Circular 1/2003 — Direct Communication with SIEFORES

CIRCULAR 1/2003 Mexico, D.F., June 13, 2003. TO THE SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS

SUBJECT: PROVISIONS ISSUED BY THE BANK OF MEXICO DIRECTED AT SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS

The Bank of Mexico, based on Articles 24, 26, and 36 of its Law, as well as Article 48, fraction VI, of the Law of Savings Systems for Retirement, with the objective of establishing a direct communication link with these specialized investment companies for retirement funds (SIEFORES) to make the dissemination of provisions issued directed at them more efficient and expeditious, has resolved that, starting from July 14, 2003, the provisions issued by the Bank of Mexico will be made known to these SIEFORES directly through fax and email to the numbers and email addresses provided by the SIEFORES themselves for this purpose, being these the official means of information of the provisions in this matter issued by the Central Bank.

To ensure the integrity of the provisions transmitted through email and to simultaneously verify the identity of the signatories, these provisions will be signed by competent officials through electronic signatures that will be generated based on a system designed and administered by the Bank of Mexico, called "Extended Security Infrastructure" (IES).

The document describing the characteristics and functions of the components of the IES, as well as the manuals for its use and the directory for handling inquiries, is found on the electronic page on the worldwide network (Internet) identified with the domain name: www.banxico.org.mx, under the item "Extended Security Infrastructure" in the "Other Services" section.

To be able to access the provisions sent to them by email, as well as to verify their authenticity, it will be necessary for these SIEFORES to install on the computer equipment they will use for this purpose the computer program called "WebSec" which is also found on the mentioned page.

For the purpose of receiving the provisions through the means indicated, the SIEFORES must send to the Bank of Mexico a communication prepared based on the format attached as an Annex, signed by officials who have powers for acts of administration,

2 no later than June 30, 2003, to the Operational Processing Directorate, located at 5 de Mayo Avenue No. 2, Centro Neighborhood, in this City.

Finally, in order to verify the authority of the officials who will sign the communication contained in the Annex of this Circular, the SIEFORES must attach to it a certified copy of the deed in which the powers for acts of administration in favor of the officials signing it are recorded.

3

ANNEX MODEL OF COMMUNICATION THAT MUST BE SENT BY THE SPECIALIZED INVESTMENT COMPANIES FOR RETIREMENT FUNDS, TO RECEIVE THE PROVISIONS ISSUED BY THE BANK OF MEXICO THROUGH ELECTRONIC MEANS

Mexico, D.F., __ of June 2003.

BANK OF MEXICO Operational Processing Directorate, Av. 5 de Mayo number 2, 3rd Floor, Centro Neighborhood, 06059 Mexico, D.F.

In relation to Circular 1/2003 of June 12, 2003, (name of the specialized investment company for retirement funds) states that it is aware that the Bank of Mexico, starting from July 14, 2003, will directly disseminate the provisions it issues for specialized investment companies for retirement funds (SIEFORES), through electronic means (fax and email), therefore it expresses its consent to receive them through the aforementioned means. Likewise, it accepts that the provisions issued by the Bank of Mexico that are made known through the mentioned means will have full legal validity and produce all legal effects to which there may be grounds.

For the above, it is communicated that the referred provisions must be sent to any of the following electronic addresses and fax numbers:

ELECTRONIC ADDRESS RESPONSIBLE

1. ---

2. ---

3. ---

FAX NUMBER RESPONSIBLE

1. ---

2. ---

3. ---

This SIEFORE undertakes to notify in writing to that Directorate immediately any change in this list, in order for it to take effect from the second next banking business day following the date it is made known to that Central Institute.

Likewise, this SIEFORE commits to install on its equipment no later than June 30, 2003, the computer program called "WebSec", necessary to access the

4 provisions that that Central Bank disseminates through email and verify the authenticity of the electronic signatures contained in said provisions, as well as to keep it in operation and updated.

Sincerely,

(Name of the SIEFORE) (Names of authorized officials) (Titles)