Region

Jurisdiction

Regulator

2021-05-06 | DOF 5617646

Added 2026-08-28 · Updated 2026-08-29

Modifications and Additions to the General Provisions Establishing the Investment Regime for Specialized Investment Societies of Retirement Fund Societies

The National Retirement Savings System Commission modifies the General Provisions governing the investment regime for Specialized Investment Societies of Retirement Fund Societies (SIEFORES). Key changes include adding Commodity Indices as eligible investments under Article 2, updating credit rating requirements for debt instruments in Article 4, and imposing specific information and notification obligations for investment vehicles and indices under Article 9. The amendment to Article 11 clarifies the administrator's obligation to indemnify losses resulting from investment regime breaches, while Article 13 mandates that Basic Pension Investment Societies invest resources for workers aged 65 or older or those with closed societies. Furthermore, Article 16 authorizes commodity investments up to percentages defined in Annex S, and Article 21 permits acquisitions of FIBRAs and securitized instruments involving related parties. Transitional provisions establish a gradual compliance schedule for investment limits through December 2022 and introduce new diversification criteria for Basic Investment Societies.

Mexico

Secretaria de Hacienda y Credito Publico

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DOF: 06/05/2021

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ESTABLISHING THE INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT SOCIETIES OF RETIREMENT FUNDS MUST BE SUBJECT

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- TREASURY.- Ministry of

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

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ESTABLISHING THE

INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT SOCIETIES OF

RETIREMENT FUNDS MUST BE SUBJECT.

The Board of Directors of the National Commission for the Retirement Savings System, pursuant to

articles 5, fraction II, 8, fraction IV, 43 and 47 of the Law of the Retirement Savings Systems, has

seen fit to issue the following:

MODIFICATIONS AND ADDITIONS TO THE GENERAL PROVISIONS ESTABLISHING THE

INVESTMENT REGIME TO WHICH SPECIALIZED INVESTMENT SOCIETIES OF

RETIREMENT FUNDS MUST BE SUBJECT.

FIRST.- The Second, XXXI, Fourth, paragraphs second and eighth, Ninth, Eleventh, paragraphs first and ninth, Thirteenth, fraction III, Sixteenth, fraction I, subsection h, Twenty-First, fraction I, subsection h, Twenty-Third, last paragraph, Transitory Fourth and Sixth, Annexes A, B, C, D, L, M, N, S, T and U are MODIFIED; paragraph three of the Eleventh provision is REPEALED, with paragraphs four, five, six, seventh, eighth, ninth and tenth being renumbered to become third, fourth, fifth, sixth, seventh, eighth and ninth; and the Second, fraction XLV bis, of the General Provisions establishing the investment regime to which specialized investment societies of retirement funds must be subject, published in the Official Journal of the Federation on May 31, 2019, is ADDED, to read as follows:

" SECOND.- ...

I. to XXXa. ...

XXXI.

National Issuers, the Federal Government, Bank of Mexico, Private Companies, State Productive Enterprises, federative entities, municipalities, Government of Mexico City and Parastatal Entities, that issue Instruments, as well as Financial Entities, that issue, accept or guarantee said Instruments;

XXXII. to XLV. ...

XLV bis.

Commodity Indices, commodity indicators that meet the criteria established by the Risk Analysis Committee;

XLVI. to LXXX. "

" FOURTH.-

...

Regarding Debt Instruments denominated in national currency and Investment Units that have only global scale ratings, they must reach the minimum ratings established in Annexes F, G or H of these provisions. In the event that the Debt Instrument has the minimum ratings established in Annexes A, B, C or D and those established in Annexes F, G or H, those provided for in Annexes A, B, C or D of these provisions shall be considered.

Regarding Debt Instruments denominated in Foreign Currency placed in national markets that have only local scale ratings, they must reach the minimum ratings established in Annexes A, B, C or D of these provisions.

...

The aforementioned ratings must be granted by at least two authorized securities rating agencies and all ratings held by a Debt Instrument, Foreign Debt Security, if applicable, the issuances of Structures Linked to Underlyings or the issuers of said structures, must be public. When the ratings of the same Debt Instrument, Foreign Debt Security or Structure Linked to Underlyings correspond to different Annexes, said Debt Instrument, Foreign Debt Security or Structure Linked to Underlyings, shall be subject for effects of these provisions to the lowest rating it holds.

...

... "

" NINTH.-

... .

The Commission will make known on its Internet page the list of Vehicles, the Stock Indices of Eligible Countries for Investments, the Real Estate Indices of Eligible Countries for Investments and the Debt Indices of Eligible Countries for Investments that are authorized in accordance with the criteria issued by the Risk Analysis Committee, and will inform of the modifications and additions to said list to the Advisory and Supervisory Committee and to the Board of Directors of the Commission in the first session that these bodies hold subsequent to the publication.

To invest in any of the authorized Vehicles, Stock Indices of Eligible Countries for Investments, Real Estate Indices of Eligible Countries for Investments or Debt Indices of Eligible Countries for Investments, which may be subject to investment by Investment Societies, these must additionally:

Of the Vehicles, provide the Commission with information on the sponsor of the corresponding Vehicle, attending to what is provided in the general rules to which the information provided by retirement fund administrators, specialized investment societies of retirement funds, receiving entities and operating companies of the National SAR Database must be subject, delivered to the National Commission for the Retirement Savings System; likewise, they must have the approval of what is provided in the general provisions in financial matters of the Retirement Savings Systems issued by the Commission, and

II.

Of the Stock Indices of Eligible Countries for Investments, the Real Estate Indices of Eligible Countries for Investments and the Debt Indices of Eligible Countries for Investments, notify the Commission in writing of the information on their respective sponsors, as applicable. "

" ELEVENTH.- When Investment Societies fail to comply with the authorized investment regime for causes attributable to them or, in their case, to the Mandatories who had contracted, or due to causes of inflows or outflows of resources, in accordance with the General Provisions in financial matters of the Retirement Savings Systems, and as a consequence thereof, a write-down or loss occurs in the Total Asset of the Investment Society, in the Asset Managed by the Investment Society or in the Asset Managed by the Mandatory that it had contracted and/or in any Asset Object of Investment, the Administrator operating the Investment Society in question, must indemnify the write-down in accordance with the formula provided in Annex O of these provisions or in accordance with the formula provided in Annex W of the General Provisions in financial matters of the Retirement Savings Systems, as applicable.

...

The amounts of the write-downs caused to the Total Asset of the Investment Society, to the Asset Managed by the Investment Society, or in its case to the Asset Managed by the Mandatory, and the amounts of the write-downs of an Asset Object of Investment with which the authorized investment regime is breached, will be determined in accordance with the procedure provided in this provision and in the Annex O of these provisions, as well as in accordance with Annex W of the General Provisions in financial matters of the Retirement Savings Systems, as applicable.

... "

" THIRTEENTH.-

...

to II.

...

III.

The Basic Pension Investment Society must invest the resources of Workers who are 65 years of age or older, or whose Investment Society is closed. "

" SIXTEENTH.-

...

to g)

...

In Commodities, up to the percentage of the Total Asset of the Investment Society established in Annex S, column 2, of these provisions.

The Risk Analysis Committee will determine the criteria to authorize Commodity Indices that may be subject to investment by Investment Societies, always ensuring the protection of the interests of Workers.

Likewise, in the event that there are modifications in the name of the authorized Commodity Indices, or if for convenience it is intended to modify or include new Commodity Indices in the list of Commodity Indices published on the Commission's Internet page, the Risk Analysis Committee must decide if such modifications or additions are made and determine the changes that must be made in said list.

The Commission must make known the list of Commodity Indices it authorizes in accordance with the criteria issued by the Risk Analysis Committee in accordance with what is provided in the previous paragraph and will inform of the modifications and additions to the set of Commodity Indices to the Advisory and Supervisory Committee and to the Board of Directors of the Commission in the first session that these bodies hold subsequent to the publication.

...

II.

to IV.

...

" TWENTY-FIRST.-

...

a) to g) ...

Acquire FIBRAs, Real Estate Investment Vehicles and Securitized Instruments in which the real estate, real assets or receivable rights that form part of the trust patrimony, have been contributed by Private Companies, financial institutions or brokerage houses, with which they have Patrimonial Links. "

" TWENTY-THIRD.-

...

To this effect, they will use as input the matrix of differences in prices, described in section I of the aforementioned Annex L, which must meet the criteria established for such effect in the general provisions in financial matters of the Retirement Savings Systems, which will be provided by the Price Provider contracted by the Administrator for the computation of Conditional Value at Risk and subsequently calculate the Conditional Value at Risk Differential. "

" TRANSITORIES

...

FOURTH.- In accordance with the criteria issued by the Risk Analysis Committee for the maximum limits provided in columns 4 and 5 of Annex S of these provisions, Investment Societies must be subject to the following gradual adoption criteria until December 2022.

Gradual Adoption Criteria for the Maximum Limits Provided in Column 4 of Annex S (expressed as a percentage of the Total Asset of the Investment Society)

ID: Quarter* in the life of the Basic Society December 2019 to December 2020 March 2021 June 2021 September 2021 December 2021 March 2022 June 2022 September 2022 December 2022

1 50.00 52.50 55.00 57.50 60.00 60.00 60.00 60.00 60.00 2 50.00 52.48 54.95 57.43 59.90 59.91 59.91 59.92 59.93 3 50.00 52.45 54.90 57.35 59.80 59.81 59.82 59.83 59.85 4 50.00 52.43 54.85 57.28 59.70 59.72 59.73 59.75 59.77 5 50.00 52.40 54.80 57.20 59.60 59.62 59.64 59.66 59.68 6 50.00 52.38 54.75 57.13 59.50 59.53 59.55 59.57 59.58 7 50.00 52.35 54.70 57.05 59.40 59.43 59.46 59.48 59.48 8 50.00 52.33 54.65 56.98 59.30 59.33 59.36 59.40 59.38 9 50.00 52.30 54.60 56.90 59.20 59.24 59.27 59.31 59.27 10 50.00 52.28 54.55 56.83 59.10 59.14 59.18 59.21 59.16 11 50.00 52.25 54.50 56.75 59.00 59.04 59.08 59.12 59.05 12 50.00 52.23 54.45 56.68 58.90 58.95 58.99 59.03 58.97 13 50.00 52.20 54.40 56.60 58.80 58.85 58.89 58.94 58.90 14 50.00 52.18 54.35 56.53 58.70 58.75 58.80 58.84 58.82 15 50.00 52.15 54.30 56.45 58.60 58.65 58.70 58.75 58.74 16 50.00 52.13 54.25 56.38 58.50 58.55 58.60 58.65 58.66 17 50.00 52.10 54.20 56.30 58.40 58.45 58.50 58.56 58.57 18 50.00 52.08 54.15 56.23 58.30 58.35 58.41 58.46 58.49 19 50.00 52.05 54.10 56.15 58.20 58.25 58.31 58.36 58.40 20 50.00 52.03 54.05 56.08 58.10 58.15 58.21 58.26 58.31 21 50.00 52.00 54.00 56.00 58.00 58.05 58.11 58.16 58.22 22 50.00 51.98 53.95 55.93 57.90 57.96 58.01 58.06 58.12 23 50.00 51.95 53.91 55.86 57.81 57.86 57.91 57.96 58.02 24 50.00 51.93 53.86 55.79 57.72 57.77 57.82 57.87 57.93 25 50.00 51.91 53.82 55.73 57.64 57.68 57.73 57.77 57.83 26 50.00 51.90 53.79 55.67 57.55 57.59 57.64 57.67 57.72 27 50.00 51.88 53.75 55.61 57.47 57.51 57.54 57.58 57.62 28 50.00 51.86 53.71 55.55 57.39 57.42 57.45 57.48 57.51 29 50.00 51.84 53.67 55.50 57.31 57.34 57.36 57.38 57.41 30 50.00 51.82 53.64 55.44 57.22 57.25 57.27 57.28 57.30 31 50.00 51.80 53.60 55.37 57.14 57.16 57.17 57.18 57.18 32 50.00 51.78 53.55 55.31 57.05 57.07 57.07 57.07 57.07 33 50.00 51.76 53.51 55.24 56.96 56.97 56.97 56.96 56.96 34 50.00 51.74 53.46 55.17 56.84 56.87 56.87 56.85 56.84 35 50.00 51.71 53.41 55.09 56.72 56.76 56.76 56.74 56.72 36 50.00 51.68 53.35 55.01 56.60 56.65 56.64 56.63 56.60 37 50.00 51.65 53.29 54.92 56.48 56.53 56.52 56.50 56.48 38 50.00 51.62 53.23 54.82 56.35 56.41 56.40 56.38 56.35 39 50.00 51.58 53.15 54.72 56.23 56.27 56.26 56.25 56.23 40 50.00 51.54 53.07 54.60 56.10 56.13 56.12 56.11 56.10 41 50.00 51.49 52.99 54.48 55.97 55.97 55.97 55.97 55.97 42 49.94 51.40 52.86 54.32 55.79 55.80 55.81 55.83 55.84 43 49.78 51.21 52.66 54.11 55.56 55.59 55.63 55.67 55.71 44 49.52 50.95 52.39 53.84 55.29 55.35 55.42 55.50 55.58 45 49.17 50.61 52.06 53.52 54.99 55.09 55.20 55.32 55.45 46 48.75 50.21 51.68 53.16 54.65 54.80 54.96 55.13 55.31 47 48.26 49.75 51.25 52.76 54.28 54.49 54.71 54.94 55.17 48 47.71 49.25 50.79 52.33 53.89 54.16 54.44 54.74 55.03 49 47.12 48.70 50.29 51.87 53.47 53.81 54.17 54.53 54.89 50 46.49 48.12 49.76 51.39 53.03 53.45 53.88 54.32 54.75 51 45.83 47.52 49.21 50.90 52.58 53.08 53.59 54.10 54.61 52 45.16 46.91 48.65 50.38 52.12 52.70 53.29 53.88 54.46 53 44.48 46.28 48.08 49.86 51.65 52.31 52.98 53.66 54.32 54 43.80 45.66 47.50 49.34 51.17 51.92 52.67 53.43 54.17 55 43.14 45.04 46.94 48.82 50.69 51.53 52.36 53.20 54.02 56 42.50 44.45 46.38 48.30 50.22 51.13 52.05 52.97 53.87 57 41.89 43.87 45.84 47.80 49.75 50.74 51.74 52.74 53.72 58 41.33 43.33 45.33 47.31 49.29 50.36 51.44 52.51 53.57 59 40.82 42.84 44.85 46.85 48.84 49.99 51.14 52.28 53.42 60 40.37 42.39 44.40 46.41 48.41 49.63 50.84 52.06 53.27 61 40.00 42.00 44.00 46.00 48.00 49.28 50.55 51.83 53.11 62 39.67 41.65 43.63 45.61 47.60 48.93 50.27 51.61 52.95 63 39.37 41.31 43.26 45.22 47.18 48.59 49.99 51.39 52.80 64 39.07 40.98 42.90 44.83 46.77 48.23 49.70 51.16 52.64 65 38.79 40.66 42.54 44.43 46.34 47.88 49.41 50.93 52.48 66 38.52 40.35 42.19 44.05 45.92 47.52 49.11 50.70 52.32 67 38.26 40.04 41.84 43.66 45.49 47.16 48.82 50.47 52.15 68 38.00 39.75 41.50 43.27 45.05 46.79 48.52 50.24 51.99 69 37.76 39.46 41.17 42.89 44.62 46.43 48.23 50.01 51.83 70 37.52 39.18 40.84 42.51 44.20 46.07 47.93 49.77 51.66 71 37.29 38.90 40.51 42.14 43.77 45.71 47.63 49.54 51.50 72 37.06 38.63 40.19 41.77 43.35 45.35 47.33 49.30 51.33 73 36.84 38.36 39.88 41.40 42.94 44.99 47.03 49.05 51.16 74 36.62 38.09 39.57 41.05 42.53 44.64 46.74 48.81 50.99 75 36.40 37.83 39.26 40.69 42.13 44.29 46.44 48.56 50.82 76 36.17 37.56 38.96 40.35 41.74 43.95 46.14 48.32 50.64 77 35.95 37.30 38.66 40.01 41.36 43.61 45.85 48.07 50.40 78 35.72 37.04 38.36 39.68 41.00 43.29 45.56 47.81 50.15 79 35.49 36.78 38.07 39.36 40.65 42.96 45.27 47.56 49.90 80 35.25 36.52 37.78 39.05 40.32 42.65 44.98 47.30 49.65 81 35.00 36.25 37.50 38.75 40.00 42.35 44.69 47.04 49.38 82 34.74 35.98 37.21 38.45 39.69 42.05 44.41 46.78 49.12 83 34.46 35.69 36.92 38.16 39.40 41.76 44.13 46.51 48.85 84 34.15 35.39 36.63 37.86 39.10 41.47 43.85 46.24 48.58 85 33.84 35.09 36.33 37.57 38.81 41.19 43.57 45.98 48.30 86 33.52 34.78 36.03 37.28 38.53 40.91 43.30 45.70 48.02 87 33.19 34.47 35.73 37.00 38.25 40.64 43.03 45.43 47.73 88 32.85 34.15 35.44 36.71 37.98 40.37 42.75 45.16 47.44 89 32.52 33.84 35.15 36.44 37.71 40.10 42.48 44.88 47.15 90 32.19 33.54 34.86 36.16 37.45 39.84 42.21 44.60 46.85 91 31.88 33.24 34.58 35.90 37.20 39.58 41.94 44.31 46.55 92 31.57 32.96 34.31 35.64 36.95 39.32 41.67 44.02 46.24 93 31.28 32.68 34.05 35.39 36.71 39.06 41.40 43.73 45.93 94 31.01 32.43 33.80 35.15 36.47 38.81 41.13 43.44 45.62 95 30.77 32.18 33.56 34.91 36.24 38.56 40.85 43.14 45.30 96 30.55 31.96 33.34 34.69 36.02 38.31 40.58 42.83 44.98 97 30.36 31.77 33.13 34.48 35.80 38.06 40.30 42.53 44.66 98 30.21 31.59 32.95 34.28 35.59 37.82 40.02 42.21 44.33 99 30.10 31.45 32.78 34.09 35.39 37.57 39.74 41.90 44.00 100 30.02 31.33 32.63 33.91 35.19 37.33 39.45 41.57 43.67 101 30.00 31.25 32.50 33.75 35.00 37.08 39.17 41.25 43.33 102 30.00 31.19 32.39 33.60 34.82 36.85 38.88 40.92 43.00 103 30.00 31.14 32.30 33.47 34.66 36.62 38.60 40.59 42.64 104 30.00 31.09 32.21 33.35 34.51 36.41 38.34 40.27 42.27 105 30.00 31.05 32.14 33.25 34.37 36.21 38.07 39.94 41.90 106 30.00 31.02 32.07 33.15 34.24 36.02 37.81 39.61 41.52 107 30.00 30.99 32.01 33.06 34.12 35.83 37.56 39.28 41.12 108 30.00 30.96 31.96 32.98 34.01 35.65 37.30 38.94 40.72 109 30.00 30.94 31.91 32.89 33.89 35.47 37.04 38.60 40.30 110 30.00 30.91 31.86 32.82 33.78 35.28 36.77 38.25 39.88 111 30.00 30.89 31.81 32.74 33.67 35.09 36.50 37.89 39.44 112 30.00 30.87 31.76 32.65 33.55 34.90 36.22 37.53 38.98 113 30.00 30.85 31.71 32.57 33.43 34.70 35.94 37.15 38.51 114 30.00 30.82 31.65 32.48 33.30 34.48 35.64 36.76 38.03 115 30.00 30.79 31.59 32.38 33.16 34.26 35.33 36.36 37.53 116 30.00 30.76 31.52 32.27 33.01 34.02 35.00 35.94 37.01 117 30.00 30.72 31.44 32.15 32.84 33.77 34.66 35.51 36.48 118 30.00 30.68 31.35 32.01 32.66 33.49 34.29 35.07 35.93 119 30.00 30.63 31.25 31.86 32.46 33.20 33.91 34.60 35.36 120 30.00 30.57 31.13 31.69 32.24 32.88 33.51 34.12 34.76 121 30.00 30.50 31.00 31.50 32.00 32.54 33.08 33.61 34.15 122 29.89 30.32 30.77 31.22 31.67 32.12 32.58 33.05 33.52 123 29.56 29.96 30.36 30.78 31.20 31.58 31.98 32.41 32.86 124 29.04 29.41 29.80 30.20 30.60 30.93 31.29 31.68 32.18 125 28.35 28.71 29.09 29.49 29.90 30.19 30.53 30.90 31.48 126 27.50 27.87 28.27 28.67 29.09 29.37 29.69 30.05 30.75 127 26.52 26.92 27.33 27.76 28.20 28.48 28.80 29.16 30.00 128 25.43 25.86 26.30 26.77 27.25 27.54 27.87 28.24 29.22 129 24.24 24.72 25.21 25.71 26.23 26.55 26.90 27.30 28.42 130 22.98 23.51 24.05 24.61 25.18 25.53 25.92 26.34 27.61 131 21.67 22.26 22.86 23.47 24.10 24.49 24.92 25.38 26.78 132 20.32 20.98 21.64 22.32 23.01 23.45 23.92 24.42 25.94 133 18.96 19.69 20.42 21.17 21.92 22.42 22.94 23.49 25.10 134 17.61 18.41 19.21 20.03 20.85 21.41 21.99 22.58 24.27 135 16.28 17.15 18.03 18.92 19.81 20.43 21.06 21.71 23.44 136 15.00 15.95 16.90 17.85 18.81 19.50 20.19 20.89 22.62 137 13.79 14.81 15.83 16.85 17.87 18.62 19.38 20.13 21.82 138 12.66 13.75 14.83 15.92 17.01 17.82 18.63 19.45 21.04 139 11.64 12.79 13.94 15.08 16.23 17.10 17.97 18.84 20.29 140 10.75 11.95 13.15 14.36 15.56 16.48 17.40 18.32 19.57 141 10.00 11.25 12.50 13.75 15.00 15.97 16.94 17.91 18.88 142 9.34 10.63 11.92 13.21 14.51 15.52 16.53 17.55 18.23 143 8.69 10.02 11.35 12.68 14.02 15.07 16.13 17.20 17.63 144 8.04 9.42 10.79 12.16 13.54 14.63 15.73 16.85 17.08 145 7.41 8.82 10.24 11.65 13.07 14.20 15.34 16.50 16.58 146 6.80 8.25 9.70 11.15 12.61 13.78 14.95 16.17 16.14 147 6.20 7.68 9.17 10.66 12.16 13.36 14.57 15.85 15.77 148 5.61 7.13 8.66 10.19 11.72 12.96 14.21 15.53 15.46 149 5.04 6.60 8.17 9.73 11.30 12.58 13.86 15.23 15.23 150 4.49 6.09 7.69 9.29 10.90 12.21 13.53 14.95 15.07 151 3.96 5.59 7.23 8.87 10.51 11.86 13.21 14.68 15.00 152 3.45 5.12 6.79 8.47 10.14 11.53 12.92 14.43 15.00 153 2.96 4.67 6.38 8.09 9.80 11.22 12.65 14.20 15.00 154 2.50 4.24 5.98 7.73 9.48 10.94 12.40 13.99 15.00 155 2.06 3.84 5.62 7.40 9.18 10.68 12.18 13.80 15.00 156 1.64 3.46 5.27 7.09 8.91 10.44 11.98 13.64 15.00 157 1.25 3.11 4.96 6.81 8.67 10.24 11.82 13.50 15.00 158 0.89 2.78 4.67 6.56 8.45 10.07 11.68 13.40 15.00 159 0.57 2.49 4.42 6.34 8.27 9.93 11.59 13.32 15.00 160 0.27 2.23 4.19 6.15 8.12 9.82 11.52 13.27 15.00 161 0.00 2.00 4.00 6.00 8.00 9.75 11.50 13.25 15.00

*The quarterly limits indicated in the table are applicable from the beginning of the quarters with closure in the months of March, June, September and December, as applicable.

Additionally, the Risk Analysis Committee issued a criterion of zero gradualism in the adoption of the maximum limits to Securitized Instruments provided in column 5 of Annex S of these provisions. "

FIFTH ...

SIXTH.- Basic Investment Societies will observe the following diversification criteria, in substitution for those indicated in the Twenty-Fourth, fraction I, of these provisions, until such time as the Commission verifies that the methodologies and measurement elements for the additional credit evaluation provided by securities rating agencies have been fully implemented in accordance with the general provisions in financial matters of the Retirement Savings Systems issued by the Commission:

a) Up to 5% of the Total Asset of the Investment Society in Debt Instruments and Foreign Debt Securities, issued, guaranteed or accepted by the same issuer, that hold the ratings provided for in Annexes A, F and J of these provisions;

b) Up to 3% of the Total Asset of the Investment Society in Debt Instruments and Foreign Debt Securities issued, guaranteed or accepted by the same issuer, that hold the ratings provided for in Annexes B, G or K of these provisions;

c) Up to 2% of the Total Assets of the Investment Society in Debt Instruments, issued, guaranteed,

accepted by the same issuer, which hold the ratings provided for in Annexes C and H of these provisions, and

d) Up to 1% of the Total Assets of the Investment Society in Debt Instruments, issued, guaranteed or accepted by the same issuer, which hold the ratings provided for in Annex I for medium and long-term issuances, as well as D or E of these provisions.

...

... "

" ANNEX A 1

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

Short-Term Issuances (Maturity up to one year)

FITCH MEXICO MOODY ' S VERUM F1+(mex) MX-1 1+/M STANDARD & POOR ' S HR RATINGS DE MEXICO DBRS RATINGS MEXICO mxA-1+ HR+1 R-1.MX(alto)

Medium and Long-Term Issuances (Maturity greater than one year)

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

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

" ANNEX B ²

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

Short-Term Issuances (Maturity up to one year)

FITCH MEXICO MOODY ' S VERUM F1(mex) MX-2 1/M STANDARD & POOR ' S HR RATINGS DE MEXICO DBRS RATINGS MEXICO mxA-1 HR1 R-1.MX(medio)

Medium and Long-Term Issuances (Maturity greater than one year)

FITCH MEXICO MOODY ' S VERUM AA+(mex) / AA(mex) / AA-(mex) Aa1.mx / Aa2.mx / Aa3.mx AA+/M / AA/M / AA-/M STANDARD & POOR ' S HR RATINGS DE MEXICO DBRS RATINGS MEXICO mxAA+ / mxAA / mxAA- HR AA+ / HR AA / HR AA- AA.MX(alto) / AA.MX / AA.MX(bajo)

² To comply with the provision of the Fourth Provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments. "

" ANNEX C ³

Ratings for Instruments denominated in National Currency and Investment Units, as well as for National Counterparties.

Short-Term Issuances (Maturity up to one year)

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

Medium and Long-Term Issuances (Maturity greater than one year)

FITCH MEXICO MOODY ' S VERUM A+(mex) A1.mx A+/M A(mex) A2.mx A/M A-(mex) A3.mx A-/M STANDARD & POOR ' S HR RATINGS DE MEXICO DBRS RATINGS MEXICO mxA+ HR A+ A.MX(alto) mxA HR A A.MX mxA- HR A- A.MX(bajo)

³ To comply with the provision of the Fourth Provision of these provisions, Administrators must verify that at least one of the securities rating agencies that issues an opinion on the Investment Object Asset has at least ten years of experience counted from its authorization to organize and operate in the Mexican market or in any of the other Eligible Countries for Investments. "

" ANNEX D 4

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

Short-Term Issuances (Maturity up to one year)

FITCH MEXICO MOODY ' S VERUM F3(mex) No aplica 3/M STANDARD & POOR ' S HR RATINGS DE MEXICO DBRS RATINGS MEXICO mxA-3 HR3 R-2.MX(alto) R-2.MX(medio) R-2.MX(bajo) R-3.MX

Medium and Long-Term Issuances (Maturity greater than one year)

FITCH MEXICO MOODY ' S VERUM BBB+(mex) Baa1.mx BBB+/M BBB(mex) Baa2.mx BBB/M STANDARD & POOR ' S HR RATINGS DE MEXICO DBRS RATINGS MEXICO mxBBB+ HR BBB+ BBB.MX(alto) mxBBB HR BBB BBB.MX

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

" ANNEX L

I. Methodology for calculating Value at Risk (VaR) for one day using historical data. To calculate the VaR of each Investment Society considering the Assets Managed by the Investment Society in question, using historical data, the Administrator or, where applicable, the Valuation Society providing services to them, will calculate the VaR based on the information provided by the corresponding Price Provider and the positions of the different Investment Object Assets that make up the portfolio of the Investment Society itself, in accordance with the general financial provisions issued by the Commission. Bank deposits denominated in pesos and Structured Instruments will not be considered.

Information provided by the Price Provider: The Instruments, Foreign Securities, Derivatives, repo and securities lending operations that are feasible to be acquired or operated by the Investment Society will be referred to as the Permitted Assets or Permitted Asset if referring to only one of them.

Each business day prior to the VaR calculation date represents a possible scenario for the value of the factors that determine the price of the Permitted Assets. They will be called Scenarios for the 1,000 business days prior to the VaR calculation date. From the information obtained in the Scenarios, an estimate of the price distribution can be obtained.

The price of each of the Permitted Assets is determined by a valuation formula according to the methodology of the Price Provider authorized by the National Banking and Securities Commission that involves k risk factors such as inflation, interest rates, exchange rates, etc. depending on each of the Permitted Assets to be evaluated. The price of Permitted Asset j on day h is expressed in terms of these factors as the valuation formula: To calculate the VaR of day h using historical data, the Administrator, or where applicable, the corresponding Valuation Society on behalf of the Administrator, will use the matrix of differences between the price of day h and the price of scenario i (i = 1, 2,...,1000) sent by the Price Provider. Administrators must stipulate in the contracts they enter into with the Price Provider that to calculate this matrix, the Price Provider follows the following steps:

Estimate the daily percentage variations that the risk factors, which influence the valuation of the Permitted Assets, had over the last 1,000 business days.

By multiplying the percentage variations of a risk factor by the value of the risk factor on day h, a sample of 1,000 possible observations of the value of the risk factor is obtained. For example, for risk factor F 1 we have: If is a risk factor that since its origin is expressed in percentage terms (for example, rates or volatilities), then the variation of will be expressed in basis points: Risk Factor Variation Generated Observation

From the observations generated for the risk factors, observations for the prices of the Permitted Assets are obtained using the corresponding valuation formula.

With these prices, a price difference matrix of 1000 x n is constructed, where n is the number of Permitted Assets. The element (i, j) of that matrix will be the following: where: Is the price of Permitted Asset j in scenario i. Is the price of Permitted Asset j on day h Is the difference between the price of Permitted Asset j in scenario i and the price of the same instrument on day h.

The price difference matrix calculated by the Price Provider must meet the criteria established in the general financial provisions of the Retirement Savings Systems.

Calculation of VaR (Performed by the Administrator or, where applicable, by the corresponding Valuation Society) The Administrator or, where applicable, the corresponding Valuation Society, will multiply the price difference matrix calculated by the Price Provider by the vector containing the number of titles or contracts, as the case may be, per Permitted Asset that make up the portfolio of the Investment Society. In this way, a vector of possible value changes (gains or losses) in the amount of said portfolio is obtained. In symbols, where: is the number of titles or contracts of Permitted Asset j on day h. is the gain or loss in the portfolio amount in scenario i for the portfolio of day h. For the case of Investment Societies, this vector will be divided by the Asset Managed by the Investment Society in question on day h, , thus obtaining the returns with respect to the portfolio current; for the case of Investment Object Assets managed by each Mandator, this vector will be divided by the Asset Managed by the Mandator in question, excluding in both cases the Structured Instruments. In symbols The possible returns thus obtained are ordered from smallest to largest, with which an estimate of the distribution of returns is obtained and from it the VaR and Conditional Value at Risk on the assets determined in accordance with the previous paragraph will be calculated. The Commission must notify Administrators about the additions or modifications to the scenarios that will remain fixed determined by the Risk Analysis Committee, one month in advance of the date of their application.

II. Methodology to determine the scenario corresponding to the VaR applicable to Basic Investment Societies that correspond. To observe the maximum VaR limit corresponding to each investment society, the number of scenario corresponding to the VaR of each Investment Society will be the E-th worst observation expressed in positive terms. In case that this value is originally positive, it will not be considered that it is higher than the limit expressed in the aforementioned provisions. The value of the scenario corresponding to the VaR will be computed according to the following methodology: A reference portfolio (RP) is defined for each Basic Investment Society. On date t, the 1000 loss/gain scenarios of the RP are calculated in accordance with the procedure described in this Annex. These scenarios will be used to compute the variables described below. Where: : On date t, is the number of scenarios of the RP, that exceed the regulatory VaR limit. : Considering the 30 most recent scenarios generated with the RP on date t, is the number of scenarios that exceed the regulatory VaR limit. : Considering the 60 most recent scenarios generated with the RP on date t, is the number of scenarios that exceed the regulatory VaR limit. : On date t is the number of scenario corresponding to the VaR of the type of Investment Society in cuestion. This variable cannot be less than 26. Additionally, on the date of entry into force of this methodology, it takes a value equal to 26. That is, : Is the slack on day t. This variable is defined as the difference between the number of the scenario corresponding to the VaR minus the number of scenarios of the RP that exceed the regulatory VaR limit. That is . Then, the value of will be determined with the following policy: a) 1) If on date the slack has a value lower than 5 and in the last 30 natural days more than 5 scenarios are generated that exceed the regulatory VaR limit, then the number of scenario corresponding to the VaR is increased by 5. Or, 2) If the slack is less than 3, then the number of scenario corresponding to the VaR is increased by 5. b) If the slack is greater than 15 and in the last 60 natural days fewer than 5 scenarios were generated that exceed the regulatory VaR limit, then the number of scenario corresponding to the VaR is reduced by 5. c) If the conditions in a) or b) do not prevail, then the number of scenario corresponding to the VaR remains unchanged. The policy can be described symbolically as follows: Once the value of is determined on date t, the VaR of the portfolios corresponding to the type of Investment Society for which the RP was defined is calculated with this parameter. The Commission will notify Administrators and, where applicable, Valuation Societies, when in accordance with the procedure described above changes arise in the value of . In any case, on date t the value that will be in force on date t+1 will be notified. The RP of each Basic Investment Society is computed assuming that the allowed Equity Income limit is fully exploited and that the rest of the portfolio is invested in a portfolio of fixed income instruments. Specifically, the RPs are constructed assuming that the percentage of the portfolio allocated to equity investment is made completely in the Mexican Stock Exchange Price and Quotation Index. Similarly, it is assumed that the percentage of the portfolio allocated to fixed income investment is made through a basket of government debt securities with weights for each title defined as the percentage that said value represents with respect to the amount in circulation of government securities. The Risk Analysis Committee may make adjustments, when market conditions dictate, on the parameters used in the determination of the value of as well as in the RP to ensure that this portfolio continues to be representative of the investment opportunities of the type of Investment Society in question. The Commission will publish through its website the detailed characteristics of the RPs, as well as the current value of the number of scenario corresponding to the VaR of each Investment Society that is obtained considering the inputs provided by the Price Providers. To calculate VaR, eight decimal places will be used, truncating the last digit, which is equivalent to saying that when VaR is expressed in percentage terms, six decimal places must be used, truncated.

III. Calculation of the Conditional Value at Risk Differential applicable to Investment Societies To calculate the Conditional Value at Risk Differential for each Investment Society considering only the Assets Managed by the Investment Society, the following will be followed: 1. The CVaR of each Investment Society is calculated, using the distribution of returns ordered from smallest to largest obtained for the VaR calculation detailed in section I of this Annex as the simple average of those observations, expressed in positive terms, that are above scenario 26 including this scenario. 2. The CVaR of each Investment Society is calculated, following the same procedure indicated in the previous numeral, but excluding from its computation the positions in Derivative instruments. 3. The value of the difference of the CVaR determined in the previous numeral 1 minus the CVaR determined in the previous numeral 2 is calculated; for such purposes, the Risk Analysis Committee determines the scenarios with which the CVaR values will be computed, which will remain in force until the Risk Analysis Committee defines a new set of scenarios. The Risk Analysis Committee will evaluate and, where applicable, define at least every two years the set of scenarios considered in the computations described in this paragraph. Additionally, the Risk Analysis Committee at any time may determine in a period shorter than indicated a different set of scenarios, considering the safety of investments and the development of markets, as well as other elements that this collegiate body judges is necessary to analyze, in the latter case, the Commission will make known to the Administrators the applicable scenarios in a period no less than five business days prior to their entry into force. In the estimation of CVaR and CVaR Differential, eight decimal places will be used, truncating the last digit, which is equivalent to saying that, when CVaR is expressed in percentage terms, six decimal places must be used, truncated. "

" ANNEX M

Stock Indices and Real Estate Indices of Eligible Countries for Investments. The Stock Indices of Eligible Countries for Investments, Debt Indices of Eligible Countries for Investments or Real Estate Indices of Eligible Countries for Investments acquired directly, through Vehicles or Derivatives by Investment Societies in eligible capital markets, may only refer to the indices published on the Commission's website, as well as the sub-indices derived from them.

Investments made in Foreign Equity Securities, Foreign Debt Securities and the Real Estate Investment Vehicles acquired through Mandators may only be traded in capital markets of Eligible Countries for Investments.

I. Index replication criteria and others

For the case of the replication of Stock Indices of Eligible Countries for Investments, Indices Real Estate Indices of Eligible Countries for Investments or Debt Indices of Eligible Countries for Investments, Foreign Equity Securities, Foreign Debt Securities and Real Estate Investment Vehicles acquired directly by Investment Societies in international capital markets, must refer to the shares, to the Foreign Debt Securities and Real Estate Investment Vehicles that make up the indices and sub-indices, following the official weights of each of the issuers, of the Foreign Debt Securities and/or Real Estate Investment Vehicles that make up the aforementioned indices and sub-indices. In this case, considering the stock, debt or Real Estate Investment Vehicle indices contained in the Vehicle list, the Stock Indices of Eligible Countries for Investments, the Real Estate Indices of Eligible Countries for Investments and the Debt Indices of Eligible Countries for Investments that the Commission makes known on its website, the official weights may be modified due to marketability effects in a range that does not exceed +/- 6.5 percentage points, avoiding that the weight of each issuer, Foreign Debt Security and/or Real Estate Investment Vehicle is negative.

The Risk Analysis Committee may modify the range described in the previous paragraph if as a result of the correct operation of Foreign Equity Securities, Foreign Debt Securities and/or Real Estate Investment Vehicles, the diversification of Investment Societies' portfolios is fostered.

Investment Societies, when investing in indices directly, or where applicable, through Derivatives or authorized Vehicles, must observe that such indices are composed of at least 90% of companies supervised by some authority of the Eligible Countries for Investments.

Likewise, Investment Societies must at all times follow up on the updates of the Vehicle list, the Stock Indices of Eligible Countries for Investments, the Real Estate Indices of Eligible Countries for Investments and the Debt Indices of Eligible Countries for Investments that the Commission makes known on its website.

Modifications and additions to the set of indices will be reported to the Advisory and Surveillance Committee and to the Board of Directors of the Commission in the first session that these bodies hold after the update of the Vehicle list, the Stock Indices of Eligible Countries for Investments, the Real Estate Indices of Eligible Countries for Investments and the Debt Indices of Eligible Countries for Investments.

For the purposes of compliance with the range referred to in this section, the direct investment made by Basic Investment Societies in shares of Foreign Issuers referred to in the Twenty-Fourth Provision, section II of these provisions will not be considered. "

" ANNEX N

Methodology for calculating the exposure of investments through the Equity Income Component or to FIBRAS and Real Estate Investment Vehicles. Section I. Calculation of investment exposure through Equity Income Components. The exposure of investments made through Notes acquired or structured, Structures Linked to Underlyings, as well as Equity Income Components, must be calculated through the procedure described in this section.

For the purposes of this section, Notes and Structures Linked to Underlyings refer to Debt Instruments or Foreign Debt Securities whose returns are linked to Equity Income Components.

For the computation of the exposure referred to in this section, the debt component of the Notes and Structures Linked to Underlyings will not be considered.

I. Exposure of investments through Notes, Structures Linked to Underlyings or Equity Income Component: To determine the exposure of the portfolio of the Investment Society, where applicable, of the portfolios of the Mandators that it has hired, when investing in Notes, Structures Linked to Underlyings, or Equity Income Components, the Deltas ' of Equity Income Instruments, Foreign Equity Income Instruments or Derivatives, referred to the Equity Income Components directly or through the Vehicles that contain them, will be used.

The Delta ' will be:

In the case of Vehicles that confer rights on Equity Components, shares that replicate them, futures referring to said underlyings, equal to one.

In the case of option contracts or optional titles referred to in the second provision, fraction LII, subsection d) of these provisions, they will be calculated by the Price Provider contracted by the Administrator operating the Investment Society. Such Delta will be calculated per contract or title unit as applicable and assuming a long position.

The amount exposed to each share that is part of the investment portfolio through Notes, Structures Linked to Underlyings or Equity Components, will be calculated as follows:

Where:

Is the amount exposed in the i-th share due to Note j, Structure Linked to Underlying j or Equity Component j that make up the investment portfolio.

Is the Delta of the Vehicle, share or Derivative due to Note j, Structure Linked to Underlying j or Equity Component j, which contain the i-th share.

Is the number of titles that will be:

In the case of Vehicles: the number of titles of the Vehicles containing the i-th share and that make up Note j, Structure Linked to Underlying j or Equity Component j will be used.

In the case of Derivatives: the number of contracts of Note j, Structure Linked to Underlying j or Equity Component j containing the i-th share will be used, multiplied by the size of the corresponding contracts.

In the case of shares: the number of i-th shares acquired in Note j, Structure Linked to Underlying j or Equity Component j will be used.

In the case of optional titles referred to in the second provision, fraction LII, subsection d) of these provisions: the number of titles will be used.

For short positions through Derivatives, the number of contracts is expressed with a negative sign.

Is the Market Value, which will be:

In the case of Vehicles: it is the Market Value of the Vehicles containing the i-th share and that make up Note j, Structure Linked to Underlying j or Equity Component j, multiplied by the weight or relative weight associated with the i-th share within each vehicle.

In the case of shares: it is the Market Value of the i-th share that makes up Note j, Structure Linked to Underlying j or Equity Component j.

In the case of Derivatives: they are the closing points of the underlying index of the Derivative, multiplied by the weight or relative weight associated with the i-th share.

In the case of optional titles referred to in the second provision, fraction LII, subsection d) of these provisions: it is the Market Value of the optional title.

Is the number of Vehicles, shares, and/or Derivatives different from Note j, Structure Linked to Underlying j or Equity Component j referred to the i-th share.

In the case where the exposure amount ( ) is denominated in Foreign Currencies, it must be converted into Mexican pesos using the exchange rate for valuing foreign currency transactions.

II. Exposure to Equity in the portfolio of the Investment Society or in its case of each Mandatary that it has hired:

The portfolio's exposure to equity due to the acquisition of Notes, Structures Linked to Underlyings or Equity Components, will be calculated as follows:

The amount exposed (in absolute terms) in the i-th share in the portfolio is calculated by summing over all exposed amounts of Notes, Structures Linked to Underlyings or Equity Components that are referenced to the same i-th share and obtaining the absolute value of said sum. The foregoing implies that compensation occurs between exposures on the same share considering independently on the one hand the investments directly managed by the Investment Society and on the other hand the investments managed by each Mandatary.

Where:

Is the amount exposed (absolute) in the i-th share in the portfolio of the Investment Society or in its case in the portfolio of the Mandatary in question.

Is the amount exposed in the i-th share due to Note j, Structure Linked to Underlying j, Equity Component j, which make up the investment portfolio of the Investment Society or in its case the portfolio of the Mandatary in question.

The portfolio's exposure of the Investment Society or in its case of each Mandatary hired by the Investment Society to Equity Components is calculated by summing the exposed amounts of each of the shares that make up the portfolio of the Investment Society or the portfolio of the corresponding Mandatary:

Where:

Is the exposure to Equity Components of the portfolio managed directly by the Investment Society or the portfolio of the Mandatary in question.

Is the amount exposed (absolute) in the i-th share.

Is the number of distinct shares that make up the portfolio managed directly by the Investment Society in question or the number of distinct shares that make up the portfolio of the Mandatary in question.

Total Exposure to Equity in the portfolio of the Investment Society.

The total portfolio exposure to equity due to the acquisition of Notes, Structures Linked to Underlyings, Equity Components, will be calculated, according to the following formula:

Where:

ExpTotPort

Is the total exposure to equity in the portfolio of the Investment Society.

Activo

Is the Total Asset of the Investment Society

Is the number of distinct shares that make up the portfolio of the k-th Mandatary hired by the Investment Society in question.

Is the number of distinct shares that make up the portfolio managed directly by the Investment Society.

Is the number of Mandatories hired by the Investment Society

The total exposure to Equity in the portfolio of the Investment Society, derived from the acquisition of Notes, Structures Linked to Underlyings and Equity Components of the Investment Societies, as a percentage of the Total Asset of the Investment Society that corresponds, must be less than or equal to the limits provided in these provisions.

Section II. Calculation of the exposure of investments through FIBRAS and Real Estate Investment Vehicles

The exposure of investments made through Notes acquired or structured, Structures Linked to Underlyings, as well as Real Estate Investment Vehicles and FIBRAS, shall be calculated through the procedure described in this section.

For the purposes of this section, Notes and Structures Linked to Underlyings refer to Debt Instruments or Foreign Debt Securities whose returns are linked to FIBRAS and Real Estate Investment Vehicles.

For the computation of the exposure referred to in this section, the debt component of Notes and Structures Linked to Underlyings will not be considered.

I. Exposure of investments through Notes, Structures Linked to Underlyings, FIBRAS or Real Estate Investment Vehicles:

To determine the exposure of the portfolio of the Investment Society, in its case, of the portfolios of the Mandatories that it has hired, when investing in Notes, Structures Linked to Underlyings, FIBRAS or Real Estate Investment Vehicles, the Deltas ' of Derivative Instruments, referred to FIBRAS or Real Estate Investment Vehicles directly or through the Vehicles containing them, will be used.

The Delta ' will be:

In the case of Vehicles that confer rights on FIBRAS or Real Estate Investment Vehicles, futures referring to said underlyings, equal to one.

In the case of option contracts, they will be calculated by the Price Provider contracted by the Administrator operating the Investment Society. Such Delta will be calculated per contract unit and assuming a long position.

The amount exposed to each FIBRA or Real Estate Investment Vehicle that is part of the investment portfolio through Notes, Structures Linked to Underlyings, will be calculated as follows:

Where:

Is the amount exposed in the i-th FIBRA or in the i-th Real Estate Investment Vehicle, due to Note j, Structure Linked to Underlying j, FIBRA j or Real Estate Investment Vehicle j, which make up the investment portfolio.

Is the Delta of the Vehicle, FIBRA, Real Estate Investment Vehicle or Derivative due to Note j, Structure Linked to Underlying j, FIBRA j or Real Estate Investment Vehicle j, which contain the i-th FIBRA or i-th Real Estate Investment Vehicle.

Is the number of titles that will be:

In the case of Vehicles: the number of titles of the Vehicles containing the i-th FIBRA or i-th Real Estate Investment Vehicle and that make up Note j, Structure Linked to Underlying j, FIBRA j or Real Estate Investment Vehicle j will be used.

In the case of Derivatives: the number of contracts of Note j, Structure Linked to Underlying j, FIBRA j or Real Estate Investment Vehicle j containing the i-th FIBRA or i-th Real Estate Investment Vehicle will be used, multiplied by the size of the corresponding contracts.

In the case of FIBRAS and Real Estate Investment Vehicles: the number of titles of the i-th FIBRA or i-th Real Estate Investment Vehicle will be used.

For short positions through Derivatives, the number of contracts is expressed with a negative sign.

Is the Market Value, which will be:

In the case of Vehicles: it is the Market Value of the Vehicles containing the i-th FIBRA or i-th Real Estate Investment Vehicle and that make up Note j, Structure Linked to Underlying j, FIBRA j or Real Estate Investment Vehicle j, multiplied by the weight or relative weight associated with the i-th FIBRA or i-th Real Estate Investment Vehicle, within each vehicle, as applicable.

In the case of Derivatives: they are the closing points of the underlying index of the Derivative, multiplied by the weight or relative weight associated with the i-th FIBRA or i-th Real Estate Investment Vehicle.

In the case of FIBRAS and Real Estate Investment Vehicles: it is the Market Value of the i-th FIBRA or i-th Real Estate Investment Vehicle.

Is the number of Vehicles, FIBRAS, Real Estate Investment Vehicles and/or Derivatives different from Note j, Structure Linked to Underlying j, FIBRA j or Real Estate Investment Vehicle j referred to the i-th FIBRA or i-th Real Estate Investment Vehicle.

In the case where the exposure amount is denominated in Foreign Currencies, it must be converted into Mexican pesos using the exchange rate for valuing foreign currency transactions.

II. Exposure to FIBRAS and Real Estate Investment Vehicles in the portfolio of the Investment Society or in its case of each Mandatary that it has hired:

The portfolio's exposure to FIBRAS and Real Estate Investment Vehicles, due to the acquisition of Notes, Structures Linked to Underlyings, FIBRAS or Real Estate Investment Vehicles, will be calculated as follows:

The amount exposed (in absolute terms) in the i-th FIBRA or i-th Real Estate Investment Vehicle, in the portfolio is calculated by summing over all exposed amounts of Notes, Structures Linked to Underlyings, FIBRAS or Real Estate Investment Vehicles, that are referenced to the same i-th FIBRA or i-th Real Estate Investment Vehicle, as applicable, and obtaining the absolute value of said sum. The foregoing implies that compensation occurs between exposures on the same FIBRA or same Real Estate Investment Vehicle, considering independently on the one hand the investments directly managed by the Investment Society and on the other hand the investments managed by each Mandatary.

Where:

Is the amount exposed (absolute) in the i-th FIBRA or i-th Real Estate Investment Vehicle, in the portfolio of the Investment Society or in its case in the portfolio of the Mandatary in question.

Is the amount exposed in the i-th FIBRA or i-th Real Estate Investment Vehicle, due to Note j, Structure Linked to Underlying j, FIBRA j or Real Estate Investment Vehicle j, which make up the investment portfolio of the Investment Society or in its case the portfolio of the Mandatary in question.

The portfolio's exposure of the Investment Society or in its case of each Mandatary hired by the Investment Society to FIBRAS and Real Estate Investment Vehicles, is calculated by summing the exposed amounts of each of the FIBRAS or Real Estate Investment Vehicles that make up the portfolio of the Investment Society or the portfolio of the corresponding Mandatary:

Where:

Is the exposure to FIBRAS and Real Estate Investment Vehicles, of the portfolio managed directly by the Investment Society or the portfolio of the Mandatary in question.

Is the amount exposed (absolute) in the i-th FIBRA or i-th Real Estate Investment Vehicle.

Is the number of distinct FIBRAS and Real Estate Investment Vehicles that make up the portfolio managed directly by the Investment Society in question or the number of distinct FIBRAS and Real Estate Investment Vehicles that make up the portfolio of the Mandatary in question.

Total Exposure to FIBRAS and Real Estate Investment Vehicles, in the portfolio of the Investment Society.

The total portfolio exposure to FIBRAS and Real Estate Investment Vehicles, due to the acquisition of Notes, Structures Linked to Underlyings, FIBRAS or Real Estate Investment Vehicles, will be calculated, according to the following Formula:

Where:

Is the total exposure to FIBRAS and Real Estate Investment Vehicles, in the portfolio of the Investment Society.

Is the Total Asset of the Investment Society

Is the number of distinct FIBRAS and Real Estate Investment Vehicles that make up the portfolio of the k-th Mandatary hired by the Investment Society in question.

Is the number of distinct FIBRAS and Real Estate Investment Vehicles that make up the portfolio managed directly by the Investment Society.

Is the number of Mandatories hired by the Investment Society

The total exposure to FIBRAS and Real Estate Investment Vehicles, in the portfolio of the Investment Society, derived from the acquisition of Notes, Structures Linked to Underlyings, FIBRAS and Real Estate Investment Vehicles of the Investment Societies, as a percentage of the Total Asset of the Investment Society that corresponds, must be less than or equal to the limits provided in these provisions.

ANNEX S

Investment Regime Limits (expressed as a percentage of the Total Asset of the Investment Society)

Identifier

Column 1

Column 2

Column 3

Column 4

Column 5

ID: Quarter *

in the life of the

Society of

Basic

Structured Instruments

Commodities

FIBRAS and

Real Estate Investment Vehicles

Equity Components

Securitized Instruments

20.00

5.00

10.00

60.00

40.00

20.00

5.00

10.00

59.93

39.94

20.00

5.00

10.00

59.85

39.87

20.00

5.00

10.00

59.77

39.80

20.00

5.00

10.00

59.68

39.73

20.00

5.00

10.00

59.58

39.66

20.00

5.00

10.00

59.48

39.58

20.00

5.00

10.00

59.38

39.51

20.00

5.00

10.00

59.27

39.43

20.00

5.00

10.00

59.16

39.34

20.00

5.00

10.00

59.05

39.26

20.00

5.00

10.00

58.97

39.17

20.00

5.00

10.00

58.90

39.08

20.00

5.00

10.00

58.82

38.99

20.00

5.00

10.00

58.74

38.89

20.00

5.00

10.00

58.66

38.80

20.00

5.00

10.00

58.57

38.70

20.00

5.00

10.00

58.49

38.60

20.00

5.00

10.00

58.40

38.49

20.00

5.00

10.00

58.31

38.39

20.00

5.00

10.00

58.22

38.28

20.00

5.00

10.00

58.12

38.17

20.00

5.00

10.00

58.02

38.06

20.00

5.00

10.00

57.93

37.95

20.00

5.00

10.00

57.83

37.84

20.00

5.00

10.00

57.72

37.72

20.00

5.00

10.00

57.62

37.60

20.00

5.00

10.00

57.51

37.49

20.00

5.00

10.00

57.41

37.37

20.00

5.00

10.00

57.30

37.24

20.00

5.00

10.00

57.18

37.12

20.00

5.00

10.00

57.07

37.00

20.00

5.00

10.00

56.96

36.87

20.00

5.00

10.00

56.84

36.74

20.00

5.00

10.00

56.72

36.61

20.00

5.00

10.00

56.60

36.48

20.00

5.00

10.00

56.48

36.35

20.00

5.00

10.00

56.35

36.22

20.00

5.00

10.00

56.23

36.09

20.00

5.00

10.00

56.10

35.95

20.00

5.00

10.00

55.97

35.82

20.00

5.00

10.00

55.84

35.68

20.00

5.00

10.00

55.71

35.55

20.00

5.00

10.00

55.58

35.41

20.00

5.00

10.00

55.45

35.27

20.00

5.00

10.00

55.31

35.13

20.00

5.00

10.00

55.17

34.99

20.00

5.00

10.00

55.03

34.85

20.00

5.00

10.00

54.89

34.71

20.00

5.00

10.00

54.75

34.57

20.00

5.00

10.00

54.61

34.43

20.00

5.00

10.00

54.46

34.28

20.00

5.00

10.00

54.32

34.14

20.00

5.00

10.00

54.17

34.00

20.00

5.00

10.00

54.02

33.85

20.00

5.00

10.00

53.87

33.71

20.00

5.00

10.00

53.72

33.57

20.00

5.00

10.00

53.57

33.42

20.00

5.00

10.00

53.42

33.28

20.00

5.00

10.00

53.27

33.13

20.00

5.00

10.00

53.11

32.99

20.00

5.00

10.00

52.95

32.84

20.00

5.00

10.00

52.80

32.70

20.00

5.00

10.00

52.64

32.55

20.00

5.00

10.00

52.48

32.41

20.00

5.00

10.00

52.32

32.27

20.00

5.00

10.00

52.15

32.12

20.00

5.00

10.00

51.99

31.98

20.00

5.00

10.00

51.83

31.83

20.00

5.00

10.00

51.66

31.69

20.00

5.00

10.00

51.50

31.55

20.00

5.00

10.00

51.33

31.41

20.00

5.00

10.00

51.16

31.26

20.00

5.00

10.00

50.99

31.12

20.00

5.00

10.00

50.82

30.98

20.00

5.00

10.00

50.64

30.84

20.00

5.00

10.00

50.40

30.70

20.00

5.00

10.00

50.15

30.57

20.00

5.00

10.00

49.90

30.43

20.00

5.00

10.00

49.65

30.29

20.00

5.00

10.00

49.38

30.16

19.86

5.00

9.93

49.12

30.02

19.71

5.00

9.86

48.85

29.87

19.57

5.00

9.79

48.58

29.73

19.43

5.00

9.71

48.30

29.58

19.29

5.00

9.64

48.02

29.43

19.14

5.00

9.57

47.73

29.27

19.00

5.00

9.50

47.44

29.11

18.86

5.00

9.43

47.15

28.95

18.71

5.00

9.36

46.85

28.78

18.57

5.00

9.29

46.55

28.61

18.43

5.00

9.21

46.24

28.44

18.29

5.00

9.14

45.93

28.26

18.14

5.00

9.07

45.62

28.08

18.00

5.00

9.00

45.30

27.88

17.86

5.00

8.93

44.98

27.67

17.71

5.00

8.86

44.66

27.47

17.57

5.00

8.79

44.33

27.27

17.43

5.00

8.71

44.00

27.07

100

17.29

5.00

8.64

43.67

26.87

101

17.14

5.00

8.57

43.33

26.66

102

17.00

5.00

8.50

43.00

26.46

103

16.86

5.00

8.43

42.64

26.26

104

16.71

5.00

8.36

42.27

26.06

105

16.57

5.00

8.29

41.90

25.85

106

16.43

5.00

8.21

41.52

25.65

107

16.29

5.00

8.14

41.12

25.45

108

16.14

5.00

8.07

40.72

25.22

109

16.00

5.00

8.00

40.30

25.00

110

15.86

5.00

7.93

39.88

24.76

111

15.71

5.00

7.86

39.44

24.61

112

15.57

5.00

7.79

38.98

24.45

113

15.43

5.00

7.71

38.51

24.30

114

15.29

5.00

7.64

38.03

24.15

115

15.14

5.00

7.57

37.53

24.00

116

15.00

5.00

7.50

37.01

23.85

117

14.86

5.00

7.43

36.48

23.70

118

14.71

5.00

7.36

35.93

23.55

119

14.57

5.00

7.29

35.36

23.41

120

14.43

5.00

7.21

34.76

23.26

121

14.29

5.00

7.14

34.15

23.12

122

14.14

5.00

7.07

33.52

22.98

123

14.00

5.00

7.00

32.86

22.84

124

13.86

5.00

6.93

32.18

22.70

125

13.71

5.00

6.86

31.48

22.56

126

13.57

5.00

6.79

30.75

22.43

127

13.43

5.00

6.71

30.00

22.30

128

13.29

5.00

6.64

29.22

22.17

129

13.14

5.00

6.57

28.42

22.04

130

13.00

5.00

6.50

27.61

21.92

131

12.86

5.00

6.43

26.78

21.80

132

12.71

5.00

6.36

25.94

21.68

133

12.57

5.00

6.29

25.10

21.56

134

12.43

5.00

6.21

24.27

21.44

135

12.29

5.00

6.14

23.44

21.33

136

12.14

5.00

6.07

22.62

21.22

137

12.00

5.00

6.00

21.82

21.12

138

11.86

5.00

5.93

21.04

21.01

139

11.71

5.00

5.86

20.29

20.92

140

11.57

5.00

5.79

19.57

20.82

141

11.43

5.00

5.71

18.88

20.73

142

11.29

5.00

5.64

18.23

20.64

143

11.14

5.00

5.57

17.63

20.55

144

11.00

5.00

5.50

17.08

20.47

145

10.86

5.00

5.43

16.58

20.39

146

10.71

5.00

5.36

16.14

20.31

147

10.57

5.00

5.29

15.77

20.24

148

10.43

5.00

5.21

15.46

20.18

149

10.29

5.00

5.14

15.23

20.11

150

10.14

5.00

5.07

15.07

20.05

151

10.00

5.00

15.00

20.00

152

10.00

5.00

15.00

20.00

153

10.00

5.00

15.00

20.00

154

10.00

5.00

15.00

20.00

155

10.00

5.00

15.00

20.00

156

10.00

5.00

15.00

20.00

157

10.00

5.00

15.00

20.00

158

10.00

5.00

15.00

20.00

159

10.00

5.00

15.00

20.00

160

10.00

5.00

15.00

20.00

161

10.00

5.00

15.00

20.00

*The quarterly limits indicated in this Annex are applicable from the beginning of the quarters with closing in the months of March, June, September and December, as applicable.

ANNEX T

Value at Risk Limits

(expressed as a percentage of the value of Assets Managed by the Investment Society)

Identifier

Column 1

ID: Quarter * in the life of the Basic Investment Society

Value at Risk

132

1.10

133

1.08

134

1.05

135

1.03

136

1.01

137

0.98

138

0.96

139

0.94

140

0.91

141

0.89

142

0.86

143

0.84

144

0.82

145

0.80

146

0.78

147

0.76

148

0.75

149

0.73

150

0.72

151

0.71

152

0.70

153

0.70

154

0.70

155

0.70

156

0.70

157

0.70

158

0.70

159

0.70

160

0.70

161

0.70

*The quarterly limits indicated in this Annex are applicable from the beginning of the quarters with closing in the months of March, June, September and December, as applicable.

ANNEX U

Conditional Value at Risk Differential Limits

(expressed as a percentage of the value of Assets Managed by the Investment Society)

Identifier

Column 1

ID: Quarter * in the life of the Basic Investment Society

Conditional Value at Risk Differential

1.00

0.99

0.98

0.97

0.96

0.95

0.94

0.93

0.92

0.91

0.90

0.89

0.88

0.87

0.86

0.85

0.84

0.83

0.82

0.81

0.80

0.79

0.78

0.77

0.76

0.75

0.74

0.73

0.72

0.71

0.70

0.69

0.68

0.67

0.66

0.65

0.64

0.63

100

0.61

101

0.60

102

0.59

103

0.58

104

0.57

105

0.56

106

0.55

107

0.54

108

0.53

109

0.52

110

0.51

111

0.50

112

0.49

113

0.48

114

0.47

115

0.46

116

0.45

117

0.44

118

0.43

119

0.42

120

0.41

121

0.40

122

0.39

123

0.38

124

0.37

125

0.37

126

0.36

127

0.35

128

0.35

129

0.34

130

0.34

131

0.33

132

0.33

133

0.32

134

0.32

135

0.31

136

0.31

137

0.31

138

0.30

139

0.30

140

0.29

141

0.29

142

0.28

143

0.28

144

0.28

145

0.27

146

0.27

147

0.26

148

0.26

149

0.26

150

0.25

151

0.25

152

0.25

153

0.25

154

0.25

155

0.25

156

0.25

157

0.25

158

0.25

159

0.25

160

0.25

161

0.25

*The quarterly limits indicated in this Annex are applicable from the beginning of the quarters with closing dates in the months of March, June, September, and December, as applicable.

TRANSITIONAL

SINGLE.- These modifications and additions shall enter into force the day following their publication in the Official Journal of the Federation, with the exception of what is provided in:

The Ninth Provision, fraction I, with respect to Vehicles, shall enter into force until such time as the Commission publishes on its website the list of Vehicles, and the general rules to which the retirement fund administrators, the specialized investment societies of retirement funds, the receiving entities, and the operating companies of the National SAR Database must submit the information delivered to the National Retirement Savings System Commission, and the general provisions in financial matters of the Retirement Savings Systems are modified, and

II.

The Ninth Provision, fraction II, and Annex M, with respect to the Stock Indices of Countries Eligible for Investments, the Real Estate Indices of Countries Eligible for Investments, and the Debt Indices of Countries Eligible for Investments, shall enter into force until such time as the Commission publishes on its website the list of the Stock Indices of Countries Eligible for Investments, the Real Estate Indices of Countries Eligible for Investments, and the Debt Indices of Countries Eligible for Investments.

Mexico City, February 18, 2021. - Based on the provisions of articles 9, third paragraph, 11, and 12, fractions VIII, XIII, and XVI of the Law of the Retirement Savings Systems; 2, fraction III, 4, third and fourth paragraphs, and 8, first paragraph of the Internal Regulations of the National Retirement Savings System Commission, the President of the National Retirement Savings System Commission,

Abraham

E. Vela Dib. - Signature.

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BY DATE

Do Mo Tu We Th Fr Sa

INDICATORS

Exchange Rate and Rates as of 08/28/2026

DOLLAR

16.9712 UDIS

8.808812 TIIE 28 DAYS

6.7559% TIIE 91 DAYS

6.7931% TIIE 182 DAYS

6.8474% TIIE DE FONDEO

6.50%

SURVEYS

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113