Resolution modifying general provisions applicable to holding companies of financial groups and sub-holding companies regulating matters under the joint competence of the National Supervisory Commissions



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DOF: 21/12/2021

RESOLUTION modifying the general provisions applicable to the holding companies of financial groups and sub-holding companies that regulate the matters that correspond jointly to the National Supervisory Commissions

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

Finance and Public Credit.- National Banking and Securities Commission.- National Insurance and Surety Commission.

National Savings for Retirement System Commission.

The National Banking and Securities Commission, the National Insurance and Surety Commission, and the National Savings for Retirement System Commission, based on the provisions of Articles 91, 92, 94, 95, and 101 of the Law to Regulate Financial Aggregations; 4, fractions II, VI, XXXVI and XXXVIII, and 16, fraction I of the Law of the National Banking and Securities Commission; 366, fractions II, V, VI, VII and XXXIX, and 372, fractions I, VI, VIII and XLIII of the Law of Insurance and Surety Institutions; 5th, fraction XVI, 11 and 12 fractions I, VIII and XVI of the Law of Savings for Retirement Systems, as well as Article 98 Bis of the Credit Institutions Law, and

CONSIDERING

That in accordance with Article 78 of the General Law for Regulatory Improvement and with the purpose of reducing the compliance cost of this modifying resolution, the National Banking and Securities Commission published on November 1, 2019, in the Official Gazette of the Federation, the General Provisions for the certification of independent external auditors, compliance officers and other professionals in matters of prevention of operations with resources of illicit origin and financing of terrorism, with the purpose of simplifying the requirements of participants in the certification process, eliminating, among others, the obligation of participants to present a special credit report, as one of the requirements accompanying their application for the certificate; likewise, on April 26, 2018, the Resolution modifying the General Provisions applicable to popular savings and credit entities, integration organisms, community financial societies and rural financial integration organisms, referred to in the Popular Savings and Credit Law, was published in the same medium of dissemination, with the object of eliminating, among others, the obligation for financial entities to present a report on illicit conducts or prohibited operations that had been detected by the external auditor.

That the Law to Regulate Financial Aggregations provides the faculty for the National Banking and Securities Commission, the National Insurance and Surety Commission, and the National Savings for Retirement System Commission, jointly, to issue prudential norms in matters of financial information disclosure, as well as rules and accounting criteria to which the holding companies of financial groups, as well as the entities comprising the financial group, must adhere, for the approval, dissemination and content of their financial statements;

That, in this order of ideas, the national supervisory commissions developed accounting criteria for the holding company, the consolidated financial statements of the financial group and the rules for accounting, valuation and disclosure of financial information;

That the developed accounting criteria integrate what is provided in International Financial Reporting Standard 9 "Financial Instruments" (IFRS, in English), adopted by the Mexican Council of Financial Reporting Standards, A.C., which published 10 new Financial Reporting Standards (NIF) that will be applicable to the holding companies of financial groups and to the entities comprising the latter;

That by virtue of the adoption of IFRS 9, the accounting criteria related to 1) Classification and valuation: Applicable to any financial instrument (securities, derivatives, receivables and credit portfolio), having as a central focus that the classification of financial instruments reflects the business model under which they are managed, as well as the characteristics of their cash flows and not the intentionality of the entity; 2) Impairment: The recognition of credit losses no longer depends on the occurrence of a loss event (incurred loss); the Impairment Model requires an expected credit losses model, based on prospective information; and 3) Hedge Accounting: Hedge relationships must be aligned with the entity's risk strategy and focused on the fulfillment of the objectives of said strategy; and

That taking into account the above, it is necessary to modify and include in the General Provisions applicable to the holding companies of financial groups and sub-holding companies that regulate the matters that correspond jointly to the National Supervisory Commissions, published in the Official Gazette of the Federation on June 29, 2018, the aspects indicated in prudential and accounting matters; therefore, it has been resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO THE HOLDING COMPANIES OF FINANCIAL GROUPS AND SUB-HOLDING COMPANIES THAT REGULATE THE MATTERS THAT CORRESPOND JOINTLY TO THE NATIONAL SUPERVISORY COMMISSIONS

SOLE. Articles 2 and 35 are REFORMED; and a Third Title titled "On Accounting, Valuation of Securities and Other Financial Instruments, Financial Information and its Disclosure" is ADDED, which comprises Articles 42 to 67, shifting the subsequent titles in their order and with their articles, to become Fourth Title "Prudential Provisions" which comprises Article 68, and Fifth Title "On the Period for Document Retention" which comprises Article 69; and Annexes 1 and 2, of the General Provisions applicable to the holding companies of financial groups and sub-holding companies that regulate the matters that correspond jointly to the national supervisory commissions, published in the Official Gazette of the Federation dated June 29, 2018, to remain as follows:

" FIRST TITLE and SECOND TITLE . . .

THIRD TITLE

ON ACCOUNTING, VALUATION OF SECURITIES AND OTHER FINANCIAL INSTRUMENTS, FINANCIAL INFORMATION AND ITS DISCLOSURE

First Chapter

On Accounting, Valuation of Securities and Other Financial Instruments, Financial Information and its Disclosure.

First Section

On Accounting Criteria

Second Section

On the Valuation of Securities and Other Financial Instruments

Section A

General Provisions

Section B

On the Hiring of Price Providers

Section C

On Internal Valuation Models

Section D

On the Valuation of Securities and Other Financial Instruments under disordered conditions, high volatility in the markets or whose characteristics present liquidity or valuation problems

Second Chapter

On the financial statements and texts that will be noted in the margin, as well as on the disclosure of financial information.

FOURTH TITLE

PRUDENTIAL PROVISIONS

FIFTH TITLE

ON THE PERIOD FOR DOCUMENT RETENTION

Annex 1

Accounting criteria applicable to holding companies of financial groups and sub-holding companies

Annex 2

Financial Indicators "

" Article 2.- For the purposes of these provisions and in addition to the concepts provided in Article 5th of the Law to Regulate Financial Aggregations, it will be understood, in singular or plural, by:

I.

Independent External Auditor, the public accountant or licensed public accountant who meets the characteristics and requirements contained in the Second Chapter of the Second Title of these provisions, who signs the External Audit Report and other communications required in accordance with Article 16 of these provisions, on behalf of the Firm that provides external audit services contracted by the Holding Company.

II.

Audit Committee, the committee of the Holding Company established by its Board of Directors to develop the audit activities referred to in the Law to Regulate Financial Aggregations.

III.

Board, the board of directors of the Holding Companies constituted in accordance with what is established in the Law to Regulate Financial Aggregations.

IV.

Accounting Criteria, the "Accounting criteria applicable to holding companies of financial groups and sub-holding companies" and which are contained in Annex 1 of these provisions.

V.

Firm, the legal entity whose activity is the provision of Basic Financial Statements audit services, in which Independent External Auditors work.

VI.

Basic Financial Statements, the consolidated basic financial statements and the individual basic financial statements of the Holding Companies.

VII.

Audit Team, that considered as such in terms of the professional ethics code issued by the Mexican Institute of Public Accountants, A.C.

VIII.

External Audit Report, the opinion on Basic Financial Statements or the document prepared by an Independent External Auditor that expresses an opinion on the Basic Financial Statements as a result of an external audit performed in accordance with the ISA.

IX.

ISA, the International Standards on Auditing issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants.

X.

Registry, the National Securities Registry referred to in Chapter II of the Securities Market Law, or any other that replaces it.

Additionally, the terms "associated", "holding" and "subsidiary" used in these provisions, will have the meaning established for that purpose by the Financial Reporting Standards issued by the Mexican Council of Financial Reporting Standards, A.C. "

" Article 35.- The Holding Companies must present to the Supervisory Commission the External Audit Report together with the declaration referred to in Article 31 of these provisions, including the Basic Financial Statements, prepared, approved and signed in accordance with the applicable provisions and their relative notes, as well as the communication referred to in Article 34 of these provisions, no later than within one hundred twenty natural days following the closing of the respective fiscal year. "

" THIRD TITLE

ON ACCOUNTING, VALUATION OF SECURITIES AND OTHER FINANCIAL INSTRUMENTS, FINANCIAL INFORMATION AND ITS DISCLOSURE

First Chapter

On the Accounting of the Valuation of Securities and other financial instruments, financial information and its disclosure

First Section

On Accounting Criteria

Article 42.- The Holding Companies of financial groups and Sub-holding companies, will adhere to the Accounting Criteria referred to in the provisions of this chapter.

Article 43.- The "Accounting criteria applicable to holding companies of financial groups and sub-holding companies" attached to these provisions as Annex 1, are divided into the series and criteria indicated below:

Series A

Criteria related to the general scheme of accounting for holding companies of financial groups and sub-holding companies

A-1.

Basic scheme of the set of accounting criteria applicable to holding companies of financial groups and sub-holding companies.

A-2.

Application of particular standards.

A-3.

Application of general standards.

A-4.

Supplementary application to accounting criteria.

Series B

Criteria related to the concepts that integrate the financial statements

B-1.

Cash and cash equivalents.

B-2.

Repos.

Series D

Criteria related to the basic financial statements

D-1.

Statement of financial position.

D-2.

Statement of comprehensive income.

D-3.

Statement of changes in equity.

D-4.

Statement of cash flows.

Article 44.- In case there are systemic conditions that could affect the solvency or stability of more than one Holding Company or Sub-holding company, the Supervisory Commission may issue special accounting criteria.

Likewise, the Supervisory Commission may authorize Holding Companies or Sub-holding companies, that carry out financial rehabilitation or corporate restructuring processes, special accounting records that ensure their adequate solvency or stability.

The Holding Companies and Sub-holding companies will disclose, in the explanatory notes to their financial statements and in the public communications of financial information, the following:

I.

That they have authorization from the Supervisory Commission to apply the special accounting record in question, by being in a financial rehabilitation or corporate restructuring process, or with a special accounting criterion in terms of what is provided in the first paragraph of this article, specifying the period for which they have authorization to apply said record or criterion.

II.

A broad explanation of the special accounting criteria or records applied, as well as those that should have been made in accordance with the Accounting Criteria.

III.

The amounts that would have been recorded and presented, both in the statement of financial position and in the statement of comprehensive income, had they not had the authorization to apply the special accounting criterion or record.

IV.

A detailed explanation on the concepts and amounts for which the accounting effect was made.

V.

In its case, the impact that the application of said special accounting records and criteria generates in their solvency and liquidity indicators.

Regarding the annual financial statements, such disclosure must be made through a specific note.

The Supervisory Commission may revoke the special criteria or records referred to in this article, when the Holding Companies or Sub-holding companies do not comply with the disclosure requirements indicated above and, in its case, with the specifications in the application of the authorized special accounting criterion or record.

Second Section

On the Valuation of Securities and Other Financial Instruments

Section A

General Provisions

Article 45.- The provisions provided in this section have the object of establishing the requirements that the Holding Companies and Sub-holding companies must follow in matters of valuation of Securities and other financial instruments that form part of their statement of financial position.

Article 46 .- For the purposes of this Section, it will be understood by:

I.

Input Data, the information used to fix the price of Securities and other financial instruments.

II.

Observable Input Data, the data available in the market, such as public information on events, facts, real transactions or reference rates that are reflected in the price of Securities and other financial instruments.

III.

Internal Valuation Model, the mathematical procedure developed to determine the Updated Price for Valuation of Securities and other financial instruments. In no case can an Internal Valuation Model be used to determine the Updated Price for Valuation of the financial instruments indicated in Article 8, second paragraph of these provisions.

IV.

Updated Price for Valuation, the market or theoretical price obtained, based on algorithms, technical and statistical criteria, for each of the Securities and other financial instruments, contained in a methodology developed by a Price Provider or in an Internal Valuation Model developed by the Holding Company.

V.

Price Provider, the legal entity authorized by the National Banking and Securities Commission to operate with such character, in terms of the Securities Market Law.

VI.

Direct Vector Valuation, the procedure of multiplying the number of titles or contracts in position by the Updated Price for Valuation provided by a Price Provider.

VII.

Securities, those considered as such by the Securities Market Law.

Article 47.- The Holding Companies and Sub-holding companies must apply Direct Vector Valuation on the Securities and other financial instruments that, in accordance with their investment regime and the applicable provisions, may form part of their statement of financial position.

The Holding Companies and Sub-holding companies may use Internal Valuation Models to obtain the Updated Price for Valuation, provided that they adhere to what is established in these provisions and that it is not about Securities registered in the Registry, or authorized, registered or recognized in terms of the General Provisions applicable to international quotation systems, published in the Official Gazette of the Federation on December 22, 2016 or those that replace them.

For the financial instruments indicated in the previous paragraph, the Holding Companies and Sub-holding companies must consider the Updated Price for Valuation provided by the Price Provider they have contracted.

Article 48.- The Holding Companies and Sub-holding companies will recognize the Updated Prices for Valuation on a daily basis in their accounting for the determination of the fair value of the Securities and other financial instruments that constitute their statement of financial position, considering the Updated Price for Valuation calculated daily by a Price Provider or the calculated through Internal Valuation Models when applicable in terms of these provisions.

Section B

On the Hiring of Price Providers

Article 49.- The board of directors of the Holding Companies must approve the hiring of a single Price Provider for the purposes of this Section.

Regarding entities that are part of a Financial Group, the Price Provider must be the same for all entities comprising the group. This without prejudice to the fact that the Price Provider used by the retirement fund administrators with respect to the investment companies specialized in retirement funds that they manage and the operating companies of investment funds with respect to the investment funds to which they provide their services, may be different from that contracted for the financial entities that are part of said group.

Article 50.- The Holding Companies must notify in writing to the Supervisory Commission through free format, and within ten business days following the celebration of the respective contract, the name of the Price Provider they hire, attaching a copy of the service contract.

In case of substitution of the Price Provider, the notification referred to in the previous paragraph must be made thirty natural days in advance of the hiring in question.

Article 51 .- The Holding Companies must request from their Price Provider the necessary information to comply with the disclosure requirements on the determination of the Updated Price for Valuation, contained in the Accounting Criteria.

Section C

On Internal Valuation Models

Article 52 .- When the Holding Companies and Sub-holding companies prepare financial statements containing information on Securities and other financial instruments, whose Updated Price for Valuation has been determined through the application of Internal Valuation Models, they will adhere to the following:

I.

The board of directors must approve:

a)

The Internal Valuation Models and their modifications, which must be homogeneous and consistent for all financial entities comprising the Financial Group.

b)

The methods of estimation of the variables used in the Internal Valuation Models, which are not provided directly by the contracted Price Provider.

c)

The Securities and other financial instruments, to which the Internal Valuation Models are applicable.

II.

In the Internal Valuation Models, the Holding Company or Sub-holding company will use the information related to interest rates, exchange rates, volatilities and other inputs provided, in its case, by its Price Provider, regardless of their characteristics. When the Price Provider does not emit said information, information emitted by different sources may be used, documenting the policies for its obtaining, as well as privileging the use of Observable Input Data.

III.

Maintain a record in which the Updated Price for Valuation calculated for each of the Securities and other financial instruments, and the information used to make said calculation, is entered daily. The information referred to in this fraction, must be preserved for a period of five years by the Holding Company or Sub-holding company.

IV.

The Board of Directors of the Holding Company or Sub-holding company must be informed about the possible uncertainties involved in the valuation of positions with Internal Valuation Models within the measurement of risks and business performance.

V.

The persons or units responsible for the development of the Internal Valuation Models must be independent of those in charge of carrying out the reviews and validations referred to in fraction VI of this article.

VI.

Review and validate their Internal Valuation Models prior to the approval referred to in fraction I of this article, as well as carry out said review and validation periodically of the Internal Valuation Models, in order to verify that they remain accurate and adequate, including for this purpose the periodic review of the validity and adequacy of the interest rates, exchange rates, volatilities and other reference inputs used by said models and provided by the Price Provider. The referred review and validation will be carried out by qualified units independent of the business units, which may be the internal audit area or its equivalent.

The information indicated in the previous fraction I, must be delivered through format images

digital, or on optical or magnetic media, to the Supervisory Commission within thirty natural days following their approval, with the exception of Internal Valuation Models, which must be delivered to the Supervisory Commission within two days following their approval.

The Supervisory Commission shall have the power of veto regarding Internal Valuation Models, as well as their modifications to the models themselves or to the inputs used to determine the Updated Valuation Price, within a period of ten business days counted from the date of receipt of the information referred to in the preceding paragraph. Likewise, the information referred to in this article must be duly documented and made available to the Supervisory Commission when it so requests.

Article 53.- Holding Companies and Sub-holding Companies must establish and maintain adequate systems and controls to demonstrate that their valuations are prudent and reliable, as well as document the policies and procedures used in the valuation of their positions, including within the aforementioned documentation, at least the following:

I.

The responsibilities of the various areas involved in the valuation process, which must be clearly defined and stipulated.

II.

The guidelines for the use of estimation methodologies for variables that are not provided directly by the Price Provider of the Holding Company or Sub-holding Company referred to in Article 52, fraction I, subsection b) of these provisions.

III.

The time at which the closing price of the positions is determined.

IV.

Any verification procedure contained in this Section.

Article 54.- The audit committee of the Holding Company or Sub-holding Company must carry out periodic and systematic reviews in accordance with its annual work program, which allow verifying compliance with what is established in this Section.

Second Chapter

Of the financial statements and texts to be annotated at the foot, as well as of the disclosure of financial information

Article 55.- Holding Companies must prepare their basic individual and consolidated financial statements in accordance with the Accounting Criteria referred to in these provisions.

The basic individual and consolidated financial statements shall be expressed in millions of pesos, which shall be indicated in the header of these.

Article 56.- Holding Companies, in the presentation of their individual financial statements, will include prominently the mention that these are non-consolidated financial statements. Likewise, they must annotate at the foot of the basic individual financial statements, the following statements:

I.

Statement of Financial Position:

" This non-consolidated statement of financial position was prepared in accordance with the accounting criteria for holding companies and sub-holding companies, issued by the Supervisory Commissions, based on what is provided in Articles 91, 92, 94 and 101 of the Law to Regulate Financial Groups, of general and mandatory observance, applied consistently, reflecting the operations carried out by the Holding Company up to the aforementioned date, which were carried out and valued in compliance with sound practices and applicable legal and administrative provisions.

This non-consolidated statement of financial position was approved by the board of directors under the responsibility of the executives who sign it. "

II.

Statement of Comprehensive Income:

" This non-consolidated statement of comprehensive income was prepared in accordance with the accounting criteria for holding companies and sub-holding companies, issued by the Supervisory Commissions, based on what is provided in Articles 91, 92, 94 and 101 of the Law to Regulate Financial Groups, of general and mandatory observance, applied consistently, reflecting all income and expenses derived from the operations carried out by the Holding Company, during the aforementioned period, which were carried out and valued in compliance with sound practices and applicable legal and administrative provisions.

This non-consolidated statement of comprehensive income was approved by the board of directors under the responsibility of the executives who sign it. "

III.

Statement of Changes in Equity:

" This non-consolidated statement of changes in equity was prepared in accordance with the accounting criteria for holding companies and sub-holding companies, issued by the Supervisory Commissions, based on what is provided in Articles 91, 92, 94 and 101 of the Law to Regulate Financial Groups, of general and mandatory observance, applied consistently, reflecting all movements in the equity accounts derived from the operations carried out by the Holding Company, during the aforementioned period, which were carried out and valued in compliance with sound practices and applicable legal and administrative provisions.

This non-consolidated statement of changes in equity was approved by the board of directors under the responsibility of the executives who sign it. "

IV.

Statement of Cash Flows:

" This non-consolidated statement of cash flows was prepared in accordance with the accounting criteria for holding companies and sub-holding companies, issued by the Supervisory Commissions, based on what is provided in Articles 91, 92, 94 and 101 of the Law to Regulate Financial Groups, of general and mandatory observance, applied consistently, reflecting the cash inflows and cash outflows derived from the operations carried out by the Holding Company, during the aforementioned period, which were carried out and valued in compliance with sound practices and applicable legal and administrative provisions.

This non-consolidated statement of cash flows was approved by the board of directors under the responsibility of the executives who sign it. "

Article 57.- Holding Companies will annotate at the foot of the basic consolidated financial statements of the Financial Group, the following statements:

I.

Statement of Financial Position:

" This consolidated statement of financial position was prepared in accordance with the accounting criteria for holding companies and sub-holding companies, issued by the Supervisory Commissions, based on what is provided in Articles 91, 92, 94 and 101 of the Law to Regulate Financial Groups, of general and mandatory observance, applied consistently, reflecting the operations carried out by the Holding Company and the financial entities and other companies that are part of the Financial Group that are susceptible to consolidation up to the aforementioned date, which were carried out and valued in compliance with sound practices and applicable legal and administrative provisions.

This consolidated statement of financial position was approved by the board of directors under the responsibility of the executives who sign it. "

II.

Statement of Comprehensive Income:

" This consolidated statement of comprehensive income was prepared in accordance with the accounting criteria for holding companies and sub-holding companies, issued by the Supervisory Commissions, based on what is provided in Articles 91, 92, 94 and 101 of the Law to Regulate Financial Groups, of general and mandatory observance, applied consistently, reflecting all income and expenses derived from the operations carried out by the Holding Company and the financial entities and other companies that are part of the Financial Group that are susceptible to consolidation, during the aforementioned period, which were carried out and valued in compliance with sound practices and applicable legal and administrative provisions.

This consolidated statement of comprehensive income was approved by the board of directors under the responsibility of the executives who sign it. "

III.

Statement of Changes in Equity:

" This consolidated statement of changes in equity was prepared in accordance with the accounting criteria for holding companies and sub-holding companies, issued by the Supervisory Commissions, based on what is provided in Articles 91, 92, 94 and 101 of the Law to Regulate Financial Groups, of general and mandatory observance, applied consistently, reflecting all movements in the equity accounts derived from the operations carried out by the Holding Company and the financial entities and other companies that are part of the Financial Group that are susceptible to consolidation, during the aforementioned period, which were carried out and valued in compliance with sound practices and applicable legal and administrative provisions.

This consolidated statement of changes in equity was approved by the board of directors under the responsibility of the executives who sign it. "

IV.

Statement of Cash Flows:

" This consolidated statement of cash flows was prepared in accordance with the accounting criteria for holding companies and sub-holding companies, issued by the Supervisory Commissions, based on what is provided in Articles 91, 92, 94 and 101 of the Law to Regulate Financial Groups, of general and mandatory observance, applied consistently, reflecting the cash inflows and cash outflows derived from the operations carried out by the Holding Company and the financial entities and other companies that are part of the Financial Group that are susceptible to consolidation, during the aforementioned period, which were carried out and valued in compliance with sound practices and applicable legal and administrative provisions.

This consolidated statement of cash flows was approved by the board of directors under the responsibility of the executives who sign it. "

Article 58.- Holding Companies will include explanatory notes to the basic individual and consolidated financial statements the facts and data that are considered relevant in accordance with their accounting criteria, expressing such circumstance at the foot of these with the following statement: " The accompanying explanatory notes form an integral part of this financial statement " .

Likewise, Holding Companies will annotate at the foot of the basic individual and consolidated financial statements of the Financial Group referred to in this article, the Internet page corresponding to the Holding Company, also indicating the link through which one can directly access the financial information referred to in Articles 62, 63, 64, 65 and 66 of these provisions, as well as the Internet site of the Supervisory Commission where such financial information can be consulted, in compliance with the general provisions issued for such effect by each Supervisory Commission.

Article 59.- The basic individual financial statements of the Holding Company, as well as the basic consolidated financial statements of the Financial Group with figures for March, June and September, must be presented for approval by the board of directors within the month immediately following the date they correspond to, accompanied by the necessary supporting complementary documentation, so that it has sufficient elements to know and evaluate the most important operations determining the fundamental changes occurred during the corresponding period.

Regarding the basic individual financial statements of the Holding Company, as well as the basic consolidated annual financial statements of the Financial Group, they must be presented to the aforementioned administrative body within one hundred twenty natural days following the closing of the respective fiscal year.

Article 60.- The basic individual financial statements of the Holding Company, as well as the basic consolidated financial statements of the Financial Group quarterly and annual, must be signed, at least, by the general manager, the chief accountant, the financial controller and the internal auditor, or their equivalents.

Article 61.- Holding Companies must disseminate through their Internet page, the audited basic consolidated annual financial statements of the Financial Group with figures for the month of December of each year, including their notes, and the external audit report carried out by the Independent External Auditor, as well as the basic annual individual financial statements of the Holding Company, within one hundred twenty natural days following the closing of the respective fiscal year.

Additionally, the Holding Company must disseminate jointly with the aforementioned information, regarding consolidated financial statements, the following:

I.

A report with the comments and analysis of management on the operating results and financial situation of the Financial Group, as well as all information that facilitates the analysis and understanding of the important changes occurred in the operating results and in the financial situation of the Financial Group.

The aforementioned report must be signed by the general manager, the chief accountant, the financial controller and the internal auditor, or their equivalents, in their respective competencies, including at the foot the following legend:

" We, the undersigned, declare under oath that, within the scope of our respective functions, we prepared the information regarding the Financial Group contained in this annual report, which, to the best of our knowledge and belief, reasonably reflects its financial situation, its operating results, its changes in equity and its cash flows " .

The information that must be included in said report is complementary to that which appears expressly in the basic consolidated financial statements of the Financial Group, so it is not only necessary to mention the growth or decrease of the different items that make up the basic consolidated financial statements, but the reason for these movements, as well as those events known by management that could cause the disseminated information not to reflect the financial situation, the operating results, the changes in equity and cash flows of the Financial Group.

Likewise, the report must identify any known trend, commitment or event that could significantly affect the liquidity of the Financial Group, its operating results or its financial situation, such as changes in market share, incorporation of new competitors, regulatory modifications, launch or change in products, among others.

The recent behavior in the following concepts will also be identified: interest, premiums, claims, commissions and fees, intermediation result, administrative expenses and promotion or marketing expenses.

The analysis and comments on the financial information must refer to the topics listed below, which are applicable to the Financial Group, according to the financial entities that integrate it:

a)

The operating results, explaining, if applicable, the significant changes in:

The returns generated by the credit portfolio and premiums and interest from other financial operations.

Commissions derived from the granting of loans and credit lines.

Premiums, interest and fees derived from deposits and from bank loans and from other entities, including those related to financial instruments with characteristics of liability and equity, as well as those related to repos and securities lending.

Risks assumed by the issuance of insurance and surety bonds, with respect to the operations and lines authorized for those operations that have been canceled, exposing the corresponding reasons.

Claim frequency and claims, as well as the compliance of reinsurers and surety guarantors in their participation.

Commissions on their account for loans received or debt placement.

Commissions and fees generated by the provision of services, including administration and operation services for institutional investors.

Costs derived from the placement of insurance policies and surety bonds.

Transfer of risks through reinsurance and surety contracts.

The result from fair value valuation of investments in financial instruments, financial derivatives, as well as Virtual Assets, collateral sold by repos, securities lending, foreign exchange and coinage precious metals.

Cash settlements corresponding to premiums generated by securities lending operations.

The result from the sale and purchase of investments in financial instruments, financial derivatives, Virtual Assets, foreign exchange, coinage precious metals and received collateral.

Interest income, indicating to what extent fluctuations in these are attributable to changes in interest rates, or rather, to variations in the volume of operations.

The main items that, with respect to the net result of the reference period, make up the items of other income (expenses) of the operation.

Income taxes incurred, as well as an explanation about the effects of deferred income taxes that, if any, have been generated or materialized during the period.

Amount and type of collateral delivered and received for operations with financial derivatives.

The changes referred to in this subsection a) must be those corresponding to the last annual fiscal year. A general explanation of the evolution shown by the listed concepts, in the last three fiscal years and the factors that have influenced their changes, must also be included.

b)

The financial situation, liquidity and capital resources, providing information related to:

The description of internal and external sources of liquidity, as well as a brief description of any other important source of resources not yet used.

The dividend payment policy or reinvestment of profits that the Financial Group intends to follow in the future.

The policies governing the treasury of the predominant entity of the Financial Group.

Credits or tax debts that the entities forming part of the Financial Group maintain at the last fiscal year, indicating if they are up to date in their payment.

Relevant capital investments that were committed at the end of the last fiscal year, as well as the detail associated with said investments and the source of financing necessary to carry them out.

Contingencies derived from defaults by reinsurers and surety guarantors.

To the extent considered relevant, the Holding Company must explain the changes occurred in the main items of the consolidated statement of financial position of the last fiscal year, as well as a general explanation of their evolution in the last three fiscal years. In this sense, at least the indicators indicated in Annex 2 of these provisions must be used for a better understanding of the changes in the financial situation.

c)

Internal control. A brief description of the internal control system and the body or officials responsible for establishing it must be disclosed regarding the Holding Company and the predominant entity of the Financial Group. Internal control is understood as the system that provides reasonable assurance that transactions are carried out and recorded in accordance with what is established by management, as well as with the general guidelines, criteria and financial information standards applicable.

II.

Name of the Business Group or Consortium to which the Holding Company or any of the entities of the Financial Group belongs, as well as the main transactions, exposures and risk concentrations between the entities forming part of the Financial Group with the rest of the members of the Business Group or Consortium, or with institutional investors with whom there might be a relationship or some patrimonial link. In these notes, the cases in which the aforementioned transactions and exposures may substantially affect the solvency, liquidity or profitability of the Financial Group must be detailed.

III.

The composition of the board of directors, identifying the independent and non-independent directors in terms of Article 34 of the Law, as well as those who hold their character as owner or substitute. Likewise, it must include the professional profile and work experience of each of the members who make up said board.

IV.

The total amount that together represent the compensations and benefits of any type, received from the Holding Company and the entities forming part of the Financial Group during the last fiscal year, by the people who make up the board of directors, the relevant executives and the main officials of each of them.

V.

The description of the type of compensations and benefits that together receive, from the Holding Company and the entities forming part of the Financial Group, the people mentioned in the previous subsection. If part of the compensation is paid through bonds or share delivery plans, a brief description of said plans must be provided. Likewise, the total amount planned or accumulated by the Holding Company and the entities forming part of the Financial Group, for pension, retirement or similar plans, for the people indicated, must be indicated.

Article 62.- Holding Companies must disseminate through their Internet page, the basic consolidated financial statements of the Financial Group at interim dates with figures for March, June and September, within the month immediately following their date, including their notes, which, according to the

relative importance as a characteristic associated with the relevance referred to in Financial Information Standard A-4 "Qualitative characteristics of financial statements" or the one that replaces it, issued by the Mexican Council for Financial Information Standards, A.C., must at minimum contain the following information, whenever applicable to the Financial Group, in accordance with the financial entities that comprise it:

I.

The nature and amount of items in the consolidated statement of financial position and the consolidated statement of comprehensive income that have substantially modified their structure and have produced significant changes in the financial information of the interim period.

II.

The main characteristics of the issuance or amortization of long-term debt, carried out during the interim period being reported.

III.

Increases or reductions in capital and payment of dividends.

IV.

Subsequent events that have not been reflected in the issuance of financial information at interim dates, which have produced a substantial impact.

V.

The shareholding of the Holding Company by subsidiary, expressed in nominal terms and as a percentage of the total.

VI.

Identification of the portfolio by credit risk stages, as well as by type of credit and by type of currency.

VII.

Average interest rates for traditional deposits and for bank loans and those from other entities, identified by type of currency, terms, and guarantees. Likewise, significant changes in the main credit lines must be included within the notes, even if these have not been exercised.

VIII.

Movements in the portfolio with credit risk stage 3 from one period to another, which must contain at least the restructurings, debt forgiveness, write-offs, transfers to and from the portfolio with credit risk stage 1 and stage 2.

IX.

Amount of investments in financial instruments, according to the business model of each entity, as well as of the Securities that are restricted as collateral for repurchase agreements, operations with financial derivative instruments, and securities lending, by generic type of issuer.

X.

Amount, type, and quantity of Virtual Assets, as well as a brief description of the determination of their fair value and their accounting effect.

XI.

Reclassifications between categories of investments in financial instruments, as well as a description of the changes in the business model that gave rise to such reclassifications.

XII.

Notional amounts of financial derivative instruments by type of instrument, counterparty, and underlying.

XIII.

Results from valuation and, where applicable, from buying and selling, recognized in the reference period, classifying them according to the type of operation that gave rise to them, such as investments in financial instruments, repurchase agreements, securities lending, and financial derivative instruments, among others.

XIV.

Amount and origin of the main items that, with respect to the net result of the reference period, comprise the items of other income (expenses) from operations.

XV.

Amount of deferred income taxes and of deferred employee participation in profits according to their origin.

XVI.

The information required in Financial Information Standard C-13 "Related parties".

XVII.

Capitalization index corresponding to the entities comprising the Financial Group, which, in accordance with the regulation, are required to have it, identifying, where applicable, assets weighted by credit, market, and operational risk.

XVIII.

The amount of the net capital of the Holding Company determined in terms of Article 50 of the General Rules for Financial Groups issued by the Secretariat, indicating the amount of the unconsolidated accounting capital of the Holding Company, the amount of financial instruments that do not qualify as capital recognized in liabilities, as well as the liabilities other than these considered for the calculation of net capital.

XIX.

The modifications made to the policies, practices, and criteria of accounting in accordance with which the basic consolidated financial statements were prepared. In case of relevant changes in the application of such accounting policies, practices, and criteria, the reasons and their impact must be disclosed.

Additionally, the Holding Companies must jointly disseminate, with the basic consolidated financial statements of the Financial Group referred to in this article, what is provided for in Article 61, fractions I and II of these provisions.

Likewise, they must disseminate with the aforementioned basic consolidated financial statements of the Financial Group quarterly what is provided for in Article 61, fractions III to V of these provisions, only when there are relevant modifications to the information required in these.

The Holding Companies must prepare a quarterly report with management comments and analysis on the operating results and financial situation of the Financial Group, which will be an update of the annual report referred to in Article 61, fraction I of these provisions. This report must compare the figures of the quarter in question, at least with those of the immediately preceding quarter, as well as with those of the same quarter of the immediately preceding fiscal year, except for the statement of financial position, in which case the comparison must be made between the figures of the interim period in question and those of the immediately preceding annual closing. Likewise, the information required in Article 61, fraction I, subsection c) of these provisions, regarding internal control, must be incorporated only when there are relevant modifications in the aforementioned information.

The report mentioned in the previous paragraph must be signed by the same officials referred to in Article 61, fraction I of these provisions and include at the bottom the legend referred to in that fraction.

Article 63.- The Holding Companies, in the dissemination of the information referred to in Articles 61 and 62 of these provisions, must accompany:

I.

The disclosure of the information that the Supervisory Commission has requested, in the issuance or authorization, where applicable, of special accounting criteria or records based on the Accounting Criteria, as well as the other information that the Supervisory Commission itself determines when it considers it relevant, in accordance with said Accounting Criteria.

II.

The detailed explanation of the main differences between the accounting treatment applied for the preparation of the financial statements referred to in Article 59 of these provisions, and the one used for the determination of the figures regarding the same concepts that, where applicable, are reported by the Holding Companies of Financial Groups that are subsidiaries of financial institutions abroad that control them, as well as the effect of each of these differences on the net result of the subsidiary Holding Company.

III.

The category in which the Holding Company has been classified by the Secretariat, its modifications, and the date to which the capitalization index used to carry out the classification corresponds, in accordance with the Rules.

IV.

The financial indicators contained in Annex 2 of these provisions.

For the purposes of what is provided in this fraction, the financial indicators disseminated together with the annual information referred to in Article 61 of these provisions must contain the corresponding to the current year and the immediately preceding one; regarding the financial indicators disseminated together with the quarterly information referred to in Article 62 of these provisions, these must contain the corresponding to the current quarter, comparative with the last four quarters.

V.

The other information that the Supervisory Commission determines when it considers it relevant, in the exercise of its Supervision duties.

Article 64.- The Holding Companies, in addition to what is provided by Article 62 of these provisions, are obligated to disseminate through their Internet page the following:

I.

Within five business days following the celebration of the assembly in question, a summary of the agreements adopted in the assemblies of shareholders, bondholders, or holders of other Securities that have been issued by the Holding Company. When the discussion, approval, or modification of the administrator's report referred to in Article 172 of the General Law of Mercantile Societies is included in the agenda of the corresponding shareholders' assembly, it must include the description of the application of profits and, where applicable, of the declared dividend, the coupon number or coupons against which it will be paid, as well as the place and date of payment. Such summary must be maintained on the said page, until such time as it is disseminated, in terms of this fraction, the summary of the agreements adopted in the immediately following assemblies of shareholders, bondholders, or holders of other Securities, as applicable.

II.

Permanently, the current corporate bylaws corresponding to the Holding Company, as well as the agreement referred to in Article 119 of the Law.

Article 65.- In the event that the Holding Company and the financial entities comprising the Financial Group decide to make public, through their respective Internet pages, any type of information that, in accordance with applicable provisions, they are not obligated to disclose, the analytical detail of the methodological bases must be accompanied, allowing for a clear understanding of said information, thus facilitating its adequate interpretation.

The Holding Companies must incorporate into their Internet page a link to the basic consolidated financial statements of each of the financial entities that are part of the Financial Group, as well as to the information that, in accordance with applicable legal provisions, they are obligated to disseminate, which constitutes an integral part of the information referred to in this article.

The Holding Companies, when disseminating through the Internet page the information referred to in Articles 61, 62, and 63 of these provisions, as well as in the first paragraph of this article, must maintain it on said dissemination medium, at least for the five quarters following its date for the case of information published quarterly and for 3 years following its date for annual information.

The term for which the information referred to in the previous paragraph and Article 64 must be maintained will be independent of the term that, in terms of applicable legal provisions, the Holding Companies must observe.

Article 66.- The Holding Companies may disseminate on their Internet page the unaudited consolidated statement of financial position and the consolidated statement of comprehensive income, provided that they have been approved by the board of directors and this circumstance is specified in the notes. Such disclosure may be made until such time as the audited financial statements referred to in Article 61 of these provisions are available.

In addition to what is stated in the previous paragraph, the Holding Companies must include the certificates referred to in Article 57 of these provisions.

Article 67.- The Supervisory Commission may order corrections to the basic individual financial statements of the Holding Company and the consolidated financial statements of the Financial Group, in the event that there are facts or omissions that are considered relevant in accordance with the Accounting Criteria.

The basic individual financial statements of the Holding Company, as well as the consolidated financial statements of the Financial Group, regarding which the Supervisory Commission orders corrections and which have already been published or disseminated, must be republished or disseminated through the same medium, with the pertinent modifications, within five business days following the notification of the corresponding resolution, indicating the corrections made, their impact on the figures of the basic individual financial statements of the Holding Company and the consolidated financial statements of the Financial Group, and the reasons that motivated them.

FOURTH TITLE

PRUDENTIAL PROVISIONS

Article 68.- The Holding Companies must document in manuals, previously approved by their board of directors, the policies, objectives, and guidelines regarding the following matters:

I.

Establishment of general strategies for the management, direction, and execution of the businesses of the Financial Group.

II.

Internal control.

III.

Comprehensive risk management.

IV.

Internal audit and contracting of external audit services and, where applicable, additional or complementary services to these.

V.

Accounting.

VI.

Supervision of the financial entities that are part of the Financial Group to ensure they have updated manuals of policies and procedures related to the operations of their purpose.

VII.

Detection and correction of relevant irregularities, as well as the implementation of corresponding corrective measures within the Financial Group.

The aforementioned manuals must consider the functioning of the Financial Group as a single economic unit and must be consistent with those established by the financial entities that comprise it. Likewise, the aforementioned manuals must be made known to the directors, executives, employees, and staff of the Holding Companies.

FIFTH TITLE

ON THE RETENTION PERIOD OF DOCUMENTS

Article 69.- The Holding Companies are obligated to preserve the original of the books, records, and documentation related to their operations and those related to their accounting, notwithstanding having used microfilming, recording, or any other means authorized for such effect by the corresponding Supervisory Commission, in the cases of express exception to what is provided in Article 93 of the Law to Regulate Financial Aggregations, that federal legislation or the Supervisory Commission itself through general provisions determines and for the term that, where applicable, the same establish.

The Holding Companies may not destroy, even if they have been microfilmed or recorded on optical discs, or in any other medium that authorizes their respective Supervisory Commission, the originals of public documents related to their accounting, the constitutive deed and its modifications, the minutes of general assemblies of shareholders, the sessions of the Council and its committees, the minutes of issuance of securities, the financial statements, the supporting documentation for said financial statements, the Opinion of the Independent External Auditor, as well as that which supports the ownership of own or third-party assets whose original is under their custody. In all cases, such information must be preserved during the terms established by the legal provisions in commercial and tax matters applicable.

Likewise, documents of historical value that, where applicable, correspond to the Holding Company or that it maintains in custody, may not be destroyed either.

TRANSITIONAL PROVISIONS

FIRST.- This Resolution will enter into force on January 1, 2022.

SECOND.- The Holding Companies, in the application of the Accounting Criteria contained in Annex 1 of these provisions, may recognize on the date of entry into force established in the preceding First Transitional Article, the accumulated effect of the accounting changes derived from this Resolution. In all cases, the Holding Companies must disclose, in notes to the financial statements, the main changes in accounting regulations that affect or could significantly affect their financial statements, as well as the adoption mechanism and the adjustments carried out for the determination of the initial effects of the application of the accounting criteria contained in this Resolution.

THIRD.- The quarterly and annual basic consolidated financial statements that are required from the Holding Companies in accordance with these provisions, corresponding to the period ended December 31, 2022, shall not be presented comparatively with each quarter of the 2021 fiscal year and for the period ended December 31, 2021.

FOURTH.- The effects derived from the application of the accounting criteria modified by this Resolution must be recognized by making the corresponding adjustments in the accounting capital within the result of previous exercises.

Respectfully,

Mexico City, October 15, 2021.- President of the National Banking and Securities Commission, Juan Pablo Graf Noriega.- Signature.- President of the National Insurance and Bond Commission, Ricardo Ernesto Ochoa Rodríguez.- Signature.- President of the National Retirement Savings System Commission, Dr. Iván Hilmardel Pliego Moreno.- Signature.

Annex 1

Content

Series A

Criteria related to the general scheme of accounting for holding companies of financial groups and sub-holding companies.

A-1.

Basic scheme of the set of accounting criteria applicable to holding companies of financial groups and sub-holding companies.

A-2.

Application of particular standards.

A-3.

Application of general standards.

A-4.

Supplementary application to accounting criteria.

Series B

Criteria related to the concepts that make up the financial statements.

B-1.

Cash and Cash Equivalents.

B-2.

Repurchase Agreements.

Series D

Criteria related to the basic financial statements.

D-1.

Statement of Financial Position.

D-2.

Statement of Comprehensive Income.

D-3.

Statement of Changes in Equity.

D-4.

Statement of Cash Flows.

A-1 BASIC SCHEME OF THE SET OF ACCOUNTING CRITERIA APPLICABLE TO HOLDING COMPANIES OF FINANCIAL GROUPS AND SUB-HOLDING COMPANIES

Objective

This criterion aims to define the basic scheme of the set of accounting guidelines applicable to holding companies of financial groups, sub-holding companies, or the Financial Group, when such clarification is made in the corresponding criteria.

Concepts that make up the basic structure of accounting in entities

1

The accounting of holding companies of financial groups and sub-holding companies will adhere to the basic structure that, for the application of Financial Information Standards (NIF), was defined by the Mexican Council for Financial Information Standards, A.C. (CINIF), in NIF A-1 "Structure of financial information standards".

2

In virtue of this, holding companies of financial groups and sub-holding companies will consider in the first instance the standards contained in NIF Series A "Conceptual Framework", as well as what is established in criterion A-4 "Supplementary application to accounting criteria".

3

Thus, holding companies of financial groups and sub-holding companies will observe the accounting guidelines of the NIF, except when, in the judgment of the National Banking and Securities Commission, the National Insurance and Bond Commission, and the Commission for the Retirement Savings System (Supervisory Commissions), it is necessary to apply specific regulation or a specific accounting criterion.

4

The regulation of the Supervisory Commissions referred to in the previous paragraph will be at the level of recognition, valuation, presentation, and where applicable, disclosure standards, applicable to specific items within the financial statements of holding companies of financial groups and sub-holding companies, as well as those applicable to their preparation.

5

The application of accounting criteria, nor the concept of supplementarity, will not proceed in the case of operations that by express legislation are not permitted or are prohibited, or are not expressly authorized to holding companies of financial groups and sub-holding companies.

6

A-2 APPLICATION OF PARTICULAR STANDARDS

Objective and scope

This criterion aims to specify the application regarding the particular standards of the NIF, as well as clarifications to them.

1

The subject matter of this criterion is:

a)

the application of some of the particular standards made known in the NIF, and

b)

the clarifications to the particular standards contained in the NIF.

Financial Information Standards

2

In accordance with what is established in criterion A-1 "Basic scheme of the set of accounting criteria applicable to holding companies of financial groups and sub-holding companies", holding companies of financial groups and sub-holding companies will observe, until there is an express pronouncement by the Supervisory Commissions, the particular standards contained in the bulletins or NIFs detailed below, or in the NIFs that replace or modify them:

NIF Series B "Standards applicable to financial statements as a whole"

Accounting changes and error corrections .......................................................... B-1

Segment reporting .................................................................................... B-5

Business combinations .................................................................................. B-7

Consolidated or combined financial statements ....................................................... B-8

Interim financial reporting ............................................................................................ B-9

Effects of inflation ....................................................................................... B-10

Disposal of long-lived assets and discontinued operations ....................... B-11

Offsetting financial assets and financial liabilities ....................................... B-12

Subsequent events .................................................................................. B-13

3

Earnings per share ........................................................................................... B-14

Foreign currency translation .................................................................... B-15

Fair value determination ....................................................................... B-17

NIF Series C "Standards applicable to specific concepts of financial statements"

Investment in financial instruments .................................................................... C-2

Receivables ............................................................................................ C-3

Advance payments ............................................................................................. C-5

Property, plant and equipment ............................................................................... C-6

Investments in associates, joint ventures and other permanent investments

permanents ................................................................................................... C-7

Intangible assets ............................................................................................ C-8

Provisions, contingencies and commitments .............................................................. C-9

Equity capital .............................................................................................. C-11

Financial instruments with liability and equity characteristics ............................. C-12

Related parties ......................................................................................... C-13

Transfer and derecognition of financial assets ............................................................ C-14

Impairment of long-lived assets ............................................... C-15

Impairment of receivable financial instruments .................................................... C-16

Obligations associated with the removal of property, plant and equipment .......................... C-18

Payable financial instruments ..................................................................... C-19

Financial instruments to collect principal and interest ............................................ C-20

Joint control agreements ............................................................................ C-21

Series NIF D " Standards applicable to problems of determining results "

Revenue from contracts with customers ....................................................................... D-1

Costs from contracts with customers ......................................................................... D-2

Employee benefits ................................................................................. D-3

Income taxes ........................................................................................ D-4

Leases ................................................................................................ D-5

Capitalization of comprehensive financing result ............................................... D-6

Share-based payments ................................................................................ D-8

Likewise, the glossary of terms of the NIFs shall be applicable with respect to the NIFs indicated in

this paragraph.

Additionally, holding companies of financial groups and sub-holding companies

shall observe the NIFs issued by the CINIF on topics not foreseen in the criteria of

accounting for holding companies of financial groups and sub-holding companies, always

provided that:

a)

they are in force;

b)

they are not applied in advance of their entry into force;

c)

they do not contravene the philosophy and general concepts established in the criteria of

accounting for holding companies of financial groups and sub-holding companies,

and

d)

there is no express pronouncement by the Supervisory Commissions.

Clarifications to the particular standards contained in the NIFs

4

Holding companies of financial groups and sub-holding companies, when observing what

is established in the preceding paragraphs, shall comply with the following:

B-5

Segment financial information

5

Holding companies, in the preparation of the basic consolidated financial statements of the

financial group, shall, where appropriate, segregate their activities according to the minimum

segments, which are indicated below:

Credit operations. - Corresponds to credits placed directly with individuals and

companies in the public and private sectors.

Treasury and investment banking operations. - Corresponds to the investment

operations carried out by the financial group on its own account, such as the purchase and sale

of

currencies, investments in financial instruments, repurchase agreements, securities lending and

financial derivative instruments.

Operations on behalf of third parties. - These are those through which the financial

group participates as an intermediary in the securities market.

Financial advisory services. - These are those through which the financial group

provides guidance to the various entities regarding the placement of securities,

composition of their financial structure (mergers, spin-offs) and share repurchase,

among others.

Insurance operations. - These are those in which, in the event that future and uncertain

events occur, as agreed between the parties, a person, in exchange for the payment of an amount of money, undertakes to compensate another for damage, directly or

indirectly or to pay a sum of money upon the occurrence of the contingency.

Suretyship operations. - These are those through which a person

commits with the creditor to pay on behalf of the debtor, if the latter does not do so.

Administration of retirement funds. - Corresponds to the activity by which

the individual accounts of workers are administered and operated, in which

the

employer-employee and government contributions and their returns are concentrated, contributions to housing funds are recorded and other resources that, under the Savings for Retirement Systems Law, may be

contributed to them are deposited.

6

B-9

Financial information at interim dates

The provisions of NIF B-9 must be applied to the financial information issued at

interim dates, including the quarterly information that must be published or disseminated through the

Internet page corresponding to the holding company of the financial group itself, in

accordance with the General Provisions applicable to holding companies of financial groups

and sub-holding companies that regulate matters that correspond jointly to the National Supervisory Commissions (the

Provisions).

7

For the purposes of the disclosure of information issued at interim dates, the

holding companies of financial groups shall observe the provisions relating to

the disclosure of financial information contained in criterion A-3 " Application of general

standards " .

B-10

Effects of inflation

Determination of the monetary position

8

In the case of an inflationary environment based on what is stated by NIF B-10, the

holding companies, in the preparation of the basic consolidated financial statements

of the financial group, shall disclose the opening balance of the main monetary assets and liabilities that were used for the determination of the monetary position of the period,

differentiating, if applicable, those that affect those that do not affect the financial margin.

Price index

9

Holding companies of financial groups and sub-holding companies shall use the

value of the Investment Unit (UDI) as the price index.

Result from monetary position

10

The result from monetary position (REPOMO) that has not been capitalized in terms of

what is established in NIF B-10, must be presented in the statement of comprehensive income of the

holding companies of financial groups in a specific item within the result

before income taxes on profit. In the case of the statement of comprehensive income of the financial group, it must be presented in the financial margin when it arises from items of financial margin, otherwise it will be presented within the item of other income (expenses) of the

operation.

B-11 Dispositions of long-lived assets and discontinued operations

11

Holding companies of financial groups shall disclose the breakdown of the amount

net generated by discontinued operations required in paragraph 60.1 a) of NIF B- 11, as well as the amount of revenue from continuing operations and from discontinued operations attributable to the controlling interest referred to in paragraph 60.1 d) of the

cited NIF, instead of presenting such information in the statement of comprehensive income.

B-15

Conversion of foreign currencies

12

In the application of NIF B-15, the exchange rate to be used to establish the equivalence of

the national currency with the United States dollar shall be the closing exchange rate of the day on the date of the transaction or of the preparation of the financial statements, as

corresponds, published by the Bank of Mexico on its Internet page www.banxico.org.mx

or that which replaces it.

13

In the case of currencies other than the United States dollar, they shall convert the

respective currency to United States dollars. To carry out such

conversion, they shall consider the quotation that applies to the corresponding currency in relation to the

mentioned dollar in international markets, as established by the Bank of Mexico

in the applicable regulation.

14

Likewise, the amount of transactions denominated in foreign currency by the most relevant currencies for the holding companies of financial groups shall be disclosed in notes to the financial statements, as well as the exchange rate used and its equivalent in

national currency, in accordance with what is stated in the two preceding paragraphs.

B-17

Determination of fair value

15

Holding companies of financial groups and sub-holding companies, in the determination

of fair value, shall consider the following:

a)

With respect to the financial instruments referred to in the second paragraph of

Article 47 of the Provisions, they shall not apply what is established in this NIF, but must

comply at all times with what is established in Section A of Section Two of

Chapter One of Title Three of the Provisions.

b)

With respect to financial instruments other than those indicated in the previous subsection, in

addition to what is established in Section C of Section Two of Chapter One

of Title Three of the Provisions, they shall consider what is established in NIF B-17.

Entities shall not classify as Level 1 the updated prices for valuation

that they determine through the use of internal valuation models.

Additionally, they shall make the following disclosures:

i)

The type of financial instrument to which an internal valuation model is applicable.

ii)

When the volume or level of activity has decreased significantly,

they shall explain the adjustments that, if any, have been applied to the price

updated for valuation.

c)

In the case of assets or liabilities other than those indicated in the preceding subsections,

NIF B-17 must be applied when another particular NIF requires or allows valuations at

fair value and/or disclosures regarding the same.

C-2

Investment in financial instruments

16

The exception to irrevocably designate at initial recognition an

financial instrument to collect or sell, to be subsequently valued at its

fair value with effects in the net result referred to in paragraph 32.6 of NIF C-2, shall not be applicable to holding companies of financial groups and

sub-holding companies.

Reclassifications

17

Holding companies of financial groups and sub-holding companies that carry out, under

the auspices of section 44 of NIF C-2, reclassifications of their investments in financial instruments

, shall inform this fact in writing to the Supervisory Commission within

10 business days following the authorization issued for such purposes by the Board of

Directors of the holding company or sub-holding company, detailing the

change in the business model that justifies it.

C-3

Receivables

18

NIF C-3 shall only be applicable to the " other receivables " referred to in paragraph 20.1

of said NIF.

19

For the purposes of NIF C-3, receivables arising from the

operations referred to in criterion B-2 " Repurchase Agreements " issued by the Commissions

Supervisoras shall not be included, since the recognition, valuation, presentation and disclosure standards

applicable to such operations are contemplated therein.

C-6

Property, plant and equipment

20

The amounts recognized for appraisals carried out in accordance with the Law of Insurance and Suretyship Institutions (the Law), for the purposes of the preparation of the consolidated financial statements

shall be eliminated and adjust the value of said real estate in accordance with the

recognition, valuation and presentation standards established in NIF C-6.

21

Likewise, it shall be disclosed in the notes to the financial statements for each real estate, the value

that would have been obtained from the appraisals carried out in accordance with the Law, as well as the

amount of the adjustments made to arrive at the balance recorded in the consolidated financial statements.

C-13

Related parties

22

For the purposes of complying with the disclosure standards contained in NIF C-13, the

holding companies of financial groups shall additionally consider as

related party:

a)

The members of the board of directors of the financial entities and companies

members of the financial group;

b)

persons other than key management personnel or relevant executives or employees who

with their signature can generate obligations for the holding company of the group

financial;

c)

legal entities in which the key management personnel or relevant executives of the

holding company of the financial group are board members or administrators or occupy

any of the first three hierarchical levels in said legal entities;

d)

legal entities in which any of the persons indicated in the preceding subsections

, as well as in NIF C-13, have command power understood as the de facto capacity to influence decisively in the agreements adopted in the

shareholders' meetings or board of directors sessions or in the management,

conduct and execution of the business of the entity in question or of the legal

entities that it controls.

23

In addition to the disclosures required by NIF C-13, holding companies of

financial groups shall disclose in aggregate, through notes to the financial

statements, for related party operations that may be carried out, the

following information:

a)

a generic description of the operations, such as:

credits received,

operations with financial instruments in which the issuer and the holder are

related parties,

repurchase agreements;

those carried out through any person, trust, entity or other legal

figure, when the counterparty and source of payment of such operations depend on

a related party;

b)

any other information necessary for the understanding of the operation, and

c)

the total amount of employee benefits granted to key management personnel or

relevant executives of the holding companies of financial groups.

C-14

Transfer and derecognition of financial assets

24

With respect to the collateral received referred to in paragraph 44.7 of NIF C-14, the

recipient shall recognize the collateral received in off-balance sheet accounts. In cases where the

recipient has the right to sell or pledge, the transferor shall reclassify the

asset in its statement of financial position, presenting it as restricted.

Recognition of financial assets

25

When the transfer results in a derecognition of the financial asset by the transferor,

a recipient entity shall recognize a financial asset (or portion thereof) or a group

of financial assets (or portion of said group) in its statement of financial position, if and only

if, it acquires the rights and contractual obligations related to said financial

asset (or portion thereof). To do so, the entity must:

a)

Recognize the financial assets received at their fair value, which,

presumably, corresponds to the price agreed in the transfer operation.

Subsequently, said assets shall be valued in accordance with the criterion that

corresponds in accordance with the nature of the same.

b)

Recognize the new rights obtained or new obligations included with

occasion of the transfer, valued at their fair value.

c)

Derecognize the consideration granted in the operation at its net book

value (for example, considering any associated estimate) and recognizing in

the results of the year any item pending amortization related to

said consideration.

d)

Recognize in the results of the year any difference, if any, with

occasion of the transfer operation.

C-16

Impairment of receivable financial instruments

Estimation of expected credit losses

26

Holding companies of financial groups and sub-holding companies shall create, for

their receivables, an estimate that reflects their degree of uncollectibility. Said

estimate shall be obtained by applying what is provided in section 42 of NIF C-16.

27

With respect to operations with immediate collection documents not collected referred to in

criterion B-1 " Cash and cash equivalents " , at 15 calendar days following

from the date on which they have been transferred to the item that gave rise to them, they shall be classified as past due and their estimate shall be constituted simultaneously for the total amount of them.

28

When the holding company of financial groups or sub-holding company uses the

practical solutions referred to in paragraph 42.6 of NIF C-16, the constitution of

estimates shall be for the total amount of the debt and shall not exceed the following

terms:

a)

at 60 calendar days following their initial registration, when they correspond to

unidentified debtors, and

b)

at 90 calendar days following their initial registration, when they correspond to

identified debtors.

29

No estimate of expected credit losses shall be constituted for:

a)

tax balances in favor and

b)

creditable value added tax.

30

C-19

Payable financial instruments

Scope

For the purposes of NIF C-19, liabilities related to the operations referred to in

criterion B-2 are not included, as these are contemplated in said criterion.

Bank loans and loans from other entities

31

Holding companies of financial groups shall disclose in notes to the financial

statements the total amount of bank loans and loans from other entities, indicating for

both the type of currency, as well as the maturity terms, guarantees and average weighted rates to which, if any, they are subject.

32

In the case of credit lines received by holding companies of financial

groups and sub-holding companies in which not the entire authorized amount is exercised, the

unused portion of them shall not be presented in the statement of financial position.

However, holding companies of financial groups shall disclose through

notes to the financial statements the unused amount, attending to what is established in the

criterion A-3, with respect to the disclosure of financial information.

Initial recognition of a payable financial instrument

33

What is established in paragraph 41.1.1 item 4 of NIF C-19, regarding

using the market rate as the effective interest rate in the valuation of the payable financial

instrument when both rates are substantially different, shall not be applicable.

Payable financial instruments valued at fair value

34

The exception to irrevocably designate at initial recognition an

payable financial instrument to be subsequently valued at its fair value

with effect in the net result referred to in section 42.2 of NIF C-19 shall not be applicable to holding companies of financial groups and

sub-holding companies.

C-20

Financial instruments to collect principal and interest

Initial recognition

35

What is established in paragraph 41.1.1 item 4 of NIF C-20, regarding

using the market rate as the effective interest rate in the valuation of financial instruments to

collect principal and interest when both rates are substantially different, shall not be applicable to holding companies of financial groups and sub-holding companies.

Fair value option

36

The option to irrevocably designate at initial recognition an

financial instrument to collect principal and interest, to be subsequently valued at

its fair value with effect in the net result referred to in paragraph 41.3.4 of NIF

C-20, shall not be applicable to holding companies of financial groups and

sub-holding companies.

Loans to officials and employees

37

The interest arising from loans to officials and employees shall be presented in the

statement of comprehensive income in the item of other income (expenses) of the operation.

D-3

Employee benefits

38

Through notes to the financial statements, the identification of the

obligations for employee benefits shall be disclosed in: short-term direct benefits, long-term direct benefits, termination benefits and post-employment benefits.

D-4

Income taxes

39

With respect to the disclosure required in NIF D-4 itself regarding the concepts of temporary differences, additionally, those differences related to the main operations of the holding companies of financial groups shall be disclosed.

D-5

Leases

Finance leases

40

For the purposes of what is established in paragraph 42.1.4 item c) and item d) of NIF D-5, it shall be understood that the lease term covers the majority of the economic life of the underlying asset, if said lease covers at least 75% of its useful life.

Likewise, the present value of the payments for the lease is substantially all the

fair value of the underlying asset, if said present value constitutes at least 90% of

said fair value.

41

A-3 GENERAL STANDARDS APPLICATION

Objective and scope

This criterion aims to specify the establishment of general application standards that the holding companies of financial groups and sub-holding companies shall

observe.

1

The subject matter of this criterion is the establishment of general standards that must be

considered in the recognition, valuation, presentation and disclosure applicable for the accounting criteria for holding companies of financial groups and

sub-holding companies.

Restricted assets

2

These are considered as such all those assets with respect to which there are circumstances

for which they cannot be disposed of or used, and must remain in the same category from which they originated. Likewise, those assets arising from operations that are not settled on the same day, i.e., received with a value date different from the transaction date, will be considered part of this category.

3

For this type of asset, it must be disclosed in a note to the financial statements this fact and the balance thereof by type of operation.

Goods promised for sale or with reservation of ownership

4

In cases where a promise to purchase or sell contract with reservation of ownership is entered into, the good shall be recognized as restricted, according to the type of good involved, at the same book value it had on the date of signing said contract, even if a higher price was agreed upon. Such good shall follow the same valuation, presentation, and disclosure rules, in accordance with the applicable accounting criteria corresponding to it.

5

Collections received on account of the good shall be recorded in liabilities as an advance collection.

6

On the date the promised good for sale or the purchase/sale with reservation of ownership is alienated, the profit or loss generated shall be recognized in the results of the period as other income (expenses) of the operation.

7

In the event that the contract is rescinded, the good shall cease to be recognized as restricted, and those advance collections over which the financial group holding company and subholding company may dispose or must settle in accordance with the conditions of the contract, shall be recognized in the results of the period as other income (expenses) of the operation, or as other accounts payable, as appropriate.

Liquidating accounts

8

Regarding active and passive operations carried out by financial group holding companies and subholding companies, for example in matters of investments in financial instruments and repos, once these reach their maturity and while the corresponding settlement is not perceived or delivered, as agreed in the respective contract, the amount of the matured operations receivable or payable shall be registered in liquidating accounts (debtors or creditors for settlement of operations).

9

Likewise, for operations where immediate settlement or same-day value date is not agreed upon, including foreign exchange sales linked to their corporate purpose, on the transaction date the amount receivable or payable shall be registered in liquidating accounts, until their settlement is effected. The estimation of expected credit losses corresponding to the aforementioned amounts receivable shall be determined in accordance with what is established in NIF C-16 "Impairment of financial instruments receivable".

10

For purposes of presenting the financial statements, liquidating accounts shall be presented in the line item of other accounts receivable (net) or other accounts payable, as appropriate. The balance of debtor and creditor liquidating accounts may be offset in terms of what is established by the offsetting rules provided in NIF B-12 "Offsetting of financial assets and financial liabilities".

11

With respect to the operations referred to in paragraph 10, the balance receivable or payable shall be disclosed, for each type of operation from which they originate (foreign exchange linked to their corporate purpose, investments in financial instruments, repos, etc.), specifying that these are operations agreed upon whose settlement remains pending.

Various estimates and provisions

12

Estimates or provisions with undefined and/or unquantifiable purposes shall not be created, increased, or decreased against the results of the period. In any case, financial group holding companies and subholding companies must comply with the regulation issued by the Supervisory Commissions regarding the determination of estimates and/or provisions.

Accrued interest

13

Interest accrued on the different asset or liability items shall be presented in the statement of financial position together with their corresponding principal.

Recognition or cancellation of assets and/or liabilities

14

The recognition or cancellation in the financial statements of assets and/or liabilities, including those arising from foreign exchange sales linked to their corporate purpose, investments in financial instruments, repos, and issued securities, shall be carried out on the date the operation is agreed upon, regardless of the settlement or delivery date of the good.

Disclosure of financial information

15

Regarding the disclosure of financial information, what is established in NIF A-7 "Presentation and disclosure" shall be taken into account, with respect to the responsibility for providing information about the economic entity resting on its administration, and such information must meet certain qualitative characteristics such as reliability, relevance, understandability, and comparability based on what is provided in NIF A-1 "Structure of financial reporting standards".

16

Financial group holding companies and subholding companies, in compliance with the disclosure standards provided in these accounting criteria, shall consider materiality in terms of NIF A-4 "Qualitative characteristics of financial statements", that is, they must show the most significant aspects recognized accounting-wise as indicated by that characteristic associated with relevance.

17

The foregoing implies, among other elements, that materiality requires the exercise of professional judgment regarding the circumstances that determine the facts reflected in the financial information. In the same sense, an appropriate balance must be obtained between the qualitative characteristics of financial information in order to fulfill the objective of the financial statements, for which an optimal point must be sought rather than the achievement of maximum levels of all qualitative characteristics.

18

However, with regard to materiality, this shall not be applicable to information:

a)

required by the Supervisory Commissions through other general provisions issued for that effect; different from those contained in these criteria;

b)

additional specific required by the Supervisory Commissions, related to their supervisory activities, and

c)

required through the issuance or authorization, as appropriate, of special accounting criteria or records.

Disclosures relating to the determination of fair value

19

Financial group holding companies and subholding companies, regarding the Present Value for Valuation provided by the price provider in the determination of fair value in accordance with Section A of the Second Section of Chapter One of Title Three of the Provisions, in addition to what is stated in the accounting criteria or the corresponding NIFs, shall disclose, at minimum, the following:

a)

The level of the hierarchy of the present value for valuation (or fair value hierarchy) within which the determinations of fair value are classified, in accordance with the following:

i.

Level 1, highest level, corresponding to prices obtained exclusively with Level 1 input data.

ii.

Level 2, prices obtained with Level 2 input data.

iii.

Level 3, lowest level, for those prices obtained with Level 3 input data.

b)

In case there is any change in the valuation model, that change and the reasons for making it shall be disclosed.

c)

When there are changes from one period to another in the classification of the hierarchy of the present value for valuation regarding the same value or financial instrument:

i.

The amounts of transfers between Level 1 and Level 2 of the hierarchy of the present value for valuation;

ii.

The amounts of transfers to or from Level 3 of the hierarchy of the present value for valuation.

d)

For those present values for valuation classified in Level 3, a reconciliation of opening balances with closing balances shall be presented, disclosing separately the changes during the period attributable to total gains or losses of the period recognized in net income and those recognized in other comprehensive income (OCI).

e)

When there is a significant decrease in the volume or level of normal market activity for a certain value or financial instrument, or in the presence of disorderly conditions, the adjustments applied, if any, to the present value for valuation shall be explained.

f)

The name of the price provider, which in its case has provided the present value for valuation or the input data for its determination through internal valuation models.

20

Quantitative information shall be disclosed in tabular format, unless another format is more appropriate.

Valuation of UDI

The value to be used shall be that made known by the Bank of Mexico in the DOF, applicable on the date of valuation.

21

A-4 SUPPLEMENTARY APPLICATION TO ACCOUNTING CRITERIA

Objective and scope

This criterion aims to clarify the application of the norms contained in NIF A-8 "Supplementarity" issued by CINIF, considering that, when applying it, the financial information is being prepared and presented in accordance with accounting criteria applicable to financial group holding companies and subholding companies.

Definition

1

For the purposes of the accounting criteria for financial group holding companies and subholding companies, the process of supplementarity applies when, in the absence of express accounting norms issued by the Supervisory Commissions specifically, and by CINIF generally, these are covered by a formal and recognized set of norms.

Concept of supplementarity and basic norm

2

In the absence of a specific accounting criterion of the Supervisory Commissions for financial group holding companies and subholding companies and, secondarily, for that financial entity integrated into the financial group whose activity is predominant, or in a broader context, of the NIFs, the bases for supplementarity provided in the aforementioned NIF A-8 shall be applied, together with what is provided in the dispositions of this criterion.

Other supplementary regulation

3

Only in the event that the International Financial Reporting Standards (IFRS) referred to in NIF A-8 do not provide a solution to accounting recognition, one may opt for a supplementary norm belonging to any other normative scheme, provided it meets all the requirements indicated in the cited NIF A-8 for a supplementary norm, as well as those provided in paragraph 6 of this criterion, and the supplementarity shall be applied in the following order:

a)

Generally Accepted Accounting Principles (GAAP) definitive, applicable in the United States of America, and

b)

any accounting norm that forms part of a formal and recognized set of norms.

4

For the purposes of the previous paragraph, it is considered that both official (authoritative) and non-official (nonauthoritative) sources form part of the GAAP applicable in the United States of America, in accordance with Topic 105 of the Codification of the Financial Accounting Standards Board (FASB), in the following order:

a)

Official sources: The Codification, rules or interpretations of the Securities and Exchange Commission (SEC), Staff Accounting Bulletins, and SEC positions regarding the Consensus of the Board on Emerging Issues Task Force (FASB EITF), and

b)

Non-official sources: widely recognized and predominant practices either generally or in a specific industry, FASB Concepts Statements, documents of the American Institute of Certified Public Accountants (AICPA, Issues Papers), pronouncements of professional associations or regulatory agencies, and questions and answers of the Technical Information Service included in AICPA Technical Practice Aids.

Requirements of a supplementary norm and rules of supplementarity

5

In addition to what is established in the aforementioned NIF A-8, the norms that are applied supplementarily must comply with the following:

a)

they cannot be applied in advance;

b)

they must not contravene the philosophy and general concepts established in the accounting criteria applicable to financial group holding companies and subholding companies;

c)

the supplementarity process, if any, provided within each of the norms used supplementarily shall not be applicable, except when such supplementarity meets the preceding subsections and has the authorization of the Supervisory Commissions, and

d)

norms that have been applied in the supplementarity process shall be replaced when a specific accounting criterion is issued by the Supervisory Commissions or an NIF, on the topic where said process was applied.

Disclosure norms

6

Financial group holding companies and subholding companies that follow the supplementary process recorded in this criterion, must communicate in writing to the corresponding Supervisory Commission within 10 calendar days following its application, the accounting norm that has been adopted supplementarily, as well as its basis of application and the source used. Additionally, they must disclose through notes to the financial statements, the information requested in the cited NIF A-8 and the quantification of its impacts on the financial statements.

7

B-1 CASH AND CASH EQUIVALENTS

Objective and scope

This criterion aims to define the particular norms relative to the recognition, valuation, presentation, and disclosure in the financial statements of the items that make up the line item of cash and cash equivalents in the statement of financial position of financial group holding companies and subholding companies.

Definitions

1

Cash . - Legal tender currency and foreign currency in cash and in deposits at financial institutions effected in the country or abroad available for the operation of the financial group holding company or subholding company; such as, availability in checking accounts, bank drafts, telegraphic or postal orders, and remittances in transit.

2

Cash equivalents . - Short-term, highly liquid values, easily convertible into cash that are subject to insignificant risks of changes in their value and are held to meet short-term commitments rather than for investment purposes; they may be denominated in national or foreign currency; for example, foreign exchange linked to their corporate purpose, immediate collection documents, minted precious metals, and highly liquid financial instruments.

3

High-liquidity financial instruments . - Are values whose disposal is anticipated within a maximum of 48 hours from their acquisition, generate returns, and have insignificant risks of changes in their value.

4

Deposits at financial institutions represented or invested in securities, that do not meet the assumptions provided in the two preceding paragraphs, shall be subject to NIF C-2 "Investment in financial instruments".

Recognition norms

5

Cash shall be initially recognized at its fair value, which is its nominal value.

6

All cash equivalents, in their initial recognition, must be valued at their fair value.

7

Returns generated by cash and cash equivalents shall be recognized in the results of the period as they accrue.

8

Immediate collection documents "firm" shall be recognized in accordance with the following:

a)

In the case of transactions with entities in the country, they must not contain uncollected items after 2 business days from the operation that gave rise to them, nor those that having been deposited in banks have been subject to return.

b)

When corresponding to transactions with entities abroad, they shall be registered in cash and cash equivalents only if they are collectible within a maximum term of 5 business days.

9

When the documents mentioned in the previous paragraph have not been collected within the aforementioned timeframes (2 or 5 days as appropriate), the amount of these shall be transferred to the item that gave rise to them, that is, if they come from various debtors, what is provided in NIF C-3 "Accounts receivable" or NIF C-20 "Financial instruments to collect principal and interest" shall be attended to, as appropriate.

10

Immediate collection documents "subject to good collection", from operations celebrated with entities in the country or abroad, shall be registered in off-balance sheet accounts in the line item of other registration accounts.

11

Acquired currencies that are agreed to be settled on a date subsequent to the agreement of the purchase/sale operation, shall be recognized on said transaction date as restricted cash and cash equivalents (currencies to receive), while sold currencies shall be registered as a cash outflow (currencies to deliver). The counterparty shall be a liquidating account, creditor or debtor, as appropriate, in accordance with what is established in criterion A-3 "Application of general norms".

Valuation norms

12

Cash shall be maintained valued at its nominal value, while cash equivalents shall be valued at their fair value.

13

High-liquidity financial instruments must be valued based on what is established in the norms on financial instruments, according to the business model corresponding to each type of instrument.

14

The valuation of cash equivalents represented by minted precious metals shall be carried out at their fair value, considering as such the quotation applicable on the valuation date. In the case of minted precious metals that by their nature do not have a fair value, these shall be registered at their acquisition cost, understood as this, the amount of cash or its equivalent delivered in exchange for them.

Presentation norms

Statement of financial position

15

The line item of cash and cash equivalents shall be shown in the statement of financial position of financial group holding companies as the first item integrating the asset, including restricted cash and cash equivalents.

16

In case there is an overdraft in checking accounts reported in the account statement issued by the corresponding credit institution, the amount of the overdraft must be presented in the line item of other accounts payable, even if other checking accounts with the same credit institution are maintained. Similarly, if the compensated balance of currencies to receive with currencies to deliver, or any concept that integrates the line item of cash and cash equivalents, shows a negative balance, said concept shall be presented in the line item of other accounts payable.

Statement of comprehensive income

17

Returns generated by deposits at financial institutions, as well as the valuation effects of those constituted in foreign currency, shall be presented in the statement of comprehensive income, as an interest income or expense, while the results from valuation and sale/purchase of minted precious metals and foreign exchange linked to their corporate purpose, shall be grouped in the line item of intermediation result, which refers to criterion D-2 "Statement of comprehensive income".

Disclosure norms

18

The line item of cash and cash equivalents shall be broken down through notes to the financial statements including, as appropriate, cash, deposits at financial institutions effected in the country and abroad, and finally in other cash equivalents. Additionally, the following rules shall be observed if applicable:

When any item within the line item has restrictions regarding availability or purpose to which it is destined, its amount, the reasons for its restriction, and the probable date on which it will expire shall be disclosed.

In case the balance of cash and cash equivalents is presented in the liability, in terms of what is stated in paragraph 17, this fact and the causes that gave rise to it shall be disclosed.

The existence of minted precious metals and cash and cash equivalents denominated in foreign currency shall be disclosed, indicating their amount, type of currency involved, settlement term, quotations used for conversion, and their equivalent in national currency.

Disclose the effect of subsequent events that, due to their importance, have substantially modified the valuation of cash and cash equivalents in foreign currency, in minted precious metals, and in high-liquidity financial instruments, between the date of the financial statements and the date on which these are authorized for issuance, in accordance with NIF B-13 "Subsequent events after the date of the financial statements".

The concentration by counterparty of the compensated balance of foreign exchange.

19

B-2 REPOS

Objective and scope

This criterion aims to define the particular norms relative to the recognition, valuation, presentation, and disclosure in the financial statements, of repo operations.

1

The treatment of operations that, in accordance with what is established in NIF C-14 "Transfer and derecognition of financial assets", meet the requirements to derecognize the financial assets object of the same, in virtue of the transfer of risks, benefits, and control of said financial assets, is not the object of this criterion, therefore what is established in NIF C-2 "Investment in financial instruments" shall be attended to.

Definitions

2

Financial asset . - Right arising from a contract, which grants monetary economic resources to the holding company or subholding company. Therefore, it includes, among others:

a)

Cash or cash equivalents;

b)

financial instruments generated by a contract, such as an investment in a

debt or equity instruments issued by a third party;

c)

a contractual right to receive cash or any financial instrument from another

entity;

d)

a contractual right to exchange financial assets or financial liabilities with a

third party on favorable terms for the entity, or

e)

a right that will be settled with a variable number of equity instruments issued

by the entity itself.

3

Substantially Similar Financial Assets .- Those financial assets that, among other things,

have the same primary obligor, identical form and type (thereby generating substantially

the same risks and benefits), same maturity date, identical contractual interest rate,

similar collateral, same outstanding balance.

4

Derecognition of Financial Assets .- The action by which a financial asset previously recognized

in the statement of financial position ceases to be recognized.

5

Collateral . - Guarantee constituted to secure the payment of agreed counterperformances.

For the purposes of repo operations, collateral shall at all times be those permitted

in accordance with current regulations.

6

Counterperformances . - Cash and cash equivalents, the right to receive all or specific portions

of cash flows from a trust, entity or other figure, equity financial instruments or any other type of asset obtained in a transfer of financial assets, including any obligation incurred. For the purposes of repo operations, counterperformances shall at all times be those permitted in accordance with current regulations.

7

Amortized Cost .- The present value of contractual cash flows to be received or paid on a financial instrument plus or minus unamortized transaction costs, using the effective interest method and deducting the estimate of expected credit losses.

8

Equity Financial Instruments .- Any document or title originating from a contract that evidences participation or the option to participate in the net assets of an entity.

9

Effective Interest Method .- The method used in calculating the amortized cost of a financial instrument to distribute its effective interest income or expense over the corresponding periods of the financial instrument's life.

10

Cash-Oriented Repo Operations .- A transaction motivated by the reporting entity's need to obtain cash financing and the reporting party's intention to invest its excess cash.

11

Security-Oriented Repo Operations .- A transaction motivated by the reporting entity's need to temporarily access certain specific financial instruments and the reporting party's intention to increase the returns on its investments in financial instruments.

12

Fixed Price at Maturity .- That right or obligation, as the case may be, represented by the agreed price plus repo interest, agreed upon in the transaction.

13

Agreed Price .- Represents the right or obligation to receive or deliver resources, agreed upon at the start of the transaction.

14

Reporting Entity (Reportada) .-

That entity that receives cash, through a repo operation in which it transfers financial assets as collateral, with the obligation to repay the reporting party (Reportadora) at the end of the transaction the cash and agreed repo interest.

15

Reporting Party (Reportadora) .- That entity that delivers cash, through a repo operation, in which it receives financial assets as collateral, with the obligation to return them to the reporting entity at the end of the transaction and receiving the cash plus agreed repo interest.

16

Repo . - Operation by means of which the reporting party acquires ownership of credit titles for a sum of money, and obligates itself to transfer to the reporting entity ownership of an equivalent number of titles of the same kind, within the agreed period and against reimbursement of the same price plus a premium. The premium remains for the benefit of the reporting party, unless otherwise agreed.

17

Effective Interest Rate .- The rate that exactly discounts the estimated future cash flows to be collected or settled during the expected life of a financial instrument in determining amortized cost. Its calculation must consider contractual cash flows and related transaction costs.

18

Repo Rate .- The agreed rate used to determine the payment of interest for the use of cash in the repo transaction.

19

Fair Value .- The exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the valuation date.

Characteristics

Economic and Legal Substance of Repo Operations

20

For legal purposes, repo operations are considered as a sale, where an agreement to repurchase the transferred financial assets is established. However, the economic substance of repo operations is that of collateralized financing, where the reporting party delivers cash as financing, in exchange for obtaining financial assets that serve as protection in case of default.

21

In this regard, the financial assets granted as collateral by the reporting entity, which do not meet the requirements for derecognition as established by NIF C-14, continue to be recognized in its statement of financial position, since it retains the risks, benefits, and control over them; that is, if there were any change in fair value, accrual of interest, or dividends were declared on the financial assets granted as collateral, the reporting entity is exposed to and therefore recognizes such effects in its financial statements.

22

In contrast, those operations where economically the reporting party acquires the risks, benefits, and control of the transferred financial assets cannot be considered as repo operations, and are subject to NIF C-2.

Intent of Repo Operations

23

In repo operations, there are generally two types of intentions, either from the reporting entity or the reporting party: "cash-oriented" or "security-oriented".

24

In a "cash-oriented" repo, the intention of the reporting entity is to obtain cash financing, using financial assets as collateral for this purpose; on the other hand, the reporting party obtains a return on its investment at a certain rate and, not seeking any specific value, receives financial assets as collateral to mitigate the credit risk exposure it faces regarding the reporting entity.

25

In this sense, the reporting entity pays the reporting party interest on the cash received as financing, calculated based on the agreed repo rate (which is usually lower than the rate existing in the market for uncollateralized financing). On the other hand, the reporting party achieves returns on its investment whose payment is secured through the collateral.

26

In a "security-oriented" repo, the intention of the reporting party is to temporarily access certain specific securities held by the reporting entity (for example, if the reporting party, through a previous repo operation in which it acted as the reporting entity, contracted a commitment on a value similar to the object of the new transaction), providing cash as collateral, which serves to mitigate the exposure risk faced by the reporting entity regarding the reporting party.

27

In this regard, the reporting entity pays the reporting party the agreed interest at the repo rate for the implicit financing obtained on the cash received, where said repo rate is generally lower than what would have been agreed in a "cash-oriented" repo.

28

In repo operations, an agreed price is usually established whose value is above or below the cash exchanged, so the difference between the cash exchanged and the agreed price serves to protect the counterparty exposed to the risks of the transaction (for example, against market risk). If the transaction is "cash-oriented", the reporting entity generally grants financial assets as collateral at an agreed price lower than market value, so its fair value is higher than the cash received; in contrast, if it is "security-oriented", the reporting party generally receives titles as collateral at an agreed price higher than market value, so its fair value is below the cash granted.

29

The delivery of collateral can occur at the beginning of the transaction or during the life of the repo regarding variations in the fair value of the granted collateral.

30

Considering all the above, however, regardless of the economic intent, the accounting treatment of "cash-oriented" or "security-oriented" repo operations is the same.

Recognition and Valuation Rules

Reporting Party

31

On the date of contracting the repo transaction, acting as the reporting party, the holding company or sub-holding company must recognize the outflow of cash and cash equivalents or a creditor settlement account, recording a receivable account initially measured at the agreed price, which represents the right to recover the cash delivered.

32

During the life of the repo, the receivable account referred to in the previous paragraph shall be valued at its amortized cost, by recognizing repo interest in the results of the period as it accrues, in accordance with the effective interest method, affecting said receivable account.

33

The financial assets that the reporting party has received as collateral must be treated in accordance with the following section.

Collateral Granted and Received Other Than Cash

34

Regarding the collateral granted by the reporting entity to the reporting party (other than cash), it shall be recognized as follows:

a)

The reporting party shall recognize the received collateral in off-balance sheet accounts, following for its valuation the guidelines established in the accounting criterion for holding companies and sub-holding companies that applies.

b)

The reporting party, upon selling the collateral, must recognize the resources derived from the transaction, as well as a payable account for the obligation to return the collateral to the reporting entity (initially measured at the agreed price) which shall be valued at its fair value (any differential between the price received and the value of the payable account shall be recognized in the results of the period).

c)

In the event that the reporting entity fails to meet the conditions established in the contract, and therefore cannot claim the collateral, the reporting party must recognize the entry of the collateral in its statement of financial position, as established in these criteria, according to the type of asset involved, against the receivable account referred to in paragraph 32, or in its case, if the collateral had previously been sold, it must derecognize the payable account referred to in subsection b), relating to the obligation to return the collateral to the reporting entity.

d)

The reporting party shall recognize the collateral only in off-balance sheet accounts, with the exception of what is established in subsection c) above, that is, when the risks, benefits, and control of the collateral have been transferred due to the reporting entity's default.

e)

The off-balance sheet accounts recognized for collateral received by the reporting party shall be cancelled when the repo transaction reaches maturity or there is default by the reporting entity.

35

In the case of operations where the reporting party sells the received collateral, it must keep control of said sold collateral in off-balance sheet accounts, following for its valuation the guidelines of the accounting criterion for holding companies of financial groups and sub-holding companies that applies.

36

The off-balance sheet accounts recognized for received collateral that have in turn been sold by the reporting party shall be cancelled when the holding company of financial groups or sub-holding company acquires the sold collateral to return it to the reporting entity.

Presentation Rules

Statement of Financial Position

37

The receivable account representing the right to receive cash, as well as accrued interest, shall be presented within the statement of financial position, under the item of repo debtors.

38

The collateral received from the reporting entity shall be presented in off-balance sheet accounts under the item of collateral received by the entity.

39

The payable account referred to in subsection b) of paragraph 35, which represents the reporting party's obligation to return to the reporting entity the collateral it had sold, shall be presented within the statement of financial position, under the item of sold collateral.

40

The off-balance sheet accounts referred to in paragraph 36, regarding those collateral received by the reporting party that have in turn been sold, shall be presented under the item of collateral received and sold by the entity.

Statement of Comprehensive Income

41

The accrual of repo interest derived from the transaction shall be presented under the item of interest income.

42

The differential referred to in subsection b) of paragraph 35, if any, generated by the sale, shall be presented under the item of intermediation result.

43

The fair value valuation of the payable account referred to in subsection b) of paragraph 35, which represents the reporting party's obligation to return to the reporting entity the collateral it had sold, shall be presented under the item of intermediation result.

Offsetting of Financial Assets and Liabilities

44

For the purposes of offsetting between financial assets and liabilities arising from repo operations carried out by holding companies and sub-holding companies, the provisions of NIF B-12 "Offsetting of Financial Assets and Financial Liabilities" shall be observed.

Disclosure Rules

45

Holding companies of financial groups must disclose through notes to the financial statements the following information corresponding to repo operations:

a)

total amount of transactions entered into;

b)

amount of repo interest recognized in the results of the period;

c)

average terms in the contracting of outstanding repo operations;

d)

type and total amount by type of asset of collateral received;

e)

the total amount by type of asset of collateral received and in turn sold, and

f)

the agreed rate in relevant repo operations.

46

D-1 STATEMENT OF FINANCIAL POSITION

Background

The financial information must meet, among other things, the objective of presenting the

financial situation of holding companies of financial groups, as well as the financial

group at a specific date, requiring the establishment, through specific criteria, of the

objectives and general structure that the statement of financial position must have.

Objective and Scope

1

This criterion aims to establish the general characteristics and structure that

the statement of financial position of holding companies of financial groups

must have, as well as that of the financial group. Furthermore, minimum guidelines are established with the purpose of standardizing the presentation of this financial statement among holding companies of financial groups, and in this way, facilitating their comparability.

2

The statement of financial position aims to present the value of assets and rights,

obligations, as well as equity of a holding company of financial groups or a financial group at a specific date.

3

The statement of financial position, therefore, must adequately and on a consistent basis show the position of holding companies or financial groups regarding their assets, liabilities, equity, and off-balance sheet accounts, so that the economic resources available to these entities can be evaluated, as well as their financial structure.

4

Additionally, the statement of financial position must fulfill the objective of being a useful tool for the analysis of different holding companies or financial groups, so it is convenient to establish the concepts and general structure that such financial statement must contain.

Concepts Integrating the Statement of Financial Position

5

In a broad context, the concepts that integrate the statement of financial position are: assets,

liabilities, and equity, understood as such concepts as defined in NIF A-5 "Basic Elements of Financial Statements". Furthermore, the off-balance sheet accounts referred to in this criterion are part of the concepts that integrate the structure of the statement of financial position of holding companies of financial groups, and financial groups.

Structure of the Statement of Financial Position of Holding Companies of Financial Groups

6

The structure of the statement of financial position must group the concepts of asset, liability,

equity, and off-balance sheet accounts, in such a way as to reflect from highest to lowest their degree of liquidity or exigibility, as appropriate.

7

In this way, the minimum items that must be included in the statement of financial position are the following:

Asset

·

cash and cash equivalents;

·

investments in financial instruments;

·

repo debtors;

·

accounts receivable (net);

·

long-term assets held for sale or for distribution to owners;

·

prepayments and other assets (net);

·

properties, furniture, and equipment (net);

·

assets for right of use of properties, furniture, and equipment (net);

·

permanent investments;

·

deferred income tax asset (net);

·

intangible assets (net);

·

assets for right of use of intangible assets (net), and

·

goodwill

Liability

·

bank loans and loans from other organizations;

·

sold collateral;

·

lease liability;

·

other payables;

·

liabilities related to groups of assets held for sale;

·

financial instruments qualifying as liabilities;

·

obligations associated with the removal of components of properties, furniture, and equipment;

·

income tax liability;

·

employee benefits liability, and

·

deferrable credits and advance collections.

Equity

·

contributed capital, and

·

retained earnings.

Off-Balance Sheet Accounts

·

contingent assets and liabilities;

·

shares delivered in custody or as guarantee;

·

collateral received by the entity;

·

collateral received and sold by the entity, and

·

other recording accounts.

Presentation of the Statement of Financial Position of Holding Companies of Financial Groups

8

The items described above correspond to the minimum required for the presentation of the statement of financial position; however, holding companies of financial groups must disaggregate, either in the said financial statement or through notes, the concepts they consider necessary in order to show their situation, for the user of the financial information. At the end of this criterion, a statement of financial position prepared with the minimum items referred to in the previous paragraph is shown.

9

However, certain items of the statement of financial position require special guidelines for their presentation, which are described below:

Investments in Financial Instruments

10

The different categories of investments in financial instruments shall be presented within this item, such as negotiable financial instruments, financial instruments to collect or sell, and financial instruments to collect principal and interest (securities), the latter at their amortized cost (that is, including accrued but uncollected interest and net of amortization items and expected credit losses).

Repo Debtors

11

The debtor balance arising from repo operations referred to in the corresponding criterion shall be presented immediately after the concepts of investments in financial instruments.

Accounts Receivable (Net)

12

Accounts receivable shall be presented within this item, deducting, if applicable, the estimate of expected credit losses.

Long-Term Assets Held for Sale or for Distribution to Owners

13

Investments in long-term assets that are classified as held for sale or for distribution to owners, such as subsidiaries, associates, and joint ventures, as well as assets related to discontinued operations, referred to in NIF B-11 "Disposal of Long-Term Assets and Discontinued Operations", shall be presented within this item.

Prepayments and Other Assets

14

Prepayments and other assets such as deferred charges and security deposits, as well as other short-term and long-term assets, shall be presented as a single item in the statement of financial position. The employee benefits asset arising in accordance with NIF D-3 "Employee Benefits" of the NIFs shall be part of this item.

Assets for Right of Use of Properties, Furniture, and Equipment (Net)

15

Those assets representing the right of a lessee to use a property, furniture, or equipment during the lease term, reduced by accumulated depreciation, shall be presented.

Permanent Investments

16

Permanent investments in subsidiaries, associates, joint ventures, as well as other permanent investments, added by goodwill generated, if any, shall be presented within this item.

Assets for Right of Use of Intangible Assets (Net)

17

Those assets representing the right of a lessee to use an intangible asset during the lease term, reduced by accumulated amortization, shall be presented.

Bank Loans and Loans from Other Organizations

18

Bank loans and loans from other organizations shall be grouped within a specific item, disaggregated into:

·

immediately exigible;

·

short-term (amount of amortizations whose maturity is less than or equal to one year), and

·

long-term (amount of amortizations whose maturity is greater than one year).

Sold Collateral

19

Sold collateral shall be presented within this item, disaggregated

that represent the obligation to return the collateral received as guarantee from the counterparty in repo operations and other sold collateral.

Other payables

20

Settling creditor accounts, creditors for cash collateral received, contributions payable, other creditors, and other payables shall be part of this item, including in the latter overdrafts in checking accounts and the negative balance of the cash and cash equivalents item that, in accordance with the provisions of criterion B-1 "Cash and cash equivalents," must be presented as a liability. Likewise, other payables to related parties shall be part of this item.

Liabilities related to groups of assets held for sale

21

Liabilities related to groups of long-term assets held for sale, including discontinued operations, shall be presented within this item.

Financial instruments that qualify as liabilities

22

Contributions for future capital increases pending formalization by the governing body, as well as those financial instruments that qualify as liabilities, in accordance with the provisions of NIF C-12 "Financial instruments with liability and equity characteristics," shall be included in this item.

Obligations associated with the removal of components of property, plant, and equipment

23

Obligations arising from the permanent removal from service of a component of property, plant, and equipment shall be included in this item, in accordance with the provisions of NIF C-18 "Obligations associated with the removal of property, plant, and equipment."

Income tax liabilities

24

The amount corresponding to taxes incurred, as well as the amount resulting from deferred income tax liabilities, determined in accordance with the provisions of NIF D-4 "Income taxes," shall be presented in this item.

Employee benefits liability

25

The liability arising in accordance with the provisions of NIF D-3 shall be part of this item.

Deferred credits and advance receipts

26

This item shall be composed of deferred credits and advance receipts, such as advance receipts received for goods promised for sale or with retention of title, among others.

Gain/loss on holding of non-monetary assets

27

Holding companies of financial groups shall recognize in this item the unrealized gain/loss on holding non-monetary assets, as established in NIF B-10 "Effects of inflation."

Off-balance sheet accounts

28

At the bottom of the statement of financial position, situations or events that, according to the definitions of assets, liabilities, and equity mentioned above, should not be included within those concepts in the statement of financial position of the holding companies of financial groups, but that provide information on any of the following events, shall be presented:

a)

contingent assets and liabilities in accordance with NIF C-9 "Provisions, contingencies, and commitments" of the NIFs;

b)

shares delivered in custody or as guarantee;

c)

collateral received;

d)

collateral received and sold;

e)

amounts that complement the figures contained in the statement of financial position, and

f)

other accounts that the holding companies of financial groups consider necessary to facilitate accounting records or to comply with applicable legal provisions.

Structure of the financial group's statement of financial position

29

In the same way that the statement of financial position of the holding companies of financial groups, the structure of the financial group's statement of financial position shall group the concepts of assets, liabilities, equity, and off-balance sheet accounts, in such a way that it is consistent with the relative importance of the different items and reflects, from greatest to least, their degree of liquidity or enforceability, as appropriate.

30

To the extent applicable, the minimum items that must be included in said statement of financial position are the following:

Assets

·

cash and cash equivalents;

·

margin accounts (derivative financial instruments);

·

investments in financial instruments;

·

repo debtors;

·

securities lending;

·

derivative financial instruments;

·

valuation adjustments for hedging financial assets;

·

total credit portfolio (net);

·

virtual assets;

·

benefits to be received in securitization operations;

31

·

debtors of insurance and surety companies;

·

recoverable amounts for reinsurance and reinsuring (net);

·

other receivables (net);

·

merchandise inventory;

·

adjudicated assets (net);

·

long-term assets held for sale or for distribution to owners;

·

prepayments and other assets (net);

·

property, plant, and equipment (net);

·

right-of-use assets for property, plant, and equipment (net);

·

permanent investments;

·

deferred income tax assets (net);

·

intangible assets (net):

·

right-of-use assets for intangible assets (net), and

·

goodwill.

Liabilities

·

deposits;

·

issued electronic payment funds;

·

bank loans and loans from other entities;

·

technical reserves;

·

repo creditors;

·

securities lending;

·

collateral sold or given as guarantee;

·

derivative financial instruments;

·

valuation adjustments for hedging financial liabilities;

·

payables for reinsurance and reinsuring (net);

·

liabilities in securitization operations;

·

lease liability;

·

other payables;

·

liabilities related to groups of assets held for sale;

·

Financial instruments that qualify as liabilities;

·

obligations associated with the removal of components of property, plant, and equipment;

·

income tax liability;

·

employee benefits liability, and

·

deferred credits and advance receipts.

Equity

·

contributed capital, and

·

retained earnings;

Off-balance sheet accounts

Operations on behalf of third parties

·

clients current accounts;

·

custody operations;

·

operations on behalf of clients,

·

third-party investment banking operations,

·

SIEFORES shares on behalf of workers, and

·

other registration accounts.

Operations on own account

·

guarantees granted;

·

contingent assets and liabilities;

·

credit commitments;

·

assets in trust or mandate;

·

assets in custody or administration;

·

collateral received by the entity;

·

collateral received and sold or delivered as guarantee by the entity;

·

deposits of assets;

·

accrued but uncollected interest derived from credit portfolio with credit risk stage 3;

·

liabilities for valid guarantees (net);

·

guarantees for recovery for issued guarantees;

·

pending claims for verification;

·

contingent claims;

·

paid claims;

·

cancelled claims;

·

recovery of paid claims;

·

SIEFORES shares, own position, and

·

other registration accounts.

Presentation of the financial group's statement of financial position

The items described above correspond to the minimum required for the presentation of the statement of financial position; however, the financial group shall break down, either in the said financial statement or through notes, the content of the concepts it considers necessary in order to show its financial situation to the user of the financial information. At the end of this criterion, a consolidated statement of financial position prepared with the minimum items referred to in the previous paragraph is shown.

32

However, certain items of the statement of financial position require special guidelines for their presentation, for which the presentation and disclosure standards contained in the criteria relative to the statement of financial position of their subsidiaries, as well as the following guidelines, shall be attended to:

Total credit portfolio (net)

33

The credit portfolio shall be presented, according to the credit in question, net of interest collected in advance and the deferred credits corresponding to the financial income to be accrued in financial leasing contracts.

34

Also presented within this item shall be: deferred items (net amount between transaction costs and origination commissions, as well as the effects of renegotiation of the credit portfolio) and the estimates corresponding to the credit portfolio.

35

Likewise, the collection rights related to acquired credits, net of their estimate, in accordance with the provisions applicable to them, shall be presented within this item.

36

The portfolio of credits granted by insurance and surety institutions, deducted from the corresponding estimates, determined in accordance with the provisions applicable to them, shall also be presented in this item.

Virtual assets

37

Virtual assets of those entities belonging to the financial group that, by express legislation, may hold them in their own position, attending to the regulations indicated by the Supervisory Commission regarding this matter, shall be presented within this item.

Debtors of insurance and surety companies

38

This item shall be composed of insurance and surety premiums pending collection, as well as surcharges, rights, and taxes pending collection, net of the corresponding estimates.

Recoverable amounts for reinsurance and reinsuring (net)

39

This item shall be integrated by the balances derived from reinsurance or reinsuring operations coming from premiums, commissions, claims, and other concepts in favor of insurance and surety institutions, net of the corresponding estimates.

Other receivables (net)

40

Receivables not included in the credit portfolio shall be presented, considering among others, various debtors, taxes to be recovered, balances owed by insurance and surety agents, adjusters, debtors for surety liabilities for claims, conditional receivables, as well as other receivables, deducted in their case, from the corresponding estimates.

Long-term assets held for sale or for distribution to owners

41

Investments in long-term assets that are classified as held for sale or for distribution to owners, such as subsidiaries, associates, and joint ventures, as well as assets related to discontinued operations, referred to in NIF B-11, shall be presented in this item.

Permanent investments

42

Permanent investments in unconsolidated subsidiaries, associates, joint ventures, as well as other permanent investments, added by the goodwill that may have been generated, shall be presented within this item.

Technical reserves

43

The amount of technical reserves constituted in accordance with the legislation applicable to insurance and surety institutions shall be presented in this item.

Payables for reinsurance and reinsuring (net)

44

This item shall be integrated by the balances derived from reinsurance or reinsuring operations coming from premiums, commissions, claims, and other concepts that represent an obligation for insurance and surety institutions.

Other payables

45

Operations carried out with related parties, creditors for settlement of operations, creditors for margin accounts, creditors for cash collateral received, contributions payable, as well as other creditors and other payables, such as, balances in favor of insurance and surety agents, adjusters, as well as creditors for surety liabilities for liabilities constituted and funds in administration of losses from insurance operations, shall be part of this item.

Controlling and non-controlling interest

46

Immediately after retained earnings, the controlling interest, corresponding to the amount of consolidated equity belonging to the holding company, shall be presented, followed by the non-controlling interest, which corresponds to the portion of the consolidated equity of a subsidiary that belongs to other owners.

Disclosure standards of the financial group

47

In addition to the disclosure requirements applicable to the financial entities that are part of the financial group, by their corresponding accounting criteria, the following shall be disclosed in notes to the financial statements of the financial group:

a)

The amount expected to be recovered or settled for each item of asset or liability, within the twelve months following the closing of the period reported and after twelve months following that date.

b)

The detail of the concepts that make up the item of prepayments and other assets.

c)

The detail of the items corresponding to taxes incurred, as well as deferred taxes that make up the item of income tax liability.

d)

The detail of the items that make up the employee benefits liability, considering: short-term and long-term direct benefits, PTU incurred and deferred, post-employment benefits, and termination benefits.

48

NAME OF THE HOLDING COMPANY OF THE FINANCIAL GROUP

ADDRESS

STATEMENT OF FINANCIAL POSITION AS ___ OF __________ OF _____ UNCONSOLIDATED

EXPRESSED IN PURCHASING POWER CURRENCY OF ___ OF ___(1)

(Figures in millions of pesos)

A S S E T S

L I A B I L I T I E S A N D E Q U I T Y

CASH AND CASH EQUIVALENTS

$

BANK LOANS AND LOANS FROM OTHER ENTITIES

Immediately due

$

INVESTMENTS IN FINANCIAL INSTRUMENTS

Short-term

"

Negotiable financial instruments

$

Long-term

"

"

Financial instruments to collect or sell

"

Financial instruments to collect principal and interest

(securities) (net)

"

"

SOLD COLLATERAL

Repos

$

REPO DEBTORS

"

Other sold collateral

"

"

RECEIVABLES (NET)

"

LEASE LIABILITY

LONG-TERM ASSETS HELD

FOR SALE

"

OTHER PAYABLES

OR FOR DISTRIBUTION TO OWNERS

Creditors for settlement of operations

$

Creditors for cash collateral received

"

PREPAYMENTS AND OTHER ASSETS (NET)

"

Contributions payable

"

Other creditors and other payables

"

"

PROPERTY, PLANT, AND EQUIPMENT (NET)

"

LIABILITIES RELATED TO GROUPS OF ASSETS

HELD

"

RIGHT-OF-USE ASSETS FOR

PROPERTY,

"

FOR SALE

PLANT, AND EQUIPMENT (NET)

FINANCIAL INSTRUMENTS THAT QUALIFY AS

LIABILITY

PERMANENT INVESTMENTS

Subordinated obligations in circulation

$

Subsidiaries

"

Contributions for future capital increases pending

formalization

"

Associates

"

by its governing body

"

Joint ventures

"

Other

"

Other permanent investments

"

"

OBLIGATIONS ASSOCIATED WITH THE REMOVAL

OF

"

DEFERRED INCOME TAX ASSETS

(NET)

"

PROPERTY, PLANT, AND EQUIPMENT

INTANGIBLE ASSETS (NET)

"

INCOME TAX LIABILITY

"

RIGHT-OF-USE ASSETS FOR INTANGIBLE

ASSETS

"

EMPLOYEE BENEFITS LIABILITY

"

(NET)

DEFERRED CREDITS AND ADVANCE RECEIPTS

"

GOODWILL

"

TOTAL LIABILITIES

$

EQUITY

CONTRIBUTED CAPITAL

Share capital

Contributions for future capital increases formalized

by its governing body

$

Premium on share sales

"

financial instruments that qualify as equity

"

"

"

RETAINED EARNINGS

Capital reserves

$

Accumulated results

"

Other comprehensive income

"

Valuation of financial instruments to collect or sell

"

Income and expenses related to assets held

for disposal

"

Remeasurement of defined employee benefits

"

Accumulated effect from translation

"

Gain/loss on holding of non-monetary assets

"

Participation in OCI of other entities

"

"

TOTAL EQUITY

$

TOTAL ASSETS

$

TOTAL LIABILITIES AND EQUITY

$

OFF-BALANCE SHEET ACCOUNTS

Contingent assets and liabilities

$

Shares delivered in custody or

guarantee

"

Collateral received by the entity

"

Collateral received and sold by the

entity

"

Other registration accounts

"

The concepts appearing in this statement are presented in an enumerative but not exhaustive manner.

(1) This line shall be omitted if the economic environment is "non-inflationary."

NAME OF THE FINANCIAL GROUP

ADDRESS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS ___ OF __________ OF _____

EXPRESSED IN PURCHASING POWER CURRENCY OF _______ OF ____(1)

(Figures in millions of pesos)

A S S E T S

L I A B I L I T I E S A N D E Q U I T Y

CASH AND CASH EQUIVALENTS

$

DEPOSITS

Deposits immediately due

$

MARGIN ACCOUNTS (DERIVATIVE FINANCIAL

INSTRUMENTS)

"

Time deposits

"

From the general public

"

Money market

"

INVESTMENTS IN FINANCIAL INSTRUMENTS

Credit instruments issued

"

Negotiable financial instruments

$

Global deposit account with no activity

"

"

Financial instruments to collect or sell

"

Financial instruments to collect principal and interest (securities)

(net)

"

"

ISSUED ELECTRONIC PAYMENT FUNDS

"

REPO DEBTORS

"

BANK LOANS AND LOANS FROM OTHER

ENTITIES

Immediately due

$

SECURITIES LENDING

"

Short-term

"

Long-term

"

"

DERIVATIVE FINANCIAL INSTRUMENTS

For trading purposes

"

TECHNICAL RESERVES

"

For hedging purposes

"

"

REPO CREDITORS

"

VALUATION ADJUSTMENTS FOR HEDGING FINANCIAL

ASSETS

"

SECURITIES LENDING

"

CREDIT PORTFOLIO WITH CREDIT RISK STAGE 1

Commercial credits

"

SOLD COLLATERAL OR GIVEN AS

GUARANTEE

Consumer credits

"

Repos (Creditor balance)

$

Housing credits

"

"

Securities lending

"

Derivative financial instruments

"

TOTAL CREDIT PORTFOLIO WITH CREDIT RISK

STAGE 1

"

Other sold collateral

"

"

CREDIT PORTFOLIO WITH CREDIT RISK STAGE 2

DERIVATIVE FINANCIAL INSTRUMENTS

Commercial credits

"

For trading purposes

$

Consumer credits

"

For hedging purposes

"

"

Housing credits

"

"

VALUATION ADJUSTMENTS FOR HEDGING

FINANCIAL

"

LIABILITIES

TOTAL CREDIT PORTFOLIO WITH CREDIT RISK

STAGE 2

"

CREDIT PORTFOLIO WITH CREDIT RISK STAGE 3

PAYABLES FOR REINSURANCE AND

"

Commercial credits

"

REINSURING (NET)

Consumer credits

"

Housing credits

"

"

LIABILITIES IN SECURITIZATION

OPERATIONS

"

TOTAL CREDIT PORTFOLIO WITH CREDIT RISK

STAGE 3

"

LEASE LIABILITY

"

CREDIT PORTFOLIO VALUED AT FAIR VALUE

"

OTHER PAYABLES

Creditors for settlement of operations

$

CREDIT PORTFOLIO

"

Creditors for margin accounts

"

"

Creditors for cash collateral received

"

(+/-) DEFERRED ITEMS

Contributions payable

"

Other creditors and other payables

"

"

(-) LESS:

LIABILITIES RELATED TO GROUPS OF

ASSETS

"

HELD FOR SALE

CREDIT PORTFOLIO OF INSURANCE AND

SURETY INSTITUTIONS

"

FINANCIAL INSTRUMENTS THAT n

QUALIFY AS LIABILITY

Subordinated obligations in circulation

$

(+/-) DEFERRED ITEMS

"

Contributions for future capital increases

pending

"

formalization by its governing body

"

(-) LESS:

Other

"

"

PROVISION FOR CREDIT RISK ESTIMATE

"

OBLIGATIONS ASSOCIATED WITH THE REMOVAL

OF

"

COMPONENTS OF PROPERTY, PLANT, AND EQUIPMENT

TOTAL CREDIT PORTFOLIO OF INSURANCE AND

SURETY INSTITUTIONS (NET)

"

INCOME TAX LIABILITY

"

ACQUIRED COLLECTION RIGHTS (NET)

"

EMPLOYEE BENEFITS LIABILITY

"

TOTAL CREDIT PORTFOLIO (NET)

$

DEFERRED CREDITS AND ADVANCE

RECEIPTS

"

VIRTUAL ASSETS

"

TOTAL LIABILITIES

$

BENEFITS TO BE RECEIVED IN SECURITIZATION

OPERATIONS

"

DEBTORS OF INSURANCE AND SURETY

COMPANIES

"

EQUITY

RECOVERABLE AMOUNTS FOR REINSURANCE AND

REINSURING

"

CONTRIBUTED CAPITAL

(NET)

Share capital

$

Contributions for future capital increases

formalized

"

OTHER RECEIVABLES (NET)

"

by its governing body

"

Premium on share sales

"

Merchandise inventory

"

Financial instruments that qualify as equity

"

"

ADJUDICATED ASSETS (NET)

"

RETAINED EARNINGS

Capital reserves

LONG-TERM ASSETS HELD FOR SALE OR FOR

"

Accumulated results

DISTRIBUTION TO OWNERS

Other comprehensive income

Valuation of financial instruments to

collect or sell

"

PREPAYMENTS AND OTHER ASSETS

(NET)

"

Valuation of derivative financial instruments

for cash flow hedging

"

PROPERTY, PLANT, AND EQUIPMENT (NET)

"

Income and expenses related to assets

held

"

for disposal

RIGHT-OF-USE ASSETS FOR PROPERTY, PLANT, AND

"

Remeasurement of defined benefits to

employees

"

EQUIPMENT (NET)

Remeasurement due to result in the valuation of the

reserve of

"

risks in course due to variation in discount rates

PERMANENT INVESTMENTS

"

Accumulated effect from translation

"

Gain/loss on holding of non-monetary

assets

"

DEFERRED INCOME TAX ASSETS

(NET)

"

Participation in OCI of other entities

"

"

INTANGIBLE ASSETS (NET)

"

TOTAL CONTROLLING INTEREST

"

RIGHT-OF-USE ASSETS FOR INTANGIBLE

ASSETS (NET)

"

TOTAL NON-CONTROLLING INTEREST

"

GOODWILL

"

TOTAL EQUITY

$

TOTAL ASSETS

$

TOTAL LIABILITIES AND EQUITY

$

The concepts appearing in this statement are presented in an enumerative but not exhaustive manner.

(1) This line shall be omitted if the economic environment is "non-inflationary."

NAME OF THE FINANCIAL GROUP

ADDRESS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS ___ OF __________ OF _____

EXPRESSED IN PURCHASING POWER CURRENCY OF ___ OF ___

(Figures in millions of pesos)

OFF-BALANCE SHEET ACCOUNTS

OPERATIONS ON BEHALF OF THIRD PARTIES

OPERATIONS ON OWN ACCOUNT

CLIENTS CURRENT ACCOUNTS

GUARANTEES GRANTED

$

Clients' banks

$

Dividends collected from clients

"

CONTINGENT ASSETS AND LIABILITIES

"

Interest collected from clients

"

Settlement of clients' operations

"

CREDIT COMMITMENTS

Premiums collected from clients

"

Settlements with clients' foreign exchange

"

ASSETS IN TRUST OR MANDATE

Margin accounts

"

Trusts

Other current accounts

"

"

Mandates

CUSTODY OPERATIONS

ASSETS IN CUSTODY OR ADMINISTRATION

"

Clients' financial instruments (securities) received

in custody

$

Clients' financial instruments (securities) in

THE FOREIGNER

""

COLLATERAL RECEIVED BY THE ENTITY

Cash managed in trust $

OPERATIONS ON BEHALF OF CLIENTS

Government debt "

Repo operations on behalf of clients $

Bank debt "

Securities lending operations on behalf "

Other debt securities " of clients

Equity financial instruments "

Collateral received as guarantee on behalf of clients "

Other financial instruments "

""

Collateral delivered as guarantee on behalf of clients "

Operations for the purchase of instruments "

COLLATERAL RECEIVED AND SOLD OR

financial derivatives

DELIVERED

as guarantee by the entity

From futures and forward contracts for clients (amount "

Government debt $

notional)

Bank debt "

From options "

Other debt securities "

From swaps "

Equity financial instruments "

From packages of financial instruments derivatives of "

Other financial instruments "

""

clients

Operations for the sale of instruments "

DEPOSIT OF GOODS

financial derivatives

From futures and forward contracts for clients (amount "

ACCRUED BUT UNCOLLECTED INTERESTS DERIVED FROM

notional)

CREDIT PORTFOLIO WITH CREDIT RISK

STAGE 3

From options "

From swaps "

From packages of financial instruments derivatives of "

LIABILITIES FOR VALID GUARANTEES (NET)

""

clients

Administered trusts "

""

RECOVERY GUARANTEES FOR GUARANTEES

ISSUED

""

PENDING CLAIMS RECEIVED FOR

INVESTMENT BANKING OPERATIONS

BY

""

THIRD-PARTY ACCOUNTS

CONTINGENT CLAIMS

""

SIEFORES SHARES ON BEHALF OF

""

WORKERS

PAID CLAIMS

""

OTHER REGISTRATION ACCOUNTS

""

CANCELLED CLAIMS

""

RECOVERY OF PAID CLAIMS

""

SIEFORES SHARES, OWN POSITION

OTHER REGISTRATION ACCOUNTS

""

TOTALS FOR THIRD-PARTY ACCOUNTS $

TOTALS FOR OWN ACCOUNT $

D-2 STATEMENT OF COMPREHENSIVE INCOME

Background

Financial information must comply, among other things, with the purpose of reporting the results of an entity's operations during a defined accounting period, requiring the establishment, through specific criteria, of the object and general structure that the statement of comprehensive income must have. This is with the aim of obtaining elements of judgment regarding, among other issues, the level of operational efficiency, profitability, and financial risk.

Objective and scope

1

This criterion aims to establish the general characteristics for the presentation and structure of the statement of comprehensive income, the minimum content requirements, and the general disclosure rules. Whenever this financial statement is prepared, holding companies of financial groups must adhere to the structure and guidelines provided in this criterion, through which the presentation of this financial statement is sought to be homogenized among holding companies of financial groups, and in this way, facilitate its comparability.

2

The statement of comprehensive income aims to show information relative to the result of its operations in the accounting period and, therefore, of the income, costs, expenses, and other comprehensive income; as well as the comprehensive result and the net profit (loss) resulting in the accounting period.

Concepts that make up the statement of comprehensive income

3

In a broad context, the concepts that make up the statement of comprehensive income are: income, costs, expenses, profits, losses, and other comprehensive income (OCI), considering as such the concepts thus defined in NIF A-5 "Basic elements of financial statements" of the NIFs.

Structure of the statement of comprehensive income of holding companies of financial groups

4

The minimum items that the statement of comprehensive income must contain in holding companies of financial groups are the following:

·

profit before income tax;

·

result from continuing operations;

·

net result, and

·

comprehensive result.

Presentation of the statement of comprehensive income of holding companies

5

The items described above correspond to the minimum requirements for the presentation of the statement of comprehensive income; however, holding companies of financial groups and sub-holding companies must break down, either in the aforementioned statement of comprehensive income or through notes to the financial statements, the content of the concepts they consider necessary in order to show the results thereof to the user of the financial information. At the end of this criterion, a statement of comprehensive income prepared with the minimum items referred to in the previous paragraph is shown.

Characteristics of the items that make up the structure of the statement of comprehensive income of holding companies of financial groups

Profit before income tax

6

Corresponds to the difference between the result from participation in other entities and interest income, less interest expenses, increased or decreased by commissions and fees paid, intermediation result, other operating income (expenses), administration and promotion expenses, net monetary position result, as well as the valuation result.

Result from participation in other entities

7

Corresponds to the effect of the application of the equity method in permanent investments in subsidiaries, associates, and joint ventures. In this item, the effects of impairment or reversal of impairment relative to participation in other entities, dividends from permanent investments not valued under the equity method, adjustments associated with other permanent investments, and effects of valuation of permanent investments available for sale must also be included.

Interest income

8

Interest income is considered to include premiums and interests from financial operations specific to holding companies of financial groups, such as those from cash and cash equivalents, investments in financial instruments, and repo operations, as well as premiums for debt placement.

9

Dividends from financial instruments that qualify as equity financial instruments are also considered interest income.

10

Likewise, valuation adjustments derived from items denominated in UDIS or in some other general price index, as well as exchange gains, are considered interest income, provided that such items originate from positions related to interest income.

Interest expenses

11

Interest expenses are considered to include discounts and interests derived from bank loans, and financial instruments that qualify as liabilities, as well as transaction costs and discounts borne for debt issuance. In addition, those premiums paid for the early redemption of financial instruments that qualify as liabilities.

12

Likewise, valuation adjustments derived from items denominated in UDIS or in some other general price index, as well as exchange losses, are considered interest expenses, provided that such concepts originate from positions related to interest expenses.

13

Likewise, those derived from lease liabilities and the financial effect of provisions are considered interest expenses.

Commissions and fees paid

14

Commissions and fees paid are considered to be those generated by loans received and by debt placement (distinct from those associated with its issuance).

Intermediation result

15

Likewise, the intermediation result is considered part of the profit before income tax, understood as the following concepts:

a)

result from fair value valuation of negotiable financial instruments, as well as sold collateral;

b)

estimate of expected credit losses for investments in financial instruments;

c)

result from valuation of currencies linked to its social object and minted precious metals;

d)

result from the purchase and sale of investments in financial instruments;

e)

result from the purchase and sale of currencies linked to its social object and minted precious metals;

f)

the result from the sale of received collateral, and

g)

transaction costs for the purchase and sale of negotiable financial instruments.

Other operating income (expenses)

16

Other operating income (expenses) are considered to be income and expenses derived from the entity's operations, which are not included in the previous concepts, nor form part of administration and promotion expenses, such as:

a)

tax recoveries,

b)

donations,

c)

loss from impairment or effect of reversal of impairment of other long-term assets held for sale and other assets;

d)

the result from the sale of properties, furniture, and equipment, and

e)

interests in favor derived from loans to officials and employees.

Administration and promotion expenses

17

Within administration and promotion expenses, among others, all types of direct short-term benefits granted to employees of holding companies of financial groups, the Worker Participation in Profits (PTU) accrued and deferred, the net period cost derived from long-term employee benefits, honoraria, rents (for example, variable payments for leasing, short-term leases), insurance and guarantees, promotion and advertising expenses, taxes and various duties, technology expenses, non-deductible expenses, depreciation and amortizations, loss from impairment or effect of reversal of impairment of real estate and other assets in use, technical assistance expenses, maintenance expenses, consumables, and minor supplies.

Net monetary position result

18

The net monetary position result referred to in paragraph 7 shall be that which originates from items whose income or expenses form part of the profit before income tax (in the case of an inflationary environment).

Valuation result

19

Corresponds to the exchange result generated by items related to the profit before income tax.

Result from continuing operations

20

It is the profit before income tax, decreased by the effect of income tax expenses accrued in the period, increased or decreased as the case may be, by the effects of deferred income taxes generated or realized in the period, in its case, net of its estimate.

Net result

21

Corresponds to the result from continuing operations, increased or decreased as appropriate, by discontinued operations referred to in NIF B-11 "Disposal of long-term assets and discontinued operations".

Comprehensive result

22

Corresponds to the net result increased or decreased by the OCI of the period, net of the effects of income tax and PTU related, as well as participation in OCI of other entities. OCI will be integrated by: valuation of financial instruments to collect or sell, remeasurement of defined benefits to employees, accumulated effect from conversion, and the result from holding non-monetary assets.

Structure of the financial group's statement of comprehensive income

23

The minimum items that the financial group's statement of comprehensive income must contain are the following:

·

financial margin;

·

financial margin adjusted for credit risks;

·

operating result;

·

profit before income tax;

·

result from continuing operations;

·

net result, and

·

comprehensive result.

Presentation of the financial group's statement of comprehensive income

24

The items described above correspond to the minimum requirements for the presentation of the statement of comprehensive income; however, financial groups must break down either in the aforementioned statement of comprehensive income or through notes to the financial statements, the content of the concepts they consider necessary in order to show the results thereof to the user of the financial information. At the end of this criterion, a consolidated statement of comprehensive income is shown, prepared with the minimum items referred to in the previous paragraph.

25

In the case of those financial groups that are not integrated by a credit institution and that the structure of the statement of comprehensive income referred to in paragraph 24 differs from the relevant operations thereof, they may present a different structure. This, taking into consideration the qualitative characteristics of relevance and understandability, contained in NIF A-4 "Qualitative characteristics of financial statements".

Characteristics of the items that make up the structure of the financial group's statement of comprehensive income

Financial margin

26

The financial margin shall be composed of the difference between interest income and interest expenses, increased or decreased by the net monetary position result, related to items of the financial margin (in the case of an inflationary environment).

27

It should be mentioned that some concepts such as exchange gains in exchange houses, and certain types of commissions in the case of retirement savings administrators, brokerage houses, investment fund operating companies, investment fund share distributing companies, and general warehouses, as well as income from premiums and the costs of operations carried out by insurance and guarantee companies, despite the fact that in individual financial statements they are part of the financial margin, will not form part of it when consolidated financial statements are presented.

Interest income

28

Interest income is considered to include returns generated by the credit portfolio, contractually designated as interest, those derived from acquired receivables (impaired credits), the amortization of interest collected in advance, the financial income accrued in financial leasing operations, financial factoring, discount, and assignment of credit rights, as well as premiums and interests generated by other financial operations, such as those from cash and cash equivalents, margin accounts, investments in financial instruments, repo and securities lending operations, operations with financial derivative instruments, as well as premiums for debt placement.

29

Commissions charged for the granting of credits and the effect from credit portfolio renegotiation are also considered interest income, as well as dividends from financial instruments that qualify as equity financial instruments.

30

Likewise, interest collected relative to credits previously classified as credit risk portfolio stage 3 or past-due portfolio, whose accumulation is effected in accordance with its collection, according to what is established in the credit portfolio accounting criteria of the corresponding subsidiary, form part of this item.

31

Likewise, valuation adjustments derived from items denominated in UDIS or in some other general price index, the amortization of deferred credit from valuation of credits in times minimum wage (VSM) or measurement unit and update (UMA), as well as exchange gains, are considered interest income, provided that such items originate from positions related to income or expenses that form part of the financial margin.

Interest expenses

32

Interest expenses are considered to include premiums, discounts, and interests derived from the collection of consolidated entities, bank loans, and from other organizations, repo and securities lending operations, operations with financial derivative instruments, and financial instruments that qualify as liabilities, as well as transaction costs and discounts borne for debt issuance. In addition, those premiums paid for the early redemption of financial instruments that qualify as liabilities.

33

Likewise, interests derived from retained reserves of ceded and retroceded reinsurance or re-guarantee, interests accrued on dividends in administration, as well as those generated by financial reinsurance contracts, are considered interest expenses.

34

Likewise, the amortization of costs and expenses associated with the granting of credits (transaction costs), the effects from credit portfolio renegotiation, those derived from lease liabilities, and the financial effect of provisions are considered interest expenses.

35

Likewise, valuation adjustments derived from items denominated in UDIS or in some other general price index, as well as exchange losses on positions, are considered interest expenses, provided that such concepts originate from positions related to expenses or income that form part of the financial margin.

Net monetary position result (financial margin)

36

The net monetary position result referred to in paragraph 27 shall be that which originates from items whose income or expenses form part of the financial margin (in the case of an inflationary environment).

Financial margin adjusted for credit risks

37

Corresponds to the financial margin deducted by the amounts relative to the movements of the preventive estimate for credit risks in a given period.

Operating result

38

Corresponds to the financial margin adjusted for credit risks, increased or decreased by:

a)

commissions and fees charged and paid;

b)

premium income (net);

c)

net increase in technical reserves;

d)

net acquisition cost for insurance and guarantee operations;

e)

net cost of claims, reclamations, and other obligations pending fulfillment;

f)

the intermediation result,

g)

the operating costs of AFOREs,

h)

other operating income (expenses) other than income or expenses for interest, which have been included within the financial margin, and

i)

administration and promotion expenses.

Commissions and fees charged and paid

39

Those generated by the administration of funds for retirement, credit operations other than those indicated in paragraphs 30 and 35, loans received, commissions for debt placement (distinct from those associated with its issuance), and for the provision of services among others, of handling, transfer, custody, or administration of assets, fiduciary activities, and for the granting of sureties. Also, commissions related to the use or issuance of credit cards form part of this item. The foregoing shall also be applicable to income from commissions and services generated by brokerage houses, general warehouses, investment fund operators, investment fund share distributors, and commissions charged by insurance and guarantee institutions.

Premium income (net)

40

Premium income is considered to be the amount of premiums for insurance and guarantee policies issued, added to premiums for reinsurance or re-guarantee taken, net of returns, cancellations, as well as premiums ceded in reinsurance or re-guarantee corresponding to the same.

Net increase in technical reserves

41

This item will include increases in technical reserves from the issuance of retained premiums, related to authorized operations and lines of business; as well as increases in special technical reserves, calculated based on actuarial methods in accordance with the provisions applicable to insurance and guarantee institutions.

Net acquisition cost for insurance and guarantee operations

42

Corresponds to costs derived from the intermediation of insurance and guarantee contracts, commissions for ceded reinsurance and re-guarantee, as well as any other compensation that institutions grant for the intermediation of insurance and guarantee policies in accordance with the provisions applicable to insurance and guarantee institutions.

Net cost of claims, reclamations, and other obligations pending fulfillment

43

The expected amount of claims for the risk in question and other obligations pending fulfillment, updated by the impact of variations in prices related to such claims and obligations, shall be presented in this item, considering, in its case, the effect of deductibles, co-insurances, salvages, and recoveries, as well as the margin for deviations and the provision for adjustment expenses and other expenses related to the handling of claims, if applicable, as well as the estimated amount of losses produced by non-recovery or shrinkage in the value of recovery guarantees corresponding to paid claims.

Intermediation result

44

This item will be integrated by the following concepts:

a)

result from fair value valuation of negotiable financial instruments and financial derivative instruments for trading or hedging purposes, valuation of the hedged item, as well as sold collateral;

b)

estimate of expected credit losses for investments in financial instruments;

c)

result from valuation of currencies and minted precious metals;

d)

result from valuation of virtual assets:

e)

result from the purchase and sale of financial instruments (securities) and financial derivative instruments;

f)

result from the purchase and sale of virtual assets;

g)

result from the purchase and sale of currencies and minted precious metals;

h)

the result from the sale of received collateral;

i)

premium surcharges;

j)

the result from financial reinsurance;

k)

transaction costs for the purchase and sale of negotiable financial instruments and financial derivative instruments, as well as virtual assets, and

l)

other financial results.

45

Within these operating income (expenses), the result derived from the purchase and sale of currencies carried out by exchange houses must be included.

Operating costs of AFOREs

46

The operating costs of Retirement Fund Administrators, distinct from administration expenses, such as affiliation and transfer costs, regulatory costs, direct operating costs of operational personnel and service to workers, will form part of this item,

direct operating costs for investment and risk management.

Other operating income (expenses)

47

In this item, other operating income (expenses) that are not included in the preceding paragraphs, nor part of administration and promotion expenses, shall be recognized, such as:

a)

costs and expenses for credit portfolio recoveries;

b)

recoveries of taxes and excess benefits to be received in securitization operations, as well as other recoveries.

c)

result from acquisition or sale of portfolio;

d)

income from purchase option in financial leasing operations;

e)

income from participation in the sale price of goods in financial leasing operations;

f)

charges to the estimate of expected credit losses;

g)

losses;

h)

contributions to the Bank Savings Protection Institute in the case of credit institutions;

i)

donations;

j)

the result from the award of assets, the result from the valuation of awarded assets, the result from the sale of awarded assets, as well as the estimate for the loss in value of awarded assets;

k)

the loss in custody and administration of assets;

l)

the loss in trust operations;

m)

the loss from impairment or effect from reversal of impairment of other long-term assets held for sale;

n)

interests payable in financing for the acquisition of assets;

o)

result from the sale of properties, furniture, and equipment;

p)

the cancellation of other liability accounts;

q)

interests receivable from loans to officials and employees;

r)

Leasing income;

s)

the result from the valuation of the asset (or liability) from the administration of transferred financial assets, as well as benefits to be received in securitization operations;

t)

other items of operating income (expenses), and

u)

income from administrative services.

48

Likewise, income or expenses derived from insurance and suretyship operations are considered part of other operating income (expenses), such as fees for the issuance of policies and special procedures in the granting of insurance and suretyships, the recovery of expenses for paid claim management, as well as income and expenses from analogous and related services.

49

In addition to the items previously mentioned, the result from monetary position, in the case of an inflationary environment, and the result from changes generated by items not related to the financial margin of the entities that make up the financial group, shall be presented in the item of other operating income (expenses).

Administration and promotion expenses

50

They shall include, among others, all types of short-term direct benefits granted to employees of the entities that make up the financial group, profit-sharing (PTU) accrued and deferred, the net cost of the period derived from long-term employee benefits, fees, rents (for example, variable payments for leasing, short-term leases), insurance and suretyships, promotion and advertising expenses, taxes and various fees, technology expenses, non-deductible expenses, depreciation and amortization, the loss from impairment or effect from reversal of impairment of real estate and other assets in use, technical assistance expenses, maintenance expenses, other fees, and minor consumables and supplies.

Result before income taxes

51

It will be the result of operations, incorporating the participation in the net result of other entities, increased or decreased, if applicable, by the effects of impairment and its reversals, the dividends from other permanent investments, the adjustments associated with other permanent investments, and the valuation effects of permanent investments available for sale.

Result from continuing operations

52

It is the result before income taxes, decreased by the effect of income tax expenses accrued in the period, increased or decreased as appropriate, by the effects of deferred income taxes generated or realized in the period, if applicable, net of their estimate.

Net result

53

It corresponds to the result from continuing operations, increased or decreased as appropriate, by discontinued operations as referred to in NIF B-11.

Comprehensive result

54

It corresponds to the net result increased or decreased by the OCI of the period, net of the effects of income taxes and PTU related, as well as the participation in the OCI of other entities. The OCI will be composed of: valuation of financial instruments to collect or sell, valuation of financial derivative instruments from cash flow hedging, income and expenses related to assets held for disposal, remeasurement of defined employee benefits, remeasurement due to result in the valuation of the risk reserve in progress due to variation in rates, cumulative effect from conversion, and the result from holding non-monetary assets.

Disclosure standards of the financial group

55

In addition to the disclosure requirements applicable to the financial entities that are part of the financial group, according to their corresponding accounting criteria, the following shall be disclosed in notes to the financial statements of the financial group:

a)

composition of the financial margin, identifying by type of currency interest income and interest expenses, distinguishing them by the type of operation from which they originate (investments in financial instruments, repurchase agreements, securities lending, credit portfolio, disaggregated deposits, as well as bank loans and from other entities, among others);

b)

in the case of credit portfolio, additionally, the amount of interest income by type of credit (business or commercial activity, financial entities, government entities, consumer, housing, among others) shall be identified;

c)

integration of commissions generated by the administration of funds for retirement;

d)

composition of premium income, presenting the number of policies, insured persons or certificates and clauses in force and sureties in force at the close of each fiscal year, as well as the premiums issued for the operations and branches they operate;

e)

in the case of the results of the loss development triangle (provisions and payments for losses by year of occurrence), the comparison with the earned premium by operation, as well as claims paid for sureties;

f)

composition of the result from intermediation, identifying the result from fair value valuation and, if applicable, the result from purchase and sale, according to the type of operation from which they originate (investments in financial instruments, virtual assets, as well as sold collateral);

g)

amount of the result from the valuation of the credit portfolio valued at fair value;

h)

amount of commissions charged disaggregated by the main products handled by their subsidiaries, other than those indicated in item c);

i)

the amounts of transaction costs, as well as elements that justify their direct relationship with the granting of credit;

j)

the commissions or amounts charged for the administration of received resources whose destination is the assistance of communities, sectors, or populations resulting from natural disasters, as well as the total amount thereof;

k)

the detail of income taxes accrued and deferred;

l)

the segregation of the net result into the amounts corresponding to non-controlling interest and controlling interest, which shall be included in the cover of the financial statement;

m)

the segregation of the comprehensive result into the amounts corresponding to non-controlling interest and controlling interest, which shall be included in the cover of the financial statement;

n)

the detail of the movements of the OCI net of income taxes, corresponding to the effect of the period and the recycling that was carried out, if applicable;

o)

the amounts of income taxes, as well as PTU related to the OCI, and

p)

the amount of basic earnings or loss per share and diluted earnings or loss per share, in the event that the financial group trades on the stock exchange. The determination of both amounts must be made based on the NIF relative to earnings per share.

56

NAME OF THE HOLDING COMPANY OF THE FINANCIAL GROUP

ADDRESS

STATEMENT OF COMPREHENSIVE INCOME OF __________ TO ___________ OF _____ NON-CONSOLIDATED

EXPRESSED IN CURRENCY OF PURCHASING POWER OF _____ OF ____ (1)

(Numbers in millions of pesos)

Result from participation in other entities

$

Interest income

"

Interest expenses

"

Commissions and fees paid

"

Result from intermediation

"

Other operating income (expenses)

"

Administration and promotion expenses

"

Net result from monetary position (1)

"

Result from valuation

"

RESULT BEFORE INCOME TAXES

$

Income taxes

"

RESULT FROM CONTINUING OPERATIONS

$

Discontinued operations

"

NET RESULT

$

Other comprehensive income of the period

-Valuation of financial instruments to collect or sell

$

• Income and expenses related to assets held for

disposal

"

-Remeasurement of defined employee benefits

"

-Cumulative effect from conversion

"

-Result from holding non-monetary assets

"

Participation in OCI of other entities

"

OTHER COMPREHENSIVE INCOME OF THE PERIOD

$

COMPREHENSIVE RESULT

$

The concepts appearing in this statement are shown in an enumerative but not exhaustive manner.

(1)

This line will be omitted if the economic environment is "non-inflationary".

NAME OF THE FINANCIAL GROUP

ADDRESS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OF ___________ TO __________ OF _____

EXPRESSED IN CURRENCY OF PURCHASING POWER OF ________ OF ___ (1)

(Numbers in millions of pesos)

Interest income

$

Interest expenses

"

Net result from monetary position (financial margin)

"

FINANCIAL MARGIN

$

Preventive estimate for credit risks

"

FINANCIAL MARGIN ADJUSTED FOR CREDIT RISKS

$

Commissions and fees charged

$

Commissions and fees paid

"

Premium income (net)

"

Net increase in technical reserves

"

Net acquisition cost for insurance and suretyship operations

"

Net cost of loss experience, claims, and other obligations

pending to be fulfilled

Result from intermediation

"

Operating costs of AFOREs

"

Other operating income (expenses)

"

Administration and promotion expenses

"

"

RESULT OF OPERATIONS

$

Participation in the net result of other entities

"

RESULT BEFORE INCOME TAXES

$

Income taxes

"

RESULT FROM CONTINUING OPERATIONS

$

Discontinued operations

"

NET RESULT

$

Other comprehensive income of the period

"

-Valuation of financial instruments to collect or sell

$

-Valuation of financial derivative instruments from cash flow

"

hedging

• Income and expenses related to assets held for

"

disposal

-Remeasurement of defined employee benefits

"

-Remeasurement due to result in the valuation of the risk reserve

in

"

progress due to variation in discount rates

-Cumulative effect from conversion

"

-Result from holding non-monetary assets

"

"

Participation in OCI of other entities

$

COMPREHENSIVE RESULT

$

Net result attributable to:

Controlling interest

$

Non-controlling interest

"

$

Comprehensive result attributable to:

Controlling interest

$

Non-controlling interest

"

$

Basic earnings per ordinary share

$

The concepts appearing in this statement are shown in an enumerative but not exhaustive manner.

(1) This line will be omitted if the economic environment is "non-inflationary".

D-3 STATEMENT OF CHANGES IN EQUITY

Background

The financial information must comply, among other things, with the purpose of reporting the modifications in the owners' investment during a defined accounting period, requiring the establishment, through specific criteria, of the objectives and general structure that the statement of changes in equity must have, in order to evaluate, among other issues, the profitability indices of the holding companies of financial groups, both for a specific accounting period and cumulatively up to the date of the financial statements.

Objective and scope

1

This standard aims to establish the general characteristics for the presentation and structure that the statement of changes in equity of the holding companies of financial groups and of the financial group must have, the minimum requirements of its content, and the general disclosure standards. This is to homogenize the presentation of this financial statement among the holding companies of financial groups, as well as of the financial groups, facilitating its comparability.

2

The statement of changes in equity aims to present information about the changes in the investment of the owners of the holding companies of financial groups or of the financial group during the accounting period. Likewise, it must show a reconciliation between the initial and final balances of the period, of each of the items that form part of the equity. In general and non-limiting terms, the main items that integrate equity are:

a)

contributed capital, which is composed of the portion of equity integrated by the contributions of the owners and by the amount of financial instruments issued that qualify as capital. They also include contributions for future capital increases, premiums in the issuance or sale of shares and financial instruments that qualify as capital, and

b)

earned capital, which is composed of the profits and losses generated by operations, and is composed of reserves, accumulated results, and other comprehensive income.

3

Therefore, the basic elements of the statement of changes in equity of the holding companies of financial groups or of the financial group are: owner movements, reserve movements, and comprehensive result, in accordance with NIF A-5 "Basic elements of financial statements".

4

When it comes to the financial statements of the financial group, the movements presented in the statement of changes in equity must be segregated into the amounts corresponding to the:

a)

controlling interest, which is the portion of the equity of the subsidiaries that belongs to the holding companies of financial groups, and

b)

non-controlling interest, which is the portion of the equity of the subsidiaries that belongs to other owners other than the holding companies of financial groups.

5

This standard does not aim to establish the mechanism by which the aforementioned movements are determined, as they are subject to these accounting standards, the accounting standards for the entities that make up the financial group, or specific NIFs established regarding this matter.

Structure of the statement of changes in equity

6

The statement of changes in equity must present in a segregated manner, for each period for which it is presented, the amounts relative, if applicable, to:

a)

initial balances of equity;

b)

adjustments from retrospective application due to accounting changes and corrections of errors;

c)

adjusted initial balances;

d)

owner movements;

e)

reserve movements;

f)

comprehensive result, and

g)

final balances of equity.

Initial balances of equity

7

In this line, the book values of each of the items of equity with which the holding companies of financial groups or the financial group began each period for which the statement of changes in equity is presented must be shown.

Adjustments from retrospective application due to accounting changes and corrections of errors

8

It corresponds to the adjustments derived from the retrospective application established in NIF B-1 "Accounting changes and corrections of errors". When retrospective adjustments have been determined that consequently affect the initial balances of the period, the corresponding amounts must:

a)

be presented immediately after the initial balances, since they are adjustments to them, and

b)

be presented in a segregated manner by the amounts affecting each item of equity.

9

In cases where in the same accounting period retrospective adjustments have been determined both for accounting changes and for corrections of errors, both amounts must be presented in a segregated manner within the body of the statement of changes in equity.

Adjusted initial balances

10

They result from the algebraic sum of the initial balances of equity and the adjustments from retrospective application to each item individually.

Owner movements

11

They are changes to contributed capital or, if applicable, to earned capital, during an accounting period, derived from the decisions that owners make regarding their investment in the holding companies of financial groups or in the entities that make up the financial group. Some examples of this type of movement are the following:

a)

capital contributions;

b)

capital reimbursements;

c)

decree of dividends;

d)

capitalization of items from contributed capital;

e)

capitalization of comprehensive result;

f)

capitalization of reserves, and

g)

changes in controlling interest that do not imply loss of control (in the case of the statement of changes in financial position of the financial group).

12

Movements corresponding to owner contributions must be shown separately from those that are distributions to them, that is, they must not be shown in a net manner.

Reserve movements

13

In this line, the amounts representing increases or decreases to capital reserves must be shown.

Comprehensive result

14

It refers to the increase or decrease in the earned capital of a holding company of financial groups or of the financial group, derived from its operations, during an accounting period, originated by the net profit or loss, plus the other comprehensive income. In this line, the comprehensive result will be presented broken down into the following components:

a)

net result of the period;

b)

other comprehensive income (OCI); and

c)

participation in the OCI of other entities.

15

Likewise, the net movement of the period of the components of the comprehensive result must be presented. As net movement, it must be understood as the OCI net of income taxes, the profit-sharing of workers (PTU), and the recycling of the OCI.

Final balances of equity

16

The final balances of equity are determined by the algebraic sum of the adjusted initial balances of each of the items of equity plus the owner movements, the reserve movements, and the comprehensive result.

Presentation of the statement of changes in equity

17

The concepts described above correspond to the minimum requirements for the presentation of the statement of changes in equity; however, the holding companies of financial groups and the entities that are part of the financial group must break down, either in the aforementioned statement of changes in equity or through notes to the financial statements, the content of the concepts they consider necessary for the users of the financial information to understand the movements that affected the equity of the holding companies of financial groups as well as of the financial group, in the period. At the end of this standard, the statements of changes in equity prepared with the requirements referred to in this standard are shown.

General considerations

18

In the event of an inflationary environment, all balances and movements incorporated in the statement of changes in equity must be shown expressed in monetary units of purchasing power relative to the date of the financial statements.

Disclosure standards of the financial group

19

The following shall be disclosed in notes to the financial statements of the financial group:

a)

the amount of dividends distributed in the period, the manner in which they were paid, as well as the data of the dividend per share;

b)

the reason for the capital reimbursements carried out in the period, and

c)

a description of how the capital contributions of the period were carried out.

20

NAME OF THE HOLDING COMPANY OF THE FINANCIAL GROUP

ADDRESS

STATEMENT OF CHANGES IN EQUITY NON-CONSOLIDATED OF ___ OF ___ __________ TO __ OF ____________ OF ___

EXPRESSED IN CURRENCY OF PURCHASING POWER OF _________ OF ____ (1)

(Numbers in millions of pesos)

Concept

Contributed capital

Earned capital

Total

equity

Social

capital

Contributions

for future

increases in

capital

formalized by

its governing

body

Premium in

sale of

shares

Financial

instruments

that qualify

as capital

Capital

reserves

Accumulated

results

Valuation of

financial

instruments

to collect or

sell

Income and

expenses

related

to assets

held

for their

disposal

Remeasurement of

defined benefits

to employees

Cumulative

effect

from

conversion

Result

from

holding non-monetary

assets

Participation

in OCI of

other

entities

Balance at ___ of __________ of ___

Retrospective adjustments for accounting changes

Retrospective adjustments for corrections of errors

Balance at ___ of __________ of ___ adjusted

OWNER MOVEMENTS

Capital contributions

Capital reimbursements

Decree of dividends

Capitalization of other concepts of equity

Total

RESERVE MOVEMENTS

Capital reserves

COMPREHENSIVE RESULT

Net result

Other comprehensive income

Valuation of financial instruments to collect or

sell

Income and expenses related to assets held

for their disposal

Remeasurement of defined employee benefits

Cumulative effect from conversion

Result from holding non-monetary assets

Participation in OCI of other entities

Total

Balance at ___ of __________ of ___

The concepts appearing in this statement are shown in an enumerative but not exhaustive manner.

(1)

This line item will be omitted if the economic environment is "non-inflationary."

NAME OF THE FINANCIAL GROUP

ADDRESS

STATEMENT OF CHANGES IN CONSOLIDATED EQUITY CAPITAL FROM ___ OF ___ __________ TO __ OF ____________ OF ___

EXPRESSED IN CURRENCY OF PURCHASING POWER OF _________ OF ____ ( 1 )

(Figures in millions of pesos)

Concept

Contributed Capital Retained Earnings Total

controlling interest Non-controlling interest Total equity capital

Social Capital Contributions for future capital increases formalized by its governing body Premium on sale of shares Financial instruments that qualify as capital Capital Reserves Accumulated Results Valuation of financial instruments to collect or sell Valuation of derivative financial instruments for cash flow hedging Income and expenses related to assets held for sale Remediation of defined benefits to employees Remediation for result in the valuation of the reserve for risks in progress due to variation in rates Accumulated effect from conversion Result from holding non-monetary assets Participation in OCI of other entities Balance at ___ of __________ of ___ Retrospective adjustments for changes in accounting policies Retrospective adjustments for correction of errors Balance at ___ of _______ of ___ adjusted

MOVEMENTS OF OWNERS Capital contributions Capital refunds Decree of dividends Capitalization of other equity capital concepts Changes in controlling participation that do not imply loss of control Total

MOVEMENTS OF RESERVES Capital reserves

COMPREHENSIVE INCOME Net income Other comprehensive income Valuation of financial instruments to collect or sell Valuation of financial instruments derived from hedging of cash flows Income and expenses related to assets held for sale Remediation of defined benefits to the employees Remediation for result in the valuation of the reserve for risks in progress due to variation in the rates Accumulated effect from conversion Result from holding non-monetary assets

Participation in OCI of other entities Total Balance at ___ of __________ of ___

The concepts appearing in this statement are shown in an illustrative, non-limiting manner.

This line item will be omitted if the economic environment is "non-inflationary."

D-4 STATEMENT OF CASH FLOWS

Background

Financial information must meet, among other things, the objective of showing how the holding companies of financial groups generate and use cash and cash equivalents, which are essential to maintain their operations, meet their obligations, as well as distribute dividends.

Objective and Scope

1

This standard aims to establish the general characteristics for the presentation, structure, and preparation of the statement of cash flows of the holding companies of financial groups and of the financial group, as well as the disclosures that complement this financial statement. Furthermore, minimum guidelines are established, with the purpose of homogenizing the presentation of this financial statement among the holding companies of financial groups, and in this way, facilitate the comparability thereof.

2

The statement of cash flows has as its main objective to provide users of the basic financial statements with information regarding changes in resources and sources of financing during the accounting period, classified by operating activities, investing activities, and financing activities.

3

When the statement of cash flows is used together with the rest of the financial statements, it provides information that allows users to: a) evaluate changes in assets, liabilities, and in the financial structure (including liquidity and solvency) of the holding company of the financial group, and b) evaluate both the amounts and dates of receipts and payments, in order to adapt to circumstances and to opportunities for generation and application of cash and cash equivalents.

4

Likewise, the statement of cash flows presents the operations that were carried out in the period, that is, those that were materialized with the receipt or payment of the item in question; while the statement of comprehensive income shows the operations accrued in the same period, that is, when they are recognized accounting-wise at the moment they occur, regardless of the date when they are considered carried out for accounting purposes.

5

The statement of cash flows allows improving the comparability of information on operational performance with different entities, because it eliminates the effects generated by the use of different accounting treatments for the same transactions and economic events.

6

Historical information on cash flows is used as an indicator of the amount, timing of generation, and probability of future cash flows. Likewise, such information is useful to verify the accuracy of forecasts made in the past of future cash flows, to analyze the relationship between profitability and net cash flows, as well as, in its case, the effects of inflation when there is an inflationary environment.

Definition of Terms

7

Financing Activities. - are those related to the obtaining, as well as the remuneration and reimbursement of funds coming from: i) the owners of the entity; ii) creditors granting financing not related to usual operating activities, and iii) the issuance of financial instruments that qualify as liability or well, of financial instruments that qualify as equity.

8

Investing Activities. - are those related to the acquisition and disposal of: i) properties, furniture and equipment, intangible assets, and other assets intended for use or for the provision of services; ii) long-term financial instruments; iii) permanent investments in financial instruments that qualify as equity; and iv) activities related to the granting and recovery of loans not related to operating activities.

9

Operating Activities. - are those that constitute the main source of income; also include other activities that cannot be classified as investing or financing.

10

Cash and Cash Equivalents. - this concept shall be understood as established by criterion B-1 "Cash and Cash Equivalents".

11

Cash Inflows. - are operations that cause increases in the balance of cash and cash equivalents.

12

Cash Flows. - are inflows and outflows of cash and cash equivalents. They are not considered cash flows the movements between the items that constitute cash and cash equivalents, since these components are part of the administration of cash and cash equivalents, rather than their operating, investing, or financing activities.

13

Cash Outflows. - are operations that cause decreases in the balance of cash and cash equivalents.

14

Nominal Value. - is the amount of cash or cash equivalents, paid or received in a operation, which is represented in the first case, by the acquisition cost and in the second case by the historical resource, in accordance with NIF A-6 "Recognition and Valuation".

Presentation Standards

General Considerations

15

All operations that did not affect cash flows must be excluded from the statement of cash flows. For example: a) conversion of debt to equity and distribution of dividends in shares; b) acquisition of an entity with payment in shares; c) share-based payments to employees; d) operations negotiated with exchange of assets; e) creation of reserves and any other transfer between equity capital accounts, and f) effects from recognition of fair value.

Structure of the Statement of Cash Flows

16

Cash flows must be classified and presented, according to their nature, in operating activities, investing activities, and financing activities, attending to their economic substance and not to the form used to carry them out.

17

The structure of the statement of cash flows must include, at a minimum, the following items: · operating activities; · investing activities; · financing activities; · net increase or decrease in cash and cash equivalents; · effects from changes in the value of cash and cash equivalents; · cash and cash equivalents at the beginning of the period, and · cash and cash equivalents at the end of the period.

Operating Activities

18

Cash flows from operating activities are an indicator of the extent to which these activities have generated sufficient liquid funds to maintain the operating capacity of the holding companies of financial groups, to make new investments without resorting to external sources of financing and, in its case, to pay financing and dividends.

19

Because the cash flows related to these activities are those that derive from the operations that constitute the main source of income of the holding companies of financial groups, in this section are included activities that intervene in the determination of their net income, excepting those that are associated either with investing or financing activities. Some examples of cash flows by operating activities are: a) Payments for the acquisition of investments in financial instruments (securities). b) Receipts-payments of premiums for the purchase and sale of options. c) Inflows-outflows of cash and cash equivalents from repo operations. d) Inflows-outflows of cash and cash equivalents from securities lending operations. e) Outflows of cash and cash equivalents from the granting of credits. f) Inflows-outflows of cash and cash equivalents from the purchase and sale of virtual assets. g) Inflows-outflows of cash and cash equivalents from other accounts receivable. h) Inflows of cash and cash equivalents from the capture (funding). i) Inflows of cash and cash equivalents from collateral sold or given guarantee. j) Receipts of income from interest to which criterion D-2 "Statement of Comprehensive Income" refers, as well as its main associate, which come from, among others, the following concepts:

cash and cash equivalents (with the exception of profit or loss from changes coming from this concept);

margin accounts (derivative financial instruments);

credit portfolio;

investments in financial instruments, and

receivables from repo.

20

k) Payments of expenses for interest to which criterion D-2 refers, as well as its main associate, which come from, among others, the following concepts:

funding (capture);

repo payables, and

financial instruments that qualify as liability. l) Receipt of premiums issued from direct insurance and premiums for reinsurance or reassurance taken. m) Payment of premiums for reinsurance or reassurance ceded, as well as for cancellations and refunds of premiums. n) Payments and receipts, as appropriate, of commissions and expenses associated with the issuance of policies of insurance and surety institutions. o) Payment of claims, settlements, and other contractual obligations and other expenses related to the handling of claims and settlements, as well as the collection of recoveries from reinsurers and reassurers. p) Receipts and payments, as appropriate, of commissions and expenses associated with the granting of credit. q) Receipts and payments, as appropriate, of commissions and fees generated by:

credit operations other than those indicated in the previous paragraph;

loans received;

placement of debt, and

provision of services (transfer of funds, administration of resources and granting of guarantees, among others). r) Payments for contributions to IPAB s) Receipts and payments from the purchase and sale of currencies and minted precious metals, investments in financial instruments, derivative financial instruments and credit portfolio. t) Payments for the acquisition of collection rights. u) Receipts and payments from securitization operations. v) Receipts from the sale of adjudicated goods. w) Receipts and payments related to derivative financial instruments for trading purposes. x) Receipts and payments associated with derivative financial instruments for hedging of covered items that are classified as operating activities. y) Payments for direct benefits to employees, fees, rents, promotion and advertising expenses, among other administrative expenses. z) Payments of income taxes. aa) Refunds of income taxes. bb) Receipts from recoveries of collection rights and credit portfolio.

Income Taxes

Cash flows related to income taxes must be presented in a separate item within the classification of operating activities, unless it is practical to relate them to investing or financing activities, as is the case of the tax derived from discontinued operations, which is related to investing activities.

Investing Activities

21

Cash flows related to investing activities represent the extent to which resources have been allocated to items that will generate income and cash flows in the medium and long term.

22

Cash flows by investing activities are, for example, the following: a) Payments-receipts from the purchase and sale or yield of long-term financial instruments. b) Payments-receipts from the purchase and sale of properties, furniture and equipment. c) Payments-receipts from discontinued operations. d) Payments-receipts from the purchase and sale of subsidiaries. e) Payments-receipts from the purchase and sale of associates, joint ventures, and other permanent investments. f) Receipts of dividends in cash and cash equivalents from permanent investments. g) Payments-receipts from the purchase and sale of intangible assets. h) Payments-receipts associated with derivative financial instruments for hedging of covered items that are classified as investing activities.

Acquisitions and Disposals of Subsidiaries and Other Businesses

23

Cash flows derived from acquisitions or disposals of subsidiaries and other businesses must be classified in investing activities; likewise, they must be presented in a single separate line item involving the entire acquisition operation or, in its case, the disposal, instead of presenting the individual acquisition or disposal of the assets and liabilities of said businesses at the date of acquisition or disposal. Cash flows derived from acquisitions must not be offset with those from disposals.

24

Cash flows paid for the acquisition of subsidiaries and other businesses must be presented net of the balance of cash and cash equivalents acquired in said operation.

25

Cash flows received from the disposal of subsidiaries and other businesses (discontinued operations) must be presented net of the balance of cash and cash equivalents disposed in said operation. Likewise, this amount must be net of the income tax attributable to such disposal. In the case of foreign operations, this amount must be shown net of the accumulated adjustment for conversion attributable to said operations.

Financing Activities

26

Cash flows generated by financing activities show the capacity of the holding companies of financial groups to restore to their owners and creditors, the resources they allocated at the time to the entity and, in its case, to pay them returns.

27

Cash flows by financing activities are, for example, the following: a) Receipts-payments from bank loans and from other organizations. b) Receipts in cash and cash equivalents from the issuance of shares, net of the related issuance expenses. c) Payments in cash and cash equivalents to owners for refunds of share capital, dividends, or associated with the repurchase of own shares. d) Receipts from the issuance of financial instruments that qualify as equity. e) Payments associated with financial instruments that qualify as equity f) Receipts from the issuance or generation of financial instruments that qualify as liability. g) Payments associated with financial instruments that qualify as liability.

Net Increase or Decrease in Cash and Cash Equivalents

28

After classifying cash flows in operating activities, investing activities, and financing activities, the net cash flows of these three sections must be presented.

Effects from Changes in the Value of Cash and Cash Equivalents

29

The holding companies of financial groups must present in a separate line item, according to applicability, the following: a) the effects from conversion referred to in paragraph 43, which arise from having used different exchange rates for the conversion of the initial balance, the final balance, and of the cash flows and cash equivalents of an foreign operation; b) the effects from profit or loss in changes of cash and cash equivalents to which paragraph 46 refers, which includes the difference generated by the conversion of the initial balance of cash and cash equivalents at the closing exchange rate of the day to the closing date of the previous period, published by the Bank of Mexico on its Internet page www.banxico.org.mx or the one that replaces it, and of the final balance of cash and cash equivalents at the closing exchange rate of the day of the current period published by the Bank of Mexico on the referred Internet page; c) the effects on the balances of cash and cash equivalents from changes in their value resulting from fluctuations in the exchange rate and in their fair value, and d) the effects from inflation associated with the balances and the cash flows of any of the entities that make up the consolidated economic entity and that is located in an inflationary economic environment.

30

The effects referred to in the previous paragraph must be presented in the statement of cash flows in a segregated manner to allow adequate reconciliation between the balance of cash at the beginning and at the end of the period.

Cash and Cash Equivalents at the Beginning of the Period

31

The holding companies of financial groups must present a separate item denominated "Cash and Cash Equivalents at the Beginning of the Period", which corresponds to the balance of cash and cash equivalents presented in the statement of financial position at the end of the previous period (including restricted cash and cash equivalents), with the purpose of reconciling it with the balance of cash and cash equivalents at the end of the current period.

Cash and Cash Equivalents at the End of the Period

32

The holding companies of financial groups must present a separate item denominated "Cash and Cash Equivalents at the End of the Period", which must be determined by the algebraic sum of the items: "Net Increase in Cash and Cash Equivalents" or "Net Decrease in Cash and Cash Equivalents", "Effects from Changes in the Value of Cash and Cash Equivalents", and "Cash and Cash Equivalents at the Beginning of the Period". This sum must correspond to the balance of cash and cash equivalents presented in the statement of financial position at the end of the period.

Additional Considerations

Derivative Financial Instruments for Hedging Purposes

33

When a derivative financial instrument is held for hedging purposes, the cash flows of said instrument must be classified in the same way as the cash flows associated with the covered item.

Dividends

34

Cash flows derived from dividends received must be presented in a specific item within the same group of activities in which the cash flows of the item with which they are associated are presented. For example: inflows of cash flows from dividends received from investments in financial instruments must be presented, as well as said instruments, in operating activities; if the dividends received derive from a permanent investment in an associated entity, said cash flows must be presented in investing activities.

35

Outflows of cash for paid dividends must be presented in financing activities because they represent the remuneration to the owners of an entity for the resources obtained from their part.

Procedure for Preparing the Statement of Cash Flows

36

To determine and present the cash flows of operating activities, the holding companies of financial groups must apply the indirect method, by means of which pre-tax income is increased or decreased; this amount is adjusted by the effects of operations of previous periods collected or paid in the current period and by operations of the current period of deferred collection or payment into the future; likewise, it is adjusted by operations that are associated with investing or financing activities.

37

Cash flows related to operating activities must be determined by increasing or decreasing pre-tax income by the effects of: a) items that are considered associated with: i. investing activities: for example, depreciation and profit or loss on the sale of properties, furniture and equipment; amortization of intangible assets, loss from impairment of long-term assets, as well as participation in the net income of other entities; ii. financing activities, for example, interest associated with bank loans and from other organizations and interest associated with financial instruments that qualify as equity. b) changes that occur during the period in the items that form part of the working capital of the holding companies of financial groups, that is, that occur in the balances of the operating items of the statement of financial position during the period, such as those indicated in paragraph 20.

Investing and Financing Activities

38

Holding companies of financial groups must determine and present separately, after the line item for operating activities, the cash flows derived from the main concepts of gross receipts and payments related to investment and financing activities; that is, receipts and payments must not be offset against each other.

Conversion of the cash flow statement from a foreign operation to the reporting currency

39

In the conversion of the cash flow statement from the functional currency to the reporting currency of a foreign operation located in a non-inflationary economic environment, holding companies of financial groups must comply with the following:

a) cash flows for the period must be converted at the historical closing daily exchange rate on the date each respective flow was generated, which shall be the exchange rate published by the Bank of Mexico on its Internet website www.banxico.org.mx or its replacement;

b) the opening balance of cash and cash equivalents must be converted at the closing daily exchange rate on the closing date of the previous period, published by the Bank of Mexico on the aforementioned website, and

c) the closing balance of cash and cash equivalents must be converted at the closing daily exchange rate on the closing date of the current period, published by the Bank of Mexico on the aforementioned website.

40

In the conversion of the cash flow statement from the functional currency to the reporting currency of a foreign operation located in an inflationary economic environment, holding companies of financial groups and sub-holding companies of financial groups must comply with the following:

a) cash flows for the period must be converted at the closing daily exchange rate on the closing date of the current period, published by the Bank of Mexico on its Internet website www.banxico.org.mx or its replacement;

b) the opening balance of cash and cash equivalents must be converted at the closing daily exchange rate on the closing date of the current period, published by the Bank of Mexico on the aforementioned website, and

c) the closing balance of cash and cash equivalents must be converted at the closing daily exchange rate on the closing date of the current period, published by the Bank of Mexico on the aforementioned website.

41

For the conversion of cash flows for the period, for practical reasons, a representative exchange rate of the conditions existing on the dates when the cash flows were generated may be used, such as the weighted average exchange rate of the period; however, when exchange rates have varied significantly during the period, such exchange rate must not be used.

42

The effect arising from conversion due to having used different exchange rates for the conversion of the opening balance, the closing balance, and cash flows must be presented in the line item called "Effects from changes in the value of cash and cash equivalents," referred to in paragraph 30. This effect must correspond to what would have been obtained had both the opening balance of cash and the cash flows for the period been converted at the closing exchange rate used to convert the closing balance of cash and cash equivalents.

Conversion of balances or cash flows in foreign currency

43

In order to determine the changes in the balances of foreign currency operational items from operating activities, these must be converted at the closing daily exchange rate published by the Bank of Mexico on its Internet website www.banxico.org.mx or its replacement on the closing date.

44

Cash flows arising from foreign currency transactions related to investment and financing activities shall be converted to the reporting currency of holding companies of financial groups by applying to the amount in foreign currency the closing daily exchange rate on the date each flow occurred, which shall be the one published by the Bank of Mexico on the aforementioned website.

45

Gains or losses from exchange variations originating from changes in the exchange rate are not cash flows. However, the effect of variations in the exchange rate of cash and cash equivalents held or payable in foreign currency is presented in the cash flow statement in order to reconcile cash and cash equivalents at the beginning and end of the period. Such effect must be presented separately from the line items for operating, investment, and financing activities, within the line item called "Effects from changes in the value of cash and cash equivalents," referred to in paragraph 30, which includes the differences, if any, of having presented the cash flows at the closing exchange rate of the current period.

Effects of inflation

46

When, in accordance with what is established in NIF B-10 "Effects of Inflation," the environment corresponds to a non-inflationary environment, holding companies of financial groups must present their cash flow statement expressed in nominal values, whereas if such economic environment is inflationary, they must present their cash flow statement expressed in monetary units of purchasing power as of the closing date of the current period.

47

In cases where the economic environment is inflationary, as part of operations that did not affect cash flows, the effects of inflation recognized in the period within the financial statements must be excluded, in order to determine a cash flow statement at nominal values. Such cash flows must be presented expressed in monetary units of purchasing power as of the closing date of the current period.

48

When the environment has changed from non-inflationary to inflationary, cash flow statements for previous periods must be presented expressed in monetary units of purchasing power of the closing date of the current period.

49

In cases where the economic environment has changed from inflationary to non-inflationary, cash flow statements for previous periods must be presented expressed in the monetary units of purchasing power of the last cash flow statement presented within an inflationary environment and included in such comparative presentation.

Investments in other entities

50

Cash flows between holding companies of financial groups and their unconsolidated subsidiaries, associates, and joint ventures must be presented in the cash flow statement of the holding companies of financial groups; that is, they must not be eliminated; for example, cash flows related to intercompany operations or to the collection and payment of dividends.

Cash flow statement of the financial group

51

In the preparation of the cash flow statement of the financial group, cash flows that occurred during the period between entities that are part of the economic entity being consolidated must be eliminated. For example, cash flows derived from intercompany operations, capital contributions, and dividends paid.

52

In cases where holding companies of financial groups purchase or sell shares of a subsidiary to the non-controlling interest, the cash flows associated with such operation must be presented as financing activities, within the consolidated cash flow statement. This is because this operation is considered a transaction between owners.

Presentation of the cash flow statement of the financial group

53

Financial groups must break down in the cash flow statement, as part of the line items for operating, investment, and financing activities, the concepts they consider most representative and useful for the analysis of the financial group's capacity to generate cash and cash equivalents, as well as the manner in which said group uses the aforementioned cash flows.

54

If deemed appropriate, the financial group will disclose through notes the characteristics of the concepts shown in the cash flow statement. At the end of this criterion, a consolidated cash flow statement is shown prepared with the minimum line items referred to in the previous paragraph.

Disclosure standards

55

The following must be disclosed in notes to the financial statements:

a) when cash flows related to income taxes have been segregated into the different groups of activities within the cash flow statement, total flows for said taxes must be disclosed;

b) the amount of unused loans that may be available for operating activities or for the payment of investment or financing operations, indicating restrictions on the use of funds from said loans;

c) relevant operations, investment, and financing, that have not required the use of cash or cash equivalents. For example, the acquisition of property, plant, and equipment through financing;

d) the total amounts of cash flows from operating, investment, and financing activities of each of the business segments considered for preparing the financial statements in accordance with the clarifications to the NIF contained in criterion A-2 "Application of particular standards," in relation to NIF B-5 "Segment financial information";

e) the total amount of cash flows representing surpluses for future investments or for payments of financing or returns to owners, as well as those increases in operational capacity, separated from cash flows that are essentially required to maintain the operational capacity of holding companies of financial groups, and

f) relevant changes, whether or not they required the use of cash or cash equivalents, in liabilities considered as part of financing activities, preferably; a reconciliation of the opening and closing balances of said items must be made. An entity must disclose regarding liabilities for financing activities, the following:

i. changes in cash flows;

ii. changes derived from obtaining or losing control of subsidiaries and other businesses;

iii. the effect of changes from exchange rate fluctuations;

iv. changes in associated financial assets, whose cash flows must be presented as part of financing activities; such as, changes in financial assets used as coverage for financial liabilities, and

v. other relevant changes considered.

56

Likewise, the following must be disclosed with respect to acquisitions and disposals of subsidiaries and other entities:

a) the total consideration derived from said acquisitions or disposals, broken down:

i. the portion of the consideration paid or received in cash and cash equivalents, and

ii. the amount of cash and cash equivalents held by the acquired or disposed subsidiary or entity on the date of acquisition or disposal;

b) the amount of assets and liabilities other than cash and cash equivalents of the acquired or disposed subsidiary or entity on the date of acquisition or disposal. These amounts must be grouped by important line items, and

c) the amount of income tax payment attributable to the disposals of subsidiaries and other entities.

57

NAME OF THE HOLDING COMPANY OF THE FINANCIAL GROUP

ADDRESS

CASH FLOW STATEMENT OF __ FROM __________ TO __ OF ____ OF ____ UNCONSOLIDATED

EXPRESSED IN PURCHASING POWER CURRENCY OF ________ OF _______ (1)

(Numbers in millions of pesos)

Operating Activities

Income before income taxes

$

Adjustments for items associated with investment activities:

Depreciation of property, plant, and equipment

$

Amortization of intangible assets

"

Losses or reversal of losses from impairment of long-term assets

"

Participation in the net income of other entities

"

Other adjustments for items associated with investment activities

"

Discontinued operations

"

Long-term assets held for sale or for distribution to owners

Adjustments for items associated with financing activities

Interest associated with bank loans and from other organisms

"

Interest associated with financial instruments qualifying as liabilities

"

Interest associated with financial instruments qualifying as equity

"

Other interest

"

Total

Changes in operational items

Change in investments in financial instruments (securities) (net)

"

Change in debtors under repurchase agreements

"

Change in other accounts receivable (net)

"

Change in bank loans and from other organisms

"

Change in sold collateral

"

Change in assets/liabilities for employee benefits

"

Change in other accounts payable

"

Change in other provisions

"

Refunds of income taxes

"

Payments of income taxes

"

Cash dividends received from permanent investments

"

Payments for acquisition of subsidiaries

"

Receipts from disposal of subsidiaries

"

Payments for acquisition of other entities

"

Receipts from disposal of other entities

"

Net cash flows from operating activities

"

$

Investment Activities

Payments for long-term financial instruments

"

Receipts from long-term financial instruments

"

Payments for acquisition of property, plant, and equipment

"

Receipts from disposal of property, plant, and equipment

"

Payments for discontinued operations

"

Receipts from discontinued operations

"

Payments for acquisition of intangible assets

"

Receipts from disposal of intangible assets

"

Other receipts from investment activities

"

Other payments from investment activities

"

Net cash flows from investment activities

"

$

Financing Activities

Receipts from obtaining bank loans and from other organisms

"

Payments of bank loans and from other organisms

"

Payments of lease liabilities

"

Receipts from issuance of shares

"

Payments for refunds of share capital

"

Receipts from issuance of financial instruments qualifying as equity

"

Payments associated with financial instruments qualifying as equity

"

Payments of cash dividends

"

Payments associated with repurchase of own shares

"

Receipts from issuance of instruments qualifying as liabilities

"

Payments associated with instruments qualifying as liabilities

"

Payments of interest on lease liabilities

"

Other receipts from financing activities

"

Other payments from financing activities

"

Net cash flows from financing activities

"

$

Net increase or decrease in cash and cash equivalents

$

Effects from changes in the value of cash and cash equivalents

"

Cash and cash equivalents at the beginning of the period

"

Cash and cash equivalents at the end of the period

$

The concepts appearing in this statement are shown in an enumerative but not limiting manner.

(1) This line will be omitted if the economic environment is "non-inflationary".

NAME OF THE FINANCIAL GROUP

ADDRESS

CONSOLIDATED CASH FLOW STATEMENT OF __ FROM __________ TO __ OF ____ OF ____

EXPRESSED IN PURCHASING POWER CURRENCY OF _________ OF _________ (1)

(Numbers in millions of pesos)

Operating Activities

Income before income taxes

$

Adjustments for items associated with investment activities

Depreciation of property, plant, and equipment

$

Amortization of intangible assets

"

Losses or reversal of losses from impairment of long-term assets

"

Participation in the net income of other entities

"

Other adjustments for items associated with investment activities

"

Discontinued operations

"

Long-term assets held for sale or for distribution to owners

"

$

Adjustments for items associated with financing activities

Interest associated with bank loans and from other organisms

$

Interest associated with financial instruments qualifying as liabilities

"

Interest associated with financial instruments qualifying as equity

"

Other interest

"

Total

$

Changes in operational items

Change in bank loans and from other organisms

$

Change in margin accounts (derivative financial instruments)

"

Change in investments in financial instruments (securities) (net)

"

Change in debtors under repurchase agreements

"

Change in securities lending (asset)

"

Change in derivative financial instruments (asset)

"

Change in credit portfolio (net)

"

Change in acquired receivables (net)

"

Change in debtors from insurers and guarantors

"

Change in amounts recoverable for reinsurance and re-guarantee (net)

"

Change in benefits to receive in securitization operations

"

Change in virtual assets

"

Change in inventories

"

Change in other accounts receivable (net)

"

Change in adjudicated goods (net)

"

Change in deposits

"

Change in technical reserves

"

Change in creditors under repurchase agreements

"

Change in securities lending (liability)

"

Change in sold or pledged collateral

"

Change in derivative financial instruments (liability)

"

Change in accounts payable for reinsurance and re-guarantee (liability)

"

Change in obligations in securitization operations

"

Change in hedging derivative financial instruments (of covered items related to operating activities)

"

Change in assets/liabilities for employee benefits

"

Change in other accounts payable

"

Changes in other provisions

"

Refunds of income taxes

"

Payments of income taxes

"

Net cash flows from operating activities

"

$

Investment Activities

Payments for long-term financial instruments

$

Receipts from long-term financial instruments

"

Payments for acquisition of property, plant, and equipment

"

Receipts from disposal of property, plant, and equipment

"

Payments for discontinued operations

"

Receipts from discontinued operations

"

Payments for acquisition of subsidiaries

"

Receipts from disposal of subsidiaries

"

Payments for acquisition of other entities

"

Receipts from disposal of other entities

"

Cash dividends received from permanent investments

"

Payments for acquisition of intangible assets

"

Receipts from disposal of intangible assets

"

Receipts associated with hedging derivative financial instruments (of covered items related to investment activities)

"

Payments associated with hedging derivative financial instruments (of covered items related to investment activities)

"

Other receipts from investment activities

"

Other payments from investment activities

"

Net cash flows from investment activities

"

$

Financing Activities

Receipts from obtaining bank loans and from other organisms

$

Payments of bank loans and from other organisms

"

Payment of lease liabilities

"

Receipts from issuance of shares

"

Payments for refunds of share capital

"

Receipts from issuance of financial instruments qualifying as equity

"

Payments associated with financial instruments qualifying as equity

"

Payments of cash dividends

"

Payments associated with repurchase of own shares

"

Receipts from issuance of financial instruments qualifying as liabilities

"

Payments associated with financial instruments qualifying as liabilities

"

Payments of interest on lease liabilities

"

Receipts associated with hedging derivative financial instruments (of covered items related to financing activities)

"

Payments associated with hedging derivative financial instruments (of covered items related to investment financing activities)

"

Other receipts from financing activities

"

Other payments from financing activities

"

Net cash flows from financing activities

"

$

Net increase or decrease in cash and cash equivalents

$

Effects from changes in the value of cash and cash equivalents

"

Cash and cash equivalents at the beginning of the period

"

Cash and cash equivalents at the end of the period

$

The concepts appearing in this statement are shown in an enumerative but not limiting manner.

(1) This line will be omitted if the economic environment is "non-inflationary".

ANNEX 2

I.

FINANCIAL INDICATORS

DELINQUENCY INDEX

= Balance of credit portfolio with stage 3 credit risk at the close of the quarter / Total balance of credit portfolio at the close of the quarter.

COVERAGE INDEX OF CREDIT PORTFOLIO WITH STAGE 3 CREDIT RISK

=

Balance of preventive estimate for credit risks at the close of the quarter / Balance of credit portfolio with stage 3 credit risk at the close of the quarter.

OPERATIONAL EFFICIENCY

= Administration and promotion expenses of the quarter annualized / Average total assets.

ROE = Net income of the quarter annualized / Average equity capital.

ROA

= Net income of the quarter annualized / Average total assets.

DISAGGREGATED CAPITALIZATION INDEX:

(1) = Net capital / Assets subject to credit risk.

(2) = Net capital / Assets subject to credit and market risk.

LIQUIDITY = Liquid assets / Liquid liabilities

Where:

Liquid Assets

= Cash and cash equivalents + Negotiable financial instruments +

Financial instruments to collect or sell.

Liquid Liabilities

= Deposits payable on demand + Bank loans and from other organisms

payable on demand + Bank loans and from other organisms of short term.

MIN

= Financial margin of the quarter adjusted for credit risks annualized / Average productive assets.

Where:

Average productive assets

= Cash and cash equivalents, Investments in Financial

Instruments, Debtors under Repurchase Agreements, Securities Lending, Derivative Financial Instruments and

Credit Portfolio with stage 1 and 2 credit risk.

Notes

Average data = ((Balance of the quarter under study + Balance of the immediately preceding quarter) /2).

Annualized data = (Flow of the quarter under study * 4).

III. COVERAGE INDICATORS

INVESTMENT BASE COVERAGE INDEX

= Total affected assets / Investment Base

ADMISSIBLE EQUITY FUNDS COVERAGE INDEX THAT BACKS THE

---

SOLVENCY CAPITAL REQUIREMENT = Admissible Equity / Solvency Capital Requirement.

SHORT-TERM INVESTMENT COVERAGE INDEX = Total short-term investments / Short-term investment base.

MINIMUM PAID CAPITAL COVERAGE INDEX = Regulatory book capital / Sum of the capital requirements that the CNSF must know for each operation and/or line of business for which the institution is authorized.

Regulatory book capital is understood as the amount of resources that are susceptible to being counted for the capital requirement that the CNSF demands annually; the procedure for its calculation is made known by the CNSF.

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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%

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