General Provisions Establishing the Procedure for Constructing the Net Performance Indicators of Specialized Investment Companies for Retirement Funds

DOF: 17/09/2019

GENERAL PROVISIONS establishing the procedure for the construction of the Net Performance Indicators of the Specialized Investment Companies for Retirement Funds.

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

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

GENERAL PROVISIONS OF A GENERAL NATURE THAT ESTABLISH THE PROCEDURE FOR THE

CONSTRUCTION OF THE NET PERFORMANCE INDICATORS OF THE SPECIALIZED INVESTMENT COMPANIES

FOR RETIREMENT FUNDS.

The President of the National Commission for the Retirement Savings System, based on the

articles 1st, 2nd, 3rd fraction V bis, 5th fractions I, II and XVI, 12 fractions I, VIII and XIII, 37, 74 and 76 of the Law

of the Retirement Savings Systems;

the Quinto Transitorio Article of the Decree by which various provisions of the Law of the Retirement Savings Systems are reformed and added, published in the Official Journal of the Federation on January 21, 2009;

articles 1st, 12, 41, 52, 53, Third and Fifth Transitory Articles

of the Regulation of the Law of the Retirement Savings Systems;

articles 1st, 2nd fraction III and 8th

first paragraph of the Internal Regulation of the National Commission for the Retirement Savings System, and

CONSIDERING

That it is necessary to modify the general criteria and the procedure to determine the Net Performance

Indicators that will be applicable to the Basic Investment Companies in the processes of

transfer, assignment and reassignment;

That any defined contribution system is focused on maximizing returns and accumulated amounts so that, charged to these, sufficient pensions can be financed to cover the needs of Workers in retirement;

That in order for Workers to obtain the best returns, it is necessary that they evaluate the different offers of resource management that are found in the Retirement Savings System,

so it is necessary that the information offered to them on the accumulated balance or returns

obtained, incentivize them to make informed decisions aligned with increasing the resources of their individual account;

That it is necessary to offer the Worker a more significant comparison aligned with the

objective of the Retirement Savings System, that is, to finance a pension;

That to reflect with greater clarity how much pension Workers will receive for their savings, it is

necessary to evaluate the performance of the Investment Companies in Pension Units that represent the cost at "today" of a life annuity, with which the Worker can verify which Administrator offers a better return, in terms of "pension";

That in the modification to the Net Performance Indicator, the current methodology is not affected, only the inputs with which it is constructed, basing returns on Pension Units that prioritize long-term strategies over short-term ones;

That in order to have a Net Performance Indicator with a long-term emphasis, it is necessary to modify

the measurement horizons and standardize them for all Investment Companies;

That all of the above aligns with the modifications made to the investment regime of the Investment

Companies that establishes the so-called Generational Funds, which are established in the General Provisions of a general nature that establish the investment regime to which the specialized investment companies for retirement funds must be subject, published on May 31, 2019 in the Official Journal of the

Federation, has deemed it appropriate to issue the following:

GENERAL PROVISIONS OF A GENERAL NATURE THAT ESTABLISH THE PROCEDURE FOR THE

CONSTRUCTION OF THE NET PERFORMANCE INDICATORS OF THE SPECIALIZED INVESTMENT COMPANIES

FOR RETIREMENT FUNDS.

CHAPTER I

COMMON PROVISIONS

Article 1. These general provisions aim to establish the general criteria and the procedure to determine the Net Performance Indicators that will be applicable to the Basic Investment Companies in the following processes:

I.

Transfer of Individual Accounts to those Administrators whose Basic Investment Companies

have registered a higher Net Performance Indicator for Transfers;

II.

Assignment and Reassignment of the Individual Accounts of those Workers who have not

chosen an Administrator, in accordance with what is provided in article 76 of the Law, and

III.

Net Performance Indicators that result applicable to the Basic Investment Companies,

due to the merger between Administrators or, if applicable, derived from a portfolio transfer

between Administrators.

Article 2. For the purposes of these general provisions, in addition to the

definitions indicated by article 3rd of the Law, 2nd of the Regulation, the general provisions that establish the investment regime to which the Specialized Investment Companies for Retirement Funds must be subject, the general provisions on financial matters of the Retirement Savings Systems and the general provisions on operational matters of the Retirement Savings Systems issued by the Commission, it will be understood by:

I.

Merged or Ceding Administrator, that which, as a result of a merger operation or a

portfolio transfer between Administrators, directly or indirectly, is merged or its portfolio is

ceded, to a Merging or Cessionary Administrator;

II.

Merging or Cessionary Administrator, that which, as a result of a merger operation or a

portfolio transfer between Administrators, directly or indirectly, merges or acquires the portfolio

of a Merged or Ceding Administrator;

III.

Balance Fee, the charge that Administrators make as an annual percentage on

the value of the Total Assets of the Basic Investment Companies;

IV.

Stable Investment Conditions of a Group, on the measurement date on which the Indicator of

Peak-to-Peak Performance of the Investment Conditions Indicator corresponding to said

Group takes a positive value, including zero, obtained in accordance with the methodology

described in Annex "E" of these general provisions;

V.

Stressed Investment Conditions of a Group, on the measurement date on which the Indicator

of Peak-to-Peak Performance of the Investment Conditions Indicator corresponding to said

Group takes a negative value, obtained in accordance with the methodology described in the

Annex

"E" of these general provisions;

VI.

Group, the set of Basic Investment Companies that invest resources of Workers

who belong to the same age range, in terms of what is provided in the general provisions

that establish the investment regime to which the Specialized Investment Companies

for retirement funds must be subject issued by the Commission, such that the

Basic Investment Companies 55-59 form a group, the Basic Investment Companies

60-64 another and so on;

VII.

Net Performance Indicator for Merger or Transfer, the Net Performance that each

Basic Investment Company of the Merging or Cessionary Administrator registers, in accordance with

these general provisions;

VIII.

Net Performance Indicator for Assignment and Reassignment, the moving average of the last

6 months of the Market Return in Pension Units, calculated daily in accordance with what is established in Annex "A" of these general provisions, that the Basic Investment Companies register, for the purpose of participating in the

process of Assignment and Reassignment of Individual Accounts, as applicable;

IX.

Net Performance Indicator for Transfers, the moving average of the last 6 months of

the Market Return

in Pension Units, calculated daily in accordance with what is

established in Annex "A" of these general provisions, that the

Basic Investment Companies register for the purpose of the Transfer of Individual Accounts;

X.

Peak-to-Peak Performance Indicator of the Investment Conditions Indicator, the moving

average of the last 20 business days of Market Return, calculated daily in accordance with what is established in Annex "E" of these general provisions, that the Investment Conditions Indicator of the corresponding Group registers;

XI.

Investment Conditions Indicator, the investment reference defined for each Group

formed through indices, and weights applicable to said indices, for the purpose of

determining investment conditions on the measurement dates of the processes of

Reassignment, calculated daily in accordance with what is established in Annex "E" of the

present general provisions;

XII.

Market Price, the quotient of the book capital of the Basic Investment Company, divided by the

number of subscribed and paid shares of the Basic Investment Company. This price

includes net commissions. For the case of Investment Conditions Indicators, this

variable refers to the updated value of the indices with which said

Indicators are defined in their case;

XII bis.

Market Price in Pension Units, the Market Price of the Basic Investment

Company on date t, divided by the value of the Pension Unit on date t in accordance with what is

established in Annex "A" of these provisions.

XIII.

Reassignment, the process by which the Commission will designate the Administrators whose

Basic Investment Companies have registered a higher Net Performance Indicator for

Assignment and Reassignment to manage the Individual Accounts of Workers

who have been assigned or reassigned previously and who, after two years, counted

from the date on which their last Assignment or Reassignment was made, have not been

registered, and who, in accordance with these general provisions, must be

considered in the process described in this fraction;

XIV.

Market Return, the nominal return of a Basic Investment Company that is

obtained by the management of Investment Assets using Market Prices or the nominal return of the Investment Conditions Indicator;

XIV bis.

Market Return in Pension Units, the return of a Basic Investment

Company that is obtained by the management of Investment Assets using Market Prices

in Pension Units in accordance with what is established in Annex "A" of the

present provisions;

XV.

Basic Investment Companies, the Investment Companies referred to in the

general provisions that establish the investment regime to which they must be

subject the specialized investment companies for retirement funds that the

Commission issues;

XVI.

Pension Unit, the present value of a life annuity of one peso payable twelve times a

year calculated with the methodology described in Annex "A" of these provisions, and

XVII.

Absolute Value, the value of a variable multiplied by -1 when said variable originally

takes a negative value, such that the Absolute Value of the variable is positive.

CHAPTER II

OF THE NET PERFORMANCE INDICATORS

Section I

Of the Net Performance Indicators for Transfers

Article 3. The Commission will determine monthly the Net Performance Indicator for Transfers that

corresponds to each of the Basic Investment Companies, using for such purposes the weighted

average of the moving averages of the Market Returns in Pension Units calculated at

horizons of 36, 60 and 120 months.

The moving averages of the Market Returns in Pension Units will be computed

using daily information from the 6 most recent months to the date for which the Net Performance

Indicator for Transfers of the Basic Investment Companies will be determined, assigning the following

weights:

I.

On a 36-month horizon, a weight of 20%;

II.

On a 60-month horizon, a weight of 30%, and

III.

On a 120-month horizon, a weight of 50%.

The computation of the Market Returns in Pension Units, as well as the Net Performance

Indicator for Transfers will be carried out in accordance with the methodology provided in Annex "A" of the

present general provisions.

To determine the Net Performance Indicators for Transfers of new Basic Investment

Companies created as a result of the transfer from the Initial Basic Investment Company of the

resources of Workers who are 25 years or older, in accordance with the Thirteenth Disposition,

fraction II of the General Provisions of a general nature that establish the investment regime to which the Specialized Investment Companies for Retirement Funds must be subject, the series of Market Prices

in Pension Units on dates prior to their existence will be completed with the Market Prices

in Pension Units corresponding to the Initial Basic Investment Company operated by the

same Administrator, in accordance with the methodology provided in Annex "B" of these general

provisions.

The Commission, to determine the Net Performance Indicators for Transfers of the Basic Investment

Companies operated by

Administrators that do not complete with their own information the periods

provided in fractions I to III of this article, will complete the series of Market Prices in Pension

Units to calculate said Indicators using the simple average of the Market Returns in Pension

Units corresponding to the same tercile in which the Net Performance Indicator for Transfers of the Basic Investment Company in question is found. For the foregoing effects, the Net Performance Indicators for Transfers and the Market Returns in Pension

Units referred to will be those of the Group of the Basic Investment Company in question. The series will be

completed, in accordance with the methodology provided in Annex "B" of these general

provisions.

Article 4. The Commission will update the Net Performance Indicators for Transfers on the fifteenth

day of each month or the next business day, in case the fifteenth day of the month is a non-business day,

corresponding to the previous calendar month.

The Commission, through publication on its Internet page, will make known to the general public and to

the Administrators the Net Performance Indicators for Transfers, as well as the updates of

said Indicators.

Article 5. Administrators must include the Net Performance Indicator for Transfers and the

Balance Fee in effect of the Basic Investment Company that corresponds to the age of each

Worker, in all documents they send to Workers in accordance with the general provisions on operational matters of the Retirement Savings Systems issued by the

Commission. This is regardless of whether Workers have opted to keep their pension resources in a Basic Investment Company different from the one corresponding to the age

of the

Worker.

Article 6. The Commission will inform the Operating Companies of the Net Performance Indicators for

Transfers of the Basic Investment Companies, in accordance with the deadlines and procedures provided in the Transactional Procedures Manual.

The Operating Companies must incorporate said Indicators into the information they make available to the

general public.

Section II

Of the Net Performance Indicators for Assignment and Reassignment

Article 7. The Commission will determine the Net Performance Indicator for Assignment and Reassignment of

each Basic Investment Company, using for such purposes the weighted average of the moving

averages of the Market Returns in Pension Units. The Market Returns in

Pension Units must be calculated for horizons of 36, 60 and 120 months.

The moving averages of the Market Returns in Pension Units will be computed

using daily information from the 6 most recent months to the date for which the Net Performance

Indicator for Assignment and Reassignment of the Basic Investment Companies will be determined, assigning the following

weights:

I.

On a 36-month horizon, a weight of 20%;

II.

On a 60-month horizon, a weight of 30%, and

III.

On a 120-month horizon, a weight of 50%.

The computation of the Market Returns in Pension Units,

as well as the Net Performance

Indicator for Assignment and Reassignment will be carried out in accordance with the methodology provided in Annex "A" of these general provisions.

The Net Performance Indicator for Assignment and Reassignment must be calculated at the close of the last

month that constitutes the measurement period of the Assignment and/or Reassignment process.

To determine the Net Performance Indicators for Assignment and Reassignment of new

Basic Investment Companies created as a result of the transfer from the Initial Basic Investment

Company of the resources of Workers who are 25 years or older, in accordance with the Disposition

Thirteenth, fraction II of the General Provisions of a general nature that establish the investment regime to

which the Specialized Investment Companies for Retirement Funds must be subject, the series of

Market Prices in Pension Units on dates prior to their existence will be completed with the Market

Prices in Pension Units corresponding to the Initial Basic Investment Company operated by

the same Administrator, in accordance with the methodology provided in Annex "C" of these general

provisions.

The Commission, to determine the Net Performance Indicators for Assignment and Reassignment of the

Basic Investment Companies operated by Administrators that do not complete with their own information the

periods provided in fractions I to III of this article, will complete the series of Market Prices in Pension

Units to calculate said Indicators using the simple average of the Market Returns in Pension

Units corresponding to the same tercile in which the

Net Performance Indicator for Transfers of the Basic Investment Company in question is found. For the

foregoing effects, the Net Performance Indicators for Assignment and Reassignment and the Market Returns

in Pension Units referred to will be those of the Group of the Basic Investment Company in

question. The series will be completed, in accordance with the methodology provided in Annex "C" of these

general provisions.

CHAPTER III

OF THE TRANSFER OF INDIVIDUAL ACCOUNTS FROM ONE ADMINISTRATOR TO ANOTHER

Article 8. In order to compare between the Basic Investment Companies and determine if a Transfer

is appropriate before a year has elapsed since the Worker registered or the last

occasion in which they exercised their right to Transfer, in terms of what is provided in article 74 of the

Law, to an Administrator whose Basic Investment Companies have registered a higher Net Performance

Indicator for Transfers, information from the Net Performance Indicator for Transfers of Basic Investment

Companies of the same Group will be used.

The Net Performance Indicator for Transfers of Workers who opt to keep their

mandatory pension resources, in a Basic Investment Company different from the one corresponding to the

Worker according to their age, in accordance with the general provisions that establish

the investment regime to which the Specialized Investment Companies for retirement funds must be

subject issued by the Commission, will be the one corresponding to the Net Performance Indicator for Transfers

of the Basic Investment Company that corresponds to the age of the Worker.

Article 9. For the purposes referred to in the previous article 8, the following criteria must be observed:

I.

Individual Accounts administered by a Transferor Administrator cannot be transferred before one year when the Basic Investment Company that corresponds:

a.

Has shown a behavior equal to or superior to the median of its Group in the Net Performance

Indicator for Transfers, in 70% of the time or more for the measurement period, and

b.

Has been found within the lower quartile of the Net Performance Indicator for

Transfers of its Group no more than 20% of the time for the measurement period;

II.

Only the Receiving Administrator whose Basic Investment Company of the corresponding Group has

registered a Net Performance Indicator for Transfers higher than that of the Basic Investment Company

of the same Group operated by the Transferor Administrator may receive the Transfer of Individual Accounts, in accordance with

the following:

a.

The Net Performance Indicator for Transfers of the Receiving Administrator must have

a rating greater than or equal to that of the Net Performance Indicator for Transfers of the

Transferor Administrator in terms of Annex "F" section III of these

provisions, and the value of the difference between the Net Performance Indicator for Transfers

of the Receiving Administrator minus the Net Performance Indicator for Transfers of the

Transferor Administrator must be at least equivalent to 5% of the Absolute Value of the

Net Performance Indicator for Transfers of the Transferor Administrator.

b.

The Net Performance Indicator for Transfers of the Basic Investment Company of the

Receiving Administrator must be found in the lower tercile of its Group no more than 30%

of the time for the measurement period.

For the purposes of this article, the measurement periods referred to in subsections a

and b of fraction I, and subsection b of fraction II, will be 24 months, while the calculation of the terciles and

quartiles will be made in accordance with the methodology described in Annex "F" of these general

provisions.

CHAPTER IV

OF THE ASSIGNMENT AND REASSIGNMENT OF INDIVIDUAL ACCOUNTS

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Article 10. The Individual Accounts of Workers who do not choose an Administrator and who have received Quotas and Contributions for at least six consecutive bimesters, shall be Assigned to an Administrator and their resources shall be invested in the Basic Investment Company corresponding to the age of the Worker in question.

Individual Accounts Assigned that, after two years counted from their Assignment, have not been registered with any Administrator, shall be reassigned in accordance with what is provided in the following Article 13, and their resources shall be invested in the Basic Investment Companies corresponding to the age of the Worker in question.

Pension Basic Investment Companies shall not be subject to the Reassignment process referred to in this chapter.

For the purposes of the foregoing, Operating Companies must classify the Individual Accounts subject to Assignment and Reassignment in accordance with the procedures provided for such purposes in the general provisions on operations of the retirement savings systems issued by the Commission.

Article 11. The Commission, for the Assignment of the Individual Accounts of the workers referred to in the previous article, shall be subject to the following procedure:

I.

It will determine for each Group which Administrators whose Basic Investment Companies are eligible to receive Assigned accounts, selecting for such effect those Basic Investment Companies that are in the tercile that records the highest Net Performance Indicators for Assignment and Reassignment, calculated in accordance with the methodology described in Annex "F" of these general provisions, and

II.

It will establish a proportionality mechanism that must be observed for the distribution to each Group of the Individual Accounts that will be assigned to the Administrators whose corresponding Basic Investment Companies are in the tercile that records the highest Net Performance Indicators for Assignment and Reassignment, in accordance with the methodology provided in Annex "D" of these general provisions.

For the purposes of the proportionality mechanism referred to in the previous fraction II, the Commission will consider the following information from each Administrator that has at least one Basic Investment Company that complies with what is established in fraction I of this article:

a)

The register of Assigned Individual Accounts;

b)

The balance commission, and

c)

The Registered Voluntary Savings.

In the case of new Administrators that participate in the Assignment process for the first time, the Commission will be subject to what is provided in Annex "D" of these general provisions.

The proportionality mechanism will be calculated by weighting the elements provided in subsections a), b) and c) above, in accordance with Annex "D" of these general provisions.

Article 12. The Administrators whose Basic Investment Companies are eligible to receive Individual Accounts, in accordance with what is provided in Articles 11 and 13 of these general provisions, may request the Commission to be excluded from participating in the processes of Assignment or Reassignment of Individual Accounts, for a minimum period of twelve months. The exclusion of an Administrator in the processes of Assignment or Reassignment of Individual Accounts will take effect from the Assignment or, as the case may be, the Reassignment following the date on which said financial entity presents its request, and subject to the calendars established in the respective procedures.

For the purposes of the foregoing, the Commission will substitute each of the Basic Investment Companies of the Administrators that have requested their exclusion, with the Basic Investment Company that is located in the immediately following place, until completing the number of Basic Investment Companies that originally made up said tercile.

Article 13. For the Reassignment of the Assigned or Reassigned Individual Accounts that are not registered after two years, in accordance with Article 76 of the Law, the Commission shall be subject to the following procedure:

I.

It will determine for each Group which Basic Investment Companies that having received assigned or reassigned accounts and not having registered them in the previously mentioned period, may maintain said accounts, subjecting itself for such effect to the following:

a)

In Stressed Investment Conditions for the corresponding Group, defined in accordance with the Peak-to-Peak Performance Indicator of the Investment Conditions Indicator, they will retain the Individual Accounts whose resources are invested in those Basic Investment Companies whose history in the measurement period of the Net Performance Indicator for Assignment and Reassignment shows a behavior equal to or higher than the median of their Group in 70% of the time or more, and that in no more than 20% of the time for the measurement period had been in the lower quartile of said returns.

The Individual Accounts of the Basic Investment Companies that do not satisfy the conditions established in the previous paragraph, will be included in the Reassignment process.

For those Basic Investment Companies that do not comply with what is provided in the previous paragraph, the total amounts that must be reassigned shall be subject to what is provided in Annex "E" of these general provisions.

b)

In Stable Investment Conditions for the corresponding Group, defined in accordance with the Peak-to-Peak Performance Indicator of the Investment Conditions Indicator, they will retain the Individual Accounts whose resources are invested in those Basic Investment Companies whose history in the measurement period of the Net Performance Indicator for Assignment and Reassignment shows a behavior equal to or higher than 60% of their Group in 70% of the time or more, and that in no more than 20% of the time for the measurement period had been in the lower quartile of said returns.

The Individual Accounts of the Basic Investment Companies that do not satisfy the conditions established in the previous paragraph, will be included in the Reassignment process.

II.

The Commission, for the Reassignment of the Individual Accounts of the workers, shall be subject to the following procedure:

a)

It will determine for each Group which Administrators whose Basic Investment Companies will be eligible to receive reassigned accounts, selecting for such effect those Basic Investment Companies that are in the tercile that records the highest Net Performance Indicators for Assignment and Reassignment, calculated in accordance with the methodology described in Annex "F" of these general provisions, and

b)

It will establish a proportionality mechanism that must be observed for the distribution to each Group of the Individual Accounts that will be reassigned to the Administrators whose corresponding Basic Investment Companies are in the tercile that records the highest Net Performance Indicators for Assignment and Reassignment, in accordance with the methodology provided in Annex "D" of these general provisions.

III.

Regardless of whether the Investment Conditions are Stable or Stressed, the aggregate amount of the Reassignment for each Group shall not exceed 1.5% of the Net Asset Value of the Group in question, determined on the last business date of the measurement period of the Reassignment process. In order for the 1.5% limit of the Net Asset Value of the Group in question to be met, the number of Individual Accounts that each Basic Investment Company must cede will be adjusted proportionally, in accordance with what is established in Annex "E" of these general provisions and what is established in the general provisions on operations of the retirement savings systems issued by the Commission.

Administrators that maintain Individual Accounts that have not been registered in terms of what is established in the previous fractions I and III, will have a period of two years counted from the last Reassignment carried out to register them.

For the purposes of the provisions of this article, the measurement period referred to in the previous fraction I, will be 24 months, while the calculation of the terciles and quartiles will be made in accordance with the methodology described in Annex "F" of these general provisions.

Article 14. The Commission will notify the Operating Companies on the fifteenth day or the previous business day, in case the fifteenth day of the month is a non-business day, of the following month to the last month that forms part of the period defined for the Assignment or Reassignment process, the percentage of Individual Accounts to be assigned and the percentage of Individual Accounts to be reassigned, to each of the Basic Investment Companies of the Administrators that will participate in the processes of Assignment or Reassignment of Individual Accounts, as applicable.

For the purposes of the determination of Individual Accounts that Administrators will receive in the Assignment and Reassignment processes, Operating Companies must be subject to the procedures provided in the general provisions on operations of the retirement savings systems issued by the Commission. Likewise, for the purposes of the execution of the Assignment and Reassignment processes, Administrators must be subject to what is provided in the cited provisions in this paragraph.

CHAPTER V

OF THE NET PERFORMANCE INDICATORS APPLICABLE IN THE CASE OF MERGERS OR PORTFOLIO TRANSFERS BETWEEN ADMINISTRATORS AND THEIR BASIC INVESTMENT COMPANIES

Article 15. The Commission, in the case of a merger between Administrators or the transfer of portfolio from one Administrator to another, will determine the Net Performance Indicators for Transfers, for Assignment and Reassignment of each of the Basic Investment Companies of the surviving Administrator, applying for such effect the Net Performance Indicator corresponding to the Merging or Transferring Administrator.

TRANSITORY PROVISIONS

FIRST ARTICLE. These general provisions will enter into force on December 16, 2019.

On the date of entry into force of these general provisions, the General Provisions establishing the procedure for the construction of the net performance indicators of the specialized investment companies for retirement funds, published in the Official Gazette of the Federation on May 29, 2014, as well as its modifications published on January 8, 2015, October 14, 2015 and July 18, 2018 in the Official Gazette of the Federation, are repealed.

SECOND ARTICLE. In the case where an Administrator begins operations on a date subsequent to the entry into force of these general provisions, during the first 6 months following the start of its operation, the Commission will proceed to determine the Net Performance Indicator of its Basic Investment Companies, for each date t in said period, as the moving average of the Market Returns in Pension Units determined in each of the dates that are between the start of operations of the Administrator and date t. In this way, if the start of operations date of the Administrator is defined as t 0, the Net Performance Indicator in Pension Units corresponding to t 0 will be equal to the Market Return in Pension Units determined at t 0. For k days subsequent to the start of operations of the Administrator, the Net Performance Indicator will be equal to the average of the k+1 Market Returns in Pension Units determined at t 0 and the k subsequent days to t 0. Therefore, the number of days with which the moving average is computed will increase until covering a period of six months of information.

For the purposes of the provisions of this article, only business dates are considered.

Analytically, the above is expressed with the following formula:

THIRD ARTICLE. In order to construct the history of Market Prices in Pension Units for each Basic Investment Company corresponding to dates prior to the publication of these provisions, once the transfer referred to in the Third Transitory Provision of the General Provisions establishing the investment regime to which the specialized investment companies for retirement funds must be subject is carried out, the history of Market Prices in Pension Units of the Pension Basic Investment Companies, 1, 2, 3 and 4 will be used in accordance with the following:

I.

From the history of Market Prices of the Pension Basic Investment Companies, 1, 2, 3 and 4, the history of Market Prices in Pension Units will be calculated in accordance with what is established in Annex "A" of these provisions.

The market prices of the Initial Investment Company, 90-94, 85-89, 80-84, 75-79, 70-74, 65-69, 60-64, 55-59 and of the Basic Pension Company will be determined from the weighting of daily returns according to the proportion of Net Assets received from Basic Investment Companies 1, 2, 3 or 4. The aforementioned market prices prior to the date on which the transfer is carried out will be determined by the following formula:

II.

For the Initial Investment Companies, 90-94, 85-89, 75-79, 65-69, 60-64 and 55-59, which, in accordance with the referred transfer process, will receive resources exclusively from one of the Investment Companies 1, 2, 3 or 4, the history of Market Prices in Pension Units will be taken as follows:

i.

For the Initial Basic Investment Company, the history of Market Prices in Pension Units of Basic Investment Company 4 will be taken;

ii.

For Basic Investment Company 90-94, the history of Market Prices in Pension Units of Basic Investment Company 4 will be taken;

iii.

For Basic Investment Company 85-89, the history of Market Prices in Pension Units of Basic Investment Company 4 will be taken;

iv.

For Basic Investment Company 75-79, the history of Market Prices in Pension Units of Basic Investment Company 3 will be taken;

v.

For Basic Investment Company 65-69, the history of Market Prices in Pension Units of Basic Investment Company 2 will be taken;

vi.

For Basic Investment Company 60-64, the history of Market Prices in Pension Units of Basic Investment Company 2 will be taken, and

For Basic Investment Company 55-59, the history of Market Prices in Pension Units of Basic Investment Company 1 will be taken.

III.

For the construction of the history of Market Prices in Pension Units of the Pension Basic Investment Company, the history of Market Prices in Pension Units of Basic Investment Company 1 will be taken.

IV.

For Basic Investment Company 80-84, which, in accordance with the referred transfer process, will receive resources from Basic Investment Companies 4 and 3, the construction of the history of Market Prices in Pension Units will be determined from the methodology indicated in fractions I, VI and VII of this article.

V.

For Basic Investment Company 70-74, which, in accordance with the referred transfer process, will receive resources from Basic Investment Companies 3 and 2, the construction of the history of Market Prices in Pension Units will be determined from the methodology indicated in fractions I, VI and VII of this article.

VI.

The daily return of Basic Investment Companies 1, 2, 3 or 4 will be calculated according to the following formula:

FOURTH ARTICLE. The references made to the Net Performance Indices in the other general provisions issued by the Commission, shall be understood as references to the Net Performance Indicators, in the terms provided in these general provisions.

FIFTH ARTICLE. The Net Performance Indicator for the Basic Investment Companies that will be in effect from December 16, 2019 to January 17, 2020, will be calculated with the Market Returns of the Pension Basic Investment Companies, 1, 2, 3 and 4 at the close of November 2019, and will correspond to the following equivalency table:

Basic Investment Company from December 16, 2019

Equivalency for the Net Performance Indicator

in effect from December 16, 2019 to January 17, 2020

Initial Investment Company

Basic Investment Company 4

Basic Investment Company 90-94

Basic Investment Company 4

Basic Investment Company 85-89

Basic Investment Company 4

Basic Investment Company 80-84

Basic Investment Company 3

Basic Investment Company 75-79

Basic Investment Company 3

Basic Investment Company 70-74

Basic Investment Company 2

Basic Investment Company 65-69

Basic Investment Company 2

Basic Investment Company 60-64

Basic Investment Company 2

Basic Investment Company 55-59

Basic Investment Company 1

Pension Basic Investment Company

Pension Basic Investment Company

Mexico City, September 9, 2019.- Based on the provisions of articles 9th, third paragraph, 11 and 12 fractions I, VIII, XIII and XVI of the Law of the Retirement Savings Systems; 2nd fraction III, 4th third and fourth paragraphs and 8th first paragraph of the Internal Regulations of the National Commission of the Retirement Savings System, the President of the National Commission of the Retirement Savings System, Abraham E. Vela Dib.- Rubric.

ANNEX A

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR FOR TRANSFERS, ASSIGNMENT AND REASSIGNMENT OF ACCOUNTS OF A BASIC INVESTMENT COMPANY

SECTION I

OF THE NET PERFORMANCE INDICATOR FOR TRANSFERS, ASSIGNMENT AND REASSIGNMENT OF INDIVIDUAL ACCOUNTS OF BASIC INVESTMENT COMPANIES

The Commission will determine monthly the Net Performance Indicator for Transfers and for Assignment and Reassignment that correspond to each of the Basic Investment Companies, using for such purposes the weighted average of the moving averages of the Market Returns in Pension Units calculated on a horizon of 36, 60 and 120 months of the corresponding Basic Investment Company in accordance with articles 3 and 7 of these general provisions, for the processes of Transfers or Assignment and Reassignment respectively. The moving average for each of the horizons of 36, 60, and 120 months will be computed using daily information from the 6 most recent months to the date on which the Net Performance Indicator for Transfers will be determined.

The above, in accordance with the following formula:

SECTION II

OF THE MARKET RETURN IN PENSION UNITS OF THE BASIC INVESTMENT COMPANIES

To determine the Market Return of the Basic Investment Companies in Pension Units, the following will apply:

1)

The Market Prices of the Basic Investment Companies in Pension Units will be calculated applying the following formula:

ANNEX B

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR FOR TRANSFERS OF A BASIC INVESTMENT COMPANY, IN THE CASE THAT THE ADMINISTRATOR DOES NOT HAVE THE COMPLETE INFORMATION FOR THE CORRESPONDING CALCULATION

I. INTRODUCTION

To calculate the Net Performance Indicator for Transfers for those Basic Investment Companies that do not have a complete history of Market Prices according to the information required by the methodologies defined in these general provisions, the series of Market Prices will be completed according to the methodology of this Annex.

Once a complete historical series of Market Prices is available, the procedure of Section I and Section II described in Annex "A" of this Circular will be used to calculate the Net Performance Indicator for Transfers of said Company.

II. OF THE PROCEDURE TO COMPLETE THE HISTORICAL SERIES OF MARKET PRICES FOR TRANSFERS

The Market Prices that will be used to complete the historical series in the period prior to the start of operations of a Basic Investment Company will be constructed for each business day according to the following procedure:

1.

For Basic Investment Companies whose Administrators have less than six months of operation, the simple average of the Market Return of the Group of Basic Investment Companies corresponding to the Basic Investment Company in question, which have their own complete history and are in the middle tercile of Market Returns, in accordance with the methodology described in Annex "F" of these general provisions, will be considered.

2.

For Basic Investment Companies whose Administrators have six months or more of operation, the simple average of the Market Return of the Group of Basic Investment Companies corresponding to the Basic Investment Company in question, which have their own complete history and are in the same tercile of Market Returns as that in which the Net Performance Indicator of the Basic Investment Company in question is located, will be considered. The computation of the tercile referred to in this paragraph will be updated every twelve months until the Basic Investment Company has a complete series of its own Market Prices in accordance with the information requirements implied in these general provisions. To determine the tercile in which the Basic Investment Company in question is located, that in which the Net Performance Indicator has remained for the most time during the last twelve months will be considered.

3.

For new Basic Investment Companies created as a result of the transfer from the Initial Investment Company of the resources of Workers who are 25 years or older, the Market Return of the Initial Investment Company operated by the same Administrator will be considered.

4.

To complete the series of Market Prices of the Investment Society for day t-1,

the Market Return between date t-1 and date t of each Investment Society

with its own history of Market Prices is determined, in accordance with the preceding

numerals 1, 2, or 3,

using the following formula:

For the cases indicated in the preceding numerals 1 and 2, steps 4 to 6 are repeated, while for

the case indicated in numeral 3, steps 4 and 7 are repeated,

until completing the series of Market Prices

in the considered calculation period.

ANNEX C

METHODOLOGY FOR CALCULATING THE NET PERFORMANCE INDICATOR FOR ASSIGNMENT

AND

REASSIGNMENT OF A BASIC INVESTMENT SOCIETY, IN CASE THE

ADMINISTRATOR DOES NOT HAVE THE COMPLETE INFORMATION FOR THE

CORRESPONDING CALCULATION

I. INTRODUCTION

Regarding the Net Performance Indicator for Assignment and Reassignment for those Basic Investment

Societies that do not have a complete history of Market Prices, according to the

information that may be required by the methodologies defined in these general provisions,

the series of Market Prices will be completed in accordance with this Annex.

Once a complete historical series of Market Prices is available, the

procedure of Section I and Section II described in Annex "A" of this Circular will be used to calculate the Net Performance

Indicator for Assignment and Reassignment of Basic Investment Societies.

II. ON THE PROCEDURE TO COMPLETE THE HISTORICAL SERIES OF MARKET PRICES

FOR ASSIGNMENT AND REASSIGNMENT

The Market Prices that will be used to complete the historical series in the period prior to the start of

operations of a Basic Investment Society will be constructed for each business day, following the steps

provided for in section II of Annex "B" of these general rules, with the following adjustment to the content

of numeral 1:

1.

For Basic Investment Societies whose Administrators have less than six months of

operation, the simple average of the Market Return of the Group of Basic Investment

Societies corresponding to the Basic Investment Society in question, which have

complete own history and are in the tercile of highest Market Returns,

will be considered, in accordance with the methodology described in Annex "F" of these general provisions.

ANNEX D

PROPORTIONALITY MECHANISM THAT MUST BE OBSERVED FOR THE DISTRIBUTION OF

INDIVIDUAL ACCOUNTS TO BE ASSIGNED AND REASSIGNED TO ADMINISTRATORS

WHOSE BASIC INVESTMENT SOCIETIES ARE IN THE TERCILE RECORDING THE

HIGHEST NET PERFORMANCE INDICATORS FOR ASSIGNMENT AND REASSIGNMENT

The proportionality mechanism referred to in articles 11 fraction II and 13 fraction II subsection b) of these

general provisions consists of determining the assignment and reassignment percentages for each Group of the total of unregistered Individual Accounts that, in accordance with these general provisions, must be assigned or reassigned to the Basic Investment Societies eligible for these purposes. For such purposes, for each eligible Basic Investment Society of each Group, the assignment and reassignment percentages will be determined according to three factors, each of which has an assigned weight. These factors are described below:

I.

Assigned Account Registration Factor: Refers to the registration percentage of Assigned Individual Accounts in the Administrators or in the Service Providers that those Administrators that will receive accounts resulting from the Assignment and/or Reassignment process have carried out. The calculation of the assigned account registration factor will be performed as follows:

a.

The sum of the accounts that the Administrator registered in the period and that had been

assigned to the same Administrator, to a different one, or to the Service Provider will be obtained.

b.

The quotient of the result of the previous subsection divided by the average of the accounts

assigned in the Administrators and in the Service Provider in the measurement period will be obtained. This quotient will be called the registration proportion.

c.

Once the registration proportions of the Administrators that will receive

Individual Accounts are determined, the participation of each one will be weighted with respect to the sum of the registration proportions of the administrators that will receive Individual Accounts in each Basic Investment Society belonging to the same Group according to the formula

established in fraction IV of this Annex. This result will be the assigned account registration factor, for Assignment or Reassignment as applicable. The weight of the assigned account registration factor will be 50%.

Where:

Registration proportion of Administrator j in period t

Accounts registered by Administrator j in period t that had been assigned to

any Administrator or to the Service Provider.

Average of accounts assigned in the Administrators and in the Service

Provider in period t.

t: measurement period, 12 months for the case of Account Assignment and 24 months for the

Reassignment of Individual Accounts.

j: each Administrator that belongs to the set of n Administrators whose Basic Investment Societies

are in the tercile that records the highest Net Performance Indicators (j= 1, 2, ..., n), in accordance with articles 11 fraction I and 13 fraction II subsection a) of these general provisions.

When an Administrator's history does not cover the established period, the Commission will consider

the proportion of registered workers during those months in which it has a history.

In the case of new Administrators that participate in the Assignment and/or Reassignment process

for the first time and therefore do not have a history, the average of the registration proportion observed by the Administrators whose Basic Investment Societies are in the tercile of the highest Net Performance Indicators for

Assignment and Reassignment must be considered.

II.

Commission on Balance Factor: For each Administrator that operates at least one Investment Society

eligible to receive Individual Accounts in the Assignment and

Reassignment processes, as applicable, the arithmetic average of the current commission on balance and the immediately preceding commission on balance will be considered. From this average, the commission proportion will be calculated in accordance with the following formula:

Where:

Commission proportion of Administrator j

Average commission on balance of the Administrator operating the j-th Basic Investment Society

eligible to receive Individual Accounts from that Group. The average will be calculated

on the current commission on balance and the immediately preceding commission on balance.

Minimum value of the average commissions on balance of those Administrators whose

Basic Investment Societies are in the tercile that records the highest Net Performance Indicators, in accordance with articles 11 fraction I and 13 fraction II subsection a) of these general provisions. The average will be calculated on the current commission on balance and the immediately preceding commission on balance.

number of Investment Societies belonging to a Group, eligible to receive Individual Accounts in the Assignment or Reassignment process.

To obtain the commission on balance factor for each Administrator, its commission on balance proportion will be weighted with respect to the sum of the commission on balance proportions of the Administrators that have at least one Basic Investment Society eligible to receive Individual Accounts from each Group, according to the formula established in fraction IV of this Annex. The weight of the commission on balance factor will be 30%.

III.

The Voluntary Savings Factor will be calculated as follows:

a.

For the calculation period, for each Administrator that participates in the processes of

Assignment and Reassignment of Individual Accounts, the number of Voluntary Savings contributions (whose amount is greater than $50.00, excluding the Solidarity Savings sub-account, nor employer contributions) registered by the Administrators will be considered, as well as the number of Individual Accounts in which such contributions have been made.

Additionally, the number of Individual Accounts registered in the

Administrator will be considered, to obtain the Voluntary Savings proportion through the following formula:

Where:

Voluntary Savings proportion of Administrator j in period t

Number of Voluntary Savings contributions registered by Administrator j in the

period t.

Number of Individual Accounts in Administrator j that received voluntary

contributions during period t.

Average of accounts registered in Administrator j in period t.

t: calculation period, equivalent to 12 months for the case of Account Assignment and 24 months

for the Reassignment of individual accounts.

j: each Administrator that belongs to the set of n Administrators whose Basic Investment Societies

are in the tercile that records the highest Net Performance Indicators (j= 1, 2, ..., n), in accordance with articles 11 fraction I and 13 fraction II subsection a) of these general provisions.

b.

Once the Voluntary Savings proportions for the Administrators that will receive Individual Accounts have been determined, their participation is weighted with respect to

the sum of the Voluntary Savings proportions of the Administrators that will receive Individual Accounts in each Basic Investment Society belonging to the same Group according to

the formula established in fraction IV of this Annex. This result will be the Voluntary Savings factor. The weight of the Voluntary Savings factor will be 20%.

When an Administrator's history does not cover the required period, the Commission will consider the

Voluntary Savings proportion during those months in which it has a history.

In the case of new Administrators that participate in the Assignment and/or Reassignment process

for the first time, the average of the Voluntary Savings proportion observed by the Administrators whose Basic Investment Societies are in the tercile of the highest Net Performance Indicators for

Assignment and Reassignment must be considered.

IV.

For the calculation of factor i of the eligible Basic Investment Society j of each Group, the proportion corresponding to the factor of each of the Basic Investment Societies is weighted with respect to the sum of the proportions of all eligible Basic Investment Societies of the same Group, according to the following formula:

Where:

Factor i of Basic Investment Society j

Proportion of Factor i of Basic Investment Society j

number of Investment Societies belonging to a Group, eligible to receive Individual Accounts in the Assignment or reassignment process.

V.

The Assignment and Reassignment percentages of Individual Accounts of the i-th eligible Basic Investment Society of each Group are determined by the sum of the product of each factor with its weight, in accordance with the following formula:

Where:

Assignment or Reassignment Percentage of the i-th eligible Basic Investment Society of

each Group.

Assigned Account Registration Factor of the i-th eligible Basic Investment Society of each

Group.

Commission on Balance Factor of the i-th eligible Basic Investment Society of each Group.

Voluntary Savings Factor of the i-th eligible Basic Investment Society of each Group.

ANNEX E

METHODOLOGY FOR CALCULATING THE INVESTMENT CONDITIONS INDICATOR OF EACH

GROUP, THE POINT-TO-POINT PERFORMANCE INDICATOR OF THE INVESTMENT CONDITIONS

INDICATOR OF EACH GROUP AND THE TOTAL AMOUNTS TO BE REASSIGNED

I.

The Investment Conditions Indicator referred to in article 2 fraction XI of these general provisions must be calculated for each Group of Basic Investment Societies and will be composed of the following instruments:

1)

An equity index, represented by the Stock Exchange Price and Quotation Index of the Mexican Stock Exchange.

2)

Indices of securities issued by the Federal Government of short, medium, and long term,

provided by Price Providers. For this purpose, short-term instruments will be considered as government instruments with a maturity term less than or equal to one year, medium-term as government instruments with a maturity term greater than one year and less than ten years, and long-term as government instruments with a maturity term greater than or equal to ten years.

The Investment Conditions Indicator of each Group of Basic Investment Societies is computed by exploiting the entire investment limit of Equity allowed for the intermediate quarter of each Group of Basic Investment Societies in the general provisions that establish the investment regime to which specialized investment societies for retirement funds must be subject, and the rest of the Indicator is integrated by indices of government instruments from Price Providers, such that the weights of these instruments will be the following, depending on the quarter of the existence period in which each Group of Basic Investment Societies is located:

Quarter of the investment regime corresponding to the Group of Basic Investment Societies

Instrument

Initial SB

Quarters

1 to 20

Quarters

21 to 40

Quarters

41 to 60

Quarters

61 to 80

Quarters

81 to 100

Quarters

101 to 120

Quarters

121 to 140

Quarters

141 to

160

Equity

60.0%

59.16%

57.3%

54.75%

51.66%

46.85%

39.88%

27.61%

15.07%

Index of short-term government securities

0.0%

0.0%

0.0%

0.0%

0.00%

1.25%

7.68%

14.60%

27.56%

Index of medium-term government securities

0.0%

1.65%

1.96%

2.73%

2.82%

5.60%

7.04%

13.62%

21.03%

Index of long-term government securities

40.0%

39.19%

40.74%

42.52%

45.52%

46.30%

45.40%

44.17%

36.34%

The Risk Analysis Committee may adjust the composition of the Investment Conditions Indicators described in this Annex under the following conditions:

1)

When the Investment Regime of the Basic Investment Societies is modified.

2)

When the number of Basic Investment Societies operated by the Administrators is modified.

3)

When the Board of Directors of the Commission determines any addition or change.

4)

When it is agreed with the Administrators that the Investment Conditions Indicator is inadequate for the intended purposes.

The Commission will make known to the officials authorized by each Administrator, in a qualitative and timely manner, the level at which the Investment Conditions Indicators of the Investment Societies are located.

II.

To determine the Point-to-Point Performance Indicator of the Investment Conditions Indicator of each Group, the following will apply:

1)

The Market Return with a 12-month horizon will be calculated for each of the equity indices and government instruments that make up the Investment Conditions Indicators:

Where:

Is the return calculated on date t, with a horizon spanning from date t-n to date t, for the equity index or government instrument i

Is the Market Price of the equity index or government instrument i on date t.

Corresponds to the 12-month period for which the return of the

equity index or government instrument is being calculated, expressed in natural days.

The initial date t-n will be determined by subtracting 1 year from the final date t, leaving the day number and month constant. If the resulting date t-n is a non-business day, the first immediate preceding business day will be considered.

2)

To calculate the Market Return with a 12-month horizon for each of the

Investment Conditions Indicators, the return of each equity index or government instrument will be weighted according to its weight within each

Investment Conditions Indicator:

Where:

Is the return of the Investment Conditions Indicator calculated

on a 12-month horizon of Group of Investment Societies j

calculated on date t.

Is the return calculated on date t, with a horizon spanning from

date t-n to date t, for the equity index or government instrument

i.

Is the percentage of the equity index or government instrument

i that it represents within the Investment Conditions Indicator j.

k

Is the number of equity indices and government instruments

that make up the Investment Conditions Indicator j.

3)

Finally, to calculate the Point-to-Point Performance Indicator of the Investment Conditions Indicator of each Group, the Market Returns of the

Investment Conditions Indicator of the last 20 business days are averaged:

Where:

Is the Point-to-Point Performance Indicator of the Investment Conditions Indicator

of the Group of Investment Societies j, calculated on date t.

Is the return of the Investment Conditions Indicator calculated on a 12-month horizon

of Group of Investment Societies j calculated on date T. Said

return is calculated for the period spanning from date T-n to date T.

n

Corresponds to the 12-month period for which the return of the

Investment Conditions Indicator is being calculated, expressed in natural days. The initial date T-n

will be determined by subtracting 1 year from the final date T, leaving the day number and

month constant. If the resulting date T-n is a non-business day,

the first immediate preceding business day will be considered.

t

Is the date for which the Point-to-Point Performance Indicator of the

Investment Conditions Indicator will be calculated.

t*

Is the date resulting from subtracting 20 business days from the final date t.

III.

Once the Point-to-Point Performance Indicator of the Investment Conditions Indicator is defined for each Group, the total amounts that must be reassigned for those Basic Investment Societies that do not meet the Individual Account conservation criteria established in article 13 fraction I subsection a) of these general provisions, will depend on the value of said indicator on the last business day that is part of the period defined for the Reassignment process, such that:

1)

If the indicator is less than zero and greater than or equal to -1.0%, 75% of the total Individual Accounts whose resources are invested in the Basic Investment Societies of the corresponding Group will be reassigned.

2)

If the indicator is less than -1.0% and greater than or equal to -2.0%, 50% of the total Individual Accounts whose resources are invested in the Basic Investment Societies of the corresponding Group will be reassigned.

3)

If the indicator is less than -2.0% and greater than or equal to -3.0%, 25% of the total Individual Accounts whose resources are invested in the Basic Investment Societies of the corresponding Group will be reassigned.

4)

If the indicator is less than -3.0%, no Individual Accounts whose resources are invested in the Basic Investment Societies of the corresponding Group will be reassigned.

For the purposes of achieving the percentages provided for in the preceding numerals 1) to 4), the proportion of Individual Accounts that each Basic Investment Society must cede will be chosen randomly, so that the number of Individual Accounts chosen for each Group is a percentage equal for each case, without exceeding the percentages stated.

IV.

After applying the rules established in article 13 fraction I subsection a) of these general provisions and fraction III above, leaving the total amounts that each Basic Investment Society must reassign defined, regardless of whether the Investment Conditions are Stable or Stressed, if the aggregated amount of the Reassignment for each Group exceeds

1.5% of the Net Asset Value of the Group in question, determined on the last business day of the measurement period of the Reassignment process, the proportion of Individual Accounts that each Basic Investment Society must cede will be chosen randomly, so that the amount of the Individual Accounts chosen for each Group is equal or approximated to 1.5% of the Net Asset Value of the Group, without exceeding this limit, in accordance with the following and what is established in the general provisions on operations of retirement savings systems issued by the Commission:

Where

Is the adjusted amount that Investment Society j must cede (i.e., is the

amount that Investment Society j will actually cede)

Is the Amount that Investment Society j must cede after applying the

rules established in article 13 fraction I and Annex "E" fraction III of these

general provisions.

n

Corresponds to the number of Investment Societies belonging to a Group, that

must cede all or part of their accounts for reasons of Reassignment.

NAV

Is the Net Asset Value of the Group on the last business day of the measurement period defined

for the Reassignment process.

Likewise,

The Individual Accounts that, in accordance with the above and what is established in the general provisions on operations of retirement savings systems issued by the Commission, have not been chosen to meet the 1.5% of the Net Asset Value of the Group in question, will remain in the Basic Investment Society and the Administrator will have two years, from the last Reassignment process, to register them.

ANNEX F

METHODOLOGY FOR CALCULATING THE TERCILES, QUARTILES AND QUINTILES OF THE

DISTRIBUTION OF MARKET RETURNS AND OF THE NET PERFORMANCE INDICATORS

OF THE BASIC INVESTMENT SOCIETIES.

This section describes how the terciles, quartiles and quintiles

of the distribution of

Market Returns and of the Net Performance Indicators of the Basic Investment Societies must be calculated.

For calculation purposes, the Market Returns or the Net Performance Indicators of

the Basic Investment Societies, for each required date, are ordered from smallest to largest and, in general, the following expression is defined:

Percentile

---

Represents a measure of position to describe the set of observed returns and is the number that divides the observations in the following way:

q is defined as a percentage between 0% and 100%.

The q-th percentile, referred to as "Percentile(q%)", is a value of the distribution of observations such that:

• q% of the observations are less than the Percentile(q%), and
• (100-q)% of the observations are greater than or equal to the Percentile(q%).

I. ON THE PROCEDURE FOR CALCULATING TERCILES

For the purposes of the computation regarding item 1, section II of Annex B and item 1 of Annex C of these general provisions, the Market Returns of item 3 of section II of the aforementioned Annex B, for each calendar month, are ordered from lowest to highest.

For the purposes of the process referred to in article 9, fraction II, subsection c), in each date of the measurement period, the Net Performance Indicator of Basic Investment Societies is ordered from lowest to highest.

For the purposes of the process referred to in article 11, the Net Performance Indicator of Basic Investment Societies is ordered from lowest to highest, on the last business date of the last month that forms part of the period defined for the Assignment or Reassignment process.

To select the returns of those Basic Investment Societies that are in the middle tercile of returns, which will be denoted as j, this tercile is defined through the following set:

Where:

S2

Represents the set of Basic Investment Societies, whose Market Returns are in the middle tercile.

Proceed in a similar manner to define the lower tercile or of lower returns and the upper tercile or of higher returns, which are described respectively by the following sets:

II. ON THE PROCEDURE FOR CALCULATING QUARTILES

For the purposes of the process referred to in article 9, fraction I, subsection b) and article 13, fraction I, the Net Performance Indicator of Basic Investment Societies is ordered from lowest to highest, on each date of the measurement period and, to select those Basic Investment Societies that are in the lower quartile of the Net Performance Indicator, which will be denoted as j, this quartile is defined through the following set:

Where:

S1

Represents the set of Basic Investment Societies whose Net Performance Indicators are in the lower quartile.

Proceed in a similar manner to define the second, third and fourth quartiles (upper or of higher returns), which are described respectively by the following sets:

III. ON THE PROCEDURE FOR CALCULATING QUINTILES

For the purposes of the process referred to in article 9, fraction II, subsection a) the Net Performance Indicator of Basic Investment Societies is ordered from lowest to highest, on each date of the measurement period and, to select those Basic Investment Societies that are in the lower quintile of the Net Performance Indicator, which will be denoted as j, this quintile is defined through the following set:

Where:

S1

Represents the set of Basic Investment Societies whose Net Performance Indicators are in the lower quintile.

Proceed in a similar manner to define the second, third, fourth and fifth quintiles (upper or of higher returns), which are described respectively by the following sets:

Additionally, a rating on a scale of 1 to 5 will be assigned to Basic Investment Societies based on the quintile in which they are located. A rating of 5 will be given to Investment Societies that are located in the fifth quintile, a rating of 4 to Investment Societies that are located in the fourth quintile, a rating of 3 to Investment Societies that are located in the third quintile, a rating of 2 to Investment Societies that are located in the second quintile and a rating of 1 to Investment Societies that are located in the first quintile.

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