Financiera Independencia B de C SOFOM E N R : makes progress in stabilizing its portfolio and strengthens its financial position. As expected in its strategy to mitigate the effects of the COVID-19 pandemic, the Company posts a 29 million pesos net loss in the third quarter of 2020

Financiera Independencia 3Q20 Results

Contact:

Mario Govea Soria Investor Relations Officer [phone] [e-mail]

Financiera Independencia 3Q20

For immediate release

Financiera Independencia makes progress in stabilizing its portfolio and strengthens its financial position. As expected in its strategy to mitigate the effects of the COVID-19 pandemic, the Company posts a 29 million pesos net loss in the third quarter of20201

• Total Loan Portfolio of Ps. 7,817.6 million, a 5% decrease vs 2Q20, a 10.7% decrease with respect to 3Q19 YoY. The portfolio contraction was derived from a prudent strategy to face COVID-19 uncertainties, limiting risk and increasing liquidity. Currently our origination levels are back to 88% pre-COVID originations, from a low of 46% of pre-COVID levels in April.
• NPL Ratio of 7.2%, a 160 bps increase vs 2Q20 and 3Q19, respectively. The Company has prudential reserves to back up the temporary increase in risk observed in the loan portfolio, more than offsetting the increase in NPLs. The NPL increase is driven by clients who received COVID support through the Company's relief programs during 2Q20.
• Relief programs were applied during 2Q20. By July 2020, less than 3% of our portfolio still had a relief program; in October 2020 none of our clients had this benefit. More than 55% of customers that received a relief program remain to date either current or less than 14 days past due, thus emphasizing the success of the relief programs in supporting a long term relationship with customers.
• Coverage Ratio of 184.5%, 70 percentage points above the 114.5% ratio in 3Q19.
• Net Interest Income of Ps.994.6 million, a 6.5% decrease vs 2Q20, 13.9% below 3Q19 YoY.
• Provision for loan losses of Ps. 383.4 million, 52% below 2Q20, 1.1% below 3Q19 YoY.
• Non-interestexpense of Ps. 740.1 million, a 6.3% decrease vs 3Q19 YoY. This amount includes severances and costs related to the closure of branches in Finsol Mexico. Excluding these effects and the FX variation in AFI´s costs, Non-Interest Expense in 3Q20 decreased 9.4% versus 3Q19, on a pro-formabasis.
• Net loss of Ps. 29.1 million in 3Q20 and of Ps.-16.6 million for the nine month period in 2020. It is worth highlighting that Finsol Mexico had a net loss of Ps. 29 million during the quarter. Without this company, which we stopped operating and sold its portfolio and certain assets at the beginning of October, we would have been breakeven during the quarter on a pro-forma basis. Furthermore, we are experiencing a good recovery in the rest of our individual loan businesses in Mexico and Finsol Brazil which generated a net profit of Ps. 30 million and Ps. 5 million, respectively. The only other drag on our performance during the quarter was AFI, which had a slower than expected recovery due to the economic impact of the California wildfires on top of the closures due to the pandemic. However, we have recently seen an important recovery in this business which posted the highest new loan volume for the year during September with very encouraging risk indicators.
• Liabilities reduction of 11.2% vs 3Q19 YoY.
• Equity to Total Assets of 38.2%, 360 bps greater than 3Q19.

1All financial figures discussed in this earnings release are prepared in accordance with Mexican Banking Accounting Principles; audited figures are expressly stated.

• Figures for 2020 and 2019 are expressed in nominal pesos. / Tables state figures in millions of pesos, unless otherwise noted. / FINDEP: refers to Financiera Independencia and all of its subsidiaries / Independencia: refers to operations excluding Finsol, AEF and AFI.

Page 2 of 20

Mexico City, October 23rd, 2020.- Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP; OTC: FNCRY), ("FINDEP" or the "Company") a leading Mexican microfinance lender to lower income segment individuals under the personal, payroll and group loans methodologies in Mexico, USA and Brazil, announces results for the three and nine month period ended September 30th, 2020.

Commenting on the results, Eduardo Messmacher, Chief Executive Officer, said:

"In 3Q20 we continued the execution of our corporate strategy amid the COVID-19 pandemic. The results that we report include temporary negative effects on the loan portfolio related to the relief programs that we deployed, which have been mitigated with reserves.

We have been prudent and disciplined in the business conduction during these tough times of the pandemic; proof of that is that the Company is in a good financial situation that will enable us to continue growing with a strengthened operating and technological platform".

Financial & Operational Highlights

	3Q20	3Q19	%
Income Statement Data
Net Interest Income after Provisions*	611.2	776.2	-21.3%
Net Operating Income (Loss)*	-37.9	113.5
Net Income (Loss)*	-29.1	76.0
Total Shares Outstanding (million)	337.5	715.9	-52.9%
Earnings (Loss) Per Share	(0.0861)	0.1062
Profitability & Efficiency
NIM before Provisions Excl. Fees	46.0%	52.0%	-6 pp
NIM after Provisions Excl. Fees	28.3%	34.9%	-6.7 pp
NIM after Provisions Incl. Fees	32.5%	40.6%	-8.2 pp
ROA	(1.0%)	2.5%
ROE	(2.5%)	7.1%
Efficiency Ratio Incl. Provisions	105.4%	87.4%	18 pp
Efficiency Ratio Excl. Provisions	68.2%	61.6%	6.6 pp
Operating Efficiency	24.8%	25.6%	-0.8 pp
Fee Income	7.8%	10.3%	-2.5 pp
Capitalization
Equity to Total Assets	38.2%	34.5%	3.6 pp
Credit Quality Ratios
NPL Ratio	7.2%	5.6%	1.6 pp
Coverage Ratio	184.5%	114.5%	70 pp
Operational Data

9M20	9M19	%
1,679.7	2,365.0	-29.0%
-16.4	325.9
-16.6	226.6
337.5	715.9	-52.9%
(0.0490)	0.3165
48.3%	51.0%	-2.8 pp
25.2%	35.5%	-10.3 pp
35.1%	41.2%	-6.2 pp
(0.2%)	2.4%
(0.5%)	7.0%
100.7%	88.1%	12.6 pp
60.7%	64.0%	-3.3 pp
25.8%	26.0%	-0.2 pp
7.2%	9.8%	-2.6 pp
38.2%	34.5%	3.6 pp
7.2%	5.6%	1.6 pp
184.5%	114.5%	70 pp

Number of Clients	446,823	576,023	-22.4%	446,823	576,023	-22.4%
Number of Offices	519	541	-4.1%	519	541	-4.1%
Total Loan Portfolio*	7,817.6	8,753.1	-10.7%	7,817.6	8,753.1	-10.7%
Average Balance (Ps.)**	17,496.1	15,179.5	15.3%	17,496.1	15,179.5	15.3%

• Figures in millions of Mexican Pesos.
• Excludes Other Loans from the average calculation

Page 3 of 20

3Q20 CONSOLIDATED RESULTS

Non-audited results for the periods discussed in this release include the effect of the consolidation of the following subsidiaries: Apoyo Economico Familiar ("AEF"), one of the largest unsecured personal lending institutions in Mexico; Apoyo Financiero Inc. ("AFI"), a microfinance company primarily serving the unbanked Hispanic community in California; Financiera Finsol ("Finsol Mexico"), one of the largest group lending microfinance institutions in Mexico; and Finsol Sociedade de Crédito ao Microempreendedor E À Empresa De Pequeno Porte ("Finsol Brasil") a leading group lending microfinance institution in Brazil.

The Company performance in 3Q20 is consistent with the strategy that we have followed since March, of adjusting, on a timely basis, the operation and business conduction to the prevailing conditions of the environment, in order to protect the Company's liquidity, assets and equity against the negative effects provoked by the COVID-19 pandemic. In this context, the Company posted a net loss of Ps.

29.1 million in 3Q20, amid a 5% decrease in the total loan portfolio versus 2Q20, a 10.7% contraction with respect to 3Q19 YoY.

The 3Q20 financial statements include the effects of the reduced loan origination pace that was deliberately set earlier in the corporate strategy to mitigate risks, and also include the effects of the temporary relief program that we offered to some of our clients during the second quarter on a selective basis. We observe a rise in NPL ratios in our individual loan portfolios, except in payroll loans. The increase of NPLs is explained mostly by a portion of the portfolio with a bad payment track record within a group of clients who were supported by the Company's relief program, and also by the decrease in loan portfolio balances. We consider the NPL rise as a temporary effect; the incremental risk exposure in the portfolio is well identified and backed up with enough reserves. We do not expect spillover effects to other parts of the loan portfolio.

At 3Q20, the Company's financial position remains robust, with a reduced leverage ratio, a liquidity buffer above ordinary levels which was built with operating cash flow surpluses, a solvency ratio over 38% and access to all our funding sources. Strengthened operations and income generation capabilities have been obtained from the Company's digital transformation initiatives, which also backup the financial position.

The results that we report are within acceptable parameters for the Company, considering the scenarios in the strategy that has been deployed, a business environment which has turned tighter,

and signs of slow economic recovery.

The Income Statement analysis is as follows:

Net Interest Income after Provision for Loan Losses

In 3Q20 Net Interest Income after Provision for Loan Losses was Ps. 611.2 million, 2.3 times greater than the Ps. 264.9 million that were reported in 2Q20, a 21.3% decrease versus 3Q19 YoY. That amount considers the effect of the loan portfolio contraction and less collections in some loans that were subject to temporary relief products in the April-June quarter.

The Net Interest Income after Provision for Loan Losses for the nine month period is Ps. 1,679.7 million, a 29% decrease YoY.

Page 4 of 20

Interest Income

3Q20 Interest Income was Ps.1,161.8 million, a 7.6% decrease in the quarter, a 14.8% decrease versus 3Q19 YoY, which shows the effect of the portfolio contraction in individual and group loans.

The consolidated loan portfolio decreased to Ps. 7,817.6 million, a 5% contraction in the quarter, a 10.7% decrease versus 3Q19 YoY.

The individual loan portfolio was Ps.6,929.6 million, decreasing 4.9% in the quarter and 8.4% versus 3Q19 YoY. The group loan portfolio was Ps.888.1 million, showing a 5.7% decrease in the quarter and a 25.3% decrease versus 3Q19 YoY, and represents 11.4% of the Company´s total loan portfolio.

By region, Mexico´s loan portfolio decreased 3.9% with respect to 2Q20; California USA decreased 8.8% and Brazil grew 6.1%. The loan portfolio for the formal segment decreased 5.3% versus 2Q20 and the loan portfolio for the informal segment decreased 3.9%.

Independencia's loan portfolio experienced a 3.9% quarterly contraction, from Ps. 3,214.9 million to Ps.3,087.6 million; payroll loans decreased 4.5% and the rest of the portfolio decreased 3.7%. Payroll loans outstanding balance is Ps.902.5 million and the remaining Ps. 2,185.2 million correspond to other unsecured individual loans. Independencia's loans represent 39.5% of the Company's loan portfolio versus 40.1% in 3Q19.

Finsol Mexico's loan portfolio had a 10.8% quarterly contraction, from Ps. 659.0 million to Ps. 587.8 million; it represents 7.5% of the Company's loan portfolio. Finsol Brazil had a 6.1% quarterly growth, from Ps. 283.1 million to Ps.300.3 million, 23.1% below the Ps. 390.3 observed in 3Q19. Finsol Brazil represents 3.8% of the Company's loan portfolio versus 4.5% in 3Q19.

Apoyo Economico Familiar's loan portfolio had a 1.3% quarterly contraction, from Ps. 1,753.4 million to Ps. 1,730.9 million; a 3.1% decrease versus 3Q19 YoY. AEF's loans represent 22.1% of the Company's loan portfolio, versus 20.4% in 3Q19.

Apoyo Financiero Inc.'s loan portfolio decreased 8.8% in the quarter, from Ps.2,315.7 million to Ps. 2,111.1 million; 4.9 percentage points of this change are explained by the loan portfolio contraction in US dollars, the remaining 3.9 percentage points by forex effect of the Mexican peso versus the US dollar. AFI's loan portfolio represents 27% of the Company's total versus 25.7% in 3Q19.

Table 1: Financial Margin*				Change
	3Q20	2Q20	3Q19	QoQ %	YoY %	9M20	9M19	%
Interest Income	1,161.8	1,256.8	1,363.8	-7.6%	-14.8%	3,793.8	3,985.4	-4.8%
Interest on Loans	1,157.4	1,250.1	1,360.6	-7.4%	-14.9%	3,779.3	3,974.9	-4.9%
Interest from Investment in Securities	4.4	6.7	3.1	-34.3%	40.5%	14.5	10.5	37.6%
Interest Expense	167.2	192.6	208.4	-13.2%	-19.8%	576.9	587.5	-1.8%
Net Interest Income	994.6	1,064.2	1,155.4	-6.5%	-13.9%	3,216.9	3,397.9	-5.3%
Provision for Loan Losses	383.4	799.3	379.2	-52.0%	1.1%	1,537.2	1,032.9	48.8%
Net Interest Income After Provision for Loan Losses	611.2	264.9	776.2	130.8%	-21.3%	1,679.7	2,365.0	-29.0%
* Figures in millions of Mexican Pesos

Page 5 of 20

Table 2: Loan Portfolio, Number of Clients & Average Balance			Change
		3Q20		2Q20	3Q19	QoQ %	YoY %
Loan Portfolio (million Ps.)		7,817.6		8,226.2	8,753.1	-5.0%	-10.7%
Number of Clients		446,823	480,668	576,023	-7.0%	-22.4%
Average Balance (Ps.)*		17,496.1	17,111.2	15,179.5	2.2%	15.3%
*: Excludes Other Loans
Table 3: Number of Clients by Product Type
								QoQ %	YoY %
	3Q20	%of Total	2Q20	%of Total	3Q19	%of Total	Change	Change
Independencia Loans
-Formal Sector Loans	175,808	39.3%	186,551	38.8%	219,386	38.1%	-5.8%	-19.9%
- CrediInmediato	145,714	32.6%	154,465	32.1%	184,072	32.0%	-5.7%	-20.8%
- Más Nómina	30,094	6.7%	32,086	6.7%	35,314	6.1%	-6.2%	-14.8%
-Informal Sector Loans	53,232	11.9%	58,481	12.2%	72,881	12.7%	-9.0%	-27.0%
- CrediPopular	50,721	11.4%	55,861	11.6%	69,818	12.1%	-9.2%	-27.4%
- CrediMama	2,508	0.6%		2,615	0.5%	3,044	0.5%	-4.1%	-17.6%
- CrediConstruye	3	0.0%		5	0.0%	19	0.0%	-40.0%	-84.2%
Finsol Loans	96,877	21.7%	107,988	22.5%	139,123	24.2%	-10.3%	-30.4%
- Finsol México	67,500	15.1%	78,543	16.3%	102,940	17.9%	-14.1%	-34.4%
- Finsol Brazil	29,377	6.6%	29,445	6.1%	36,183	6.3%	-0.2%	-18.8%
Apoyo Económico Familiar Loans	95,216	21.3%	99,980	20.8%	114,593	19.9%	-4.8%	-16.9%
Apoyo Financiero Inc Loans	25,690	5.7%	27,668	5.8%	30,040	5.2%	-7.1%	-14.5%
Total Number of Loans	446,823	100.0%	480,668	100.0%	576,023	100.0%	-7.0%	-22.4%
Table 4: Total Loan Portfolio by Product Type*
								QoQ %	YoY %
	3Q20	%of Total	2Q20	%of Total	3Q19	%of Total	Change	Change
Independencia Loans
-Formal Sector Loan Portoflio	2,621.3	33.5%	2,723.4	33.1%	2,959.8	33.8%	-3.8%	-11.4%
- CrediInmediato	1,718.8	22.0%	1,778.5	21.6%	1,992.9	22.8%	-3.4%	-13.8%
- Más Nómina	902.5	11.5%		944.9	11.5%	966.9	11.0%	-4.5%	-6.7%
-Informal Sector Loan Portfolio	466.4	6.0%		490.1	6.0%	555.5	6.3%	-4.9%	-16.0%
- CrediPopular	446.7	5.7%		469.7	5.7%	532.6	6.1%	-4.9%	-16.1%
- CrediMama	19.7	0.3%		20.5	0.2%	22.7	0.3%	-3.9%	-13.5%
- CrediConstruye	0.0	0.0%		0.0	0.0%	0.2	0.0%	-100.0%	-100.0%
Finsol Loans	888.1	11.4%		942.2	11.5%	1,189.3	13.6%	-5.7%	-25.3%
- Finsol México	587.8	7.5%		659.0	8.0%	799.0	9.1%	-10.8%	-26.4%
- Finsol Brazil	300.3	3.8%		283.1	3.4%	390.3	4.5%	6.1%	-23.1%
Apoyo Económico Familiar Loans	1,730.9	22.1%	1,753.4	21.3%	1,786.6	20.4%	-1.3%	-3.1%
Apoyo Financiero Inc Loans	2,111.1	27.0%	2,315.7	28.2%	2,252.5	25.7%	-8.8%	-6.3%
Other Loans	0.0	0.0%		1.3	0.0%	9.3	0.1%	-100.0%	-100.0%
Total Loan Portfolio	7,817.6	100.0%	8,226.2	100.0%	8,753.1	100.0%	-5.0%	-10.7%
* Figures in millions of Mexican Pesos.

Page 6 of 20

Table 5: Total Loan Portfolio by Segment*

							QoQ %	YoY %
	3Q20	% of Total	2Q20	% of Total	3Q19	% of Total	Change	Change
Formal Sector Loan Portfolio	5,621.3	71.9%	5,938.7	72.2%	6,144.4	70.2%	-5.3%	-8.5%
- Independencia	2,621.3	33.5%	2,723.4	33.1%	2,959.8	33.8%	-3.8%	-11.4%
- AEF Formal	888.9	11.4%	899.5	10.9%	932.1	10.6%	-1.2%	-4.6%
- AFI	2,111.1	27.0%	2,315.7	28.2%	2,252.5	25.7%	-8.8%	-6.3%

Informal Sector Loan Portfolio	2,196.4	28.1%	2,286.1	27.8%	2,599.3	29.7%	-3.9%	-15.5%
- Independencia	466.4	6.0%	490.1	6.0%	555.5	6.3%	-4.9%	-16.0%
- Finsol México	587.8	7.5%	659.0	8.0%	799.0	9.1%	-10.8%	-26.4%
- Finsol Brazil	300.3	3.8%	283.1	3.4%	390.3	4.5%	6.1%	-23.1%
- AEF Informal	841.9	10.8%	853.8	10.4%	854.5	9.8%	-1.4%	-1.5%
Other Loan	0.0	0.0%	1.3	0.0%	9.3	0.1%	-100.0%	-100.0%
Total Loan Portfolio	7,817.6	100.0%	8,226.2	100.0%	8,753.1	100.0%	-5.0%	-10.7%

* Figures in millions of Mexican Pesos.

Interest Expense

Interest Expense in 3Q20 was Ps. 167.2 million, a 13.2% decrease versus the Ps. 192.6 million reported in 2Q20, a 19.8% decrease with respect to 3Q19 YoY. This amount is related to decreased liabilities which were paid as part of the corporate strategy aimed at strengthening the Company's financial position.

.

Provision for Loan Losses2

The Provision for Loan Losses was Ps. 383.4 million in 3Q20, a 52% decrease with respect to 2Q20, a 1.1% increase versus 3Q19 YoY. The Company put additional Ps.441.6 million in loan provisions during 2Q20 to account for a foreseeable NPL increase.

The Company rates its loan portfolio using an internal methodology based on the probability of default by the borrowers and on the severity of the credit loss. The Company recognizes an Allowance for Loan Losses (EPRC) for impairment of the loan portfolio based on an evaluation of credit risk. The EPRC is estimated based on possible events of default in the loan portfolio.

Net Operating Revenue

Net Operating Revenue was Ps.702.2 million in 3Q20, a 4% increase versus 2Q20, 22.3% below 3Q19 YoY. This amount shows a marginal recovery in the past three months, within the parameters that were set in the corporate strategy.

During 3Q20, Commissions and Fees Collected were Ps.75.2 million, a 34.4% decrease with respect to Ps.114.6 million obtained in 3Q19 and 50.7% greater than 2Q20, due to a moderate increase in loan origination during August and September.

Commissions and Fees Paid were Ps.20.6 million in 3Q20, resulting in Ps. 54.6 million of net commissions and fees income, a 62.5% increase versus 2Q20.

Other Operating Income was Ps. 25.0 million in 3Q20, a 68.9% increase with respect to Ps. 14.8 million reported in 2Q20, a sign of increased lending activity during the quarter.

In 3Q20 the Company earned Ps. 11.4 million of Market Related Income obtained after reducing debt issuance.

2 The provision for loan losses includes, since 2019, the income amounts from recoveries of written-off loans. For comparison purposes, the provision for loan losses of 3Q19 presented in this earnings release considers that adjustment.

Page 7 of 20

Net Operating Income

In 3Q20, the Company posted a net operating loss of Ps.37.9 million, similar to the loss reported in 2Q20; for the nine month period, there is a net operating loss of Ps. 16.4 million.

Non-interest Expense

Non-Interest Expense in 3Q20 was Ps.740.1 million, a 6.3% decrease versus 3Q19 YoY. This amount includes severances and costs related to the closure of branches in Finsol Mexico. When we exclude these effects and the FX variation in AFI´s costs, Non-Interest Expense in 3Q20 decreased 9.4% versus 3Q19. The change reflects budget cuts and other actions fostered by the Company, aimed at improving operating efficiency; it also reflects workforce cuts in corporate and sales force amid a reduced lending activity.

Net Income (Loss)

In 3Q20 The Company posted a Net Loss of Ps.29.1 million; a cumulative nine month period net lossof Ps.16.6 million.

Table 6: Net Operating Income*				Change
	3Q20	2Q20	3Q19	QoQ %	YoY %	9M20	9M19	% Change
Financial Margin	994.6	1,064.2	1,155.4	-6.5%	-13.9%	3,216.9	3,397.9	-5.3%
Provision for Loan Losses	383.4	799.3	379.2	-52.0%	1.1%	1,537.2	1,032.9	48.8%
Financial Margin After Provision for Loan Losses	611.2	264.9	776.2	130.8%	-21.3%	1,679.7	2,365.0	-29.0%
Non-Interest Income, net	54.6	33.6	93.2	62.5%	-41.4%	168.6	268.0	-37.1%
- Commissions and Fees Collected	75.2	49.9	114.6	50.7%	-34.4%	227.5	327.0	-30.4%
- Commissions and Fees Paid	20.6	16.3	21.4	26.5%	-3.6%	58.9	59.1	-0.3%
Market Related Income	11.4	361.6	-4.4	-96.9%	-358.8%	380.8	4.0	9491.3%
Other Operating Income (expense)	25.0	14.8	38.3	68.6%	-34.8%	107.9	107.1	0.8%
Net Operating Revenue	702.2	674.9	903.3	4.0%	-22.3%	2,337.0	2,744.0	-14.8%
Non-Interest Expense	740.1	713.6	789.9	3.7%	-6.3%	2,353.4	2,418.1	-2.7%
- Other Administrative & Operational Expenses	272.8	226.1	261.0	20.6%	4.5%	855.9	832.3	2.8%
- Salaries & Employee Benefits	467.2	487.5	528.9	-4.1%	-11.7%	1,497.6	1,585.8	-5.6%
Net Operating Income (Loss)	-37.9	(38.6)	113.5	-2.0%	-133.4%	-16.4	325.9	-105.0%
Operational Data
Number of Offices	519	531	541	-2.3%	-4.1%	519	541	-4.1%
- Independencia	169	169	168	0.0%	0.6%	169	168	0.6%
- Finsol México	131	143	147	-8.4%	-10.9%	131	147	-10.9%
- Finsol Brazil	27	27	29	0.0%	-6.9%	27	29	-6.9%
- Apoyo Económico Familiar	164	164	168	0.0%	-2.4%	164	168	-2.4%
- Apoyo Financiero Inc	28	28	29	0.0%	-3.4%	28	29	-3.4%
Total Labor Force	6,519	6,848	8,001	-4.8%	-18.5%	6,519	8,001	-18.5%
- Independencia	3,312	3,412	4,325	-2.9%	-23.4%	3,312	4,325	-23.4%
- Finsol México	948	1,076	1,188	-11.9%	-20.2%	948	1,188	-20.2%
- Finsol Brazil	283	295	306	-4.1%	-7.5%	283	306	-7.5%
- Apoyo Económico Familiar	1,772	1,839	1,956	-3.6%	-9.4%	1,772	1,956	-9.4%
- Apoyo Financiero Inc	204	226	226	-9.7%	-9.7%	204	226	-9.7%
* Financial data in millions of Mexican Pesos.

UPDATE IN THE CORPORATE ACTION PLAN REGARDING THE COVID-19 PANDEMIC

In the third quarter the Company continued the deployment of its Corporate Action Plan aimed at mitigating negative impacts provoked by the COVID-19 pandemic, with emphasis on: (1) preserving the health of collaborators, their families and clients; (2) guaranteeing business continuity; (3) keeping a liquidity buffer and a strong financial position; (4) understanding the risk dynamics within the loan portfolios and its management; (5) accelerating the Company´s digital transformation; (6) preparing the business take-off in the "new normal" scenario, considering the strengths in the capabilities that were

built.

Page 8 of 20

With respect to the Company's business continuity, we increased loan origination during 3Q20 at a moderate pace, in order to stabilize the portfolios and income base, considering that in previous quarters we had taken the decision to minimize lending activity until the dynamics in the environment were analyzed and well understood.

We continued generating positive operating cash flow, which allowed us to maintain liquid assets of Ps. 724.4 million at the close of September, 34% greater than in the previous quarter. We have been successful in keeping a good financial position by reducing liabilities 1.9% versus 2Q20.

During the third quarter we focused on analyzing and actively managing the risk in our loan portfolios, once the relief programs came to an end. We distinguish differentiated payment behaviors among customer segments, loan products and geographical locations.

We have started a loan portfolio stabilization phase. The source of pressure on NPL ratios is identified and we are in the process of absorbing the negative effects, which we consider as temporary; we do not anticipate spillover effects to other parts of the loan portfolio.

Regarding the Company's digital transformation, we have built capability to undertake loan collections branchless, using the infrastructure of retail shops which provide service in extended hours. We are ready to launch a self-service option to our clients, in which they will be able to withdraw the resources from their loans in ATMs, even if they do not have a deposit bank account.

We prepared to position our loan products in the "new normal" marketplace, we will continue following the developments in the business environment, looking for opportunities, capitalizing from the learning experience earned during the months of the pandemic.

FINANCIAL POSITION

Total Loan Portfolio

In 3Q20 the Company's Total Loan Portfolio is Ps. 7,817.6 million, a 10.7% decrease YoY, and represents 66.3% of the total assets. AFI´s loan portfolio is Ps. 2,111.1 million, a 6.3% decrease versus 3Q19 and represents 27% of the Company's total loan portfolio.

Independencia´s payroll loan portfolio is Ps. 902.5 million, showing a 6.7% decrease versus 3Q19 YoY and represents 11.5% of the Company's total loan portfolio.

AEF´s loan portfolio is Ps. 1,730.9 million, a 3.1% decrease versus 3Q19 and represents 22.1% of the Company's total loan portfolio.

In 3Q20 the group loans portfolio is Ps.888.1 million, a 25.3% decrease YoY. Finsol Mexico´s loan portfolio is Ps.587.8 million and represents 7.5% of the Company's loan portfolio; Finsol Brazil's loan portfolio is Ps.300.3 million and represents 3.8% of the Company's total.

In 3Q20 the number of clients served decreased to 446,823; that is 7% fewer clients versus 2Q20 and 22.4% fewer with respect to the 576,023 people that the Company served in 3Q19. The client base distribution is as follows: 229,040 are served in Independencia, 96,877 in Finsol, 95,216 in AEF and 25,690 in AFI. The average loan amount per client increased 15.3% YoY, from Ps. 15,179 to Ps.17,496, as a result of a greater proportion of clients from the formal segment in the portfolio and client retention over various cycles. The growth in AFI´s loan portfolio and the depreciation of the peso against the US dollar are reflected in this indicator.

Page 9 of 20

Non-Performing Loans Portfolio (NPLs)

Consolidated NPLs were Ps.564.0 million in 3Q20, a 21.8% increase versus Ps. 463.2 million observed in 2Q20, a 15.4% increase with respect to Ps. 488.8 million in 3Q19 YoY. The consolidated NPL ratio was 7.2% in 3Q20, a 160 bps increase versus 2Q20 and 3Q19.

The NPL ratio for the individual loan portfolios was 7.5%: Independencia´s NPLs in unsecured individual loans increased to 9.9%; NPLs in payroll loans remained stable at 1.8%; NPLs in unsecured individual loans in Apoyo Económico Familiar increased to 9.9% and those in Apoyo Financiero Inc. increased to 5.5%. NPLs in unsecured individual loans include the effects of the temporary relief program that the Company offered its clients during 2Q20.

The NPL ratio for the group loan business was 4.9% in 3Q20, a 6% decrease versus 2Q20 and similar to the 4.7% NPL ratio observed in 3Q19. The negative effects of the group loan relief program have been absorbed, considering that the average tenors of group loans are shorter than those in individual loans.

The Coverage Ratio3 in 3Q20 was 184.5%, above the 114.5% observed in 3Q19, and includes the effect of additional prudential reserves of Ps. 441.6 million raised during 2Q20. Since January 2013, the Company's policy is to maintain an NPL Coverage Ratio at or above 100% at all times.

Liabilities

At 3Q20 total liabilities were Ps. 7,286.8 million, an 11.2% decrease versus the Ps. 8,204.3 million reported in 3Q19, which is consistent with the adjustments made given the loan portfolio contraction, aimed at maintaining a sustainable debt to equity ratio. The change in the amount of liabilities is affected by purchases of FINDEP24 Notes and reduced amounts of bank lines withdrawn during the quarter.

In 3Q20, FINDEP's debt4 consisted of Ps. 4,169.5 million of US dollar-denominated Long Term Debt Issuance due on July 2024 as well as Ps. 2,320.6 million of Bank and Other Entities Loans. The Company's total credit lines amounted to Ps. 4,965.6 million at the end of 3Q20.

Stockholders' Equity

At 3Q20 stockholder's equity was Ps 4,496.3 million, a 3.9% increase from Ps. 4,328.1 million at the end of 3Q19. This reflects a Ps.65.1 million positive YoY variation in Retained Earnings and Net Income, a Ps.38.3 million positive YoY variation in foreign exchange effect and a Ps.62.5 million positive YoY variation in derivatives for hedging purposes.

PROFITABILITY, EFFICIENCY AND CAPITALIZATION RATIOS

ROE5/ROA6

In 3Q20, the Company's Return on Equity ratio was -2.5% and the Return on Assets ratio -1.0%. The ROAE and ROAA of the cumulative nine month period was -0.5% and -0.2%, respectively.

1. Coverage Ratio: Allowances for loan losses / Non-performing loans
2. It includes interest provision
3. ROE: Net Income for the quarter annualized / Average Stockholders' Equity of the current and previous quarters
4. ROA: Net Income for the quarter annualized / Average Total Assets of the current and previous quarters

Page 10 of 20

Efficiency Ratio7 & Operating Efficiency8

The Company reduced 22 branches, from 541 in 3Q19 to 519 in 3Q20. The labor force was reduced to 6,519 employees, an 18.5% decrease versus 3Q19, this as a result of market conditions, operating expense cuts, and technological automation in processes.

In 3Q20, the Efficiency Ratio was 105.4%, compared with 87.4% in 3Q19. Operating Efficiency was 24.8% versus 25.6% in 3Q19 YoY.

Capitalization

In 3Q20, Equity to Total Assets Ratio was 38.2%, a 360 bps increase vs 34.5% reported in 3Q19.

DISTRIBUTION NETWORK

In 3Q20 the Company had a network of 519 branches, 22 fewer offices than in 3Q19, having reduced 16 in Finsol Mexico, 2 in Finsol Brazil, 4 in Apoyo Económico Familiar and 1 in Apoyo Financiero Inc, while Financiera Independencia had 1 branch opening.

The distribution of the 519 offices is as follows: 464 in Mexico (Independencia 169, Finsol 131 and AEF 164), 27 offices in Brazil (Finsol Brazil), and 28 offices in California (AFI).

The Company's loan portfolio in Mexico is well diversified and no Mexican federal entity represents more than 14.8% of the total. The three federal entities in Mexico with the largest share are Estado de Mexico, Mexico City and Veracruz, with a 14.8%, 13.0% and 7.1%, respectively.

SALE OF FINSOL MEXICO LOAN PORTFOLIO AND CERTAIN ASSETS

As it was announced in our October 9 press release, the Company closed the sale of Finsol Mexico's group loan portfolio, which comprised all performing loans plus past due loans up to 179 days in arrears, as part of a corporate strategy to strengthen FINDEP's business model and to improve profitability.

The loan portfolio and certain assets of Finsol's (including the brand "Finsol" in Mexico) were transmitted to TE CREEMOS HOLDING, S.A.P.I. DE C.V. and some of its subsidiaries in the operation. TE CREEMOS ADMINISTRACIÓN Y SERVICIOS S.A. DE C.V. invited Finsol Mexico's branch network personnel to be part of its team.

The sale represented a Finsol Mexico book valuation at the time of the operation, therefore FINDEP's consolidated tangible equity remained unchanged.

As a consequence of the sale of Finsol Mexico's loan portfolio and certain assets, intangible assets worth Ps. 450.3 million are cancelled in FINDEP's balance sheet, including a "Crédito Mercantil" for the acquisition of Finsol Mexico in 2010, and an asset related to the Finsol brand. This will have a negative effect of Ps. 450.3 million in the Company's fourth quarter results as an impairment, and because it is a non-cash flow ítem, it will not affect FINDEP's tangible equity.

FINDEP will continue operating its subsidiary company Finsol Sociedade de Crédito ao Microempreendedor E À Empresa De Pequeno Porte ("Finsol Brazil") and will continue using the Brand "Finsol" in Brazil. Finsol Mexico will stop originating loans.

1. Efficiency Ratio: No-interest expense / Net Operating Revenues
2. Operating Efficiency: Non-interest Expense (annualized) / Average Total Assets

Page 11 of 20

3Q20 EARNINGS CONFERENCE CALL

Day:	Friday, October 23rd, 2020
Time:	12:00 PM US (ET); 11:00 AM Mexico (CT)
Dial-in number:	1-800-437-2398 (US & Canada)
	1-929-477-0577 (International)
	001-800-514-8243 (Mexico)
Access Code:	5529819
Web cast:	A live web cast of the conference call and replay will be available at
	www.findep.mx
Replay:	Starting at 3:00 pm (ET) on October 23rd and ending at 11:59 pm (ET) on
	November 6th, 2020. The replay will be accessible by dialing 1-844-512-2921
	(U.S./Canada) or 1-412-317-6671 (International) and entering passcode
	5529819.

About Financiera Independencia:

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (FINDEP), is a Mexican institution that provides microcredit loans on an unsecured basis to individuals in the low-income segments in urban areas of both the formal and informal economy and working capital loans through group lending microfinance in rural areas. As of September 30th, 2020, FINDEP had a total outstanding loan balance of Ps.7,817.6 million, operated 519 offices in Mexico, Brazil, and the US and had a total labor force of 6,519 people. The Company listed on the Mexican Stock Exchange on November 1st, 2007, where it trades under the symbol "FINDEP". More information can be found at www.findep.mx

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in FINDEP's filings with the Mexican Stock Exchange. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

*** TABLES TO FOLLOW ***

Page 12 of 20

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.
Consolidated Income Statement
For the Nine Months Periods Ended September 30, 2020 and 2019
(Millions of Mexican Pesos)
					3Q20 vs 3Q19			9M20 vs 9M19
	3Q20	2Q20	3Q19		$	%	9M20	9M19	$	%
Interest Income	1,161.8	1,256.8	1,363.8		(202.0)	(14.8%)	3,793.8	3,985.4	(191.7)	(4.8%)
Interest Expense	167.2	192.6	208.4		(41.2)	(19.8%)	576.9	587.5	(10.6)	(1.8%)
Net Interest Income	994.6	1,064.2	1,155.4		(160.8)	(13.9%)	3,216.9	3,397.9	(181.0)	(5.3%)
Provision for Loan Losses	383.4	799.3	379.2		4.2	1.1%	1,537.2	1,032.9	504.3	48.8%
Net Interest Income After Provision for Loan Losses	611.2	264.9	776.2		(165.0)	(21.3%)	1,679.7	2,365.0	(685.3)	(29.0%)
Commissions and Fees Collected	75.2	49.9	114.6		(39.4)	(34.4%)	227.5	327.0	(99.5)	(30.4%)
Commissions and Fees Paid	20.6	16.3	21.4		(0.8)	(3.6%)	58.9	59.1	(0.2)	(0.3%)
Market Related Income	11.4	361.6	(4.4)		15.8		380.8	4.0	376.8
Other Operating Income (expense)	25.0	14.8	38.3		(13.3)	(34.8%)	107.9	107.1	0.9	0.8%
Net Operating Revenue	702.2	674.9	903.3		(201.1)	(22.3%)	2,337.0	2,744.0	(407.0)	(14.8%)
Non-Interest Expense	740.1	713.6	789.9		(49.8)	(6.3%)	2,353.4	2,418.1	(64.7)	(2.7%)
Net Operating Income (Loss)	(37.9)	(38.6)	113.5		(151.3)		(16.4)	325.9	(342.3)
Income Tax
Current	(10.2)	20.0	42.6		(52.8)		33.5	95.9	(62.3)	(65.0%)
Deferred	1.4	(1.9)	(5.1)		6.5		3.8	3.5	0.4	10.9%
Total Income (Loss) Before Minority Interest	(29.1)	(56.7)	76.0		(105.1)		(53.8)	226.6	(280.4)
Participation in the Results of Associates	-	-	-		-		37.2	-	37.2
Minority Interest	-	-	0.0		(0.0)		-	0.0	(0.0)
Net Income (Loss)	(29.1)	(56.7)	76.0		(105.1)		(16.6)	226.6	(243.1)
Weighted Average Number of Shares	337.5	337.5	715.9	-	378.4	(52.9%)	337.5	715.9	(378.4)	(52.9%)
EPS	(0.0861)	(0.1680)	0.1062		(0.1923)		(0.0490)	0.3165	(0.3656)

Page 13 of 20

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.
Consolidated Balance Sheet
As of September 30, 2020 and 2019
(Millions of Mexican Pesos)
				3Q20 vs 3Q19
	3Q20	2Q20	3Q19	$	%
ASSETS
Cash and Cash Equivalents	724.4	539.3	333.1	391.3	117.5%
Performing Loans	7,253.7	7,762.9	8,264.3	(1,010.7)	(12.2%)
Non-Performing Loans	564.0	463.2	488.8	75.2	15.4%
Total Loan Portfolio	7,817.6	8,226.2	8,753.1	(935.4)	(10.7%)
Allowances for Loan Losses	(1,040.4)	(1,008.4)	(559.7)	(480.7)	85.9%
Total Loan Portfolio - Net	6,777.2	7,217.8	8,193.4	(1,416.1)	(17.3%)
Other Accounts Receivable - Net	505.1	446.1	534.0	(28.9)	(5.4%)
Property, Plant & Equipment - Net	237.3	247.5	266.2	(28.9)	(10.8%)
Deferred Income Tax	986.6	952.4	975.9	10.7	1.1%
Derivative Financial Instruments	582.3	798.8	308.5	273.8	88.8%
Other Assets	1,970.0	1,870.9	1,921.2	48.8	2.5%
Total Assets	11,783.1	12,072.7	12,532.4	(749.3)	(6.0%)
LIABILITIES
Long term debt issuance	4,169.5	4,366.8	4,774.2	(604.7)	(12.7%)
Bank and Other Entities Loans	2,320.6	2,338.7	2,739.4	(418.8)	(15.3%)
Derivative Financial Instruments	-	-	-	-
Other Accounts Payable	796.7	723.4	690.7	106.0	15.3%
Total Liabilities	7,286.8	7,428.9	8,204.3	(917.5)	(11.2%)
STOCKHOLDERS' EQUITY
Capital Stock	157.2	157.2	157.2
Additional Paid-In Capital	1,574.7	1,574.7	1,574.7
Capital Reserves	14.3	14.3	14.3
Retained Earnings	2,714.1	2,715.2	2,405.9	308.2	12.8%
Net Income (Loss) for the Year	(16.6)	12.5	226.6	(243.1)
Financial Instruments - Derivatives	(13.2)	55.9	(75.8)	62.5	(82.5%)
Foreign exchange effect	68.5	116.8	30.2	38.3	127.0%
Other comprehensive income movement ent related to NIF D-3	(2.7)	(2.7)	(5.0)	2.3	(45.6%)
Minority Interest	0.0	0.0	0.0	(0.0)
Total Stockholders' Equity	4,496.3	4,643.8	4,328.1	168.2	3.9%
Total Liabiliies and Stockholders' Equity	11,783.1	12,072.7	12,532.4	(749.3)	(6.0%)

Page 14 of 20

Independencia
Income Statement
For the Nine Months Periods Ended September 30, 2020 and 2019
(Millions of Mexican Pesos)
				3Q20 vs 3Q19			9M20 vs 9M19
	3Q20	2Q20	3Q19	$	%	9M20	9M19	$	%
Interest Income	527.1	568.1	620.6	(93.4)	(15.1%)	1,720.4	1,851.2	(130.8)	(7.1%)
Interest Expense	93.9	107.2	122.4	(28.5)	(23.3%)	325.8	344.6	(18.8)	(5.5%)
Net Interest Income	433.2	460.9	498.1	(65.0)	(13.0%)	1,394.6	1,506.6	(112.0)	(7.4%)
Provision for Loan Losses	99.5	255.2	139.2	(39.7)	(28.5%)	470.5	382.7	87.7	22.9%
Net Interest Income After Provision for Loan Losses	333.7	205.7	359.0	(25.3)	(7.0%)	924.1	1,123.8	(199.7)	(17.8%)
Commissions and Fees Collected	30.2	15.9	53.6	(23.4)	(43.7%)	92.3	157.0	(64.8)	(41.2%)
Commissions and Fees Paid	9.9	9.7	10.5	(0.6)	(5.7%)	30.2	29.8	0.5	1.5%
Market Related Income	11.4	361.6	(4.4)	15.8		380.8	4.0	376.8
Other Operating Income (expense)	6.5	4.4	17.2	(10.7)	(62.0%)	44.6	52.7	(8.1)	(15.4%)
Net Operating Revenue	371.9	577.9	414.8	(43.0)	(10.4%)	1,411.5	1,307.8	103.7	7.9%
Non-Interest Expense	323.8	317.7	364.7	(40.9)	(11.2%)	1,081.1	1,134.5	(53.4)	(4.7%)
Net Operating Income (Loss)	48.0	260.2	50.1	(2.1)	(4.1%)	330.4	173.3	157.1	90.7%
Income Tax
Current	2.3	3.5	5.7	(3.5)	(60.4%)	10.0	12.8	(2.8)	(22.2%)
Deferred	13.2	77.8	8.5	4.7	54.7%	115.3	41.0	74.3	181.3%
Total Income (Loss) Before Minority Interest	32.6	178.8	35.9	(3.3)	(9.1%)	205.2	119.5	85.7	71.7%
Participation in the Results of Associates	-	-	-	-		41.3	-	41.3
Minority Interest	-	-	(0.0)	0.0		-	(0.0)	0.0
Net Income (Loss)	32.6	178.8	35.9	(3.3)	(9.1%)	246.5	119.5	126.9	106.2%

Independencia

Balance Sheet

As of September 30, 2020 and 2019

(Millions of Mexican Pesos)

3Q20 vs 3Q19

	3Q20	2Q20	3Q19	$	%
ASSETS
Cash and Cash Equivalents	314.1	215.6	116.7	197.3	169.0%
Performing Loans	2,855.2	3,005.5	3,282.4	(427.2)	(13.0%)
Non-Performing Loans	232.5	209.5	242.3	(9.8)	(4.0%)
Total Loan Portfolio	3,087.6	3,214.9	3,524.6	(437.0)	(12.4%)
Allowances for Loan Losses	(310.4)	(320.0)	(208.1)	(102.4)	49.2%
Total Loan Portfolio - Net	2,777.2	2,894.9	3,316.6	(539.4)	(16.3%)
Other Accounts Receivable - Net	2,576.7	2,615.7	2,992.8	(416.1)	(13.9%)
Property, Plant & Equipment - Net	149.1	153.3	150.5	(1.3)	(0.9%)
Deferred Income Tax	512.6	496.2	682.2	(169.6)	(24.9%)
Derivative Financial Instruments	521.1	740.0	279.2	241.9	86.6%
Other Assets	3,988.1	4,046.2	3,711.0	277.1	7.5%
Total Assets	10,838.9	11,161.9	11,249.0	(410.1)	(3.6%)
LIABILITIES
Long term debt issuance	4,169.5	4,366.8	4,774.2	(604.7)	(12.7%)
Bank and Other Entities Loans	1,399.9	1,442.7	1,819.0	(419.0)	(23.0%)
Other Accounts Payable	510.1	507.2	434.7	75.4	17.3%
Total Liabilities	6,079.6	6,316.7	7,027.9	(948.3)	(13.5%)
Capital Stock	157.2	157.2	157.2
Additional Paid-In Capital	1,574.7	1,574.7	1,574.7
Capital Reserves	14.3	14.3	14.3
Retained Earnings	2,714.1	2,715.2	2,405.9	308.2	12.8%
Net Income (Loss) for the Year	246.5	213.9	119.5	126.9	106.2%
Financial Instruments - Derivatives	(13.2)	55.9	(75.8)	62.5	(82.5%)
Cumulative Conversion Effect	68.5	116.8	30.2	38.3	127.0%
Remediciones x benef. definidos a empleados	(2.7)	(2.7)	(5.0)	2.3	(45.6%)
Minority Interest	0.0	-	0.0
Total Stockholders' Equity	4,759.3	4,845.2	4,221.0	538.3	12.8%
Total Liabiliies and Stockholders' Equity	10,838.9	11,161.9	11,249.0	(410.1)	(3.6%)

Page 15 of 20

Finsol México
Income Statement
For the Nine Months Periods Ended September 30, 2020 and 2019
(Millions of Mexican Pesos)
				3Q20 vs 3Q19			9M20 vs 9M19
	3Q20	2Q20	3Q19	$	%	9M20	9M19	$	%
Interest Income	119.2	150.1	172.8	(53.7)	(31.1%)	436.4	515.2	(78.8)	(15.3%)
Interest Expense	8.4	10.7	11.6	(3.2)	(27.5%)	32.9	33.1	(0.2)	(0.7%)
Net Interest Income	110.8	139.5	161.3	(50.5)	(31.3%)	403.6	482.1	(78.5)	(16.3%)
Provision for Loan Losses	54.8	107.6	47.0	7.8	16.6%	210.4	144.1	66.3	46.0%
Net Interest Income After Provision for Loan Losses	56.0	31.9	114.3	(58.3)	(51.0%)	193.1	338.0	(144.9)	(42.9%)
Commissions and Fees Collected	1.1	0.8	1.9	(0.8)	(43.9%)	3.5	5.4	(2.0)	(36.1%)
Commissions and Fees Paid	2.6	2.7	3.8	(1.3)	(33.0%)	9.1	11.1	(2.1)	(18.6%)
Market Related Income	-	-	-	-		-	-	-
Other Operating Income (expense)	4.5	2.7	8.0	(3.5)	(44.1%)	13.4	21.8	(8.3)	(38.2%)
Net Operating Revenue	58.9	32.6	120.3	(61.4)	(51.0%)	201.0	354.1	(153.1)	(43.2%)
Non-Interest Expense	100.2	101.6	108.1	(7.9)	(7.3%)	310.1	324.9	(14.8)	(4.6%)
Net Operating Income (Loss)	(41.3)	(69.0)	12.2	(53.5)		(109.1)	29.2	(138.3)
Income Tax
Current	0.5	(1.8)	4.1	(3.7)	(88.7%)	0.0	16.0	(16.0)
Deferred	(12.7)	(18.7)	(0.5)	(12.2)		(32.6)	(7.4)	(25.2)	339.3%
Total Income Before Minority Interest	(29.1)	(48.6)	8.6	(37.7)		(76.5)	20.6	(97.1)
Participation in the Results of Associates	-	-	-	-		(1.0)	-	(1.0)
Net Income (Loss)	(29.1)	(48.6)	8.6	(37.7)		(77.5)	20.6	(98.1)

Finsol México

Balance Sheet

As of September 30, 2020 and 2019

(Millions of Mexican Pesos)

3Q20 vs 3Q19

	3Q20	2Q20	3Q19	$	%
ASSETS
Cash and Cash Equivalents	54.3	62.9	32.1	22.1	68.9%
Performing Loans	548.9	615.7	755.7	(206.8)	(27.4%)
Non-Performing Loans	38.9	43.3	43.3	(4.4)	(10.3%)
Total Loan Portfolio	587.8	659.0	799.0	(211.2)	(26.4%)
Allowances for Loan Losses	(130.1)	(133.8)	(73.4)	(56.7)	77.2%
Total Loan Portfolio - Net	457.7	525.2	725.6	(267.9)	(36.9%)
Assets, Accounts Receivable & Other Assets	266.8	239.3	248.9	17.9	7.2%
Total Assets	778.7	827.5	1,006.6	(227.9)	(22.6%)
LIABILITIES
Bank and Other Entities Loans	210.1	224.7	237.2	(27.1)	(11.4%)
Other Accounts Payable	218.3	223.4	350.3	(132.0)	(37.7%)
Total Liabilities	428.4	448.1	587.5	(159.1)	(27.1%)
Total Stockholders' Equity	350.3	379.4	419.1	(68.7)	(16.4%)
Total Liabiliies and Stockholders' Equity	778.7	827.5	1,006.6	(227.9)	(22.6%)

Page 16 of 20

Finsol Brazil

Income Statement

For the Nine Months Periods Ended September 30, 2020 and 2019

(Millions of Mexican Pesos)

				3Q20 vs 3Q19				9M20 vs 9M19
	3Q20	2Q20	3Q19	$	%		9M20	9M19	$	%
Interest Income	42.7	39.6	61.0	(18.3)	(30.0%)	132.5	187.7	(55.3)	(29.4%)
Interest Expense	6.4	6.5	8.6	(2.3)	(26.4%)	20.3	26.4	(6.2)	(23.3%)
Net Interest Income	36.3	33.2	52.3	(16.0)	(30.5%)	112.2	161.3	(49.1)	(30.4%)
Provision for Loan Losses	0.2	25.2	7.0	(6.8)	(97.5%)	35.3	23.3	12.1	51.9%
Net Interest Income After Provision for Loan Losses	36.2	8.0	45.4	(9.2)	(20.3%)	76.9	138.0	(61.2)	(44.3%)
Commissions and Fees Paid	1.3	1.2	1.5	(0.2)	(14.5%)	4.0	4.3	(0.3)	(6.9%)
Market Related Income	-	-	-	-		-	-	-
Other Operating Income (expense)	4.4	2.9	4.0	0.3	8.3%	12.0	10.1	1.9	18.5%
Net Operating Revenue	39.2	9.7	47.9	(8.6)	(18.1%)	84.9	143.9	(59.0)	(41.0%)
Non-Interest Expense	31.5	26.1	41.2	(9.7)	(23.6%)	93.3	127.1	(33.8)	(26.6%)
Net Operating Income (Loss)	7.8	(16.4)	6.7	1.1	15.7%	(8.4)	16.8	(25.2)	(150.0%)
Income Tax
Current	(0.2)	(0.1)	1.5	(1.7)		0.5	5.3	(4.8)	(90.7%)
Deferred	3.0	(5.1)	(0.3)	3.2		(2.6)	(1.2)	(1.4)	118.2%
Total Income Before Minority Interest	5.0	(11.2)	5.5	(0.5)	(9.4%)	(6.2)	12.7	(19.0)
Net Income (Loss)	5.0	(11.2)	5.5	(0.5)	(9.4%)		(6.2)	12.7	(19.0)

Finsol Brazil
Balance Sheet
As of September 30, 2020 and 2019
(Millions of Mexican Pesos)
				3Q20 vs 3Q19
	3Q20	2Q20	3Q19	$	%
ASSETS
Cash and Cash Equivalents	144.6	107.4	45.9	98.8	215.3%
Performing Loans	295.3	269.8	377.6	(82.3)	(21.8%)
Non-Performing Loans	5.0	13.4	12.7	(7.7)	(60.3%)
Total Loan Portfolio	300.3	283.1	390.3	(90.0)	(23.1%)
Allowances for Loan Losses	(23.0)	(32.5)	(18.8)	(4.2)	22.2%
Total Loan Portfolio - Net	277.3	250.7	371.4	(94.2)	(25.3%)
Assets, Accounts Receivable & Other Assets	79.4	80.4	48.5	30.8	63.5%
Total Assets	501.3	438.5	465.9	35.4	7.6%
LIABILITIES
Bank and Other Entities Loans	163.1	90.8	28.5	134.6	472.7%
Other Accounts Payable	244.0	251.6	321.2	(77.2)	(24.0%)
Total Liabilities	407.1	342.4	349.7	57.4	16.4%
Total Stockholders' Equity	94.2	96.0	116.1	(21.9)	(18.9%)
Total Liabiliies and Stockholders' Equity	501.3	438.5	465.9	35.4	7.6%

Page 17 of 20

Apoyo Económico Familiar
Income Statement
For the Nine Months Periods Ended September 30, 2020 and 2019
(Millions of Mexican Pesos)
				3Q20 vs 3Q19			9M20 vs 9M19
	3Q20	2Q20	3Q19	$	%	9M20	9M19	$	%
Interest Income	295.9	285.0	321.2	(25.3)	(7.9%)	915.0	932.4	(17.4)	(1.9%)
Interest Expense	27.6	31.0	31.8	(4.3)	(13.4%)	91.9	94.5	(2.6)	(2.8%)
Net Interest Income	268.4	254.0	289.4	(21.0)	(7.3%)	823.1	837.9	(14.7)	(1.8%)
Provision for Loan Losses	121.6	208.6	141.7	(20.1)	(14.2%)	438.2	375.7	62.5	16.6%
Net Interest Income After Provision for Loan Losses	146.8	45.4	147.7	(0.8)	(0.6%)	384.9	462.2	(77.3)	(16.7%)
Commissions and Fees Collected	32.7	24.0	43.8	(11.1)	(25.4%)	98.4	119.9	(21.5)	(17.9%)
Commissions and Fees Paid	0.4	0.6	0.3	0.1	32.8%	1.5	0.9	0.6	60.5%
Market Related Income	(0.0)	(0.0)	0.0	(0.0)		0.0	(0.0)	0.0
Other Operating Income (expense)	9.6	4.5	14.2	(4.6)	(32.3%)	24.6	38.1	(13.5)	(35.3%)
Net Operating Revenue	188.6	73.3	205.2	(16.6)	(8.1%)	506.5	619.2	(112.7)	(18.2%)
Non-Interest Expense	191.0	182.6	191.1	(0.2)	(0.1%)	580.6	586.4	(5.8)	(1.0%)
Net Operating Income (Loss)	(2.3)	(109.3)	14.1	(16.4)		(74.1)	32.8	(106.9)
Income Tax
Current	2.4	46.0	16.6	(14.2)	(85.5%)	70.1	35.0	35.1	100.1%
Deferred	(2.1)	(55.9)	(12.9)	10.8	(84.0%)	(76.2)	(28.9)	(47.3)	163.8%
Total Income Before Minority Interest	(2.7)	(99.4)	10.4	(13.1)		(68.0)	26.7	(94.7)
Participation in the Results of Associates	-	-	-	-		(3.1)	-	(3.1)
Net Income (Loss)	(2.7)	(99.4)	10.4	(13.1)		(71.1)	26.7	(97.7)

Apoyo Económico Familiar

Balance Sheet

As of September 30, 2020 and 2019

(Millions of Mexican Pesos)

3Q20 vs 3Q19

	3Q20	2Q20	3Q19	$	%
ASSETS
Cash and Cash Equivalents	99.1	109.3	90.9	8.2	9.0%
Performing Loans	1,560.2	1,625.2	1,642.9	(82.7)	(5.0%)
Non-Performing Loans	170.7	128.1	143.7	26.9	18.7%
Total Loan Portfolio	1,730.9	1,753.4	1,786.6	(55.8)	(3.1%)
Allowances for Loan Losses	(274.4)	(264.2)	(186.1)	(88.3)	47.5%
Total Loan Portfolio - Net	1,456.4	1,489.2	1,600.5	(144.1)	(9.0%)
Assets, Accounts Receivable & Other Assets	470.7	365.2	327.8	142.9	43.6%
Total Assets	2,026.2	1,963.7	2,019.2	7.0	0.3%
LIABILITIES
Long term debt issuance	-	-	-	-
Bank and Other Entities Loans	547.5	580.5	561.6	(14.1)	(2.5%)
Other Accounts Payable	672.0	573.8	626.4	45.6	7.3%
Total Liabilities	1,219.5	1,154.3	1,187.9	31.5	2.7%
Total Stockholders' Equity	806.7	809.4	831.2	(24.5)	(2.9%)
Total Liabiliies and Stockholders' Equity	2,026.2	1,963.7	2,019.2	7.0	0.3%

Page 18 of 20

Apoyo Financiero Inc
Income Statement
For the Nine Months Periods Ended September 30, 2020 and 2019
(Millions of Mexican Pesos)
				3Q20 vs 3Q19			9M20 vs 9M19
	3Q20	2Q20	3Q19	$	%	9M20	9M19	$	%
Interest Income	176.4	213.5	187.7	(11.3)	(6.0%)	588.0	498.4	89.6	18.0%
Interest Expense	30.9	37.3	33.9	(3.0)	(8.8%)	106.0	88.8	17.2	19.3%
Net Interest Income	145.4	176.3	153.8	(8.3)	(5.4%)	482.0	409.6	72.4	17.7%
Provision for Loan Losses	109.1	200.0	44.4	64.7	145.8%	378.6	107.1	271.5	253.5%
Net Interest Income After Provision for Loan Losses	36.4	(23.7)	109.4	(73.0)	(66.8%)	103.4	302.5	(199.1)	(65.8%)
Commissions and Fees Collected	8.9	6.8	12.3	(3.4)	(27.8%)	26.0	34.1	(8.1)	(23.8%)
Commissions and Fees Paid	0.1	0.1	0.2	(0.1)	(35.4%)	0.5	0.6	(0.2)	(27.6%)
Market Related Income	-	-	-	-		-	-	-
Other Operating Income (expense)	(3.8)	0.5	(2.6)	(1.1)	43.3%	(6.6)	(6.0)	(0.6)	10.1%
Net Operating Revenue	41.3	(16.5)	118.8	(77.5)	(65.2%)	122.3	330.0	(207.7)	(62.9%)
Non-Interest Expense	91.4	87.6	88.5	2.8	3.2%	277.6	256.2	21.4	8.4%
Net Operating Income (Loss)	(50.0)	(104.1)	30.3	(80.4)		(155.3)	73.8	(229.1)
Income Tax
Current	(15.2)	(27.7)	14.7	(29.8)		(47.0)	26.8	(73.8)
Deferred	-	-	-	-		-	-	-
Total Income (Loss) Before Minority Interest	(34.9)	(76.4)	15.7	(50.6)		(108.2)	47.0	(155.3)
Net Income (Loss)	(34.9)	(76.4)	15.7	(50.6)		(108.2)	47.0	(155.3)

Apoyo Financiero Inc
Balance Sheet
As of September 30, 2020 and 2019
(Millions of Mexican Pesos)
				3Q20 vs 3Q19
	3Q20	2Q20	3Q19	$	%
ASSETS
Cash and Cash Equivalents	112.4	44.0	47.5	64.8	136.4%
Performing Loans	1,994.2	2,246.8	2,205.8	(211.6)	(9.6%)
Non-Performing Loans	116.9	68.9	46.7	70.2	150.2%
Total Loan Portfolio	2,111.1	2,315.7	2,252.5	(141.5)	(6.3%)
Allowances for Loan Losses	(302.4)	(257.9)	(73.3)	(229.1)	312.7%
Total Loan Portfolio - Net	1,808.7	2,057.8	2,179.2	(370.6)	(17.0%)
Assets, Accounts Receivable & Other Assets	114.0	104.2	51.8	62.2	120.1%
Total Assets	2,035.0	2,206.0	2,278.6	(243.6)	(10.7%)
LIABILITIES
Bank and Other Entities Loans	-	0.0	93.2	(93.2)
Other Accounts Payable	1,390.7	1,485.4	1,595.8	(205.1)	(12.8%)
Total Liabilities	1,390.7	1,485.5	1,689.0	(298.3)	(17.7%)
Total Stockholders' Equity	644.3	720.6	589.6	54.7	9.3%
Total Liabiliies and Stockholders' Equity	2,035.0	2,206.0	2,278.6	(243.6)	(10.7%)

Page 19 of 20

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.
Key Ratios & Operating Data
For the Nine Months Periods Ended September 30, 2020 and 2019
(Millions of Mexican Pesos)
				Change
	3Q20	2Q20	3Q19	QoQ %	YoY %	9M20	9M19	%
Key Ratios
Profitability & Efficiency
NIM after Provisions Excl. Fees (1)	28.3%	11.4%	34.9%	16.9 pp	-6.7 pp	25.2%	35.5%	-10.3 pp
NIM after Provisions Incl. Fees (2)	32.5%	28.9%	40.6%	3.5 pp	-8.2 pp	35.1%	41.2%	-6.2 pp
Provisions / Financial Margin	38.5%	75.1%	32.8%	-36.6 pp	5.7 pp	47.8%	30.4%	17.4 pp
ROAA (3)	-1.0%	-1.7%	2.5%	0.8 pp		-0.2%	2.4%
ROAE (4)	-2.5%	-4.8%	7.1%	2.3 pp		-0.5%	7.0%
Efficiency Ratio Incl. Provisions (5)	105.4%	105.7%	87.4%	-0.3 pp	18 pp	100.7%	88.1%	12.6 pp
Efficiency Ratio Excl. Provisions (6)	68.2%	48.4%	61.6%	19.8 pp	6.6 pp	60.7%	64.0%	-3.3 pp
Operating Efficiency (7)	24.8%	21.8%	25.6%	3 pp	-0.8 pp	25.8%	26.0%	-0.2 pp
Fee Income (8)	7.8%	5.0%	10.3%	2.8 pp	-2.5 pp	7.2%	9.8%	-2.6 pp
Capitalization
Equity to Total Assets	38.2%	38.5%	34.5%	-0.3 pp	3.6 pp	38.2%	34.5%	3.6 pp
Credit Quality Ratios
NPL Ratio (9)	7.2%	5.6%	5.6%	1.6 pp	1.6 pp	7.2%	5.6%	1.6 pp
Coverage Ratio (10)	184.5%	217.7%	114.5%	-33.2 pp	70 pp	184.5%	114.5%	70 pp
Operating Data
Number of Clients	446,823	480,668	576,023	-7.0%	-22.4%	446,823	576,023	-22.4%
- Financiera Independencia	229,040	245,032	292,267	-6.5%	-21.6%	229,040	292,267	-21.6%
- Finsol México	67,500	78,543	102,940	-14.1%	-34.4%	67,500	102,940	-34.4%
- Finsol Brazil	29,377	29,445	36,183	-0.2%	-18.8%	29,377	36,183	-18.8%
- Apoyo Económico Familiar	95,216	99,980	114,593	-4.8%	-16.9%	95,216	114,593	-16.9%
- Apoyo Financiero Inc	25,690	27,668	30,040	-7.1%	-14.5%	25,690	30,040	-14.5%
Number of Offices	519	531	541	-2.3%	-4.1%	519	541	-4.1%
Total Labor Force	6,519	6,848	8,001	-4.8%	-18.5%	6,519	8,001	-18.5%

1. Net Interest Margin after Provisions (excluding Fees): Net Interest Margin after Provision for Loan Losses / Average Interest-Earning Assets
2. Net Interest Margin after Provisions (including Fees): Net Interest Margin after Provision for Loan Losses + Fees Collected - Fees Paid / Average Interest-Earning Assets
3. ROAA: Net Income / Average Total Assets
4. ROAE: Net Income / Average Total Equity
5. Efficiency Ratio: Non-Interest Expense / Net Operating Revenues
6. Efficiency Ratio: Non-Interest Expense / Net Operating Revenues + Provision for Loan Losses
7. Operating Efficiency: Non-interest Expense / Average Assets
8. Commissions and Fees (Net) / Net Operating Revenue
9. NPL Ratio: Non-Performing Loans / Total Loan Portfolio
10. Coverage Ratio: Allow ances for Loan Losses / Non-Performing Loans

Page 20 of 20