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

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DOF: 02/06/2022

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 reads: United Mexican States.- TREASURY.- Ministry of

Treasury 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 Regulations of the Law of the Retirement Savings Systems;

articles 1st, 2nd fraction III and 8th

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

CONSIDERING

That Article 74 of the Law of the Retirement Savings Systems establishes the right of

workers to transfer their individual account from one administrator to another, whose investment societies

have registered a higher Net Performance, in the immediate previous calculation period;

That articles 3rd fraction V bis., 74 and 76 of the Law of the Retirement Savings Systems empower the

Board of Directors to authorize the methodology to construct the Net Performance Indicators of the

Specialized Investment Companies for Retirement Funds to adequately guide the

decision of workers in case of Transfers, as well as for the Assignment and Reassignment of accounts;

That it is important to adapt the Investment Conditions Indicator for the Retirement Savings System

as a whole, according to a robust methodology for the determination of stress scenarios, through

adequate risk management, with the purpose of informing and protecting the savings of

workers in case of deficiencies in case of Transfers, Assignment and Reassignment of accounts;

That financial and pension education tools are a fundamental element to allow

workers to access better pensions, among which stand out the calculators that provide an

estimate of pension which must provide reliable and trustworthy information to guide the

decisions of workers; for which, it is considered necessary to grant the Commission faculties to

regulate them, has had the good 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 have as their object to establish the criteria

general and the procedure to determine the Net Performance Indicators that will be applicable to the

Basic Investment Companies, Initial Basic Investment Companies and Basic Investment Companies

Pensions in the following processes:

I.

Transfer of Individual Accounts to those Administrators whose Basic Investment

Companies, Initial Basic Investment Companies and Basic Investment Companies of

Pensions, 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 by article 76 of the Law;

III.

Net Performance Indicators that result applicable to Basic Investment Companies,

Initial Basic Investment Companies and Basic Investment Companies of

Pensions, due to the merger between Administrators or, in its case, derived from a cession

of portfolio 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 Regulations, the general provisions

that establish the investment regime to which the Specialized Investment Companies must be subject

for Retirement Funds, the general provisions in financial matters of the Systems of

Retirement Savings and the general provisions in matters of operations of the Systems of

Retirement Savings issued by the Commission, it will be understood by:

I.

Merged or Ceding Administrator, that which, derived from a merger operation or a

portfolio cession 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, derived from a merger operation or a

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

of a Merged or Ceding Administrator;

III.

Retirement Calculator, the tool that, based on the demographic and

labor characteristics of the worker, estimates the amount of the pension that he/she could obtain in accordance

with the scheme of programmed withdrawals or according to retirement insurance, disability in age

advanced and old age established in the Social Security Law and, in the Law of the Institute of Security

and Social Services for State Workers;

IV.

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

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

Companies Initial and the Basic Investment Companies of Pensions;

V.

Stable Investment Conditions of the System, the measurement date on which the returns

daily of the last month of the Index of the Investment Companies are not classified within

the Alert Scenarios, described in Annex "E" of these general provisions;

VI.

Stressed Investment Conditions of the System, the measurement date on which,

daily returns of the last month of the Index of the Investment Companies are negative and

share characteristics similar to those defined as Alert Scenario, described in the

Annex "E" of these general provisions;

VII.

Clusters, the groupings of homogeneous returns, of the Index of the Companies

of Investment, which share similar characteristics, which will be calculated by the Commission

in accordance with what is established in Annex "E" of these general provisions;

VIII.

Alert Scenario, that condition of the Investment Conditions Indicator that this

described in Annex "E" of these general provisions and that is activated in

Stressed Investment Conditions of the System;

IX.

Group, the set of Basic Investment Companies, Initial Basic Investment

Companies and Basic Investment Companies of Pensions that invest resources of Workers

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

general nature that establishes the investment regime to which the Companies must be subject

of Specialized Investment for retirement funds issued by the Commission, in such a way that the

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

60-64 another and so on. The Initial Basic Investment Companies will form a group

and the Basic Investment Companies of Pensions will form another group;

X.

Investment Conditions Indicator, the investment reference defined for the System

formed by the Clusters, for the purpose of determining investment conditions on the dates

of measurement of the Reassignment processes, calculated monthly in accordance with what is

established in Annex "E" of these general provisions. This indicator

must be calibrated by the calibration algorithm of the investment conditions indicator

defined in Annex E of these general provisions;

XI.

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

Basic Investment Company, Initial Basic Investment Company and Basic Investment

Company of Pensions of the Merging or Cessionary Administrator, in accordance with the

present general provisions;

XII.

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

6 months of Market Return, calculated daily in accordance with what is established

in Annex "A" of these general provisions, that the Investment Companies register

Basic, Initial Basic Investment Companies and Basic Investment Companies

of Pensions, for the purpose of participating in the Assignment and Reassignment process of

Individual Accounts, as applicable;

XIII.

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

of the

Market Return, calculated daily in accordance with what is established in the

Annex

"A" of these general provisions, that the Investment Companies register

Basic, Initial Basic Investment Company and Basic Investment Company of

Pensions for the purpose of Transfer of Individual Accounts;

XIV.

Net Performance Indicator per Administrator, the weighted average by assets

administered of the Net Performance Indicator for Transfers of Basic Investment Companies,

the Initial Basic Investment Company and the Basic Pension Company managed

by the same Administrator, calculated in accordance with what is established in Annex "G" of

these general provisions;

XV.

Average Net Performance Indicator of Basic Investment Companies, the

Initial Basic Investment Companies and the Basic Investment Companies of Pensions,

to the weighted average by assets administered by each Administrator of the Indicator of

Net Performance per Administrator, calculated in accordance with what is established in Annex

"G" of these general provisions;

XVI.

Index of the Investment Companies, formed by the weighted average by assets

administered of the stock prices of each Group of the Basic Investment Company or

Initial Basic Investment Company or Basic Investment Company of Pensions;

XVII.

System Index, formed by the average of stock prices of the Companies

of Basic Investment, Initial Basic Investment Companies and Basic Investment Companies

of Pensions, weighted by their assets;

XVIII.

Market Price, the quotient of the equity capital of the Basic Investment Company, the

Initial Basic Investment Company or the Basic Investment Company of Pensions between the

number of subscribed and paid shares of the Basic Investment Company, the Basic Investment

Company Initial or Basic Investment Company of Pensions, as applicable. This

price implicitly includes net commissions. For the case of the Indicators of Conditions of

Investment, this variable refers to the present value of the indices with which in its case

define said Indicators;

XIX.

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 carried out, have not been

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

considered in the process described in this fraction;

XX.

Market Return, the nominal return of the Basic Investment Company, the Company

of Initial Basic Investment and Basic Investment Company of Pensions, which is obtained by the

management of the Investment Assets using the Market Prices or the return

of the Investment Conditions Indicator;

XXI.

System, the set of all groups defined in fraction IX of this article;

XXII.

Basic Investment Companies, the Investment Companies referred to in the provision

tenth third fraction I, of the general provisions that establish the regime of

investment to which the specialized investment companies for funds must be subject

for retirement that the Commission issues;

XXIII.

Initial Basic Investment Companies, the Investment Companies referred to in the

tenth third fraction II, of the general provisions that establish the regime of

investment to which the specialized investment companies for funds must be subject

for retirement that the Commission issues;

XXIV.

Basic Investment Companies of Pensions, the Investment Companies referred to in the

tenth third, fraction III of the general provisions that establish the regime of

investment to which the specialized investment companies for funds must be subject

for retirement that the Commission issues;

XXV.

Replacement rate, the percentage that represents the estimated monthly pension with respect to the

last contribution base salary or basic contribution salary of the worker, according

as applicable and;

XXVI.

Absolute Value, the non-negative value of a number; that is, in case that said number

originally takes a negative value, its absolute value is equal to itself multiplied by -1;

while when said number originally takes a positive or zero value, its absolute value is

equal to itself.

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, Initial Basic Investment Companies and

Basic Investment Companies of Pensions using for such purposes the weighted average of the

moving averages of the Market Returns calculated at horizons of 36, 60 and 120 months.

The moving averages of the Market Returns will be computed using daily information of

the 6 most recent months to the date for which the Net Performance Indicator will be determined

for Transfers of Basic Investment Companies, Initial Basic Investment Companies and Basic Investment

Companies of Pensions assigning the following weights:

I.

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

II.

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

III.

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

The computation of the Market Returns, as well as of the Net Performance Indicator for Transfers

will be carried out in accordance with the methodology provided in Annex "A" of these general provisions

general.

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 of age or older, in accordance with the Tenth Thirteenth provision,

fraction II of the General Provisions that establish the investment regime to which they must be subject

the Specialized Investment Companies for Retirement Funds, the series of Market Prices in

dates prior to its existence will be completed with the Market Prices 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 Investment Companies

Basic,

Initial Basic Investment Companies and Basic Investment Companies of

Pensions operated by

Administrators that do not complete with their own information the deadlines provided in the

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

to calculate said

Indicators using the simple average of the Market Returns corresponding to the same tercile that

that in which the Net Performance Indicator for Transfers of the Basic Investment Company

Company, Initial Basic Investment Company or Basic Investment Company of Pensions that is concerned.

For the above effects, the Net Performance Indicators for Transfers and the Market Returns

referred to will be those of the Group of the Basic Investment Company, Initial Basic Investment

Company or Basic Investment Company of Pensions that is concerned. 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 non-business,

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 force of the Basic Investment Company, Initial Basic Investment Company and

Basic Investment Company of Pensions that corresponds to the age of each Worker, in all

documents that they send to Workers in accordance with the general provisions in

matters of operations of the Retirement Savings Systems issued by the Commission. The above,

regardless of whether the Workers have opted to keep their pension resources in a

Basic Investment Company, Initial Basic Investment Company or Basic Investment Company of

Pensions different from that which corresponds 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, Initial Basic Investment Companies and Basic Investment

Companies of Pensions in accordance with the deadlines and procedures provided in the Manual of

Transactional Procedures.

The Operating Companies must incorporate said Indicators in 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, Initial Basic Investment Company and Basic Investment Company of

Pensions, using for such purposes the weighted average of the moving averages of the Market Returns

of the Market Returns. The Market Returns must be calculated for horizons of 36, 60 and 120 months.

The moving averages of the Market Returns will be computed using daily information of

the 6 most recent months to the date for which the Net Performance Indicator will be determined

for Assignment and Reassignment of Basic Investment Companies, Initial Basic Investment

Companies and Basic Investment Companies of Pensions assigning the following weights:

I.

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

II.

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

III.

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

The computation of the Market Returns, as well as of 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 on December 31

of the previous year in which the execution of the Assignment and Reassignment process will be carried out. 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 of age or older, in accordance with the Tenth Thirteenth provision, fraction

II of the General Provisions that establish the investment regime to which they must be subject

the Specialized Investment Companies for Retirement Funds, the series of Market Prices in

dates prior to its existence will be completed with the Market Prices corresponding to the Company of

Initial Basic Investment operated by the same Administrator, in accordance with the methodology provided in the

Annex "C" of these general provisions.

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

Basic Investment Companies, the Initial Basic Investment Companies and the Basic Investment

Companies of Pensions operated by Administrators that do not complete with their own information the deadlines

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

calculate said Indicators using the simple average of the Market Returns corresponding to the

same tercile that that in which the Net Performance Indicator for Transfers of the

Basic Investment Company, the Initial Basic Investment Company or the Basic Investment Company of

Pensions that is concerned. For the above effects, the Net Performance Indicators for Assignment and

Reassignment and the Market Returns referred to will be those of the Group of the Basic Investment

Company, the Initial Basic Investment Company or the Basic Investment Company of Pensions that is

concerned. 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

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Article 8. For the purpose of comparing among Basic Investment Societies, Initial Basic Investment Societies, and Pension Basic Investment Societies, and determining whether a Transfer is appropriate before one year has elapsed since the Worker registered or since the last time they exercised their right to Transfer, as provided in Article 74 of the Law, to an Administrator whose Basic Investment Societies, Initial Basic Investment Society, or Pension Basic Investment Society have registered a higher Net Performance Indicator for Transfers, information from the Net Performance Indicator for Transfers of Basic Investment Societies, Initial Basic Investment Societies, or Pension Basic Investment Societies of the same Group will be used.

The Net Performance Indicator for Transfers for Workers who choose to keep their mandatory pension resources in a Basic Investment Society, an Initial Basic Investment Society, or a Pension Basic Investment Society different from the one corresponding to the Worker according to their age, in accordance with the general provisions establishing the investment regime to which the Specialized Investment Societies 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 Society, the Initial Basic Investment Society, or the Pension Basic Investment Society that corresponds to the Worker's age.

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

I.

Individual Accounts administered by a Transferor Administrator cannot be transferred before one year if the corresponding Basic Investment Society, Initial Basic Investment Society, or Pension Basic Investment Society:

a.

Has shown behavior equal to or greater than the median of its Group in the Net Performance Indicator for Transfers, 70% of the time or more for the measurement period, and

b.

Has been 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 Society, Initial Basic Investment Society, or Pension Basic Investment Society of the corresponding Group has registered a Net Performance Indicator for Transfers higher than that of the Basic Investment Society, Initial Basic Investment Society, or Pension Basic Investment Society of the same Group operated by the Transferor Administrator may receive the Transfer of Individual Accounts before one year, in accordance with the following:

a.

The Net Performance Indicator for Transfers of the Basic Investment Society and Initial Basic Investment Society 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 Pension Basic Investment Society 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 20% of the Absolute Value of the Net Performance Indicator for Transfers of the Transferor Administrator.

c.

The Net Performance Indicator for Transfers of the Basic Investment Society, Initial Basic Investment Society, or Pension Basic Investment Society of the Receiving Administrator must be in the lower tertile 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 c of fraction II, shall be 24 months, while the calculation of tertiles and quartiles will be made in accordance with the methodology described in Annex "F" of these general provisions.

CHAPTER IV

ON THE ASSIGNMENT AND REASSIGNMENT OF INDIVIDUAL ACCOUNTS

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 will be Assigned to an Administrator and their resources will be invested in the Basic Investment Society or Initial Basic Investment Society corresponding to the age of the Worker in question.

Assigned Individual Accounts that have not been registered with any Administrator after two years counted from their Assignment will be reassigned in accordance with the provisions of the following Article 13, and their resources will be invested in the Basic Investment Societies or Initial Basic Investment Societies corresponding to the age of the Worker in question.

Pension Basic Investment Societies will not be subject to the Reassignment process referred to in this Chapter.

For 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. For the Assignment of the Individual Accounts of the workers referred to in the preceding Article, the Commission will be subject to the following procedure:

I.

It will determine for each Group which Administrators' Basic Investment Societies and Initial Basic Investment Societies will be eligible to receive Assigned accounts, selecting for this purpose those Basic Investment Societies and Initial Basic Investment Societies that are in the tertile that registers 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 Societies and Initial Basic Investment Societies are in the tertile that registers 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 preceding fraction II, the Commission will consider the following information from each Administrator that has at least one Basic Investment Society or Initial Basic Investment Society that complies with what is established in fraction I of this Article:

a)

The record of Assigned Individual Accounts;

b)

The balance commission, and

c)

The registered Voluntary Savings.

In the case of new Administrators participating 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. Administrators whose Basic Investment Societies or Initial Basic Investment Societies 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 Individual Account Assignment or Reassignment processes, for a minimum period of twelve months. The exclusion of an Administrator in the Individual Account Assignment or Reassignment processes will take effect from the Assignment or, where applicable, 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 preceding paragraph, the Commission will substitute each of the Basic Investment Societies or Initial Basic Investment Societies of the Administrators that have requested their exclusion, with the Basic Investment Society or Initial Basic Investment Society that is in the immediately following place, until completing the number of Basic Investment Societies and Initial Basic Investment Societies that originally formed said tertile.

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

I.

It will determine for each Group which Basic Investment Societies and Initial Basic Investment Societies that have received assigned or reassigned accounts and have not registered them in the aforementioned period may keep said accounts, subjecting themselves for this purpose to the following:

a)

In Stressed Investment Conditions of the System, defined in accordance with the Investment Conditions Indicator, they will keep the Individual Accounts whose resources are invested in those Basic Investment Societies and Initial Basic Investment Societies whose history in the measurement period of the Net Performance Indicator for Assignment and Reassignment shows behavior equal to or greater than the median of their Group 70% of the time or more, and in no more than 20% of the time for the measurement period have they been in the lower quartile of said returns.

The Individual Accounts of the Basic Investment Societies and Initial Basic Investment Societies that do not satisfy the conditions established in the preceding paragraph will be included in the Reassignment process. For those Basic Investment Societies and Initial Basic Investment Societies that do not comply with what is provided in the preceding paragraph, the total amounts that must be reassigned will be subject to what is provided in Annex "E" of these general provisions.

b)

In Stable Investment Conditions of the System, defined in accordance with the Investment Conditions Indicator, they will keep the Individual Accounts whose resources are invested in those Basic Investment Societies and Initial Basic Investment Societies whose history in the measurement period of the Net Performance Indicator for Assignment and Reassignment shows behavior equal to or greater than 60% of their Group 70% of the time or more, and in no more than 20% of the time for the measurement period have they been in the lower quartile of said returns.

The Individual Accounts of the Basic Investment Societies and Initial Basic Investment Societies that do not satisfy the conditions established in the preceding paragraph will be included in the Reassignment process.

II.

The Commission, for the Reassignment of Workers' Individual Accounts, will be subject to the following procedure:

a)

It will determine for each Group which Administrators' Basic Investment Societies and Initial Basic Investment Societies will be eligible to receive reassigned accounts, selecting for this purpose those Basic Investment Societies and Initial Basic Investment Societies that are in the tertile that registers 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 Societies and Initial Basic Investment Societies are in the tertile that registers 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 for the System, the aggregate amount of the Reassignment for each Group must not exceed 1.5% of the Net Asset 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 of the Group in question to be met, the number of Individual Accounts that each Basic Investment Society and Initial Basic Investment Society 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 fractions I and III above will have a period of two years counted from the last Reassignment carried out to register them.

For the purposes of this Article, the measurement period referred to in the preceding fraction I will be 24 months, while the calculation of tertiles 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 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 Societies and the Initial Basic Investment Societies of the Administrators that will participate in the Individual Account Assignment or Reassignment processes, as applicable.

For the purposes of determining 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 execution of the Assignment and Reassignment processes, Administrators must be subject to what is provided in the aforementioned provisions in this paragraph.

CHAPTER V

ON THE NET PERFORMANCE INDICATORS APPLICABLE IN THE CASE OF MERGER,

PORTFOLIO TRANSFERS BETWEEN ADMINISTRATORS AND THEIR SPECIALIZED INVESTMENT SOCIETIES FOR RETIREMENT FUNDS OR CREATION OF AN ADMINISTRATOR

Article 15. In the case of a merger between Administrators or the transfer of a portfolio from one Administrator to another, the Commission will determine the Net Performance Indicators for Transfers, for Assignment and Reassignment of each of the Basic Investment Societies, the Initial Basic Investment Societies, and the Pension Basic Investment Societies of the surviving Administrator, applying for this purpose the corresponding Net Performance Indicator of the Merging or Transferring Administrator.

Article 16. 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 Societies, its Initial Basic Investment Society, and its Pension Basic Investment Society for each date t in said period, as the moving average of the Market Returns determined on 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 t0, the Net Performance Indicator corresponding to t0 will be equal to the Market Return determined at t0. For k days after the start of operations of the Administrator, the Net Performance Indicator will be equal to the average of the k+1 Market Returns determined at t0 and the k subsequent days after t0. 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 this Article, only business dates are considered.

Analytically, the above is expressed with the following formula:

Where:

Is the Net Performance Indicator corresponding to date t for Investment Society i, i = initial, 90-94, 85-89, 80-84, 75-79, 70-74, 65-69, 60-64, 55-59 and Pension Basic Society. This indicator uses the Market Returns determined between date t0 and date t. Only business days are considered.

Is the Market Return of Investment Society i, corresponding to date T. T takes values between t0 and t. This return has a calculation window of days, which means that the size of that window varies.

Corresponds to the time window for the calculation of the Market Return, expressed in natural days.

Denotes the date for which the Net Performance Indicator is calculated.

Denotes the date of start of operations of the Administrator or Basic Investment Society, Initial Basic Investment Society, or Pension Basic Investment Society.

CHAPTER VI

GENERAL PROVISIONS

Article 17. For informational and promotional purposes, Administrators that so wish may make a Retirement Calculator available to the general public or to pension advisors. Regarding performance, it must be calculated in accordance with what is established in Annex "A" of these general provisions.

For the purposes of the above, Administrators must have the approval of the Commission on the technical note they use for the implementation of the Retirement Calculator, attending to the procedure, requirements, and deadline established in the General Provisions on Operations of the Retirement Savings Systems.

TRANSITORY

Sole. These general provisions will enter into force on July 1, 2022, except for what is provided in Article 17, which will enter into force once the procedure, requirements, and deadline to obtain the approval of the technical note used for the implementation of the Retirement Calculator are established in the General Provisions on Operations of the Retirement Savings Systems.

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 societies for retirement funds, published in the Official Gazette of the Federation on September 4, 2020, are repealed.

Mexico City, May 24, 2022. - The President of the National Commission for the Retirement Savings System, Iván Hilmardel Pliego Moreno. - Signature.

ANNEX A

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR

FOR TRANSFERS,

ASSIGNMENT AND REASSIGNMENT OF ACCOUNTS OF A BASIC INVESTMENT SOCIETY, AN

INITIAL BASIC INVESTMENT SOCIETY AND A

PENSION BASIC INVESTMENT SOCIETY

SECTION I

ON THE NET PERFORMANCE INDICATOR FOR TRANSFERS, ASSIGNMENT AND

REASSIGNMENT OF

INDIVIDUAL ACCOUNTS OF THE BASIC INVESTMENT SOCIETIES,

THE INITIAL BASIC INVESTMENT SOCIETIES AND THE

PENSION BASIC INVESTMENT SOCIETIES

The Commission will determine monthly the Net Performance Indicator for Transfers and for Assignment and Reassignment corresponding to each of the Basic Investment Societies, the Initial Basic Investment Societies, and the Pension Basic Investment Societies using for such purposes the weighted average of the moving averages of the Market Returns calculated over a horizon of 36, 60, and 120 months of the corresponding Basic Investment Society, Initial Basic Investment Society, and Pension Basic Investment Society in accordance with Articles 3 and 7 of these general provisions, for the Transfer or Assignment and Reassignment processes respectively. The moving average for each of the 36, 60, and 120 month horizons 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 foregoing, in accordance with the following formula:

Where:

Is the Net Performance Indicator of Basic Investment Society i, Initial Basic Investment Society i, or Pension Basic Investment Society i, calculated on date t. The indicator is calculated for the period spanning from date to date .

Is the Market Return of Basic Investment Society i, Initial Basic Investment Society i, or Pension Basic Investment Society i, determined on date T. This return is calculated for the period spanning from date to date . Calculated in accordance with what is provided in Section II of this Annex.

Corresponds to a weight of 20% of the Net Performance Indicator of Basic Investment Society i, Initial Basic Investment Society i, or Pension Basic Investment Society i for the horizon .

Corresponds to a weight of 30% of the Net Performance Indicator of Basic Investment Society i, Initial Basic Investment Society i, or Pension Basic Investment Society i for the horizon .

It corresponds to 50% of the Net Performance Indicator of the Basic Investment Society i, the Initial Basic Investment Society i, or the Pension Basic Investment Society i for the horizon.

It corresponds to the 36-month period for which the Market Return is being calculated, expressed in natural days. The initial date will be determined by subtracting 3 years from the final date, keeping the day and month constant. If the resulting date is non-working, the first immediate preceding working day will be considered.

It corresponds to the 60-month period for which the Market Return is being calculated, expressed in natural days. The initial date will be determined by subtracting 5 years from the final date, keeping the day and month constant. If the resulting date is non-working, the first immediate preceding working day will be considered.

It corresponds to the 120-month period for which the Return is being calculated, expressed in natural days. The initial date will be determined by subtracting 10 years from the final date, keeping the day and month constant. If the resulting date is non-working, the first immediate preceding working day will be considered.

It is the date for which the Net Performance Indicator will be calculated.

It is the date resulting from subtracting 6 months from the final date t, keeping the number of days constant. If the resulting date is non-working, the first immediate preceding working day will be considered.

SECTION II

OF THE MARKET RETURN OF BASIC INVESTMENT SOCIETIES, INITIAL BASIC INVESTMENT SOCIETIES AND PENSION BASIC INVESTMENT SOCIETIES

To determine the Market Return of Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies, the following shall apply:

The Market Return will be calculated on date t for Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies, with a horizon covering the last 36, 60 or 120 months, applying the following formula:

Where:

It is the Market Return calculated on date t, with a horizon covering from date t-n to date t, for the Investment Society i, Initial Basic Investment Society i or Pension Basic Investment Society i.

It is the Market Price on date t, of the Basic Investment Society i, Initial Basic Investment Society i or Pension Basic Investment Society i.

It corresponds to the 36, 60 or 120-month period for which the Market Return of the Basic Investment Society i, Initial Basic Investment Society i or Pension Basic Investment Society i is being calculated, expressed in natural days. The initial date t-n will be determined by subtracting 3, 5 or 10 years from the final date t, keeping the day and month constant. If the resulting date t-n is non-working, the first immediate preceding working day will be considered.

ANNEX B

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR FOR TRANSFERS OF A BASIC INVESTMENT SOCIETY, INITIAL BASIC INVESTMENT SOCIETY AND PENSION BASIC INVESTMENT SOCIETY, IN CASE THE ADMINISTRATOR DOES NOT HAVE COMPLETE INFORMATION FOR THE CORRESPONDING CALCULATION

I. INTRODUCTION

To calculate the Net Performance Indicator for Transfers for those Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies 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 Society.

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 Society, Initial Basic Investment Society and Pension Basic Investment Society will be constructed for each working day according to the following procedure:

For Basic Investment Societies, Initial Basic Investment Societies and Pension 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, Initial Basic Investment Societies or Pension Basic Investment Societies corresponding to the Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society 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.

For Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies whose Administrators have six months or more of operation, the simple average of the Market Return of the Group of Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies corresponding to the Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society 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 Society, Initial Basic Investment Society or Pension Basic Investment Society in question is located, will be considered. The calculation of the referred tercile in this paragraph will be updated every twelve months until the Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society has a complete series of own Market Prices in accordance with the information requirements implied in these general provisions. To determine the tercile in which the Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society in question is located, the one in which the Net Performance Indicator has remained for the longest time during the last twelve months will be considered.

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

To complete the series of Market Prices of the Investment Society, Initial Basic Investment Society or Pension Basic 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 items 1, 2 or 3 above, using the following formula:

Where:

The subscripts t in the previous formula denote daily periods.

It is the Market Return between date t-1 and date t, of the Investment Society i, Initial Basic Investment Society i or Pension Basic Investment Society i selected for the calculation in accordance with items 1, 2 or 3 of this section, as applicable.

It is the Market Price on day t of the Investment Society i, Initial Basic Investment Society i or Pension Basic Investment Society i, selected for the calculation in accordance with items 1, 2 or 3 of this section, as applicable.

Immediate working day prior to date t.

The simple average of the daily returns of the set of Investment Societies corresponding is calculated, in accordance with items 1 or 2, denoted as in accordance with the following formula:

Where:

Number of Investment Societies in the corresponding tercile in accordance with items 1 or 2 of this section.

Sum of the returns of the Investment Societies considered for the calculation, in accordance with items 1 or 2 of this section.

For the cases indicated in items 1 and 2 of this section, the Market Price is calculated for each day that the Investment Society for which the price series will be completed does not have its own observations according to the following formula:

For the case indicated in item 3 of this section, the Market Price is calculated for each day that the Investment Society for which the price series will be completed does not have its own observations according to the following formula:

It is the market price of the new Basic Investment Society j, Initial Basic Investment Society j or Pension Basic Investment Society j on day t-1.

It is the market price of the new Basic Investment Society j, Initial Basic Investment Society j or Pension Basic Investment Society j on day t.

It is the return of day t of the Basic Investment Society j, Initial Basic Investment Society j or Pension Basic Investment Society j corresponding.

It is the initial price of the new Basic Investment Society j, Initial Basic Investment Society j or Pension Basic Investment Society j, which will be that of the Initial Basic Investment Society operated by the same Administrator valid at the close of the working day prior to the date of the transfer of resources from it to the new Basic Investment Society j.

For the cases indicated in items 1 and 2 above, steps 4 to 6 are repeated, while for the case indicated in item 3, steps 4 and 7 are repeated, until the series of Market Prices is completed in the considered calculation period.

ANNEX C

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR FOR ASSIGNMENT AND REASSIGNMENT OF A BASIC INVESTMENT SOCIETY, AN INITIAL BASIC INVESTMENT SOCIETY AND A PENSION BASIC INVESTMENT SOCIETY IN CASE THE ADMINISTRATOR DOES NOT HAVE COMPLETE INFORMATION FOR THE CORRESPONDING CALCULATION

I. INTRODUCTION

Regarding the Net Performance Indicator for Assignment and Reassignment for those Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies 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 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 the Basic Investment Societies, the Initial Basic Investment Societies and the Pension Basic Investment Societies.

II. OF 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, an Initial Basic Investment Society and a Pension Basic Investment Society will be constructed for each working day, following the steps provided in section II of Annex "B" of these general rules, with the following adjustment to the content of item 1:

For Basic Investment Societies, Initial Basic Investment Societies and Pension 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, Initial Basic Investment Societies or Pension Basic Investment Societies corresponding to the Basic Investment Society, the Initial Basic Investment Society or the Pension Basic Investment Society in question, which have their own complete history and are in the tercile of highest Market Returns, in accordance with the methodology described in Annex "F" of these general provisions, will be considered.

ANNEX D

PROPORTIONALITY MECHANISM THAT MUST BE OBSERVED FOR THE DISTRIBUTION OF THE INDIVIDUAL ACCOUNTS TO BE ASSIGNED AND REASSIGNED TO ADMINISTRATORS WHOSE BASIC INVESTMENT SOCIETIES, INITIAL BASIC INVESTMENT SOCIETIES AND PENSION BASIC INVESTMENT SOCIETIES ARE IN THE TERCILE THAT RECORDS 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 Individual Accounts without registration that, in accordance with these general provisions, must be assigned or reassigned to the Basic Investment Societies, the Initial Basic Investment Societies and the Pension Basic Investment Societies eligible for these purposes. For such purposes, for each eligible Basic Investment Society, Initial Basic Investment Society and Pension 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.

Account Registration Factor for Assigned Accounts: It refers to the registration percentage of the 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 accounts registration factor will be carried out 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, Initial Basic Investment Society and Pension Basic Investment Society belonging to the same Group according to the formula established in subsection IV of this Annex. This result will be the factor of assigned accounts registration, for Assignment or Reassignment as applicable. The weight of the assigned accounts registration factor will be 50%.

When the history of an Administrator 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, Initial Basic Investment Societies and Pension 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 commission on balance currently in force 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 on balance proportion for Administrator j

Maximum value of the set of arithmetic averages of the commission on balance currently in force and the immediately preceding commission on balance of the n Administrators that have Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies eligible belonging to the same Group.

Average commission on balance of Administrator j

Each Administrator that belongs to the set of n Administrators whose Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies of the same Group 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.

To obtain the commission on balance factor of 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, an Initial Basic Investment Society or a Pension Basic Investment Society eligible to receive Individual Accounts of each Group, according to the formula established in subsection IV of this Annex. The weight of the commission on balance factor will be 20%.

III.

The Voluntary Savings Factor will be calculated as follows:

a.

For the calculation period, for each Administrator that participates in the Assignment and Reassignment processes of Individual Accounts, the number of Voluntary Savings contributions (whose amount is greater than $50.00, not considering the Solidarity Savings sub-account, nor employer contributions) registered by the Administrators, as well as the number of Individual Accounts in which such contributions have been made, will be considered.

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 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.

Calculation period, equivalent to 12 months for the case of Account Assignment and 24 months for the Reassignment of individual accounts.

each Administrator that belongs to the set of n Administrators whose Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies of the same Group 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, Initial Basic Investment Society and Pension Basic Investment Society belonging to the same Group according to the formula established in subsection IV of this Annex. This result will be the Voluntary Savings factor. The weight of the Voluntary Savings factor will be 30%.

When the history of an Administrator 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, Initial Basic Investment Societies or Pension 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 the factors i of the eligible Basic Investment Society j, Initial Basic Investment Society j or Pension Basic Investment Society j of each Group, the proportion corresponding to factor i of each of the Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies is weighted with respect to the sum of the proportions of all eligible Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies of the same Group, according to the following formula:

Where:

Factor i of the Basic Investment Society j, Initial Basic Investment Societies j and Pension Basic Investment Societies j

Proportion of Factor i of the Basic Investment Society j, Initial Basic Investment Societies j and Pension Basic Investment Societies 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 j-th eligible Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society of each Group are determined by the sum of the product of each factor with its weight, according to the following formula:

Where:

Assignment or Reassignment percentage of the j-th eligible Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society of each Group.

Account registration factor for assigned accounts of the j-th eligible Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society of each Group.

Commission on balance factor of the j-th eligible Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society of each Group.

Voluntary Savings Factor of the j-th Basic Investment Society, Initial Basic Investment Society or Eligible Pension Basic Investment Society of each Group.

ANNEX E

METHODOLOGY FOR CALCULATING THE INVESTMENT CONDITIONS INDICATOR OF THE SYSTEM, AND

THE TOTAL AMOUNTS TO BE REASSIGNED

The following considerations will apply for the calculation of the Investment Conditions Indicator.

Calibration Algorithm of the Investment Conditions Indicator, considering the algorithm that, in an Alert Scenario, confirms or redefines the initial percentage of the Investment Conditions Indicator of the individual accounts that will be reassigned. If the alert is confirmed, the Investment Conditions Indicator remains unchanged; if the alert is redefined or cancelled, the Investment Conditions Indicator changes, in accordance with this Annex;

Positive Clusters, considering homogeneous positive return groupings of the Investment Societies Index, which share similar characteristics, described in this Annex;

Neutral Clusters, considering return groupings, both positive and negative, of the Investment Societies Index, homogeneous and sharing similar characteristics, which hold the largest number of elements, compared to other clusters, described in this Annex;

Negative Clusters, considering homogeneous negative return groupings of the Investment Societies Index, which share similar characteristics and are defined as an Alert Scenario, described in this Annex;

I.

The Investment Conditions Indicator referred to in Article 2, fraction X of these general provisions, shall be calculated by System, as stated below.

For the calculation of the Investment Conditions Indicator, the Investment Societies Index will be used:

For the determination of the Clusters and for the execution of the Calibration Algorithm of the Investment Conditions Indicator, the main input is the System Index, which is constructed with each Investment Societies Index:

Index per Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society

a)

Return of the Basic Investment Society, Initial Basic Investment Society or Pension Basic Investment Society per Administrator

Where:

Return of the Basic Investment Society j, Initial Basic Investment Society or Pension Basic Investment Society belonging to the Administrator on day t

Market price of the Basic Investment Society j, Initial Basic Investment Society or Pension Basic Investment Society belonging to the Administrator on day t

b)

Return of the Group of Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies

Where:

Return of the Basic Investment Society j, Initial Basic Investment Society or Pension Basic Investment Society on day t

Net assets of the Basic Investment Society j, Initial Basic Investment Society or Pension Basic Investment Society on day t

Return of the Basic Investment Society j, Initial Basic Investment Society or Pension Basic Investment Society belonging to the Administrator on day t

Net assets of the Basic Investment Society j, Initial Basic Investment Society or Pension Basic Investment Society belonging to the Administrator on day t

Number of Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies.

c)

Index of the Group of Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies

Where:

Index of the Group of Basic Investment Societies j, Initial Basic Investment Societies or Pension Basic Investment Societies on day t

Return of the Group of Basic Investment Societies j, Initial Basic Investment Societies or Pension Basic Investment Societies on day t

Index of the System of Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies.

a)

Return of the System considering Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies.

Where:

Return of the System of Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies on day t

Net assets of the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies on day t

Return of the Basic Investment Society j, Initial Basic Investment Society or Pension Basic Investment Society belonging to the Administrator on day t

Assets managed by the Basic Investment Society j, Initial Basic Investment Society or Pension Basic Investment Society belonging to the Administrator on day t

Number of Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies.

b)

Indices of the System of Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies

Where:

Index of the System of Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies on day t

Return of the Index of the System of Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies on day t

Subsequently, the Clusters will be determined.

The history of the Investment Societies Index must cover from July 1, 1997, to the measurement date. The Current Clusters at the date of their publication in the Official Gazette of the Federation of these Provisions:

Cluster | Occurrence Rate | Interval | Classification 1 | 69.20% | 0.91% - 0.03% | Neutral 2 | 26.17% | -0.03% - -0.46% | Negative 3 | 3.38% | -0.46% - -1.38% | Negative 4 | 0.76% | 2.15% - 0.94% | Positive 5 | 0.27% | -1.58% - -2.09% | Negative 6 | 0.05% | 3.03% - 2.42% | Positive 7 | 0.11% | -2.29% - -2.89% | Negative 8 | 0.02% | -4.90% - -4.90% | Negative 9 | 0.02% | 4.12% - 4.12% | Positive 10 | 0.02% | 7.09% - 7.09% | Positive

Using Conditional Value at Risk (CVaR) as a threshold to divide the Negative Cluster that includes the CVaR (Cluster 3) as detailed below.

The Investment Conditions Indicator, at the date of publication, could take the following states, regarding the percentage of Reassignment linked to each Cluster:

In an Alert Scenario when, at the measurement date, one or more of the returns of the last month are grouped in the cluster containing the CVaR or more negative. The CVaR will be used as a threshold to separate the Cluster containing it, into two parts, one containing expected results and another containing unexpected results. Resulting in the Cluster containing the CVaR (Cluster Y) with an interval (Max Cluster Y; CVaR) and in Cluster Y.1 with an interval (CVaR, Min Cluster Y.1).

The Investment Conditions Indicator shall be calibrated in accordance with the following:

Calibration Algorithm of the Investment Conditions Indicator

Index of the Investment Societies

Level of the Investment Societies Index on day t

Level of the Investment Societies Index on the last day of the month

Level of the Investment Societies Index on the day immediately preceding an Alert A of the month

Set of clusters associated with the scenarios of the month

Cluster associated with the scenario and describing a level of Reassignments.

Percentage of transfers allowed in the month

Case 1.

The month does not contain any Alert Scenario, i.e.,

The month of analysis did not present any Alert Scenario.

If $IS_{t} < \max(IS_{prev})$ and $IS_{t} < IS_{alert}$, i.e., the maximum of the IS values on the day prior to which an alert was obtained in previous months containing an alert. If $IS_{t} < \max(IS_{prev})$, then it is the cluster associated immediately after.

Let k be the number of contiguous previous months where at least one scenario with an alert was identified and the maximum value of the IS of the days prior in which the alert was indicated is taken. If the value of the IS on the last day of the month is less than the maximum described, the Reassignments will be restricted based on the cluster associated with the scenario immediately following the scenario indicated as maximum.

If in the contiguous previous month there was no restriction on Reassignments, in the month of analysis there will also be no restriction since no alerts are identified.

Case 2.

The month contains some Alert Scenario, i.e.,

The month of analysis presented at least one scenario with an alert.

Let k be the number of contiguous previous months where at least one scenario with an alert was identified and the maximum value of the IS of the days prior in which the alert was indicated is taken. If the value of the IS on the last day of the month is less than the maximum described, the reassignments will be restricted based on the cluster associated with the scenario immediately following the scenario indicated as maximum.

If in the contiguous previous month the number of transfers was not restricted, the maximum value of the IS of the days prior in which the alert was indicated is taken and the value of the IS on the last day of the month is less than that maximum, the reassignments are restricted based on the cluster associated with the scenario immediately following the scenario indicated as maximum.

The Commission will inform the officials that each Administrator authorizes, qualitatively and in a timely manner, the level at which the Investment Conditions Indicators of the Investment Societies are located and will keep updated the list of Clusters that must be considered in the calculation of the Investment Conditions Indicator, through publication on its Internet page.

Once the Investment Conditions Indicator has been calibrated, the total amounts that must be reassigned for those Basic Investment Societies that do not meet the conservation criteria for Individual Accounts established in Article 13, fraction I, subsection a) of these general provisions, will depend on the value of said indicator on the last business date that is part of the period defined for the Reassignment process, such that:

If the indicator is in the Cluster containing the CVaR and, additionally, is in the case of Case 1 in its numeral 1 or the case of Case 2, of the Calibration Algorithm of the Investment Conditions Indicator, 50% of the total Individual Accounts whose resources are invested in the Basic Investment Societies or Initial Basic Investment Societies will be reassigned.

If the indicator is in the Clusters more negative than the Cluster containing the CVaR and additionally is in the case of Case 1, numeral 1 or the case of Case 2, of the Calibration Algorithm of the Investment Conditions Indicator, the Individual Accounts whose resources are invested in the Basic Investment Societies or Initial Basic Investment Societies will not be reassigned.

For the purposes of achieving the percentages provided for in the previous numerals 1) and 2), the proportion of Individual Accounts that each Basic Investment Society or Initial Basic Investment Societies must cede will be chosen randomly, in order that the number of Individual Accounts chosen for each Group is a percentage equal for each case, without exceeding the percentages stated.

II.

After applying the rules established in Article 13, fraction I, subsection a) of these general provisions and fraction III above, leaving defined the total amounts that each Basic Investment Society or Initial Basic Investment Societies must reassign, 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 Assets of the Group in question, determined on the last business date of the measurement period of the Reassignment process, the proportion of Individual Accounts that each Basic Investment Society or Initial Basic Investment Societies must cede will be chosen randomly, in order that the amount of the Individual Accounts chosen for each Group is equal or approximately 1.5% of the Net Assets of the Group, without exceeding this limit, in accordance with the following and what is established in the general provisions on operations of the retirement savings systems issued by the Commission:

Where

$A_j$ is the adjusted amount that Investment Society j must cede (i.e., is the amount that Investment Society will effectively cede)

$M_j$ 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 provisions.

$N$ corresponds to the number of Investment Societies belonging to a Group, which must cede the entirety or partiality of their accounts for reasons of Reassignment.

$AN$ is the Net Assets of the Group on the last business date of the 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 the retirement savings systems issued by the Commission, have not been chosen to meet the 1.5% of the Net Assets 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 THE CALCULATION OF THE TERCILES, QUARTILES AND QUINTILES OF THE DISTRIBUTION OF MARKET RETURNS AND OF THE NET PERFORMANCE INDICATORS OF THE BASIC INVESTMENT SOCIETIES, THE INITIAL BASIC INVESTMENT SOCIETIES AND THE PENSION BASIC INVESTMENT SOCIETIES.

In this section, how to calculate the terciles, quartiles and quintiles of the distribution of Market Returns and of the Net Performance Indicators of the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies is described.

For the purposes of its computation, the Market Returns or the Net Performance Indicators of the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies for each required date, are ordered from least to greatest, 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 percentile q, referred to as "Percentile(q%)", is a value of the distribution of the 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. OF THE PROCEDURE TO CALCULATE THE TERCILES

For the purposes of the computation regarding numeral 1, section II of Annex B and numeral 1 of Annex C of these general provisions, the Market Returns of numeral 4 of section II of the referred Annex B, for each calendar month, are ordered from least to greatest.

For the purposes of the process referred to in Article 9, fraction II, subsection b), on each date of the measurement period, the Net Performance Indicator of the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies is ordered from least to greatest.

For the purposes of the process referred to in Article 11, the Net Performance Indicator of the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies is ordered from least to greatest, on the last business date of the last month that is part of the period defined for the Assignment or Reassignment process.

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

Where:

$S_{lower}$ represents the set of Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies whose Market Return indicators or Net Performance indicators (as applicable) are in the lower tercile or of lower returns.

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

II. OF THE PROCEDURE TO CALCULATE THE 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 the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies is ordered from least to greatest, on each date of the measurement period and, to select those Basic Investment Societies, Initial Basic Investment Societies and Pension 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:

$S_{Q1}$ represents the set of Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies whose Net Performance indicators are in the lower quartile.

Proceeding 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. OF THE PROCEDURE TO CALCULATE THE QUINTILES

For the purposes of the process referred to in Article 9, fraction II, subsection a) the Net Performance Indicator of the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies is ordered from least to greatest, on each date of the measurement period and, to select those Basic Investment Societies, Initial Basic Investment Societies and Pension 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:

$S_{Q1}$ represents the set of Basic Investment Societies, Initial Basic Investment Societies or Pension Basic Investment Societies whose Net Performance indicators are in the lower quintile.

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

ANNEX G

METHODOLOGY FOR THE CALCULATION OF THE NET PERFORMANCE INDICATOR PER ADMINISTRATOR AND OF THE AVERAGE NET PERFORMANCE INDICATOR OF THE BASIC INVESTMENT SOCIETIES, INITIAL BASIC INVESTMENT SOCIETIES AND PENSION BASIC INVESTMENT SOCIETIES

I.

The Net Performance Indicator per Administrator will be calculated according to the following formula:

Where:

$RNI_{j,t}$ is the Net Performance Indicator of Administrator j, calculated on date t.

$RNI_{i,t}$ is the Net Performance Indicator for transfers of Investment Society i, managed by Administrator j, calculated on date t, where i=1, corresponds to the Initial Basic Investment Society; i=2, corresponds to the Basic Investment Society 90-94; i=3, corresponds to the Basic Investment Society 85-89; ... ; i=10, corresponds to the Pension Basic Investment Society.

$A_{i,j,t}$ The assets managed in Investment Society i managed by Administrator j, on date t

$\sum A_{j,t}$ The sum of the assets managed in the Basic Investment Societies, Initial Basic Investment Society and Pension Basic Investment Society, managed by Administrator j, on date t

II. The Average Net Performance Indicator of the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies will be calculated according to the following formula:

Where:

$RNI_{avg,t}$ is the Average Net Performance Indicator of the Basic Investment Societies, Initial Basic Investment Societies and Pension Investment Societies, calculated on date t.

$RNI_{j,t}$ is the Net Performance Indicator of Administrator j, calculated on date t.

$\sum A_{j,t}$ The sum of the assets managed in the Basic Investment Societies, Initial Basic Investment Society and Pension Basic Investment Society, managed by Administrator j, on date t

$\sum A_{all,t}$ The sum of the assets managed by the Retirement Fund Administrators in the Basic Investment Societies, Initial Basic Investment Societies and Pension Basic Investment Societies, on date t

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