capital reorganization, whereby
Betterware issued shares to the DD3 shareholders and obtained US$22,767 (Ps.498,445) in cash through the acquisition of DD3 and, simultaneously
settled liabilities and related transaction costs on that date, for net cash earnings of US$7,519 (Ps.181,734) on such date. In addition,
Betterware assumed the obligation of the warrants issued by DD3, a liability inherent to the transaction, equivalent to the fair value
of Ps.55,810 of the warrants. No other assets or liabilities were transferred as part of the transaction that required adjustment to
fair value as a result of the acquisition.
On
the same date, a total of 2,040,000 of Betterware shares, that were offered for subscription and payment under its public offering on
Nasdaq Capital Market ("Nasdaq"), were subscribed and paid for by various investors.
On
July 14, 2020, Betterware's corporate name changed from Betterware de México, S.A.P.I. de C.V. to Betterware de México,
S.A.B. de C.V. For purposes of this annual report, the Merger, the Betterware Restructure and all related actions undertaken in connection
thereto are referred to as the "Business Combination."
Closing of the Business Combination
Upon
satisfaction of certain conditions and covenants as set forth under the Combination and Stock Purchase Agreement, the Business Combination
was consummated and closed on March 13, 2020 (the "Closing"). At Closing, the following actions occurred:
(i)
DD3
issued to the Sellers as consideration for the purchase of a portion of the Series C and Series D shares and the BLSM shares
outstanding as of January 3, 2021, a debt acknowledgement in an amount equal to $15,000,546.
(ii)
all
of Betterware shares issued and outstanding immediately prior to the Closing were canceled and, Campalier and Forteza received, directly
and indirectly (through the Invex Security Trust), 18,438,770 and 11,761,175, respectively, of Betterware's shares; and
(iii)
all
of DD3's ordinary shares issued and outstanding immediately prior to the Closing were canceled and exchanged for Betterware shares
on a one-for-one basis.
v
On
the Closing date, 2,040,000 shares of Betterware offered for subscription and payment under Betterware's public offering in the
U.S. on the Nasdaq were subscribed and paid for by various investors.
As
part of the Merger, Betterware assumed an obligation that granted existing warrant holders the option to purchase (i) a total of
5,804,125 Betterware shares at a price of US$11.50 per share that would expire on or before March 25, 2025, and (ii) a total
of 250,000 units that automatically became an option to issue 250,000 Betterware shares and warrants to buy 250,000 additional Betterware
shares. Betterware registered the warrants to be traded on OTC Markets, which had an observable fair value. The following events occurred
in 2020 as part of the warrants agreement:
(i)
During
July and August 2020, Betterware repurchased 1,573,888 warrants. During August and October 2020, 895,597 warrants were
exchanged for 621,098 shares, of which, 462,130 warrants were settled on a cash basis by exchanging 1 warrant for 1 share at a price
of US$11.44 for share, which resulted in receiving cash by an amount of Ps.116,419. The remaining 433,467 warrants were exchanged on
a cashless basis by exchanging 1 warrant for 0.37 shares.
(ii)
In
September 2020, the purchase option of units was exercised by their holders on a cashless basis, which resulted in the issuance
of 214,020 Betterware shares.
(iii)
Additionally,
in October 2020, and as part of the terms of the warrant agreement, Betterware exercised the redemption of the warrants on a cashless
basis by exchanging 3,087,022 warrants for 1,142,325 of Betterware's shares. A total of 8,493 public warrants were not exercised
by their holders during the redemption period that expired on November 9, 2020, therefore, they were paid by Betterware for a price
of US$0.01 per warrant.
(iv)
In
December 2020, holders exercised a total of 239,125 private warrants on a cashless basis and exchanged for 156,505 of Betterware's
shares.
(v)
As
of the January 3, 2021, the warrant holders redeemed all of the outstanding warrants and purchase option of units and Betterware recognized
a loss for the increase in the fair value of the warrants of Ps.851,520, which was recognized under the heading "Loss in valuation
of warrants" in the consolidated and combined statement of profit or loss. As of the date of this annual report, all of the warrants
have been redeemed.
On
August 2, 2021, Betterware's corporate name changed from Betterware de México, S.A.B. de C.V. to Betterware de México,
S.A.P.I. de C.V.
The
Forteza Merger
On
December 14, 2020, Betterware and Forteza (Betterware's shareholder), entered into a merger agreement pursuant to which Forteza
agreed to merge with and into Betterware, surviving Betterware as the acquiror (the "Forteza Merger"). On December 16,
2020, the merger was consummated. Consequently, shares in Betterware were delivered to Forteza's shareholders in proportion to
their shareholding in Betterware, without implying an increase in our share capital or in the total number of outstanding shares of Betterware.
Other
Transactions during 2020
On
December 3, 2020, we acquired 70% of the shares of Betterware de Guatemala, S.A., a company focused on the distribution of our line of
products and providing home solutions in Guatemala.
On
December 16, 2020, in conjunction with Finvek Advisors, S.A. de C.V., we incorporated Programa Lazos, S.A. de C.V. ("Programa Lazos"),
focused on granting loans and financial leasing or financial factoring operations in Mexico. We own 70% of the voting shares of Programa
Lazos.
vi
Other
Transactions during 2021 and Subsequent Events during 2022
On
March 12, 2021, Betterware entered into an agreement to acquire 60% of GurúComm, S.A.P.I. de C.V. ("GurúComm"),
for Ps.45 million. GurúComm is a mobile virtual network operator and communications software developer, with an enterprise value
of Ps.75 million (approximately US$3.5 million). On March 28, 2022, the shareholders of GurúComm approved, and Betterware agreed
to, the redemption of the shares owned by Betterware in GurúComm. Therefore, the 55,514 shares that had been previously fully
subscribed and paid by Betterware were redeemed. The additional 37,693 shares that were subscribed but not yet paid, were canceled. GurúComm's
redemption and Betterware's investment withdrawal was mainly due to the fact that the business was not growing according to shareholders
expectations, and consequently, Betterware's investment return would take longer than anticipated. The financial impact that the
redemption transaction had at a consolidated level was a loss in sale of shares of Ps.16.6 million.
Until
June 30, 2021, BLSM (formerly a related party of Betterware) provided administrative, technical, and operational services to Betterware.
On July 1, 2021, all of BLSM's employees were transferred to Betterware, without having a material impact on a consolidated basis.
On
July 22, 2021, Betterware entered into an agreement to acquire 70% of Innova Catálogos, S.A. de C.V. ("Innova"), for
Ps.5 million. Innova focuses on purchase and sale of clothing, footwear and accessories. On November 18, 2022, we withdrew our investment
and cancelled all of the 238 subscribed and paid shares that we held in Innova. The investment withdrawal and the redemption of Betterware's
shares in Innova was mainly due to the fact that the business was not growing according to shareholders expectations. The financial impact
that the redemption transaction had at a consolidated level was a loss in sale of shares of approximately Ps.5 million.
On
March 25, 2021, Betterware and Programa Lazos, S.A acquired 2% and 98%, respectively, of the shares of Finayo, S.A.P.I. de C.V., a Mexican
sociedad anónima promotora de inversión de capital variable
for the aggregate purchase price of Ps.1.1 million.
Finayo, S.A.P.I. de C.V. focuses on granting loans, financial leasing and factoring operations.
The
JAFRA Acquisition
On
January 18, 2022, Betterware entered into a stock purchase agreement to acquire the operations of Jafra Cosmetics International, Inc.
and Jafra Mexico Holding Company, B.V. in Mexico and the United States from the Vorwerk Group based in Germany for a total cash consideration
of US$255 million (equivalent to Ps. 5,355 million), on a debt and cash-free basis (the "JAFRA Acquisition"). See "Company
Information—Organizational Structure."
JAFRA
is a leading global company in direct sales in the beauty and personal care (B&PC) industry with strong presence in Mexico and the
United States through independent leaders and consultants who sell JAFRA's unique products. The JAFRA Acquisition was approved
by the Federal Economic Competition Commission on March 24, 2022, and consummated on April 7, 2022. The funds necessary to pay the purchase
price, and other associated expenses, under the JAFRA Acquisition were obtained from (i) a long-term syndicated loan of Ps.4,499 million,
and (ii) US$30 million from available cash of Betterware. See "Indebtedness—Long Term Syndicated Credit Line."
As
of the date of this annual report and as consequence of the transactions described before, the total number of outstanding shares of
the Company is 37,316,546.
PRESENTATION
OF INDUSTRY AND MARKET DATA
In
this annual report, we rely on, and refer to, information regarding our business and the markets in which we operate and compete. The
market data and certain economic and industry data and forecasts used in this annual report were obtained from internal surveys, market
research, governmental and other publicly available information, and independent industry publications. Industry publications, surveys
and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but that
the accuracy and completeness of such information is not guaranteed. We believe that these industry publications, surveys, and forecasts
are reliable, but we have not independently verified them and cannot guarantee their accuracy or completeness.
Certain
market share information and other statements presented herein regarding our position relative to our competitors are not based on published
statistical data or information obtained from independent third parties, but reflects our best estimates. We have based these estimates
upon information obtained from publicly available information from our competitors in the industry in which we operate.
vii
PART I
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
applicable.
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM 3.
KEY INFORMATION
A.
[Reserved]
B.
CAPITALIZATION
AND INDEBTEDNESS
Not
applicable.
C.
REASONS FOR THE OFFER AND USE OF PROCEEDS
Not
applicable.
D.
RISK
FACTORS
An
investment in our Ordinary Shares carries a significant degree of risk. You should carefully consider the following risk factors, together
with all of the other information included in this annual report, before making a decision to invest in our ordinary shares. The risks
described below are those which the Group believes are the material risks that it faces. Some statements in this annual report, including
such statements in the following risk factors, constitute forward-looking statements. See the section entitled "Cautionary Note Regarding
Forward-Looking Statements." If any of the following events occur, our business, financial condition and operating results may
be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of
your investment
.
Risks Related to Our Business
If
we are unable to retain our existing, or recruit new, independent distributors, leaders and consultants, our results of operations could
be negatively affected.
We
distribute almost all of our products through our independent distributors, leaders and consultants, and we depend on them directly for
the sale of our products. We experience high turnover among distributors, leaders and consultants from year to year since they
can terminate their services at any time. As a result, we need to make significant efforts to retain existing and recruit or attract
others.
To
increase our revenue, we must increase the number and/or the productivity of our distributors, leaders and consultants. The number and
productivity of our distributors, leaders and consultants also depends on several additional factors, including:
●
adverse
publicity regarding of any company of the Group, our products or our distribution channel;
●
aggressive
new competitors in the market looking to increase their market share;
●
failure
to motivate our distributors, leaders and consultants with new products;
●
failure
to provide an attractive compensation plan for distributors, leaders and consultants;
1
●
issues
with our new product's quality;
●
the
public's perception of our products;
●
competition
for distributors, leaders and consultants from other direct selling companies;
●
the
public's perception of our distributors, leaders and consultants, and direct selling businesses in general; and
●
general
economic and business conditions.
Our
operations would be harmed if we fail to generate continued interest and enthusiasm among our distributors, leaders and consultants or
we fail to attract new, or if our distributors, leaders and consultants are unable to operate due to internal or external factors.
The
number of our active distributors, leaders and consultants, may not increase and could decline in the future. Our operating results could
be harmed if existing and new business opportunities and products do not generate sufficient interest to retain existing distributors,
leaders and consultants recruit new of them.
The
loss of key high-level distributors, leaders or consultants could negatively impact our growth and our revenue.
As
of December 31, 2022, BWM had approximately 778,845 active associates and 39,413 distributors, and JAFRA had approximately 492,191
and 21,385 active consultants and leaders, respectively. BWM's distributors and JAFRA's leaders and consultants, together
with their extensive networks of downline distributors or leaders, account for an important part of our net revenue. As a result, the
loss of a high-level distributors, leaders or consultants, could negatively impact our network growth and our net revenue.
A
decline in our customers' purchasing power or consumer confidence or in customers' financial condition and willingness to
spend could materially and adversely affect our business.
The
sale of our products strongly correlates to the level of consumer spending generally, and thus is significantly affected by the general
state of the economy and the ability and willingness of consumers to spend on discretionary items. Reduced consumer confidence and spending
generally may result in reduced demand for our products and limitations on our ability to maintain or increase prices. A decline in economic
conditions or general consumer spending in any of our major markets could have a material adverse effect on our business, financial condition
and results of operations.
Failure
to successfully develop new products could harm our business.
An
important component of our business is our ability to develop new products that create enthusiasm among our customers. If we fail to
introduce new products planned for the future, our distributors, leaders and consultants' productivity could be harmed. In addition,
if our new products fail to gain market acceptance, are restricted by regulatory requirements, or have quality problems, this would harm
our results of operations. Factors that could affect our ability to continue to introduce new products include, among others, government
regulations, proprietary protections of competitors that may limit our ability to offer comparable products and any failure to anticipate
changes in consumer tastes and buying preferences.
We
depend on multiple contract manufacturers mostly located in China, and the loss of the services provided by any of our manufacturers
could harm our business and results of operations.
We
outsource product manufacturing to third-party contractors located mainly in China. During the 2022 period, products supplied by Chinese
manufacturers accounted for approximately 93% of BWM's revenues.
If
these suppliers have unscheduled downtime or are unable to fulfill their obligations under these manufacturing agreements because of
political or regulatory restrictions, equipment breakdowns, labor strikes, natural disasters, health diseases or health epidemics, such
as the COVID-19 pandemic, or any other cause, this could adversely affect our overall operations and financial condition.
Also,
although we provide all of the formulations used to manufacture our products, we have limited control over the manufacturing process
itself. As a result, any difficulties encountered by the third-party manufacturer that result in product defects, production delays,
cost overruns, or the inability to fulfill orders on a timely basis, due to, for instance, sanctions or blocks imposed to Chinese products,
could have a material adverse effect on our business, financial condition and operating results
2
Disruptions
or delays at our facility in Queretaro, Mexico could have a material adverse effect on our business,
particularly with respect to the beauty and personal care segment.
Our
facility in Queretaro, Mexico, manufactures a substantial portion of the products of our beauty and personal care segment, which accounts
85% of JAFRA sales, and as of December 31, 2022 represented 38% of our total sales at a consolidated level. Significant unscheduled downtime
or a reduction in capacity at this facility, whether due to equipment breakdowns, power failures, natural disasters (due to climate change
or otherwise), pandemics (including COVID-19), weather conditions hampering delivery schedules, shortages of raw materials and products,
technology disruptions or other disruptions, including those caused by transitioning manufacturing across these facilities, or any other
cause could have a material adverse effect on our ability to provide products to our leaders, consultants and customers, which could
have a material adverse effect on our sales, business, prospects, reputation, results of operations, financial condition and/or cash
flows.
Additionally,
some of our employees at this facility are members of labor unions. In the past, we have experienced labor-union related work strikes
in Mexico which have affected our operations. Also, negotiating labor contracts, either for new locations or to replace expiring contracts,
is time consuming or may not be accomplished on a timely basis. If we are unable to satisfactorily negotiate those labor contracts with
the labor unions on terms acceptable to us or without a strike or work stoppage, the effects on our business could be materially adverse.
Any strike or work stoppage could disrupt our business, adversely affecting our results of operations and our public image could be materially
adversely affected by such labor disputes. In addition, existing labor contracts may not prevent a strike or work stoppage, and any such
work stoppage could have a material adverse effect on our business.
Volatility
in costs, along with delays and disruptions in the supply of materials and services, as a result of the recent global supply chain disruptions,
could have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows.
We
purchase raw materials, including essential oils, alcohols, chemicals, containers and packaging components, from various third-party
suppliers. Substantial cost increases delays and the unavailability of raw materials or other commodities, as a result of continued global
supply chain disruptions, and higher costs for energy, transportation and other necessary services have adversely affected and may continue
to adversely affect our beauty and personal care segment profit margins if we are unable to wholly or partially offset them, such as
by achieving cost efficiencies in its supply chain, manufacturing and/or distribution activities. In addition, we purchase certain finished
goods, raw materials, packaging and other components from single-source suppliers or a limited number of suppliers and if we are required
to find alternative sources of supply, these new suppliers may have to be qualified under applicable industry, governmental and Company-mandated
vendor standards, which can require additional investment and be time-consuming.
Any
significant disruption to our manufacturing or sourcing of products or raw materials, packaging and other components for any reason (including
the continued global supply chain disruptions) could materially impact our inventory levels and interrupt and delay our supply of products
to its leaders and consultants. Such events, if not promptly remedied, could have a material adverse effect on our business, prospects,
reputation, results of operation, financial condition and/or cash flows.
Competition
could have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows.
The
markets in which we operate are competitive. Our results of operations may be harmed by market conditions and competition in the future.
Many competitors have greater name recognition and financial resources than we have, which may give them a competitive advantage.
We
compete against a number of multi-national manufacturers, some of which are larger and have substantially greater resources than us,
and which may therefore have the ability to spend more aggressively than us on new business acquisitions, research and development activities,
technological advances to evolve in their e-commerce capabilities and advertising, promotional, social media and/or marketing activities
and have more flexibility than us to respond to changing business and economic conditions.
Also,
our products compete directly with branded, premium retail products. We currently do not have significant patent or other proprietary
protection, and competitors may introduce products with the same ingredients that we use in our products.
We
also compete with other companies for distributors, leaders and consultants. Some of these competitors have a longer operating history,
better name recognition and greater financial resources than we do. Some of our competitors have also adopted and could continue to adopt
some of our business strategies. Consequently, to successfully compete in this market and attract and retain distributors, leaders and
consultants, we must ensure that our business opportunities and compensation plans are financially rewarding. We may not be able to continue
to successfully compete in this market for distributors, leaders and consultants, which would ultimately, affect our business operations.
3
If
the industry in which we operate, our business or our products are subject to adverse publicity, our business may suffer.
We
are very dependent upon our distributors, leaders, consultants and the general public perception of the overall integrity of our business,
as well as the safety and quality of our products and similar products distributed by other companies. The number and motivation of our
distributors, leaders and consultants and the acceptance by the general public of our products may be negatively affected by adverse
publicity regarding:
●
the
                                            legality of network-marketing systems in general or our network-marketing system specifically;
●
the
                                            safety and quality of our products;
●
regulatory
                                            investigations of our products;
●
the
                                            actions of our distributors, leaders and consultants;
●
management
                                            of our distributors, leaders and distributors; and
●
the
                                            direct selling industry.
Any
event that negatively affects the general public perception of our industry, business or products could have a material effect in our
results of operations.
Failure
of our technology initiatives to create sustained enthusiasm in our distributors, leaders and consultants and incremental cost savings
could negatively impact our business.
We
constantly develop and implement strategies to continue using technology to attract distributors, leaders and consultants and provide
them new technology to facilitate taking orders of our products. In certain demographic markets, we have experienced some success implementing
our technology strategies to improve our operating efficiency. However, any cost savings from our technology strategies may not prove
to be significant, or we may not be successful in adapting and implementing these strategies to other markets in which we operate. This
could result in our inability to service our distributors, leaders and consultants in the manner they expect, which could ultimately
affect our results of operations.
We
are dependent on information and communication technologies, and our systems and infrastructures face certain risks, including cybersecurity
risks.
The
operation of complex infrastructures and the coordination of the many actors involved in our operation require the use of several highly
specialized information systems, including both our own information technology systems and those of third-party service providers, such
as systems that monitor our operations or the status of our facilities, communication systems to inform the public, access control systems
and closed circuit television security systems, infrastructure monitoring systems and radio and voice communication systems used by our
personnel. In addition, our accounting and fixed assets, payroll, budgeting, human resources, supplier and commercial, hiring, payments
and billing systems and our websites are key to our functioning. The proper functioning of these systems is critical to our operations
and business management. These systems may, from time to time, require modifications or improvements as a result of changes in technology,
the growth of our business and the functioning of each of these systems.
The
risk of cyber-crime continues to augment across all industries and geographies as infiltrating technology is becoming increasingly sophisticated.
If we are unable to prevent a significant cyber-attack, such attack could materially disrupt our operations, damage our reputation and
lead to regulatory penalties and financial losses. To prevent such disruptions to our operations we have implemented a multi-layer security
framework, from strategic corporate policies to operational procedures and controls. To support this framework, we use sophisticated
technologies to secure our perimeter, computing equipment, networks, servers, storage and databases.
Information
technology systems cannot be completely protected against certain events such as natural disasters, fraud, computer viruses, hacking,
communication failures, equipment breakdown, software errors and other technical problems. However, our security framework allows us
to minimize and manage these risks through the use of enabling technologies such as, but not limited to, firewalls, mail & web
filtering, end point protection, antivirus and anti malware, access lists, encryption and hardening.
4
In
addition, our business operations routine involves gathering personal information about vendors, distributors, leaders, consultants,
customers and employees among others, through the use of information technologies. Breaches of our systems or those of our third-party
contractors, or other failures to protect such information, could expose such people's personal information to unauthorized use.
Any such event could give rise to a significant potential liability and reputational harm.
During
2022 and 2021, BWM encountered an increased number of non-material phishing attempts which consisted of fake e-mails requesting minor
payments and/or confidential information and e-mails with malicious files successfully quarantined and contained as well as sporadic
attempted attacks, minor and unsuccessful, on our infrastructure. None of these attempts were material nor had any major consequences
for our operations or our customers. However, we cannot guarantee any future events will not affect our operations or customers. We are
constantly seeking to improve and strengthen our security strategy by aligning it with Security Frameworks and Best Practices such as
NIST and ISO 27000.
During
2021 (prior to consummation of the JAFRA Acquisition), JAFRA received various attacks with at least one impacting IT servers such as
email, SharePoint, and other Information Technology support services. None of these attacks affected our core servers or our customers'
personal information. In 2022, JAFRA implemented a Security Operation Center for purposes of identifying and preventing cybersecurity
attacks. This Security Operation Center has prevented a considerable number of incidents such as: ransomware attacks (nine in total),
malware execution via USB, malicious URLs, malicious content from email, various JAFRA account login attempts and phishing. No attacks
were materialized during the 2022 period. We expect align JAFRA's operations with the NIST CSF and ISO 27000 frameworks.
Because
of the costs and difficulties inherent in managing cross-border business operations, our results of operations may be negatively impacted.
Managing
our business, operations, personnel or assets in multiple jurisdictions is challenging and costly. Management may be inexperienced in
cross-border business practices and unaware of significant differences in accounting rules, legal regimes and labor practices. Even with
a seasoned and experienced management team, the costs and difficulties inherent in managing cross-border business operations, personnel
and assets can be significant (and much higher than in a purely domestic business) and may negatively impact our financial and operational
performance.
Our
distributors, leaders and consultants are independent contractors and not employees. If regulatory authorities were to determine, however,
that our distributors leaders and consultants are legally our employees, we could have significant liability under social benefit laws.
Distributors,
leaders and consultants are self-employed and are not our employees. Periodically, the question of the legal status of our distributors,
leaders and consultants has arisen, usually with regard to possible coverage under social benefit laws that would require us to make
regular contributions to social benefit funds. We cannot guarantee there will not be a future judicial or administrative determination
adverse to the current criteria, which would substantial and materially adversely affect our business and financial condition.
Inflation
could adversely affect our business and results of operations.
While
inflation in the United States and global markets has been relatively low in recent years, during 2021 and 2022, the economy in
the United States and global markets encountered a material increase in the level of inflation. The impact of COVID-19, geopolitical
developments such as the Russia-Ukraine conflict and global supply chain disruptions continue to increase uncertainty in the outlook
of near-term and long-term economic activity, including whether inflation will continue and how long, and at what rate. Increases in inflation
raise our costs for commodities, labor, materials and services and other costs required to grow and operate our business, and failure
to secure these on reasonable terms may adversely impact our financial condition. Additionally, increases in inflation has caused,
and may in the future cause, global economic uncertainty and uncertainty about the interest rate environment, which may make it more
difficult, costly or dilutive for us to secure additional financing. A failure to adequately respond to these risks could have a material
adverse impact on our financial condition, results of operations or cash flows.
5
Goodwill,
property, plant and equipment and intangible assets represent a significant portion of the Group's statement of financial position,
and our operating results may suffer from possible impairments.
Goodwill,
property, plant and equipment and intangible assets in our statement of financial position derived from past business combinations carried
out by the Group, are further explained in the notes to the consolidated financial statements located elsewhere in this annual report.
Goodwill and intangible assets with indefinite useful lives are tested for impairment at least annually. Property, plant and equipment
and intangible assets with definite useful lives are tested for impairment whenever there is an indication that these assets may be impaired.
In the case of an impairment, we will recognize charges to our operating results based on the impairment assessment processes. In addition,
future acquisitions may be made by the Group and a portion of the purchase price of these acquisitions may be allocated to acquired goodwill,
property, plant and equipment and intangible assets. An impairment on property, plant and equipment or goodwill of acquired
businesses could have a material adverse effect on our financial condition and results of operations.
The
COVID-19 virus (nCoV), as well as any other public health crises that may arise in the future, has had and may continue to have
a negative impact on our gross margins and in our results of operation.
In
late December 2019, a notice of pneumonia of unknown cause originating from Wuhan, Hubei province of China was reported to the World
Health Organization. A novel COVID-19 virus (nCoV) was identified, with cases soon confirmed in multiple provinces in China, as
well as in several other countries. The Chinese government placed Wuhan and multiple other cities in Hubei province under quarantine,
with approximately 60 million people affected. On March 11, 2020, the World Health Organization declared the coronavirus outbreak
a pandemic. The COVID-19 pandemic has resulted in several cities be placed under quarantine, increased travel restrictions from and to
several countries, such as the U.S., China, Italy, Spain and Mexico which had forced extended shutdowns of certain businesses in certain
regions.
Our operations were not interrupted
as a result of the COVID-19 pandemic in 2021 and 2020. However, during 2022, after the COVID-19 pandemic effects eased, we suffered a
decline in the number of associates and distributors due to the contraction of the market size for home goods and in consumer spending.
Consequently, our net revenue related to our home organization segment decreased by 37.0%.
Also,
as consequence of the COVID-19 pandemic, we faced external headwind as supply chain disruption in China, specifically increases in sea
freight prices and the rationing of energy, has caused partial and total shutdowns of some factories. If these events continue, our results
of operations could be negatively impacted. We cannot predict future events that could disrupt our supply chain.
Although
impact of COVID-19 pandemic has eased as restrictions have been or are being lifted in most of the countries we operate, the continuing
impact of COVID-19 pandemic remains uncertain and may continue to affect our operations and the markets in which we operate, for so long
as the health crisis and the virus impact continues, including the emergence of new strains such as the Omicron or Delta variant, of
the virus arise.
Material
weaknesses have been identified in Betterware's internal control over financial reporting, and if we fail to establish and maintain
proper and effective internal controls over financial reporting, our results of operations and our ability to operate our business may
be harmed.
As
of December 31, 2022, our management assessed the effectiveness of our internal control over financial reporting based on the criteria
for effective internal control over financial reporting established in Internal Control - Integrated Framework, issued by the Committee
of Sponsoring Organizations of the Treadway Commission in 2013.
Our
results conclude thar we did not design and maintain effective controls over the (i) business combination transaction process; (ii) period-end
financial reporting and consolidation process; and (iii) certain information technology ("IT") general controls for information
systems that are relevant to the preparation of our consolidated financial statements.
We are in the process of implementing several measures to strength
our internal control over financial reporting such as the deployment of IT applications to enable and automate the consolidation and ITGC
process.
For details of the controls and remediation plan, see "
Item 15—Controls
and Procedures—Disclosure Controls and Procedures
."
6
In
2021, the Company changed its status from an emerging growth company to an large accelerated filer, and during 2022 the Company change
its status again to an accelerated filer. Therefore, the Company keep working and improving about the implementation of a formal internal
control over financial reporting program based on a top-down risk assessment to validate the existence of controls over significant,
accounts, processes, applications and IT environments. See "
Disclosure Controls and Procedures—Control and Procedures
."
If
we fail to establish and maintain proper and effective internal controls over financial reporting or adequately resolve our existing
material weaknesses, our results of operations and our ability to operate our business may be harmed.
Our controlling shareholder may have interests that conflict with your interests.
As
of the date of this annual report, Campalier owns approximately 53.65% of our outstanding Ordinary Shares. As the controlling shareholder,
Campalier may take actions that are not in the best interests of the Group's other shareholders. These actions may be taken in
many cases even if they are opposed by the Group's other shareholders. In addition, this concentration of ownership may discourage,
delay or prevent a change in control which could deprive you of an opportunity to receive a premium for your Ordinary Shares as part
of a sale of the Group.
Our
business and results of operations may be adversely affected by the increased strain on our resources from complying with the reporting,
disclosure and other requirements applicable to public companies in the United States promulgated by the U.S. Government, Nasdaq or other
relevant regulatory authorities.
Compliance
with existing, new and changing corporate governance and public disclosure requirements adds uncertainty to our compliance policies and
increases our costs of compliance. Changing laws, regulations and standards include those relating to accounting, corporate governance
and public disclosure, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act of 2002, new SEC
regulations and the Nasdaq listing guidelines. Application of these laws, regulations and guidelines may evolve over time as new guidance
is provided by regulatory and governing bodies. In particular, compliance with Section 404 of the Sarbanes-Oxley Act of 2002 ("Section 404")
and related regulations regarding required assessment of internal controls over financial reporting and our external auditor's
audit of that assessment, requires the commitment of significant financial and managerial resources. We also expect the regulations to
increase our legal and financial compliance costs, making it more difficult to attract and retain qualified officers and members of our
board of directors, particularly to serve on our audit committee, and make some activities more difficult, time-consuming and costly.
Existing,
new and changing corporate governance and public disclosure requirements could result in continuing uncertainty regarding compliance
matters and higher costs of compliance as a result of ongoing revisions to such governance standards. Our efforts to comply with evolving
laws, regulations and standards have resulted in, and are likely to continue to result in, increased general and administrative expenses.
In addition, new laws, regulations and standards regarding corporate governance may make it more difficult for our company to obtain
director and officer liability insurance. Further, our board members and senior management could face an increased risk of personal liability
in connection with their performance of duties. As a result, we may face difficulties attracting and retaining qualified board members
and senior management, which could harm our business. If we fail to comply with new or changed laws or regulations and standards differ,
our business and reputation may be harmed.
Our
revenue and profitability may be affected if we fail to acquire new companies or integrate those that we have already acquired, such
as JAFRA.
We
consider acquisitions a useful instrument to complement our organic growth. We opportunistically explore acquiring other businesses and
assets, such as the JAFRA Acquisition.
However,
we may face financial, managerial and operational challenges, including diversion of management attention and resources needed for existing
operations, difficulties with integrating acquired businesses, such as JAFRA, integration of different corporate cultures, increased
expenses, potential dilution of our brand, assumption of unknown liabilities, potential disputes with the sellers and the need to evaluate
the financial systems of and establish internal controls for acquired entities. Further, we seek out acquisitions of companies that maintain
the same high quality standards that we maintain, and if we misjudge or overestimate products quality standards, we may not be able to
use these products or implement the strategies that were the primary reason for the corresponding acquisition, such as may be the case
with the JAFRA Acquisition, which would lead to a significant loss both financially and in time spent by our teams trying to integrate
the products or implement the strategy.
7
In
addition, our ability to realize the benefits we anticipate from our acquisition activities, including the JAFRA Acquisition, including
any anticipated sales growth, cost synergies and other anticipated benefits, will depend in large part upon whether we are able to integrate
such businesses efficiently and effectively. Integration is an ongoing process, and we may not be able to fully integrate such businesses
smoothly or successfully, and the process may take longer than expected. Further, the integration of certain operations and the differences
in operational culture following such activity will continue to require the dedication of significant management resources, which
may distract management's attention from day-to-day business operations.
There
may also be unasserted claims or assessments that we failed or were unable to discover or identify in the course of performing due diligence
investigations of target businesses. While we normally negotiate representation and warranties and related indemnification in relation
to such acquisitions, these may not be enough to cover our exposure if a significant liability arises in connection with any acquisition
agreement, including the JAFRA Acquisition. We cannot assure you that these indemnification provisions will protect us fully or at all,
and as a result we may face unexpected liabilities that could adversely affect our business, financial condition and results of operations.
If
we are unable to successfully integrate the operations of JAFRA, or any other acquired business, into our business, we may be unable
to realize the sales growth, cost synergies and other anticipated benefits of such transactions, and our business, results of operations
and cash flow could be adversely affected.
Our
indebtedness and any future inability to meet any of our obligations under our indebtedness, could adversely affect us by reducing our
flexibility to respond to changing business and economic conditions.
As
of December 31, 2022, we had Ps.6,441 million of outstanding indebtedness (current and non-current borrowings, and leases). We rely on
obtaining financing and refinancing of existing indebtedness in order to operate our business, implement our strategy and grow our business.
Recent disruptions in the global credit markets and their effect on the global and Mexican economies could materially adversely affect
our business. We may also incur additional working capital lines of credit to meet future financing needs, subject to certain restrictions
under our indebtedness, which would increase our total indebtedness. We may be unable to generate sufficient cash flow from operations
and future borrowings, and other financing may be unavailable in an amount sufficient to enable us to fund our current and future financial
obligations or our other liquidity needs, which would have a material adverse effect on our business, prospects, financial condition,
liquidity and results of operations as well as reduce the availability of our cash flow to fund working capital, operations, capital
expenditures, dividend payments, strategic acquisitions, expansion of our operations and other business activities. Our indebtedness
could have material negative consequences on our business, prospects, financial condition, liquidity, results of operations and cash
flows, including the following:
●
limitations
on our ability to obtain additional debt financing sufficient to fund growth, such as working capital and capital expenditures requirements
or to meet other cash requirements, in particular during periods in which credit markets are weak;
●
a
downgrade in our credit ratings;
●
a
limitation on our flexibility to plan for, or react to, competitive challenges in our business and industry;
●
the
possibility that we are put at a competitive disadvantage relative to competitors with less debt or debt with more favorable terms than
us, and competitors that may be in a more favorable position to access additional capital resources and withstand economic downturns;
●
limitations
on our ability to execute business development activities to support our strategies or ability to execute restructuring as necessary;
and
●
limitations
on our ability to invest in recruiting, retaining and servicing our distributors, leaders and consultants.
Certain
of our indebtedness contain customary covenants, including, among other things, limits on the ability of the company and any restricted
subsidiary to, subject to certain exceptions, incur liens, incur debt, merge, consolidate or dispose of all or substantially all of its
assets.
8
Changes
in taxes and other assessments may adversely affect us.
The
legislatures and tax authorities in the tax jurisdictions in which we are subject to tax regularly enact reforms to the tax and other
assessment regimes to which we, our distributors, leaders and consultants, and our customers are subject. Such reforms include changes
in tax rates and, occasionally, enactment of temporary taxes, the proceeds of which are earmarked for designated governmental purposes.
In addition, the interpretation of tax laws by courts and taxation authorities is constantly evolving. The effects of these changes and
any other changes that result from enactment of additional tax reforms or changes to the manner in which current tax laws are applied
cannot be quantified and there can be no assurance that any such reforms or changes would not have an adverse effect upon our business
directly or indirectly (e.g., by affecting the business of our consultants and representatives).
For
example, Latin American governments have often increased taxes or changed tax legislation as a response to macroeconomic crises or other
developments affecting their respective jurisdictions. These and any other possible future changes in tax policy laws in the countries
where we are subject to tax may adversely affect our business, financial condition and results of operations.
We
are subject to environmental laws and regulations risks that could affect our operations and results of operations
Our
operations are subject to a wide range of environmental laws and regulations in each of the jurisdictions in which we operate. These
laws and regulations impose increasingly rigorous environmental protection standards. According to Mexican General Law of Ecological
Balance and Environmental Protection (Ley General de Equilibrio Ecológico y la Protección al Ambiente or LGEEPA in Spanish),
organizations must comply with the following, among others: (i) guarantee the human right of every person to a healthy environment for
their development and well-being; (ii) the preservation, restoration and improvement of the environment; (iii) the preservation and protection
of biodiversity, as well as the establishment and administration of protected natural areas; (iv) the sustainable use, preservation and,
where appropriate, restoration of soil, water and other natural resources, so that they are compatible for obtaining economic benefits
and the activities of society with the preservation of the ecosystems; and (v) prevention and control of air, water and soil pollution,
among others. The establishment of these controls and security measures exposes us to a risk of significant environmental costs and responsibilities,
such as taxes, investment in equipment and technology, investment in spaces for development and well-being, fines and penalties. In addition,
we are exposed to the fact that, over time, these laws and regulations may become more stringent over existing ones, which could lead
to the imposition of new risks and costs resulting in a decrease in our profitability.
Environmental
requirements can restrict trade which could lead to increased transportation and import costs for the products we sell to our customers.
Environmental,
social and corporate governance (ESG) issues, including those related to climate change and sustainability, may have an adverse effect
on our business, financial condition and results of operations and damage our reputation.
There
is an increasing focus from certain investors, customers, consumers, employees and other stakeholders concerning ESG matters. Additionally,
public interest and legislative pressure related to public companies' ESG practices continue to grow. If our ESG practices fail
to meet regulatory requirements or investor, customer, consumer, employee or other stakeholders' evolving expectations and standards
for responsible corporate citizenship in areas including environmental stewardship, support for local communities, board of director
and employee diversity, human capital management, employee health and safety practices, product quality, supply chain management, corporate
governance and transparency, our reputation, brand and employee retention may be negatively impacted, and our customers and suppliers
may be unwilling to continue to do business with us. See "Company Information—Environment, Social and Governance."
Customers,
consumers, investors and other stakeholders are increasingly focusing on environmental issues, including climate change, energy and water
use, plastic waste and other sustainability concerns. Concern over climate change may result in new or increased legal and regulatory
requirements to reduce or mitigate impacts to the environment. Changing customer and consumer preferences or increased regulatory requirements
may result in increased demands or requirements regarding plastics and packaging materials, including single-use and non-recyclable plastic
products and packaging, other components of our products and their environmental impact on sustainability, or increased customer and
consumer concerns or perceptions (whether accurate or inaccurate) regarding the effects of substances present in certain of our products.
Complying with these demands or requirements could cause us to incur additional manufacturing, operating or product development costs.
If
we do not adapt to or comply with new regulations, or fail to meet evolving investor, industry or stakeholder expectations and concerns
regarding ESG issues, investors may reconsider their capital investment in our Company, and customers and consumers may choose to stop
purchasing our products, which could have a material adverse effect on our reputation, business or financial condition.
9
Our
products are subject to federal, state and international regulations that could have a material adverse effect on our business, prospects,
results of operations, financial condition and/or cash flows.
Our
business is subject to numerous laws, regulations and trade policies. We are subject to regulation by the FTC and the FDA in the U.S.,
as well as various other federal, state, local and foreign regulatory authorities, including those in the countries in which the Company
operates. Our facility located in Queretaro, Mexico is registered with the FDA as a drug manufacturing establishment, permitting the
manufacture of cosmetics and other beauty-care products that contain over-the-counter drug ingredients, such as sunscreens, anti-perspirant
deodorants and anti-dandruff hair-care products. Regulations in the U.S., the EU, Canada and other countries in which we operate are
designed to protect consumers or the environment, such as regulations enacted to address the impacts of climate change, have an increasing
influence on our product claims, ingredients and packaging. To the extent federal, state, local and/or foreign regulatory changes occur
in the future, whether due to changes in applicable laws or regulations or evolving interpretations and enforcement policies by regulatory
authorities, they could require us to reformulate or discontinue certain of our products or revise its product packaging or labeling,
any of which could result in, among other things, increased our costs, delays in product launches, product returns or recalls and lower
net sales, and therefore could have a material adverse effect on our business, prospects, results of operations, financial condition
and/or cash flows
Risks
Related to Mexico
Since
more that 90% our operations are concentrated in Mexico, economic developments in Mexico may adversely affect our business and results
of operations.
Currently,
almost all of our operations are conducted, and almost all of our customers are located, in Mexico. Accordingly, our ability to raise
revenues, our financial condition and results of operations are substantially dependent on the economic conditions prevailing in Mexico.
As a result, our business may be significantly affected by the Mexican economy's general condition, by the depreciation of the
Mexican peso, by inflation and high interest rates in Mexico, or by political developments in Mexico. Declines in growth, high rates
of inflation and high interest rates in Mexico have a generally adverse effect on our operations. If inflation in Mexico increases while
economic growth slows, our business, results of operations and financial condition will be affected. In addition, high interest rates
and economic instability could increase our costs of financing. For the years ended December 31, 2021, and 2022, GDP increased 4.8%
and decreased to 3.1%, respectively.
During
2022, Mexico's sovereign debt rating has been confirmed and a stable outlook has been maintained. We cannot ensure that the rating
agencies will not announce an outlook revision and/or any downgrades of Mexico or any of its state owned companies. These revisions and
downgrades could adversely affect the Mexican economy and, consequently, our business, financial condition, operating results and prospects.
In
the event that the Mexican economy continues to experience a deterioration of economic conditions such as rising inflation, additional
interest rate increases, downgrade of sovereign debt, among other factors, the activities, financial situation, operating results, cash
flows and/or prospects of the Group, could be adversely and significantly affected.
Developments
in other countries could materially affect the Mexican economy and, in turn, our business, financial condition and results of operations.
Mexico's
economy is vulnerable to global market downturns and economic slowdowns. The global economy, including Mexico's economy, has been
materially and adversely affected by a significant lack of liquidity, disruption in the credit markets, reduced business activity, rising
unemployment, interest rates changes and erosion of consumer confidence during the global pandemic and its effects. This situation has
had a direct adverse effect on the purchasing power of our customers in Mexico. The macroeconomic environment in which we operate is
beyond our control, and the future economic environment may continue to be less favorable than in recent years. There is no assurance
of a strong economic recovery or that the current economic conditions will ameliorate. The risks associated with current and potential
changes in the Mexican economy are significant and could have a material adverse effect on our business and results of operations.
The
market prices of securities issued by companies with Mexican operations are affected to varying degrees by the economic and market situation
in other places, including the United States, China, the rest of Latin America and other countries with emerging markets. Therefore,
investors' reactions to events in any of these countries could have an adverse effect on the market price of securities issued
by companies with Mexican operations. Past economic crises that have occurred in the United States, China or in countries with emerging
markets could cause a decrease in the levels of interest in the securities issued by companies with Mexican operations.
In
the past, the emergence of adverse economic conditions in other emerging countries has led to capital flight and, consequently, to decreases
in the value of foreign investments in Mexico. The financial crisis that arose in the United States during the third quarter of 2008,
unleashed a global recession that directly and indirectly affected the economy and the Mexican stock markets and caused, among other
things, fluctuations in purchase prices the sale of securities issued by publicly traded companies, shortage of credit, budget cuts,
economic slowdowns, volatility in exchange rates, and inflationary pressures.
Financial
problems or an increase in risk related to investment in emerging economies or a perception of risk could limit foreign investment in
Mexico and adversely affect the Mexican economy. Mexico has historically experienced uneven periods of economic growth and the economy
as a whole has recently been adversely affected by the current expectation of a recession or slowdown in the United States and other
countries' economies. There can be no assurance that the overall business environment in which we operate will improve and we cannot
predict the impact any future economic downturn could have on our results of operations and financial condition. However, consumer demand
generally decreases during economic downturns, which will negatively affect our business and results of operations.
10
The
political situation in Mexico could negatively affect our operating results.
Mexican
political events may significantly affect our business operations. As of this date, the president's political party and its allies
hold a majority in the Chamber of Deputies and the Senate and a strong influence in various local legislatures. The federal administration
has significant power to implement substantial changes in law, policy and regulations in Mexico, including Constitutional reforms, which
could negatively affect our business, results of operations, financial condition and prospects. We cannot predict whether potential changes
in Mexican governmental and economic policy could adversely affect Mexico's economic conditions or the sector in which we operate.
We cannot provide any assurances that political developments in Mexico, over which we have no control, will not have an adverse effect
on our business, results of operations, financial condition and prospects.
After
the mid-term elections held on June 6, 2021, the political party Movimiento Regeneración Nacional (National Regeneration
Movement, or "Morena") lost the absolute majority in the Cámara de Diputados (Chamber of Deputies) that it had held
since 2018. However, Morena continues to hold the most seats relative to any other political party. In July 2024, federal elections will
be held in Mexico to elect new president and both houses of congress. We cannot predict the impact that political developments in Mexico
will have on the Mexican economy nor can provide any assurances that these events, over which we have no control, will not have an adverse
effect on our business, financial condition and results of operations.
The
Mexican federal government has made significant changes to policies and regulations and may continue to do so in the future. For instance,
the Mexican federal government drastically cut spending for the 2019 budget and it may cut spending in the future which may adversely
affect economic growth. On July 2, 2019, the new Mexican Federal Republican Austerity Law (
Ley Federal de Austeridad Republicana
)
was approved by the Mexican Senate. Federal government actions, such as those implemented to control inflation, federal spending cuts
and other regulations and policies may include, among other measures, increases in interest rates, changes in tax policies, price controls,
currency devaluations, capital controls and limits on imports. Our business, financial condition and results of operations may be adversely
affected by changes in governmental policies or regulations involving or affecting our management, operations and tax regime.
We
cannot predict the impact that economic, social and political instability in or affecting Mexico could adversely affect our business,
financial condition and results of operations, as well as market conditions and prices of our securities. These and other future developments,
over which we have no control, in the Mexican economic, political or social environment may cause disruptions to our business operations
and decreases in our sales and net income.
Currency
exchange rate fluctuations, particularly with respect to the US dollar/Mexican peso exchange rate, could lower margins.
The
value of the Mexican peso has been subject to significant fluctuations with respect to the U.S. dollar in the past and may be subject
to significant fluctuations in the future. Historically, BWM has been able to raise their prices generally in line with local inflation,
thereby helping to mitigate the effects of devaluations of the Mexican peso. However, BWM may not be able to maintain this pricing policy
in the future, or future exchange rate fluctuations may have a material adverse effect on our ability to pay suppliers.
Given
Betterware's inability to predict the degree of exchange rate fluctuations, it cannot estimate the effect these fluctuations may
have upon future reported results, product pricing or our overall financial condition. Although we attempt to reduce our exposure to
short-term exchange rate fluctuations by using foreign currency exchange contracts, it cannot be certain that these contracts or any
other hedging activity will effectively reduce exchange rate exposure. In particular, BWM currently employs a hedging strategy comprised
of forwards U.S. dollar–Mexican peso derivatives that are designed to protect us against devaluations of the Mexican peso. The
hedging contracts cover 100% of the home organization product needs until August 2023. In addition, we generally purchase our hedging
instruments on a rolling twelve-month basis; instruments protecting it to the same or a similar extent may not be available in the future
on reasonable terms. Unprotected declines in the value of the Mexican peso against the U.S. dollar will adversely affect our ability
to pay our dollar-denominated expenses, including our supplier obligations.
Any
adverse changes in our business operations in Mexico would adversely affect our revenue and profitability.
The
following factors, among others, could harm our business in Mexico:
●
worsening
economic conditions, including a recession in the United States and/or Mexico;
●
fluctuations
in currency exchange rates and inflation;
●
longer
collection cycles;
●
potential
adverse changes in tax laws or price controls;
●
changes
in labor conditions;
●
burdens
and costs of compliance with a variety of laws;
11
●
political,
social and economic instability;
●
increases
in taxation; and
●
outbreaks
of disease and health epidemics, such as the COVID-19 pandemic.
Economic
and political developments in Mexico and the United States may adversely affect Mexican economic policy.
The
U.S. economy heavily influences the Mexican economy, and therefore, the deterioration of the United States' economy, the termination
of the United States-Mexico-Canada trade agreement ("USMCA)", claims or disputes thereunder or other related events may impact
the economy of Mexico. Economic conditions in Mexico have become increasingly correlated to economic conditions in the United States
as a result of the North American Free Trade Agreement ("NAFTA"), and, subsequently, the USMCA, which has induced higher
economic activity between the two countries and increased the remittance of funds from Mexican immigrants working in the United States
to Mexican residents. On an annual basis, as of 2022, close to 81% of Mexico's total exports are purchased by the United States,
the single country with the highest share of trade with Mexico. Due to its recent entry into force, it is currently unclear what the
results of the USMCA and its implementation will be. The new terms of the USMCA could have an impact on Mexico's economy generally
and job creation in Mexico, which could significantly adversely affect our business, financial performance and results of operations.
Likewise,
any action taken by the current U.S. or Mexico administrations, including changes to the USMCA and/or other U.S. government policies
that may be adopted by the U.S. administration, could have a negative impact on the Mexican economy, such as reductions in the levels
of remittances, reduced commercial activity or bilateral trade or declining foreign direct investment in Mexico. In addition, increased
or perceptions of increased economic protectionism in the United States, Mexico and other countries could potentially lead to lower levels
of trade and investment and economic growth, which could have a similarly negative impact on the Mexican economy. These economic and
political consequences could adversely affect our business, operating results and financial condition.
We
cannot make assurances that any events in the United States or elsewhere will not materially and adversely affect us.
Mexico
is an emerging market economy, with attendant risks to our results of operations and financial condition.
The
Mexican government has exercised, and continues to exercise, significant influence over the Mexican economy. Accordingly, Mexican governmental
actions concerning the economy and state-owned enterprises could have a significant impact on Mexican private sector entities in general,
as well as on market conditions, prices and returns on Mexican securities. The national elections held on July 2, 2018 ended six years
of rule by the Institutional Revolutionary Party or PRI with the election of President Andres Manuel Lopez Obrador, a member of
the Morena Party, and resulted in the increased representation of opposition parties in the Mexican Congress and in mayoral and gubernatorial
positions. Multiparty rule is still relatively new in Mexico and could result in economic or political conditions that could materially
and adversely affect our operations. We cannot predict the impact that this new political landscape will have on the Mexican economy.
Furthermore, our financial condition, results of operations and prospects and, consequently, the market price for our shares, may be
affected by currency fluctuations, rising inflation, rising interest rates, price controls, regulation, taxation, social instability
and other political, social and economic developments in or affecting Mexico.
The
Mexican economy in the past has suffered balance of payment deficits and shortages in foreign exchange reserves. There are currently
no exchange controls in Mexico; however, Mexico has imposed foreign exchange controls in the past. Pursuant to the provisions of the
United States-Mexico-Canada Agreement, if Mexico experiences serious balance of payment difficulties or the threat thereof in the future,
Mexico would have the right to impose foreign exchange controls on investments made in Mexico, including those made by U.S. and Canadian
investors.
Securities
of companies in emerging market countries tend to be influenced by economic and market conditions in other emerging market countries.
Emerging market countries, including Argentina and Venezuela, have recently been experiencing significant economic downturns and market
volatility. These events could have adverse effects on the economic conditions and securities markets of other emerging market countries,
including Mexico.
12
investments
in Mexican companies entail substantial risk; the Mexican government has exercised, and continues to exercise, an important influence
on the Mexican economy
Investments
in Mexico carry significant risks, including the risk of expropriation or nationalization laws being enacted or imposing exchange controls,
price controls, taxes, inflationary, hyperinflationary, exchange rate risk, credit risk, among other governmental or political restrictions.
We are incorporated under the laws of Mexico and most of our operations and assets are located in Mexico. As a consequence of the foregoing,
our financial situation and operating results could be negatively affected.
The
Mexican government has exercised, and continues to exercise, a strong influence on the country's economy. Consequently, Mexican
federal government actions and policies related to the economy, state-owned and controlled companies, and financial institutions financed
or influenced, could have a significant impact on private sector entities in general, including us, in particular and on market conditions,
prices and returns on Mexican securities, including counterparty risk. The Mexican federal government has made major policy and regulatory
changes and may do so again in the future. Actions to control inflation and other regulations and policies have involved, among other
measures, an increase in interest rates, changes in fiscal policies, price controls, currency devaluations, capital controls and limits
on imports. Tax and labor legislation, in particular, in Mexico is subject to continuous change, and we cannot guarantee that the Mexican
government will maintain current economic or other policies in force or if any the changes to such laws and policies would have a material
adverse effect on us or on our financial performance. The measures adopted by the government could have a significant effect on private
sector entities in general, as well as on the market situation and on the price of our shares.
Additionally,
the Mexican federal government has implemented protectionist policies in the past and could implement certain national policies in the
future that could restrict our operations, including restrictions on imports from certain countries.
Mexico
may experience high levels of inflation in the future, which could affect our results of operations.
Historically,
inflation in Mexico has led to higher interest rates, depreciation of the Mexican peso and the imposition of substantial government controls
over exchange rates and prices. The annual rate of inflation for the last three years, as measured by changes in the Mexican National
Consumer Price Index (Índice Nacional de Precios al Consumidor), as provided by INEGI and as published by Banco de México,
was 3.2% in 2020, 7.4% in 2021 and 8.03% in 2022. If Mexico experiences high levels of inflation as it has in the past, these might adversely
affect our operations and financial performance. For example, during 2021, due to inflation effects, our business was impacted by a sluggish
consumer in Mexico and by external factors related to cost pressures and supply chain disruptions prevailing globally.
In
addition, increased inflation would raise our cost of funding, which we may not be able to fully pass on to our customers, given that
doing so could adversely affect our business. Our financial condition and profitability may be adversely affected by the level of, and
fluctuations in, interest rates, which affect our ability to earn a spread between the interest received on our loans or the rentals
and fees charged on our leases and the cost of our funding. Although we have taken measures to minimize the potential impact of inflation
by ensuring that the majority of our liabilities have fixed interest rates, if the rate of inflation increases or becomes uncertain and
unpredictable, our business, financial condition and results of operations could be adversely affected.
Security
violence risks in Mexico could increase, and this could adversely affect our results.
Mexico
is currently experiencing high levels of violence and crime due to, among others, the activities of organized crime. Despite the measures
adopted by the Mexican government efforts, organized crime (especially drug-related crime) continues to exist and operate in Mexico.
These activities, their possible escalation and the violence associated with them have had and may have a negative impact on the Mexican
economy or on our operations in the future. The presence of violence among drug cartels, and between these and the Mexican law enforcement
and armed forces, or an increase in other types of crime, pose a risk to our business, and might negatively impact business continuity.
The
regulatory environment in which we operate is evolving, and our operations may be modified or otherwise harmed by regulatory changes,
subjective interpretations of laws or an inability to work effectively with national and local government agencies.
Although
our reviews applicable local laws in developing our plans, our efforts to comply with them may be harmed by an evolving regulatory climate
and subjective interpretation of laws by the authorities. Any determination that our operations or activities are not in compliance with
applicable regulations could negatively impact our business and our reputation with regulators in the markets in which we operate.
13
Laws
and regulations may restrict our direct sales efforts and harm our revenue and profitability.
Various
government agencies throughout the world regulate direct sales practices. These laws and regulations are generally intended to prevent
fraudulent or deceptive schemes, often referred to as "pyramid" schemes, that compensate participants for recruiting additional
participants irrespective of product sales and/or which do not involve legitimate products. The laws and regulations in our current markets
often:
●
impose
on it order cancellations, product returns, inventory buy-backs and cooling-off rights for consumers, distributors, leaders and consultants;
●
require
us or our distributors, leaders and consultants to register with governmental agencies;
●
impose
on it reporting requirements to regulatory agencies; and/or
●
require
it to ensure that distributors, leaders and consultants are not being compensated solely based upon the recruitment of new of them.
Complying
with these sometimes inconsistent rules and regulations can be difficult and requires the devotion of significant resources on the
Group's part.
In
addition, Mexico could change its laws or regulations to negatively affect or prohibit completely network or direct sales efforts. Government
agencies and courts in Mexico may also use their powers and discretion in interpreting and applying laws in a manner that limits our
ability to operate or otherwise harms our business. If any governmental authority were to bring a regulatory enforcement action against
the Group that interrupts our business, our revenue and earnings would likely suffer.
You
may have difficulty enforcing your rights against Betterware and our directors and executive officers.
Betterware
is a company incorporated in Mexico. Most of our directors and executive officers are non-residents of the U.S. You may be unable to
effect service of process within the U.S. on Betterware, its directors and executive officers. In addition, as all of our assets and
substantially all of the assets of our directors and executive officers are located outside of the U.S., you may be unable to enforce
against BWM and our directors and executive officers' judgments obtained in the U.S. courts, including judgments predicated upon
civil liability provisions of the U.S. federal securities laws or state securities laws. There is also doubt as to the enforceability,
in original actions in Mexican courts, of liabilities including those predicated solely on U.S. federal securities laws and as to the
enforceability in Mexican courts of judgments of U.S. courts obtained in actions, including those predicated upon the civil liability
provisions of U.S. federal securities laws. There is no bilateral treaty currently in effect between the United States and Mexico that
covers the reciprocal enforcement of civil foreign judgments. In the past, Mexican courts have enforced judgments rendered in the United
States by virtue of the legal principles of reciprocity and comity, consisting of the review in Mexico of the United States judgment,
in order to ascertain, among other matters, whether Mexican legal principles of due process and public policy (
orden público
)
have been complied with, without reviewing the merits of the subject matter of the case.
Risks
Related to Ownership of our Ordinary Shares
As
a "foreign private issuer" under the rules and regulations of the SEC, Betterware is permitted to, and is expected to,
file less or different information with the SEC than a company incorporated in the United States or otherwise subject to these rules
and is expected to follow certain home country corporate governance practices in lieu of certain Nasdaq requirements applicable to U.S.
issuers.
Betterware
is considered a "foreign private issuer" under the Securities Exchange Act (the "Exchange Act") and therefore
exempt from certain rules under the Exchange Act, including the proxy rules, which impose certain disclosure and procedural requirements
for proxy solicitations for U.S. and other issuers. Moreover, the Group is not required to file periodic reports and financial statements
with the SEC as frequently or within the same time frames as U.S. companies with securities registered under the Exchange Act. We currently
prepare our financial statements in accordance with IFRS. The Group is not required to file financial statements prepared in accordance
with or reconciled to U.S. GAAP so long as our financial statements are prepared in accordance with IFRS. The Group is not required to
comply with Regulation FD, which imposes restrictions on the selective disclosure of material information to shareholders. In addition,
BWM's officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions of
Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of Company securities.
14
In
addition, as a "foreign private issuer" whose shares are listed on Nasdaq, the Company is permitted to, and is expected to,
follow certain home country corporate governance practices in lieu of certain Nasdaq requirements. A foreign private issuer must disclose
in its annual reports filed with the SEC each Nasdaq requirement with which it does not comply followed by a description of its applicable
home country practice. As a Mexican corporation listed on Nasdaq, the Company is expected to follow our home country practice with respect
to the composition of the board of directors and nominations committee and executive sessions. Unlike the requirements of Nasdaq, the
corporate governance practices and requirements in Mexico do not require the Company to (i) have a majority of its board of directors
to be independent, (ii) establish a nominations committee, and (iii) hold regular executive sessions where only independent directors
shall be present. Such home country practices of Mexico may afford less protection to holders of Company shares than under U.S. standards.
The
Company could lose its status as a "foreign private issuer" under current SEC rules and regulations if more than 50%
of the Company's outstanding voting securities become directly or indirectly held of record by U.S. holders and one of the following
is true: (i) the majority of the Company's directors or executive officers are U.S. citizens or residents; (ii) more
than 50% of the Company's assets are located in the United States; or (iii) the Company's business is administered principally
in the United States. If the Company loses its status as a foreign private issuer in the future, it will no longer be exempt from the
rules described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements
as if it were a company incorporated in the United States. If this were to happen, the Company would likely incur substantial costs in
fulfilling these additional regulatory requirements and members of the Company's management would likely have to divert time and
resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled.
If
securities or industry analysts do not publish or cease publishing research or reports about Betterware, our business, or markets, or
if they change their recommendations regarding the Company shares adversely, the price and trading volume of the Company shares could
decline.
The
trading market for the Company shares is influenced by the research and reports that industry or securities analysts may publish about
the Company, our business, market or competitors. Securities and industry analysts do not currently, and may never, publish research
on the Company. If no securities or industry analysts commence coverage of the Company, the price and trading volume of the Company shares
would likely be negatively impacted. If any of the analysts who may cover the Company change their recommendation regarding the Company
shares adversely, or provide more favorable relative recommendations about the Company's competitors, the price of the Company
shares would likely decline. If any analyst who may cover the Company were to cease coverage of the Company or fail to regularly publish
reports on it, the Company could lose visibility in the financial markets, which in turn could cause our share price or trading volume
to decline.
There
can be no assurance that Betterware will be able to comply with the continued listing standards of Nasdaq.
Betterware's
shares are listed on Nasdaq under the symbol "BWMX." If Nasdaq delists the Company's securities from trading on its
exchange for failure to meet the listing standards, the Company and its shareholders could face significant material adverse consequences
including:
●
a
limited availability of market quotations for the Company's securities;
●
a
determination that the Company shares are "penny stock" which will require brokers trading in the Company shares to adhere
to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for the Company shares;
●
a
limited amount of analyst coverage; and
●
a
decreased ability to issue additional securities or obtain additional financing in the future.
15
If
Betterware is characterized as a passive foreign investment company, or a PFIC, adverse U.S. federal income tax consequences may result
for U.S. holders of Company shares.
Based
on the projected composition of our income and assets, including goodwill, it is not expected that the Company will be a PFIC for the
foreseeable future. However, the tests for determining PFIC status are applied annually after the close of the taxable year, and
it is difficult to predict accurately future income and assets relevant to this determination. Accordingly, there can be no assurance
that the Company will not be considered a PFIC for any taxable year.
If
the Company is a PFIC for any year during which a U.S. holder holds Company shares, a U.S. holder generally would be subject to
additional taxes (including taxation at ordinary income rates and an interest charge) on any gain realized from a sale or other disposition
of the Company shares and on any "excess distributions" received from the Company. Certain elections may be available that
would result in alternative treatments of the Company shares.
We
urge U.S. holders to consult their own tax advisors regarding the possible application of the PFIC rules to the ownership of Company
shares.
An
investor may be subject to adverse U.S. federal income tax consequences in the event the IRS were to disagree with the U.S. federal income
tax consequences described herein.
The
Tax Cuts and Jobs Act of 2017, or the TCJA, was signed into law on December 22, 2017. The TCJA changes many of the U.S. corporate
and international tax provisions, and certain of the provisions are unclear. No ruling has been or will be requested from the IRS as
to any U.S. federal income tax consequences described herein. The IRS may disagree with the descriptions of U.S. federal income tax consequences
contained herein, and its determination may be upheld by a court. Any such determination could subject an investor or the Company to
adverse U.S. federal income tax consequences that would be different than those described herein. Accordingly, each prospective investor
is urged to consult a tax advisor with respect to the specific tax consequences of the acquisition, ownership and disposition of DD3's
or the Company's securities, including the applicability and effect of state, local or non-U.S. tax laws, as well as U.S. federal
tax laws.
The
Amended and Restated Charter of Betterware provides for the exclusive jurisdiction of the federal courts in Mexico City, Mexico for substantially
all disputes between the Company and its shareholders, which could limit Company shareholders' ability to obtain a favorable judicial
forum for disputes with the Company or its directors, officers, other employees or shareholders.
The
Amended and Restated Charter of the Company provides for the exclusive jurisdiction of the federal courts located in Mexico City, Mexico
for the following civil actions:
●
any
action between the Company and its shareholders; and
●
any
action between two or more shareholders or groups of shareholders of the Company regarding any matters relating to the Company.
This
exclusive jurisdiction provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable
for disputes with the Company or any of its directors, officers, other employees or shareholders, which may discourage lawsuits with
respect to such claims, although the Company's shareholders will not be deemed to have waived the Company's compliance with
U.S. federal securities laws and the rules and regulations thereunder applicable to foreign private issuers. Alternatively, if a
court were to find the exclusive jurisdiction provision contained in the Amended and Restated Charter to be inapplicable or unenforceable
in an action, the Company may incur additional costs associated with resolving such action in other jurisdictions, which could harm the
Company's business, operating results and financial condition. The exclusive jurisdiction provision would not prevent derivative
shareholder actions based on claims arising under U.S. federal securities laws from being raised in a U.S. court and would not prevent
a U.S. court from asserting jurisdiction over such claims. However, there is uncertainty whether a U.S. court would enforce the exclusive
jurisdiction provision for actions for breach of fiduciary duty and other claims.
16
The
anti-takeover protections included in our Bylaws and others provided under Mexican Law may deter potential acquirors.
Our
bylaws provide that, subject to certain exceptions as explained below, prior written approval from the board of directors shall be required
for any person, or group of persons to acquire, directly or indirectly, any of our common shares or rights to our common shares, by any
means or under any title whether in a single event or in a set of consecutive events, such that its total shares or rights to shares
would represent 20% or more of our outstanding shares.
These
provisions could make it substantially more difficult for a third party to acquire control of us. These provisions in our bylaws may
discourage certain types of transactions involving the acquisition of our securities. These provisions could discourage transactions
in which our shareholders might otherwise receive a premium for their shares over the then current market price. Holders of our securities
who acquire shares in violation of these provisions will not be able to vote, or receive dividends, distributions or other rights in
respect of, these securities and would be obligated to pay us a penalty. For a description of these provisions, see "Item 10.
Additional Information—Bylaws——Anti-takeover Protections."
ITEM 4.
INFORMATION ON
                                            THE COMPANY
The
Company makes its filings in electronic form under the EDGAR filing system of the SEC. Our filings are available through the EDGAR system
at www.sec.gov. The Company's filings are also available to the public through the Internet at our website at https://investors.betterware.com.mx.
Such filings and other information on our website are not incorporated by reference in this annual report. Interested parties may request
a copy of this filing, and any other report, at no cost, by writing to the following email address: ir@better.com.mx.
A.
HISTORY AND DEVELOPMENT OF THE COMPANY
●
Founded
                                            in 1995, Betterware is a leading direct-to-costumer company in Mexico. Betterware is focused
                                            on the home organization segment, with a wide product portfolio including home solutions,
                                            kitchen and food preservation, technology and mobility, among other categories.
●
On
                                            August 2, 2019, DD3 entered into a Combination and Stock Purchase Agreement with Sellers,
                                            Betterware, BLSM, pursuant to which DD3 agreed to merge with and into Betterware in a Business
                                            Combination. See "The Business Combination."
●
In
                                            August 2019, Betterware started building a distribution center which was completed in the
                                            first quarter of 2021. As of December 2022, the total investment amounted to Ps.1,108,458.
●
On
                                            March 13, 2020, the Merger with DD3 was closed and consummated.
●
On
                                            December 14, 2020, the Forteza Merger was closed and consummated.
●
On
                                            August 2, 2021, Betterware's corporate name changed from Betterware de México,
                                            S.A.B. de C.V. to Betterware de México, S.A.P.I. de C.V.
●
On
                                            August 30, 2021, we completed an offering of a two-tranche sustainability bond issuance for
                                            a total of Ps.1,500,000, with maturities across 4 and 7 years, offered in the Mexican
                                            Market. See" Indebtedness—Long Term Bond Offering."
●
On
                                            January 18, 2022, we entered into a share purchase agreement to acquire 100% of JAFRA's
                                            operations in Mexico and the United States. The transaction was consummated on April 7, 2022.
                                            See "—Presentation of Financial Information—The JAFRA Acquisition—Organizational
                                            Structure." JAFRA is a leading global brand in direct sales in the beauty and personal
                                            care (B&PC) industry with a strong presence in Mexico and the United States founded in
                                            1956.
B.
BUSINESS OVERVIEW
We
are a leading company in the direct sales industry, offering a product portfolio divided two segments:
●
Home organization segment (BWM) integrated by six different categories: kitchen and food preservation, home solutions, bathroom, laundry & cleaning, tech and mobility and bedroom. For the 2022 period, this segment represented 55.1% of our net revenue in a consolidated basis.
●
Beauty and personal care (B&PC) segment (JAFRA) integrated by four main categories: fragrance, color, skin care and toiletries. For the 2022 period, this segment represented 44.9% of our net revenue in a consolidated basis.
17
Home
Organization Segment (BWM):
Betterware
is a leading direct-to-customer company in Mexico. Our home organization segment is focused on creating innovative products that solve
specific needs regarding organization, practicality, space-saving and hygiene within the household, with a wide product portfolio including
home solutions, kitchen and food preservation, technology and mobility, bedroom, bathroom, laundry and cleaning and other categories
that include products and solutions for every corner of the household.
Our
home organization segment's products are sold through monthly catalogues published throughout the year. During 2022, BWM launched
568 new products (compared to 338 during 2021), with a balance of 397 new developments (compared to 281 during 2021) and 171 bring-backs
(compared to 57 during 2021). Despite the 6.4% reduction in the number of "Stock Keeping Unit" (SKU's) displayed per
catalogue (driven by change to monthly catalogues), increased innovation allowed Betterware to exhibit more than 3,800 SKU's throughout
the year (achieving a 12% growth compared to 3,395 during 2021). All of our home organization's products are branded with unique
characteristics and manufactured by +365 certified manufactures in China and México, and then delivered to BWM's warehouse
in Guadalajara, Jalisco where we process and pack the products.
We
sell our home organization segment's products through a unique two-tier sales model., As of December 31, 2022, more than 39,413
distributors and 778,845 associates across Mexico, who serve + 23% household penetration in Mexico; and 79% of distributors and 28% of
associates place orders every week. Our distributors and associates are monitored tightly through an in-house developed business intelligence
platform that tracks weekly performance and has a detailed mapping system of the country to identify potential areas to penetrate and
increase the network.
Our
home organization segment business model is tailored to Mexico's unique geographic, demographic and economic dynamics, where communities
are small and scattered across the country, with very low retail penetration and difficult to fulfill last mile logistics. Additionally,
our business model is resilient to economic downturns and seasonal fluctuations given low average sales price to consumers.
We
have a zero last mile cost, because our distributors and associates deliver our products to final consumers, which means that our state-of-the-art
infrastructure allows us to safely deliver products to every part of the country in a timely and efficient manner. Our infrastructure
is backed by the strategic location of our distribution center in Jalisco, Mexico.
Supported
by our top-notch product innovation, business intelligence and technology units, which provide daily monitoring of key metrics and product
intelligence, our home organization product segment has been able to achieve sustainable double-digit growth rates by successfully expanding
our household penetration.
Beauty
and Personal Care Segment (JAFRA)
Our
beauty and personal care segment has a portfolio of more than 500 products within four main categories: fragrances, color, skin care
and toiletries. JAFRA has been leader in the fragrance market since 2015. In 2022, our beauty and personal care segment's products
were sold through 12 promotional catalogues published on a monthly basis offering 300 products in average per catalogue, as well as a
brochure with annually available products at regular price. JAFRA develops approximately 200 new products in average for all categories
every year.
Almost
all of our beauty and personal care segment's products are produced in our facility located in Queretaro, México and distributed
across Mexico and in some cities of the United States through our distribution center located in Lerma, Mexico. Our beauty and personal
care segment's products are sold through a generational multilevel model, reaching more than 7,500 cities in Mexico.
18
Industry
Overview
We
operate under "Direct selling" retail industry. The direct selling industry differs from broader retail mainly in the avenue
where entrepreneurial-minded individuals can work independently to build a business with low start-up and overhead costs.
Our
direct selling representatives as distributors, leaders and consultants, are not employees of the Company and work on their own, retaining
their freedom to run a business and have other sources of income.
Our
independent distributors, leaders and consultants earn sales commissions as a freelancer. They set their own hours, create their own
marketing plans, determine whether to build a sales team and how to mentor those within it and how to serve their customers.
Competitive
Strengths
Unique
Business Intelligence and Data Analytics Unit
Our
in-house business intelligence unit plays a crucial role within the operations and strategy of the Company. The unit's team is
comprised of geographers, anthropologists, actuaries, among others, in order to diversify the way of thinking and create the best analyses
and business strategies.
The
main functions of the business intelligence unit are:
1.
Clear
strategy development;
2.
Tight
monitoring; and
3.
Product
intelligence.
Product
Development and Innovation Program
●
We
offer a product portfolio with great depth in:
Ø
the
home organization segment through six different categories: kitchen and food preservation, home solutions, bathroom, laundry &
cleaning, tech and mobility and bedroom, and
Ø
the
beauty and personal care segment through four different categories: fragrances, color, skin care and toiletries.
●
We
update our catalogues content and focus on constant product innovation and incentive plans in order to attract clients' repeated
purchases.
●
We
perform industry analyses and product development and monitoring to support and decide our commercial strategy.
Distributors,
Associates, Leaders and Consultants Network & Loyalty and Reward Programs
●
Our
                                            home organization segment has a unique two-tier sales model and one of the most robust networks
                                            with more than 39,413 distributors and 778,845 associates as of December 31, 2022.
●
Our
                                            home organization segment's distributors and associates serve around 23% Household
                                            Penetration in Mexico and 79% of distributors and 28% of associates place orders every week.
●
Our
                                            beauty and personal care segment has a multilevel program, with 10 levels of seniority determined
                                            by the amount of sales and consultants they have, offering attractive benefits and incentives.
                                            As of December 31, 2022, we had a network of more than 21,385 leaders and 492,191 consultants.
●
Our
                                            beauty and personal care segment has one of the biggest distribution networks of leaders
                                            and consultants in Mexico reaching more than 7,500 cities. Also, 92% of leaders and 54% of
                                            consultants place orders on a monthly basis.
●
We
                                            have a rewards program intended to attract, retain, and motivate distributors, associates,
                                            leaders and consultants through product discounts, points, trips, gifts and more.
19
Unparalleled
Logistics and Supply Chain Platform
Our
home organization segment's products are manufactured by more than 365 third-party certified factories located in China and Mexico
following BWM's quality standards. All of our beauty and personal care segment's products are internally manufactured in
our facility located in Queretaro, Mexico.
Experienced Management & Meritocratic Culture
●
Our
Board Chairman, Mr. Luis Campos, has more than 30 years of experience in the direct-to-consumer selling sector across the Americas
and a strong track record of delivering value to its shareholders with commitment to excellence.
●
Top
management has worked at the Company, in average, seven years.
●
Our
culture is based on the following principles:
1.
Result
driven management:
○
Incentives
based on results; and
○
Highly
professional operation and no bureaucracy.
2.
Meritocratic
culture:
○
Culture
focused on solutions, delivery, discipline and commitment.
3.
Closeness
to salesforce:
○
Management
is close and visible to distributors, associates, leaders and consultants; and
○
Open
office spaces for efficient flow of information and data allows fast decision making.
Expansion
Strategy
We
have a plan for growth, which includes organic and inorganic initiatives. The main strategies divided by timeline are the following:
●
Short
Term
1.
New
product categories;
2.
Web
marketing/E-commerce; and
3.
Increase
service capacity.
●
Medium
Term
1.
New
product lines;
2.
International
expansion to North America and Latin America; and
3.
Strategic
business acquisitions.
20
Customers
●
We
are 100% committed to provide products to our customers that serve as everyday solutions for modern space organization and beauty and
personal care for all kind of clients. We also have the objective of providing products that are accessible to anyone.
●
Most
of our end customers are adult men and women with the desire of optimizing their homes organization and care about beauty and personal
care.
Sales
& Marketing
●
Our
main advertising expenditures are sales catalog design and printing expenses, particularly with respect to our catalogues that are delivered
to our distributors, associates, leaders and consultants who then distribute them to customers. As of December 31, 2022, sales and marketing
expenses represented 3.9% of our net revenue. In addition, another advertising costs includes videos, radio and tv spots, social media,
promotional campaigns, marketing campaigns, billboards and transit advertising in bus lines and subways, which as of December 31, 2022,
represented 0.5% of our net revenue.
Environmental,
Social and Governance (ESG)
Sustainability events during 2021
In
2021, we issued a Ps.1,500 million Sustainable Bond Program to, among other things, acquire certain assets intended to help us achieve
a resilient economy with low greenhouse gas emissions. The bond program was also intended to help us developing social projects that
meet one or more goals of the Sustainable Development Goals (SDG), established in the 2030 Agenda for Sustainable Development, adopted
by the United Nations (UN). These environmental and social impact projects are mainly focused on:
●
Allowing
us to reduce electricity and water consumption.
●
Using
recyclable materials for construction of our products.
●
Developing
products with environmentally friendly packaging.
●
Developing
internal tools for measuring our environmental impact.
●
Employment
generation through new sources of income.
●
Supporting
vulnerable groups and empowering women.
●
Strong
relationship with local suppliers.
In
addition, the financing obtained under such bonds was allocated to finance the construction of the Campus Betterware, which was built
to: (i) concentrate activities; (ii) promote care for the environment and the individual well-being of our employees, and (iii) improve
life quality of the communities surrounding the Campus.
The
construction of the Campus respects the ecosystem and took advantage of natural light and ventilation to reduce the environmental footprint.
Likewise, we took advantage of the characteristics of the land, and we incorporated local flora species of the place into the outdoor
recreation areas.
21
Some
of the environmental friendly practices that were implemented in the construction of the Campus, include:
●
Approximately,
90% of the materials were recyclable materials such as glass and aluminum.
●
Installation
of LED lighting throughout the Campus.
●
Insulating
materials were used to prevent the walls of the buildings from raising their temperatures, avoiding the excessive use of air conditioners.
●
Installation
of drip irrigation systems to take care of the local vegetation.
●
Installation
of a nursery to care for endemic trees and plants.
We
focus and seek to protect labor rights and promote a safe and secure work environment for all workers by increasing the number of workers
using Campus Betterware amenities, including a hair salon, infirmary, coffee shop, library, training room, basketball and soccer fields,
a gym, laundry, and a meditation garden. On December 14, 2021, Betterware received a Fitwell certification for the "Campus Betterware"
project.
Sustainability
Events during 2022
During
2022, we developed a comprehensive "Materiality Assessment" that involved all our stakeholders and followed recognized international
standards. In this assessment, we analyzed information from our employees, distributors, associates, leaders, consultants, clients, suppliers,
community and investors. This broad focus on our stakeholders gave us a specific materiality matrix that was used to prioritize the key
subjects that are material for the Group. We were able to identify our "Sustainable Development Goal" standards (SDGs).
In
performing the assessment, we followed the "Global Reporting Initiative" standards (GRIs) and the "Sustainability Accountant
Standards Board" (SASB).
Once
we had all the material issues identified, we created a comprehensive ESG model with focus, dimension, and lines of action. Also, this
model recognizes specific SDGs that we will focus on within the sustainability strategy. Specifically, we will focus on ten SDGs:
Strategic
Sustainability Model
22
Within
the three ESG's dimensions, environment, social and governance, we determined several focuses and action lines. We developed a
strategic sustainability model around these focuses and action lines.
Some
of the initiatives that have been developed during 2022 include:
Environment:
BWM
Environment:
●
All
the carboard boxes that come from China are recycled and all our catalogs are printed in paper PEFC (Program for the Endorsement of Forest
Certification) certified.
●
Around
55% of the collaborators use the collective transport service provided by BWM and 2% is in the carpooling scheme, under which BWM provides
money for gas and a preferred parking spaces.
●
We
are promoting ECO products so that their participation within our catalog becomes more significant.
●
Twice
a year, we deliver an endowment of ecological bags to all its distributors according to their registered associates. The idea of these
reusable ecological bags is to replace the distribution of their catalog products using disposable plastic bags, causing less environmental
impact.
JAFRA
environment:
●
Energy
efficiency: we have implemented a system that produces heat and electricity simultaneously in a single plant (Co-generation "CHP"),
which allows to reduce our greenhouse gas emissions up to 92 tons CO2e annually.
●
Energy
saving: we implemented good energy consumption practices such as natural lighting in operational areas and warehouses, use of LED technology
for facilities' lighting, photocells for outdoor lighting, automatic lighting shutdown program and awareness campaigns on the efficient
use of electrical energy.
●
Waste
reduction and recovery: we have also focused on waste recovery processes, which have allowed to recover more than 90% of the waste generated,
reducing the load on landfills, and integrating them into reuse or recycling processes, in addition to the 10% reduction in waste generation
for each product produced.
23
●
Water
saving: good water consumption practices have also been implemented, such as improving the efficiency of the demineralization process,
installation of water-saving technologies, reuse of discharge water, treatment of water discharges and awareness campaigns on the efficient
use of water. A 19% reduction in drinking water consumption has been achieved for each product produced.
●
Reforest
team: JAFRA has reforestation activities, integration of trees and maintenance of species. This activity is conducted through our collaborators
and their families in protected areas of the state of Querétaro, Mexico. With this program we have managed to offset carbon emissions,
contributing to the conservation of forests, promoting environmental and social awareness among employees and families.
●
"
Reciclatón
& Recolectrón
" Programs: consist of collecting waste generated at the collaborators homes (Paper / cardboard / electronics)
and offering alternatives for the correct disposal of waste. Due to this program, the waste load in the landfills has been reduced, the
percentage of waste use has increased and the culture of recycling in the collaborators had also encouraged.
●
"
Tapitas
por Vidas
" Program: In alliance with the civil association "
Banco de Tapitas,
" we gather and donate plastic
lids in support of the fight against childhood cancer. In addition to the important social impact, it is possible to reduce the burden
of waste in the landfills of the town and increase the percentage of waste recycling.
Social
●
We
implemented a platform called "Betterware experts" for use of our distributors with tools and learning programs to increase
recruiting of new associates or customers, increase sales and to promote their personal development.
●
Emotional
Assistance Program is focused on improving our employee's, and their direct relatives, life quality through professional advice.
●
Workplace
climate survey update. We conduct a survey on employees' experience (Workplace Climate Survey) that helps us understand better,
from the perspective of our employees, which organizational, digital, physical, and interpersonal elements of our company need to be
reinforced or developed to offer a positive work experience to our employees.
●
Equal
and competitive compensation between women and men and balance in work opportunities and promotions.
●
Daycare
in Campus Betterware available for all BWM's employees to support them during their workday.
Governance
We
promote and encourage full and effective participation of women and equal leadership opportunities at all decision-making levels.
Women
occupy key positions within the Company, including chief executive officer, chief financial officer, quality and development director,
credit and collection director, international commercial director, national sales director, as well as a high number of managers from
the different areas of the Company. On March 8, 2023, Silvia Davila was appointed as the first woman to become Independent Board Member
of the Company. This action is in line with our commitment to include at least two women in our Board of Directors by 2025.
24
C.
ORGANIZATIONAL STRUCTURE
The
following diagram depicts the organizational structure of the Group as of the date of this annual report:
D.
PROPERTY, PLANT AND EQUIPMENT
We
own the following properties in Mexico:
●
BWM's
principal executive offices are located in El Arenal, Jalisco, Mexico. We built this facility to concentrate our corporate offices, storage
and distribution of our home organization segment activities. The facility was completed in 2021 and the total investment amounted to
Ps.1,108 million.
●
JAFRA's
production facility was built in October 2008, and is located in Querétaro, Mexico. All of our beauty and personal care segment's
products are produced in this facility. The total investment amounted to Ps.735 million.
●
JAFRA's
main corporate offices are located in Mexico City, Mexico.
As of the date of this annual report, we do not have plans to build, expand or improve any new or existing facilities. We have
not identified any environmental issues that may affect our assets.
ITEM 4A.
UNRESOLVED
SEC STAFF COMMENTS
We
have no unresolved comments from the staff of the SEC with respect to its periodic reports under the Exchange Act.
25
ITEM
5.
OPERATING
AND FINANCIAL REVIEW AND PROSPECTS
Our
discussion and analysis of our results of operations and financial condition are based upon our Audited Consolidated Financial Statements,
which have been prepared in accordance with IFRS. Our operating and financial review and prospects should be read in conjunction with
our Audited Consolidated Financial Statements, the accompanying notes thereto and other financial information appearing elsewhere in
this annual report.
A.
Operating
Results
Factors
Affecting Our Results of Operations of the Group
A
number of factors have a significant impact on our business and results of operations, the most important of which are regulations, fluctuations
in exchange rates in the currencies in which we operate, external factors, such as the COVID-19 pandemic and our capital investment plans.
Betterware's
distributors and associates
BWM
sells its products through a unique two-tier sales model that is comprised of distributors and associates. Distributors act as link between
BWM and the associates. BWM distributes products in a weekly basis to distributors' domicile, who in turn deliver the products
to the associates. BWM provides distributors a two-week credit line for them to pay BWM back the price for the products.
JAFRA's
leaders and consultants
JAFRA
sells its products through a multilevel program with 10 levels of leaders and consultants. Leaders and consultants are the link between
JAFRA and final customers. JAFRA provides a 30-day credit line to leaders and consultants to pay JAFRA back for the price of the products.
Net
Revenue
We
generate revenue mainly through sale of products within two main segments:
Ø
Home
organization segment, under the Betterware® brand. Some of the categories through which Betterware offers its product line include
kitchen and food preservation, home solutions, bathroom, laundry & cleaning, tech and mobility and bedroom. BWM's products
are sold through catalogues and are distributed to the end customer by its network of distributors and associates. BWM sells its products
to a wide array of customers but focuses on the C and D segments of the Mexico's socioeconomic pyramid; and
Ø
Beauty
and personal care (B&PC) segment, under JAFRA's brand. Our beauty and personal care segment includes four main categories:
fragrance, color, skin care and toiletries. JAFRA's products are sold through 12 promotional catalogues published on a monthly
basis and are distributed to the end customer by its network of leaders and consultants. JAFRA offers monthly promotions focused on the
"D" segment of the Mexico's socioeconomic pyramid.
For the year ended December
31, 2022, our revenue increased mainly due to the revenue provided by JAFRA after consummation of the JAFRA Acquisition. For the year
ended December 31, 2022, JAFRA contributed with 44.9% of our consolidated net revenue. Results for the year were also ahead of expectations
due to positive trends in our sales network and positive results of our strategies since consummation of the JAFRA Acquisition. This
was offset by Betterware's revenue decrease due to a decrease in the number of distributors and associates in our network.
We
report net revenue, which represents its gross revenue less sales discounts, adjustments and allowances. We also have deferred revenue
due to undelivered performance obligations related to the promotional points program as per IFRS 15
"Revenue from Contracts
with Customers."
Deferred revenue relates to the accumulated points than distributors, associates, leaders and consultants
have gained from their purchases and recruitment of new sales force. They can redeem these points for rewards (furniture, electronics,
domestic appliances, among others). Revenue from the points program are recognized when points are actually redeemed and exchanged by
distributors, associates, leaders and consultants.
26
Our
revenue is recognized using a five-step model:
●
Identify
the contract with client (verbal or written).
●
Identify
the performance obligations committed in the contract.
●
Consider
the contractual terms and our business model in order to determine the transaction price. The transaction price is the amount of consideration
to which an entity expects to be entitled in exchange for transferring goods or services to a customer, excluding amounts collected on
behalf of third parties.
●
Allocate
the transaction price to the performance obligations identified in the contract (generally each distinct good or service), to depict
the amount of consideration to which an entity expects to be entitled in exchange for transferring the promised goods or services to
the customer.
●
Recognize
revenue when or as it satisfies a performance obligation by transferring a good or service to a customer, either at a point in time (when)
or over time (as).
Cost
of Sales
Our
cost of sales consists of the purchase of raw materials, finished goods, air and maritime freight costs, land freight costs, customs
costs, provisions for defective inventory, among others.
Selling
Expenses
Our
selling expenses include all costs related to the sale of products, such as printing and design of sales catalogues, packaging materials,
events, marketing and advertising, promotional points program expenses, and employee compensation and social contributions. Costs related
to sales catalog and rewards or points program products account for most of the weight of total selling expenses.
Administrative
Expenses
Administrative
expenses primarily include employees compensation, social contributions and associated expenses. Also, includes research and development,
leases, professional services relating to our statutory corporate audit and tax advisory fees, legal fees, outsourcing fees relating
to information technology, and corporate site and insurance costs.
Distribution
Expenses
Distribution expenses include the cost
to carry the products from distribution centers to the final distributors.
Financing
Income (Cost)
Our
financing income (cost) consists primarily of: (i) interest expense and charges in connection with financings, (ii) income
derived from investments of excess cash, (iii) loss/gains from foreign exchange changes, and (iv) loss /gains in valuation
of derivative financial instruments.
Income
Taxes
We
are subject to (i) a 30% income tax rate under Mexican Income Tax Law, (ii) 25% income tax rate under Guatemalan law, and (iii) 21% income
tax rate under U.S. law. See "Taxation" section below for more information.
Fluctuations
in Exchange Rates in the Currencies in which We Operate
Our
primary foreign currency exposure gives rise to market risks associated with exchange rate movements of the, Mexican Peso against the
U.S. dollar See "—Quantitative and Qualitative Disclosure about Market Risk—Exchange Rate Risk."
27
Previously
Issued Financial Statement Corrections
During
the preparation of the Company's consolidated financial statements as of and for the 2022 period, management concluded that certain
prior year errors that were deemed to be immaterial, on an individual and aggregate basis, to the Company's previously reported
consolidated financial statements as of and for the 2021 period under the SEC's Staff Accounting Bulletin No. 99, could not be
corrected on an out-of-period basis in the current year financial statements because to do so would cause a material misstatement in
those financial statements. Due to the decrease in profit before taxes from 2021 to 2022, materiality levels in the 2022 period for accounting
purposes decreased to approximately half of the materiality levels established in the 2021 period. Therefore, the Company referred to
the guidance prescribed by the SEC's Staff Accounting Bulletin No. 108 which specifies, among other things, that the errors must
be corrected as an immaterial restatement of the prior year financial statements the next time those financial statements are filed.
Accordingly,
we made corrections of immaterial errors related to our consolidated financial statements for the 2021 period and the 2020 period. Below
we provide a representation of the effects of these immaterial corrections:
Consolidated Statement of Financial Position as of December 31, 2021
Assets
Adjusted
Previously Presented
Difference
Reference
Current assets:
Trade accounts receivable, net
$
745,593
778,054
(32,461
)
a
Inventories
1,286,155
1,339,378
(53,223
)
a, b
Prepaid expenses
35,596
69,224
(33,628
)
c
Total current assets
3,352,747
3,472,059
(119,312
)
Total assets
$
5,185,229
5,304,541
(119,312
)
Liabilities and stockholders' equity
Current liabilities:
Accrued expenses
$
159,354
142,169
17,185
b
Provisions
118,468
115,192
3,276
d
Income Tax payable
97,634
88,679
8,955
f
Total current liabilities
$
2,449,919
2,420,503
29,416
Non-current liabilities:
Deferred income tax
$
38,975
80,907
(41,932
)
a, b, c, d
Total non-current liabilities
1,535,107
1,577,039
(41,932
)
Total liabilities
$
3,985,026
3,997,542
(12,516
)
Stockholder's equity
Capital stock
$
321,312
294,999
26,313
e
Retained earnings (deficit)
856,994
990,103
(133,109
)
a, b, c, d, e, f
Equity attributable to owners of the Group
1,185,548
1,292,344
(106,796
)
Total stockholders' equity
1,200,203
1,306,999
(106,796
)
Total liabilities and stockholders' equity
$
5,185,229
5,304,541
(119,312
)
28
Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended December 31, 2021
Adjusted
Previously Presented
Difference
Reference
Net revenue
$
10,067,683
10,039,668
28,015
a
Cost of sales
4,498,008
4,399,164
98,844
a, b
Gross profit
5,569,675
5,640,504
(70,829
)
Administrative expenses
1,247,742
1,247,436
306
d
Selling expenses
1,256,289
1,264,581
(8,292
)
c
Distribution expenses
463,779
463,779
-
2,967,810
2,975,796
(7,986
)
Operating income
2,601,865
2,664,708
(62,843
)
Income before income taxes
2,562,495
2,625,338
(62,843
)
Income taxes:
Current income tax
791,856
782,901
8,955
f
Deferred income tax
22,700
41,553
(18,853
)
a, b, c, d
Net income for the year
$
1,747,939
1,800,884
(52,945
)
Consolidated Statement of Financial Position as of January 3, 2021
Assets
Adjusted
Previously Presented
Difference
Reference
Current assets:
Trade accounts receivable, net
$
735,026
757,806
(22,780
)
a
Inventories, net
1,284,672
1,274,026
10,646
a
Prepaid expenses
52,581
94,501
(41,920
)
c
Total current assets
2,852,516
2,906,570
(54,054
)
Total assets
$
4,359,706
4,413,760
(54,054
)
Liabilities and stockholders' equity
Current liabilities:
Provisions
153,978
151,008
2,970
d
Total current liabilities
$
2,870,367
2,867,397
2,970
Non-current liabilities:
Deferred income tax
$
39,852
56,959
(17,107
)
a, b, c, d
Total non-current liabilities
607,363
624,470
(17,107
)
Total liabilities
$
3,477,730
3,491,867
(14,137
)
Stockholder's equity
Capital stock
308,035
281,722
26,313
Retained earnings (deficit)
$
(334,769
)
(268,539
)
(66,230
)
a, b, c, d, e
Equity attributable to owners of the Group
881,976
921,893
(39,917
)
Total stockholders' equity
881,976
921,893
(39,917
)
Total liabilities and stockholders' equity
$
4,359,706
4,413,760
(54,054
)
29
Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended January 3, 2021
Adjusted
Previously Presented
Difference
Reference
Net revenue
$
7,237,628
7,260,408
(22,780
)
a
Cost of sales
3,280,348
3,290,994
(10,646
)
a
Gross profit
3,957,280
3,969,414
(12,134
)
Administrative expenses
667,647
664,677
2,970
d
Selling expenses
895,275
853,355
41,920
c
Distribution expenses
331,023
331,023
-
1,893,945
1,849,055
44,890
Operating income
2,063,335
2,120,359
(57,024
)
Income before income taxes
824,105
881,129
(57,024
)
Deferred income tax
(51,173
)
(34,066
)
(17,107
)
Net income for the year
$
298,444
338,361
(39,917
)
The
adjustments relate to the following matters:
(a)
Cut-off
for revenue where control was not transferred to the customer.
(b)
Cost of inventory overstated on the international freight standard cost assumption; offset by overstated accruals liabilities on import expenses.
(c)
Cost of catalogues that had a non-GAAP treatment as prepaids and were
expensed at the same time the revenues were realized; instead of when catalogues were received as IFRS states.
(d)
Immaterial
provisions for labor and tax matters not recorded.
(e)
Reclassification between capital stock and retained earnings for combination instead of consolidation of capital in 2020.
(f)
Accrual for the tax contingency explained in note 28 was not recorded previously
.
Results
of Operations — 2022 Period compared with the 2021 Period (as adjusted):
All amounts discussed are in thousands
of Mexican pesos unless otherwise noted.
Net
Revenue
December 31,
December 31,
2022
2021
The Group's net revenue
(as adjusted)
BWM
Ps.
6,343,344
10,067,683
JAFRA
5,164,205
-
Total net revenue
Ps.
11,507,549
10,067,683
The Group:
Net revenue increased by 14.3%,
or MX$1,439,866, to MX$11,507,549 for the 2022 period compared to MX$10,067,683 for the 2021 period, due to the fact that in 2022 as a
result of the JAFRA Acquisition we increased the number of consultants and leaders by 492,191 and 21,385, respectively, which contributed
to increase our consolidated net revenue by MX$5,164,205 in our beauty and personal care product segments sales with: (i) MX$3,472,919
from the fragrances product line, (ii) MX$642,876 from color product line, (iii) MX$611,905 from skin care product line, and (iv) MX$321,806
from toiletries product line. This increase was offset by a decrease of 37.0% in our net revenue from our home organization segment in
comparison to prior year due to a decline in the number of distributors and associates by 22.7% and 26.8%, respectively.
30
BWM:
Net revenue decreased by 37.0%,
or MX$3,724,339, to MX$6,343,344 for the 2022 period compared to MX$10,067,683 for the 2021 period, due to the decline in the number
of distributors and associates that integrate our sales network in the outcome of the COVID-19 pandemic in comparison to the extraordinary
growth during the year ended December 31, 2021. During the year ended December 31, 2022, distributors decreased by 22.7% to 39,413 (compared
to 50,972 in 2021), and associates decreased by 26.8% to 778,845 (compared to 1,063,720 in 2021).
Cost
of Sales
December 31,
December 31,
2022
2021
The Group's cost of sales
(as adjusted)
BWM
Ps.
2,576,179
4,498,008
JAFRA
1,002,914
-
Total cost of sales
Ps.
3,579,093
4,498,008
The Group:
Cost of sales decreased 20.4%,
or MX$918,915, to MX$3,579,093 for the 2022 period compared to MX$4,498,008,218 for the 2021 period, mainly because JAFRA historically
has had higher gross margins than BWM, as a result of manufacturing most of its products within Mexico and not having to bear international
freight costs as BWM. Gross profit increased by MX$2,358,781 from MX$5,569,675 for the 2021 period to MX$7,928,456 for the 2022 period.
As a percentage of net revenue, cost of sales was 31.1% for the 2022 period and 44.7% for the 2021 period.
BWM:
Cost of sales decreased 42.7%,
or MX$1,921,829, to MX$2,576,179 for the 2022 period compared to MX$4,498,008 for the 2021 period as a result of decreased revenue, resulting
in a gross profit of MX$3,767,165 for the 2022 period compared to MX$5,569,675 for the 2021 period. As a percentage of net revenue,
cost of sales was 40.6% for the 2022 period and 44.7% for the 2021 period. The decrease of cost of sales as a percentage of net revenues
was primarily due to a decrease in international air and sea freight costs during 2022.
Administrative
Expenses
December 31,
December 31,
2022
2021
The Group's administrative expenses
(as adjusted)
BWM
Ps.
1,098,426
1,247,742
JAFRA
1,498,216
-
Total administrative expenses
Ps.
2,596,642
1,247,742
The Group:
Administrative expenses increased
108.1%, or MX$1,348,900, to MX$2,596,642 for the 2022 period compared to MX$1,247,742 for the 2021 period primarily due to an increase
of (i) 105.3% in wages paid to employees and social security contributions, (ii) 82.9% in repairs, maintenance and other general expenses,
and (iii) 250.3% in depreciation. All these expenses increased mainly as a result of the JAFRA Acquisition.
BWM:
Administrative expenses decreased
12.0%, or MX$149,316, to MX$1,098,426 for the 2022 period compared to MX$1,247,742 for the 2021 period primarily due to the restructuring
completed during the second half of 2022 in BWM's operating expenses to stabilize the budgeted sales level, which resulted in a
reduction in, among other things, wages paid to employees, advertising, warehouse rent payments and the impairment loss on trade account
receivable mostly offset by the increase in depreciation primarily from the new distribution center of Betterware in El Arenal, Jalisco,
Mexico. As a percentage of net revenues, administrative expenses represented 17.3% and 12.4% for the 2022 and 2021 periods, respectively.
Increase in administrative expenses as a percentage of net revenues was due to a loss of operating leverage because the decrease in sales.
31
Administrative
expenses by department are as follows:
December 31,
2022
December 31,
2021
BWM
JAFRA
GROUP
(as adjusted)
Var. $
Var.%
Operations
Ps.
641,575
785,416
1,426,991
849,271
577,720
68.0
%
Depreciation
109,055
178,647
287,702
82,122
205,580
250.3
%
IT
107,304
172,392
279,696
89,007
190,689
214.2
%
Finance
128,832
148,450
277,282
115,405
161,877
140.3
%
Marketing
44,562
146,516
191,078
38,099
152,979
401.5
%
Quality
27,845
-
27,845
26,716
1,129
4.2
%
Others
39,253
66,795
106,048
47,122
58,926
125.0
%
Total
PS.
1,098,426
1,498,216
2,596,642
1,247,742
1,348,900
108.1
%
Selling
Expenses
December 31,
2022
December 31,
2021
The Group's selling expenses
(as adjusted)
BWM
Ps.
1,021,281
1,256,289
JAFRA
1,786,749
-
Total of selling expenses
Ps.
2,808,030
1,256,289
The Group:
Selling
expenses increased 123.5%, or MX$1,551,741, to MX$2,808,030 for the 2022 period compared to MX$1,256,289 for the 2021 period, primarily
due to an increase in sales promotions and incentives, commissions, packaging material costs, events, market research, among others,
related to the incorporation of the beauty and personal care segment upon consummation of the JAFRA Acquisition.
BWM:
Selling
expenses decreased 18.7%, or MX$235,008, to MX$1,021,281 for the 2022 period compared to MX$1,256,289 for the 2021 period, primarily
due to a decrease, mainly, in our rewards program and sales catalogues expenses. BWM's selling expenses were 16.1% of net revenue
for the 2022 period compared to 12.5% of net revenue for the 2021 period. The increase in selling expenses as a percentage of net revenues
was mainly associated with an increase of sales bonuses and wages to hire new staff to promote sales, and the increase in events and
conventions expenses.
The
selling expenses major line items include:
December 31,
2022
December 31,
2021
BWM
JAFRA
GROUP
(as adjusted)
Var. $
Var.%
Rewards Program
Ps.
364,945
525,818
890,763
502,976
387,787
77.1
%
Sales commissions
-
853,198
853,198
-
853,198
100.0
%
Sales Catalogue
345,265
100,488
445,753
417,185
41,583
6.8
%
Sales Bonuses and ages
117,235
108,941
226,176
105,520
120,656
114.3
%
Events and Conventions
34,966
38,477
73,443
29,939
43,504
145.3
%
Others
158,870
159,827
318,697
200,332
118,365
59.1
%
Total
Ps.
1,021,281
1,786,749
2,808,030
1,256,289
1,551,741
123.5
%
32
Distribution Expenses
December 31,
2022
December 31,
2021
The Group's distribution expenses
(as adjusted)
BWM
Ps.
218,084
463,779
JAFRA
255,432
-
Total of distribution expenses
Ps.
473,516
463,779
The Group:
Distribution
expenses increased 2.1%, or MX$9,737, to MX$473,516 for the 2022 period compared to MX$463,779 for the 2021 period. This increase was
mainly the result of a 55.1% increase in freight costs in our beauty and personal care segment after consummation of the JAFRA Acquisition,
which was partially offset by a 53.0% decrease in freight costs in our home and organization segment as a result of the decrease in sales.
BWM:
Distribution
expenses decreased 53.0%, or MX$245,695, to MX$218,084 for the 2022 period compared to MX$463,779 for the 2021 period. This decrease
relates to the decrease in sales and an 8% average discount in freight costs agreed with our carriers during 2022.
Financing
Income (Cost)
December 31,
2022
December 31,
2021
Financing Income (Cost)
BWM
JAFRA
GROUP
(as adjusted)
Var. $
Var.%
Interest Expense
(1)
Ps.
(532,282
)
(11,039
)
(543,321
)
(75,818
)
(467,503
)
616.6
%
Interest Income
10,607
18,082
28,689
25,872
2,817
10.9
%
Unrealized (Loss) Gain in Valuation of Financial Derivative Instruments
(2)
(43,522
)
-
(43,522
)
330,315
(373,837
)
(113.2
)%
Foreign Exchange Loss, Net
(3)
(81,212
)
(2,156
)
(83,368
)
(319,739
)
236,371
(73.9
)%
Financing Income (Cost)
Ps.
(646,409
)
4,887
(641,522
)
(39,370
)
(602,152
)
1,529.5
%
(1)
Interest
expenses increased 616.6% or MX$467,503 in 2022 as compared to 2021, due to interest payment of the long-term syndicated loan obtained
to fund the JAFRA Acquisition and interest payments associated with our bond issuance in Mexico (See "—Liquidity and Capital
Resources—Indebtedness").
(2)
To
reduce the risks related to fluctuations in the exchange rate of the US dollar, we use derivative financial instruments such as forwards
to mitigate foreign currency exposure resulting from inventory purchases made in US dollars. As of December 31, 2022, Betterware had
US$41.8 million of forwards contracts with an average exchange rate of Ps. 20.31 compared to US$134.1 million of forwards contracts as
of December 31, 2021 with an average exchange rate of Ps.20.66. The difference between the average exchange rate of the forward contracts
and the real average exchange rate of Ps.20.12 and Ps.20.28 in each period represents the (loss) and gain in 2022 and 2021, respectively.
(3)
Our
exposure to currency exchange rate
fluctuations and how we mitigate this risk can be found in the
section entitled "Risk Factors—Risks Related to Mexico" and "Currency Exchange Rate
Fluctuations."
In addition, the unrealized gain in valuation of financial derivative instruments from 2021 was converted in foreign exchange loss when
forwards were paid during 2022.
33
Income Tax Expense
December 31,
2022
December 31,
2021
BWM
JAFRA
GROUP
(as adjusted)
Var. $
Var.%
Current
350,320
183,202
533,522
791,856
(258,334
)
(32.6
)%
Deferred
16,846
(33,448
)
(16,602
)
22,700
(39,302
)
(173,1
)%
Total Income Tax Expense
367,166
149,754
516,920
814,556
(297,636
)
(36.5
)%
Income taxes decreased 36.5%
or MX$297,636 to MX$516,920 for the 2022 period compared to MX$814,556 for the 2021 period due to higher pre-tax profits paid during the
2021 period as compared to the 2022 period. The effective income tax rate is 37.3% in 2022 and 31.8% in 2021, the difference is derived
principally from certain non-deductible expenses of JAFRA.
Reconciliation
Of Non-IFRS Measures
Non
IFRS Financial Measures
We
define "EBITDA" as profit for the year adding back the depreciation of property, plant and equipment and right of use assets,
amortization of intangible assets, financing cost, net and total income taxes. EBITDA is not a measure required or presented in accordance
with IFRS. The use of EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute
for analysis of, our results of operations or financial condition as reported under IFRS.
We
believe that this non-IFRS financial measure is useful to investors because (i) We use this measure to analyze our financial results
internally and believe they represent a measure of operating profitability and (ii) this measure will serve investors to understand and
evaluate our EBITDA and provide more tools for their analysis as it makes our result comparable to industry peers that also prepare this
measure.
EBITDA
Reconciliation to Net Income/(Loss) from Continuing Operations
December 31,
2022
December 31,
2021
In thousands of Mexican Pesos
BWM
JAFRA
GROUP
(as adjusted)
Net Income for the period
Ps.
376,902
493,062
869,964
1,747,939
Add: Total Income Taxes
367,166
149,754
516,920
814,556
Add: Financing Cost, net
661,104
(19,582
)
641,522
39,370
Add: Depreciation and Amortization
109,055
178,647
287,702
82,122
EBITDA
Ps.
1,514,227
801,881
2,316,108
2,683,987
The Group:
For the 2022 period, consolidated
EBITDA decreased 13.7% or Ps.367,879, to Ps.2,316,108 from Ps.2,683,987 in 2021, mostly due to lower operating leverage in Betterware,
which led to an 653bps consolidated EBITDA margin contraction. Comparable EBITDA margin for the year contracted 279bps mainly explained
by a lower operating leverage, partially offset by gross margin expansion and the reduction of fixed operating costs to align with our
current level of sales in Betterware.
34
Betterware's
Capital Expenditures
Our
capital expenditures were mainly related to the construction settlements after guarantee period of our new headquarters and distribution
center in Jalisco, Mexico. Our capital expenditures for this property in 2022, 2021 and 2020 periods amounted to MX$37,500,
MX$397,000 and MX$508,958, respectively. The total investment amounted to MX$1,108,458.
Betterware's Results of Operations —
2021 Period adjusted compared with the 2020 Period (as adjusted)
All amounts discussed are in thousands
of Mexican pesos unless otherwise noted.
Net
Revenue
December 31, 2021
January 3, 2021
Previously
Presented
Adjusted
Previously
Presented
Adjusted
Net Revenue
Ps.
10,039,668
10,067,683
7,260,408
7,237,628
Net revenue increased by 39.1%,
or MX$2,830,055, to MX$10,067,683 for the 2021 period compared to MX$7,237,628 for the 2020 period, primarily due to: (i) an increase
in volume of units sold of 185.5 million in 2021 compared to 133.7 million in 2020 mainly as a result of certain commercial actions implemented
during 2021, such as increasing the share of lower price items and offer new products in our catalogues, (ii) focus on retention and recruitment
of distributors and associates and improving in-person interaction with them, and (iii) since the second half of 2021, we applied a general
increase of 12% in the price of our products.
Cost
of Sales
December 31, 2021
January 3, 2021
Previously
Presented
Adjusted
Previously
Presented
Adjusted
Cost of Sales
Ps.
4,399,164
4,498,008
3,290,994
3,280,348
Cost of sales increased 37.1%,
or MX$1,217,660, to MX$4,498,008 for the 2021 period compared to MX$3,280,348 for the 2020 period as a result of increased revenue, resulting
in a gross profit of MX$5,569,675 for the 2021 period compared to MX$3,957,280 for the 2020 period. As a percentage of net revenue,
cost of sales was 44.7% for the 2021 period and 45.3% for the 2020 period. The decrease of cost of sales as a percentage of net revenues
was primarily because in the second half of 2021, we applied a general price increase of 12% to our products to offset the impact of the
increase in air and sea freight costs to meet the demand.
Administrative
Expenses
December 31, 2021
January 3, 2021
Previously Presented
Adjusted
Previously
Presented
Adjusted
Administrative Expenses
Ps.
1,247,436
1,247,742
664,677
667,647
Administrative expenses increased
86.9%, or MX$580,095, to MX$1,247,742 for the 2021 period compared to MX$667,647 for the 2020 period primarily due to increases in wages
paid to employees, fees paid of software as a services license, a one-time consulting corporate services fee payment, and the increase
in depreciation primarily from the new office center business of the Company on Jalisco, Mexico. As a percentage of net revenues,
these expenses represented 12.4% and 9.2% for the 2021 and 2020 periods, respectively.
35
Administrative
expenses by department are as follows:
December 31, 2021
January 3, 2021
Previously
Presented
Adjusted
Previously
Presented
Adjusted
Var. $
Var.%
Operations
Ps.
849,271
849,271
406,856
406,856
442,415
108.7
%
Finance
115,405
115,405
94,886
94,886
20,519
21.6
%
IT
89,007
89,007
45,355
45,355
43,652
96.2
%
Depreciation
82,122
82,122
43,612
43,612
38,510
88.3
%
Marketing
38,099
38,099
24,936
24,936
13,163
52.8
%
Quality
26,716
26,716
25,383
25,383
1,333
5.3
%
Others
46,816
47,122
23,649
26,619
20,503
77.0
%
Total
Ps.
1,247,436
1,247,742
664,677
667,647
580,095
86.9
%
Selling
Expenses
December 31, 2021
January 3, 2021
Previously Presented
Adjusted
Previously Presented
Adjusted
Selling Expenses
Ps.
1,264,581
1,256,289
853,355
895,275
Selling
expenses increased 40.3%, or MX$361,014, to MX$1,256,289 for the 2021 period compared to MX$895,275 for the 2020 period, primarily due
to an increase in our rewards program, expenses incurred in printing a higher volume of sales catalogues in order to satisfy demand from
Distributors and Associates and packing materials. At the same time, the sales bonuses and wages decreased because of the reduction in
the number of sales managers within the Company. The Company's selling expenses were 12.5% of net revenue for the 2021 period compared
to 12.4% of net revenue for the 2020 period. The selling expenses major line items include:
December 31, 2021
January 3, 2021
Previously Presented
Adjusted
Previously
Presented
Adjusted
Var. $
Var.%
Rewards Program
Ps.
502,976
502,976
172,177
172,177
330,799
192.1
%
Sales Catalogue
425,477
417,185
247,250
289,170
128,015
44.3
%
Sales Bonuses and Wages
105,520
105,520
288,658
288,658
(183,138
)
-63.4
%
Events and Conventions
29,939
29,939
19,237
19,237
10,702
55.6
%
Others
200,669
200,669
126,033
126,033
74,636
59.2
%
Total
Ps.
1,264,581
1,256,289
853,355
895,275
361,014
40.3
%
Distribution
Expenses
December 31,
January 03,
2021
2021
Distribution Expenses
Ps.
463,779
331,023
Distribution expenses increased
40.1%, or MX$132,756 to MX$463,779 for the 2021 period compared to MX$331,023 for the 2020 period. This increase relates to the fact
that distribution expenses are driven primarily by sales volume, which increased 39.1% for the 2021 period, compared to the 2020 period.
36
Financing
Income (Cost)
December 31,
January 03,
2021
2021
Financing Income (Cost)
Interest Expense
(1)
Ps.
(75,818
)
(80,253
)
Interest Income
25,872
10,930
Unrealized gain (loss) in Valuation of Financial Derivative Instruments
(2)
330,315
(287,985
)
Changes in fair value of warrants
(3)
-
(851,520
)
Foreign Exchange Loss, Net
(4)
(319,739
)
(30,402
)
Financing Cost, Net
(39,370
)
(1,239,230
)
(1)
Interest
                                            expenses decreased 5.5% or MX$4,435 in 2021 as compared to 2020, due to prepayment of loans
                                            in August 2021. The variation did not represent a high percentage because in September 2021,
                                            those interest payments were compensated by the interest expenses associated with our bond
                                            issuance in Mexico (See "Indebtedness").
(2)
In
                                            connection with the secured line of credit for up to Ps.400,000 contracted with Banamex (see —"Indebtedness—Banamex
                                            Term Loans"), and in order to mitigate the risk of future increases in interest rates,
                                            we entered into a derivatives contract with Banamex, which consists of an interest rate swap.
                                            By using this interest rate swap, we converted our variable interest rates into fixed rates.
                                            The swap and the initial secured line were fully prepaid on August 31, 2021. In addition,
                                            to reduce the risks related to fluctuations in the exchange rate of the US dollar, we use
                                            derivative financial instruments such as forwards to mitigate foreign currency exposure resulting
                                            from inventory purchases made in US dollars. As of December 31, 2021, the Company had USD$134.1
                                            million with an average rate of Ps. 20.66. The difference between the average exchange rate
                                            of the forward contracts and the real average exchange rate of Ps. 21.53 and Ps. 20.28 in
                                            each period represents the (loss) and gain in 2020 and 2021.
(3)
During
                                            the 2020 period, we assumed the obligation associated with outstanding warrants upon the
                                            Merger with DD3. Changes in the fair value of the warrant obligations, which increased during
                                            the year in direct correlation with the increase in our share price, was recognized
                                            in financing income/costs. As of December 31, 2021, we do not have outstanding warrants.
(4)
Our
                                            exposure to currency exchange rate
fluctuations and
                                            how we mitigate this risk can be found in the section entitled "Risk Factors—Risks
                                            Related to Mexico" and "Currency Exchange Rate
Fluctuations." Additionally,
                                            the unrealized loss in valuation of financial derivative instruments from 2020 was converted
                                            in foreign exchange loss when forwards were paid during 2021.
Income
Tax Expense
December 31, 2021
January 3, 2021
Previously
Presented
Adjusted
Previously
Presented
Adjusted
Current
Ps.
782,901
791,856
576,834
576,834
Deferred
41,553
22,700
(34,066
)
(51,173
)
Total Income Tax Expense
Ps.
824,454
814,556
542,768
525,661
Income taxes increased 55.0%
or MX$288,895 to MX$814,556 for the 2021 period compared to MX$525,661 for the 2020 period due to higher pre-tax profits. The effective
income tax rate is 31.8% in 2021 and 63.8% in 2020, the difference is derived from the effect of fair value of warrants for Ps.851,520,
that affects the accounting result before taxes in the year 2020.
Reconciliation
Of Non-IFRS Measures
Non
IFRS Financial Measures
We
define "EBITDA" as profit for the year adding back the depreciation of property, plant and equipment and right of use assets,
amortization of intangible assets, financing cost, net and total income taxes. EBITDA is not a measure required or presented in accordance
with IFRS. The use of EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute
for analysis of, our results of operations or financial condition as reported under IFRS.
We
believe that this non-IFRS financial measure is useful to investors because (i) We use this measure to analyze our financial results
internally and believe they represent a measure of operating profitability and (ii) this measure will serve investors to understand and
evaluate our EBITDA and provide more tools for their analysis as it makes our result comparable to industry peers that also prepare this
measure.
37
EBITDA
Reconciliation to Net Income/(Loss) from Continuing Operations
December 31, 2021
January 3, 2021
Previously Presented
Adjusted
Previously Presented
Adjusted
In thousands of Mexican Pesos
Net Income for the period
Ps.
1,800,884
1,747,939
338,361
298,444
Add: Total Income Taxes
824,454
814,556
542,768
525,661
Add: Financing Cost, net
39,370
39,370
1,239,230
1,239,230
Add: Depreciation and Amortization
82,122
82,122
43,688
43,688
EBITDA
Ps.
2,746,830
2,683,987
2,164,047
2,107,023
For the 2021 period, consolidated
EBITDA increased 27.4% to Ps.2,683,987 from Ps.2,107,023 in 2020, mostly due to higher sales. Comparable EBITDA margin for the year contracted
264bps mainly explained by a lower operating leverage, partially offset by gross margin expansion.
B.
LIQUIDITY
                                            AND CAPITAL RESOURCES
Our
primary source of liquidity is cash flow generated from our two main operating segments, sales of home organization products and beauty
and personal care (B&PC). Variation in sales of our products directly affects our cash flow. We have historically met our short-
and long-term working capital and capital expenditure requirements through net cash flow provided by operating activities. Our capital
expenditures expenses requirements are mainly related to investment in technology, and, in prior years, to the construction of our distribution
center. We financed the JAFRA Acquisition through a long-term debt instrument, and despite the current inflationary environment, we believe
we will have sufficient resources to meet our debt service obligations in a timely manner.
In
order to maintain sufficient liquidity, we strive to maintain a minimum cash and cash equivalent monthly balance of Ps.400,000 in
order to cover our Selling, General and Administrative expenses. As of December 31, 2022, our cash and cash equivalents was Ps.815,644,
above the minimum cash and cash equivalent monthly balance.
For
the 2022 period, BWM imported 93% of its products. Such imports are paid in dollars. To reduce the risk related to fluctuations in exchange
rates, BWM uses derivative financial instruments as "forwards" to moderate the exchange risks resulting from future inventory
and purchases in dollars. The hedging forwards contracts cover 100% of the product needs until August 2023. The acquisition of JAFRA
is essential for our future growth opportunities, since it is expected to incorporate an attractive portfolio of products that will diversify
our offer, with unique brands in different market segments in Mexico and the United States, giving greater stability to our financial
strength in changing business environments.
Cash
Flow
Year
ended December 31, 2022 compared with year ended December 31, 2021
Cash
Flows from Operating Activities
Cash flow provided by operating
activities decreased 3.8%, or MX$55,895, to MX$1,409,702 for the 2022 period compared to MX$1,465,597 for the 2021 period, mainly derived
from a decline in net income in our home organization segment of MX$1,371,037, decreasing from MX$1,747,939 in 2021 to MX$376,902 in
2022, mainly as a result of lower contribution margin driven by lower net sales, which was partially offset by the MX$493,062 increase
in net income arising from our beauty and personal care segment in 2022. Additionally, there was (i) an increase of MX$287,987 in trade
accounts receivable due to the JAFRA Acquisition , (ii) a decrease of MX$875,340 in accounts payable related to decreased in sales of
BWM which derived in lower purchases of inventories, and (iii) an increase in interest expense cashflows of MX$467,503 derived from the
long-term syndicated loan obtained during 2022 to pay the purchase price and other associated expenses under and in connection with the
JAFRA Acquisition. Historically, Betterware did not invest in working capital because it is financed by the days payable to suppliers
(sales are higher, cash collection from sales is faster than payments made to suppliers). However, during the 2022 period and due to
the decrease in sales, we did an investment in working capital of Ps.659,652 as inventory turnover increased from 104 days during
the 2021 period, to 174 during the 2022 period, days of payables decreased from 165 during the 2021 period to 171 during the 2022 period,
and days of receivables were maintained at 27 days for the years ended December 31, 2021 and 2022.
38
Cash
Flows from Investing Activities
Cash
flows used in investing activities increased by 1,406.1%, or MX$(4,504,844), to MX$(4,825,222) for the 2022 period compared to MX$(320,378)
for 2021 period mainly due to an increase in investing activities associated with the purchase price and other associated expenses under
and in connection with the JAFRA Acquisition. Cash flows used in investing activities include investment in business acquisitions, technological
platform, product innovation, equipment, and property.
Cash
Flows from Financing Activities
Cash
flows generated from (used in) financing increased by 593.0%, or MX$3,675,807, to MX$3,055,966 for the 2022 period compared to MX$(619,841)
for the 2021 period. During 2022, we received MX$4,498,695 under the long-term financing agreement entered with a group of banks integrated
by Banamex, HSBC, BBVA, BanBajio, Bancopel and Scotiabank, which was used to pay the purchase price and other associated expenses under
and in connection with the JAFRA Acquisition. Additionally, funds for MX$1,320,010 were disbursed under the short-term financing agreements
as follows: (i) MX$250,000 by Banamex, (ii) MX$620,000 by HSBC, and (iii) MX$450,010 by BBVA. As of the date of this annual report, we
have repaid an aggregate amount of MX$1,120,025 under these short-term financing agreements, of which: (i) MX$50,000 was paid to
Banamex, (ii) MX$620,000 was paid to HSBC, and (iii) MX$450,010 was paid to BBVA. For the year ended December 31, 2022 and 2021,
we paid dividends in the amount of MX$949,610 and MX$1,400,000, respectively. For the year ended December 31, 2022 period, we paid interests
for MX$502,847, a 923.6% increase compared to MX$49,123 paid for the year ended December 31, 2021 period, mainly due to the repayments
made under the different financing agreements with financial institutions. See "—Liquidity and Capital Resources—Indebtedness."
Year
ended December 31, 2021 adjusted compared with year ended January 3, 2021 adjusted
Cash
flows from Operating, Investing and Financing Activities did not chance for the immaterial adjustments made to the financial statements
as of December 31, 2021 and January 3, 2021, because all adjustments were reconciled between operating activities.
Indebtedness
Long
Term Syndicated Credit Line
On March 31, 2022, Betterware
entered into a credit agreement with Banamex, HSBC, BBVA, BanBajio, BanCoppel and Scotiabank, as syndicated lenders, for a credit line
of up to Ps.4,498,695. The funds under the credit line were entirely allocated to pay the purchase price and other associated expenses
under and in connection with the JAFRA Acquisition in Mexico and the United States. The maturity date is set up to be five years as from
March 2022 and pays monthly interest at the 28-day TIIE rate plus the applicable margin established in the contract. During the initial
24 months as from entering into the credit line, Betterware is not required to make any principal repayments. Starting on month 25, Betterware
will require make incremental monthly capital repayments until reaching repayment of the principal outstanding amount by month 60. Certain
JAFRA's subsidiaries are jointly liable under this credit agreement.
Long
Term Bond Offering
On
August 30, 2021, Betterware successfully concluded the offering of a two-tranche sustainability bond issuance for a total of Ps.1,500,000,
with maturities across 4 and 7 years, offered in the Mexican Market. The first offer of sustainability bonds for Ps.500,000 started paying
interest at 5.15% rate plus 0.40% and for the subsequent monthly payments, the rate will be based on the 29-day TIIE rate issued by Banxico
plus 0.40%, and the second offer of Ps.1,000,000 will pay interest semi-annually at a fixed rate of 8.35% during the sustainability bond
term. Capital payments will have to be made at the maturity date for each tranche under this bond issuance.
39
Banamex
- Unsecured credit line
Betterware has an unsecured
credit line with Banamex of up to Ps.400,000 TIIE plus 110 basis points. As of December 31, 2022, Betterware has withdrawn Ps.250,000
under such credit line, of which Ps.50,000 has been reimbursed to Banamex.
BBVA-Credit
line
On April 5, 2022, we entered
into a credit line with BBVA for up to Ps.400,000. On May 31, 2022, we entered into an amendment pursuant to which the available amount
under the credit line was increased by Ps.800,000. The line of credit bears interest at the 28-day TIIE rate plus 206 basis points, payable
monthly, with a term of 36 months from the date of signing the original contract. During 2022, Betterware withdrew Ps.450,010 under the
credit line, which were fully repaid before the end of the year.
HSBC-Credit
line
On March 10, 2020, Betterware entered into a credit line agreement
with HSBC México, S.A., for an amount of Ps.50,000. BLSM is jointly liable under this credit line. On May 4, 2020, we entered into
an amendment pursuant to which the funds available under the credit line were increased to Ps.150,000. The maturity date of this credit
line is March 10, 2024, and it bears interest at the TIIE rate plus 200 basis points. During 2022, 2021 and 2020, the we withdraw
funds under this credit line in the amounts of Ps.620,000, Ps.20,000 and Ps.115,000, respectively. All of such amount have been fully
repaid as of the date of this annual report.
C.
RESEARCH
                                            AND DEVELOPMENT, PATENTS AND LICENSES, ETC.
Our
research and development efforts consist of constant product innovation with the objectives of refreshing our catalogue content and attracting
clients' repeated purchases and data analytics unit technology in order to improve product development processes. For further details,
see "Item 4.B. Information on the Company-Business Overview-Research and Development."
D.
TREND
                                            INFORMATION
COVID-19
Virus Impact
As
a result of the coronavirus (COVID-19) outbreak and its global spread to a large number of countries, the World Health Organization classified
the viral outbreak as a pandemic on March 11, 2020. See "Risk Factors—The COVID-19 virus (nCoV), as well as any
other public health crises that may arise in the future, has had and may continue to have a negative impact on our gross margins and
in our results of operation."
Our
operations since beginning of the COVID-19 pandemic, were not interrupted, due to our product lines include hygiene and cleaning solutions,
qualified as an essential activity in Mexico. However, the effects of the return to normality have been amplified by a softer-than-expected
economic environment and a weaker consumer spending. During 2022 and after the restrictions imposed in connection with the COVID-19 pandemic
were relaxed, BWM's network of associates and distributors declined.
Inflation
and Supply Chain
During
the first half of 2022, the disproportionate increase in supply and demand was reflected in high freight costs that we had to pay. To
offset the effect and stabilize the profit margin in the sale of products, we implemented an emergency plan and increased the general
price of our products. During the second half of 2022, global logistics chains were stabilized, and costs are currently on a downward
trend.
40
Russia
and Ukraine Conflict
During
2022, manufacture of our beauty and personal care segment products was affected by the shortage of aluminum produced and export by Russia,
which is one of the largest producers of this input worldwide, as a consequence of the conflict with Ukraine. This shortage generated
an increase in prices and delays in delivery times for valves and aerosols. This situation caused several consequences in our operation,
including delays and non-compliance in the arrival of materials from suppliers, decreases in absorption of operating expenses, increases
in energy costs, and increases in the prices of raw materials such as alcohol and some components.
Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events, that
are reasonably likely to have a material adverse effect in our revenues, income, profitability, liquidity or capital resources, or that
would cause the reported financial information in this annual report to be not necessarily indicative of future operating results or
financial conditions.
E.
CRITICAL
                                            ACCOUNTING JUDGMENTS AND ESTIMATES
Not
applicable.
ITEM 6.
DIRECTORS,
                                            SENIOR MANAGEMENT AND EMPLOYEES
A.
DIRECTORS
                                            AND SENIOR MANAGEMENT
Set
forth below is information concerning our officers and directors as of the date of this annual report. Our executive officers are appointed
by the board of directors to serve in their roles. Each executive officer is appointed for such term as may be prescribed by the board
of directors or until a successor has been chosen and qualified or until such officer's death, resignation or removal. Unless otherwise
indicated, the business address of all of our executive officers and directors is Luis Enrique Williams, 549, Colonia Belenes Norte,
Zapopan Jalisco, México C.P.45145.
Name
Age
Position Held
Luis
    Campos
70
Chairman of the Board
Andres
    Campos
40
Chief Executive Officer
    and Board Member
Alejandro
    Ulloa
49
Chief Corporate Financial
    Officer
Mauricio
    Alvarez
53
Chief Corporate Information
    Officer
Diana
    Jones
41
Chief Financial Officer
    of Betterware
Santiago
    Campos
31
Board Member
Jose
    de Jesus Valdez
70
Independent Board Member
Dr.
    Martín M. Werner
60
Independent Board Member
Dr.
    Guillermo Ortiz
74
Independent Board Member
Federico
    Clariond
49
Independent Board Member
Salvador
    Alva
62
Independent Board Member
Joaquin
    Gandara
52
Independent Board Member
Silvia
    Davila
52
Independent Board Member
Reynaldo
    Vizcarra
57
Secretary
Background
of Our Officers and Directors
The
Group's board of directors is composed of the following members and a non-member Secretary:
●
Luis
Campos
has been in the direct to consumer business for more than 30 years. He has been chairman of Betterware de México since
he bought the Company in 2001. Prior to Betterware, Mr. Campos served as Chairman of Tupperware Americas (1994 – 1999),
Chairman of Sara Lee — House of Fuller Mexico (1991 – 1993), and Chairman of Hasbro Mexico (1984 – 1990).
Mr. Luis Campos is an active member of the "Consejo Nacional de Comunicación", an active member of the "Consejo
Consultivo" of Banamex and he was an active member of the Direct Selling Association, The Latin America Regional Managers'
Club, The Conference Board, and a board member of the Economic Development Commission of Mid Florida, Casa Alianza-Covenant House, The
Metro Orlando International Affairs Commission, SunTrust Bank and Casa de Mexico de la Florida Central, Inc. Mr. Campos was
selected to serve on Betterware's board of directors due to his extensive experience in consumer product companies, especially
in the direct sales, as well as his relevant top-level experience in American public multinational companies. Luis Campos is the father
of Andres and Santiago Campos.
41
●
Andres
Campos
has been CEO of Betterware de México since 2018. Prior to becoming CEO, within the Company, Andres Campos served as
Commercial Director (2014 – 2018) and Strategy and New Businesses Director (2012 – 2014). Prior to Betterware,
Mr. Campos worked in Banamex Corporate Banking area (2012 – 2014) and in KPMG as an Auditor (2004 – 2005).
Andres holds a bachelor's degree in Business Administration from Instituto Tecnológico y de Estudios Superiores de Monterrey
and an MBA from Cornell University. Andres Campos is son of Luis Campos and brother of Santiago Campos.
●
Alejandro
Ulloa
joined Betterware with extensive experience at large and multinational companies including Citelis (Organización
Ramírez), where he served as Chief Financial Officer; General Electric, where he was Director of Equity; and Banamex Citigroup,
where he held various positions of increasing responsibility, including Vice President of Financial Institutions at the Corporate and
Investment Banking, Manager of Relations with Financial Institutions and Corporate and Investment Bank, Relationship Manager for Institutional
Remedial Management and Credit Analyst. Mr. Ulloa also served as a member of Banorte's regional Board. He has a bachelor's degree
in Economics from ITAM, where he also received a Diploma in Credit and Financial Risk Management; and also holds an MBA from Yale University
and has an Executive Diploma in Real Estate Management from Harvard University.
●
Mauricio
Alvarez
joined to Betterware as CIO in August 2020 responsible for information technology spanning applications, data, cybersecurity
and infrastructure, all a vital part of nearly every aspect of our customer and service experience. Mauricio joined Betterware from multinational
customer experience companies including Atento where he was Chief Information Officer for the US, Mexico and Central America. Before
Atento, Mauricio co-founded Flip Technologies, a SaaS provider for nonprofit organizations and held various IT & Innovation leadership
roles of increasing responsibility at The Coca-Cola Company globally. Mauricio holds a bachelor's degree in Computer Systems from
the Universidad Iberoamericana in Mexico City.
●
Diana
Jones
has served as Betterware CFO since 2020. Mrs. Jones previously performed as Betterware's Director of Comptroller
(2018-2019) and Director of Finance Planning (2019-2020). Prior joining the Company, she worked as Director of External Audit in KPMG
Cardenas Dosal, S.C., (2003-2018), including a term at New York City from 2008 to 2010. Mrs. Jones holds a degree in Public Accounting
and Finance from the Monterrey Institute of Technology and Higher Education (ITESM), as well as an MBA with specialty in Finance from
Tecmilenio University. She is also a Certified Public Accountant on behalf of the Mexican Institute of Public Accountants.
●
Santiago
Campos
has served as Director of Innovation and Communication at Betterware since 2018. Prior to joining Betterware, Santiago Campos
served as Commercial Director at EPI Desarrollos, a Real Estate Development company, coordinating efforts between marketing, sales, finance
and also taking care of administration, he was involved in achieving successful projects in a span of 2.5 years where 100% sales
were accomplished before finishing construction. Santiago holds a bachelor's degree in public accounting and finance from Instituto
Tecnológico y de Estudios Superiores de Monterrey. Mr. Campos was selected to serve on Betterware's board of directors
due to his natural instinct in product innovation and household needs in BWM market target group. Santiago Campos is son of Luis Campos
and brother of Andres Campos.
●
Jose
de Jesus Valdez
serves as CEO of Alpek since 1988. Mr. Valdez joined Alpek in 1976 and has held several senior management positions
such as CEO of Petrocel, Indelpro and Polioles. He was also president of the "Asociación Nacional de la Industria Química"
(ANIQ), of the "Comisión Energética de la Confederación de Cámaras Industriales de los Estados Unidos
Mexicanos" (CONCAMIN) and of the "Cámara de la Industria de Transformación de Nuevo León" (CANAINTRA).
Mr. Valdez is a mechanical engineer and has an MBA from Tecnológico de Monterrey (ITESM) and a master's degree in industrial
engineering from Stanford University. Mr. Valdez was selected to serve on the Company's board of directors due to his vast
experience in Mexican, US and Latin American business and market economy.
42
●
Dr. Martín
M. Werner
, who has served as DD3's Chief Executive Officer and Chairman of the Board since inception, is a founding partner
of DD3 Capital. Prior to founding DD3 Capital in 2016, Dr. Werner worked at Goldman Sachs for 16 years (2000 – 2016)
becoming a Managing Director in 2000 and a Partner in 2006. He was co-head of the Investment Banking Division for Latin America and the
country head of the Mexico office. Dr. Werner continues to serve as the Chairman of the board of directors of Red de Carreteras
de Occidente (RCO), which is one of Mexico's largest private concessionaires and operates more than 760 kilometers of toll roads
and is owned by Goldman Sachs Infrastructure Partners. Prior to his time with Goldman Sachs, Dr. Werner served in the Mexican Treasury
Department as the General Director of Public Credit from 1995 to 1997, and as Deputy Minister from 1997 to 1999. Among his numerous activities,
he was in charge of restructuring Mexico's Public debt after the financial crisis of 1994 and 1995. Dr. Werner is the second
largest investor of Banca Mifel, a leading mid-market Mexican bank with $3.3 billion in assets and a credit portfolio of $2.0 billion;
he is also member of the Board of Directors of Grupo Comercial Chedraui, a leading supermarket chain in Mexico and the United States;
the Board of Directors of Grupo Aeroportuario Centro Norte, one of Mexico's largest airport operators; and he is a member of Yale
University's School of Management Advisory Board. Dr. Werner holds a bachelor degree in economics from Instituto Tecnológico
Autónomo de Mexico (ITAM) and a Ph.D. in economics from Yale University.
●
Dr. Guillermo
Ortiz
has served as Chairman of BTG Pactual Latin America ex-Brazil, a leading Brazilian financial services company with operations
throughout Latin America, the U.S. and Europe, since 2015. Prior to joining BTG, from 2010 to 2015, he was Chairman of the Board of Grupo
Financiero Banorte-Ixe, the largest independent Mexican financial institution. Dr. Ortiz also served two consecutive six-year terms
as Governor of Mexico's Central Bank from 1998 to 2009. From 1994 to 1997, Dr. Ortiz served as Secretary of Finance and Public
Credit in the Mexican Federal Government where he guided Mexico through the "Tequila" crisis and contributed to the stabilization
of the Mexican economy, helping return the nation to growth in 1996. He has served on the Board of Directors of the International Monetary
Fund, the World Bank and the Interamerican Development Bank. Dr. Ortiz is Chairman of the Pe Jacobsson Foundation, a member of Group
of Thirty, Board of Directors of the Center for Financial Stability, Board of Directors of the Globalization and Monetary Policy Institute,
Board of Directors in the Federal Reserve Bank of Dallas and Board of Directors of the China's International Finance Forum. He
is also an Officer of Zurich Insurance Group Ltd. and a Member of the Board of Directors of Wetherford International, a leading
company in the oil and equipment industry, as well as of a number of Mexican companies, including Aeropuertos del Sureste, one of Mexico's
largest airport operators, Mexichem, a global leading petrochemical group, and Vitro, a leading glass manufacturer company in Mexico.
Dr. Ortiz is also a member of the Quality of Life Advisory board of the Government of Mexico City. Dr. Ortiz holds a bachelor's
degree in economics from Universidad Nacional Autónoma de México (UNAM), a master's degree and a Ph.D. in economics
from Stanford University. Dr. Ortiz was selected to serve on our board of directors due to his significant government service and
finance experience.
●
Federico
Clariond
has served as CEO of Valores Aldabra, a single-family office with investments in financial services, aluminum, packaging
and consumer goods companies, since 2011, and as CEO of Buro Inmobiliario Nacional, a Real Estate investment vehicle with holdings in
the hospitality, industrial, office, and commercial spaces throughout Mexico, since 2015. Prior to Valores Aldabra and Buro Inmobiliario
Nacional, from 2007 to 2011, Mr. Clariond served as CEO of Stabilit Mexico, a manufacturer of fiber glass reinforced plastics with
operations in Mexico, the United States and Europe, and from 2004 to 2007, as Commercial VP of IMSA Acero. Additionally, he is board
member of several companies ranging from the financial services, aluminum, packaging and consumer goods industries. Mr. Clariond
is a mechanical engineer and has an MBA from Stanford University. Mr. Clariond was selected to serve on Betterware's board
of directors due to his vast business experience in Mexico's private investment matters.
●
Salvador
Alva
is a consultant, entrepreneur and member of various boards and civil associations. He was President of the Instituto Tecnologico
y de Estudios Superiores de Monterrey from 2011 to 2020, President of PepsiCo Latin America from 1983 to 2008 and Vice President of Marketing
and Planning of Cerveceria Moctezuma from 1972 to 1982. Mr. Alva holds a Barchelor´s degree in Chemical Engineering from UNAM and
an MBA from Universidad de las Americas.
●
Joaquin
Gandara
serves as CEO of Stone Financial Awareness since 2017. Prior to Stone Financial Awareness, he worked at Scotiabank for 24 years
where he held several positions in different departments such as Credit, Consumer Banking, Branch Operations and Corporate Banking. Mr. Gandara
was selected to serve on the Company's board of directors due to his extensive knowledge in the financial and banking field.
43
●
Silvia
Davila
is a proven leader with over 30 years of experience working with leading consumer companies in various roles and possesses
deep knowledge of the Latin American market. Silvia Davila currently serves as President of Danone LATAM. She has vast experience in
financial and digital transformation achieving sustained business growth. Her leadership style is based on empowerment and team development,
consistently building high-performing teams to simplify operations, adding value through processes, and promoting ideas that generate
sustained growth. She is determined, committed and passionate, and always a strategic leader who develops people. Silvia joined Danone
in 2017 as Regional President LATAM for dairy products, and since 2020, she is a member of the Global Executive Committee and responsible
for the operation in Mexico and for all categories in LATAM. Prior to Danone, she worked in Mars (2004-2017), Procter & Gamble (1992-2003)
and McDonald´s Mexico (1989-1992). Silvia holds a Bachelor´s degree in Marketing from UNITEC, where she graduated with honors,
a Master´s degree in Business Economics form ITESM and post-graduate studies from Harvard, IMD and INSEAD.
●
Reynaldo
Vizcarra
(non-member Secretary) is a member of Baker & McKenzie's Corporate and Transactional Practice Group. He is
a professor at the University Anáhuac del Norte where he teaches foreign investment as part of the master of laws program, and
an instructor at Universidad Panamericana's Baker McKenzie Seminar. He joined Baker & McKenzie's Mexico City office
in 1986, handling foreign investments, banking and finance matters and international agreements. He also worked in the Chicago office's
Latin America Practice Group, advising on investments and acquisitions in Latin America (1996 – 1997). In 2000, Mr. Vizcarra
co-founded Baker & McKenzie's Guadalajara office, where he led the Banking & Finance Practice Group. In August 2005,
he transferred to Baker McKenzie's Cancun office as a founding member and director mainly handling tourism and real estate projects.
In 2009, he transferred back to the Mexico City office, where he was local managing partner for four years and thereafter became
National Managing Partner of the Firm in Mexico until August 2018.
B.
COMPENSATION
For
the 2022 period, we paid our top management a fix aggregate compensation of approximately MX$39 million plus a variable aggregate compensation
for bonuses of approximately MX$8 million. The amounts payable under the performance bonus depend on the results achieved and include
certain qualitative and/or quantitative objectives. Overall, the total executive compensation for the 2022 period was MX$47 million.
On
July 30, 2020, Betterware modified the share-based plan incentive granted to the Chairman of the Board and certain executives and directors
of the Company on August 15, 2019 (the "Incentive Plan"). The purpose of the Incentive Plan is to provide certain members
of the top management with the opportunity to receive share-based incentives to encourage them to contribute significantly to the growth
of the Company and to align the economic interests of those individuals with those of the shareholders. The Incentive Plan is aligned
with the shareholders' interest in terms of the management capacity to obtain operating results that potentially benefit the share
price. If the pre-determined results are achieved, it will cause a gradual delivery of shares over a period of four to five years
(see Note 23 of the Audited Consolidated Financial Statements). As of December 31, 2022, we have issued and delivered 731,669 shares
to Campalier, a wholly owned entity of the Chairman of the Board, under the Incentive Plan.
C.
BOARD
PRACTICES
Board
Committees
The
Group's Audit and Corporate Practices Committee has the following specifications:
Composition
●
The
Audit and Corporate Practices Committee of the Group consists of three members appointed by the board itself, in accordance with the
provisions of Nasdaq, the Group's bylaws and other legal provisions, in the understanding, however, that the chairman of the Audit
and Corporate Practices Committee will be elected by the General Assembly of Shareholders of the Group.
●
The
members of the Audit and Corporate Practices Committee are independent as under Nasdaq requirements.
44
●
The
Audit and Corporate Practices Committee may create one or more sub-committees, to receive support in the performance of its functions.
The Audit and Corporate Practices Committee is empowered to designate and remove the members of said sub-committees and to determine
their powers.
●
As
of the date of this annual report, the members of the Audit and Corporate Practices Committee are:
i.
Joaquin
Gandara Ruiz Esparza — Chairman — Mr. Gandara serves as CEO of Stone Financial Awareness since 2017. Prior
to Stone Financial Awareness, he worked at Scotiabank for 24 years where he held several positions in different departments such
as Credit, Consumer Banking, Branch Operations and Corporate Banking.
ii.
America
Taracido serves as Managing Partner at Consultores en Alta Direccion y Gestión de Empresas, S.C. and, she joined Desarrolladora
de Ciudad as CFO. Mrs. Taracido served in various positions in countries such as Peru, the United States and Mexico and worked in
important positions in companies such as "Ernst & Young México, Avon Cosmetics, Finanzas & CFO at Smurfit
Kappa Group México", and others. She is an active member of the Council of Americas and was a president of "Instituto
Mexicano de Ejecutivos de Finanzas". Mrs. Taracido holds a master degree in Administration in "Tecnológico Autonómo
de México (ITAM)". Since April 2020 she is part of the Audit Committee for Betterware Mexico.
iii
.
Federico
Clariond has served as CEO of Valores Aldabra, since 2011, and as CEO of Buro Inmobiliario Nacional. Prior to Valores Aldabra and Buro
Inmobiliario Nacional, from 2007 to 2011, Mr. Clariond served as CEO of Stabilit Mexico, a manufacturer of fiber glass reinforced
plastics with operations in Mexico, the United States and Europe, and from 2004 to 2007, as Commercial VP of IMSA Acero. Additionally,
he is board member of several companies. Mr. Clariond is a mechanical engineer and has an MBA from Stanford University. Mr. Clariond
was selected to serve on Betterware's board of directors due to his vast business experience in Mexico's private investment
matters.
Sessions
Frequency
●
The
Audit and Corporate Practices Committee and its sub-committees meet with the necessary frequency for the performance of their duties,
at the request of any of its members, the Board of Directors or its Executive President or the General Assembly of Shareholders; in the
understanding that it must meet at least 4 (four) times during a calendar year.
●
The
sessions of the Audit and Corporate Practices Committee and its sub-committees may be held by telephone or videoconference, with the
understanding that the Secretary of the respective session must take the corresponding minutes, which must in any case be signed by the
Executive President and the respective Secretary, and collect the signatures of the members who participated in the session.
Functions
●
Regarding
Corporate Practices, the Audit and Corporate Practices Committee will have the functions referred to in the Securities Market Law, especially
the provisions of section I (first) of its Article 42 (forty-two), and other applicable legal provisions, as well as those determined
by the General Assembly of Shareholders. They will also perform all those functions of which they must render a report in accordance
with the provisions of the Securities Market Law. In an enunciative way, but not limited to, it will have the following functions:
○
Provide
opinions regarding transactions between related parties to the General Assembly of Shareholders and the Board of Directors.
○
Develop,
recommend and review corporate governance guidelines and guidelines of the Group.
○
Recommend
modifications to the bylaws of the Group.
45
○
Analyze
and review all legislative, regulatory and corporate governance developments that may affect the operations of the Group, and make recommendations
in this regard to the Board of Directors.
○
Prepare
and propose the different manuals necessary for the corporate governance of the Group or for compliance with the applicable provisions.
○
Define
the compensation and performance evaluation policies of the senior executives of the Group.
○
Use
the best compensation practices to align the interests of the Shareholders and the senior executives of the Group, being able to hire
any independent expert necessary for the development of this function.
○
Ensure
access to market data and best corporate practices through external consultants specialized in the field.
○
Develop
a plan for the succession of senior executives of the Group.
●
In
matters of Audit, the Audit and Corporate Practices Committee will have the functions referred to in the Securities Market Law especially
the provisions of section II of its Article 42 (forty-two), and other applicable legal provisions, as well as those determined by
the General Assembly of Shareholders. They will also perform all those functions of which they must render a report in accordance with
the provisions of the Securities Market Law. In an enunciative way, but not limited to, it will have the following functions:
○
Determine
the need and viability of the fiscal and financial structures of the Group.
○
Comment
on the financial and fiscal structure of the international expansion of the Group.
○
Comment
on the financial reports, accounting policies, control and information technology systems of the Group.
○
Evaluate
and recommend the external auditor of the Group.
○
Ensure
the independence and efficiency of the internal and external audits of the Group.
○
Evaluate
the transactions between related parties of the Group, as well as identify possible conflicts of interest derived from them.
○
Analyze
the financial structure of the Group, in the short, medium and long term, including any financing and refinancing transactions.
○
Review
and comment on the management of the Group's treasury, risk and exposure to fluctuations in exchange rates and hedging instruments
of the Group, whatever their nature or denomination.
○
Evaluate
the processes and selection of insurance brokers, as well as the coverage and premiums of the Group's insurance policies.
D.
EMPLOYEES
The
following table provides information regarding the number of our employees for the 2022, 2021 and 2020 periods, respectively:
Number of Employees
December 31,
December 31,
January 03,
2022
2021
2021
Operations
1,528
977
962
Finance, administration, human resources, IT
502
128
184
Sales and marketing
147
167
148
Total
2,177
1,272
1,294
E.
SHARE
OWNERSHIP
Not
applicable.
F.
DISCLOSURE
OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION
Not
applicable.
46
ITEM 7.
MAJOR
SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
MAJOR
SHAREHOLDERS
The
following table sets forth information with respect to the beneficial ownership of our shares as of the date of this annual report:
●
each
shareholder, or group of affiliated shareholders, who we know beneficially owns more than 5% of our outstanding shares;
●
each
of our directors and executive officers individually; and
●
all
directors and executive officers as a group.
As
of the date of this annual report, we had 37,316,546 issued and outstanding ordinary shares. Beneficial ownership is determined in accordance
with the rules of the SEC and generally includes any shares over which a person exercises sole or shared voting and/or investment
power. Except as otherwise indicated, we believe the beneficial owners of the shares listed below, based on information furnished by
them, have sole voting and investment power with respect to the number of shares listed opposite their names. The address for Campalier
is Av. Acueducto 6075-A, Local A, Puerta de Hierro, Zapopan, Jalisco, 45116, Mexico.
Ordinary shares
Beneficially
Owned as of
date of this
annual report
Ordinary Shares
Number
%
Five Percent or More Holders
Campalier S.A. de C.V.
(1)
20,019,793
53.65
%
Cede & Co.
17,224,127
46.16
%
Our executive officers and directors:
Luis Campos
—
—
Andres Campos
—
—
Alejandro Ulloa
—
—
Mauricio Alvarez
—
—
Diana Jones
—
—
Santiago Campos
—
—
Jose de Jesus Valdez
—
—
Dr. Martín M. Werner
—
—
Dr. Guillermo Ortiz
—
—
Federico Clariond
—
—
Salvador Alva
—
—
Joaquin Gandara
—
—
Silvia Davila
—
—
Reynaldo Vizcarra
—
—
All directors and executive officers as a group (fourteen individuals)
—
—
(1)
This
entity is controlled by Luis Campos, our Board Chairman.
B.
RELATED
PARTY TRANSACTIONS
Other
than as disclosed in this annual report and the Audited Consolidated Financial Statements attached hereto and other than in the ordinary
course of business, since the beginning of our preceding three financial years, have transactions or loans with the Group's related
parties as follow:
On
June 23, 2022,
our
subsidiary Programa
Lazos, as borrower, entered into a loan agreement for an amount of Ps.150 million with Campalier, as lender. As of December 31, 2022,
Lazos has withdrawn Ps.120 million under such loan. Principal amount bears a monthly variable interest rate of TIIE plus 349 basis points,
and it does not foresee a specific maturity date.
C.
INTERESTS
OF EXPERTS AND COUNSEL
Not
applicable.
ITEM 8.
FINANCIAL
INFORMATION
A.
CONSOLIDATED
AND COMBINED STATEMENTS AND OTHER FINANCIAL INFORMATION
Our
Audited Consolidated Financial Statements are included in Item 18. The Audited Consolidated Financial Statements were audited by
independent registered public accounting firm and are accompanied by their audit reports.
47
Legal
Proceedings
We
are not involved in or threatened by any material proceeding that we it is not adequately insured or indemnified or which, if determined
adversely, would have a material adverse effect on our consolidated and combined financial position, results of operations and cash flows.
On
August 12, 2014, the International Inspection Administration "4" ("AFI" for its acronym in Spanish), under
the Central Administration of International Control, in relation to the General Administration of Large Taxpayers of the Tax Administration
Service ("SAT", for its acronym in Spanish), requested information regarding the Group´s 2010 income tax filing, which
was provided at the time. On February 20, 2017, the final agreement was signed with the Taxpayer Advocacy Office ("PRODECON",
for its acronym in Spanish) regarding this SAT review. On March 2, 2017, the SAT notified us, about certain issues on which an agreement
was not reached. As a result, we filed a lawsuit for annulment before the SAT's resolution, which is still in progress'.
Based on the evaluation of the Group's Management, tax liabilities are not expected to arise as a result of this matter. As of
December 31, 2022, the maximum exposure was considered not significant.
Dividend
Distribution Policy
We
have created an Investment Committee which evaluates and recommends the Board of Directors whether or not to pay dividends. As of the
date of this annual report, we have not implemented a dividend policy.
B.
SIGNIFICANT
CHANGES
Please
see Note 29 of the Audited Consolidated Financial Statements elsewhere in this annual report.
ITEM 9.
THE
OFFER AND LISTING
A.
OFFER
AND LISTING DETAILS
Our
ordinary shares are listed on Nasdaq under the symbol "BWMX."
B.
PLAN
OF DISTRIBUTION
Not
applicable.
C.
MARKETS
Our
ordinary shares began trading on Nasdaq under the symbol "BWMX," in connection with our initial public offering, on March 13,
2020.
D.
SELLING
SHAREHOLDERS
Not
applicable.
E.
DILUTION
Not
applicable.
F.
EXPENSES
OF THE ISSUE
Not
applicable.
48
ITEM 10.
ADDITIONAL
INFORMATION
A.
SHARE
CAPITAL
Not
applicable.
B.
MEMORANDUM
AND ARTICLES OF ASSOCIATION
The
following is a summary of some of the terms of our ordinary shares, based on our articles of association in place. The following summary
is not complete and is subject to, and is qualified in its entirety by reference to, the provisions of our articles of association, and
applicable Mexican law, including Mexican corporate law.
General
Betterware
is a company incorporated under the General Corporations Law. As Betterware is a Mexican corporation, the rights of holders of Betterware's
shares will be governed directly by Mexican law and the Amended and Restated Charter.
Shareholder
Meetings
●
Held
at the corporate domicile of the company or, in the case of unanimous resolutions, the place where the shareholders are met.
●
Notice:
○
A
copy of the notice of any shareholders' meeting shall be published not fewer than fifteen (15) calendar days prior to the
date of the proposed meeting in the electronic system of the Corporations Publications of the Mexican Ministry of Economy.
Shareholders'
Voting Rights
●
Any
person authorized to vote may be represented at a meeting by a proxy who may speak and vote on behalf of the member.
●
Depending
on the matter that requires shareholders' approval, the by-laws and Mexican law provide a fixed quorum.
●
The
annual ordinary shareholders' meeting must have a quorum of at least 50% plus one of the outstanding shares of the company's
capital stock and all resolutions shall be approved with the affirmative vote of at least the majority of the present shares. In the
event of a second or subsequent call, the general ordinary stockholders' meeting may be validly held regardless of the number of
shares represented, and its resolutions shall be valid when adopted by majority vote of the shares represented at the meeting.
●
The
extraordinary shareholders' meetings must have a quorum of at least 75% of the outstanding shares of the company's capital
stock and all resolutions must be approved with the affirmative vote of at least 50% of the outstanding voting shares of the company.
In the event of a second or subsequent call, extraordinary general stockholders' meetings may be validly held if 50% of the outstanding
voting shares of the company is represented, and their resolutions will be valid if adopted by the favorable vote of shares representing
at least 50% of the outstanding voting shares of the company.
●
Notwithstanding
the provisions of the preceding paragraph, the favorable vote of shares with or without voting rights representing (i) 75% (seventy-five percent)
of the Company's outstanding capital stock shall be required to amend the Company's by-laws and (ii) 95% (ninety-five percent)
of the capital stock of the Company to resolve and request from the National Banking and Securities Commission the cancellation of the
registration of the shares of the Company in the National Securities Registry, under the terms provided in the Securities Market Law
and other applicable provisions.
49
●
For
special meetings, the rules provided for general extraordinary meetings shall apply considering only the shares of the applicable
series or class.
●
The
annual ordinary shareholders' meeting shall:
○
approve
the chief executive officer and board of directors' annual reports; the appointment of the members of the board of directors and
statutory examiners; and if applicable, the members of the board or statutory examiners' fees.
○
discuss
and approve on the re-appointment, revocation and/or appointment, if any, of one third of the proprietary members and respective alternates
of the board of directors that the annual general ordinary meeting resolves to re-appoint, revoke and/or appoint;
○
evaluate
the independence of independent directors;
○
appoint
the chairmen of the corporate practices and audit committees;
○
decide
on the use of the company's profit, if any;
○
if
applicable, determine the maximum amount of resources that may be used for the acquisition of its own shares;
○
approve
the execution of transactions whether simultaneously or subsequently by the company or the legal entities it controls within the same
fiscal year that may be considered as one and the same transaction that the company when they represent 20% or more of the consolidated
assets of the company, based on figures corresponding to the close of the immediately preceding quarter, regardless of the way in which
they are applied. Stockholders holding shares with limited or restricted voting rights may vote at such meetings; and
○
any
other matter that shall be convened with by the general ordinary meeting in accordance with applicable law or that is not specifically
reserved for an extraordinary meeting.
●
An
extraordinary shareholders' meeting shall approve:
○
extension
of the company's term;
○
anticipated
dissolution of the company;
○
any
increase or decrease in the capital stock of the company;
○
any
amendment in the company's corporate purpose;
○
any
change in the company's nationality;
○
the
company's change in any other type of entity or company;
○
any
merger;
○
issuance
of shares different than ordinary shares and bonds;
○
redemption
of shares; and
○
any
amendment to the company's by-laws.
50
Directors
●
The
board of directors shall have a minimum of 9 and a maximum of 21 members.
●
Any
shareholder, or group of shareholders, that have 10% or more of the capital stock of the Company has the right to appoint one member
of the board of directors.
●
The
members of the board shall hold office for one year or until the shareholders that have appointed them revoke such appointment.
The directors may be reelected as many times as deemed convenient and shall continue in office until their successors have been appointed
and taken office.
Fiduciary
Duties
●
Members
of the board owe fiduciary duties in accordance with the Securities Market Law and in the applicable provisions of the stock exchange
in which the shares are listed as follows:
○
The
members of the board of directors must act in accordance with the duty of loyalty provided under Mexican law and in the applicable provisions
of the stock exchange in which the shares are listed. The directors and the secretary, in the event they have a conflict of interest,
must abstain from participating in the relevant matter and from being present in the deliberation and voting of said matter, without
it affecting the quorum required for the installation of the board.
○
The
members of the board of directors must act in accordance with the duty of care. For such purposes, they shall have the right to request,
at any time and in accordance with the terms they deem appropriate, information from the company's officers and the legal entities
controlled by the company.
○
The
breach of any director to his duty of care shall make him jointly and severally liable with other directors who have breached their duty
of care or are responsible, for the damages and losses caused to the company, which shall be limited to direct damages and losses, but
not punitive or consequential, caused to the company and to the events in which such director acted fraudulently, in bad faith, with
gross negligence or unlawfully.
Shareholders'
Derivative Actions
●
The
liability resulting from the breach of the duty of care or the duty of loyalty shall be exclusively in favor of the company or of the
legal entity controlled by it or over which it has a significant influence and may be exercised by the company or by the stockholders
who, individually or jointly, hold ordinary shares or shares with limited voting rights, restricted or without voting rights, representing
5% or more of the corporate capital in accordance with the provisions of Article 38 of the Securities Market Law.
●
The
members of the board of directors shall not incur in liability for damages caused to the company or to the legal entities it controls,
when a director acts in good faith.
Indemnification
of Directors and Officers
●
The
company shall indemnify and hold harmless the members and the secretary of the board of directors, any of the members of the company's
committees, and the relevant officers of the company, in connection with any liability arising from the performance of their duties,
including any indemnification for any damage or injury, the necessary amounts to reach any settlement, and any fees and expenses incurred
by such persons in connection with the above. Such indemnity shall not apply if any of such persons incurred or committed fraudulent
acts, unlawful acts or omissions, or acted in bad faith.
51
Inspection
of Books and Records
●
Members
of the general public, on payment of a nominal fee, can obtain copies of the public records of the company available at the Public Registry
of Commerce, which will include an extract of the company's articles of incorporation with the initial capital stock and any increase
in its fixed portion, the initial stockholders and members of the Board, as well as any merger, dissolution or liquidation provision.
●
Any
person that is registered as a stockholder in the company's stockholder registry book can inspect, with prior written notice to
the company, any of the company's books or records.
Anti-takeover
Protections
The
Board of Directors needs to approve, with at least 66% of its Members present in a duly conveyed meeting and with at least 66% of its
Members favorable vote, any change in Control of the Betterware or the transfer of the 20% or more of Betterware's shares. Such
change of Control or transfer must be notified to Betterware and Betterware's shareholders.
The
Board of Directors must approve the transfer within the following 90 calendar days after having all documentation the Board deems
necessary for its consideration and approval.
In
the event the Board of Directors authorizes the transaction, in addition to the Board approval, prior to the closing of the transaction,
the person asking for the Board's approval shall make a tender offer for 100% of the outstanding capital stock of the Company,
at a price payable in cash not less than the highest of the following:
●
the
book value per share, in accordance with the latest quarterly financial statements approved by the Board of Directors and presented to
the National Banking and Securities Commission or to the applicable securities exchange; or
●
the
highest closing price per share with respect to transactions in the securities exchange where the shares are placed, published in any
of the 365 days prior to the date of the application filed or the authorization granted by the Board of Directors; or
●
the
highest price paid with respect to the purchase of any shares, during the 365 days immediately before sending of the request or
the authorization granted by the Board of Directors.
In
each of these cases (items (i) to (iii) above), a premium equal to or greater than 15% shall be paid in respect of the price
per share payable in connection with the requested transaction, it the understanding that the Board of Directors may modify, upwards
or downwards, the amount of such premium, taking into account the opinion of a reputable investment bank.
The
public tender offer must be completed within 90 days of the date of the Board of Directors' authorization, on the understanding
that such term may be extended for an additional period of 60 days if the applicable governmental authorizations continues to be
pending on the date of expiration of the initial term referred to above.
In
the event that the Board of Directors receives on or before closing, an offer from a third party, requesting to make the acquisition
of at least the same number of shares, on better terms for the stockholders or holders of shares of Betterware, the Board of Directors
shall have the capacity to consider and, if applicable, authorize such second request, revoking the authorization previously granted.
If
the transaction is not (i) an acquisition representing the 20% of the capital stock of Betterware, or (ii) a change of Control,
it shall be registered in Betterware's Shares Registry Book once authorized by the Board of Directors.
In
the event the Board of Directors rejects the transaction, the Secretary of the Board shall summon, within a period of 10 calendar days
following such rejection (or within 20 calendar days prior to the termination of the term for the Board of Directors to decide on
such request), to a General Ordinary Stockholders' Meeting at which the shareholders may, by the simple majority of the votes of
the outstanding shares, ratify the decision of the Board of Directors or revoke such decision. In such case, the shareholders'
resolution shall be deemed as final and shall replace any prior rejection by the Board of Directors.
52
"
Control
"
means in respect of any person, through a person or group of persons, (i) the power to impose, directly or indirectly, by any means,
resolutions or decisions, or to veto or prevent such resolutions or decisions from being taken, in any sense, at General Shareholders
Meetings, or to appoint or remove the majority of the directors, administrators, managers or their equivalents of said person; (ii) maintain
the ownership of any class of shares or rights related thereto which permit, directly or indirectly, the exercise of voting rights in
respect of more than 50% of the shares, of whatever nature, with voting rights of such person, and/or (iii) the power to direct,
determine, influence, veto or impede, directly or indirectly, the policies and/or decisions of the Board of Directors or of the management,
strategy, activities, operations or principal policies of such person, whether through ownership of shares, by contract or agreement,
written or oral, or by any other means, regardless of whether such control is apparent or implied.
A
copy of the Articles of Association, as amended, is furnished under Item 19. "Exhibits".
C.
MATERIAL
CONTRACTS
We
do not have material contracts to disclose.
D.
EXCHANGE
CONTROLS
None.
E.
TAXATION
Material
U.S. Federal Income Tax Considerations
The
following is a summary of the material U.S. federal income tax consequences to U.S. Holders (as defined below) of the ownership and disposition
of our ordinary shares. This summary is based upon U.S. federal income tax laws (including the U.S. Internal Revenue Code of 1986, as
amended (the "Code") final, temporary and proposed Treasury regulations, rulings, judicial decisions and administrative pronouncements),
all as of the date hereof and such authorities may be repealed, revoked or modified, possibly with retroactive effect, so as to result
in United States federal income tax consequences different from those discussed below.
As
used herein, the term U.S. Holder means a beneficial owner of one or more of our ordinary shares:
●
that
is for U.S. federal income tax purposes one of the following:
○
an
individual citizen or resident (as defined in Section 7701(b) of the Code) of the United States,
○
a
corporation (or other entity that is treated as a corporation for U.S. federal income tax purposes) created or organized in or under
the laws of the United States or any political subdivision thereof (including the District of Columbia).
○
an
estate the income of which is subject to U.S. federal income taxation regardless of its source; or
○
trust
if (1) a court within the United States can exercise primary supervision over it, and one or more United States persons have
the authority to control all substantial decisions of the trust, or (2) the trust has a valid election in effect under applicable
U.S. Treasury regulations to be treated as a United States person;
●
who
holds the ordinary shares as capital assets for U.S. federal income tax purposes;
●
who
owns, directly, indirectly or by attribution, less than 10% of the share capital or voting shares of the Company; and
●
whose
holding is not effectively connected with a business carried on through a permanent establishment in Mexico.
53
The
discussion does not cover all aspects of U.S. federal income taxation that may be relevant to, or the actual tax effect that any of the
matters described herein will have on, the acquisition, ownership or disposition of our ordinary shares by particular investors (including
consequences under the alternative minimum tax or net investment income tax), and does not address state, local, non-U.S. or other tax
laws.
This
summary also does not address all of the tax considerations that may apply to holders that are subject to special tax rules, such as
U.S. expatriates or former long-term residents of the United States, insurance companies, individual retirement accounts and other tax-deferred
accounts, tax-exempt organizations, certain financial institutions, dealers and certain traders in securities, persons holding ordinary
shares as part of a straddle, hedging, conversion or other integrated transaction, controlled foreign corporations or passive foreign
investment companies, persons who are required to accelerate the recognition of any item of gross income with respect to the shares of
the Company as a result of such income being recognized on an applicable financial statement, persons who acquired their ordinary shares
pursuant to the exercise of employee shares options or otherwise as compensation, entities or arrangements classified as partnerships
for U.S. federal income tax purposes or persons whose functional currency is not the U.S. dollar. Such holders may be subject to U.S.
federal income tax consequences different from those set forth below.
If
an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds ordinary shares, the tax treatment of a
partner generally will depend upon the status of the partner and the activities of the partnership. An entity or arrangement treated
as a partnership for U.S. federal income tax purposes, or partner in a partnership, is urged to consult its own tax advisor regarding
the specific tax consequences of owning and disposing of the ordinary shares.
Except
as otherwise noted, this summary assumes that the Company is not a passive foreign investment company (a "PFIC") for U.S.
federal income tax purposes, which the Company believes to be the case. The Company's possible status as a PFIC must be determined
annually and therefore may be subject to change. If the Company were to be a PFIC in any year, materially adverse consequences could
result for U.S. Holders.
Potential
investors in our ordinary shares should consult their own tax advisors concerning the specific U.S. federal, state and local tax consequences
of the ownership and disposition of our ordinary shares in light of their particular situations as well as any consequences arising under
the laws of any other taxing jurisdiction.
Taxation
of distributions
Distributions
received by a U.S. Holder on ordinary shares, including the amount of any Mexican taxes withheld, generally will constitute foreign source
dividend income to the extent paid out of the Company's current or accumulated earnings and profits (as determined for U.S. federal
income tax purposes). Distributions in excess of current and accumulated earnings and profits will be treated as a non-taxable return
of capital to the extent of the U.S. Holder's basis in the ordinary shares and thereafter as capital gain. Because the Company
does not maintain calculations of its earnings and profits under U.S. federal income tax principles, it is expected that such distributions
(including any Mexican taxes withheld) will be reported to U.S. Holders as dividends. U.S. Holders should consult their own tax advisers
with respect to the appropriate U.S. federal income tax treatment of any distribution received from the Company. Corporate U.S. Holders
who own less than 10% of the share capital or voting shares of the Company will not be entitled to claim the dividends received deduction
with respect to dividends paid by the Company. A non-corporate recipient of dividend income will generally be subject to tax on dividend
income from a "qualified foreign corporation" at a reduced capital gains rate rather than the marginal tax rates generally
applicable to ordinary income provided that the holding period requirement is met. A non-U.S. corporation (other than a corporation that
is classified as a PFIC (defined below) for the taxable year in which the dividend is paid or the preceding taxable year) generally
will be considered to be a qualified foreign corporation with respect to any dividend it pays on stock which is readily tradable on an
established securities market in the United States. The ordinary shares are listed on Nasdaq, and should qualify as readily tradable
on an established securities market in the United States so long as they are so listed. Therefore, the Company believes that it will
be a qualified foreign corporation for purposes of the reduced tax rate, although no assurance can be given that it will continue to
be treated as a qualified foreign corporation in the future. Non-corporate U.S. Holders should consult their own tax advisors to determine
whether they are subject to any special rules that limit their ability to be taxed at this favorable rate.
54
Dividends
received on ordinary shares will be treated, for United States foreign tax credit purposes, as foreign source income. A U.S. Holder may
be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any non-United States withholding
taxes imposed on dividends received on ordinary shares. Instead of claiming a credit, a U.S. Holder may elect to deduct foreign taxes
(including any Mexican taxes) in computing its taxable income, subject to generally applicable limitations. An election to deduct foreign
taxes (instead of claiming foreign tax credits) applies to all taxes paid or accrued in the taxable year to foreign countries and
possessions of the United States. The limitations on foreign taxes eligible for credit is calculated separately with respect to specific
classes of income. The rules governing foreign tax credits are complex. Therefore, U.S. Holders should consult their own tax advisors
regarding the availability of foreign tax credits in their particular circumstances.
Taxation
upon sale or other disposition of ordinary shares
A
U.S. Holder generally will recognize U.S. source capital gain or loss on the sale or other disposition of ordinary shares, which will
be long-term capital gain or loss if the U.S. Holder has held such ordinary shares for more than one year. The amount of the U.S.
Holder's gain or loss will be equal to the difference between such U.S. Holder's tax basis in the ordinary shares sold or
otherwise disposed of and the amount realized on the sale or other disposition. Net long-term capital gains of non-corporate U.S. Holders,
including individuals, may be eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.
Any gain or loss that a U.S. Holder recognizes generally will be treated as gain or loss from sources within the United States for U.S.
foreign tax credit limitation purposes.
Additional
tax on net investment income
An
additional 3.8% federal income tax may be assessed on net investment income (including dividends, other distributions, and gain realized
on the sale of ordinary shares) earned by certain U.S. Holders. This tax does not apply to U.S. Holders who hold ordinary shares in the
ordinary course of certain trades or businesses.
Passive
foreign investment company rules
The
Company believes that it was not a PFIC for its 2022 taxable year and does not expect to be a PFIC for its 2023 taxable year
or in the foreseeable future. A non-U.S. corporation will be a PFIC in any taxable year in which, after taking into account the
income and assets of the corporation and certain subsidiaries pursuant to applicable "look-through rules," either (i) at
least 75% of its gross income is "passive income" or (ii) at least 50% of the average value of its assets is attributable
to assets which produce passive income or are held for the production of passive income. However, because PFIC status depends upon the
composition of the Company's income and assets and the market value of its assets (including, among others, less than 25% owned
equity investments) from time to time, there can be no assurance that the Company will not be considered a PFIC for any taxable year.
If
the Company were a PFIC for any taxable year during which a U.S. Holder held ordinary shares, unless the U.S. Holder makes a mark-to-market
election as discussed below, gain recognized by a U.S. Holder on a sale or other disposition of an ordinary shares would be allocated
ratably over the U.S. Holder's holding period for the ordinary shares. The amounts allocated to the taxable year of the sale
or other disposition and to any year before the Company became a PFIC would be taxed as ordinary income. The amount allocated to
each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, and
an interest charge at the rates generally applicable to underpayments of tax payable in those years would be imposed on the resulting
tax liability. The same treatment would apply to any distribution in respect of ordinary shares to the extent such distribution exceeds
125% of the average of the annual distributions on ordinary shares received by the U.S. Holder during the preceding three years
or the U.S. Holder's holding period, whichever is shorter. Certain elections may be available that would result in alternative
treatments (such as mark-to-market treatment) of the ordinary shares.
In
addition, if the Company were treated as a PFIC in a taxable year in which it pays a dividend or in the prior taxable year,
the reduced rate discussed above with respect to dividends paid to certain non-corporate U.S. Holders would not apply.
In
certain circumstances, instead of being subject to the excess distribution rules discussed above, a U.S. Holder may make an election
to include gain on the ordinary shares of a PFIC as ordinary income under a mark-to-market method, provided that the ordinary shares
are regularly traded on a qualified exchange. Under current law, the mark-to-market election is only available for ordinary shares that
are regularly traded within the meaning of U.S. Treasury regulations on certain designated U.S. exchanges and foreign exchanges that
meet trading, listing, financial disclosure and other requirements to be treated as a qualified exchange under applicable U.S. Treasury
regulations. Nasdaq is a qualified exchange.
55
If
a U.S. Holder makes a mark-to-market election, the U.S. Holder will include each year as ordinary income, rather than capital gain, the
excess, if any, of the fair market value of the U.S. Holder's ordinary shares at the end of the taxable year over such U.S. Holder's
adjusted basis in the ordinary shares and will be permitted an ordinary loss in respect of the excess, if any, of the adjusted basis
of these ordinary shares over their fair market value at the end of the taxable year, but only to the extent of the net amount previously
included in income as a result of the mark-to-market election. A U.S. Holder's basis in the ordinary shares will be adjusted to
reflect any such income or loss amounts. Any gain or loss on the sale of the ordinary shares will be ordinary income or loss, except
that this loss will be ordinary loss only to the extent of the previously included net mark-to-market gain.
A
U.S. Holder who owns, or is treated as owning, PFIC stock during any taxable year in which the Company is a PFIC would generally
be required to file IRS Form 8621 annually. Prospective purchasers should consult their tax advisors regarding the requirement to
file IRS Form 8621 and the potential application of the PFIC regime.
Information
reporting and backup withholding
Under
U.S. federal income tax law and the Treasury regulations, certain categories of U.S. Holders must file information returns with respect
to their investment in, or involvement in, a foreign corporation. For example, U.S. Holders that hold certain specified foreign financial
assets in excess of U.S.$50,000 are subject to U.S. return disclosure obligations (and related penalties). The definition of specified
foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in
accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract
held for investment that has an issuer or counterparty other than a U.S. person and any interest in a foreign entity. U. S. Holders may
be subject to these reporting requirements unless their ordinary shares are held in an account at a domestic financial institution. Penalties
for failure to file certain of these information returns are substantial.
Payments
of dividends and sales proceeds with respect to ordinary shares by a U.S. paying agent or other U.S. intermediary will be reported to
the IRS and to the U.S. Holder as may be required under applicable regulations. Backup withholding may apply to these payments if the
U.S. Holder fails to provide a correct taxpayer identification number or certification that it is not subject to backup withholding.
Certain U.S. Holders are not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will
be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle such U.S. Holder to a refund,
provided that the required information is timely furnished to the Internal Revenue Service. U.S. Holders should consult their tax advisors
about these rules and any other reporting obligations that may apply to the ownership or disposition of ordinary shares, including
requirements related to the holding of certain foreign financial assets.
Material
Mexico Income Tax Considerations
The
following is a summary of the material Mexican federal income tax consequences to US holders of the purchase, ownership and disposition
of our shares. The summary of Mexican tax considerations does not purport to be a comprehensive description of all the Mexican tax considerations
that may be relevant to a decision to purchase, own or dispose of shares and does not address all of the Mexican tax consequences that
may be applicable to specific holders of the shares (including a holder that controls the Company, an investor that holds 10% or more
of shares by vote or value or holders that constitute a group of persons for purposes of Mexican law that controls the Company or that
holds 10% or more of the shares by vote or value, or a holder that is a resident of Mexico or that is a corporation resident in a tax
haven (as defined in the Mexican Income Tax Law)). In addition, the summary does not address any U.S. or Mexican state or local tax considerations
that may be relevant to a U.S. holder.
The
summary is based upon the federal income tax laws of the United Mexican States (hereinafter "Mexico") as in effect on the
date of this annual report on Form 20-F, including the provisions of The Convention between the Government of the United States of America
and the Government of the United Mexican States for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect
to Taxes on Income, together with related Protocols and Competent Authority Agreements (hereinafter "Tax Treaty"), all of
which are subject to change, possibly with retroactive effect in the case of U.S. federal income tax law. Prospective investors in our
shares should consult their own tax advisors as to the U.S., Mexican or other tax consequences of the purchase, ownership and disposition
of shares, including, in particular, the effect of any foreign, state or local tax laws and their entitlement to the benefits, if any,
afforded by the Tax Treaty.
For
purposes of this summary, the term "non-Mexican holder" shall mean a holder that is not a resident of Mexico for federal
tax purposes and that does not hold shares or a beneficial interest therein in connection with the conduct of a trade or business through
a permanent establishment or fixed base in Mexico.
56
For
purposes of Mexican taxation, the definition of residency is highly technical and residency results in several situations. Generally,
an individual is a resident of Mexico if he or she has established his or her home in Mexico, and a corporation is a resident if it has
its place of effective management or center of interest in Mexico. An individual who has a home in Mexico and another country will be
considered to be a resident of Mexico if Mexico is the individual's significant center of interest. However, any determination
of residence should take into account the particular situation of each person or legal entity. If a legal entity or an individual is
deemed to have a permanent establishment in Mexico for Mexican tax purposes, all income attributable to that permanent establishment
will be subject to Mexican income taxes, in accordance with applicable tax laws.
Taxation
of Dividends
Under
the Mexican Income Tax Law, dividends paid to Mexican individuals, or any foreign residents are subject to a 10% withholding tax if paid
from earnings generated during and after 2014 but are not subject to Mexican withholding tax if paid from earnings generated before 2014.
Non-Mexican holders may be subject to withholding tax at reduced rates if they are eligible for benefits under an applicable tax treaty
with Mexico.
Taxation
of Dispositions of Shares
Subject
to applicable tax treaties, any gain on the sale of our shares by any holder is subject to a 10% withholding tax in Mexico on the net
gain from the sale if the transaction is carried out through the Mexican Stock Exchange. These taxes are paid through withholdings made
by the financial intermediary. However, these withholdings will not be applicable to a non-resident holder that demonstrates (before
the relevant financial intermediary) residence in a country with which Mexico holds a tax treaty to avoid double taxation. The non-resident
holder must provide the financial intermediary with a signed document stating that the non-resident holder is a foreign resident and
that their country of residence has a tax treaty to avoid double taxation with Mexico and provide their Tax ID.
The
sale or transfer of shares outside of the Mexican Stock Exchange will give rise to a 25% Mexican withholding tax on the gross proceeds
realized from the transaction. Subject to certain exceptions, a non-Mexican holder may elect to pay taxes on the gains realized from
the sale of shares on a net basis at a rate of 35.0%.
Other
Mexican Taxes
There
are no Mexican inheritance, gift, succession or value-added taxes applicable to the ownership, transfer or disposition of the Shares
by non-Mexican holders; provided, however, that gratuitous transfers of shares may in certain circumstances cause a Mexican federal tax
to be imposed upon the recipient. There are no Mexican stamp, issue, registration or similar taxes or duties payable by non-Mexican holders
of shares.
Material
Guatemala Income Tax Considerations
The
tax system of Guatemala is a unitary system, whereby income of all kinds, other than capital gains, is lumped together and subject to
a single tax. The components of gross income subject to tax are usually business income, interest, dividends, rent, salaries, and services.
Companies are subject to income tax only on their Guatemala-source income. Dividends and other income payable abroad are taxed separately
by way of withholding taxes (WHTs).
For
income tax purposes, there are two main systems that taxpayers may subscribe to: the system on earnings from lucrative activities and
the simplified optional system on income from lucrative activities. The taxpayer chooses what system the company is registered for. Once
a system is chosen, it cannot be modified until the next tax period. The request for the modification must be requested before the tax
authorities at least one month prior to the new tax period.
System
on earnings from lucrative activities: Under the system on earnings from lucrative activities, the tax is determined and paid at the
end of each quarter, without prejudicing the end-of-period final tax liquidation. The tax rate is 25% on net income. This system allows
taxpayers to deduct costs and expenses incurred during the period, according to requirements established by law.
Simplified
optional system on income from lucrative activities: Under the simplified optional system on income from lucrative activities, the tax
is payable under flat tax withholdings (the tax is to be retained by either the customer or the recipient of services) or by direct remittances
to the tax office made monthly within the first ten working days of the month following the invoice date. The tax rate is 5% on gross
income that ranges from 0.01 Guatemalan quetzales (GTQ) to GTQ 30,000 and 7% on the excess.
57
Local
income taxes: There are no specific state or provincial government taxes on income other than the two systems previously described.
F.
DIVIDENDS
AND PAYING AGENTS.
Not
applicable.
G.
STATEMENT
BY EXPERTS
Not
applicable.
H.
DOCUMENTS
ON DISPLAY
We
make our filings in electronic form under the EDGAR filing system of the SEC. Our filings are available through the EDGAR system at www.sec.gov.
Our filings are also available to the public through the Internet at our website at https://investors.betterware.com.mx/. Such filings
and other information on our website are not incorporated by reference in this annual report. Interested parties may request a copy of
this filing, and any other report, at no cost, by writing to the following email address: ir@better.com.mx.
I.
SUBSIDIARY
INFORMATION
Not
applicable.
J.
ANNUAL
                                            REPORT TO SECURITY HOLDERS
Not
applicable.
ITEM 11.
QUANTITATIVE
                                            AND QUALITATIVE DISCLOSURES REGARDING MARKET RISK
We
are exposed to market risks arising from our normal business activities, which mainly consists of exchange rate risk and interest rate
risk. These market risks principally involve the possibility that fluctuations in exchange rates and interest rates will adversely affect
the value of our financial assets and liabilities, or future cash flows and earnings. Market risk is the potential loss arising from
adverse changes in market rates and prices.
Market
risk
Our
activities expose it primarily to the financial risks of changes in exchange rates and interest rates (see below). We entered into a
variety of derivative financial instruments to manage its exposure to interest rate and foreign currency risk, including:
●
In
order to reduce the risks related to fluctuations in the exchange rate of foreign currency, we use derivative financial instruments such
as forwards to adjust exposures resulting from foreign exchange currency.
●
Additionally,
the Group occasionally used interest rate swaps to adjust its exposure to the variability of the interest rates or to reduce their financing
costs. The Group's practices vary from time to time depending on judgments about the level of risk, expectations of change in the
movements of interest rates and the costs of using derivatives.
58
December 31,
December 31,
January 03,
2022
2021
2021
Long-term
debt
Long-term
debt
Borrowings
Fair value.
(1)
Ps.
6,489,926
1,499,867
634,992
(1)
The
fair value of the long term bond in 2022 and 2021, was calculated based on level 1 of the value hierarchy, since its price is quoted
in an active market on that date, meanwhile the fair value of borrowings in 2022 and 2020 periods, was calculated using the discounted
cash flow method and the Interbank Equilibrium Interest Rate ("TIIE", for its acronym in Spanish), adjusted for credit risk,
and used to discount future cash flows.
Exchange
risk management
We
undertake transactions denominated in foreign currencies, mainly U.S. dollars; consequently, exposures to exchange rate fluctuations
arise. Exchange rate exposures are managed within approved policy parameters utilizing forward foreign exchange contracts.
Our
carrying amounts of U.S. dollars, Euro ("€"
)
and India rupee ("Rp"
)
and denominated financial
assets and financial liabilities at the reporting date are as follows:
December 31,
January 03,
January 03,
2022
2021
2021
US$
€$
Rp$
US$
US$
Financial assets
13,006
105
60,340
10,686
29,559
Financial liabilities
(23,142
)
(78
)
-
(35,148
)
(49,570
)
Net position
(10,136
)
27
60,340
(24,462
)
(20,011
)
Closing exchange rate of the year
19.3615
20.7693
0.0013
20.5157
19.9352
Exchange
rate sensitivity analysis
We
are mainly exposed to variations in the Mexican Peso / the U.S. Dollar exchange rate. For sensitivity analysis purposes, we have determined
a 10% increase and decrease in Ps. currency units against the U.S. dollar ("relevant currency"). A 10% is the sensitivity
rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of
the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated
financial assets/liabilities and adjusts their translation at the year-end for a 10% change in foreign currency rates. Given that
the foreign exchange currency net position results in a liability, a positive number below indicates an increase in profit where currency
units strengthen 10% against the relevant currency. For a 10% weakening of currency units against the relevant currency, there would
be a comparable impact on the net income, and the balances below would be negative.
December 31,
December 31,
January 03,
2022
2021
2021
Impact on net income
US$
19,490
US$
50,186
US$
39,982
Foreign
exchange forward contracts
We
enter into foreign exchange forward contracts to manage the foreign currency risk associated with anticipated purchase transactions up
to six months. Basis adjustments are made to the initial carrying amounts of inventories when the anticipated purchases take place.
See
Note 19 to our Audited Consolidated Financial Statements for details on foreign currency forward contracts outstanding at the end
of the reporting period. Foreign currency forward contract liabilities are disclosed in the line item 'Derivative financial instruments'
within the consolidated and combined statement of financial position.
We
have entered into contracts to purchase raw materials from suppliers in China, with such purchases denominated in U.S. dollars. We have
entered into foreign exchange forward contracts to hedge the exchange rate risk arising from these anticipated future purchases.
59
Interest
rate risk management
We
are exposed to interest rate risk from borrowings at variable interest rates. We manage the risk by maintaining an appropriate balance
between fixed and variable rate borrowings and the use of interest rate swap contracts. Hedging activities were evaluated regularly to
align with interest rate views and defined risk appetite; ensuring the most cost-effective hedging strategies are applied.
Our
exposures to interest rates on financial assets and financial liabilities are detailed in the section of liquidity risk management in
our Audited Consolidated Financial Statements.
As
of December 2022 and 2021, we did not have any SWAP contracted.
Credit
risk management
Our
exposure to credit risk is not significant as no customer represents more than 10% of sales and receivables. The concentration of credit
risk is limited due to the fact that the customer base is large and unrelated, spread across diverse geographical areas. Credit policy
has been implemented for each customer establishing purchase limits. Customers who do not satisfy the credit references set out by us,
can only carry out transactions with the Group through prepayment.
See
Note 6 in our Audited Consolidated Financial Statements, for further details on trade account receivables and the expected credit loss
estimate.
Collateral
held as security and other credit enhancements
We
do not hold any collateral or other credit enhancements to cover its credit risks associated with its financial assets.
Our
exposure to credit risk
Our
exposure to credit risk concentration is not significant as no customer represents more than 10% of sales and receivables. The concentration
of credit risk is limited due to the fact that the customer base is large and unrelated, spread across diverse geographical areas. Credit
policy has been implemented for each customer establishing purchase limits. Customers who do not satisfy our credit references, can only
carry out transactions with us through prepayment.
For
trade receivables, we have applied the simplified approach to measure the loss allowance at lifetime ECL. We determine the expected credit
losses on these items by using a provision matrix, estimated based on historical credit loss experience based on the past due status
of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit
risk profile of these assets is presented based on their past due status in terms of the provision matrix. Our Note 6 in our Audited
Consolidated Financial Statements includes further details on the loss allowance for these assets.
Liquidity
risk management
The
ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity
risk management framework for management of our short, medium and long-term funding and liquidity management requirements. We manage
liquidity risk by maintaining adequate reserves, banking facilities, and reserve borrowing facilities, by continuously monitoring the
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
Liquidity
maturity analysis
We
manage our liquidity risk by maintaining adequate reserves of cash and bank credit lines available and consistently monitoring its projected
and actual cash flows. The maturity analysis of lease liabilities and long-term debt maturities effectives in 2022, 2021 and 2020 are
presented in Note 14 and 16, respectively in our Audited Consolidated Financial Statements. We have access to financing facilities as
described below.
Bank credit lines and long term debt
2022
2021
2020
Amount used
Ps.
6,198,695
1,500,000
626,554
Amount not used
1,380,000
250,000
297,828
Total credit lines and long term debt
Ps.
7,578,695
1,750,000
924,382
60
ITEM 12.
DESCRIPTION
                                            OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
DEBT
SECURITIES
Not
applicable.
B.
WARRANTS
AND RIGHTS
Not
applicable.
C.
OTHER
SECURITIES
Not
applicable.
D.
AMERICAN
DEPOSITARY SHARES
Not
applicable.
61
PART II
ITEM 13.
DEFAULTS,
                                            DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM 14.
MATERIAL
                                            MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not
applicable.
ITEM 15.
CONTROLS
                                            AND PROCEDURES
A.
DISCLOSURE
CONTROLS AND PROCEDURES
Our
Chief Executive Officer (CEO) and Chief Corporate Financial Officer (CCFO) are responsible for implementing disclosure controls and procedures
to ensure that the information required to be disclosed by the Group in the reports that it files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such information is necessary
for our officers who certify our financial reports and for other members of senior management and the CEO and CCFO as appropriate to
allow timely decisions regarding required disclosure. Because of these inherent limitations, our disclosure controls and procedures may
not prevent or detect misstatements. Additionally, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
The
CEO and CCFO oversee and review all materials for which there is a disclosure requirement, together with all data required to support
the documents mentioned above. These executives meet at regular intervals in order to review all data. Our CEO and CCFO conducted an
evaluation of the effectiveness of our disclosure controls and procedures (pursuant to Rule 13a-15(e) under the Exchange Act)
as of December 31, 2022. Based on that evaluation, our CEO and CCFO have concluded that the Company's disclosure controls and procedures
were not effective as of December 31, 2022, due to the existence of material weaknesses in our internal controls over financial reporting.
See
Exhibits 12.1 and 12.2 for the certifications required by this Item.
62
B.
MANAGEMENT'S
ANNUAL ASSESSMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Betterware's
management is responsible for establishing and maintaining adequate internal control over financial reporting for Betterware as defined
in Exchange Act Rule 13a-15(f) and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Internal
control over financial reporting includes those policies and procedures that:
●
pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of Betterware;
●
provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS
and that receipts and expenditures of Betterware are being made only in accordance with authorizations of Management and directors of
Betterware; and
●
provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Betterware's
assets that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements due to the possibility
that a control can be circumvented or overridden or that misstatements due to error or fraud may occur that are not detected. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A
material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that a reasonable
possibility exists that a material misstatement of our annual or interim financial statements would not be prevented or detected on a
timely basis.
As of December 31st, 2022,
our management assessed the effectiveness of our internal control over financial reporting based on the criteria of Internal Control -
Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
Our assessment concluded the
following material weaknesses.
The Company did not design
and maintain an effective risk assessment process and monitoring activities, commensurate with our financial reporting requirements, related
to identifying and assessing significant changes in the business that could affect our internal control over financial reporting, and
conducting timely follow-up to determine whether the components of internal control are present and functioning effectively. These material
weaknesses contributed to the following material weaknesses associated with:
(i) business combination process
specifically, the Company did not design and maintain controls to determine the goodwill and long-lived assets, including the review of
the data and assumptions used to determine the fair value of the assets and liabilities acquired;
(ii) the period-end financial
reporting and consolidation process. Specifically, the Company did not design and maintain formal accounting policies, procedures and
controls to ensure complete, accurate and timely reporting in the consolidated financial statements; and
(iii) certain information
technology ("IT") general controls for information systems that are relevant to the preparation of its consolidated financial
statements. Specifically, the Company did not design and maintain (i) program change management controls to ensure the completeness of
IT program and data changes affecting IT applications and underlying accounting records are identified, tested, authorized and implemented
appropriately, (ii) certain user access controls to ensure appropriate segregation of duties that adequately restrict user and privileged
access to its financial applications and data to appropriate Company personnel, (iii) computer operations controls to ensure certain critical
data interfaces between key systems are appropriately monitored.
63
These material weaknesses
resulted in revisions to previously issued consolidated financial statements as of and for the years ended December 31, 2021 and January
3, 2021, and certain adjustments recorded in the current year consolidated financial statements. Additionally, each of these material
weaknesses could result in further misstatements of account balances or disclosures that would result in a material misstatement to the
consolidated financial statements that would not be prevented or detected.
We are in the process of implementing
several measures to strengthen our internal control over financial reporting such as the deployment of IT applications to enable and automate
the consolidation, creation and updating of policies and procedures for internal control reporting, creation of an internal control area
which shall be responsible of monitoring the internal control, and IT General Control process as implementation of new tools for managing
IT system changes such as ITSM.
Notwithstanding the material
weaknesses in our internal control over financial reporting, we have concluded that the Consolidated Financial Statements included in
this annual report present fairly, in all material respects, our financial position, results of operations and cash flows for the periods
presented in conformity with IFRS.
During 2021, the Company ceased
to be classified as an emerging growth company ("EGC") and its status was changed to that of large accelerated filer. Consequently,
the Company was no longer eligible for an exception from compliance with the requirements of section 404 of the Sarbanes-Oxley Act of
2022, which stipulates those enterprises must establish internal controls for financial reporting and must have processes to document,
test and maintain internal controls continuously. The Company started in 2021 the implementation of a formal Internal Control over Financial
Reporting Program based on a top-down risk assessment to validate the existence of controls over significant, accounts, processes, applications
and IT environments. Our management has worked, and continues to work, to strengthen our internal control over financial reporting, however,
we have not completed all remediation efforts. Accordingly, we will continue to enhance the internal control environment and focus on
the remediation of the material weaknesses described above, performing additional procedures prescribed by management, including the use
of manual mitigating control procedures and employing any additional tools and resources deemed necessary to ensure that our consolidated
financial statements are fairly stated in all material respects.
Management
conducted an evaluation of the effectiveness of Betterware's internal control over financial reporting based on the framework in
Internal Control – Integrated Framework 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission
("COSO 2013"). Based on its evaluation, Management concluded that Betterware's internal control over financial reporting
was not effective as of December 31, 2022.
Guadalajara,
Mexico
May 15,
2023
/s/ Andres Campos
/s/ Alejandro Ulloa
Andrés
    Campos, CEO
Alejandro
    Ulloa, CCFO
64
C.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON INTERNAL CONTROLS
PricewaterhouseCoopers,
S.C., the Company's independent registered public accounting firm, has audited the effectiveness of the Company's internal
controls over financial reporting as of December 31, 2022 as stated in their report, which appears in "
Item 18. Financial Statements
."
D.
CHANGES
IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During
2022, we implemented certain changes in our internal control over financial reporting to address our material weaknesses identified in
2021, which include:
●
Completed
the design and implementation of an Internal Control over Financial Reporting (ICFR) program, which is aligned with leading control frameworks
such as COSO and COBIT.
Our
ICFR program focuses on the identification, documentation, and testing of the controls intended to mitigate the risk of material financial
statement misstatements and is the basis to assess the effectiveness of our ICFR as of the end of each fiscal year.
●
Documented
processes and controls, by which transactions are initiated, authorized, recorded, processed, corrected as necessary, transferred to
the general ledger and reported in our consolidated financial statements;
●
Finalized
the implementation of the controls intended to mitigate risks on areas of higher risk to financial reporting.
●
Documented
a remediation plan which included the deficiencies identified and the controls to be implemented for each one of them and the time of
when remediation was going to be completed.
We
acknowledge that material weaknesses in our ICFR have been identified. We will continue to work to enhance the maturity level of our
implemented ICFR.
ITEM 16.
Reserved
ITEM 16A.
AUDIT
                                            COMMITTEE FINANCIAL EXPERT
See "Directors, Senior Management and Employees—Board Practices—Board
Committees—Audit Committee." Our Board of Directors has determined /that Joaquin Gandara Ruiz Esparza qualifies as an "audit
committee financial expert" under applicable SEC rules.
65
ITEM 16B.
CODE
                                            OF ETHICS
We
have a Code of Ethics that applies to all directors, officers and employees of the Group, including our Chief Executive Officers, Chief
Financial Officers, principal accounting officers, controller and persons performing similar functions. Our Code of Ethics is included
as an exhibit to this annual report on Form 20-F.
ITEM 16C.
PRINCIPAL
                                            ACCOUNTANT FEES AND SERVICES
Fees
Paid to the Company's Principal Accountant
The
following table sets forth the fees for the 2022 and 2021 periods, respectively:
For the Year Ended
December 31,
December 31,
2022
2021
(in thousands of MX$)
Audit fees
17,015
6,945
Audit related fees
312
2,258
Other fees
2,005
2,064
Total
19,332
11,267
Audit
Fees
Audit fees were paid for professional
services rendered by the auditors for the audit of the Consolidated Financial Statements and the statutory financial statements of the
Group.
Audit-Related
Fees
Audit-related
fees are typically services that are reasonably related to the performance of the audit or review of the Consolidated Financial Statements
and are not reported under the audit fee item above. This item includes fees for attestation services on financial information of the
Group included in the Group's registration statements on Form F-1 and Form F-4 as well as its listing process in the
Bolsa Institucional de Valores ("BIVA", Mexican Stock Exchange) in 2021 the listing process in Bolsa Mexicana de Valores
("BMV").
Other
Fees
Other
fees were paid for transfer pricing services and social security compliance.
Audit
Committee's Pre-approval Policies and Procedures
The
Group's audit committee is responsible for, among other things, the oversight of the Group's independent auditors. The audit
committee has adopted a policy of pre-approval of audit and permissible non-audit services provided by its independent auditors in its
charter.
Under
the policy, the audit committee makes its recommendations through the Board of Directors to the shareholders' meeting concerning
the continuing appointment or termination of the Group's independent auditors. On a yearly basis, the audit committee reviews
together with management and the independent auditor, the audit plan, audit related services and other non-audit services and approves
the related fees. Any changes to the approved fees must be reviewed and approved by the audit committee. In addition, the audit committee
delegated to its Chairman the authority to consider and approve, on behalf of the Audit Committee, additional non-audit services that
were not recognized at the time of engagement, which must be reported to the other members of the audit committee at its next meeting.
No services outside the scope of the audit committee's approval can be undertaken by the independent auditor.
ITEM 16D.
EXEMPTIONS
                                            FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
66
ITEM 16E.
PURCHASES
                                            OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
None.
ITEM 16F.
CHANGE
                                            IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On August 4, 2022, our Board of Directors approved the appointment
of PricewaterhouseCoopers,, S.C. ("PWC"), as our auditors for the audit as of December 31, 2022. The change in the Group's
external auditor was decided in connection with the JAFRA Acquisition in April 2022. At the time of the acquisition, PWC acted as external
auditor of JAFRA. Likewise, Galaz, Yamazaki, Ruiz Urquiza, S.C. ("Deloitte") was the Company's external auditor. Since
it was not possible for the Company to have two external auditors' firms, the Company's Audit Committee requested both of
them to submit separate proposals to act as external auditors of the Company in a consolidated basis. After careful review of such proposals,
the appointment of PWC was recommended by the Company's Audit Committee and was approved by the Company's Board of Directors.
At the same time, Deloitte was dismissed.
During the two fiscal years ended December 31, 2021 and January 3,
2021, and the subsequent interim period through August 4, 2022 there were no disagreements with Deloitte, on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their
satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreement.
The audit reports of Deloitte
on the consolidated financial statements of the Group as of December 31, 2021 and January 3, 2021, respectively, and for the years then
ended did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope,
or accounting principle.
The Registrant has requested that Deloitte furnish it with a letter
addressed to the SEC stating whether or not it agrees with the above statements. A copy of such letter, dated May 15, 2023, is filed as
Exhibit 16 to this Form 20-F.
ITEM 16G.
CORPORATE
                                            GOVERNANCE
As
a Mexican company listed on the Nasdaq, we are subject to the Nasdaq corporate governance listing standards. However, Nasdaq rules permit
a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices
in Mexico, which is our home country, may differ significantly from the Nasdaq corporate governance listing standards. Currently, we
rely on home country practice. As a result, our shareholders could be subject to less protection than they would otherwise enjoy under
the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. See "Risk Factors—As a "foreign
private issuer" under the rules and regulations of the SEC, Betterware is permitted to, and is expected to, file less or different
information with the SEC than a company incorporated in the United States or otherwise subject to these rules, and is expected to follow
certain home country corporate governance practices in lieu of certain Nasdaq requirements applicable to U.S. issuers."
ITEM 16H.
MINE
                                            SAFETY DISCLOSURE
Not
applicable.
ITEM 16I.
DISCLOSURE
                                            REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable.
ITEM 16J.
INSIDER
                                            TRADING POLICIES
Not
applicable.
67
PART III
ITEM 17.
FINANCIAL
                                            STATEMENTS
The
Group has responded to Item 18 in lieu of responding to this item.
ITEM 18.
FINANCIAL
                                            STATEMENTS
(a)
Financial
                                            Statements
Betterware
de México, S.A.P.I. de C.V. (formerly Betterware de México, S.A.B. de C.V.)
Audited
Consolidated and Combined Financial Statements
Report of Independent Registered Public Accounting Firm
PCAOB
    ID 1128
F-2
Report of Independent Registered Public Accounting Firm
PCAOB
    ID 1153
F-6
Consolidated Statements of Financial Position as of December 31, 2022, 2021, and January 3, 2021
F-7
Consolidated Statements of Profit or Loss and Other Comprehensive Income for the year ended December 31, 2022, 2021 and the 53-week period ended January 3, 2021
F-9
Consolidated Statements of Changes in Stockholders' Equity for the year ended December 31, 2022, 2021 and the 53-week period ended January 3, 2021
F-11
Consolidated Statements of Cash Flows for the year ended December 31, 2022, 2021 and the 53-week period ended January 3, 2021
F-12
Notes to the Audited Consolidated Financial Statements
F-14
68
ITEM 19.
EXHIBITS
(b)
List
of Exhibits
The
following exhibits are filed or incorporated by reference as part of this annual report:
Exhibit
Number
Description
1.1
Articles of Association of Betterware de México, S.A.P.I. de C.V.*
2.1
Description of Securities
8.1
List of Subsidiaries.
11.1
English Translation of the Company's Code of Ethics.*
12.1
Certification of Andres Campos, Chief Executive Officer of Betterware de México, S.A.P.I. de C.V., pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
12.2
Certification of Alejandro Ulloa, Corporate Chief Financial Officer of Betterware de México, S.A.P.I. de C.V., pursuant to Section 302 of the Sarbanes Oxley Act of 2002.
13.1
Certification of Andres Campos, Chief Executive Officer of Betterware de México, S.A.P.I. de C.V., pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
13.2
Certification of Alejandro Ulloa, Corporate Chief Financial Officer of Betterware de México, S.A.P.I. de C.V., pursuant to Section 906 of the Sarbanes Oxley Act of 2002.
16.1
Letter,
    dated May 15, 2023, from Galaz, Yamazaki, Ruiz Urquiza, S.C. member of Deloitte Touche Tohmatsu Limited to the Securities and
    Exchange Commission.
101.INS
INLINE
    XBRL Instance Document
101.SCH
INLINE
    XBRL Taxonomy Extension Schema
101.CAL
INLINE
    XBRL Taxonomy Calculation Linkbase
101.DEF
INLINE
    XBRL Definition Linkbase Document
101.LAB
INLINE
    XBRL Taxonomy Label Linkbase
101.PRE
INLINE
    XBRL Definition Linkbase Document
104
Cover
    Page Interactive Data File (embedded within the Inline XBRL document)
*
Incorporated by reference to the
annual report on Form 20F filed by Betterware de México, S.A.P.I. de C.V. on April 29, 2022 (File No. 000-1788257)
69
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
Betterware
    de México, S.A.P.I. de C.V.
By:
/s/
    Luis Campos
Name:
Luis
    Campos
Title:
Board
    Chairman
Dated: May 15, 2023
Betterware
de México, S.A.P.I. de C.V. (formerly Betterware de México, S.A.B. de C.V., subsidiary of Campalier, S.A. de C.V.) and
subsidiaries
Consolidated
financial statements as of December 31, 2022, 2021 and January 3, 2021 and for the year ended December 31, 2022, 2021 and the 53 weeks
ended January 3, and Report of Independent Registered Accounting Firm dated May 15, 2023
70
Betterware
de México, S.A.P.I. de C.V. (formerly Betterware de México, S.A.B. de C.V., subsidiary of Campalier, S.A. de C.V.) and
subsidiaries
Consolidated financial statements as
of December 31, 2022, 2021 and January 3, 2021 and for the year ended December 31, 2022, 2021, and the 53 weeks ended January 3, 2021
,
and Report of Independent Registered Accounting Firm dated May 15, 2023
Betterware de México, S.A.P.I. de C.V.
(formerly Betterware de México, S.A.B. de C.V.) and subsidiaries
Consolidated financial statements as of December 31, 2022, 2021,
and January 3, 2021 and for the year ended December 31, 2022, 2021 and the 53 weeks ended January 3, 2021, and Report of Independent Registered
Accounting Firm
Table of Contents
Page
Report of Independent Registered Accounting Firm PCAOB ID 1128
F-2
Report of Independent Registered Accounting Firm PCAOB ID
1153
F-6
Consolidated statements of financial position
F-7
Consolidated statements of profit or loss and other comprehensive income
F-9
Consolidated statements of changes in stockholders' equity
F-11
Consolidated statements of cash flows
F-12
Notes to the consolidated financial statements
F-14
F-
1
Report of Independent Registered Public
Accounting Firm
To the Board of Directors and Shareholders of
Betterware de México, S.A.P.I. de C.V.
Opinion on the Financial Statements and Internal Control over
Financial Reporting
We have audited the accompanying consolidated statement of financial
position of Betterware de México, S.A.P.I. de C.V. and its subsidiaries (the "Company') as of December 31, 2022, and
the related consolidated statements of profit or loss and other comprehensive income, of changes in stockholders' equity and of
cash flows for the year then ended, including the related notes (collectively referred to as the "consolidated financial statements").
We also have audited the Company's internal control over financial reporting as of December 31, 2022, based on criteria established
in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations
and its cash flows for the year then ended in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board. Also in our opinion, the Company did not maintain, in all material respects, effective internal control over
financial reporting as of December 31, 2022, based on criteria established in Internal Control - Integrated Framework (2013) issued by
the COSO because material weaknesses in internal control over financial reporting existed as of that date related to ineffective design
and maintenance of controls over (i) risk assessment processes to identify and assess the risk of material misstatement in the Company's
consolidated financial statements, (ii) monitoring activities to identify significant changes in the business and conduct timely follow
up to determine whether controls are present and functioning effectively, (iii) the business combination process to determine the goodwill
and long-lived assets, including the review of the data and assumptions used to determine the fair value of the assets and liabilities
acquired, (iv)  the period-end financial reporting and consolidation process to maintain formal accounting policies, procedures and
controls to ensure complete, accurate and timely reporting in the consolidated financial statements; and (v) certain information technology
general controls for information systems that are relevant to the preparation of  the Company's consolidated financial statements
relating to program change management, certain user access and segregation of duties,and computer operations for certain critical data
interfaces between key systems.
A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or
interim financial statements will not be prevented or detected on a timely basis. The material weaknesses referred to above are described
in the Management's Annual Assessment on Internal Control over Financial Reporting appearing under Item 15. We considered these
material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the 2022 consolidated financial
statements, and our opinion regarding the effectiveness of the Company's internal control over financial reporting does not affect
our opinion on those consolidated financial statements.
F-
2
Basis for Opinions
The Company's management is responsible for these consolidated financial
statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal
control over financial reporting, included in the management's report referred to above. Our responsibility is to express opinions
on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was
maintained in all material respects.
Our audits of the consolidated financial statements included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide
a reasonable basis for our opinions.
As described in the Management's Annual Assessment on Internal
Control over Financial Reporting appearing under Item 15, management has excluded JAFRA Segment from its assessment of internal control
over financial reporting as of December 31, 2022 because it was acquired by the Company in a purchase business combination during 2022.
We have also excluded JAFRA Segment from our audit of internal control over financial reporting. JAFRA Segment is a wholly-owned subsidiary
whose total assets and total revenues excluded from management's assessment and our audit of internal control over financial reporting
represent 49% and 45%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31,
2022.
F-
3
Definition and Limitations of Internal Control over Financial
Reporting
A company's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from
the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee
and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially
challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the
consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate
opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Accounts Receivable Allowance for Credit Losses
As described in Note 6 to the consolidated financial statements as
of December 31, 2022, the accounts receivable amounted to $971 million, the Company assesses the recoverability of accounts receivable
by recognizing the provision for impairment based on expected credit losses. As disclosed by Management, the Company used the segmentation
of the portfolio and the historical percentage loss due to default for each segment of the portfolio for the calculation of the allowance
for credit losses.
The principal considerations for our determination that performing
procedures relating to accounts receivable allowance for credit losses is a critical audit matter are the complexity of methodologies
used by management in each of their portfolio segments and the significant judgment in evaluating audit evidence related to the assumptions.
Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among
others, i) evaluating the appropriateness of the  management´s methodology and models for determining the allowance for credit
losses estimate, ii)  evaluating on a sampling basis the portfolio classification (by expiration date, inactive portfolio and unrecoverable
portfolio), inspecting the underlying supporting documentation and iii) reperforming on a sampling basis the calculation of the historical
percentage of loss due to default, for each portfolio segment, which consider the behavior of the portfolio segments from previous years.
F-
4
Goodwill and Indefinite-lived Intangible Assets Impairment Assessment
As described in Notes 12 and 13 to the consolidated financial statements,
the Company annually tests the recovery value of its indefinite-lived intangible assets (goodwill, trademarks and others) which amounted
to $2,702 million as of December 31, 2022. Management's cash flow projections for the CGU included significant judgments and assumptions
relating to the terminal value, the projected profit margin of EBITDA (income before interest, taxes, depreciation and amortization) and
the discount rate.
The principal considerations for our determination that performing
procedures relating to the goodwill  and indefinite-lived intangible assets impairment assessment is a critical audit matter are
the significant judgment used by management when identifying CGUs, a high degree of auditor judgment, subjectivity, and effort in performing
procedures and evaluating management's significant assumptions related to the terminal value, the projected profit margin of EBITDA
(income before interest, taxes, depreciation and amortization) and the discount rate and the audit effort involved the use of professionals
with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures also included,
among others, i) evaluating the CGUs identified by management, ii) comparing the projections with the budget approved by the Board of
Directors of the Company, iii) comparing the actual results of the current year with the respective budget, to identify if any assumption
included in the cash flow projections could be considered too optimistic, and iv) involving professionals with specialized skill and knowledge
to assist in evaluating the appropriateness of the discounted cash flow model used, comparing the terminal value and the projected EBITDA
margin with historical results on each CGUs and independent market sources from comparable entities in the industry and comparing the
discount rate used to discount future cash flows with an estimated market rate considering the Company's level of leverage, the expectation
of leverage in the short and medium term and the optimal level of the industry.
JAFRA´s Business Acquisition
As described in Notes 1 and 11 to the consolidated financial statements,
on April 7, 2022, the Company completed the acquisition of JAFRA's operations in Mexico and the United States for consideration
of $5,044 million, which resulted in $1,958 million of property, plant and equipment and $1,394 million of intangible assets being recorded
under acquisition method. Management applied significant judgment in estimating the fair value of property, plant and equipment and intangible
assets acquired, which involved the use of significant estimates and assumptions with respect to the timing and amounts of cash flow projections,
the revenue growth rate and the discount rate.
The principal considerations for our determination that performing
procedures relating to JAFRA's business acquisition is a critical audit matter are the significant judgment used by management in
the models and methodologies used to determine the fair value of property, plant and equipment and intangible assets including the assumptions
used and the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures also included,
among others, i)  comparing the models and methodologies applied by the Company to determine the fair value of property, plant and
equipment and intangible assets with the models or methodologies commonly used and recognized in the industry to determine the fair value
of similar assets, ii) evaluating the discount rate used to calculate the present values, comparing it with a comparable market rate at
the date of the transaction iii) comparing the estimated revenue growth rate with historical market trends and industry projection data
and iv) on a sample basis, we independently determine the fair value of the assets using other valuation models commonly accepted in the
market and considering data from market sources, and compared them with the values determined by management.
/s/ PricewaterhouseCoopers, S.C.
/s/ C.P.C. Joel Martínez Bustamante
Audit Partner
Guadalajara, Mexico
May 15, 2023
We have served as the Company's auditor since 2022.
F-
5
Report of Independent Registered Accounting
Firm
To the Shareholders and Board of Directors of Betterware de México, S.A.P.I. de C.V. (formerly Betterware de México,
S.A.B. de C.V.) and subsidiaries
Opinion on the Consolidated Financial
Statements
We have audited the accompanying
consolidated statements of financial position of Betterware de México, S.A.P.I. de C.V. and subsidiaries (collectively, the "Group"
or "Betterware") as of December 31, 2021 and January 3, 2021, and the related consolidated statements of profit and loss and
other comprehensive income, changes in stockholders' equity, and of cash flows, for the year ended December 31, 2021 and the 53-week
period ended January 3, 2021, and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as
of December 31, 2021 and January 3, 2021 and the results of its operations and its cash flows for the year ended December 31, 2021 and
the 53-week period ended January 3, 2021, in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.
Basis for Opinion
These consolidated financial
statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated
financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements
in Mexico according to the "Codigo de Etica Profesional del Instituto Mexicano de Contadores Publicos" ("IMCP Code"),
and the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement, whether due to error or fraud. Until 2020, the Group was not
required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Group´s internal control over financial reporting. Accordingly, we express no such opinion as of January
3, 2021.
Our audit included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Basis of preparation
As discussed in Note
2.a, until 2020, Betterware's financial year was a 52- or 53-weeks period ending on the Sunday nearest to December 31. However,
due to the fact that in 2021 Betterware placed debt on the Mexican Stock Exchange, the financial period must be presented in compliance
with the Mexican General Corporate Law, which must coincide with the calendar year. Therefore the financial information of 2021 is presented
as of December 31, 2021 and for the year then ended. The comparative financial year of 2020 consisted of 53 weeks ended on January 3,
2021, which were not adjusted to calendar year because the effects of the change are not significant.
/s/ Galaz, Yamazaki, Ruiz Urquiza, S.C.
Guadalajara, Jalisco,
Mexico
April 28, 2022 (May 15, 2023 as to the effects
of the restatement discussed in Note 2.b)
We have served as the Company's auditor
since 2019. In 2022, we became the predecessor auditor.
F-
6
Betterware de México, S.A.P.I. de C.V. (formerly Betterware
de México, S.A.B. de C.V.) and subsidiaries
Consolidated
statements of financial position
As of December 31, 2022, 2021 and
January 3, 2021
(In Thousands of Mexican pesos)
Assets
Note
As of
December 31,
2022
As of
December 31,
2021
As of
January 3,
2021
Current assets:
Cash and cash equivalents
5
$
815,644
$
1,175,198
$
649,820
Trade accounts receivable, net
6, 21
971,063
745,593
735,026
Accounts receivable from related parties
25
61
24
-
Inventories
7
2,122,670
1,286,155
1,284,672
Prepaid expenses
8
52,562
35,596
52,581
Derivative financial instruments
19
-
28,193
-
Income tax recoverable
17
204,860
-
-
Other assets
9
188,266
81,988
130,417
Total current assets
4,355,126
3,352,747
2,852,516
Non-current assets:
Property, plant and equipment, net
10
2,973,374
1,069,492
791,127
Right-of-use assets, net
14
293,565
17,384
24,882
Deferred income tax
17
319,157
-
17,605
Investment in subsidiaries
1,236
497
-
Intangible assets, net
13
1,743,882
369,760
319,361
Goodwill
12
1,599,718
371,075
348,441
Other assets
9
46,675
4,274
5,774
Total non-current assets
6,977,607
1,832,482
1,507,190
Total assets
$
11,332,733
$
5,185,229
$
4,359,706
(Continued)
F-
7
Betterware de México, S.A.P.I. de C.V. (formerly Betterware
de México, S.A.B. de C.V.) and subsidiaries
Consolidated
statements of financial position
As of December 31, 2022, 2021, and January 3, 2021
(In Thousands of Mexican pesos)
Liabilities and stockholders' equity
Note
As of December 31,
2022
As of December 31, 2021
As of January 3, 2021
Current liabilities:
Short term debt and borrowings
16
$
230,419
$
28,124
$
105,910
Accounts payable to suppliers
15
1,371,778
1,984,932
2,078,628
Accounts payable to related parties
25
96,859
-
-
Accrued expenses
305,588
159,354
109,767
Provisions
18
793,412
118,468
153,978
Income tax payable
17
-
97,634
85,221
Value added tax payable
89,142
-
26,703
Employee profit sharing payable
135,298
55,305
7,354
Lease liability
14
85,399
6,102
7,691
Derivative financial instruments
19
15,329
-
295,115
Total current liabilities
$
3,123,224
$
2,449,919
$
2,870,367
Non-current liabilities:
Statutory employee benefits
20
153,907
2,093
1,678
Derivative financial instruments
19
-
-
25,179
Deferred income tax
17
833,557
38,975
39,852
Lease liability
14
206,509
11,778
16,687
Long term debt and borrowings
16
5,918,256
1,482,261
523,967
Total non-current liabilities
7,112,229
1,535,107
607,363
Total liabilities
10,235,453
3,985,026
3,477,730
Stockholder's equity
22
Common stock
321,312
321,312
308,035
Share premium account
(
12,671
)
6,659
909,428
Retained earnings (deficit)
779,941
856,994
(
334,769
)
Other comprehensive income
7,515
583
(
718
)
Equity attributable to owners of the Group
1,096,097
1,185,548
881,976
Non-controlling interest
1,183
14,655
-
Total stockholders' equity
1,097,280
1,200,203
881,976
Total liabilities and stockholders' equity
$
11,332,733
$
5,185,229
$
4,359,706
See accompanying notes to consolidated financial statements.
(Concluded)
F-
8
Betterware de México, S.A.P.I. de C.V. (formerly Betterware
de México, S.A.B. de C.V.) and subsidiaries
Consolidated
statements of profit or loss and other comprehensive income
For the year ended December 31, 2022 ("2022"), December,
2021 ("2021"), and the 53-week period ended January 3, 2021 ("2020")
(Thousands of Mexican pesos, except per share amounts)
Note
2022
2021
2020
Net revenue
26
$
11,507,549
$
10,067,683
$
7,237,628
Cost of sales
7
3,579,093
4,498,008
3,280,348
Gross profit
7,928,456
5,569,675
3,957,280
Administrative expenses
26
2,596,642
1,247,742
667,647
Selling expenses
26
2,808,030
1,256,289
895,275
Distribution expenses
26
473,516
463,779
331,023
5,878,188
2,967,810
1,893,945
Divestment of subsidiaries
(
21,862
)
-
-
Operating income
2,028,406
2,601,865
2,063,335
Financing income (cost):
Interest expense
(
543,321
)
(
75,818
)
(
80,253
)
Interest income
28,689
25,872
10,930
Unrealized (loss) gain in valuation of derivative financial instruments
19
(
43,522
)
330,315
(
287,985
)
Changes in fair value of warrants
-
-
(
851,520
)
Foreign exchange loss, net
(
83,368
)
(
319,739
)
(
30,402
)
(
641,522
)
(
39,370
)
(
1,239,230
)
Income before income taxes
1,386,884
2,562,495
824,105
Income taxes:
Current
17
533,522
791,856
576,834
Deferred
17
(
16,602
)
22,700
(
51,173
)
516,920
814,556
525,661
Net income for the year
869,964
1,747,939
298,444
Net income for the year attributable to:
Owners of the Group
$
872,557
$
1,751,645
$
298,444
Non-controlling interest
(
2,593
)
(
3,706
)
-
$
869,964
$
1,747,939
$
298,444
Items that are or may be reclassified subsequently to profit or loss:
Currency effects
(
8,653
)
-
-
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit obligation, net of taxes
20
15,585
83
(
839
)
Total comprehensive income for the year
$
876,896
$
1,748,022
$
297,605
(Continued)
F-
9
Betterware de México, S.A.P.I. de C.V. (formerly Betterware
de México, S.A.B. de C.V.) and subsidiaries
Consolidated
statements of profit or loss and other comprehensive income
For the year ended December 31, 2022 ("2022"), December
31, 2021 ("2021") and the 53-week period ended January 3, 2021 ("2020")
(Thousands of Mexican pesos, except per share amounts)
Note
2022
2021
2020
Comprehensive income for the year attributable to:
Owners of the Group
$
879,489
$
1,751,728
$
297,605
Non-controlling interest
(
2,593
)
(
3,706
)
-
$
876,896
$
1,748,022
$
297,605
Basic earnings per common share
(pesos)
24
$
23.42
$
47.38
$
8.76
Diluted earnings per common share (
pesos)
24
$
23.41
$
46.91
$
8.68
See accompanying notes to consolidated financial statements.
(Concluded)
F-
10
Betterware de México, S.A.P.I.
de C.V. (formerly Betterware de México, S.A.B. de C.V.) and subsidiaries
Consolidated
statements of changes in stockholders' equity
For the year ended December 31, 2022 ("2022"), December
31, 2021 ("2021") and the 53-week period ended January 3, 2021 ("2020")
(Thousands of Mexican pesos)
Note
Common
stock
Share
premium
account
Retained
earnings
(deficit)
Other
comprehensive
income
Non-
controlling
interest
Total
stockholders' equity
Balance as of January 1, 2020
$
55,985
$
-
$
218,376
$
121
$
-
$
274,482
Capital increase
22
225,737
909,428
-
-
-
1,135,165
Other capital movements
26,313
-
(
26,313
)
-
Effects of merger with related party
22
-
-
4,724
-
-
4,724
Dividends paid
22
-
-
(
830,000
)
-
-
(
830,000
)
Total comprehensive income for the year
-
-
298,444
(
839
)
-
297,605
Balance as of January 3, 2021
308,035
909,428
(
334,769
)
(
718
)
-
881,976
Accounting effects from changing reporting period
22
-
-
(
36,400
)
-
-
(
36,400
)
Balance as of December 31, 2020
308,035
909,428
(
371,169
)
(
718
)
-
845,576
Reclassification of share premium to retained earnings
22
-
(
876,518
)
876,518
-
-
-
Other capital movements
13,277
(
26,251
)
-
1,218
-
(
11,756
)
Dividends paid
-
-
(
1,400,000
)
-
-
(
1,400,000
)
Effect of acquisition of subsidiaries
-
-
-
-
18,361
18,361
Total comprehensive income for the year
22
-
-
1,751,645
83
(
3,706
)
1,748,022
Balance as of December 31, 2021
321,312
6,659
856,994
583
14,655
1,200,203
Other capital movements
-
(
19,330
)
-
-
-
(
19,330
)
Movements in non-controlling interest
-
-
-
-
(
10,879
)
(
10,879
)
Dividends paid
22
-
-
(
949,610
)
-
-
(
949,610
)
Total comprehensive income for the year
-
-
872,557
6,932
(
2,593
)
876,896
Balance as of December 31, 2022
$
321,312
$
(
12,671
)
$
779,941
$
7,515
$
1,183
$
1,097,280
See accompanying notes to consolidated financial statements.
F-
11
Betterware de México, S.A.P.I.
de C.V. (formerly Betterware de México, S.A.B. de C.V.) and subsidiaries
Consolidated
statements of cash flows
For the year ended December 31, 2022 ("2022"), December
31, 2021 ("2021") and the 53-week period ended January 3, 2021 ("2020")
(Thousands of Mexican pesos)
Note
2022
2021
2020
Operating activities:
Net income for the year
$
869,964
$
1,747,939
$
298,444
Adjustments for:
Income tax expense
516,920
814,556
525,661
Depreciation and amortization
26
287,702
82,122
43,688
Accounting effects from changing reporting period
-
(
36,400
)
-
Interest expense
543,321
75,818
80,253
Interest income
(
28,689
)
(
25,872
)
(
10,930
)
Loss (gain) on disposal of non-current assets
4,758
(
478
)
9,216
Share-based payment expense
5,991
-
32,910
Divestment of subsidiaries
10,983
-
-
Others
(
8,653
)
(
12,974
)
-
Changes in fair value of warrants
-
-
851,520
Unrealized (gain) loss in valuation of derivative financial instruments
43,522
(
330,315
)
287,985
2,245,819
2,314,396
2,118,747
(Increase) decrease in:
Trade accounts receivable
266,640
(
21,347
)
(
487,938
)
Trade accounts receivable from related parties
30,246
(
24
)
610
Inventory
171,260
4,893
(
939,118
)
Prepaid expenses and other assets
(
48,383
)
22,894
(
53,611
)
Increase (decrease) in:
Accounts payable to suppliers and accrued expenses
(
940,039
)
(
64,699
)
1,604,589
Trade accounts payable to related parties
97,029
-
-
Provisions
(
24,640
)
(
35,537
)
107,289
Value-added tax payable
110,231
(
26,703
)
(
3,596
)
Statutory employee profit sharing
22,798
47,951
2,348
Employee benefits
21,268
1,722
(
743
)
Income taxes paid
(
542,527
)
(
777,949
)
(
526,321
)
Net cash provided by operating activities
1,409,702
1,465,597
1,822,256
Investing activities:
Payment of business acquisition net of cash acquired
11
(
4,698,463
)
-
-
Other investment in subsidiaries
(
1,886
)
50
-
Payments of fixed and intangible assets
(
175,653
)
(
401,736
)
(
617,686
)
Proceeds from disposal of fixed assets
22,091
12,521
18,270
Interest received
28,689
25,872
10,930
Restricted cash
-
42,915
(
42,915
)
Net cash used in investing activities
(
4,825,222
)
(
320,378
)
(
631,401
)
(Continued)
F-
12
Betterware de México, S.A.P.I. de C.V. (formerly Betterware
de México, S.A.B. de C.V.) and subsidiaries
Consolidated
statements of cash flows
For the year ended December 31, 2022 ("2022"), December
31, 2021 ("2021") and the 53-week period ended January 3, 2021 ("2020")
(Thousands of Mexican pesos)
Note
2022
2021
2020
Financing activities:
Proceeds from borrowings
16
$
5,818,705
$
1,520,000
$
1,712,207
Repayment of borrowings
16
(
1,120,025
)
(
646,716
)
(
1,757,112
)
Repayment of derivative financial instruments
-
(
18,172
)
-
Bond issuance costs
16
(
88,722
)
(
18,931
)
Interest paid on borrowings
16
(
502,847
)
(
49,123
)
(
121,297
)
Lease payments
14
(
76,214
)
(
6,899
)
(
8,825
)
Cash received for issuance of shares
-
-
250,295
Share repurchases
22
(
25,321
)
-
-
Dividends paid
(
949,610
)
(
1,400,000
)
(
830,000
)
Net cash generated by (used in) financing activities
3,055,966
(
619,841
)
(
754,732
)
(Decrease) increase in cash and cash equivalents
(
359,554
)
525,378
436,123
Cash and cash equivalents at the beginning of year
1,175,198
649,820
213,697
Cash and cash equivalents at the end of year
$
815,644
$
1,175,198
$
649,820
See accompanying notes to consolidated financial statements.
(Concluded)
F-
13
Betterware de México, S.A.P.I. de C.V. (formerly Betterware
de México, S.A.B. de C.V.) and subsidiaries
Notes
to consolidated financial statements
As of December 31, 2022, December 31, 2021 and January 3, 2021,
and for the year ended December 31, 2022, December 31, 2021 and the 53 weeks ended January 3, 2021
(Thousands of Mexican pesos, except the number of shares and earnings
per share expressed in Mexican pesos)
1.
Nature of business and significant events
Betterware de México, S.A.
P.I.
de C.V. (formerly Betterware de México, S.A.B. de C.V.) ("Betterware") and subsidiaries, hereinafter jointly referred
to as the "Group" or the "Company". The Group's object is the direct-to-consumer selling, which operates
through
two
business segments: the home organization products ("Betterware segment" or "BWM segment") and the
beauty and personal care products (B&PC) ("JAFRA segment"). The Betterware's segment is divided in six categories
of the home organization: (i) Kitchen and food preservation, (ii) Home solutions, (iii) Bedroom, (iv) Bathroom, (v) Laundry & Cleaning
and (vi) Tech & mobility. The JAFRA's segment is divided in four categories of the beauty and personal care: (i) fragrance,
(ii) color, (iii) skin care and (iv) toiletries. The Group's business segments products are sold in twelve catalogs published throughout
the year. The Group operates mainly in Mexico and the United States. The Group's address, registered as its office and primary place
of business, is Gdl-Ameca-Huaxtla Km-5, El Arenal, Jalisco, México, and Zip Code 45350. Betterware's controlling shareholder
is Campalier, S.A. de C.V. ("Campalier").
Significant events and transactions
–
2022
a)
On January 18, 2022, the Company entered into an agreement to acquire
100
% of JAFRA in Mexico and the United States, jointly its registered brans "JAFRA", for a total cash consideration of Ps.
5,044,371
(see note 11). JAFRA is a leading global brand in direct sales in the Beauty and Personal Care (B&PC) industry with a strong presence
in Mexico and the United States with independent leaders and consultants who sell its unique products. In addition, JAFRA provides the
opportunity to the Company to expand its geographic presence in the United States, enhancing its international focus on the North American
market.
On March 24, 2022, the Federal Economic Competition Commission ("COFECE")
approved the transaction of JAFRA's Acquisition, which was concluded on April 7, 2022. The necessary funds to pay the purchase price
under the JAFRA Acquisition were obtained from a long-term loan of Ps.
4,498,695
(see note 16), plus the available cash resources from
the Company.
b)
On March 28, 2022, the Ordinary General Assembly of Shareholders of
GurúComm, S.A.P.I. approved the retirement of Betterware as a shareholder. Consequently, we reimbursed
55,514
subscribed and paid
shares, and we canceled
37,693
subscribed and unpaid shares. Betterware withdrawn its investment because the business was not growing
according to the shareholders' expectations, and the investment return would take more years than anticipated. The effect on profit
and loss of this transaction was a loss of Ps.
16,610
.
c)
On November 18, 2022, the Ordinary General Assembly of Shareholders
of Innova Catálogos, S.A. de C.V. approved the retirement of Betterware as a shareholder. Consequently, we reimbursed and canceled
238 subscribed and paid shares. Betterware withdrawn its investment because the business was not growing according to shareholder's
expectations, and the return on investment would take more years than anticipated. The effect on profit and loss of this transaction was
a loss of Ps.
5,252
.
F-
14
2021
d)
On July 1
st
, 2021, all employees from BLSM Latino America Servicios, S.A. de C.V., ("BLSM")
were transferred to Betterware. BLSM provided administrative, technical, and operational services to Betterware until June 30, 2021.
e)
Betterware's legal form was changed to
Sociedad Anónima Promotora de Inversión
(S.A.P.I.) de Capital Variable,
as approved during an extraordinary shareholders meeting held on August 2, 2021.
f)
On August 30, 2021, Betterware successfully concluded the offering of a two-tranche sustainability bond
issuance for a total of Ps.
1,500,000
, with maturities across
4
and
7
years, offered in the Mexican Market (see note 16).
2020
g)
As a result of the coronavirus (COVID-19) outbreak and its global spread in a large number of countries,
the World Health Organization classified the viral outbreak as a pandemic on March 11, 2020. Public health measures were taken in Mexico
to limit the spread of this virus, including but not limited to, social isolation and the closure of educational centers (schools and
universities), commercial establishments and non-essential businesses.
Betterware's operations were
not interrupted as a result of the COVID-19 pandemic, as its product lines include hygiene and cleaning solutions, which qualified as
an essential activity in Mexico. Betterware's gross margin was negatively affected by the depreciation of the Mexican peso compared
to the US dollar, due to
90
% of its prod ucts sold are in US dollars. To mitigate this risk, Betterware entered into forwards contracts
to fix the exchange rate for future purchases in US dollars, which allowed it to partially reduce the effects of the exchange rate due
to the COVID-19 pandemic.
Betterware implemented a proven track
record of performance and a clear and executable growth plan, which includes expansion in current geographies and categories, as well
as the addition of new markets and product extensions, all supported by a strong infrastructure deeply rooted in business intelligence.
Betterware maintained sufficient liquidity
to comply with its contractual obligations as a result of having financing sources, in addition, the payment conditions of its clients
are maintained
between 14 and 28 days
, while the payment conditions to its suppliers are 120 days.
h)
On March 10, 2020, Betterware's legal name changed from Betterware
de México, S.A. de C.V. to Betterware de México, S.A.P.I. de C.V. On August 5, 2019, Betterware and DD3 Acquisition Corp.
("DD3", a public listed entity in the US and whose shares were trading on the Nasdaq Capital Market ("Nasdaq")),
announced they had entered into a business combination agreement. As part of this transaction, DD3 merged into Betterware through an exchange
of shares with their respective shareholders and Betterware survived as the acquiror. BLSM became in a wholly-owned subsidiary of Betterware.
The transaction closed on March 13, 2020, and as a result, all Betterware shares that were issued and outstanding immediately prior to
the closing date were canceled and new shares were issued. This transaction was accounted as a capital reorganization, whereby Betterware
issued shares to the DD3 shareholders and obtained US$
22,767
(Ps.
498,445
) in cash through the acquisition of DD3 and, simultaneously settled
liabilities and related transaction costs on that date, for net cash earnings of US$
7,519
(Ps.
181,734
) on such date. In addition, Betterware
assumed the obligation of the warrants issued by DD3 (see description below), a liability inherent to the transaction, equivalent to the
fair value of Ps.
55,810
of the warrants. No other assets or liabilities were transferred as part of the transaction that required adjustment
to fair value as a result of the acquisition. On the same date,
2,040,000
Betterware shares, that were offered for subscription and payment
under its initial public offering on Nasdaq, were subscribed and paid for by different investors. As of the closing date of the transaction,
BLSM became in a fully-owned subsidiary of Betterware. The acquisition by Betterware of BLSM was considered a common control transaction
and accounted for as a pooling of interests, whereby the historical values of BLSM's assets and liabilities where the same before
and after. As a result of the transaction, Betterware's original shareholders held
87.7
% of the total outstanding shares; DD3 shareholders
obtained a
6.4
% stake, and investors under the Nasdaq listing, a
5.9
% shake. After the closing date, Betterware had
34,451,020
issued
and outstanding shares.
F-
15
i)
On March 10, 2020 and as a result of the aforementioned transaction,
the warrants that DD3 had issued were automatically converted into warrants for the purchase of a total of
5,804,125
Betterware shares.
Such warrants were exercised in accordance with the terms of the warrant agreement governing those securities, which also considered the
option to purchase
250,000
units that automatically became an option to issue
250,000
Betterware shares and warrants to buy
250,000
additional
Betterware shares. This purchase option of units resulted in the issuance of
214,020
Betterware shares, which were exercised on a cashless
basis. Warrants could be exercised starting on April 12, 2020 and expired on November 9, 2020 (see note 1.m). The exercise price of the
warrants was US$
11.50
per share, adjusted by dividends paid that exceeded US$
0.50
per share within a year, resulting in an exercise price
of US$
11.44
.
As warrants and securities purchase
options (and underlying securities) were exercised in the 53-week period ended January 3, 2021, additional Betterware shares were issued,
resulting in a dilution for Betterware shareholders and increasing the number of Betterware shares eligible for resale in the public market.
j)
On July 30, 2020, Betterware modified the long-term share-based incentive plan with the Executive Chairman
of the Board, certain officers and directors ("Incentive Plan"), granted on August 15, 2019. The purpose of the Incentive
Plan was and remains being to provide to the Executive Chairman of the Board, eligible officers and directors with the opportunity to
receive share-based incentives to encourage them to contribute significantly to the growth of the Group and to align the economic interests
of those individuals with those of the shareholders. The delivery of certain shares to the executives and directors was agreed and approved
by the Board of Directors. The Incentive Plan is aligned with the shareholders' interest in terms of the management capacity to
obtain operating results that potentially benefit the share price; if the established results are achieved, it will cause a gradual delivery
of shares over a period of
4
to
5
years (see note 23.
k)
On July 14, 2020, Betterware's legal name changed from Betterware de México, S.A.P.I. de
C.V. to Betterware de México, S.A.B. de C.V.
l)
On August 28, 2020, Betterware filed a Registration Statement on Form F-1 with the SEC in order to (i)
register the warrants that were protected under the Registration Rights Agreement, and (ii) modify the Registration Declaration on Form
F-4 that had been filed with the SEC on January 22, 2020. In the terms established in the Registration Declaration, it was effective on
September 11, 2020. The registration of Form F-1 triggered the investors rights to exercise their warrants on a cash basis.
m)
On October 8, 2020, Betterware announced that,
based on the agreements reached at the Ordinary General Shareholders' meeting held on October 2, 2020, it would carry out the redemption
of all outstanding warrants for the purchase of shares of Betterware. As a result of the redemption, a "cashless" exercise
of the warrants was considered for an exercise price of US$
11.44
per share, expiring on November 9, 2020, with which the warrant holders
would receive
0.37
shares of Betterware for each warrant that was redeemed
.
n)
On December 14, 2020, Betterware and Promotora Forteza, S.A. de C.V. ("Forteza", and one of
Betterware's shareholder), entered into a merger agreement pursuant to which Forteza agreed to merge with and into Betterware, surviving
Betterware as the acquiror. On December 16, 2020, the merger was completed. Consequently, considering that Forteza was a Betterware shareholder,
the number of Betterware shares were delivered to Forteza's shareholders in proportion to their shareholding in Betterware, without
implying an increase in Betterware's share capital or in the total number of outstanding shares of Betterware. The net effects of
the merger was an increase in equity of Ps.
4,724
.
F-
16
2.
Significant accounting policies
a.
Basis of preparation
The Group's consolidated financial
statements for 2022 include the financial statements of Betterware de México, S.A.P.I. de C.V., and subsidiaries as described in
note 2d (the "consolidated financial statements").
The preparation of the consolidated
financial statements in accordance with International Financial Reporting Standards requires the use of critical accounting estimates.
In addition, it requires Management to exercise judgment in the process of applying the Group's accounting policies. The areas that involve
a high level of judgment or complexity, as well as areas where the judgments and estimates are significant to the consolidated financial
statements are disclosed in note 4.
Until 2020, Betterware's financial
year was a 52- or 53-weeks period ending on the Sunday nearest to December 31, however, due to the fact that in 2021 Betterware placed
debt on the Mexican Stock Exchange, the financial period must be presented in compliance with the Mexican General Corporate Law, which
must coincide with the calendar year, therefore the financial information of 2022 and 2021 is presented as of December 31, 2022 (the "2022
period") and as of December 31, 2021 (the "2021 period") and for the years then ended. The financial year of 2020 consisted
of 53 weeks ended on January 3, 2021 (the "2020 period"), which were not adjusted to calendar year because the effect of the
change is not significant.
b.
Basis of accounting & correction of immaterial errors
The Group's consolidated financial
statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") or and the interpretations
issued by IFRS Interpretations Committee ("IFRIC") applicable to companies that report under IFRS. The financial statements
comply with IFRS issued by the International Accounting Standards Board ("IASB").
The Group made a correction of immaterial
errors related to its December 31, 2021 and January 3, 2021 consolidated financial statements as summarized below. The Group performed
a materiality evaluation in accordance with the Securities and Exchange Commission's Staff Accounting Bulletin ("SAB")
No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements
in Current Year Financial Statements, and concluded that the misstatement was immaterial to its previously issued financial statements.
However, as the impact of correcting the cumulative misstatement during 2022 would have been material to net earnings, the Company revised
its previously issued financial statements as of and for the years ended December 31, 2021 and January 3, 2021:
Consolidated  Statement of Financial
Position as of December 31, 2021
Assets
Adjusted
Previously Presented
Difference
Reference
Current assets:
Trade accounts receivable, net
$
745,593
778,054
(
32,461
)
a
Inventories
1,286,155
1,339,378
(
53,223
)
a, b
Prepaid expenses
35,596
69,224
(
33,628
)
c
Total current assets
3,352,747
3,472,059
(
119,312
)
Total assets
$
5,185,229
5,304,541
(
119,312
)
Liabilities and stockholders' equity
Current liabilities:
Accrued expenses
$
159,354
142,169
17,185
b
Provisions
118,468
115,192
3,276
d
Income tax payable
97,634
88,679
8,955
f
Total current liabilities
$
2,449,919
2,420,503
29,416
Non-current liabilities:
Deferred income tax
$
38,975
80,907
(
41,932
)
a, b, c, d
Total non-current liabilities
1,535,107
1,577,039
(
41,932
)
Total liabilities
$
3,985,026
3,997,542
(
12,516
)
Stockholder's equity
Capital stock
$
321,312
294,999
26,313
e
Retained earnings (deficit)
856,994
990,103
(
133,109
)
a, b, c, d, e, f
Equity attributable to owners of the Group
1,185,548
1,292,344
(
106,796
)
Total stockholders' equity
1,200,203
1,306,999
(
106,796
)
Total liabilities and stockholders' equity
$
5,185,229
5,304,541
(
119,312
)
F-
17
Consolidated Statement of Profit
or Loss and Other Comprehensive Income for the year ended December 31, 2021
Adjusted
Previously Presented
Difference
Reference
Net revenue
$
10,067,683
10,039,668
28,015
a
Cost of sales
4,498,008
4,399,164
98,844
a, b
Gross profit
5,569,675
5,640,504
(
70,829
)
Administrative expenses
1,247,742
1,247,436
306
d
Selling expenses
1,256,289
1,264,581
(
8,292
)
c
Distribution expenses
463,779
463,779
-
2,967,810
2,975,796
(
7,986
)
Operating income
2,601,865
2,664,708
(
62,843
)
Income before income taxes
2,562,495
2,625,338
(
62,843
)
Current income tax
791,856
782,901
8,955
f
Deferred income tax
22,700
41,553
(
18,853
)
a,b,c,d
Net income for the year
$
1,747,939
1,800,884
(
52,945
)
Consolidated Statement of Financial
Position as of January 3, 2021
Assets
Adjusted
Previously Presented
Difference
Reference
Current assets:
Trade accounts receivable, net
$
735,026
757,806
(
22,780
)
a
Inventories, net
1,284,672
1,274,026
10,646
a
Prepaid expenses
52,581
94,501
(
41,920
)
c
Total current assets
2,852,516
2,906,570
(
54,054
)
Total assets
$
4,359,706
4,413,760
(
54,054
)
Liabilities and stockholders' equity
Current liabilities:
Provisions
153,978
151,008
2,970
d
Total current liabilities
$
2,870,367
2,867,397
2,970
Non-current liabilities:
Deferred income tax
$
39,852
56,959
(
17,107
)
a, b, c, d
Total non-current liabilities
607,363
624,470
(
17,107
)
Total liabilities
$
3,477,730
3,491,867
(
14,137
)
Stockholder's equity
Capital stock
308,035
281,722
26,313
Retained earnings (deficit)
$
(
334,769
)
(
268,539
)
(
66,230
)
a, b, c, d, e
Equity attributable to owners of the Group
881,976
921,893
(
39,917
)
Total stockholders' equity
881,976
921,893
(
39,917
)
Total liabilities and stockholders' equity
$
4,359,706
4,413,760
(
54,054
)
F-
18
Consolidated Statement of Profit or
Loss and Other Comprehensive Income for the year ended January 3, 2021.
Adjusted
Previously Presented
Difference
Reference
Net revenue
$
7,237,628
7,260,408
(
22,780
)
a
Cost of sales
3,280,348
3,290,994
(
10,646
)
a
Gross profit
3,957,280
3,969,414
(
12,134
)
Administrative expenses
667,647
664,677
2,970
d
Selling expenses
895,275
853,355
41,920
c
Distribution expenses
331,023
331,023
-
1,893,945
1,849,055
44,890
Operating income
2,063,335
2,120,359
(
57,024
)
Income before income taxes
824,105
881,129
(
57,024
)
Deferred income tax
(
51,173
)
(
34,066
)
(
17,107
)
Net income for the year
$
298,444
338,361
(
39,917
)
The adjustments relate to the following
matters:
(a)
Cut-off
                                            for revenue where control was not transferred to the customer.
(b)
Cost
                                            of inventory overstated on the international freight standard cost assumption; offset by
                                            overstated accruals liabilities on import expenses.
(c)
Cost
                                            of catalogues that had a non-GAAP treatment as prepaids and were expensed at the same time
                                            the revenues were realized; instead of when catalogues were received as IFRS states.
(d)
Immaterial
                                            provisions for labor matters.
(e)
Reclassification
                                            between capital stock and retained earnings for combination instead of consolidation of capital
                                            in 2020.
(f)
Accrual
                                            for the tax contingency explained in note 28 was not recorded previously.
c.
Basis of measurement
The Group's consolidated financial
statements have been prepared on the historical cost basis except for certain financial instruments measured at fair value.
Functional and presentation currency
These consolidated financial statements
are presented in Mexican pesos ("Ps or $"), which is the Group presentation currency. The amounts included in the consolidated
financial statements of each of the Group's subsidiaries must be measured using the currency of the primary economic environment
in which the entity operates ("functional currency"). All financial information presented in Mexican pesos has been rounded
to the nearest thousand (except where otherwise specified). When referring to U.S. dollars ("US$"), means thousands of United
States dollars.
Consolidated statement of profit or
loss and other comprehensive income
The Group opted to present a single
consolidated statement of profit or loss and comprehensive income, consolidating the presentation of profit and loss, including an operating
profit line item, and comprehensive income in the same statement. Due to the commercial activities of the Group, costs and expenses presented
in the consolidated statements of profit or loss and other comprehensive income were classified according to their function. Accordingly,
cost of sales and operating expenses were presented separately.
F-
19
d.
Basis of consolidation
The
Group's consolidated financial statements, incorporate the financial statements of the entities controlled by Betterware. Control
is achieved when the Group:
●
Has
                                            the power over the investee
●
Is
                                            exposed, or has rights, to variable returns from its involvement with the investee
●
Has
                                            the ability to use its power to affect its returns
The Group reassesses whether or not
it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed
above.
When the Group has less than a majority
of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it
the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances
an assessing whether or not the Group´s voting rights in an investee are sufficient to give power, including:
●
The
                                            size of the Group's holding of voting rights relative to the size and dispersion of
                                            holdings of the other vote holders;
●
Potential
                                            voting rights held by the Group, other vote holders or other parties;
●
Rights
                                            arising from other contractual arrangements; and
●
Any
                                            additional facts and circumstances that indicate that the Group has, or does not have, the
                                            current ability to direct the relevant activities at the time that decisions need to be made,
                                            including voting patterns at previous shareholders' meetings.
Consolidation of a subsidiary begins
when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, the results
of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Group gains control until the
date when the Group ceases to control the subsidiary.
Where necessary, adjustments are made
to the financial statements of subsidiaries to bring the accounting policies used into line with the Group's accounting policies.
All intragroup assets and liabilities,
equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.
Non-controlling interests in subsidiaries
are identified separately from the Group's equity therein. Those interests of non-controlling shareholders that are present ownership
interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at
the non-controlling interests' proportionate share of the fair value of the acquiree's identifiable net assets. The choice
of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent
to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling
interests' share of subsequent changes in equity.
Profit or loss and each component of
other comprehensive income are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income
of the subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling
interests having a deficit balance.
Changes in the Group's interests
in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group's
interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference
between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized
directly in equity and attributed to the owners of the Group.
F-
20
When the Group loses control of a subsidiary,
the gain or loss on disposal recognized in profit or loss is calculated as the difference between (i) the aggregate of the fair value
of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including
goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive
income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of
the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS
Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair
value on initial recognition for subsequent accounting under IFRS 9,
Financial Instruments
when applicable, or the cost on initial
recognition of an investment in an associate or a joint venture.
Betterware, has control over its subsidiaries
due to the shares and voting rights acquired, which generate rights over the variable returns from the subsidiaries, and has the ability
to influence those returns through his power over them. As of December 31, 2022, 2021 and 2020 the percentage of participation that it
maintains over its subsidiaries are the following:
Operating
Functional
%
    Participation
The
    Group's companies:
Country
currency
2022
2021
2020
Home organization ("Betterware"):
Betterware de México, S.A.P.I. de C.V.
Mexico
Peso
100
%
100
%
100
%
BLSM Latino América Servicios, S.A. de C.V.
Mexico
Peso
99
%
99
%
99
%
Betterware de Guatemala, S.A.
Guatemala
Quetzal
70
%
70
%
-
Programa Lazos, S.A. de C.V.
Mexico
Peso
70
%
70
%
-
GurúComm, S.A.P.I. de C.V.
(1)
Mexico
Peso
-
60
%
-
Innova Catálogos, S.A. de C.V.
(2)
Mexico
Peso
-
70
%
-
Betterware Ningbo Trading Co, LTD.
China
Yuan
100
%
100
%
-
Finayo, S.A.P.I. de C.V. SOFOM ENR
Mexico
Peso
100
%
-
-
Beauty and personal care (B&PC) ("JAFRA"):
Jafra México Holding Company, B.V.
Holanda
Euro
100
%
-
-
Distribuidora Comercial JAFRA, S.A. de C.V.
Mexico
Peso
100
%
-
-
Jafra Cosmetics International, S.A. de C.V.
Mexico
Peso
100
%
-
-
Jafra Cosmetics, S.A. de C.V.
Mexico
Peso
100
%
-
-
Serviday, S.A. de C.V.
Mexico
Peso
100
%
-
-
Jafrafin, S.A. de C.V.
Mexico
Peso
100
%
-
-
Distribuidora Venus, S.A. de C.V.
Mexico
Peso
100
%
-
-
Jafra Cosmetics International, Inc.
United States
Dollar
100
%
-
-
(1)
GurúComm was part of the Group until March 28, 2022.
(2)
Innova Catálogos was part of the Group until November
18, 2022.
As
of December 31, 2022, 2021 and January 3, 2021, there are no significant restrictions for investment in shares of the subsidiary companies
previously mentioned.
e.
Cash and cash equivalents and restricted cash
Cash and cash equivalents consist mainly
of bank deposits and short-term investments in securities, highly liquid and easily convertible into cash with original maturities of
three months or less and that are subject to insignificant risks of changes in value. Cash is stated at nominal value and cash equivalents
are valued at fair value. Any cash or cash equivalent that cannot be disposed of in less than three months is classified as restricted
cash.
In cases where the definition of cash
and cash equivalents is not met due to restrictions, the amounts are presented in a separate line in the consolidated statements of financial
position and is excluded from cash and cash equivalents in the consolidated statements of cash flows.
F-
21
f.
Financial instruments
Financial assets and financial liabilities
are recognized in the Group's consolidated statement of financial position when the Group becomes a party to the contractual provisions
of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities
at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities
at fair value through profit or loss are recognized immediately in profit or loss.
g.
Financial assets
All recognized financial assets are
measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets.
Classification of financial assets
Debt
instruments that meet the following conditions are measured subsequently at amortized cost:
●
the
financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows;
and
●
the
                                            contractual terms of the financial asset give rise on specified dates to cash flows that
                                            are solely payments of principal and interest ("SPPI") on the principal amount
                                            outstanding.
Debt
instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI):
●
the
                                            financial asset is held within a business model whose objective is achieved by both collecting
                                            contractual cash flows and selling the financial assets; and
●
the
                                            contractual terms of the financial asset give rise on specified dates to cash flows that
                                            are SPPI on the principal amount outstanding.
As
of December 31, 2022, 2021 and January 3, 2021, the Group does not have this type of instruments.
By
default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
Despite
the foregoing, the Group may make the following irrevocable election/designation at initial recognition of a financial asset:
●
the
                                            Group may irrevocably elect to present subsequent changes in fair value of an equity investment
                                            in other comprehensive income if certain criteria are met; and
●
the
                                            Group may irrevocably designate a debt investment that meets the amortized cost or FVTOCI
                                            criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting
                                            mismatch.
As of December 31, 2022, 2021 and January
3, 2021, the Group does not have this type of instruments.
Amortized cost and effective interest
method
The effective interest method is a
method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period.
The amortized cost of a financial asset
is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization
using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance.
The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance.
F-
22
Foreign exchange gains and losses
The carrying amount of financial assets
that are denominated in a foreign currency is determined in that foreign currency and translated at the closing exchange rate of each
reporting period. Specifically, for financial assets measured at amortized cost that are not part of a designated hedging relationship,
exchange differences are recognized in profit or loss.
Impairment of financial assets
The Group always recognizes lifetime
expected credit losses ("ECL") for trade receivables. The expected credit losses on these financial assets are estimated using
the simplified approach by using a provision matrix, estimated based on historical credit loss experience based on the past due status
of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions.
For financial assets that are not subject
to the simplified approach, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial
recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group
measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the expected
credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month
ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible
within 12 months after the reporting date.
Write-off policy
The Group writes off a financial asset
when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery,
i.e., when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables,
when the amounts are over one year past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement
activities under the Group's recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized
in profit or loss.
h.
Financial liabilities
All financial liabilities are measured
subsequently at amortized cost using the effective interest method or at FVTPL.
●
Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes
in fair value recognized in profit or loss to the extent that they are not part of a designated hedging relationship. As of December 31,
2022, 2021 and January 3, 2021, the Group does not have this type of instruments.
Financial liabilities and equity
Classification as debt or equity
●
Debt and equity instruments are classified as either financial
liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability
and an equity instrument. As of December 31, 2022, 2021 and January 3, 2021, the Group does not have this type of instruments.
F-
23
Financial liabilities measured subsequently
at amortized cost
Financial liabilities that are not
(i) contingent consideration of an acquirer in a business condensation combination and consolidation, (ii) held-for-trading, or (iii)
designated as at FVTPL, are measured subsequently at amortized cost using the effective interest method.
The effective interest method is a
method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form
an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial
liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.
Foreign exchange gains and losses
For financial
liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign
exchange gains and losses are determined based on the amortized cost of the instruments. These foreign exchange gains and losses are recognized
in the 'Foreign exchange (loss) gain, net' line item in the consolidated statements of profit or loss and other comprehensive
income for financial liabilities that are not part of a designated hedging relationship.
The fair value of financial liabilities
denominated in a foreign currency is determined in that foreign currency and translated at the closing exchange rate of the reporting
period. For financial liabilities that are measured as at FVTPL, the foreign exchange component forms part of the fair value gains or
losses and is recognized in profit or loss for financial liabilities that are not part of a designated hedging relationship.
Derecognition of financial liabilities
The Group derecognizes financial liabilities
when, and only when, the Group's obligations are discharged, canceled or have expired. The difference between the carrying amount
of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
When the Group exchanges with the existing
lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment
of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification
of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new
liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms,
including any fees paid net of any fees received and discounted using the original effective rate is at least
10
per cent different from
the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial,
the difference between (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after
modification should be recognized in profit or loss as the modification gain or loss within other gains and losses.
i.
Derivative financial instruments
The Group enters into a variety of
derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including foreign exchange forward
contracts and interest rate swaps.Further details of derivative financial instruments are disclosed in note 19.
F-
24
Derivatives are recognized initially
at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting
date. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging
instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value
is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivatives
are not offset in the consolidated financial statements unless the Group has both legal right and intention to offset. A derivative is
presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it
is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.
Warrants
The warrants meet the definition of
a derivative financial instrument as they represent a written put option that gives the holders of the warrants the right to exchange
them for the Group's shares at a fixed price. Although the warrants will be exchanged for the Group's shares based on the
terms of the warrant agreement, the warrants were classified as a derivative financial liability measured at FVTPL, and not as an equity
instrument, given that the functional currency of the Company (MXN) differs from the strike-price of the warrants, which is fixed in USD.
Changes in the fair value of the financial liability are presented in the consolidated statements of profit or loss under the heading
"Loss in valuation of warrants".
For purposes of the Group's adjusted
EBITDA, the changes in the fair value of the liability are excluded as they represent non-cash charges.
The exchange of warrants for the Group's
shares give rise to the settlement of the obligation associated with the liability with a corresponding increase in equity. The redemption
of warrants will result in a net impact in equity resulting from the increase in their fair value is recorded in profit or loss (reducing
retained earnings), offset by the equivalent increase in equity as a result of the issuance of shares.
j.
Inventories and cost of sales
Inventories are measured at the lower
of cost and net realizable value. The costs comprise direct materials, direct labor, and an appropriate proportion of variable and fixed
overhead costs, the latter being allocated on the basis of normal operating capacity. The cost of inventories is based on standard cost
method. The net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred
in administration (marketing), selling and distribution.
k.
Prepaid expenses
Prepaid expenses are mainly comprised
of advanced payments for printed catalogs, advanced payments for events, as well as, advanced payments for the purchase of inventories
that are received after the date of the consolidated statement of financial position and during the normal course of business, and they
are presented in current assets in accordance with the classification of the destination item.
l.
Other assets
Other assets mainly include inventory
of rewards related to the rewards program offered to our distributors, associates, leaders and consultants, recoverable taxes and rent
security deposits. They are presented in current or non-current assets in accordance with the classification of the destination item.
The inventory for the rewards program
(see Note 2.v) is acquired based on exchange estimates from distributors, associates, leaders and consultants; and is reduced at the time
the points are redeemed and the reward is sent. Rewards inventory is recognized at acquisition cost.
F-
25
Rewards program for distributors,
associates, leaders and independent consultants:
The Group has a reward program, which
is offered through its business segments, to distributors and associates in Betterware, and to consultants, including leaders, in JAFRA.
Its objective is to promote the fulfillment of specific objectives in the development of commercial activities of the business but considered
separate and distinct services from sales. In the case of Distributor and Associate Rewards, Betterware rewards its Distributors for enrolling
new Associates and appointing new Distributors, while Associates receive such rewards for referring new Associates and staying active.
In the case of rewards to Consultants, including JAFRA leaders, they are awarded for sponsorship when they manage to hire a new direct
sponsor or based on the commercial activities carried out by the group or lineage to which they are related. In this way, the members
of this independent sales force help expand the organization and sales channels, and at the same time commit to developing their network
of contacts and vendors.
These rewards can be in:
a) Points redeemable for products
that the Group purchases from other suppliers. Points expire according to the commercial terms established by the Group, and can be
modified at management's discretion; and b) cards with a cash balance preload redeemable with certain providers, specifically
in the JAFRA segment, both for consultants and leaders depending on the business activities carried out by the group or lineage to
which they are related.
The Group evaluates the performance of distributors, associates, and consultants, including leaders, at each
reporting date based on an estimate of compliance with the established program objectives, and records the corresponding expense, presenting
it as sales expenses and a provision. in return. The provision is reduced when the points are exchanged for the available products (rewards).
The value of the rewards program and the corresponding expense are determined based on the fair value of the services received considering
the analyzes carried out by the administration for similar services in the market.
m.
Property, plant and equipment, net
Items of property, plant and equipment
are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item have
different useful lives, then they are accounted for as separate items (major components).
Depreciation is recognized using the
straight-line method. The estimated useful lives and depreciation method are reviewed at the end of each reporting period, with the effect
of any changes in estimate accounted for on a prospective basis.
The following useful lives, considering
separately each of the asset's components, are used in the calculation of depreciation:
Buildings
5
–
50
years
Molds and machinery
3
–
15
years
Vehicles
4
years
Computers and equipment
3
–
10
years
Leasehold improvements
3
–
5
years
Property, plant and equipment is derecognized
upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising
on the disposal or retirement is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized
in profit or loss.
Borrowing costs directly attributable
to the acquisition or construction of qualifying assets (designated asset), which are assets that necessarily take a substantial period
of time before they are available for their intended use, are added to the cost of those assets, until such time as the assets are available
for their intended use. If any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that
borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings.
Investment income earned on the temporary
investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are incurred.
n.
Intangible assets
Intangible assets are used when they
meet the following characteristics: they are identifiable, they obtain future economic benefits, and there is control over said benefits.
F-
26
Intangible assets are classified as
follows:
Indefinite useful life:
●
These intangible assets are not amortized and are subject to annual
impairment tests. As of December 31, 2022, 2021 and January 3, 2021, no factors have been identified that limit the useful life of these
intangible assets. The only intangible asset with an indefinite useful life that the Group owns are the Brands, which have been defined
with indefinite useful life because they will generate revenues for an indefinite period based on their position in the market.
Defined
useful life:
●
These
                                            are recognized at cost less accumulated amortization and recognized impairment losses. They
                                            are amortized in a straight line according to the estimate of their useful life, which is
                                            determined based on the expectation of generating future economic benefits, and they are
                                            subject to impairment tests when signs of impairment are identified.
The estimated useful lives of intangible
assets with a defined useful life are summarized as follows:
Intangibles:
Betterware
JAFRA
Customer relationships
10
years
12
years
Software
3
years
-
Brands and logo rights
10
–
30
years
-
Derecognition of Group's intangible
assets
An
intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising
from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the
asset, are recognized in profit or loss when the asset is derecognized.
o.
Impairment of tangible and intangible assets other than goodwill
At the end of each reporting period,
the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine
the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group
estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise, they are allocated to the smallest
group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Intangible assets with indefinite useful
lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication
that the asset may be impaired.
Recoverable amount is the higher of
fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present
value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted. For impairment testing purposes, assets are grouped at the lowest levels
for which there are separately identifiable cash flows that are largely independent of the cash flows of other assets or Groups of assets
(cash generating units).
If the recoverable amount of an asset
is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Any impairment
is recognized immediately in profit or loss.
F-
27
When an impairment loss subsequently
reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying
amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior
years. A reversal of an impairment loss is recognized immediately in profit or loss unless the relevant asset is carried at a revalued
amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
p.
Goodwill
Goodwill represents the excess of the
acquisition cost of a subsidiary over the Group´s interest in the fair values of the net assets acquired determined at the date
of acquisition and is not subject to amortization.
Goodwill is not amortized but is tested
annually for impairment. Goodwill arising from a business combination is allocated to the cash generating unit ("CGU") receiving
a benefit from the synergies of the combination. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its
recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any
goodwill allocated to the CGU, and then to reduce the carrying amounts of the other long-lived assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed.
q.
Business combinations
Businesses acquisitions are accounted
by using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated
by the sum of the assets transfer fair values by the Company, less the liabilities incurred by the Company to the previous owners of the
acquiree entity and equity shares issued by the Company in exchange for control over the acquiree equity. The cost related to the acquisition
are generally recognized in profit or loss as incurred.
At the acquisition date, the identifiable
assets' acquired and the liabilities assumed are recognized at their fair value, except for:
●
Deferred tax assets or liabilities and assets or liabilities related to employee benefit, which are recognized
and measured in accordance with IAS 12 "Income tax" and IAS 19 "Employee Benefits", respectively;
Goodwill is measured as the excess
of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree (if any), and the fair value
of the acquirer's previously held equity interest in the acquiree (if any) over the net amounts of the identifiable assets acquired
and the liabilities assumed at the acquisition date. If at the acquisition date the net of the amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree
and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in
profit or loss as a bargain purchase gain.
Non-controlling interests that are
equity interests and that give to their holders a proportionate share of the Company's net assets in the event of liquidation, may initially
be measured at either fair value or at the value of the non-controlling interest's proportionate interest in the recognized amounts of
the identifiable net assets of the acquired company. The measurement base is made on every transaction. Other types of non-controlling
interest are measured at fair value, or where applicable, based on what other IFRS specifies.
F-
28
When the consideration transferred
by the Group in a business combination includes contingent assets and liabilities resulted from a consideration arrangement, the contingent
consideration is measured at its fair value as of the acquisition date and included as part of the consideration transferred in a business
combination. Changes in fair value of the contingent consideration that qualify as an adjustment in the measurement period are adjusted
retrospectively with corresponding adjustments against goodwill. Adjustments of the measurement period are adjustments that arise from
additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about
facts and circumstances that existed at the acquisition date.
The accounting treatment for changes
in the fair value of the contingent consideration that do not qualify as an adjustment in the measurement period depends on how the contingent
consideration is classified. Contingent consideration classified as equity will not be remeasured at subsequent reporting dates and its
subsequent settlement is accounted in equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates
with changes in fair value recognized in profit or loss.
When a business combination is achieved
in stages, the Company's previously held interests in the acquired entity are remeasured to fair value at the acquisition date and
the gain or loss resulted, if any, is recognized in profit or loss. The amounts arising from interests in the acquiree entity prior to
the acquisition date that have previously been recognized in other comprehensive income are reclassified in profit or loss where this
treatment would be appropriate if that interest is eliminated.
If the initial accounting for a business
combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts
for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above)
or additional assets or liabilities are recognized to reflect new information obtained about facts and circumstances that existed as of
the acquisition date that, if known, would have affected the amounts recognized as of that date.
r.
Leases
The Group as lessee
The Group evaluates whether a contract
is or contains a lease agreement at inception of a contract. A lease is defined as an agreement or part of an agreement that conveys the
right to control the use of an identified asset for a period of time in exchange for a consideration.
The Group recognizes an asset for
right-of-use and the corresponding lease liability, for all lease agreements in which it acts as lessee, except in the following cases:
short-term leases (defined as leases with a lease term of less than 12 months); leases of low-value assets (defined as leases of assets
with an individual market value of less than US$5,000 (five thousand dollars)); and, lease agreements whose payments are variable (without
any contractually defined fixed payment).
For these agreements, which exempt the recognition of an asset for right-of-use and a lease
liability, the Group recognizes the rent payments as an operating expense in a straight-line method over the lease period.
The right-of-use asset comprises all
lease payments discounted at present value; the direct costs to obtain a lease; the advance lease payments; and the obligations of dismantling
or removal of assets. The Group depreciates the right-of-use asset over the shorter of the lease term or the useful life of the underlying
asset; therefore, when the lessee will exercise a purchase option, the lessee shall depreciate the right-of-use asset from the commencement
date to the end of the useful life of the underlying asset. Depreciation begins on the lease commencement date.
F-
29
The lease liability is initially measured
at the present value of the future minimum lease payments that have not been paid at that date, using a discount rate that reflects the
cost of obtaining funds for an amount similar to the value of the lease payments, for the acquisition of the underlying asset, in the
same currency and for a similar period to the corresponding contract (incremental borrowing rate). To determine the lease term, the Group
considers the non-cancellable period, including the probability to exercise any right to extend and/or terminate the agreement.
Subsequently, the lease liability is
measured increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and reducing
the carrying amount to reflect the lease payments made.
When there is a modification in future
lease payments resulting from changes in an index or a rate used to determine those payments, the Group remeasures the lease liability
when the adjustment to the lease payments takes effect, without reassessing the discount rate. However, if the modifications are related
to the lease term or exercising a purchase option, the Group reassesses the discount rate during the liability's remeasurement.
Any increase or decrease in the value of the lease liability subsequent to this remeasurement is recognized as an adjustment to the right-of-use
asset to the same extent.
Finally, the lease liability is derecognized
when the Group fulfills all lease payments. When the Group determines that it is probable that it will exercise an early termination of
the contract that leads to a cash disbursement, such disbursement is accounted as part of the liability's remeasurement mentioned
in the previous paragraph; however, in cases in which the early termination does not involve a cash disbursement, the Group cancels the
lease liability and the corresponding right-of-use asset, recognizing the difference immediately in the consolidated statement of profit
or loss and other comprehensive income.
The Group as lessor
During 2022 and 2021, Betterware leased
a space on its offices at the "Betterware Campus" to a related party.
As of and for the year ended January
3, 2021, the Group did not maintain any leases as lessor.
s.
Foreign currency
In preparing the consolidated financial
statements, transactions in currencies other than the Mexican Peso, which is the functional currency of the consolidated entities (see
table in note 2d), those are recognized at the exchange rates as of the dates of the transactions. Monetary assets and liabilities denominated
in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary items that
are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of transaction.
Exchange differences on monetary items
are recognized in profit or loss in the period in which they arise.
For the purpose of presenting consolidated
financial statements, the assets and liabilities in foreign currency are translated in mexican pesos, using the exchange rates prevailing
at the end of the period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates
fluctuate significantly during that period, in which case the exchange rates are used at the date of transactions. Exchange differences
arising, if any, are recognized in other comprehensive income and accumulated in a foreign exchange translation reserve (attributed to
non-controlling interests as appropriate).
The adjustments related to goodwill
and to the fair value of the identifiable assets' acquired and the liabilities assumed generated in a foreign transaction, are recognized
as assets and liabilities, they are considered as assets and liabilities of the operation mentioned, and they are converted at the exchange
rate at the end of the reporting period. Exchange differences arising are recognized in other comprehensive income.
F-
30
t.
Employee benefits
Retirement
benefits – Defined benefit obligations
The
Group's defined benefit obligations cover seniority premiums which consist of a lump sum payment of 12 day's wage for each
year worked, calculated using the most recent salary, not to exceed twice the legal minimum wage established by law. The related liability
and annual cost of such benefits are calculated with the assistance of an independent actuary on the basis of formulas defined in the
plans using the projected unit credit method at the end of each annual reporting period.
The
Group's net obligation with respect to the defined-benefit plan are calculated separately for each plan, estimating the amount of
future benefit accrued by employees in return for their services in ongoing and past periods; that benefit is discounted to determine
its present value, and the costs for the services that have not been recognized and the fair value of the plan assets are deducted. The
present value of the defined benefit obligation is determined by discounting the estimated future cash flows using discount rates in accordance
with IAS 19 that are denominated in the currency in which the benefits will be paid, and that have maturities that approximate to the
terms of the pension liability.
Net interest is calculated by applying
the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized
as follows:
●
Service cost (including current service cost, past service cost, as well as gains and losses on curtailments
and settlements);
●
Net interest expense or income; and
●
Remeasurements.
Remeasurements of the net defined benefit
liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling
(if applicable), are recognized immediately in the liability against other comprehensive income in the period in which they occur. Remeasurement
recognized in other comprehensive income is never reclassified to profit or loss. Past service cost is recognized in profit or loss in
the period in which a plan amendment or curtailment occurs, or when the Group recognizes the related restructuring costs or termination
benefits, if earlier.
Short-term and other long-term employee
benefits and statutory employee profit sharing ("PTU")
A liability is recognized for benefits
accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the
undiscounted amount of the benefits expected to be paid in exchange for that service. Likewise, a liability is recognized for the amount
expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided
by the employee and the obligation can be estimated reliably.
Liabilities recognized in respect of short-term
employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.
Liabilities recognized in respect of other
long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Group in
respect of services provided by employees up to the reporting date.
F-
31
Statutory employee profit sharing ("PTU")
PTU is recorded in the results of the
year in which it is incurred and is presented in operating expenses line item in the consolidated statement of profit or loss and other
comprehensive income.
As a result of the 2014 Income Tax Law,
PTU is determined based on taxable income, according to Section I of Article 9 of the that Law.
Termination benefits
Termination benefits are recognized as
an expense when the Group's commitment can be evidenced, without real possibility of reversing, with a detailed formal plan either
to terminate employment before the normal retirement date, or else, to provide benefits for termination as a result of an offer that is
made to encourage voluntary retirement. If the benefits are payable no later than 12 months after the reporting period, then they are
discounted at present value.
u.
Income taxes
Income tax expense represents the sum
of the tax currently payable and deferred tax.
●
Current
tax
Current income tax ("ISR")
is recognized in the results of the year in which is incurred.
The tax currently payable is based on
taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income
or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
A provision is recognized for those matters
for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority.
The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgment of
tax professionals within the Group supported by previous experience in respect of such activities.
●
Deferred income tax
Deferred tax is recognized on temporary
differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits
will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not
recognized if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities
in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognized
if the temporary difference arises from the initial recognition of goodwill.
The carrying amount of deferred tax assets
is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates
that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting date.
The measurement of deferred tax liabilities
and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period,
to recover or settle the carrying amount of its assets and liabilities.
●
Current and deferred
tax for the year
Current and deferred tax are recognized
in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which
case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively.
F-
32
Deferred income tax assets and tax
liabilities are offset when there is the legal right to offset current tax assets and current tax liabilities, and when deferred income
tax balances are related to the same tax authority. Current tax assets and tax liabilities are offset when the entity has the legal right
to offset and intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.
v.
Provisions
Provisions are recognized when the Group
has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle
the obligation, and a reliable estimate can be made of the amount of the obligation.
Provisions mainly include benefits incentives
granted to distributors, associates, leaders and consultants in the form of reward points, discounts and others such as compensations
to employees (bonuses) not paid at the reporting date, professional services fees, among others.
The amount recognized as a provision is
the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account
the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits
required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually
certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Loyalty program (Group points system):
The Group operates a "points system"
loyalty program, through which Betterware distributors and associates, as well as JAFRA leaders and consultants, accumulate points on
the sale of products that entitle them to exchange the points for products (rewards) that the Group acquires from different suppliers.
Since these points provide a benefit to Betterware distributors and associates and JAFRA leaders and consultants that they would not receive
without purchasing the Group's products, this loyalty program and points system represent a separate performance obligation.
Therefore, the transaction price is allocated between the product
and the points on a separate sales price basis. The standalone sale price per point is estimated based on the fair value of the product
that will be awarded when members redeem the points and the probability of redemption, as demonstrated by the Group's historical experience.
In addition, a contractual liability is recognized for the revenue related to the points acquired at the time of the initial sale transaction,
reducing the revenue recognized on the initial sale of the goods. Revenue from loyalty points is recognized when the points are redeemed
by the customer and exchanged for related products. Revenues from points that are not expected to be exchanged are recognized in proportion
to the historical performance of rights exercised by customers.
Warranties
When the Group grants assurance-type warranties
in contracts with customers, those rights to the customer are recognized in profit or loss in the cost of sales line item against a provision
in the statement of financial position; however, when the Group provides its customers with service-type warranties, those are treated
under the revenue recognition model as a performance obligation. The Group has not granted any service-type warranties to its customers.
w.
Accrued expenses
The
Group's accrued expenses mainly comprise outstanding payment amounts (retention of income taxes and VAT) and social securities contributions
(IMSS, SAR and INFONAVIT) expenses among other accrued expenses.
x.
Revenue recognition
Revenues comprise the fair value of the
consideration received or to receive for the sale of goods and services in the ordinary course of the transactions, and are presented
in the consolidated statement of profit or loss, net of the amount of variable considerations (discounts and product returns). To recognize
revenues from contracts with its customers, the Group applies a comprehensive model, which is based on a five-step approach consisting
of the following: (1) identify the contract (verbal or written); (2) identify performance obligations in the contract; (3) determine the
transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when the
Group satisfies a performance obligation. The Group recognizes revenue at a point in time, when it transfers control over a product to
a customer, which occurs when the customers take delivery of the products and formally accepts them.
The Group invoices its customers at the
shipment date with payment terms between 15 and 30 days; customers are allowed to request for a product return only if the product has
quality, technical issues, or physical damages. However, this right qualifies as an assurance-type warranty (and not a performance obligation)
related to the functionality of the products sold.
F-
33
Betterware's discounts to
distributors and associates are included in the invoice price and are presented in the net sales line item from the moment in which
the customer acquires control of the products sold; thus, management does not perform estimates over discounts to be taken by the
customers. JAFRA 's discounts to leaders and consultants are not included in the invoice price.
Loyalty program (The Group's
reward points program):
The Group operates a loyalty program (Reward
points program) through Betterware's distributors and associates, and JAFRA's leaders and consultants accumulate points on
sales of goods that entitle them to exchange the points for products the Group acquires from different suppliers. Since these points provide
a benefit to distributors and associates that they would not receive without purchasing the the Group products, this loyalty program represents
a separate performance obligation.
Therefore, the transaction price is allocated
between the product and the points on a relative stand-alone selling price basis. The stand-alone selling price per point is estimated
based on the fair value of the product to be given when the points are redeemed by the distributors and associates and the likelihood
of redemption, as evidenced by the Group's historical experience. Additionally, a contract liability is recognized for revenue relating
to the loyalty points at the time of the initial sales transaction, reducing the revenue recognized upon the initial sale of the goods.
Revenue from the loyalty points is recognized when the points are redeemed by the customer and exchanged for the related products. Revenue
for points that are not expected to be redeemed is recognized in proportion to the pattern of rights exercised by customers.
Variable considerations
The Group adjusts the transaction price
according to the estimations that may result in a variable consideration. These estimates are determined according to the terms and conditions
of the contracts with the customer, the history or the customer's performance.
Contract costs
The Group capitalizes incremental costs
to obtain a contract with a customer if it expects to recover those costs. However, the Group does not capitalize incremental costs if
the amortization period for the asset is one year or less. For any other costs related to the fulfillment of a contract with a customer,
that is not part of the revenue recognition, it is considered as an asset including all the costs incurred, only if such costs are directly
related to an existing contract or specific anticipated contract and if those costs generate or enhance resources that will be used to
satisfy performance obligations in the future and are expected to be recovered. The Group amortizes the asset recognized for the costs
to obtain and/or fulfill a contract on a systematic basis, consistent with the pattern of transfer of the good to which the asset relates.
y.
Share-based payments
The share-based compensation plans to
eligible executives and directors settled by providing Betterware shares are measured at their fair value as of the grant date and are
subject to compliance with certain business performance metrics of the business and their continuance at the Company for an established
period.
The fair value determined at the grant
date is recorded as an expense based on the vesting period and the intrinsic value method, which consists of recognizing the expense from
the grant date over the period the executives or directors render the service and earn the benefits stipulated according to the plan,
with a corresponding increase in equity. At the end of each period, the Company reviews its estimates of the number of equity instruments
that are expected to be awarded.
F-
34
z.
Financing income and cost
Financing income (cost) are comprised
of interest income, interest expense, the foreign currency gain (loss) on financial assets and financial liabilities; and gain (loss)
in valuation of financial derivative instruments. Those are recognized in the consolidated statement of profit or loss and other comprehensive
income when accrued.
aa.
Contingencies
Significant obligations or losses related
to contingencies are recognized when it is probable that their effects will materialize and there are reasonable elements for their quantification.
If these reasonable elements do not exist, their disclosure is included qualitatively in the notes to the consolidated financial statements.
Income, profits or contingent assets are recognized until such time as there is certainty of their realization.
bb.
Segments Information
The information by operating segments
is presented consistent with the information included in the internal reports provided to the highest authority in making operating decisions
(Chief Operating Decision Maker or "CODM").
The Board of Directors is who evaluates
the financial performance, the situation of the Group and makes strategic decisions. It has been identified as the highest authority in
operating decision-making, and it is integrated by seven independent members, two members and the Executive Board Chairman.
cc.
Social capital
The Group's capital stock is integrated
by ordinary shares, registered, single series and without par value expression. The minimum fixed capital and without the right to withdraw
is Ps.
50
and it is represented by
10,000
shares. The variable capital is unlimited.
When any entity of the Group purchases
shares issued by the company (treasury shares), the consideration paid, including the costs directly attributable to said acquisition
(net of taxes), they are recognized as a decrease in the Group's capital until the shares are canceled or reissued. When these shares
are reissued, the consideration received, including incremental costs directly attributable to the transaction (net of tax) is recognized
in the Group's capital.
3.
Changes in significant accounting policies
a.
Application of new and revised International Financing Reporting Standards
("IFRSs" or "IAS") that are mandatorily effective for the current year
In the current year, the Group has applied
a number of new and amended IFRS and interpretations issued by the International Accounting Standards Board ("IASB") that
are mandatorily effective for an accounting period that begins on or after January 1, 2022. The conclusions related to their adoption
are described as follows:
New and amended IFRS Standards that
are effective for the current year
The Group adopted the following amendments,
which did not have any effects on the financial statements in the current year:
●
Amendments to IFRS 3, Business Combination – Reference to the conceptual framework
●
Amendments to IAS 16, Property, Plant and Equipment - Economic benefits before intended use
●
Amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets – Onerous Contracts
- Costs to complete a contract
●
Annual improvements to IFRS 2018-2021
F-
35
New and revised IFRS Standards in
issue but not yet effective
At the issuance date of these financial
statements, the Group has not applied the following new and revised IFRS that have been issued but are not yet effective. Based on management's
analysis, the Group does not expect that the adoption of the following standards will have a material impact on the financial statements
in future periods:
●
IFRS 17, Insurance contracts
(1)
●
Amendments to IAS 1, Classification of liabilities as current or non-current
(1)
●
Amendments to IAS 1, and Statement of practice 2 – Disclosure of accounting policies
(1)
●
Amendments to IAS 8, Disclosure of accounting estimates
(1)
●
Amendments to IAS 12, Deferred tax related to assets and liabilities arising from a single transaction
(1)
●
Amendments to IAS 1, Classification of debt with covenants
(2)
●
Amendments to IFRS 16 - Lease liability in a sale with leaseback
(3)
(1)
Effective
                                            for annual reporting periods beginning on January 1, 2023
(2)
Effective
                                            for annual reporting periods beginning on January 1,2024
(3)
Effective
                                            date yet to be defined by the IASB
4.
Critical accounting judgments and key sources of estimation uncertainty
In the application of the Group's
accounting policies, which are described in note 2, management of the Group is required to make judgments, estimates, and assumptions
about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The judgments, estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future
periods. The significant estimates impacting the Group's consolidated financial statements are as follows:
-
Key assumptions used in impairment testing on long-lived assets
The Group performs annual impairment
testing on long-lived assets, for which key assumptions are used in the calculation of the recoverable amount (see note 12). For impairment
testing, goodwill is allocated to the cash-generating unit ("CGU") from which the Group has considered that economic and operational
synergies of business combinations are generated. The recoverable amounts of the CGU have been determined based on the calculations of
their value in use, which require the use of estimates. The most significant of these estimates are as follows:
●
Discount rate based on the weighted average cost of capital
(WACC) of the CGU.
●
Terminal value growth rates.
●
EBITDA margin (earnings before interest, taxes, depreciation and amortization), in accordance with the
historical performance and the expectations of the CGU industry.
-
Estimation of probability of default and recovery rate to apply the model of expected losses in the
impairment of financials assets
The Group assigns to the debtors with
whom it maintains an account receivable at each reporting date, either individually or as a group, an estimate of the probability of default
in the payment of accounts receivable and the estimated recovery rate, in order to reflect the cash flows that are expected to be received
from the current assets on that date (see note 6 and 21).
F-
36
-
Critical estimation on the determination of fair values in business combinations by
                                                             "JAFRA's Acquisition"
When business combinations are completed,
it is required to apply the acquisition method to recognize the identifiable net assets acquired at fair value, on the acquisition date;
Any excess of the consideration paid over the identified net assets is recognized as goodwill. For its part, any excess of the net assets
identified over the consideration paid is recognized as a gain within the result of the year.
In estimating the fair values of identifiable
assets acquired and liabilities assumed, the Company uses observable market data available. When input data is not available, the Company
engages a qualified independent appraiser to perform the valuation. Management works closely with the independent qualified appraiser
to establish the appropriate valuation techniques, assumptions, input data and criteria to be used in the valuation models.
5.
Cash and cash equivalents
2022
2021
2020
Cash on hand in banks
Ps.
367,076
951,092
629,146
Time deposits
448,568
224,106
20,674
Ps.
815,644
1,175,198
649,820
As of December 31, 2022 and 2021 the Group
did not maintain restricted cash.
As of January 3, 2021, cash and cash equivalents
balance excluded an amount of Ps.
42,915
of restricted cash derived from the guarantee of some forwards which were due between May and
August 2021, which was presented as a current asset in the consolidated statement of financial position, since it did not complied with
the characteristics of readily convertible to cash (see note 9) and under investing activities in the consolidated statements of cash
flows.
6.
Trade account receivables
2022
2021
2020
Trade account receivables
Ps.
1,092,855
835,757
744,109
Expected credit loss
(
121,792
)
(
90,164
)
(
9,083
)
Ps.
971,063
745,593
735,026
The trade accounts receivable detailed
above are measured at their amortized cost. The average, with respect to Betterware´s the turnover of accounts receivable, is from
14 to 28 days as of December 31, 2022, 2021 and January 3, 2021; and JAFRA´s the turnover of accounts receivable, is from 30 to
120 days as of December 31, 2022. No interest is charged on outstanding accounts receivable.
The Group measures the loss reserve for
commercial accounts receivable in an amount equal to the expected lifetime credit loss. Expected credit losses in accounts receivable
are estimated using a provisions matrix with reference to the debtor's previous default history and an analysis of the debtor's
current financial situation, adjusted for factors specific to the debtors and the general economic conditions of the industry in which
the debtors operate, and assessing both current and predicted conditions as of the reporting date.
F-
37
The Group's significant growth
in recent years have caused volatility in collections. Because of this, management has applied significant estimation to determine the
estimated expected credit losses as of December 31, 2022 and 2021; where the weighting of the historical behavior was analyzed, given
what happened due to the extraordinary events of the COVID-19 pandemic, thus normalizing the expectation of future credit losses for the
year 2023.
The Group cancels an account receivable
when there is information that indicates that the debtor is experiencing serious financial difficulties and there is no realistic prospect
of recovery, e.g. when the debtor has been placed in liquidation or has entered bankruptcy proceedings, or when a commercial account receivable
is more than one year old, whichever occurs first. For the periods ended December 31, 2022, 2021 and January 3, 2021 Ps.
237,928
, Ps.
117,414
and Ps.
62,184
have been canceled, respectively.
The following table shows the expected
lifetime credit loss recognized for accounts receivable in accordance with the simplified approach established in IFRS 9.
Trade receivables – days past due
Betterware de México
JAFRA in Mexico and United States
As
    of December 31, 2022
Not
    past
due
14-21
21-28
>28
Not
    past
due
>30-59
>60-120
>120
Total
Expected credit loss rate
1
%
18
%
39
%
41
%
1
%
7
%
21
%
61
%
Estimated total gross carrying amount at default
Ps.
365,978
24,198
15,592
161,204
374,039
77,509
31,366
42,969
1,092,855
Expected credit loss
Ps.
3,561
4,337
6,142
66,126
3,589
5,130
6,735
26,172
121,792
Trade receivables – days past due
As of December 31, 2021
Not past
due
14-21
21 – 28
>28
Total
Expected credit loss rate
1
%
27
%
60
%
28
%
Estimated total gross carrying amount at default
Ps.
560,642
31,439
22,463
221,213
835,757
Expected credit loss
Ps.
6,814
8,338
13,386
61,626
90,164
Trade receivables – days past due
As of January 3, 2021
Not past
due
14-21
21 – 28
>28
Total
Expected credit loss rate
2
%
30
%
62
%
33
%
Estimated total gross carrying amount at default
Ps.
640,675
31,918
17,772
53,744
744,109
Expected credit loss
Ps.
8,163
9,588
10,946
17,563
46,260
F-
38
The following table shows the movement
in lifetime expected credit loss that has been recognized for trade account receivables in accordance with the simplified approach set
out in IFRS 9.
Total
Balance as of January 1, 2020
Ps.
(
13,640
)
Expected credit loss
(
46,260
)
Specific credit loss
(
11,367
)
Amounts written off
62,184
Balance as of January 3, 2021
(
9,083
)
Expected credit loss
(
198,495
)
Amounts written off
117,414
Balance as of December 31, 2021
(
90,164
)
Expected credit loss
(
269,595
)
Amounts written off
237,928
Foreign currency translation
39
Balance as of December 31, 2022
Ps.
(
121,792
)
7.
Inventories and cost of sales
2022
2021
2020
Finished goods
Ps.
1,568,459
787,135
915,645
Packing material
262,480
35,718
26,029
Raw materials
109,681
-
-
1,940,620
822,853
941,674
Merchandise in transit
182,050
463,302
342,998
Ps.
2,122,670
1,286,155
1,284,672
The cost of sales recognized in the
consolidated statements of profit or loss and other comprehensive income within cost of sales of the year was Ps.
3,579,093
, Ps.
4,498,008
,
and Ps.
3,280,348
for the periods of 2022, 2021 and 2020, respectively.
The cost of inventories recognized as
an expense includes Ps.
72,988
, Ps.
43,645
and Ps.
24,438
, for the periods 2022, 2021 and 2020, respectively, in respect of write-downs of
inventory to net realizable value. Such write-downs have been recognized to account for obsolete inventories.
8.
Prepaid expenses
2022
2021
2020
Premiums paid in advance for insurance
Ps.
16,238
16,961
10,061
Advances to suppliers
12,891
1,320
2,689
Other
23,433
17,315
39,831
Ps.
52,562
35,596
52,581
F-
39
9.
Other assets
2022
2021
2020
Inventory of rewards
Ps.
153,168
54,247
28,804
Employees and consultors
42,878
-
-
Rewards catalogs
13,009
12,067
10,492
Security deposit
8,654
4,274
5,774
Recoverable taxes
2,133
10,725
44,618
Restricted cash
-
-
42,915
Other receivables
15,099
4,949
3,588
234,941
86,262
136,191
Current
188,266
81,988
130,417
Non-current
46,675
4,274
5,774
Ps.
234,941
86,262
136,191
10.
Property, plant and equipment, net
2022
2021
2020
Acquisition cost
Ps.
3,190,297
1,231,794
905,840
Accumulated depreciation
(
216,923
)
(
162,302
)
(
114,713
)
Ps.
2,973,374
1,069,492
791,127
Acquisition cost:
As of
January 1,
2020
Additions
Disposals
As of
January 3,
2021
Land
Ps.
47,124
2,132
-
49,256
Molds and machinery
41,269
85,049
(
22
)
126,296
Vehicles
1,602
28,740
(
17,235
)
13,107
Computers and equipment
66,823
3,273
(
2,056
)
68,040
Leasehold improvements
29,882
4,426
-
34,308
Buildings
-
326,644
-
326,644
Construction in progress
119,174
169,015
-
288,189
Ps.
305,874
619,279
(
19,313
)
905,840
Accumulated depreciation:
As of
January 1,
2020
Depreciation expense
Disposals
As of
January 3,
2021
Molds and machinery
Ps.
(
25,648
)
(
3,636
)
-
(
29,284
)
Vehicles
(
1,505
)
(
633
)
-
(
2,138
)
Computers and equipment
(
48,003
)
(
9,837
)
1,043
(
56,797
)
Leasehold improvements
(
23,368
)
(
1,856
)
-
(
25,224
)
Buildings
-
(
1,270
)
-
(
1,270
)
Ps.
(
98,524
)
(
17,232
)
1,043
(
114,713
)
F-
40
Acquisition cost:
As of
January 3,
2021
Subsidiaries'
Acquisitions
Additions
Disposals
Transfers
As of
December 31,
2021
Land
Ps.
49,256
-
-
-
-
49,256
Molds and machinery
126,296
-
82,457
(
2,334
)
63,729
270,148
Vehicles
13,107
-
6,046
(
1,439
)
-
17,714
Computers and equipment
68,040
13,473
709
(
19,764
)
18,521
80,979
Leasehold improvements
34,308
539
119
(
831
)
3,980
38,115
Buildings
326,644
-
-
-
351,654
678,298
Construction in progress
288,189
-
246,979
-
(
437,884
)
97,284
Ps.
905,840
14,012
336,310
(
24,368
)
-
1,231,794
Accumulated depreciation:
As
of
January 3,
2021
Depreciation
expense
Disposals
As
of
December 31,
2021
Molds and machinery
Ps.
(
29,284
)
(
20,236
)
759
(
48,761
)
Vehicles
(
2,138
)
(
3,162
)
17
(
5,283
)
Computers and equipment
(
56,797
)
(
9,374
)
11,983
(
54,188
)
Leasehold improvements
(
25,224
)
(
4,915
)
203
(
29,936
)
Buildings
(
1,270
)
(
22,864
)
-
(
24,134
)
Ps.
(
114,713
)
(
60,551
)
12,962
(
162,302
)
Acquisition cost:
As of
December 31,
2021
Subsidiaries'
Acquisitions
Additions
Disposals
Transfers
Foreign currency translation
As of
December 31,
2022
Land
Ps.
49,256
1,253,237
-
-
-
-
1,302,493
Molds and machinery
270,148
237,818
1,081
(
18,319
)
67,299
-
558,027
Vehicles
17,714
-
6,183
(
2,124
)
-
-
21,773
Computers and equipment
80,979
101,512
9,605
(
99,640
)
32,544
(
2,498
)
122,502
Leasehold improvements
38,115
1,430
479
-
3,214
-
43,238
Buildings
678,298
321,994
-
-
31,740
-
1,032,032
Construction in progress
97,284
41,790
107,260
(
1,302
)
(
134,797
)
(
3
)
110,232
Ps.
1,231,794
1,957,781
124,608
(
121,385
)
-
(
2,501
)
3,190,297
Accumulated depreciation:
As of
December 31,
2021
Depreciation
expense
Disposals
Foreign currency translation
As of
December 31,
2022
Molds and machinery
Ps.
(
48,761
)
(
60,965
)
6,459
-
(
103,267
)
Vehicles
(
5,283
)
(
3,992
)
180
-
(
9,095
)
Computers and equipment
(
54,188
)
(
40,738
)
84,523
2,406
(
7,997
)
Leasehold improvements
(
29,936
)
(
1,134
)
4
-
(
31,066
)
Buildings
(
24,134
)
(
41,364
)
-
-
(
65,498
)
Ps.
(
162,302
)
(
148,193
)
91,166
2,406
(
216,923
)
Depreciation expense is included in administrative
expenses line in the consolidated statement of profit or loss and other comprehensive income. No impairment losses have been determined.
The Group built a distribution center,
which was completed in the first quarter of 2021. As of December 31, 2022, 2021 and January 3, 2021, the total payments related to this
construction amounted to Ps.
37,500
Ps.
397,000
and Ps.
508,958
, respectively. The total investment amounted to Ps.
1,108,458
.
For the period of 2020, the Group capitalized
borrowing costs in the amount of Ps.
33,460
, directly related to the distribution center that was under construction. In 2022 and 2021
the Group didn't capitalized borrowing costs related to the distribution center that was under construction.
F-
41
11.
Business combination
On January 18, 2022, the Company entered
into an agreement to acquire
100
% of JAFRA in Mexico and the United States, along with its "JAFRA" trademarks. JAFRA is a
leading global brand in direct sales in the Beauty and Personal Care (B&PC) industry with a strong presence in Mexico and the United
States with independent leaders and consultants who sell unique products. In addition to entering the beauty and personal care industry,
the JAFRA acquisition provides a unique opportunity for the Company to expand its geographic presence into the United States, enhancing
its international focus on the North American.
On March 24, 2022, the Federal Economic
Competition Commission ("COFECE") approved the transaction, which was concluded on April 7, 2022.
The JAFRA's acquisition led the
Group to enter in the Beauty and Personal Care (B&PC) industry market.
The assets acquired and liabilities assumed
from the acquisition are as follows:
Assets and liabilities to fair value
Current assets and others non-current assets
Ps.
2,885,952
Property, plant and equipment, net
1,957,784
Intangible assets
1,394,424
Current liabilities and non-current liabilities
(
1,630,260
)
Deferred income tax
(
813,661
)
Total identifiable assets acquired and liabilities assumed
3,794,239
Goodwill
1,250,132
Total assets acquired, net
Ps
.
5,044,371
Goodwill is attributable to the profitability
of the acquired business. It will not be deductible for tax purposes.
Current assets and other non-current
assets include accounts receivable with a contractual value of Ps.
736,063
and an expected loss estimate of Ps.
243,954
; therefore, the
fair value of accounts receivable is Ps.
492,109
.
The funds necessary to pay the purchase
price under the JAFRA Acquisition were obtained from a long-term bank loan "Syndicated Loan" of Ps.
4,498,695
, (see note 16),
plus the available cash of Betterware in dollars of US$
30,000
. The total cash paid in pesos for the JAFRA Acquisition was Ps.
5,044,371
.
Net cash outflow arising on acquisition:
Cash out
Ps.
5,044,371
Less cash and cash equivalent balances acquired from JAFRA
(
345,908
)
Net cash used (investing activities)
Ps.
4,698,463
The revenues contributed by JAFRA
included in the consolidated statement of profit or loss from the effective acquisition date to December 31, 2022 were Ps.
5,164,205
and
net income of Ps.
493,062
. If the acquisition had been made on January 1, 2022, the net revenues in the consolidated statement of income
for the year ended December 31, 2022 would have been Ps.
13,377,529
and net income of Ps.
1,097,092
.
No contingent liability has arisen
from this acquisition that must be recorded, nor are there contingent consideration agreements. Additionally, acquisition costs were not
significant.
F-
42
12.
Goodwill
As of
January 1,
2020
Additions
Disposals
As of
January 3,
2021
Cost
Ps.
348,441
-
-
348,441
As of
January 3,
2021
Additions
Disposals
As of
December 31,
2021
Cost
Ps.
348,441
22,634
-
371,075
As of
December 31,
2021
Additions
Disposals
As
of
December 31,
2022
Cost
Ps.
371,075
1,251,277
(
22,634
)
1,599,718
The goodwill as of December 31, 2020,
correspond to the resulting excess between the consideration given and the fair values of the net assets acquired on the acquisition date
by Betterware Latinoamerica Holding México, S.A. de C.V. (BLHM) and Strevo Holding, S.A. de C.V.
On March 12, 2021, Betterware entered
into an agreement to acquire
60
% of GurúComm for Ps.
45,000
. GurúComm is a Mobile Virtual Network Operator and communications
software developer. Moreover, on July 22, 2021, Betterware entered into an agreement more to acquire
70
% of Innova Catálogos, S.A.
de C.V., for Ps.
5,000
. Innova Catálogos is a company dedicated to the purchase and sale of clothing, footwear and accessories.
The goodwill addition of Ps.
22,634
is the result between the consideration paid and the fair values of the net assets acquired from both
companies. During the 2022 period, GuruComm and Innova Catálogos ceased to belong to the Group in the months of March and November,
respectively, therefore, the goodwill is shown as disposals for Ps.
22,634
for the year.
On March 25, 2022, Betterware and Programa
Lazos, S.A. de C.V., acquired
2
% and
98
%, respectively, of the participation in shares of Finayo, S.A.P.I. de C.V. SOFOM ENR. The Group
recorded a goodwill of Ps.
1,145
corresponding to the excess for the consideration paid and the fair values of the net assets acquired
for the acquisition of
100
% of Finayo.
On April 7, 2022, Betterware acquired
100
% of JAFRA in Mexico and the United States, along with its trademarks "JAFRA"; the total cash agreed amounted to Ps.
5,044,371
(see note 1a and 11). The addition to goodwill for Ps.
1,250,132
corresponds to the excess for the consideration paid and the fair values
of the net assets acquired for the acquisition of
100
% of Jafra Cosmetics International S.A. de C.V., Jafra México Holding B.V.
and Jafra Cosmetics International Inc.
F-
43
The goodwill balances of Group's
companies are described below:
As of
December 31,
2022
As of
December 31,
2021
As
of
January 3,
2021
Betterware
Ps.
348,441
348,441
348,441
JAFRA
Mexico
1,250,132
-
-
Finayo
1,145
-
-
GurúComm
-
17,372
-
Innova Catálogos
-
5,262
-
Total
Ps.
1,599,718
371,075
348,441
For impairment testing purposes, goodwill
is allocated to CGUs that do not exceed operating segments. The recoverable value of the CGU was based on the fair value minus disposal
costs, estimated using discounted cash flows. The fair value measurement was classified as a Level 3 fair value based on the inputs in
the valuation technique used.
The values assigned to the key assumptions
represent the administration's assessment of future trends in relevant industries and are based on historical data from external
and internal sources.
As of December 31, 2022, 2021 and January
3, 2021, the estimated recoverable amount of the CGU exceeded its carrying amount.
The key assumptions used in the estimation
of the recoverable amount are set out below:
2022
2021
2020
In percentages
Betterware
JAFRA
Betterware
Betterware
Discount rate
10.0
9.1
12.8
11.2
Terminal value growth rate
0.0
2.0
3.0
3.0
EBITDA margin (earnings before interest, taxes, depreciation and amortization)
30.0
15.3
30.0
38.0
The discount rate was based on the
historical industry average, weighted-average cost of capital and a market interest rate for Betterware of
11.8
%,
5.7
% and
7.3
% as of
December 31, 2022, 2021 and January 3, 2021, respectively, and for JAFRA of
9.1
% as of December 31, 2022.
The cash flow projections included
specific estimates for
5
years and a terminal growth rate thereafter. The terminal growth rate was determined based on management's
estimate of the long-term compound annual EBITDA growth rate, consistent with the assumptions that a market participant would make. For
Betterware, a terminal growth rate of 0.0 was used to corroborate that even then there would be no impairment of the assets.
Budgeted EBITDA was estimated taking into
account past experience and a revenue growth rate projected taking into account the average growth levels experienced over the past 5
years and the estimated sales volume and price growth for the next five years. It was assumed that the sales price would increase in line
with forecast inflation over the next five years.
F-
44
13.
Intangible assets, net
Acquisition cost:
As
January 1,
2020
Additions
Disposals
As of
January 3,
2021
Brand
Ps.
253,000
-
-
253,000
Customer relationships
64,000
-
-
64,000
Software
21,651
24,333
-
45,984
Brands and logo rights
7,608
276
(
2,491
)
5,393
Ps.
346,259
24,609
(
2,491
)
368,377
Accumulated amortization:
As of
January 1,
2020
Amortization
expense
Disposals
As of
January 3,
2021
Customer relationships
Ps.
(
30,933
)
(
6,400
)
-
(
37,333
)
Software
(
421
)
(
6,675
)
-
(
7,096
)
Brands and logo rights
(
3,940
)
(
647
)
-
(
4,587
)
Ps.
(
35,294
)
(
13,722
)
-
(
49,016
)
Acquisition
    cost:
As
    of
January 3,
2021
Additions
Disposals
As
    of
December 31,
2021
Brand
Ps.
253,000
-
-
253,000
Customer
    relationships
64,000
-
-
64,000
Software
45,984
65,356
-
111,340
Brands
    and logo rights
5,393
70
-
5,463
Ps.
368,377
65,426
-
433,803
Accumulated amortization:
As of
January 3,
2021
Amortization
expense
Disposals
As of
December 31,
2021
Customer relationships
Ps.
(
37,333
)
(
6,400
)
-
(
43,733
)
Software
(
7,096
)
(
8,377
)
-
(
15,473
)
Brands and logo rights
(
4,587
)
(
250
)
-
(
4,837
)
Ps.
(
49,016
)
(
15,027
)
-
(
64,043
)
F-
45
Acquisition
    cost:
As
    of
December 31,
2021
Subsidiaries'
Acquisitions
Additions
Disposals
Foreign
currency
translation
As
                                            of
December 31,
2022
Brand
Ps.
253,000
840,616
9,493
-
(
1,003
)
1,102,106
Customer relationships
64,000
553,808
-
-
-
617,808
Software
111,340
-
41,443
-
-
152,783
Brands
    and logo rights
5,463
-
109
-
-
5,572
Ps.
433,803
1,394,424
51,045
-
(
1,003
)
1,878,269
Accumulated amortization:
As of
December 31,
2021
Amortization
expense
Disposals
Foreign
currency
translation
As of
December 31,
2022
Customer relationships
Ps.
(
43,733
)
(
40,412
)
-
-
(
84,145
)
Software
(
15,473
)
(
29,686
)
-
-
(
45,159
)
Brands and logo rights
(
4,837
)
(
246
)
-
-
(
5,083
)
Ps.
(
64,043
)
(
70,344
)
-
-
(
134,387
)
Brands:
●
The "Betterware" brand is an intangible asset with an indefinite useful life and a carrying
amount of Ps.
253,000
, which is presented in the consolidated statements of financial position. This brand was transmitted to the Group
through a merger carried out on July 28, 2017 with Strevo Holding, S.A. de C.V. (a related party under common control). Strevo obtained
such brand when acquiring the majority of the Betterware's shares in March 2015.
●
The
"JAFRA" brands are intangible assets with an indefinite useful life and a carrying amount of Ps.
849,106
, which is presented
in the consolidated statements of financial position. Since the business combination with the Group on the date of on April 7, 2022,
the JAFRA brands were valued at their fair value.
Customer relationships:
●
The intangible for the relationship with customers of Betterware was transferred to the Group through
a merger with Strevo carried out on July 28, 2017, this intangible asset has a useful life of
ten years
and are amortized using the straight-line
method.
●
The
intangible for the relationship with customers of JAFRA arose from the valuation of assets acquired and liabilities assumed by business
combination dated April 7, 2022 this intangible asset has a useful life of
twelve years
and are amortized using the straight-line method.
The calculation comprised the revenues attributable of Jafra Mexico and the total number of consultants as of the valuation date. In
addition, future revenues, growth rate and desertion were projected.
F-
46
The customers relationships balances of
the Group are described below:
As
    of
December 31,
2022
As
    of
December 31,
2021
As
    of
January 3,
2021
Betterware
Ps.
13,867
20,267
26,667
JAFRA Mexico
519,796
-
-
Total
    of customers relationships
Ps.
533,663
20,267
26,667
Brands and logo rights
●
Betterware has incurred expenses related to the registration trademarks
and logos rights with intellectual property authorities, which have a defined life, are amortized linearly over their estimated useful
life, which ranges from
10
to
30
years. As of December 31, 2022, 2021 and January 3, 2021, intangible assets for brands and logo rights
are presented in the consolidated statement of financial position for a total of Ps.
489
, Ps.
626
and Ps.
806
, respectively.
At each reporting date, the Group reviews
the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists,
then the asset's recoverable amount is estimated. As of December 31, 2022, 2021 and January 3, 2021, the Group have been not identified
indications of impairment.
In relation to impairment of intangible
assets with indefinite useful life (brand), the Group estimates the recoverable amount of the intangible asset which is based on fair
value less costs of disposal, estimated using discounted cash flows. The fair value measurement was categorized as a Level 3 fair value
based on the inputs in the valuation technique used (see note 12).
14.
Leases
Right-of-use assets, net
The Group leases a fleet of cars for its
sales staff and qualified employees with different contract expiration dates, as well as computers, servers. printers, real estate (JAFRA
distribution center and commercial venues) with different expiration date, being the latest expiration date in 2028. Those leases were
recorded as right of use assets as follows:
As
    of
January 1,
2020
Additions
Disposals
As
                                            of
January 3,
2021
Cost
Ps.
36,909
20,531
(
17,861
)
39,579
As
    of
January 1,
2020
Depreciation
expense
Disposals
As
    of
January 3,
2021
Accumulated
    depreciation
Ps.
(
13,098
)
(
12,734
)
11,135
(
14,697
)
F-
47
As
    of
January 3,
2021
Additions
Disposals
As
    of
December 31,
2021
Cost
Ps.
39,579
1,388
(
3,275
)
37,692
As
    of
January 3,
2021
Depreciation
expense
Disposals
As
    of
December 31,
2021
Accumulated
    depreciation
Ps.
(
14,697
)
(
6,544
)
933
(
20,308
)
As
    of
December 31,
2021
Subsidiaries'
Acquisitions
Additions
Disposals
Foreign
currency
translation
As
    of
December 31,
2022
Vehicles
Ps.
623
59,657
48,433
(
1,171
)
-
107,542
Buildings
-
7,049
88,051
(
484
)
-
94,616
Warehouses
17,101
53,575
49,227
-
-
119,903
Office
    furniture and equipment
-
2,697
5,454
-
-
8,151
Computer
    equipment
19,968
27,803
3,856
(
15
)
-
51,612
Cost
Ps.
37,692
150,781
195,021
(
1,670
)
-
381,824
As
    of
December 31,
2021
Additions
Disposals
Foreign
currency
translation
As
    of
December 31,
2022
Vehicles
Ps.
(
147
)
(
21,795
)
1,024
-
(
20,918
)
Buildings
-
(
12,947
)
-
-
(
12,947
)
Warehouses
(
17,101
)
(
18,658
)
484
-
(
35,275
)
Office
    furniture and equipment
-
(
1,346
)
-
-
(
1,346
)
Computer
    equipment
(
3,060
)
(
14,419
)
1
(
295
)
(
17,773
)
Cost
Ps.
(
20,308
)
(
69,165
)
1,509
(
295
)
88,259
The right-of-use asset depreciation
expense for the periods of 2022, 2021 and 2020 amounted to Ps.
69,165
, Ps.
6,544
and Ps.
12,666
, respectively, and is included within administrative
expenses in the consolidated statement of profit or loss and other comprehensive income.
As of December 31, 2022, 2021 and January 3, 2021, Betterware has master lease contracts for computers, servers and cars and for the
year 2022 with the JAFRA' Acquisition, lease contracts were added for the JAFRA distribution center, equipment office (printers),
cars and premises in different regions.
As of December 31, 2022 and 2021, Betterware
leased warehouses, offices, commercial locals, and equipment, used in normal operations of the Group's companies, to which the short-term
exemption was applied, considering that the lease term was for less than
one year
. The rental expense for the years ended December 31,
2022 and 2021, amounted to Ps.
31,003
and Ps.
52,660
, respectively.
As of January 3, 2021, the Betterware
leased warehouses and an administrative office space that expired on January 3, 2021, and that were renewed during the first three months
of 2021 in order to relocate the operations to the new distribution center. Rental expense for the period of 2020 was Ps.
15,703
.
F-
48
Lease liability
The lease liabilities as of December 31,
2022, 2021 and January 3, 2021 are described below.
Lease
    liability
Balance as of January 1,
    2020
Ps.
24,584
Lease
    additions
(1)
20,531
Lease
    disposals
(1)
(
13,966
)
Rent
    payments
(2)
(
8,825
)
Interest
    expense
(1)
2,054
Balance as of January 3,
    2021
24,378
Lease
    additions
(1)
1,388
Lease
    disposals
(1)
(
1,704
)
Rent
    payments
(2)
(
6,899
)
Interest
    expense
(1)
717
Balance as of December 31,
    2021
17,880
Subsidiaries'
    Acquisitions
(1)
146,187
Lease
    additions
(1)
193,856
Lease
    disposals
(1)
(
195
)
Rent
    payments
(2)
(
76,214
)
Foreign
    currency translation
(1)
(
1,172
)
Interest
    expense
(1)
11,566
Balance
    as of December 31, 2022
Ps.
291,908
(1)
Changes that do not represent cash flow
(2)
Changes that represent cash flow
The maturity analysis of total future minimum lease payments,
including non-accrued interest, is as follows:
Year
Amount
2023
Ps
92,341
2024
99,715
2025
101,315
2026
93,946
2027
98,812
Ps
486,129
15.
Accounts payable to suppliers
Trade accounts payables to the Group's
suppliers principally comprise amounts outstanding for trade purchases, raw material and ongoing costs.
The average payment period to Betterware's
suppliers is 4 months mainly for its commercial purchases and to the JAFRA's suppliers is 30 days for the commercial area and 90
days for the manufacturing area, without interest for all Group. The Group has financial risk management policies (see note 21) to ensure
that all accounts payable are paid within the previously agreed credit terms.
The Company has established financing
factoring for suppliers, through which they can discount their documents with different financial institutions (paying out the financial
cost). Factoring payable balance is recognized within the suppliers account in the consolidated statement of financial position. The payable
balance discounted by suppliers as of December 31, 2022, 2021 and 2020 amounted to Ps.
584,872
, Ps.
1,237,913
and Ps.
1,315,744
, respectively.
F-
49
16.
Debt and borrowings
2022
2021
2020
Simple
    credit line with Banamex, HSBC, BBVA, Bajío, BanCoppel and Scotiabank, up to Ps.4,498,695, with interest (28-day TIIE published
    in BANXICO) plus the applicable margin, such ordinary interest will be calculated by the number of days effectively elapsed over
    the base of a year 360 days, in addition, in case of default, interest will be paid at the ordinary interest rate multiplied by 2.0pp
    between the 360 days and the result of using the unpaid and past-due balances.
Ps.
4,432,711
-
-
Two-tranche
    sustainability bond, with maturities across 4 and 7 years, offered in the Mexican Market through the Bolsa Mexicana de Valores;
    the first offer of Ps.500,000 started paying interest at 5.15% plus 0.40% and for the monthly subsequent payments, the rate will
    be based on the 29-day TIIE rate issued by BANXICO plus 0.40%; the second offer of Ps.1,000,000 will pay interest semi-annually at
    a fixed rate of 8.35%, during the sustainability bond term.
1,485,545
1,482,261
-
Credit
    line with Banamex, with interest rate at TIIE (28 days published in BANXICO) plus 110 basis points, the line considers payments of
    drawdowns in no more than a 12-month term. This short-term line of credit, which is available and paid in a term of no more than
    12 months.
200,000
-
-
Innova
    Catalogos has a loan for financial support or "Emerging Plan for the protection of employment and income of people"; the loan was
    acquired at the beginning of 2021, for the amount of Ps.40, with maturity across 18 months, and monthly payments of Ps.2.2, this
    loan does not accrue interest, however in case of default, it will accrue interest at the rate of 24% on unpaid balances.
-
15
-
Secured
    credit line with Banamex, for up to Ps.400,000, bearing interest at the TIIE rate plus 260 basis points. Withdrawals from this secured
    credit line can be made during a 10-month period starting December 15, 2018, and are payable on a quarterly basis from December 17,
    2019 up to December 18, 2025. This secured credit line was prepaid on August 31, 2021 with the proceeds from the sustainability bond.
-
-
373,333
Secured
    credit line with Banamex for up to Ps.195,000, bearing interest at the TIIE rate plus 295 basis points, payable on a quarterly basis
    from October 30, 2020 to December 30, 2025. This secured credit line was prepaid on August 31, 2021 with the proceeds from the sustainability
    bond.
-
-
188,500
Credit
    line with BBVA for up to Ps.75,000 bearing interest at 7.5%, payable monthly from September 20, 2020 to August 31, 2023. This credit
    line was prepaid on August 31, 2021 with the proceeds from the sustainability bond.
-
-
64,721
Interest
    payable
Ps.
30,419
28,109
3,323
Total
    debt
6,148,675
1,510,385
629,877
Less:
    Current portion
230,419
28,124
105,910
Long
    term debt and borrowings
Ps.
5,918,256
1,482,261
523,967
F-
50
Long term debt- Syndicated Credit
Line
●
On March 31, 2022, Betterware
entered into a credit agreement with Banamex, HSBC, BBVA, BanBajio, BanCoppel, and Scotiabank, as syndicated lenders, for a credit line
of up to Ps
.4,498,695
. The funds under the credit line were entirely allocated to the JAFRA Acquisition in Mexico and the United States.
The credit line has a maturity of
5
years from the date of signing the contract in March 2022, which pays monthly interest at the 28-day
TIIE rate plus the applicable margin established in the contract. The first 24 months the credit line has no principal payments, and from
month 25 capital payments begin in an increasing manner, with a global payment of
30
% in month 60. JAFRA subsidiaries are jointly responsible
for this credit.
Long term debt- Offering of bonds
in Securities Commission and to the Mexican Stock Exchange ("BMV", for its acronym in Spanish)
●
On August 30, 2021, Betterware
successfully concluded the offering of a two-tranche sustainability bond issuance for a total of Ps.
1,500,000
, with maturities across
4
and
7
years, offered in the Mexican Market and issued at favorable conditions for the Company. The first offer of sustainability
bonds for Ps.
500,000
started paying interest at
5.15
% rate plus
0.40
% and for the subsequent monthly payments, the rate will be based
on the 29-day TIIE rate issued by Banxico plus
0.40
%, and the second offer of Ps.
1,000,000
will pay interest semi-annually at a fixed
rate of
8.35
% during the sustainability bond term. Capital payments are at the end of every bond maturity.
●
On August 31, 2021, Ps
.588,300
of proceeds received from the bond offering, were used for the prepayment of the following long-term debt: Ps
.521,449
were paid to the
secured credit line with Banamex, plus an additional Ps
.18,172
to cancel the swap linked to that loan, and Ps
.48,679
to the credit line
with BBVA. The rest of the proceeds were used for general corporate purposes, including additional investments in Campus Betterware and
other initiatives with positive environmental and social impacts.
Banamex- Unsecured credit line
●
Betterware has an unsecured credit line with Banamex up to Ps.
400,000
,
amounted to TIIE plus 110 basis points. As of December 31, 2019, the interest rate was TIIE plus 275 basis points. As of December 31,
2022, Betterware has used Ps
.250,000
under such credit line, of which Ps
.50,000
has been reimbursed to Banamex.
Banamex- Secured credit line
●
On December 2018, the Group
obtained a secured credit line with Banamex for an amount of Ps
.400,000
to build the new Campus Betterware. On January 30, 2020, the Group
renegotiated the interest rate of the secured credit line with Banamex, which changed from the TIIE rate plus 317 basis points to the
TIIE rate plus 260 basis points. In addition, withdrawals from this credit line were extended to August 2020, and were payable on a quarterly
basis from September 2020 up to December 18, 2025. This loan was liquidated on August 31, 2021.
●
On July 30, 2020, a total
amount of Ps
.195,000
was withdrawn from a credit agreement signed on June 3, 2020 with Banamex. This loan beared interest at the TIIE
rate plus 295 basis points maturing on December 30, 2025. This loan was liquidated on August 31, 2021.
●
During the first seven months
of 2021, Betterware made payments to secured credit line with Banamex, for Ps.46,167, and as of August 31, 2021, this secured credit line was
liquidated totality for Ps
.
521,449
, including interest.
F-
51
BBVA-Simple credit line
●
On September 20, 2020, the
Group entered into a credit line with BBVA for up to Ps.
75,000
bearing interest at
7.5
%, payable monthly. The credit line had racks in
the Group's distribution center pledged as collateral for an amount of Ps
.80,901
. This credit line was liquidated on August 31,
2021.
●
During the first seven months
of 2021, Betterware made payments to credit line with BBVA, for Ps.16,325 and as of August 31, 2021, this credit line was liquidated totality
for Ps
.
48,679
, including interest.
BBVA-Credit line
●
On April 5, 2022, the Group entered into a credit line with BBVA for up to Ps
.400,000
and as of May 31, 2022, through an amending agreement, the amount was strengthened for up to Ps
.800,000
. The line of credit bearing interest at the 28-day TIIE rate plus 206 basis points, payable monthly, with a term of 36 months from the date of signing the original contract. During 2022, Betterware made Ps.450,010 available and at the end of the year they were fully reimbursed.
HSBC-Credit line
●
On March 10, 2020,
Betterware entered into a current account credit line agreement with HSBC México, S.A., for an amount of Ps.50,000, with provisions by means of promissory notes specifying payment of principal and interest. BLSM is jointly liable for this credit. On May 4, 2020, the first amendment agreement was signed, in which the amount of the credit line was increased to Ps.150,000. The maturity date of this credit line is March 10, 2022, and it bears interest at the TIIE rate plus 200 basis points. During 2022, 2021 and 2020, the Group utilized Ps.620,000, Ps.20,000 and Ps.115,000, respectively, of which as of December 31, 2022, 2021, and January 3, 2021, the entire amounts have been repaid.
CreditSuisse-Credit line
●
On March 27, 2020, the Group
made a prepayment to the credit line with MCRF P, S.A. de C.V. SOFOM, E.N.R of Ps
.258,750
. In addition, on April 27, 2020, the Group paid
the outstanding amount of the credit line.
As of
December 31, 2022, 2021 and January 3, 2021, the fair value of the debt in 2022, 2021 and 2020 amounted to Ps
.6,489,926
, Ps
.1,499,867
and Ps
.634,992
, respectively. The fair value of the long term bond in 2022 and 2021, was calculated based on level 1 of the value hierarchy,
since its price is quoted in an active market on that date, meanwhile the fair value of borrowings in 2022 and 2020 periods, was calculated
using the discounted cash flow method and the Interbank Equilibrium Interest Rate ("TIIE", for its acronym in Spanish), adjusted
for credit risk, and used to discount future cash flows.
Interest
expenses related to the borrowings presented above are included in the interest expense item in the consolidated statement of earnings
and other comprehensive income.
F-
52
Reconciliation of movements
of liabilities to cash flows arising from financing activities
The table below details changes in
the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing
activities are those for which cash flows were, or future cash flows will be, classified in the Group's consolidated statement of
cash flows as cash flows from financing activities.
Long-term debt and
borrowings
Interest
payable
Derivative
financial
instruments, net
Balances as of January 1, 2020
Ps.
666,806
10,907
32,309
Changes that represent cash flows - Loans obtained
1,712,207
-
-
Restricted cash
(1)
(
42,915
)
-
-
Payments
(
1,757,112
)
(
121,297
)
-
Changes that do not represent cash flows:
Interest expense
-
80,253
-
Borrowing costs capitalized on property, plant and equipment
-
33,460
-
Valuation effects of derivative financial instruments
-
-
287,985
Amortization of commissions and debt issuance cost
4,653
-
-
Balances as of January 3, 2021
Ps.
583,639
3,323
320,294
Changes that represent cash flows -
Loans obtained
1,520,000
-
-
Restricted cash
42,915
-
-
Payments
(
646,716
)
(
49,123
)
(
18,172
)
Bond issuance costs
(
18,931
)
Changes that do not represent cash flows:
Interest expense
-
73,909
-
Control obtained over subsidiaries
177
-
-
Amortization of bond issuance cost
1,192
-
-
Valuation effects of derivative financial instruments
-
-
(
330,315
)
Balances as of December 31, 2021
1,482,276
28,109
(
28,193
)
Changes that represent cash flows -
Loans obtained
5,818,705
-
-
Payments
(
1,120,025
)
(
502,847
)
-
Bond issuance costs
(
88,722
)
-
-
Changes that do not represent cash flows:
Interest expense
-
505,157
-
Control obtained over subsidiaries
Amortization of bond issuance cost
3,285
-
-
Amortization of Long-term debt- Syndicated Credit Line
22,737
-
-
Valuation effects of derivative financial instruments
-
-
43,522
Balances as of December 31, 2022
6,118,256
30,419
15,329
(1)
Balances in column "Long-term debt" in the table
above, are netted with restricted cash balances on 2020 period.
F-
53
The Group's long-term debt and
interest maturities as of December 31, 2022, including non-accrued interest, are as follows:
Year
Amount
2023
Ps.
853,401
2024
899,275
2025
2,087,221
2026
1,698,045
2027-2028
2,778,621
Ps.
8,316,563
The
long-term debt of the syndicated credit line contains the following financial obligations:
a)
A leverage ratio equal to or less than 3.00.
b)
A debt service coverage ratio equal to or greater than 1.25.
c)
A minimum stockholders' equity equivalent to 90% of stockholders' equity
at the close of the last immediately preceding fiscal year.
The
long-term debt of the bond issue has the following financial covenants:
a)
Pay interest: The first offer of sustainability bonds for Ps.
500,000
started paying interest at
5.15
% plus
0.40
% and for the subsequent monthly payments, the rate will be based on the 29-day TIIE rate issued
by Banxico plus
0.40
% and the second offer of Ps.
1,000,000
will pay interest semi-annually at a fixed rate of
8.35
% during the sustainability
bond term.
b)
Use the resources derived from the placement of the Stock Certificates
for initiatives with positive environmental and social impacts.
c)
Compliance with the general provisions applicable to securities issuers
and other participants; Among them, the delivery of quarterly financial information and an annual report to the Banking Commission (CNBV,
for its acronym in Spanish) and BMV.
d)
Compliance with the general provisions applicable to entities and issuers
supervised by the CNBV that hire external audit services.
The Group was in compliance with all
covenants as of December 31, 2022, December 31, 2021 and January 3, 2021, with the exception of subsection "c" of the syndicated
loan's financial obligations, however, we obtained a waiver from the agent bank before December 31, 2022.
17.
Income taxes
The subsidiaries of the Group in México
and abroad are individually subject to the payment of income taxes. These taxes are not determined based on the consolidates figures of
the Group, but are calculated individually at the level of each company declaration and each of these presents its taxes separately.
According to the specific requirements
of each country, the statutory rates for 2022, 2021 and 2020 periods, were
30
% for México,
25
% for Guatemala and
21
% for United
States, and will continue as such in future periods.
F-
54
Income tax recognized in profit or
loss for the periods of 2022, 2021 and 2020 was comprised of the following:
2022
2021
2020
Current tax
Ps.
533,522
791,856
576,834
Deferred tax (benefit) expense
(
16,602
)
22,700
(
51,173
)
Ps.
516,920
814,556
525,661
Income tax expense recognized at the
effective ISR rate differs from income tax expense at the statutory tax rate. Reconciliation of income tax expense recognized from statutory
to effective ISR rate is as follows:
2022
2021
2020
Profit before income tax
Ps.
1,386,884
2,542,495
824,105
Tax rate
30
%
30
%
30
%
Income tax expense calculated at 30% statutory tax rate
416,065
768,749
247,232
Inflation effects, net
3,536
25,039
8,333
Non-deductible expenses
(1)
148,569
5,790
5,493
Loss on valuation of warrants
-
-
255,456
Share-based payments
1,780
1,744
8,275
Other items, net
(
53,030
)
13,234
872
516,920
814,556
525,661
Ps.
37
%
32
%
64
%
(1)
Includes (i) certain payroll expenses which are partially deductible
as grocery vouchers, help for transportation, life and major medical expenses insurance, among others; and (ii) certain cost of sales
expenses as samples and obsolescence items.
Realization of deferred tax assets
depends on the future generation of taxable income during the period in which the temporary differences will be deductible. Management
considers the reversal of deferred tax liabilities and projections of future taxable income to make its assessment on the realization
of deferred tax assets. Based on the results obtained in previous years and in future profit and tax projections, management has concluded
that it is probable the deferred tax assets will be realized.
Composition of the deferred tax asset
(liabilities) as well as the reconciliation of changes in deferred taxes balances as of December 31, 2022, December 31, 2021 and January
3, 2021 is presented below:
Temporary differences
As of
January 1,
2020
Recognized in profit or loss
Recognized in other comprehensive income
As of
January 3,
2021
Deferred tax assets:
Expected credit loss
Ps.
5,217
3,102
-
8,319
Accruals and provisions
25,937
43,232
360
69,529
Derivative financial instruments
-
35,886
-
35,886
Property, plant and equipment
4,579
(
4,579
)
-
-
Deferred tax liabilities:
Intangible assets
(
85,820
)
1,920
-
(
83,900
)
Inventories
(
9,353
)
(
24,881
)
-
(
34,234
)
Derivative financial instruments
(
89
)
89
-
-
Property, plant and equipment
-
(
10,888
)
-
(
10,888
)
Other assets and prepaid expenses
(
13,891
)
6,932
-
(
6,959
)
Net deferred tax liability
Ps.
(
73,420
)
50,813
360
(
22,247
)
F-
55
Temporary differences
As of
January 3,
2021
Accounting
effects from
changing
reporting
period
Recognized
in profit or
loss
Recognized in
other
comprehensive
income
As of
December
31, 2021
Deferred tax assets:
Expected credit loss
Ps.
8,319
11,309
12,799
-
32,427
Accruals and provisions
69,529
-
(
31,422
)
-
38,107
Derivative financial instruments
35,886
-
(
35,886
)
-
-
Property, plant and equipment
-
-
5,538
-
5,538
Deferred tax liabilities:
Intangible assets
(
83,900
)
-
1,920
-
(
81,980
)
Inventories
(
34,234
)
(
5,337
)
30,483
-
(
9,088
)
Derivative financial instruments
-
-
(
7,380
)
-
(
7,380
)
Property, plant and equipment
(
10,888
)
-
10,888
-
-
Other assets and prepaid expenses
(
6,959
)
-
(
9,640
)
-
(
16,599
)
Net deferred tax liability
Ps.
(
22,247
)
5,972
(
22,700
)
-
(
38,975
)
Temporary differences
As of
December31,
2021
Liability
assumed for
subsidiaries'
acquisition
Recognized
in profit or
loss
Recognized in
other
comprehensive
income
As of
December31,
2022
Deferred tax assets:
Expected credit loss
Ps.
32,427
-
(
3,085
)
-
29,342
Accruals and provisions
38,107
256,433
99,556
-
394,096
Prepaid expenses
-
4,752
351
-
5,103
Property, plant and equipment
5,538
-
(
5,538
)
-
-
Deferred tax liabilities:
Intangible assets
(
81,980
)
(
418,327
)
1,920
-
(
498,387
)
Inventories
(
9,088
)
-
(
18,656
)
-
(
27,744
)
Derivative financial instruments
(
7,380
)
4,936
(
1,471
)
-
(
3,915
)
Property, plant and equipment
-
(
350,521
)
(
38,200
)
-
(
388,721
)
Other assets and prepaid expenses
(
16,599
)
10,700
(
18,275
)
-
(
24,174
)
Net deferred tax liability
Ps.
(
38,975
)
(
492,027
)
16,602
-
(
514,400
)
Unrecognized deferred tax
assets:
As of December 31, 2022, derived from
the acquisition of JAFRA, the Group did not recognize deferred tax assets in the consolidated statement of financial position with respect
to the following items of the subsidiaries:
Originated loss' year
Life year
Jafra Cosmetics
International, S.A.
de C.V.
Jafrafin, S.A.
de C.V.
2019
2029
Ps.
27,861
-
2020
2030
3,376
-
2021
2031
-
2,659
Ps.
31,237
2,659
F-
56
The Group does not recognize taxes
for deferred assets with respect to tax loss carryforwards to be amortized, on which it is not probable that future taxable profits will
be generated against which the Group can use tax loss carryforwards.
As of December 31, 2021 and January
3, 2021, the Group had no tax loss carryforwards.
18.
Provisions
Commissions,
promotions
and other
Bonuses and
other
employee
benefits
Professional
services fees
Other
general
provisions
Total
As of January 1, 2020
Ps.
32,779
13,356
554
-
46,689
Increases
1,272,651
54,223
16,947
-
1,343,821
Payments
(
1,198,284
)
(
21,039
)
(
17,209
)
-
(
1,236,532
)
As of January 3, 2021
Ps.
107,146
46,540
292
-
153,978
Increases
2,054,420
140,436
17,541
-
2,212,397
Payments
(
2,048,135
)
(
182,439
)
(
17,333
)
-
(
2,247,907
)
As of December 31, 2021
Ps.
113,431
4,537
500
-
118,468
Additions for subsidiaries' acquisition
360,280
-
62,990
276,314
699,584
Increases
4,030,497
74,764
48,292
412,645
4,566,198
Payments
(
4,012,720
)
(
52,898
)
(
54,490
)
(
469,674
)
(
4,589,782
)
Foreign currency translation
(
135
)
-
-
(
921
)
(
1,056
)
As of December 31, 2022
Ps.
491,353
26,403
57,292
218,364
793,412
Commissions, promotions and
other
Commissions, promotions, and other
includes commissions payable to the sales force of distributors, associates, leaders and consultants on the last week of the period, which
are paid in the first week of the year or of the following period. In addition, it includes the provision of reward points and loyalty
program obtained by distributors, associates, leaders and consultants. See notes 2.v and 2.x
Bonuses and other employee benefits
Bonuses and other employee benefits
include annual performance bonuses as well as vacation provisions, vacation bonuses, savings funds, among others.
Fees for professional services
Fees for professional services includes
fees for services such as external audits, legal services, internal audits, among others.
Other general provisions
General provisions are related to
year-end expenses, plant services and center services which are pending to be paid.
F-
57
19.
Derivative financial instruments
19.1 Interest rate and exchange
rate derivatives
The Group in order to reduce the risks
related to fluctuations in the exchange rate of the US dollar uses derivative financial instruments such as forwards to mitigate foreign
currency exposure resulting from inventory purchases made in US dollars.
For 2021 and 2020 periods, in relation
with the secured credit line for up to Ps.
400,000
contracted with Banamex, and in order to mitigate the risk of future increases in interest
rates, the Group entered into a derivatives contract with Banamex, which consists of an interest rate swap. By using this interest rate
swap, the Group converts its variable interest rates into fixed rates.
On August 31, 2021, the SWAP with
Banamex, was cancelled as the secured credit line was prepaid. A cancellation fee of Ps.
18,172
was paid, as mentioned in note 16.
The details of the derivative financial
instrument contracts entered into by the Group as of December 31, 2022, December 31, 2021 and January 3, 2021, are as follows:
As of December 31, 2022
Instrument
Notional
amount in
thousands
Fair Value
Average
Strike
Ps./US$
Maturity date
Forwards US Dollar / Mexican Peso
US$
41,750
Ps.
15,329
20.31
Weekly, through August 2023
Total Liabilities
Ps.
15,329
As of December 31, 2021
Instrument
Notional
amount in
thousands
Fair Value
Average
Strike
Ps./US$
Maturity date
Forwards US Dollar / Mexican Peso
US$
134,050
Ps.
28,193
20.66
Weekly, through October 2022
Total Assets
Ps.
28,193
As of January 3, 2021
Instrument
Notional
amount in
thousands
Fair Value
Contract
date
Maturity
date
Rate received
Rate paid
Liabilities:
Interest rate swap
Ps.
353,333
Ps.
32,842
11/15/2018
12/15/2023
TIIE 28 days (1)
8.33
%
Average
Strike
Ps./US$
Maturity
    date
Forwards
    US Dollar / Mexican Peso
US$
140,325
Ps.
287,452
22.36
Weekly, through October 2021
Total Liabilities
Ps.
320,294
Non-current liability
Ps.
25,179
Total current liability
Ps.
295,115
(1)
As of January 3, 2021, the 28-day TIIE rate was
4.49
%
F-
58
The impacts in profit or (loss) of
the derivative financial instruments for the periods of 2022, 2021 and 2020 amounted to (loss) / gain of Ps.(
43,522
), Ps.
330,315
and Ps.(
287,985
),
respectively, which is included in the consolidated statements of comprehensive income in the line item of "unrealized (loss) gain
in valuation of derivative financial instruments."
19.2 Warrants
As part of the merger with DD3 as
disclosed in note 1.h, during 2020, Betterware assumed an obligation that allowed existing warrant holders to purchase (i) a total of
5,804,125 Betterware shares subject to exercise as of April 12, 2020 at a price of is US$ 11.50 per share that would expire on or before
March 25, 2025 at the time of redemption or settlement, and (ii) the option to purchase
250,000
units that automatically became an option
to issue
250,000
Betterware shares and warrants to buy
250,000
additional Betterware shares. Betterware registered the warrants to be
traded on OTC Markets, which had an observable fair value.
During July and August 2020, the Group
repurchased
1,573,88
warrants. From August 18
th
to October 7, 2020,
895,597
warrants were exchanged for
621,098
shares, of
which,
462,130
warrants were settled on a cash basis by exchanging 1 warrant for
1
share at a price of US$
11.44
for share, which resulted
in receiving cash by an amount of Ps.
116,419
. The remaining
433,467
warrants were exchanged on a cashless basis by exchanging 1 warrant
for
0.37
shares.
During September 2020, the purchase
option of units was exercised by their holders on a cashless basis, which resulted in the issuance of
214,020
Betterware shares.
In addition, on October 8, 2020 and
as part of the terms of the warrant agreement, Betterware issued a notice requiring all of its outstanding public warrants to be redeemed
by its holders given that the condition to exercise the redemption was complied. Such condition required that the share price reached
US$
18.00
during a period of at least 20 days. The redemption of warrants was exercised on a cashless basis by exchanging
3,087,022
warrants
for
1,142,325
of Betterware's shares.
8,493
public warrants were not exercised by their holders during the redemption period that
expired on November 9, 2020, and they were paid by Betterware for a price of US$
0.01
per warrant.
Finally on December 23, 2020,
239,125
private warrants were exercised on a cashless basis by their holders and exchanged for
156,505
of Betterware's shares.
As of January 3, 2021, the warrant
holders had redeemed all of the outstanding warrants and purchase option of units and Betterware recognized a loss for the increase in
the fair value of the warrants of Ps.
851,520
, which is recognized under the heading "Loss in valuation of warrants" in the
consolidated statement of profit or loss.
F-
59
20.
Retirement benefits – Defined benefit obligations
The Group recognizes the liability
and corresponding impacts to profit and loss as well as comprehensive income regarding to the seniority premiums to be paid to its employees.
This benefit is determined considering the years of service and the compensation from the employees.
The components of the defined benefit
liability for the periods of 2022, 2021 and 2020, are as follows:
a)
Movement in defined liability
The following table shows a reconciliation
from the opening balances to the closing balances for the defined benefit liability and its components:
2022
2021
2020
Balance at January 1
Ps.
2,093
1,678
1,630
Additions for subsidiaries' acquisition
149,243
-
-
Included in profit or loss:
Current service cost
13,322
614
425
Interest cost
9,461
101
114
Net cost of the period
22,783
715
539
Included in other comprehensive income:
Actuarial (gain) loss
(
15,585
)
(
83
)
1,199
Income tax effect
-
-
(
360
)
Other:
Benefits paid
(
4,627
)
(
217
)
(
1,330
)
Balance as of December 31
Ps.
153,907
2,093
1,678
b)
Actuarial assumptions
The following were the principal actuarial
assumptions at the reporting date (expressed as weighted averages):
2022
2021
2020
Betterware
JAFRA
Betterware
Betterware
Financial:
Future salary growth
6.5
%
5.5
%
5.0
%
4.0
%
Discount rate
9.2
%
9.5
%
7.6
%
6.1
%
Demographic:
Number of employees
901
1,276
1,272
1,294
Age average
34
años
38
años
32
years
31
years
Longevity average
3
años
7
años
2
years
2
years
F-
60
c)
Sensitivity analysis
Reasonably possible changes at the
reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit
obligation considering a change of ±0.50% in the discount rate.
Effects as of
December 31, 2022
Effects as of
December 31,
2021
Effects as of
January 3,
2021
Betterware
JAFRA
Betterware
Betterware
Increase / decrease in the discount rate
+
0.50
%
Ps.
361
146
156
126
-
0.50
%
(
174
)
(
151
)
(
174
)
(
141
)
21.
Financial instruments
Below is the categorization of the
financial instruments, excluding cash and cash equivalents, held by the Group as of December 31, 2022, December 31, 2021 and January 3,
2021, as well as the indication of fair value hierarchy level, when applicable:
Accounting classification and fair
values
As of December 31, 2022
Amortized cost
Fair value through profit or loss
Fair value hierarchy
level
Financial assets -
Trade account receivables, net
Ps.
971,063
-
Trade account receivables from related parties
61
-
Total
971,124
-
Financial liabilities -
Accounts payable to suppliers
1,371,778
-
Lease liability
291,908
-
Long term debt and borrowings
6,148,675
-
Derivative financial instruments
-
15,329
2
Total
Ps.
7,812,361
15,329
F-
61
As of December 31, 2021
Amortized cost
Fair value through profit or loss
Fair value hierarchy level
Financial assets -
Trade account receivables, net
Ps.
745,593
-
Trade account receivables from related parties
24
-
Derivative financial instruments
-
28,193
2
Total
745,617
28,193
Financial liabilities -
Accounts payable to suppliers
1,984,932
-
Lease liability
17,880
-
Long term debt
1,510,385
-
Total
Ps.
3,513,197
-
As of January 3, 2021
Amortized cost
Fair value through profit or loss
Fair value hierarchy
level
Financial assets -
Trade account receivables, net
Ps.
735,026
-
Total
735,026
-
Financial liabilities -
Long term debt and borrowings
629,877
-
Accounts payable to suppliers
2,078,628
-
Lease liability
24,378
-
Derivative financial instruments
-
320,294
2
Total
Ps.
2,732,883
320,294
Measurements of fair values
Fair value hierarchy levels 1 to 3
are based on the degree to which the fair value is observable:
●
Level
                                            1 fair value measurements are those derived from quoted prices (unadjusted) in active markets
                                            for identical assets or liabilities;
●
Level
                                            2 fair value measurements are those derived from inputs other than quoted prices included
                                            within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
                                            or indirectly (i.e. derived from prices); and
●
Level
                                            3 fair value measurements are those derived from valuation techniques that include inputs
                                            for the asset or liability that are not based on observable market data (unobservable inputs).
As previously disclosed, some of the
Group's financial liabilities are measured at fair value at the end of each reporting period. The following table gives information
about how the fair values of these financial liabilities are determined (in particular, the valuation technique(s) and inputs used).
F-
62
Financial assets/financial liabilities
Valuation technique(s) and key input(s)
Significant unobservable
input(s)
Relationship and sensitivity of unobservable inputs to fair value
Foreign currency forward contracts and interest rate swaps (see note 19)
Discounted cash flows.
Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties.
N/A
N/A
There were no transfers between levels during the current or prior year.
Financial risk management
The Group's Treasury function
provides services to the business, coordinates access to domestic and international financial markets, monitors and manages the financial
risks relating to the operations of the Group through internal risk reports which analyses exposures by degree and magnitude of risks.
These risks include market risk (including currency risk, interest rate risk, and price risk), credit risk, liquidity risk.
The Group seeks to minimize the effects
of these risks by using derivative financial instruments to hedge these risk exposures. The use of financial derivatives is governed by
the Group's policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate
risk, credit risk, the use of financial derivatives and non-derivative financial instruments, and the investment of excess liquidity.
Compliance with policies and exposure limits is reviewed by the internal auditors on a continuous basis. The Group does not enter into
or trade financial instruments, including derivative financial instruments, for speculative purposes.
Market risk
The Group's activities expose
it primarily to the financial risks of changes in exchange rates and interest rates (see below). The Group enters into a variety of derivative
financial instruments to manage its exposure to interest rate and foreign currency risk, including:
●
In
                                            order to reduce the risks related to fluctuations in the exchange rate of foreign currency,
                                            the Group uses derivative financial instruments such as forwards to adjust exposures resulting
                                            from foreign exchange currency.
●
In
                                            addition, the Group occasionally used interest rate swaps to adjust its exposure to the variability
                                            of the interest rates or to reduce their financing costs. The Group's practices vary
                                            from time to time depending on judgments about the level of risk, expectations of change
                                            in the movements of interest rates and the costs of using derivatives.
See note 19 for disclosure of the
derivative financial instruments entered into for the periods of 2022, 2021 and 2020.
Exchange risk management
The Group undertakes transactions
denominated in foreign currencies, mainly U.S. dollars; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures
are managed within approved policy parameters utilizing forward foreign exchange contracts.
F-
63
The carrying amounts of the Group's
U.S. dollars, U.E. euro and India rupee and denominated financial assets and financial liabilities at the reporting date are as follows:
2022
2021
2020
US$
€$
Rp$
US$
US$
Assets
13,006
105
60,340
10,686
29,559
Liabilities
(
23,142
)
(
78
)
-
(
35,148
)
(
49,570
)
Net position
(
10,136
)
27
60,340
(
24,462
)
(
20,011
)
Closing exchange rate of the year
19.3615
20.7693
0.0013
20.5157
19.9352
Exchange rate sensitivity analysis
The Group is mainly exposed to variations in the Mexican Peso / the
U.S. Dollar exchange rate. For sensitivity analysis purposes,
the Group has determined a 10 percent increase and decrease in Ps. currency
units against the U.S. dollar ("relevant currency"). The 10 percent is the sensitivity rate used when reporting foreign currency
risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign
exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated financial assets/liabilities and adjusts
their translation at the year-end for a 10 percent change in foreign currency rates. Given that the foreign exchange currency net position
results in a liability, a positive number below indicates an increase in profit where currency units strengthen 10 percent against the
relevant currency. For a 10 percent weakening of currency units against the relevant currency, there would be a comparable impact on the
net income, and the balances below would be negative.
2022
Impact on net income
Ps.
19,490
Foreign exchange forward contracts
It is the policy of the Group to enter
into foreign exchange forward contracts to manage the foreign currency risk associated with anticipated purchase transactions up to 12
months.
See note 19 with details on foreign
currency forward contracts outstanding at the end of the reporting period. Foreign currency forward contract assets and liabilities are
presented in the line 'Derivative financial instruments' within the consolidated statement of financial position.
The Group has entered into contracts
to purchase raw materials from suppliers in China, with such purchases denominated in U.S. dollars. The Group has entered into foreign
exchange forward contracts to hedge the exchange rate risk arising from these anticipated future purchases.
Interest rate risk management
During 2020, the Group was exposed
to interest rate risk from the borrowings at a variable interest rates. The risk is managed by the Group by maintaining an appropriate
balance between fixed and variable rate borrowings, and by the use of interest rate swap contracts. Hedging activities are evaluated regularly
to align with interest rate views and defined risk appetite; ensuring the most cost-effective hedging strategies are applied.
The Group's exposures to interest
rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note.
As of December 31, 2022 and 2021,
the Group does not have any SWAP contracted.
F-
64
Interest rate sensitivity analysis
The sensitivity analyses determined
in 2020, ware based on the exposure to interest rates on the reporting date. For floating rate liabilities, the analysis was prepared
assuming the amount of the liability outstanding at the reporting date was outstanding during the year. A
one
per cent increase or decrease
was used when reporting interest rate risk internally to key management personnel and represents management's assessment of the
reasonably possible change in interest rates.
If interest rates had been
one
per
cent higher/lower and all other variables would have held constant, the Group's net income as of January 3, 2021, would decrease/increase
by Ps
6,266
. This is attributable to the Group's exposure to interest rates on its borrowings which were prepaid as of December
31, 2021 as described in note 16.
Interest rate swap contracts
During the first months of 2021 and
prior periods, under interest rate swap contracts, the Group agreed to exchange the difference between fixed and variable rate interest
amounts calculated on agreed notional principal amounts. Such contracts enabled the Group to mitigate the risk of changing interest rates
on the cash flow exposures on the issued variable rate debt held. The fair value of interest rate swaps in 2020 was determined by discounting
the future cash flows using the curves at the reporting date and the credit risk inherent in the contract and was disclosed in note 19.
The average interest rate was based on the outstanding balances at the end of the financial period.
Credit risk management
The Group's exposure to credit risk concentration is not significant
as no customer represents more than
10
% of sales and receivables. The concentration of credit risk is limited due to the fact that the
customer base is large and unrelated, spread across diverse geographical areas. Credit policy has been implemented for each customer establishing
purchase limits. Customers who do not satisfy the credit references set out by the Group, can only carry out transactions with the Group
through prepayment.
See note 6 for further details on
trade account receivables and the expected credit loss estimate.
Collateral held as security
and other credit enhancements
The Group does not hold any collateral
or other credit enhancements to cover its credit risks associated with its financial assets.
Overview of the Group's
exposure to credit risk
Credit risk refers to the risk that
a counterparty will default on its contractual obligations resulting in a financial loss/gain to the Group. As of December 31, 2022, the
Group's maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, which will
cause a financial loss to the Group due to failure to discharge an obligation by the counterparties and financial guarantees provided
by the Group, arises from the carrying amount of the respective recognized financial assets as stated in the consolidated statement of
financial position.
For trade receivables, the Group has applied the simplified approach
to measure the loss allowance at lifetime instruments. The Group determines the expected credit losses on these items by using a provision
matrix, estimated based on historical credit loss experience based on the past due status of the debtors, determined by the last
3
years
plus the current period adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly,
the credit risk profile of these assets is presented based on their past due status in terms of the provision matrix. The note 6, includes
further details on the loss allowance for these assets.
F-
65
Liquidity risk management
The ultimate responsibility for liquidity
risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for management
of the Group's short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining
adequate reserves, banking facilities, and reserve borrowing facilities, by continuously monitoring the forecast and actual cash flows,
and by matching the maturity profiles of financial assets and liabilities. Details of additional undrawn facilities that the Group has
at its disposal to further reduce liquidity risk are set out below.
Liquidity maturity analysis
The Group manages its liquidity risk
by maintaining adequate reserves of cash and bank credit lines available and consistently monitoring its projected and actual cash flows.
The maturity analysis of lease liabilities is presented in note 14 and long-term debt maturities effectives in 2022, 2021 and 2020 are
presented in note 16.
The Group has access to financing
facilities as described below. The Group expects to meet its other obligations from operating cash flows and proceeds of maturing financial
assets.
Bank credit lines and long term debt
2022
2021
2020
Amount used
Ps.
6,198,695
1,500,000
626,554
Amount not used
1,380,000
250,000
297,828
Total credit lines and long term debt
Ps.
7,578,695
1,750,000
924,382
Capital risk management
The Group manages its capital to ensure
it will be able to continue as a going concern, while it maximizes returns for its shareholders through the optimization of its capital
structure. The Group's management reviews the capital structure when presenting its financial projections to the Board of Directors
and stockholders as part of the annual business plan. When performing its review, the Board of Directors considers the cost of equity
and its associated risks.
The capital structure of the Group
consists of net debt (debt and borrowings disclosed in note 16 after deducting cash and bank balances) and stockholders' equity
of the Group.
22.
Stockholders' equity
Stockholders' equity as of December
31, 2022, December 31, 2021 and January 3, 2021 by number of shares, is as follows:
Betterware de México, S.A.P.I. de C.V.
As of
December 31,
2022
As of
December 31,
2021
As of
January 3,
2021
Fixed capital
10,000
10,000
10,000
Variable capital
37,306,546
37,306,546
36,574,968
37,316,546
37,316,546
36,584,968
The capital stock is represented by
fully subscribed and paid common shares with no par value, with the exception of fixed capital, for which the par value per share is Ps.
10
.
The variable capital stock is unlimited. As of December 31, 2022, December 31, 2021 and January 3, 2021 the Group had
356,029
,
283,403
and
1,015,072
treasury shares.
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66
2022
In 2022, during the months of February
to March, the Group repurchased
72,626
shares equivalent to Ps.
25,321
according to the program approved on September 10, 2021 by the Board
of Directors, where up to US$
50,000
may be repurchased, until December 31, 2022.
2021
During the Ordinary Shareholders'
Meeting held on February 18, 2021, a reclassification of Ps.
876,518
from share premium account to retained earnings was approved.
On June 21, 2021, the Group issued
731,669
treasury shares in favor to Campalier, related to the long term incentive plan based on shares with the Executive Chairman of
the Board, agreed between Shareholders on August 15, 2019 and modified on June 30, 2020.
2020
On March 10, 2020, DD3 was merged
into Betterware. Due to the merger, which resulted in Betterware increased its variable capital by issuing shares to the previous shareholders
of DD3 by Ps.
181,865
, less issuance costs of Ps.
16,736
. On the same date, a liability of Ps.
55,810
for the fair value of the assumed warrants
obligation was recognized.
On October 2, 2020, the Ordinary Shareholders'
Meeting approved an increase in Betterware's variable capital by an amount of Ps.
89,235
, due to the cash exercise of
352,256
warrants,
equivalent to
352,256
shares.
On November 9, 2020, the Ordinary
Shareholders' Meeting approved an increase in Betterware's variable capital by an amount of Ps.
27,183
, due to the cash exercise
of
109,874
warrants, equivalent to
109,874
shares.
On November 9, 2020, the Ordinary
Shareholders' Meeting approved an increase in Betterware's share premium by an amount of Ps.
860,571
, due to the cashless exercise
of
3,520,489
warrants as of such date and as part of the redemption (see note 1.m), equivalent to
1,301,293
shares.
On December 14, 2020, the Ordinary
Shareholders' Meeting approved the merger of Promotora Forteza (a commonly controlled entity) into Betterware. As part of the merger
stockholders' equity increased Ps.
4,724
.
As of January 3, 2021, and as a result
of the exercise of the purchase option of units by its holders (see note 19.2) and the share-based payments granted to certain directors
and executives (see note 23), the total capital increase in share premium amounted Ps.
909,428
.
Dividends
2022
On February 11, 2022, the General
Shareholders' Meeting approved a payment of dividends from retained earnings in the amount of Ps.
350,000
, which were paid in cash on March
3, 2022. Part of this amount (Ps.
183,812
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
9.38
.
On April 29, 2022, the General Shareholders'
Meeting approved a payment of dividends from retained earnings in the amount of Ps.
350,000
, which were paid in cash on June 22, 2022.
Part of this amount (Ps.
183,812
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
9.38
.
On August 19, 2022, the General Shareholders'
Meeting approved a payment of dividends from retained earnings in the amount of Ps.
200,000
, of which the amount of Ps.
199,610
was paid
in cash on September 8, 2022. Part of this amount (Ps.
105,035
) was paid to Campalier based on its shareholding. The dividend per share
was Ps.
5.36
.
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67
On October 28, 2022, the General Shareholders'
Meeting approved a payment of dividends from retained earnings in the amount of Ps.
50,000
, which were paid in cash on December 28, 2022
Part of this amount (Ps.
26,259
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
1.34
.
2021
On February 18, 2021, the General
Shareholders' Meeting approved a payment of dividends from retained earnings in the amount of Ps.
350,000
, which were paid in cash on March
4, 2021. Part of this amount (Ps.
180,489
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
9.57
.
On May 12, 2021, the General Shareholders'
Meeting approved a payment of dividends from retained earnings in the amount of Ps.
350,000
, which were paid in cash on May 20, 2021. Part
of this amount (Ps.
180,489
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
9.57
.
On August 13, 2021, the General Shareholders'
Meeting approved a payment of dividends from retained earnings in the amount of Ps.
350,000
, which were paid in cash on August 19, 2021.
Part of this amount (Ps.
183,812
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
9.38
.
On October 29, 2021, the General Shareholders'
Meeting approved a payment of dividends in the amount of Ps.
350,000
, which were paid in cash on November 4, 2021. Part of this amount
(Ps.
183,812
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
9.38
.
2020
On January 10, 2020, the General Shareholders'
Meeting approved a payment of dividends from retained earnings in the amount of Ps.
70,000
, which were paid in cash on January 10, 2020.
Part of this amount (Ps.
42,739
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
2.32
.
On May 8, 2020, the General Shareholders'
Meeting approved a payment of dividends on account of the profits to be generated in the fiscal year 2020 in the amount of Ps.
100,000
,
which were paid in cash on May 28, 2020. Part of this amount (Ps.
53,522
) was paid to Campalier based on its shareholding. The dividend
per share was Ps.
2.90
.
On August 17, 2020, the Ordinary General
Shareholders' Meeting approved a payment of dividends on account of the profits to be generated in fiscal year 2020 in the amount of Ps.
330,000
,
which were paid in cash on August 20, 2020. Part of this amount (Ps.
176,621
) was paid to Campalier based on their shareholding. The dividend
per share was Ps.
9.27
.
On November 9, 2020, the Ordinary
General Shareholders' Meeting approved a payment of dividends on account of the profits to be generated in the fiscal year 2020
in the amount of Ps.
330,000
, which were paid in cash on November 19, 2020. Part of this amount (Ps.
168,136
) was paid to Campalier based
on their shareholding. The dividend per share was Ps.
9.11
.
Legal reserve
Retained earnings include the statutory
legal reserve. The Mexican General Corporate Law requires that at least
5
% of net income of the year be transferred to the legal reserve
until the reserve equals
20
% of common stock at par value (historical pesos). The legal reserve may be capitalized but may not be distributed
unless the Group is dissolved. The legal reserve must be replenished if it is reduced for any reason. As of December 31, 2022, December
31, 2021 and January 3, 2021, the legal reserve, in pesos, was Ps.
10,679
and it is included in retained earnings.
F-
68
23.
Share-based payments
As disclosed
in notes 1.j and 2.y, the Group grants a compensation plan based on Betterware's shares to Executive Chairman of the Board, certain
officers and directors. The plans were granted at the Board of Directors' Meeting on August 15, 2019, and modified July 30, 2020, in which
it was established that to obtain the rights to the corresponding shares of Beñtterware, there should be a performance metric based
on EBITDA (Earnings before interest, taxes, depreciation and amortization) and their continuance at the Group, which will be delivered
based on the particular compensation plans of each individual.
The effects associated
with the award of share-based payments were recognized in the consolidated statement of income and other comprehensive income, with the
corresponding effect in stockholders' equity. In May 2021, the conditions of the share-based compensation plan for the Executive Chairman
of the Board were met, so in June 2021, the Betterware's shares equivalent to
2
% were delivered to Campalier. The plan as of December
31, 2022 and 2021 only includes certain Directors and key executives.
24.
Earnings per share
The amount of basic earnings per share
is calculated by dividing the net income for the period attributable to shareholders of the Group's ordinary shares by the weighted
average of the ordinary shares outstanding during the period.
The amount of diluted earnings per
share is calculated by dividing the net income attributable to shareholders of the Group's common shares (after adjusting it due to changes
in the fair value of warrants recognized at FVTPL in accordance with IFRS 9, if applicable) by the weighted average of the common shares
outstanding during the period plus the weighted average number of ordinary shares that would have been issued at the time of converting
all diluted potential ordinary shares into ordinary shares.
The following events affected the
outstanding common shares for the 2022, 2021 and 2020 periods:
2022
●
In 2022, during the months of February to March, the Group repurchased
72,626
shares at US$
17.03
each share or the equivalent of a total of Ps.
25,321
, according to the program approved on September 10, 2021 by the Board of Directors, where it was stipulated to repurchase them for up to US$
50,000
, until December 31, 2022.
2021
●
For the year 2021, the share-based payment incentive plans with the Executive Chairman of the Board, certain officers and directors, issued by the Group (see note 22) qualified as a potentially dilutive event, resulting in
20,680
potentially dilutive shares, corresponding to the share-based incentive plan for directors and key executives. The Group issued
731,669
treasury shares during the year related to the share-based incentive plan of the Executive Chairman of the Board; such shares were considered from January 1, 2021, within the calculation of diluted earnings per share for the year ended December 31, 2021.
2020
●
The warrants that DD3 had issued and that were automatically converted into warrants to purchase a total of
5,804,125
shares, exercised by its holders through a cash and cashless basis. The cash exercises resulted in th
e issuance of
462,130
shares and the cashless exercises in the issuance of
1,457,798
shares.
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69
●
The unit purchase option subject to the warrant contract to issue
250,000
Betterware shares and warrants to buy
250,000
additional Betterware shares (see note 1.e). The purchase option resulted in the issuance of
214,020
Betterware shares, which were exercised on a cashless basis.
●
The
                                            effect of warrants and unit purchase options throughout the 2020 and while not exercised
                                            in the period qualified as antidilutive events. In accordance with IAS 33, antidilutive potential
                                            ordinary shares are disregarded in the calculation of diluted earnings per share.
●
On
                                            2020, the merger transaction was, which closed on March 13, 2020, between Betterware and
                                            DD3 and the subscription and payment of Betterware shares on Nasdaq, were considered on the
                                            operation, moreover all Betterware shares issued and outstanding immediately prior to the
                                            closing date were canceled and new shares were issued.
Additionally, IFRS requires that the
calculation of basic and diluted earnings per share ("EPS") for all periods presented be adjusted retrospectively when the number
of ordinary shares or potential ordinary shares outstanding increases as a result of a capitalization, bond issue, or share split, or
decreases as a result of a reverse share split, EPS calculations for the reporting period and the comparative period should be based on
the new number of shares.
As of December 31, 2022, December
31, 2021 and January 3, 2021, Betterware had
37,316,546
,
37,316,546
, and
36,584,968
outstanding shares, respectively.
The following table shows the income and share data used
in the calculation of basic and diluted earnings per share for the periods of 2022, 2021 and 2020:
2022
2021
2020
Net income (in thousands of pesos)
Attributable to Owners of the Group
Ps.
872,557
1,751,645
298,444
Shares (in
thousands of shares)
Weighted average of outstanding shares
Basic
37,256
36,974
34,083
Diluted
37,277
37,337
34,383
Basic and diluted earnings per share:
Basic earnings per share (pesos per share)
Ps.
23.42
47.38
8.76
Diluted earnings per share (pesos per share)
23.41
46.91
8.68
25.
Related party balances and transactions
The following balances were outstanding
as of December 31, 2022, December 31, 2021 and January 3:
Trade account receivables from related parties
2022
2021
2020
Fundación Betterware., A.C.
Ps.
61
24
-
Trade account payables to related parties
2022
2021
2020
Campalier, S.A. de C.V.
Ps.
96,859
-
-
On June 23, 2022,
our subsidiary Programa Lazos, S.A. de C.V., signed an agreement for a loan up to Ps.
150
million with Campalier, S.A de C.V. ("Campalier").
As of December 31, 2022, Lazos received a disbursement of Ps.
120
million, bearing monthly variable interest rate of TIIE plus 349 basis
points, without specific maturity.
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70
Trading
transactions
–
Revenues
    / expensess to Betterware with:
2022
2021
Lease
    income
Donation
    expenses
Lease
    income
Donation
    expenses
Fundación
    Betterware., A.C.
Ps.
63
3,350
42
920
2022
Expenses/ to Lazos with:
Interest
    expenses
Campalier,
    S.A. de C.V.
Ps.
7,479
Remuneration of key management
personnel –
Key management personnel compensation
comprised short-term employee benefits of Ps.
47,265
, Ps.
42,170
and Ps.
37,713
as of December 31, 2022, December 31, 2021 and January 3,
2021, respectively. Compensation of the Group's key management personnel includes salaries and non-cash benefits. No long-term employee
benefits were paid to key management personnel during 2022, 2021 and 2020.
26.
Revenue and operating expenses
Revenue –
Revenue recognized in the 2022 was
generated in Mexico and the United States, while the revenue recognized 2021 and 2020   was generated in Mexico.
A disaggregation revenue per product
segments is as follows:
2022
2021
2020
Revenue by home organization products:
Kitchen and food preservation
Ps.
2,163,684
3,283,421
2,524,475
Home solutions
1,272,272
2,319,156
1,452,096
Bedroom
854,323
1,608,424
824,370
Bathroom
749,161
1,217,927
840,080
Laundry & Cleaning
691,272
826,188
825,874
Tech & mobility
553,977
769,767
770,733
Others
58,655
42,800
-
Total revenue by home organization products
6,343,344
10,067,683
7,237,628
Revenue by beauty and personal care products:
Fragrance
3,472,919
-
-
Color
642,876
-
-
Skin care
611,905
-
-
Toiletries
321,806
-
-
Others
114,699
-
-
Total revenue of beauty and personal care products
5,164,205
-
-
Total revenue of the Group
Ps.
11,507,549
10,067,683
7,237,628
As of December 31, 2022, December
31, 2021 and January 3, 2021, the Group did not identify significant costs to obtain/fulfill a contract that are required to be capitalized
as an asset. Consequently, the Group did not perform any analysis in order to identify possible impairment losses. See note 6 about the
expected credit loss model applicable to all financial assets measured at amortized cost.
F-
71
Operating expenses –
Operating expenses by nature, for the periods of 2022,
2021 and 2020 are as follows:
2022
2021
2020
Promotions for the sales force
Ps.
1,743,961
503,291
172,177
Cost of personnel services and other employee benefits
1,502,030
621,519
564,213
Distribution costs
473,516
463,762
331,023
Sales catalog
445,753
417,522
289,170
Depreciation and amortization
287,702
82,122
43,688
Impairment loss on trade accounts receivables
269,595
198,495
57,627
Commissions and professional fees
217,384
69,954
61,403
Events, marketing and advertising
199,771
109,822
19,237
Packing materials
161,095
201,006
112,512
Rent expense
96,729
52,660
22,451
Travel expenses
33,223
11,258
13,522
Bank fees
25,853
34,335
23,965
Market research
12,031
9,550
8,495
Other
409,545
192,514
174,462
Ps.
5,878,188
2,967,810
1,893,945
27.
Segment information
The information by operating segments
is presented consistent with the information included in the internal reports provided to the highest authority in making operating decisions
(Chief Operating Decision Maker or "CODM").
The Board of Directors is who evaluates
the financial performance, the situation of the Group and makes strategic decisions. It has been identified as the highest authority in
operating decision-making, and it is integrated by seven independent members, two members and the Executive Board Chairman.
As discussed in note 1, the Group
has identified the reportable business segments as follow:
●
Home
organization segment (Betterware segment or BWM' segment): Some of the categories through which Betterware offers its product line
include kitchen and food preservation, home solutions, bathroom, laundry & cleaning, tech and mobility and bedroom (see note
26). BWM's products are sold through catalogues and are distributed to the end customer by its network of distributors and associates
in Mexico. As of December 31, 2022, the net income corresponding to this reportable segment represented 55.1%.
●
Beauty
and Personal Care (B&PC) segment (JAFRA segment), formed by four main categories: fragrance, color (cosmetics), skin care and toiletries.
JAFRA's products are sold through 12 promotional catalogues published on a monthly basis and are distributed to the end customer
by its network of leaders and consultants in its operative segments located in Mexico (JAFRA Mexico) and the United States (JAFRA US).
As of December 31, 2022, the net income corresponding to this reportable segment represented
44.9
%.
F-
72
The segment information of the Group
is detailed in the following table:
As of December 31, 2022
As of
December 31, 2021
As of
January 3, 2021
The
    Group's companies
BWM´s segment
JAFRA´s segment
Eliminations
(1)
Total
BWM´s segment
BWM´s segment
EBITDA
1,514,227
801,881
-
2,316,108
2,683,987
2,107,023
Depreciation
    and amortization
109,055
178,647
-
287,702
82,122
43,688
Operating income
1,405,172
623,234
-
2,028,406
2,601,865
2,063,335
Interest income
10,607
32,777
(
14,695
)
28,689
25,872
10,930
Interest expense
(
546,977
)
(
11,039
)
14,695
(
543,321
)
(
75,818
)
(
80,253
)
Unrealized (loss) gain in valuation
    of DFI
(
43,522
)
-
-
(
43,522
)
330,315
(
287,985
)
Changes in fair value of warrants
-
-
-
-
-
(
851,520
)
Foreign
    exchange loss, net
(
81,212
)
(
2,156
)
-
(
83,368
)
(
319,739
)
(
30,402
)
Income before income taxes
744,068
642,816
-
1,386,884
2,562,495
824,105
Income
    taxes
367,166
149,754
-
516,920
814,556
525,661
Income
    for the year
376,902
493,062
-
869,964
1,747,939
298,444
Net revenue
Ps.
6,343,344
5,166,545
(
2,340
)
11,507,549
10,067,683
7,237,628
Divestment
    in subsidiaries
Ps.
(
21,862
)
-
-
(
21,862
)
-
-
Total assets
Ps.
8,958,162
8,154,942
(
5,780,371
)
11,332,733
5,185,229
4,359,706
Total liabilities
Ps.
(
8,363,605
)
(
2,592,037
)
720,189
(
10,235,453
)
(
3,985,026
)
(
3,477,730
)
Fixed assets
    additions
Ps.
77,899
50,201
(
3,492
)
124,608
336,310
619,279
(1)
The column of eliminations corresponds to the transactions between
the Group's subsidiaries for the concepts of loans, interest income (expenses), expenses for corporate services, sales of fixed
assets, initial investment in subsidiary, among the most important.
The income recognized during the year
2022, 2021 and 2020, national and foreign, is shown below
:
2022
2021
2020
Revenue in Mexico
Ps.
10,531,505
10,059,285
7,237,628
Revenue in United States
(2)
966,085
-
-
Revenue in Guatemala
9,959
8,398
-
Total revenue of the Group
Ps.
11,507,549
10,067,683
7,237,628
(2)
The main concentration of JAFRA's income is in Mexico,
however, there is an entity in the United States which represents a smaller percentage
8
% of the Group's total income.
The Group considers that there are
no concentration risks given the nature of the business and the sale of its products through a significant number of distributors, leaders
and consultants.
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73
28.
Contingencies
The Group is a subject to various
legal actions in the normal course of its business. The Group is not involved in or threatened by proceedings for which the Group believes
it is not adequately insured or indemnified or which, if determined adversely, would have a material adverse effect on its consolidated
financial position, results of operations and cash flows.
Additional taxes payable could arise
in transactions with related parties if the tax authority, during a review, believes that prices and amounts used by the Group are not
similar to those used with or between independent parties in comparable transactions.
In accordance with the current tax
legislation, the authorities have the power to review up to five fiscal years prior to the last income tax return filed.
On August 12, 2014, the International
Inspection Administration "4" ("AFI", for its acronym in Spanish), under the Central Administration of International
Control, in relation to the General Administration of Large Taxpayers of the Tax Administration Service ("SAT" for its acronym
in Spanish), requested information regarding the Group's 2010 income tax filing, which was provided at that time. On February 20,
2017, the final agreement was signed with the Taxpayer Advocacy Office ("PRODECON", for its acronym in Spanish) regarding
the SAT's review. On March 2, 2017, the SAT notified the Group about certain issues on which an agreement was not reached. As a
result, the Group filed a lawsuit for annulment before the SAT's resolution. On January 31, 2023, the Group desisted on the lawsuit
for annulment and ratified it on February 8, 2023. The tax credit by an amount of Ps.
5,331
(historical) plus updates and surcharges, which
was part of the provisions balance as of December 31, 2022, was paid on April 26, 2023.
29.
Subsequent events
In the preparation of the consolidated
financial statements, the Group has evaluated the events and transactions for their recognition or disclosure subsequent to December 31,
2022 and until May 15, 2023 (date of issuance of the consolidated financial statements), and except as noted below, has not identified
subsequent significant events:
On March 8, 2023, the Ordinary General
Shareholders' Meeting approved a dividend payment of Ps
.100,000
, of which the amount of Ps
.99,806
was paid on March 21, 2023. Part
of this amount (Ps
.52,518
) was paid to Campalier based on its shareholding. The dividend per share was Ps.
2.68
.
On March 31, 2023, the Group made
an advance payment of Ps
.1,000,000
to the syndicated loan with "Banamex, HSBC, BBVA, Bajío, BanCoppel and Scotiabank",
therefore, as of this date, the outstanding principal balance is Ps
.3,498,695
.
30.
Authorization to issue the consolidated financial statements
On May 15, 2023, the issuance of the
Group's consolidated financial statements was authorized by Andrés Campos, Chief Executive Officer, and Alejandro Ulloa, Chief
Corporate Financial Officer.
* * * * * *
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