Agreement Announcing the Update of Annexes A through K of the General Provisions Establishing the Investment Regime for SIEFOREs

DOF: 22/05/2024

AGREEMENT by which the update of Annexes "A", "B", "C", "D", "E", "F", "G", "H", "I", "J" and "K", of the General Provisions establishing the Investment Regime to which Specialized Investment Companies for Retirement Funds must be subject, published on May 31, 2019, with its modifications and additions published on May 6, 2021, June 21, 2022 and August 11, 2023, is made known.

At the margin a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of

Treasury and Public Credit.- National Commission for the Retirement Savings System.

AGREEMENT BY WHICH THE UPDATE OF ANNEXES "A", "B", "C",

"D", "E", "F", "G", "H", "I", "J" and "K", OF THE GENERAL PROVISIONS THAT

ESTABLISH THE INVESTMENT REGIME TO WHICH THE SPECIALIZED INVESTMENT COMPANIES OF

RETIREMENT FUNDS MUST BE SUBJECT, PUBLISHED IN THE OFFICIAL JOURNAL

OF THE FEDERATION ON MAY 31, 2019, WITH ITS MODIFICATIONS AND ADDITIONS

PUBLISHED ON MAY 6, 2021, JUNE 21, 2022 AND AUGUST 11, 2023.

The

President

of

the

National

Commission

for

the

Retirement

Savings

System,

based on

the

provisions

of

articles

5o.

fraction

II,

12

fractions

I,

VIII

and

XVI,

43,

paragraphs

third

and

fourth,

as

well

as

45

of

the

Law

of

the

Retirement

Savings

Systems;

2

fraction

III,

4,

third

and

fourth

paragraphs

and

8

first

paragraph

of

the

Internal

Regulation

of

the

National

Commission

for

the

Retirement

Savings

System;

the

Fourth

and

Sixth

provisions

of

the

General

provisions

that

establish

the

investment

regime

to

which

the

specialized

investment

companies

for

retirement

funds

must

be

subject,

published

in

the

Official

Journal

of

the

Federation

on

May

31,

2019,

with

its

modifications

and

additions

published

on

May

6,

2021,

and

June

21,

2022

and

August

11,

2023.

CONSIDERING

That

the

General

provisions

that

establish

the

investment

regime

to

which

the

specialized

investment

companies

for

retirement

funds

must

be

subject,

published

in

the

Official

Journal

of

the

Federation

on

May

31,

2019,

with

its

modifications

and

additions

published

on

May

6,

2021,

June

21,

2022

and

August

11,

2023,

establish

the

credit

rating

scales

of

each

of

the

authorized

crating

agencies

allowed

to

operate

with

such

character

by

the

National

Banking

and

Securities

Commission

in

its

Annexes

"A",

"B",

"C",

"D",

"E",

"F",

"G",

"H",

"I",

"J"

and

"K";

That

on

March

12,

2024,

Morningstar

confirmed

that

DBRS

México

has

been

liquidated

and

that

all

existing

ratings

previously

made

in

Mexico

by

DBRS

have

been

eliminated

and

that

all

activity

related

to

local

ratings

in

Mexico

has

been

referred

to

HR

Ratings;

That

because

DBRS

México

suspended

operations

in

Mexico

and

its

authorization

as

a

rating

institution

before

the

CNBV

became

void,

the

modification

of

Annexes

"A",

"B",

"C",

"D",

"E",

"F",

"G",

"H",

"I",

"J"

and

"K"

of

said

Provisions

is

proposed,

which

are

related

to

the

minimum

ratings

required

for

debt

instruments

acquired

by

SIEFOREs,

to

eliminate

the

ratings

of

DBRS

México;

That

in

accordance

with

the

provisions

of

article

45

of

the

Law

of

the

Retirement

Savings

Systems,

as

well

as

the

fourth

and

sixth

provisions

of

the

General

provisions

that

establish

the

investment

regime

to

which

the

specialized

investment

companies

for

retirement

funds

must

be

subject,

published

in

the

Official

Journal

of

the

Federation

on

May

31,

2019,

with

its

modifications

and

additions

published

on

May

6,

2021,

June

21,

2022

and

August

11,

2023,

the

Risk

Analysis

Committee

through

agreement

CAR/51/01/2024,

approved

the

Modifications

to

Annexes

A,

B,

C,

D,

E,

F,

G,

H,

I,

J

and

K

of

the

General

provisions

that

establish

the

investment

regime

to

which

the

specialized

investment

companies

for

retirement

funds

must

be

subject,

and

That

in

terms

of

article

71

fourth

paragraph

of

the

General

Law

for

Regulatory

Improvement,

and

in

accordance

with

what

determined

by

the

National

Commission

for

Regulatory

Improvement

through

office

CONAMER/24/2143

of

date

May

13,

2024,

these

updates

do

not

imply

compliance

costs

for

private

parties,

it

has

been

considered

appropriate

to

issue

the

following:

AGREEMENT

BY

WHICH

THE

UPDATE

OF

ANNEXES

"A", "B", "C", "D", "E", "F", "G", "H", "I", "J"

and

"K",

OF

THE

GENERAL

PROVISIONS

THAT

ESTABLISH

THE

INVESTMENT

REGIME

TO

WHICH

THE

SPECIALIZED

INVESTMENT

COMPANIES

OF

RETIREMENT

FUNDS

MUST

BE

SUBJECT,

PUBLISHED

IN

THE

OFFICIAL

JOURNAL

OF

THE

FEDERATION

ON

MAY

31,

2019,

WITH

ITS

MODIFICATIONS

AND

ADDITIONS

PUBLISHED

ON

MAY

6,

2021,

JUNE

21,

2022

AND

AUGUST

11,

2023.

SOLE.-

The

update

of

Annexes

"A", "B", "C", "D", "E", "F", "G", "H", "I", "J"

and

"K",

of

the

General

provisions

that

establish

the

investment

regime

to

which

the

specialized

investment

companies

for

retirement

funds

must

be

subject,

published

in

the

Official

Journal

of

the

Federation

on

May

31,

2019,

with

its

modifications

and

additions

published

on

May

6,

2021,

June

21,

2022

and

August

11,

2023,

is

made

known,

to

remain

in

the

terms

of

Annexes

"A", "B", "C", "D", "E", "F", "G", "H", "I", "J"

and

"K",

of

the

present

Agreement.

TRANSITORY

PROVISIONS

FIRST.-

This

Agreement

shall

take

effect

on

the

day

following

its

publication

in

the

Official

Journal

of

the

Federation.

SECOND.-

Annexes

"A", "B", "C", "D",

and

"E", "F", "G", "H", "I", "J"

and

"K",

of

the

General

provisions

that

establish

the

investment

regime

to

which

the

specialized

investment

companies

for

retirement

funds

must

be

subject,

published

in

the

Official

Journal

of

the

Federation

on

May

31,

2019,

with

its

modifications

and

additions

published

on

May

6,

2021,

June

21,

2022

and

August

11,

2023,

are

repealed.

Mexico City, May 16, 2024.- The President of the National Commission for the Retirement Savings System, Master Julio César Cervantes Parra.- Signature.

ANNEX

A 1

Ratings for Instruments denominated in National Currency and Investment Units,

Debt Instruments denominated in Foreign Currencies placed in national markets,

as well as for

National Counterparties.

Short-Term Issues

(Maturity

up to

one year)

FITCH MEXICO

MOODY'S Local México

VERUM

F1+(mex)

ML A-1.mx

1+/M

STANDARD & POOR'S

HR RATINGS DE MEXICO

mxA-1+

HR+1

Medium and Long-Term Issues

(Maturity

greater than

one year)

FITCH MEXICO

MOODY'S Local México

VERUM

AAA(mex)

AAA.mx

AAA/M

STANDARD & POOR'S

HR RATINGS DE MEXICO

mxAAA

HR AAA

1

To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its 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 Foreign Currencies placed in national markets,

as well as for

National Counterparties.

Short-Term Issues

(Maturity

up to

one year)

FITCH MEXICO

MOODY'S Local México

VERUM

F1(mex)

ML A-2.mx

1/M

STANDARD & POOR'S

HR RATINGS DE MEXICO

mxA-1

HR1

Medium and Long-Term Issues

(Maturity

greater than

one year)

FITCH MEXICO

MOODY'S Local México

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

mxAA+ / mxAA / mxAA-

HR AA+ / HR AA / HR AA-

2

To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its 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

Foreign

Currencies

placed

in

national

markets,

as

well

as

for

National

Counterparties.

Short-Term Issues

(Maturity

up to

one year)

FITCH MEXICO

MOODY'S Local México

VERUM

F2(mex)

ML A-3.mx

2/M

STANDARD & POOR'S

HR RATINGS DE MEXICO

mxA-2

HR2

Medium and Long-Term Issues

(Maturity

greater than

one year)

FITCH MEXICO

MOODY'S Local México

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

mxA+

HR A+

mxA

HR A

mxA-

HR A-

3

To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its 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 Foreign Currencies placed in national markets,

as well as for

National Counterparties.

Short-Term Issues

(Maturity

up to

one year)

FITCH MEXICO

MOODY'S Local México

VERUM

F3(mex)

No aplica

3/M

STANDARD & POOR'S

HR RATINGS DE MEXICO

mxA-3

HR3

Medium and Long-Term Issues

(Maturity

greater than

one year)

FITCH MEXICO

MOODY'S Local México

VERUM

BBB+(mex)

BBB+.mx

BBB+/M

BBB(mex)

BBB.mx

BBB/M

STANDARD & POOR'S

HR RATINGS DE MEXICO

mxBBB+

HR BBB+

mxBBB

HR BBB

4

To comply with the provision of the Fourth provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its 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 Issues

(Maturity

up to

one year)

FITCH MEXICO

MOODY'S Local México

VERUM

F3(mex)

ML A-3.mx

3/M

STANDARD & POOR'S

HR RATINGS DE MEXICO

mxA-3

HR3

Medium and Long-Term Issues (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

mxBBB-

HR BBB-

mxBB+

HR BB+

5

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

6

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

ANNEX

F 7

Ratings for Instruments denominated in Foreign Currencies.

Short-term issues

(Maturity

up to

one year)

MOODY'S

FITCH IBCA

P-1

F1+ / F1

P-2

F2

STANDARD & POOR'S

HR RATINGS DE MEXICO

A-1+ /A-1

HR + 1(G)/ HR1(G)

A-2

HR2(G)

Medium and long-term issues

(Maturity

greater than

one year)

MOODY'S

FITCH IBCA

Aaa

AAA

Aa1/ Aa2 / Aa3

AA+/ AA / AA-

A1/ A2 / A3

A+/ A/ A-

Baa1

BBB+

STANDARD & POOR'S

HR RATINGS DE MEXICO

AAA

HR AAA(G)

AA+/ AA/ AA-

HR AA+(G)/ HR AA(G)/ HR AA-(G)

A+/ A /A-

HR A+(G)/ HR A(G)/ HR A-(G)

BBB+

HR BBB+(G)

7

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

ANNEX

G 8

Ratings

for

Instruments

denominated

in

Foreign

Currencies.

Short-term issues

(Maturity

up to

one year)

MOODY'S

FITCH IBCA

P-3

F3

STANDARD & POOR'S

HR RATINGS DE MEXICO

A-3

HR3(G)

Medium and long-term issues

(Maturity

greater than

one year)

MOODY'S

FITCH IBCA

Baa2/ Baa3

BBB/ BBB-

STANDARD & POOR'S

HR RATINGS DE MEXICO

BBB/ BBB-

HR BBB (G)/ HR BBB-(G)

8

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

ANNEX

H 9

Ratings

for

Instruments

denominated

in

Foreign

Currencies.

Medium and long-term issues

(Maturity

greater than

one year)

MOODY'S

FITCH IBCA

Ba1/ Ba2

BB+/ BB

STANDARD & POOR'S

HR RATINGS DE MEXICO

BB+/ BB

HR BB+ (G)/ HR BB(G)

9

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

ANNEX

I 10

Ratings

for

Subordinated

Obligations

denominated

in

Foreign

Currencies. 11

Short-term issues

(Maturity

up to

one year)

MOODY'S

FITCH IBCA

P-3

F3

STANDARD & POOR'S

HR RATINGS DE MEXICO

A-3

HR3(G)

Medium and long-term issues

(Maturity

greater than

one year)

MOODY'S

FITCH IBCA

Ba3/ B1

BB-/ B+

STANDARD & POOR'S

HR RATINGS DE MEXICO

BB-/ B+

HR BB-(G)/ HR B+(G)

10

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

11

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

ANNEX

J 12

Ratings for Foreign Securities and for Foreign Counterparties.

Short-term issues

(Maturity

up to

one year)

MOODY'S

FITCH IBCA

P-1

F1+/F1

P-2

F2

STANDARD & POOR'S

HR RATINGS DE MEXICO

A-1+/A-1

HR+1(G)/ HR1(G)

A-2

HR2(G)

Medium and long-term issues

(Maturity

greater than

one year)

MOODY'S

FITCH IBCA

Aaa

AAA

Aa1/ Aa2/ Aa3

AA+/ AA/ AA-

A1/ A2 /A3

A+/ A/ A-

STANDARD & POOR'S

HR RATINGS DE MEXICO

AAA

HR AAA(G)

AA+/ AA/ AA-

HR AA+ (G)/ HR AA(G)/ HR AA-(G)

A+/ A/ A-

HR A+(G)/ HR A(G)/ HR A-(G)

1²

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

ANNEX

K 13

Ratings for Foreign Securities and for Foreign Counterparties

Short-term issues

(Maturity

up to

one year)

MOODY'S

FITCH IBCA

P-3

F3

STANDARD & POOR'S

HR RATINGS DE MEXICO

A-3

HR3(G)

Medium and long-term issues

(Maturity

greater than

one year)

MOODY'S

FITCH IBCA

Baa1 / Baa2 / Baa3

BBB+ / BBB / BBB-

STANDARD & POOR'S

HR RATINGS DE MEXICO

BBB+ / BBB / BBB-

HR BBB+(G) / HR BBB(G) / HR BBB-(G)

1³

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

---

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