Agreement announcing the update of Annexes "A", "B", "C", "D", and "E" of the General Provisions establishing the Investment Regime for Specialized Investment Societies for Retirement Funds, published on May 31, 2019, with modifications published on May 6, 2021

Official Gazette of the Federation: 21/06/2022

AGREEMENT announcing the update of Annexes "A", "B", "C", "D", and "E" of the General Provisions that establish the Investment Regime to which Specialized Investment Societies for Retirement Funds must adhere, published in the Official Gazette of the Federation on May 31, 2019, with their modifications and additions published on May 6, 2021.

At the margin a seal with the National Shield, stating: United Mexican States.- TREASURY.- Secretariat of the Treasury and Public Credit.- National Commission of the Retirement Savings System.

AGREEMENT ANNOUNCING THE UPDATE OF ANNEXES "A", "B", "C", "D", AND "E" OF THE GENERAL PROVISIONS THAT ESTABLISH THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS MUST ADHERE, PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON MAY 31, 2019, WITH THEIR MODIFICATIONS AND ADDITIONS PUBLISHED ON MAY 6, 2021.

The President of the National Commission of the Retirement Savings System, based on the provisions of articles 5, section II, 12 sections I, VIII and XVI, 43, third and fourth paragraphs, as well as 45 of the Law of the Retirement Savings Systems; 2 section III, 4 third and fourth paragraphs and 8 first paragraph of the Internal Regulations of the National Commission of the Retirement Savings System; the Fourth and Sixth provisions of the General provisions that establish the investment regime to which specialized investment societies for retirement funds must adhere, published in the Official Gazette of the Federation on May 31, 2019, with their modifications and additions published on May 6, 2021, and

CONSIDERATIONS

That the General provisions that establish the investment regime to which specialized investment societies for retirement funds must adhere, published in the Official Gazette of the Federation on May 31, 2019, with their modifications and additions published on May 6, 2021, establish the credit rating scales of each of the rating agencies authorized to operate with such character by the National Banking and Securities Commission in their Annexes "A", "B", "C", "D", and "E";

That on May 19, 2022, Moody's Corporation announced the launch of Moody's Local Mexico, as part of its business strategy and the expansion of its local ratings platform in the main markets of Latin America. Moody's Local Mexico is designed to better serve the needs of the local financial market, by providing local credit ratings and reports in the local language based on specific methodologies for Mexico. Due to the above, Moody's ratings of Mexico, are assigned from May 19 of the current year by Moody's Local Mexico, a 100% subsidiary of Moody's Corporation, licensed to provide rating services under the regulation of the National Banking and Securities Commission; therefore Moody's de México, S.A. de C.V. ICV, only changed its corporate name to Moody's Local MX, S.A. de C.V., I.C.V.;

That the new scale of Moody's Local MX, S.A. de C.V., I.C.V. solely constitutes a change in nomenclature in the methodology used by Moody's de México, so said change does not imply any alteration in the credit risk level of the rated issuers, nor does it represent any modification in their payment capacity.

That in accordance with the provisions of articles 43, third and fourth paragraphs, as well as 45 of the Law of the Retirement Savings Systems, and the sixth provision of the General provisions that establish the investment regime to which specialized investment societies for retirement funds must adhere, published in the Official Gazette of the Federation on May 31, 2019, with their modifications and additions published on May 6, 2021, the Risk Analysis Committee through agreement CARE/01/01/2022, approved the new local rating scales of Moody's Local Mexico derived from the aforementioned nomenclature change, which does not imply any alteration in the credit risk level of the rated issuers, nor does it represent any modification in their payment capacity, therefore this Commission has seen fit to issue the following:

AGREEMENT ANNOUNCING THE UPDATE OF ANNEXES "A", "B", "C", "D", AND "E" OF THE GENERAL PROVISIONS THAT ESTABLISH THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS MUST ADHERE, PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON MAY 31, 2019, WITH THEIR MODIFICATIONS AND ADDITIONS PUBLISHED ON MAY 6, 2021.

SOLE.-

The update of Annexes "A", "B", "C", "D", and "E" of the General provisions that establish the investment regime to which specialized investment societies for retirement funds must adhere, published in the Official Gazette of the Federation on May 31, 2019, with their modifications and additions published on May 6, 2021, is announced, to remain in the terms of Annexes "A", "B", "C", "D", and "E" of this Agreement.

TRANSITORY ARTICLES

FIRST.- This Agreement shall enter into force on the day following its publication in the Official Gazette of the Federation.

SECOND.- Annexes "A", "B", "C", "D", and "E" of the General provisions that establish the investment regime to which specialized investment societies for retirement funds must adhere, published in the Official Gazette of the Federation on May 31, 2019, with their modifications and additions published on May 6, 2021, are repealed.

Mexico City, as of June 14, 2022.- The President of the National Commission of the Retirement Savings System,

Iván Hilmardel Pliego Moreno.- Signature.

ANNEX A 1

Ratings for Instruments denominated in National Currency and Investment Units, Debt Instruments denominated in Currencies placed in national markets, as well as for National Counterparties.

Short Term Issuances
(With maturity up to one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
F1+(mex)	ML A-1.mx	1+/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxA-1+	HR+1	R-1.MX(high)

Medium and Long Term Issuances
(With maturity greater than one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
AAA(mex)	AAA.mx	AAA/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxAAA	HR AAA	AAA.MX

To comply with the provisions of the Fourth provision of these provisions, the Administrators must verify that at least one of the securities rating institutions that issues an opinion on the Target Investment Asset has at least ten years of experience counted from their authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.

ANNEX B 2

Ratings for Instruments denominated in National Currency and Investment Units, Debt Instruments denominated in Currencies placed in national markets, as well as for National Counterparties.

Short Term Issuances
(With maturity up to one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
F1(mex)	ML A-2.mx	1/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxA-1	HR1	R-1.MX(medium)

Medium and Long Term Issuances
(With maturity greater than one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
AA+(mex) / AA(mex) / AA-(mex)	AA+.mx / AA.mx / AA-.mx	AA+/M / AA/M / AA-/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxAA+ / mxAA / mxAA-	HR AA+ / HR AA / HR AA-	AA.MX(high) / AA.MX / AA.MX(low)

To comply with the provisions of the Fourth provision of these provisions, the Administrators must verify that at least one of the securities rating institutions that issues an opinion on the Target Investment Asset has at least ten years of experience counted from their authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.

ANNEX C 3

Ratings for Instruments denominated in National Currency and Investment Units, Debt Instruments denominated in Currencies placed in national markets, as well as for National Counterparties.

Short Term Issuances
(With maturity up to one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
F2(mex)	ML A-3.mx	2/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxA-2	HR2	R-1.MX(low)

Medium and Long Term Issuances
(With maturity greater than one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
A+(mex)	A+.mx	A+/M
A(mex)	A.mx	A/M
A-(mex)	A-.mx	A-/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxA+	HR A+	A.MX(high)
mxA	HR A	A.MX
mxA-	HR A-	A.MX(low)

To comply with the provisions of the Fourth provision of these provisions, the Administrators must verify that at least one of the securities rating institutions that issues an opinion on the Target Investment Asset has at least ten years of experience counted from their authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.

ANNEX D 4

Ratings for Instruments denominated in National Currency and Investment Units, Debt Instruments denominated in Currencies placed in national markets, as well as for National Counterparties.

Short Term Issuances
(With maturity up to one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
F3(mex)	Not applicable	3/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxA-3	HR3	R-2.MX(high)
		R-2.MX(medium)
		R-2.MX(low)
		R-3.MX

Medium and Long Term Issuances
(With maturity greater than one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
BBB+(mex)	BBB+.mx	BBB+/M
BBB(mex)	BBB.mx	BBB/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxBBB+	HR BBB+	BBB.MX(high)
mxBBB	HR BBB	BBB.MX

To comply with the provisions of the Fourth provision of these provisions, the Administrators must verify that at least one of the securities rating institutions that issues an opinion on the Target Investment Asset has at least ten years of experience counted from their authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.

ANNEX E 5

Ratings for Subordinated Obligations denominated in National Currency and Investment Units. 6

Short Term Issuances
(With maturity up to one year)

FITCH MEXICO	MOODY'S Local Mexico	VERUM
F3(mex)	ML A-3.mx	3/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxA-3	HR3	R-2.MX(high)
		R-2.MX(medium)
		R-2.MX(low)
		R-3.MX

Medium and Long Term Issuances
(With maturity greater than one year)

FITCH MEXICO	MOODY'S Local Mx	VERUM
BBB-(mex)	BBB-.mx	BBB-/M
BB+(mex)	BB+.mx	BB+/M
STANDARD & POOR'S	HR RATINGS DE MEXICO	DBRS RATINGS MEXICO
mxBBB-	HR BBB-	BBB.MX(low)
mxBB+	HR BB+	BB.MX(high)

To comply with the provisions of the Fourth provision of these provisions, the Administrators must verify that at least one of the securities rating institutions that issues an opinion on the Target Investment Asset has at least ten years of experience counted from their authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments.

Subordinated obligations to those defined in section XLIX subsections c), d) and e) of the Second Provision of these provisions.

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