Modifications to the General Provisions on Financial Matters of the Retirement Savings Systems

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DOF: 27/12/2022

MODIFICATIONS to the General Provisions on Financial Matters of the Retirement Savings Systems

At the margin, a seal with the National Coat of Arms, which says: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Commission of the Retirement Savings System.

MODIFICATIONS TO THE GENERAL PROVISIONS ON FINANCIAL MATTERS OF

THE RETIREMENT SAVINGS SYSTEMS

The President of the National Commission of the Retirement Savings System, based on articles 1st, 2nd, 5th fractions I, II, III, VI, VI bis, VII, XIII bis, and XVI; 12 fractions I, VI, VIII and XVI; 18, 25, 29, 30, 36, 39, 42, 42 bis, 43, 44, 44 bis, 45, 46, 47, 47 bis, 48, 64, 64 bis, 67, 68, 69, 70, 89, 90 fractions II, IV, V, VI, VII, IX, XII and XIII, 100 bis, 100 ter and 100 quáter of the Law of the Retirement Savings Systems; 106 of the Law of the Institute for Social Security and Social Services for State Workers; 1st, 2nd, 14, 17, 18, 19, 20, 21, 22, 23, 24, 25, 33 clause A fraction VIII and clause B, 139, 140, 141, 154 and 155 of the Regulations of the Law of the Retirement Savings Systems and 1, 2 fraction III, and 8 first paragraph of the Internal Regulations of the National Commission of the Retirement Savings System, and

CONSIDERING

That these modifications aim to modify Annex P of the General Provisions on Financial Matters of the Retirement Savings Systems in section VII of "Operating Policies", subsection d) of "Fund Permanence Policy", with the purpose of clarifying the existing obligation of regulated entities to inform Workers of the terms and deadlines for resources eligible for withdrawal from their individual account in accordance with what is provided in the Law of the Retirement Savings Systems and the applicable regulation for such effects, in this sense they do not represent a cost for the regulated entities, in this sense:

MODIFICATIONS TO THE GENERAL PROVISIONS ON FINANCIAL MATTERS OF

THE RETIREMENT SAVINGS SYSTEMS

SOLE ARTICLE. - Annex P of the General Provisions on Financial Matters of the Retirement Savings Systems is MODIFIED, to remain in the terms of Annex P of these modifications.

TRANSITORY

SOLE ARTICLE. - These modifications will enter into force the day following their publication.

Mexico City, December 16, 2022.- The President of the National Commission of the Retirement Savings System, Dr. Iván Hilmardel Pliego Moreno.- Initials.

INFORMATION PROSPECTUS INVESTMENT COMPANY, S.A. de C.V.

I. General Data _______________________________________________________________

1. The general information of the Administrator and the corresponding Investment Company will be indicated according to the following table.

Indicate the Corporate Name of the Administrator

Corporate Name of the Investment Company

Type of Investment Company

Types of Workers who may invest in the

Investment Company

Dates and Authorization Numbers of the Investment

Company

___ of ___________ of ______ through letter

number ______________ of the National Commission

of the Retirement Savings System.

2. Patrimonial Links and Related Companies of the Administrator.

The Patrimonial Links and Related Companies of the Administrator operating the Investment Company must be identified in accordance with the General Provisions establishing the investment regime to which specialized investment companies for retirement funds must be subject, issued by the Commission.

II. Investment Policies

a) Investment Objective

Depending on the type of Investment Company, the investment objectives in Investment Assets will be included.

Briefly explain the objectives and investment policy in Investment Assets according to the type of Investment Company and the Investment Trajectory as applicable. (Maximum 700 words).

b) Portfolio Diversification

The table provided in this annex must be included, with all Asset Classes in which, in accordance with the regulation, the Investment Company is permitted to invest, indicating in which of them the Investment Committee has authorized investing.

c) Investment in Debt Instruments (National and Foreign Bonds)

In the event that the Administrator, through its Committees, decides to invest in Debt Instruments, it must explain the objective of the investment in this class of asset by the Investment Company (Maximum 300 words).

d) Investment in Equity Instruments

In the event that the Administrator, through its Committees, decides to invest in Equity Instruments, it must explain the objective of the investment in this class of asset by the Investment Company (Maximum 300 words).

e) Investment in Derivatives.

In the event that the Administrator has the non-objection of the Commission to carry out operations with Derivatives, it must:

i. Explain the objective of the use of Derivatives by the Investment Company. (Maximum 400 words).

ii. Include a table indicating the types of Derivatives it will operate, the type of underlying, and, in the case of standardized markets, the markets in which the Investment Company will operate.

iii. It must be indicated, if applicable, the level of leverage in Foreign Equity Securities provided in the Investment Trajectory.

f) Investment in Currencies

In the event that the Administrator, through its Committees, decides to invest in Currencies it must:

i. Explain the objective of the investment in Currencies by the Investment Company (Maximum 400 words).

ii. Include a table indicating the types of Currencies it will operate.

g) Investment in Structured Instruments

In the event that the Administrator, through its Committees, decides to invest in Structured Instruments it must:

i. Explain the objective of the investment in Structured Instruments by the Investment Companies (Maximum 400 words).

ii. Include the types of Structured Instruments it will operate, as well as the sector to which they belong.

iii. Include the investment limits authorized by its Investment Committee.

iv. Explain the general criteria for selecting administrators (Maximum 400 words).

h) Investment in FIBRAS and Real Estate Investment Vehicles

In the event that the Administrator, through its Committees, decides to invest in FIBRAS and Real Estate Investment Vehicles it must:

i. Explain the objective of the investment in FIBRAS (differentiating between Real Estate FIBRAS and FIBRAS-E) and Real Estate Investment Vehicles by the Investment Companies (Maximum 400 words).

ii. Include the types of FIBRAS and Real Estate Investment Vehicles it will operate, as well as the sector to which they belong.

iii. Explain the general criteria for selecting administrators (Maximum 400 words).

i) Investment in Commodities

In the event that the Administrator has the non-objection of the Commission to carry out operations with Commodities it must:

i. Explain the objective of the investment in Commodities by the Investment Companies (Maximum 400 words).

ii. Include the types of vehicles through which exposure to this Asset Class will be acquired.

j) Investment through Mandate Holders

In the event that the Administrator, through its Committees, decides to enter into intermediation contracts in which it grants a mandate for the investment it intends to outsource, among other aspects it must indicate the following:

i. Explain the objective of the investment in Mandate Holders by the Investment Companies.

ii. Describe the markets, regions, and Asset Classes in which the Mandate Holders will invest (Maximum 400 words);

k) Investment in Mutual Funds

In the event that the Administrator, through its Committees, decides to invest in Mutual Funds it must:

i. Explain the objective of the investment in Mutual Funds by the Investment Companies and the eligibility criteria for the Mutual Funds. (Maximum 400 words).

ii. Describe the markets, regions, and Asset Classes in which the Investment Companies will invest, through the Mutual Funds (Maximum 400 words).

iii. Include the general criteria used to select the administrators of these funds (Maximum 400 words).

l) ESG Investments

Regarding ESG principles it must:

i. Explain the objective and how these principles are incorporated into the Investment Strategy of the SIEFORE (Maximum 400 words).

ii. Explain the way in which these principles are incorporated into risk management (Maximum 400 words).

Authorized Asset Classes

in the investment regime

Assets

authorized by

the Investment

Committee

Cash Deposits

National Bonds

A. Governmental

B. Private

C. Hybrid debt instruments

D. Securitized instruments

Foreign Bonds

A. Governmental

B. Private

Equity (Shares)

A. National

B. Foreign

Structured Instruments

A. CKDs

B. CERPIS

FIBRAS

A. Generic

B. Fiber-E

Real estate investment vehicles

Currencies

Commodities

Type of operations

Repo

Securities lending

Derivatives

Mandates

ETFs

Mutual Funds

III. Investment Trajectory

i.

For the case of Basic Investment Companies, the general information of the Investment Trajectory that the Investment Companies will follow will be indicated, considering at least the segregation established in Annex K of these provisions, indicating at what point in the Investment Trajectory the Investment Company is located. Exposure through Derivatives at market value must be considered, if applicable.

ii.

Briefly explain the criteria used to determine the Investment Trajectory. (Maximum 200 words).

SIEFORE

Maximum years for withdrawal

iii.

For the case of Additional Investment Companies, the reference portfolio defined by their Investment Committee and Financial Risk Committee may be presented.

IV. Integral Risk Management

---

i.

The integral risk management policy must be described, including the level of risk of the Investment Company.

ii.

The different types of risks to which the investment portfolio of the Investment Company is exposed must be included (for example: Financial Risk, Market Risk, Credit Risk, Liquidity Risk, Interest Rate Risk, Exchange Rate Risk, Government Investment Risk, Derivative Risk, Concentration Risk, Issuer Risk, Regional Risk, Industrial and Sectoral Risk, Operational Risk, Cybersecurity Risk, Legal Risk, and those applicable), the impact they generate on said portfolio, as well as the Investment Company's policy to mitigate them. (Maximum 500 words).

V. Prudential Investment Framework

---

i.

The importance of the prudential framework in risk management established by the Financial Risk Committee of the Investment Company in the execution of the Investment Strategy must be described. (Maximum 200 words).

ii.

The following must be indicated:

" The prudential limits to which the investment portfolio of the Investment Company is subject, defined by its Financial Risk Committee, are described in the Annex titled 'Investment Framework and Risks of the Investment Company' which forms an integral part of this Information Prospectus. "

VI. Historical Performance

---

i.

The observed behavior in the returns of the Investment Company must be briefly explained (Maximum 100 words).

ii.

The following must be indicated:

" The historical returns of the Investment Company are presented in the Annex titled 'Information of the Investment Company', section b. 'Historical Performance of the Investment Company' which forms an integral part of this Information Prospectus.

Past returns do not guarantee future returns. These statistics are provided for informational purposes only. "

VII. Operating Policies

---

a) Types of resources that can be invested in the Investment Company:

The subaccounts whose resources can be invested in the Investment Companies will be mentioned.

b) Commission Regime:

The current commission regime applicable to the Investment Companies, authorized to the Administrator, will be described, with a brief explanation of the calculation method and percentage to be applied by the Investment Companies, in the following format:

Concept

%

COMMISSION

For every $10,000 pesos of balance, the Administrator will charge $___.00 pesos of annual Commission.

The legend " Lower commission, greater savings. " must be added.

Likewise, the following must be indicated:

" Commissions, as well as discounts, will be applied uniformly for all registered workers, without discrimination among them.

Commissions on balance will only be charged when resources are effectively invested in the Investment Companies and the necessary daily provisions have been registered in the accounting of the Investment Companies.

Commissions for special services will be paid directly by the worker who requested the service and in no way can they be charged to the worker's individual account.

Without prejudice to the foregoing, complete and visible information on the commission structure and, if applicable, the discount scheme will be permanently maintained on the internet page defined by the Administrator.

As a consequence of the change in the commission regime, the worker may transfer their individual account to another Administrator. "

c) Price and settlement term of the shares of the Investment Companies:

The following must be indicated:

" The purchase and sale operations of shares representing the social capital of the Investment Companies will be settled on the same day they are ordered, in accordance with the General Provisions on the registration of accounting, preparation and presentation of financial statements to which participants in the Retirement Savings Systems must be subject, as well as the General Provisions on Financial Matters of the Retirement Savings Systems, issued by the Commission, provided that the instruction is issued within the operating hours (at hours, Mexico City time). Operations requested outside the aforementioned schedule will be carried out on the next business day and will be settled at the prevailing price of the society's shares on the day the sale of the shares is made. "

d) Fund Permanence Policy:

The following must be indicated:

" The resources of the worker's individual account will remain invested in shares of the Investment Companies for at least one year, except in the following cases: a) That the worker requests the transfer of their individual account to another Administrator, given compliance with the regulations in this matter, or their resources are transferred to another Investment Company operated by the same Administrator that operates their individual account, as a consequence of the change in the commission regime or the investment policies contained in this information prospectus, or when the Commission has designated an Administrator in the terms of article 76 of the Law; b) When the worker requests that the accumulated resources be invested in an Investment Company different from the one corresponding to their date of birth so that in the Investment Company corresponding to their date of birth only new flows of contributions and deposits are received; c) When the Administrator enters a state of dissolution or merges with another Administrator having the status of merged, and d) When the total resources of the individual account are withdrawn due to the contracting of a life annuity or, if applicable, the resources are exhausted due to having made scheduled withdrawals or the worker has the right to withdraw their resources partially or totally in a single payment.

Likewise, the terms and deadlines in which the worker can make withdrawals of the corresponding resources (voluntary contributions, voluntary contributions with long-term investment perspective, long-term savings contributions, supplementary retirement contributions and/or solidarity savings) must be indicated, in accordance with the deadlines established by the Law and the applicable regulation for such effects.

Investment Companies whose object is the investment of the resources referred to in articles 74 bis, 74 ter and 74 quinquies of the Law, will indicate in the information prospectus, the circumstances in which these resources can be withdrawn or transferred, as well as the rights and obligations of their holders.

e) Valuation Mechanics.

The following must be indicated:

" The Investment Assets that make up the securities portfolio of the Investment Companies must be valued daily by a Price Provider in accordance with the General Provisions on Financial Matters of the Retirement Savings Systems.

The accounting registration procedure for valuation will be subject to what is established in the General Provisions on the registration of accounting, preparation and presentation of financial statements to which participants in the Retirement Savings Systems must be subject, issued by the Commission, which state that accounting records will be analytical and allow the identification and sequence of operations, with accounting movements registered on the same day the operation is carried out. "

f) Repurchase Regime.

The circumstances in which the worker will have the right to have the corresponding Investment Company, through the Administrator operating it, repurchase up to 100% of their shareholding will be indicated, in accordance with what is provided in the applicable legal provisions for the Investment Company in question.

VIII.- Fiscal Regime

---

The Administrator will make known to the worker that the Investment Company in which their resources are invested must comply with the fiscal provisions applicable to it, for this purpose the fiscal provisions to which they will be subject will be included concisely.

IX.- General Warning to Workers

---

a) Investment Risks

The following must be indicated:

" Investment Companies seek to offer workers adequate returns in accordance with market conditions, strictly adhering to the Authorized Investment Regime, without this implying a guaranteed return. Likewise, the prices of the Investment Assets in which Investment Companies invest fluctuate daily, so the value of the investment could be decreased depending on market conditions.

The credit ratings granted to Debt Instruments and Foreign Debt Securities by specialized agencies do not represent a guarantee of payment of initial investments, but only an opinion on the issuer's ability to fulfill said securities.

Registration in the National Securities Registry that is applicable to certain Instruments does not imply certification on the guarantee of returns of the Instrument or the solvency of each issuer. "

b) Write-downs.

The following must be indicated:

" The prices of Investment Assets, as well as the shares representing the paid-up capital of the Investment Companies, may present write-downs derived from fluctuations in financial markets. In the event that there is any non-compliance with the Authorized Investment Regime, these write-downs will be attributable to the Administrators and must be reimbursed from the Administrator's special reserve, and in case this is insufficient, they will be covered from the social capital, in addition to establishing a portfolio reconstruction program for the Investment Companies. This in accordance with what is provided in the General Provisions on Financial Matters of the retirement savings systems and in the General Provisions establishing the investment regime to which Specialized Investment Companies for Retirement Funds must be subject.

On the other hand, when write-downs arise from extraordinary situations in financial markets, and having complied with what is provided in the General Provisions on Financial Matters of the retirement savings systems and the General Provisions establishing the investment regime to which Specialized Investment Companies for Retirement Funds must be subject, neither the Administrator nor the Commission have the obligation to reimburse these write-downs, understanding that these are part of an inherent risk of investments in financial markets.

It will be understood that there is a write-down in the Investment Company's portfolio when the price of the share of said Company at the close of a day is lower than said price on the previous business day. "

c) Inspection and supervision by the Commission

The following must be indicated:

" CONSAR is the competent authority to regulate, inspect and supervise the operation of Investment Companies, as well as the Administrator operating them. "

d) Acceptance of the information prospectus by the worker

The following must be indicated:

" In order to comply with what is provided in article 47 bis, third-to-last paragraph, of the Law, the Administrator operating the Investment Companies will have this information prospectus available in its offices and branches or through the Administrator's Internet page, for registered workers. "

e) Custody of titles

The Financial Intermediaries to whom the Administrator has contracted to deposit the Investment Assets, as well as the shares of the Investment Companies for safekeeping, will be indicated.

f) Rating of Investment Companies

The Administrator may disclose on its Internet page and in the information board of its offices and branches the current credit rating granted to the Investment Companies by a securities rating institution, as well as

its meaning. In such cases, these credit ratings must be modified within a maximum of 10 business days following the date on which they undergo any modification.

g) Inquiries, complaints, and claims

The following must be indicated:

" The National Commission for the Protection and Defense of Financial Services Users (CONDUSEF) has enabled a free public attention service via telephone, from anywhere in the country, to receive inquiries, complaints, and claims regarding irregularities in the operation and provision of services by Administrators, at the phone number (include CONDUSEF phone number). "

h) Organization of the Investment Society (General Manager, Head of the Investment Area, Head of the Risk Area, and Regulatory Compliance Officer of the Administrator of the corresponding Investment Society.)

Position

Name of

Official

Years of

Experience

General Manager

Head of the Investment Area

Head of the Risk Area

Regulatory Compliance Officer

X.- Glossary

---

A glossary must be included with the necessary definitions so that the worker understands the information contained in the Investment Society Information Prospectus, considering at least the following definitions:

I.

National Bonds: Debt instruments placed in the national market, issued by the Federal Government, Bank of Mexico, Private Companies, State Productive Enterprises, federal entities, municipalities, Government of Mexico City, and Parastatal Entities.

II.

ETFs: Investment vehicles known in English as Exchange Traded Funds

III.

Tracking Error:

Deviation of the investment portfolio of the Investment Societies with respect to the Investment Pathway, known in English as Tracking Error, whose methodology is determined by the Risk Analysis Committee;

IV.

Investment Pathway: It is the target allocation of the different Asset Classes corresponding to each age of the Worker, whose objective is the progressive decrease of the investment portfolio's risk, known in English as Glidepath.

ANNEX. Investment Society Information

Corporate Name (Administrator and Investment Society)

Indicate information date

The detail of the investment portfolio of the Total Asset of each Investment Society must be updated and presented to the Commission semi-annually in the months of June and December, with information as of the close of the semester prior to the delivery of the annex (last business day of the months of June and December).

A. DETAIL OF THE INVESTMENT PORTFOLIO OF THE INVESTMENT SOCIETY

I. Fixed Income

I.I Detail by credit rating

Credit

Rating

Exposure (%) 1

AAA

%

AA

%

A

%

BBB

%

BB

%

B to D

%

No ratings

%

1 Indicate the % exposure of Fixed Income assets relative to the Net Asset of the Siefore. The information must be considered at market value excluding Derivatives.

I.III Detail of the Weighted Average Maturity (WAM): WAM 1

Exposure (%) 2

0 to 10 years

%

More than 10 years

%

1

Weighted average maturity of the Investment Society's portfolio.

2

Indicate the % exposure of Fixed Income assets relative to the Net Asset of the Siefore. The information must be considered at market value excluding Derivatives.

I.II Detail by market type:

Type

Exposure (%) 1

National Debt

%

Foreign Debt

Securities

%

1 Indicate the % exposure of Fixed Income assets relative to the Net Asset of the Siefore. The information must be considered at market value excluding Derivatives.

II. Equity

Region 1

Exposure (%) 2

Local

%

International 3

%

Developed

%

Emerging

%

1 Local corresponds to National Equity assets (individual stocks and Trackers).

2 Indicate the % exposure of Fixed Income assets relative to the Net Asset. Exposure through Derivatives at market value must be included.

3 The World Bank classification must be used: https:// datehelpdesk.worldbank.org/knowledgebase/articles/906519

Developed: " high-income economies "

Emerging: " upper-middle and lower-middle income economies "

III. Alternative Instruments

Alternatives

Exposure (%) 1

Instruments

Structured

%

Real Estate

%

Infrastructure

%

Private Equity

%

Credit

%

REITs

%

REIT E

%

Real Estate REITs

%

1 Indicate the % exposure of Structured Instruments relative to the Net Asset of the Siefore. The information must be considered at market value excluding Derivatives.

V. Main Issuers / Administrators of Vehicles

Issuer/Administrator 1

Exposure (%) 2

%

%

%

%

%

Total

1 Indicate the corporate name of the Issuer/Administrator

2 Indicate the % exposure of the Issuer/Administrator relative to the Net Asset of the Siefore.

Exposure through Derivatives at market value must be included for Equity Instruments.

IV. Currencies

Type

Exposure (%) 1

USD

%

EUR

%

GBP

JPY

1 Indicate the % exposure in Currencies relative to the Net Asset of the Siefore. The information must be considered at market value excluding Derivatives.

VI. Deviations of the investment portfolio vs Investment Pathway

Asset Class 1

Investment

Pathway

Investment

Society

Minimum

Deviation

Maximum

Deviation

High liquidity

Instruments 2

Equity Instruments

Foreign Equity

Securities

National Debt

Securities

Foreign Debt

Securities

Structured

Instruments

REITs

Others

1 Indicate the asset classes according to the segregation and composition presented in the Investment Pathway. Maximum and minimum deviations relative to the exposure of the Investment Pathway will be indicated. Exposure through Derivatives at market value must be included.

2 Considers Cash, Debt Instruments issued or guaranteed by the Federal Government and those issued by the Bank of Mexico; with maturity less than or equal to 1 year, Foreign Debt Securities; with maturity less than or equal to 1 year, issued by governments of Countries Eligible for Investments that have a credit rating of at least equivalent to AA+ on a global scale, repo with a one-day term, and Minimum Initial Contributions (MICs) in excess according to Annex N of these Provisions.

B. HISTORICAL PERFORMANCE OF THE INVESTMENT SOCIETY

I. Include a graph showing the annualized gross management return of the Investment Society for the last 10 years. Time periods must be incorporated according to the availability of information from the Investment Society.

a) Annualized gross management return Siefore

c) Real return of the Siefore at 5 and 10 years

Term

Return

5 years

%

10 years

%

b) Annualized gross management return Siefore vs

Investment Pathway

3 years

5 years

10 years

Since

creation

Return

Siefore

Return

Pathway

ANNEX

Prudential risk framework of the Investment Society

The following investment limits or parameters defined by the Financial Risk Committee must be included. This information must be updated annually in accordance with article 178 of these provisions with the entry into force of authorized commissions, or earlier if the Investment Pathway or any limit is modified.

Quarter 1

Asset Class/Risk Factor

1Q-XXXX

2Q-XXXX

3Q-XXXX

4Q-XXXX

1Q-XXXX

ID:

Quarter

in the life

of the

Basic

Society

ID:

Quarter

in the life

of the

Basic

Society

ID:

Quarter

in the life

of the

Basic

Society

ID:

Quarter

in the life

of the

Basic

Society

ID:

Quarter

in the life

of the

Basic

Society

Limits by Asset Class

Structured Instruments

Commodities

REITs and Real Estate Investment Vehicles

Bursatilized Instruments

Equity Components

Foreign Securities

Instruments in Currencies

Debt issued or guaranteed by the Federal Government

Inflation protection 2

Repos

Securities lending

Structures Linked to Underlyings

Risk Parameters

Liquidity Risk

Liquidity Coefficient

Global Liquidity Risk

Provision for exposure in Derivative Instruments

(PID)

... (Include other liquidity parameters authorized by the

Financial Risk Committee) 5

Market Risk

Value at Risk

Value at Risk Differential

Conditional Value at Risk Differential

Tracking error

... (Include other Market Risk parameters

authorized by the Financial Risk Committee) 5

Investment Pathway Deviations 3

Minimum deviation Equity Instruments

Minimum deviation Foreign Equity

Securities

Minimum deviation Debt Instruments

Minimum deviation Foreign Debt

Securities

Minimum deviation Structured Instruments

Minimum deviation REITs

Minimum deviation Others

... (Consider the asset classes defined in the

Investment Pathway)

Interest Coefficient

Instruments of Related Societies

Instrument with Patrimonial Links

Diversification or concentration criteria

Concentration in the same Issuer (Annexes A, F, and J)

Concentration in the same Issuer (Annexes B, G, or K)

Concentration in the same Issuer (Annexes C and H)

Concentration in the same Issuer (Annexes I, D, or E)

Cash deposits (by custodian

Debt of State Productive Enterprises by a

same issuer

Subordinated Debt

Hybrid Debt

Maximum aggregated exposure by Counterparty or Issuer

Maximum exposure by Equity Issuer

Maximum total exposure in individual stocks

Maximum exposure in the same REIT issuance,

REIT-E and Real Estate Investment Vehicles

Maximum exposure of Structured Instruments in

the same issuance

Maximum exposure of Structured Instruments in

the same financed project

Maximum exposure of Structured Instruments in

the same administrator

By concentration with respect to Additional Credit

Assessment

... (Include maximum limits with respect to the Additional

Credit Assessment)

... (Include other additional limits authorized by the

Financial Risk Committee

Mandates

By Asset Class

... (Include investment limits by asset class

authorized)

By Region

... (Include investment limits by region

authorized)

Mutual Funds

Mutual Funds (AUMs of the Mutual Fund)

By Asset Class

... (Include investment limits by Asset Class

authorized)

By Region

... (Include investment limits by region

authorized)

Derivatives

By underlying

... (Include maximum exposure by type of derivative

authorized according to the asset class or factor

underlying)

Maximum total leverage limit of the investment

portfolio 4

Maximum concentration by Counterparty

Other additional limits (e.g.: vega of

Options, Future Potential Exposure (PFE), PCVaR

Derivatives Position, Leverage by Asset Class

or Risk Factor) 5

Other Limits

Other limits authorized by the Financial Risk

Committee 5

1 Indicate the number of the quarters corresponding to the next 5 quarters, starting with the first of the calendar year for the corresponding Basic Investment Society.

2 The minimum limit must be indicated.

3 Indicate the asset classes according to the segregation and composition presented in the Investment Pathway.

Maximum and minimum deviations relative to the exposure of the portfolio with respect to the Investment Pathway will be indicated.

4 Indicate the total leverage measures approved by the Financial Risk Committee.

5 Indicate the additional limits authorized by the Financial Risk Committee to be disclosed in the Information Prospectus in order to inform the worker about the management of the investment portfolio.

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