Resolution modifying the General Provisions applicable to investment funds and their service providers

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DOF: 07/08/2026

RESOLUTION modifying the General Provisions applicable to investment funds and to the persons who provide services to them

A seal with the National Coat of Arms appears at the margin, which says: United Mexican States.- Treasury.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission,

based on

articles 7, second paragraph; 9, first, fifteenth (XV), fourth, and seventh paragraphs; 15, fifth paragraph; 27; 34, fraction III; 39 Bis 4, and 58 of the Investment Funds Law;

98 Bis of the Credit Institutions Law,

as well as 4, fractions XXXVI and XXXVIII; 16, fraction I, and 19 of the Law of the National Banking and Securities Commission,

and

CONSIDERING

That, in Agenda 2030 and in the international commitments subscribed by the Mexican government, such as the Paris Agreement, the importance of mitigating the effects of climate change is recognized;

That, in this sense, there are investment funds that invest in assets issued with environmental, social, and governance (ESG) objectives, so it is considered fundamental to include in the regulations applicable to investment funds and to the persons who provide services to them, the possibility for equity and debt investment funds to use in their name terms related to ESG, in which case they must disclose the relationship of their objectives, policies, and investment regime with ESG factors and invest at least eighty percent of their portfolio in said assets.

Likewise, equity and debt investment funds must identify and reveal the ESG risks that could affect them,

And,

Due to the lack of uniformity in the corporate name and board code for specialized equity and debt investment funds, it has been identified the relevance of making clarifications on the information provided to investors, to avoid the existence of risks related to conflicts of interest and unclear practices;

Therefore, with the objective of harmonizing current regulations, it is indispensable to establish provisions applicable to specialized investment funds and those that are named or promoted as ESG, which will guarantee transparency in the information offered to investors, reduce risks derived from the lack of clarity in the matter, and promote the channeling of resources towards activities and projects that contribute to economic, social, and environmental development;

Therefore, it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO INVESTMENT FUNDS AND TO THE PERSONS WHO PROVIDE SERVICES TO THEM

UNIQUE.-

Articles 1; 9, first paragraph, fraction II, first paragraph; 14 Bis, third paragraph; 80, in the denomination of Series R03 to remain as follows:

"Investments in securities, repo operations and lending of securities and financial derivative instruments";

81, first paragraph, fractions I, subsection a), III, subsections b) and c), and IV, subsection a);

119, first paragraph, fraction I, first paragraph, subsection b);

123, third paragraph, fraction I;

136, first, third, eighth, and ninth paragraphs;

and of Annex 8, the denomination of Series R03 to remain as follows:

"Investments in securities, repo operations and lending of securities and financial derivative instruments",

as well as those of reports B-0321, B-0322, and J-0312 to remain respectively, as follows:

"Breakdown of securities acquired in repo";

"Lending of securities"

and

"Provision of accrued interest on securities"

contained in the second paragraph, as well as the fifth paragraph of the capture format;

Article 6 Bis and the capture format of report J-0311, applicable for equity and debt investment funds, are ADDED, to remain in the sixth paragraph of Series R03 of Annex 8, moving the remaining paragraphs in their order as appropriate,

and

Annexes 1; 2; 3; the index of 8, and 19 of the "General Provisions applicable to investment funds and to the persons who provide services to them", published in the Official Gazette of the Federation on November 24, 2014, and modified through various resolutions published in the cited dissemination medium, are SUBSTITUTED, to remain as follows:

"Article 1.- In addition to the definitions contained in the Law, for the purposes of these provisions, the following shall be understood, in singular or plural:

I. ESG Investment Assets, to the Investment Assets that comply with at least one of the following criteria:

a) Be aligned with the Mexico Sustainable Taxonomy, which the Ministry of Finance and Public Credit issued on March 16, 2023, its updates, or the one that replaces it.

b) Be aligned with any environmental, social, governance, sustainable, or sustainable taxonomy, issued by an authority of a country that is a designated member of the Council of the International Organization of Securities Commissions or that is part of the European Union.

c) Have a rating that certifies characteristics related to sustainable, environmental, social, or governance factors issued by any provider of this rating service, which is independent of the investment fund operating company. Such rating must be within the range that said service provider establishes in compliance with sustainable, environmental, social, or governance factors; in case the service provider does not establish a compliance range, the highest third of the scale of ratings of sustainable, environmental, social, or governance factors shall be taken.

d) Have any sustainable labeling that complies with the standards established by any financial authority or stock exchange, national or from a country that is a designated member of the Council of the International Organization of Securities Commissions or that is part of the European Union."

II. Integral Risk Management, to the set of objectives, policies, procedures, and actions carried out to identify, measure, monitor, limit, control, inform, and reveal the different risks to which equity and debt investment funds are exposed.

III. Independent External Auditor, to the public accountant or licensed public accountant who fulfills, where applicable, the characteristics and requirements contained in the "General Provisions applicable to entities and issuers supervised by the National Banking and Securities Commission that hire external audit services for basic financial statements" and its modifications.

IV. Fiduciary Trust Certificates, to those fiduciary trust certificates of development, real estate, and indexed to which Article 63 Bis 1 of the Securities Market Law refers, as well as fiduciary trust certificates of investment in energy and infrastructure and fiduciary trust certificates of investment projects to which the "General Provisions applicable to securities issuers and other participants in the securities market", published in the Official Gazette of the Federation on March 19, 2003, and their respective modifications refer.

V. Operational Contingency, to any event that hinders or disables a company that administers electronic trading mechanisms for shares of investment funds or disclosure of investment fund information, from providing its services or carrying out the necessary processes to carry out the activities referred to in Article 64 Bis 12 of these provisions.

VI. Issuer, to that considered as such by the Securities Market Law, as well as by the general provisions emanating from said law.

VII. Risk Factor, to the economic or operational variable whose movements can generate changes in returns or in the value of assets, liabilities, or equity of the investment funds to which asset administration services are provided by investment fund operating companies.

VIII. Independence, to the condition presented by a Business Unit with respect to another in terms of having no conflict of interest that affects the adequate performance of its functions.

IX. Qualified Investor, that considered as such by the Securities Market Law, as well as by the general provisions emanating from said law.

X. Institutional Investor, that considered as such by the Securities Market Law.

XI. Law, to the Investment Funds Law.

XII. Specific Exposure Limit to Risk, to the permissible magnitude of exposure to a determined discretionary risk, assigned for each investment fund to which the operating company provides asset administration services, to a type of asset, risk factor, cause or origin thereof, up to an employee or official specifically inside the investment fund operating company.

XIII. Global Exposure Limit to Risk, to the permissible magnitude of exposure to the different types of discretionary risks per investment fund to which an operating company provides asset administration services, including their risk factors, cause or origin thereof.

XIV. Risk Tolerance Level, to the permissible magnitude of exposure to a non-discretionary risk, for an investment fund to which asset administration services are provided by investment fund operating companies.

XV. Unmodified (or favorable) opinion or modified (or unfavorable) opinion, to those defined as such in the International Auditing Standards, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants.

XVI. Business Continuity Plan, to the set of strategies, procedures, and actions that allow continuity in the provision of services or in the realization of processes of companies that administer electronic trading mechanisms for shares of investment funds or disclosure of investment fund information, in the face of operational contingencies, or their timely restoration, as well as the mitigation of damages resulting from said contingencies.

XVII. Credit Information Reports, to the special credit reports issued by credit information societies referred to in Article 36 Bis of the Law to Regulate Credit Information Societies, following:

a) That emitted by a credit information society in which the information contained in the databases of the other credit information societies is included, or

b) The individual credit reports emitted by all credit information societies.

XVIII. SEDI, to the electronic system for sending and disseminating information that is authorized by the Commission to the stock exchange in question.

XIX. Complementary or Auxiliary Services, to those provided by companies to operating companies, distributing companies, or share valuation companies of investment funds, as applicable, related to support or assistance in their administration or in the realization of the activities provided for in Articles 39 and 39 Bis, regarding operating companies of investment funds, the activities indicated in Article 40 Bis for the case of share distributing companies of investment funds and Article 44, regarding share valuation companies of investment funds.

XX. SITI, to the Interinstitutional System for Information Transfer.

XXI. STIV, to the System for Information Transfer on Securities, instrumented by the Commission.

XXII. UDI, to the account units called "Investment Units" established in the "Decree by which the obligations that may be denominated in Investment Units are established and reform and adds various provisions of the Federal Fiscal Code and the Income Tax Law", published in the Official Gazette of the Federation on April 1, 1995, whose value in national currency will be that published by the Bank of Mexico in the Official Gazette of the Federation.

XXIII. Business Unit, to the originating and taking areas of discretionary risks of investment fund operating companies on behalf of the investment funds whose assets they administer.

XXIV. Structured Securities, to the Securities with or without obligation to pay principal or interest, issued by trusts, financial entities, or any other company that according to applicable laws is authorized for such effect, whose return and, if applicable, payment of principal is referenced to the behavior of one or several underlying assets, regardless of the nature of the titles or documents in which they are recorded.

XXV. Asset-Backed Securities, to the Securities whose source of payment comes from the resources, returns, or income generated by a set of financial assets that have determined or determinable payment flows, or, in its case, by any asset destined for the fulfillment of the payment of the issuance, which grant the right to receive cash flows in a determined period or, in its case, the right to ownership or title of said financial assets.

Asset-Backed Securities shall not be considered to be Fiduciary Trust Certificates, Structured Securities, nor the shares representing the social capital of investment funds referred to in the Law.

Nor shall any other Security emitted by collective investment mechanisms that have particular investment strategies and objectives be considered as Asset-Backed Securities."

"Article 6 Bis.- Equity and debt investment funds may specialize in accordance with Annex 1, numerals 3 or 4 of these provisions, using in their corporate name, board code, advertising, or propaganda, expressions that refer to the Investment Assets in which the investment fund specializes, provided that they comply with maintaining at least 80% of the net asset of the fund invested in said Investment Assets.

Regarding specialized equity and debt investment funds specializing in ESG Investment Assets in accordance with Annex 1, numeral 4 of these provisions, they may use in their corporate name, board code, advertising, or propaganda, expressions such as sustainable, green, environmental, social, ESG, GRI, or others that refer to some of said factors or that express similar ideas in any language. "

"Article 9.- . . .

I. . . .

II. Investments that have been made within the applicable limits and that fall outside of these due to variations in the prices of their assets, purchases or sales of shares representing their paid-in capital that deviate from the average volume of daily operation, or because the assets in which they invest cease to comply with the criteria to be considered as ESG Investment Assets, in accordance with the definitions established in these provisions, said investments must adjust to the corresponding parameters, within a period that does not exceed ninety natural days, without this being considered a breach of their investment regime.

. . .

. . .

III. and IV . . . .

. . .

. . .

. . .

. . .

. . . "

"Article 14 Bis.- . . .

I. to XXVIII. . . .

. . .

Each time the prospectus of information to the investing public is modified, a copy showing highlighted changes, accompanied by the format contained in Annex 22 of these provisions, signed by the person authorized to sign the prospectus in question or by the legal representative of the operating company that administers the investment fund, must be sent to the Commission, at the latest within five business days prior to the date on which the modifications take effect, which must have inserted the declaration under oath of telling the truth that indicates that the changes fall into one of the scenarios referred to in the previous fractions.

The cited copy must be sent to the Commission in terms of what is indicated in Article 85 of these provisions.

. . . "

"Article 80.- . . .

Series R01 . . .

Series R03

Investments in securities, repo operations and lending of securities and financial derivative instruments

. . .

. . .

. . .

. . .

. . .

. . .

. . .

Series R13 . . .

Series R14 . . .

Series R24 . . .

. . .

. . . "

"Article 81.- . . .

I. . . .

a) Regarding equity and debt investment funds, the information relative to the reports of Series R03 Investments in securities, repo operations and lending of securities and financial derivative instruments, the reports B-1321 Statement of Financial Position (CO-BR[1]) and B-1322 Comprehensive Income Statement (CO-BR[2]) of Series R13 and the reports B-1421 Determination of the updated valuation price of the shares representing the social capital of the investment funds (VA-PR) and C-1431 Investment Parameters (RI-VA[3]) of Series R14, providing the next business day after its date.

II. . . .

III. . . .

a) . . .

b) Regarding investment fund operating companies, the reports of Series R01 Minimum Catalog, R03 Investments in securities, repo operations and lending of securities and financial derivative instruments and R13 Financial Statements with figures at the close of the months of March, June, September, and December within fifteen natural days following its date.

c) Regarding share distributing companies of investment funds, the reports of Series R01 Minimum Catalog, R03 Investments in securities, repo operations and lending of securities and financial derivative instruments and R13 Financial Statements, except the report C-1331 Investment Portfolio Valuation Statement (CO-VC), with figures and data at the close of the months of March, June, September, and December, said information being sent within ten business days following its date.

d) . . .

IV. . . .

a) In the case of equity and debt investment funds, the reports B-1321 Statement of Financial Position (CO-BR[1]), B-1322 Comprehensive Income Statement (CO-BR[2]) and C-1331 Investment Portfolio Valuation Statement (CO-VC) of Series R13 within ninety natural days following the conclusion of the exercise that corresponds.

b) to e) . . . "

"Article 119.- . . .

I. . . .

a) . . .

b) Non-discretionary risks, which are those that impact the business operation and could affect the equity of investment funds, but which are not the product of taking a risk position, such as:

1. Operational risk, defined as the potential loss due to failures or deficiencies in internal controls, due to errors not attributable to technological tools in the processing and storage of operations or in the transmission of information.

2. Technological risk, defined as the potential loss due to damage, interruption, alteration, or failures derived from the use or dependence in hardware, software, systems, applications, networks, and any other channel of information distribution.

3. Legal risk, defined as the potential loss due to non-compliance with applicable legal and administrative provisions, the issuance of unfavorable administrative and judicial resolutions, and the application of sanctions.

4. Environmental, social, and governance risks, are defined as the

potential loss or possible material or relevant effects on the investment fund in question, due to environmental, social, and governance events.

. . .

II.

. . . "

" Article 123.-

. . .

. . .

I. Measure, monitor, and control that the comprehensive risk management considers all risks incurred by the investment funds to which asset management services are provided by investment fund operating companies, including, among others, those provided for in article 119 of these provisions.

II. to XII. . . . "

" Article 136.- Equity investment funds and debt instrument funds must make available to the public, through the website of the investment fund operating companies that administer them, of the distribution companies and financial entities that provide them with the service of distributing their shares, a report containing the composition of their investment portfolio at the close of each month, to be published within the first five business days following the month in question.

. . .

Additionally, in the event that equity investment funds and debt instrument funds maintain investments in shares of other investment funds or collective investment mechanisms that represent individually more than ten percent of their investment portfolio, they must indicate in the publication referred to in this article, the electronic address of the website, on which the shareholder can consult the indirect holding of the Investment Assets that make up said funds or investment mechanisms.

. . .

. . .

. . .

. . .

Equity investment funds and debt instrument funds must agree in the contracts they enter into with distribution companies and financial entities that provide them with distribution services for their shares, that these companies and entities have available the report referred to in this article.

Equity investment funds and debt instrument funds referred to in Article 6 Bis, second paragraph of these provisions, must specify, in addition to the ESG Investment Assets that make up their investment portfolio, the criteria with which said assets comply, in terms of what is provided in these provisions, according to the following, as applicable:

I. Indicate whether the assets are aligned with the Mexican Sustainable Taxonomy.

II. Indicate whether the assets are aligned with any other taxonomy other than the previous fraction, specifying which taxonomy was considered.

III. Provide the rating assigned to the asset, as well as the corporate name or name of who issued said rating.

IV. Include the name of the labeling standards that the asset complies with, along with the name of who issued said standards. "

TRANSITORY PROVISIONS

FIRST.- This Resolution will enter into force the day following its publication in the Official Journal of the Federation.

SECOND.- Investment funds will have up to twelve months, counted from the entry into force of this instrument, to present to the National Banking and Securities Commission their prospectus of information to the public investor incorporating the information, as applicable, resulting from compliance with what is provided in this Resolution, which may be provided in the update they must make to said document, in terms of what is established in Annex 2, fraction I, section B, which is modified with this Resolution.

THIRD.- Investment fund operating companies will have up to twelve months, counted from the entry into force of this instrument, in order to have available to the National Banking and Securities Commission the corresponding modifications to the operation and functioning manuals, as well as to the documents indicated in Annex 19 of this Resolution, in order for this decentralized body to have the information that allows it to exercise its supervisory power and, if applicable, issue observations.

FOURTH.- Investment funds that, upon the entry into force of this Resolution, use in their name, ticker symbol, advertising or propaganda, expressions that are not related to the Investment Assets on which they specialize, will have up to twelve months, counted from the entry into force of this instrument, to observe what is provided in Article 6 Bis and Annex 1 of this Resolution.

FIFTH.- Investment funds that, upon the entry into force of this Resolution, use in their name, ticker symbol, advertising or propaganda, expressions such as sustainable, sustainable, ESG, ESG or others that refer to some of the environmental, social or governance factors or that express similar ideas in any language, will have up to twelve months, counted from the entry into force of this instrument, to comply with what is established in Article 6 Bis, second paragraph of this Resolution.

SIXTH.- The modifications to the capture format of the regulatory report J-0311 of the Series R03 Investments in securities, repo operations and securities lending and derivative financial instruments contained in Annex 8 of this resolution, will enter into force on January 1, 2027.

Respectfully

Mexico City, July 27, 2026.- President of the National Banking and Securities Commission, Ángel Cabrera Mendoza.- Signature.

ANNEX 1

CATEGORIZATION OF EQUITY INVESTMENT FUNDS AND DEBT INSTRUMENT FUNDS ACCORDING TO THEIR INVESTMENT REGIME

1. Investment funds in debt instruments are categorized according to the duration of their Investment Assets, as follows:

Category | Duration of their Investment Assets Short term | Less than or equal to one year Medium term | Greater than one year and less than or equal to three years Long term | Greater than three years

For the purposes of what is provided in this Annex, the duration of their Investment Assets will be understood as the sum of the weighted average maturity of the cash flows of each Investment Asset that makes up the portfolio of the investment fund in question, determined by the price provider contracted by the investment fund, weighted by its percentage of participation in it.

2. Investment funds in debt instruments whose objective is to invest in instruments denominated in national currency, of high liquidity and high credit quality, will be called money market investment funds.

The investment regime of investment funds in debt instruments categorized as money market funds will strictly adhere to the following:

a) Investments in securities issued or guaranteed by the United Mexican States, as well as those issued by the Bank of Mexico.

b) Investments in bank deposits of money on demand and debt securities issued by credit institutions that have any of the two highest ratings, on the national short-term scale, granted by any securities rating institution.

c) Repo operations on securities for one business day, which in all cases must represent at least 40% of the asset of the investment fund.

d) The duration of their Investment Assets must be less than one month.

e) The term to maturity of the securities indicated in letters a) and b) may in no case exceed one year.

f) The maximum investment in bank deposits of money on demand and securities issued by the same credit institution, may not exceed 5% of the asset of the investment fund.

The investment in securities issued by the same development banking institution may not exceed 10% of the asset of the investment fund.

Money market investment funds in debt instruments may not enter into operations with derivative financial instruments directly, nor through Structured Securities.

In all cases, this categorization of funds must warn the investor on the cover of their prospectuses of information to the public investor, their key information documents, as well as in any other promotional medium, that the purchase of shares of money market investment funds in debt instruments is not equivalent to constituting money deposits in credit institutions.

3. Equity investment funds are categorized according to the percentages of investment in the different securities as defined below:

Category | Portfolio Specialized in equity | Minimum 80% in equity* Majority in equity | Maximum 80% and minimum 50% equity* Majority in debt securities | Maximum 80% and minimum 50% in debt instruments Specialized in debt securities | Minimum 80% in debt instruments

• Comprise shares and other securities or contracts that represent or refer to them, or fiduciary trust certificates referred to in Article 63 Bis 1 of the Securities Market Law.

4. Equity investment funds and debt instrument funds may specialize in different types of Investment Assets, such as government, private, sectoral, regional, ESG or others, provided that they maintain invested at least 80% of their net asset in the securities in question.

Only the investment funds referred to in this paragraph may make reference in their name or ticker symbol to the Investment Assets on which they are specialized.

In the case of investment funds whose objective is to replicate the returns of any index, interest rate, exchange rate or collective investment mechanism that operate in securities markets, in addition to complying with the specialization percentage indicated in the previous paragraph, they must maintain a beta between the variable in question and the price of their share whose value oscillates between 0.95 and 1.05 units, considering for this effect the last one hundred observations.

For the purposes of what is provided in this numeral, beta will be understood as the indicator that shows the sensitivity of the price of the share of the investment fund in question, to changes in the variable with respect to which it is referenced.

5. Those investment funds whose strategies are not based on a preponderant composition of any type or types of Investment Assets, but whose strategy is based on a limit of exposure to risk or a performance objective, will be classified as discretionary.

Discretionary investment funds must clearly and precisely specify in their prospectuses of information to the public investor the model or methodology used for the selection of the Investment Assets in which they will invest in order to comply with their objectives, as well as the type of investor and level of risk that investors to whom they are directed will assume, specifying the risk implied by investment in this type of funds considering the diversity of assets in which they can invest, additionally indicating if indicators such as indices, rates, currencies or combinations of these will be taken as reference.

In all cases, this category of funds must warn the investor on the cover of their prospectuses of information to the public investor and of any promotional medium, that these are funds that by their degree of specialization are recommended for investors with broad financial knowledge.

They must also indicate the historical evolution of the types of assets that have formed their investment portfolio and, in the case of newly created investment funds, the initial mix of Investment Assets.

ANNEX 2

REQUIREMENTS AND CHARACTERISTICS FOR THE PREPARATION OF THE PROSPECTUS OF INFORMATION TO THE PUBLIC INVESTOR OF EQUITY INVESTMENT FUNDS AND DEBT INSTRUMENT FUNDS

I. GENERAL GUIDELINES

This document includes the information disclosure requirements to which equity investment funds and debt instrument investment funds (Investment Funds) must adhere for the preparation of prospectuses of information to the public investor (Prospectuses).

The Prospectus must be prepared based on an information disclosure approach, that is, providing the investor with all that information necessary for them to be able to make a reasoned and well-informed investment decision regarding the Investment Fund in question.

The order in which the different sections of the Prospectus are presented must adhere to this Annex, except for those particular cases that require a different order and are previously authorized by the Commission.

In the preparation of the Prospectus, clear and easy-to-understand language must always be used, avoiding technical terms or complicated legal formalisms that cannot be easily understood by a person who does not have specialized knowledge in the matter in question.

Likewise, superlative terms and value judgments must be avoided; however, if deemed necessary, they must be adequately justified.

A. RELEVANCE PRINCIPLE

In addition to the information explicitly required in the various sections of the Prospectus, all relevant information must be included, understood as all information from the Investment Fund necessary to know its real and current situation in financial, administrative, economic and legal matters, as well as its risks, as well as the information of the investment fund operating company that administers the Investment Fund and, if applicable, that of the financial group to which the latter belongs, regardless of its position in the group, as long as it influences or affects said situation, and that is necessary for reasoned investment decisions and estimation of the price of the shares of the Investment Fund, in accordance with uses and practices of analysis of the Mexican securities market.

This principle must be followed at all times in the preparation of the Prospectus when determining the depth and breadth with which the various topics established in this Annex must be developed.

It will be the responsibility of the Investment Funds, as well as the persons who sign the Prospectus, to determine what information is considered relevant in the context of the particular characteristics of each Investment Fund, taking into account both quantitative and qualitative factors.

The Commission may require the inclusion of additional information or in substitution of the information required in this Annex, when the disclosure of said information is considered necessary.

B. SPECIFICATIONS OF THE PROSPECTUS

The Prospectus will contain information related to the Investment Fund in detail.

Likewise, the document with key information for investment will be part of the Prospectus, which must be delivered to investors, complying with what is indicated in Annex 3 of these provisions.

Prospectuses of newly created Investment Funds, as well as modifications to Prospectuses that do not fall under what is provided in Article 14 Bis of these provisions, must be sent to the Commission through the STIV, for their authorization, omitting the information related to dates of authorization or modification of the Prospectus, share capital, number of shareholders, investors who own more than 30% of a series or more than 5% of the share capital, returns, ticker symbols, composition of the investment portfolio, minimum investment amounts, commissions, remunerations, observed risk value in the last year, members of the board of directors and names of service providers, as well as the credit or market risk rating in which the Investment Fund will be located, which will not be subject to authorization and may be modified at any time.

The corresponding sections may be indicated with a blank space and once the Prospectus is authorized, the information related to each of them must be included as applicable.

The Prospectuses and documents with key information for investment must be available at all times to the public investor through the website of the investment fund operating company that administers the Investment Funds or, if applicable, that of the financial group to which the latter belongs, as well as on the website of the other distribution companies and financial entities that distribute their shares integrally.

In the case of shared information corresponding to Investment Funds administered by the same investment fund operating company, it may be presented for its authorization in a single document.

Likewise, the information that is presented in detail for each Investment Fund may in no case make exceptions to the shared information by the other Investment Funds.

The copies of the Prospectuses that are sent to the Commission with observations formulated by this supervisory body must show the changes highlighted and be accompanied by the format contained in Annex 22 of these provisions, signed by the person authorized to sign the prospectus in question or by the legal representative of the operating company that administers the Investment Fund, which must have inserted the sworn statement of truth indicating that the highlighted changes are the only ones made to the last version delivered to this authority.

Investment Funds must update their Prospectus at least once a year, no later than the tenth business day following the approval of the annual financial statements by the board of directors of the operating company that administers them.

This updated Prospectus must be sent to the Commission at least five business days before the modifications take effect, including a copy with the changes highlighted and the format contained in Annex 22 of these provisions, signed by the person authorized to sign the document or by the legal representative of the operating company that administers the Investment Fund, which must have inserted the sworn statement of truth indicating that the changes correspond to the scenarios established in the fractions of Article 14 Bis of these provisions.

Without prejudice to the foregoing, additional updates to the Prospectus may be made as long as they comply with the scenarios provided for in said article.

In all cases, Investment Funds must send through the STIV to the Commission, as well as to the distribution companies and financial entities that provide them with the service of distributing their shares, a duly signed copy of the Prospectus no later than the business day following the notification of the authorization of the modifications, or of the updates, that are made to the Prospectus.

C. EXTERNAL INFORMATION SOURCES AND EXPERT DECLARATION

When a report, statistics or other information contained in the Prospectus has been obtained from a public information source, it must be cited.

In the event that the information comes from an expert, a declaration must be included indicating that said information has been included with the consent of the person in question.

D. REFERENCES TO LAWS AND OTHER REGULATIONS

When reference is made to any provision contained in any law or secondary regulation, its content must be described.

II. INFORMATION REQUIRED IN THE PROSPECTUSES

A) COVER

The cover of the Prospectus must contain, at a minimum, the following information:

1. Corporate name and ticker symbol.

Superlative terms and value judgments, references to Investment Assets on which they are not specialized, as well as terms that may induce the public to deception, error or confusion must be avoided.

Investment funds may use in their corporate name and ticker

such as those referring to the Investment Assets, including ESG Investment Assets, in which the investment fund specializes, in terms of Article 6 Bis of these provisions.

2. Category of the Investment Fund.

3. Specification of the share classes and series.

4. Corporate domicile and address of the operating society that administers the Investment Fund or, as applicable, the customer service offices of this or any of the distributing societies and financial entities that provide the share distribution service to the Investment Fund.

5. Website of the operating society that administers the Investment Fund, as well as contact details for requesting additional information.

6. Date of authorization of the Prospectus.

7. The following legend referred to in Article 9, third paragraph of the Law: " The authorization of information prospectuses for investor public does not imply certification regarding the merit of the shares they issue or regarding the solvency, liquidity, credit quality or future performance of the funds, nor of the Investment Assets that make up their portfolio. "

8. Corporate name of the operating society that administers the Investment Fund.

9. Days and hours for receiving orders. If this information is extensive, it should be referred to the corresponding section, indicating only the periodicity and schedule.

10. Declaration stating that the information contained in the Prospectus is the responsibility of the operating society that administers the Investment Fund in question.

11. Indication that the investment in the Investment Fund is not guaranteed by the Federal Government nor the entities of the semi-public administration.

12. Mention that the operating society that administers the Investment Fund and, as applicable, the distributing society and/or financial entity that provides the share distribution service, have no payment obligation regarding the mentioned Investment Fund and that the investment in this is only backed by the amount of the equity of the Investment Fund itself.

13. Indication that the updated version of the Prospectus can be consulted on the website of the operating society that administers the Investment Fund or, as applicable, of the financial group to which it belongs, as well as on the electronic page of the distributing societies and financial entities that provide the share distribution service of the Investment Fund.

14. Regarding Investment Funds classified as discretionary, it must be warned that these are funds that, due to their degree of specialization, are recommended for investors with extensive financial knowledge.

15. In the case of Investment Funds categorized as money market funds, it must be warned that the purchase of their shares does not equate to constituting money deposits in credit institutions.

B) INDEX

On the first page of the Prospectus, an index of its content must be incorporated according to the following:

1. INVESTMENT OBJECTIVES AND HORIZON, INVESTMENT STRATEGIES, RETURNS AND RELATED RISKS

a) Investment objectives and horizon. b) Investment policies. c) Investment regime. i) Participation in financial derivative instruments, Structured Securities, Fiduciary Exchange Certificates or Asset-Backed Securities. ii) Temporary investment strategies. d) Investment risks (include only those that are applicable). i) Market risk. ii) Credit risk. iii) Liquidity risk. iv) Operational risk. v) Counterparty risk. vi) Loss in disordered market conditions. vii) Legal risk. viii) Environmental, social and governance risks. e) Returns. i) Returns graph. ii) Returns table.

2. OPERATION OF THE INVESTMENT FUND.

a) Possible acquirers. b) Policies for the sale and purchase of shares. i) Day and time for receiving orders. ii) Execution of operations. iii) Settlement of operations. iv) Causes of possible suspension of operations. c) Minimum amounts. d) Minimum period of stay. e) Limits and policies of holding by investor. f) Service providers. i) Operating society that administers the Investment Fund. ii) Distributing society and/or financial entity that provides share distribution services to the Investment Fund. iii) Share valuation society that provides services to the Investment Fund. iv) Other service providers. g) Costs, commissions and remunerations.

3. ORGANIZATION AND CAPITAL STRUCTURE.

a) Organization of the Investment Fund according to what is provided in Article 10 of the Law. b) Capital structure and shareholders.

4. CORPORATE ACTS.

5. FISCAL REGIME.

6. DATE OF AUTHORIZATION OF THE PROSPECTUS AND PROCEDURE FOR DISCLOSING ITS MODIFICATIONS.

7. PUBLIC DOCUMENTS.

8. FINANCIAL INFORMATION.

9. ADDITIONAL INFORMATION.

10. RESPONSIBLE PERSONS.

11. APPENDIX. INVESTMENT PORTFOLIO.

The Prospectus must include in "bold" the following paragraph at the end of the index, ensuring that it is at least 2 points larger than the font size used in the index: " No intermediary, attorney-in-fact to conduct transactions with the public or any other person, has been authorized to provide information or make any statement that is not contained in this document. As a consequence of the foregoing, any information or statement that is not contained in this document shall be understood as not authorized by the Investment Fund. "

C) CONTENT

1. INVESTMENT OBJECTIVES AND HORIZON, INVESTMENT STRATEGIES, RETURNS AND RELATED RISKS

a) Investment objectives and horizon

In this section, the type of assets in which the Investment Fund will invest must be briefly described in accordance with its category, mentioning if they are shares, debt securities, financial derivative instruments, Structured Securities, Asset-Backed Securities or Fiduciary Exchange Certificates, as well as the bases that will be used as reference to determine the expected return, indicating if they are related to financial models or indices, interest rates, exchange rates or any other indicator, always that its composition and the source where it can be consulted publicly are indicated.

In all cases, Investment Funds must reveal the main risk associated with the investments they make.

Likewise, the term, in days, months or years, that is estimated or considered adequate for the investor to maintain their investment must be revealed, taking into consideration the objectives of the Investment Fund itself.

The Investment Fund must indicate the type of investors to which it is oriented, that is, small, medium or large investors, considering the minimum investment amounts required and their level of complexity or sophistication.

Likewise, it must indicate if it is directed at investors seeking high, medium or low-risk investments, based on its objective, strategy and rating.

Investment Funds referred to in Article 6 Bis, second paragraph of these provisions, must include at least the following:

i. Mention of the environmental, social or governance investment approach (for example, climate change, green, sustainability, among others). ii. Description of why the investment approach is considered environmental, social or governance. iii. Description of the specific objective of the Investment Fund (for example, financial performance, mitigation and/or adaptation to climate change, among others). iv. Specification regarding whether the Investment Fund will have a rating related to environmental, social or governance factors; in case of having such a rating, the meaning of this and the name of who issued it must be included, which must be a provider of environmental, social and governance rating service that is independent of the operating society of investment funds.

b) Investment policies

In this section, it must be explained whether the Investment Fund follows an active management strategy, in which it takes risks seeking to take advantage of market opportunities to try to increase its expected return and surpass its benchmark, or if asset management is passive or conservative, which seeks a return similar to that of its benchmark, without taking additional risks.

Additionally, the general investment policies that will guide the choice of investments must be described, specifying the types of equity securities in which it will invest, and in case of maintaining investments in shares, the general selection criteria must be indicated, such as activity sector, marketability, nationality of the issuer or size of the company, among others.

Regarding debt-representative securities, the duration of the Investment Fund's portfolio as a whole must be revealed, indicating if it is short, medium or long term, as well as if the securities that make it up are governmental, state, municipal, bank or corporate, or if it will be integrated by a mixture of such securities.

It must reveal, when applicable, the policies for contracting loans and credits, including those for the issuance of debt-representative securities at its charge.

In case the Investment Fund foresees carrying out repo operations or securities lending, it must specify if it will act as the borrower, lender, lender or borrower, as applicable.

When the Investment Fund receives investment advice or model portfolio services that suggest investment decision-making, it must reveal:

i) The degree of responsibility of the investment advisor in the implementation of the recommendations it issues. ii) The general data of the person providing the investment advisory service, including, but not limited to, its name or corporate name, description of the services it will provide to the Investment Fund, the country where it is incorporated and the authority that regulates it. iii) That the operating society that administers the Investment Fund will be responsible, at all times, for the operations carried out based on the recommendations received from the investment advisor.

Likewise, the contract for the provision of services corresponding to what is established in subsection iii) of the previous paragraph must be sent to the Commission, through the STIV, in which the aforementioned provision is established.

In case said contract is drafted in a language other than Spanish, in addition, a translation of said document must be provided.

If it is indexed or hedging Investment Funds, it must indicate the different alternatives or instruments that will be used.

Investment Funds referred to in Article 6 Bis, second paragraph of these provisions, must describe how environmental, social or governance factors were incorporated into the Investment Fund's investment policies.

c) Investment regime

In this section, the Investment Assets of the Investment Fund that will make up the Investment Fund's portfolio must be mentioned, indicating the diversification and specialization criteria; for the purposes of the foregoing, all information must be incorporated that allows investors to adequately understand the criteria and characteristics for the selection of the Investment Assets that are determined necessary to implement the investment strategy.

Likewise, it must be indicated if the Investment Fund will invest and in what proportion, in assets issued by societies of the same Consortium or Business Group to which, as applicable, the operating society that administers the Investment Fund belongs.

Likewise, if the Investment Fund acquires debt-representative securities, it must indicate the minimum credit risk rating, whether in local or global scale, or in both, as applicable at the time of acquisition.

In case the Investment Fund foresees carrying out repo operations or securities lending, it must mention the maximum term of such operations, the securities subject to these operations, counterparty selection policies, policies for agreeing the premium, as well as the price as applicable, regardless of the denomination currency of the securities subject to these operations.

Likewise, the liquidity policy must be indicated so that the Investment Fund has the necessary resources to meet its obligations.

Investment Funds referred to in Article 6 Bis, second paragraph of these provisions, must establish a specific parameter with a minimum investment percentage of 80% of its net asset in ESG Investment Assets.

Additionally, they must:

i. Describe if the Investment Fund will adopt, as applicable, any policy of: a. Exclusion and types of exclusion (for example, exclusion of investments in certain activities, sectors, countries, among others). b. Positive investment selection (for example, investments focused on companies with demonstrated excellence in ESG matters). c. ESG integration (for example, the integration of ESG factors in traditional financial analysis). d. Impact investment (for example, investment concentrated in financing initiatives that include a significant beneficial effect either social or environmental). e. Any other type of policy that the Investment Fund adopts regarding ESG Investment Assets. ii. Describe the following regarding ESG Investment Assets: a. Evaluation criteria (for example, reference to environmental, social or governance ratings, third-party certificates or labels, or alignment with the Sustainable Taxonomy of Mexico or any other taxonomy). b. Methods to verify that ESG Investment Assets continue to meet the criteria to be considered as such. c. Measures that will be taken in case any ESG Investment Asset in which they invest loses such character.

Additionally, a table must be included indicating the investment parameters determined by the Investment Fund itself, including, as applicable, repo operations, securities lending operations and financial derivative instruments, in which the types of securities and the minimum and maximum percentages permitted of these in relation to the net asset, social capital of the issuer, issuance or series, as applicable, are indicated.

Finally, if applicable, the following policies will be described:

i) Participation in financial derivative instruments, Structured Securities, Fiduciary Exchange Certificates or Asset-Backed Securities

In case the Investment Fund foresees carrying out operations with financial derivative instruments, it must mention the applicable operating policies, indicating if their purpose is exclusively for risk hedging, or if they will also be used for taking speculative risks.

Additionally, in the case of investments in Structured Securities, Fiduciary Exchange Certificates or Asset-Backed Securities, the types of structures in which the Investment Fund plans to invest must be detailed.

Regarding Investment Funds that take risks through financial derivative instruments, it must be indicated the way in which such instruments will be used, types of underlying assets appropriate to its category and investment regime, limits that will be established, types of operations that can be carried out and markets in which they can operate.

ii) Temporary investment strategies

In the case that the Investment Fund foresees carrying out temporary investments different from those indicated in its investment regime, under conditions of high volatility in financial markets, or well economic or political uncertainty, it must be indicated in this section.

Additionally, it must be indicated that, when adopting temporary investment strategies, the operating society of investment funds that administers it or the distributing societies and/or financial entities that provide the distribution service of its shares will make them known to the shareholders of the Investment Fund through the account statement and on the website of the mentioned operating society, describing the strategy to be implemented and the reasons for its adoption.

In case the possibility of implementing temporary investment strategies is not foreseen in the Prospectus, the Investment Fund must indicate that, at all times, it will adhere to its original strategy regardless of the environment.

d) Investment risks

In this section, the main risks to which the Investment Fund will be exposed according to its category and investment regime will be included, including first the most relevant one indicated in its objective.

In all cases, it will be explained clearly what the main risks consist of, the reason for being considered risks by the operating society that administers the Investment Fund and how they can affect its performance or equity.

In this sense, they must disclose the risks that may have a negative impact on the price of the shares of the mentioned Investment Fund.

Additionally, it must be indicated that, regardless of whether it is an equity Investment Fund or in debt instruments, of its objective, category or rating, there is always the possibility of losing the resources invested in said Investment Fund.

For each of the types of risk to which the Investment Fund is exposed, it must describe, as applicable, the following:

i) Market risk

In this section, the market risks to which the Investment Fund will be exposed, such as interest rates, exchange rates and price indices, among others, must be indicated, explaining the way in which such risks affect the price of the shares of the Investment Fund itself.

Additionally, the market risk rating in which the Investment Fund will be located and the meaning of this must be included, mentioning the range of the rating scale, where a certain indicator corresponds to the lowest market risk, while another represents the highest, as well as the definition of the level in which it is located.

The foregoing, using the scale of the rating agency that provides rating services to the Investment Fund.

Additionally, the maximum and average limit observed during the last year of its Value at Risk must be indicated, as well as a brief description of its meaning, methodology and assumptions used for its obtaining, including that the definition of Value at Risk is valid only under normal market conditions.

ii) Credit risk

In this section, the credit risks to which the Investment Fund will be exposed due to the failure to pay by an issuer of debt securities in which it invests must be explained.

As applicable, the credit risk rating in which the Investment Fund will be located and the meaning of said rating must be included, mentioning that the rating scale goes from "AAA" to "B", where "AAA" corresponds to the lowest credit risk, while "B" represents the highest, as well as the definition of the level in which it is located.

The foregoing, using the scale of the rating agency that provides rating services to the Investment Fund.

iii) Liquidity risk

In this section, the liquidity risk to which the Investment Fund will be exposed due to the potential loss that could be caused by the early or forced sale of securities in which the Investment Fund itself invests, or well unusual discounts to meet its repurchase obligations, must be explained.

iv) Operational risk

operativo

In this section, the operational risk to which the Investment Fund will be exposed must be explained, derived from the potential loss that could be caused by failures or deficiencies in internal controls, errors in the processing and storage of operations, or in the transmission of information, as well as by fraud or theft.

v) Counterparty Risk

In this section, the risk to which the Investment Fund will be exposed must be revealed, derived from a possible loss generated by the non-compliance with obligations assumed by its counterparties in operations with securities, instruments, or documents in which it invests.

vi) Loss under Disordered Market Conditions

In this section, the Investment Fund must reveal that the investor is exposed to a loss due to the possibility of the application of a differential in the valuation price of the purchase and sale operations of its shares, in the face of disordered market conditions that could generate significant and unusual purchases or sales of said shares.

To this effect, it must be indicated that said differential will be applied consistently to all operations carried out with investors, the amount of which will remain in the Investment Fund for the benefit of the shareholders who remain in it, and the mechanics for its application, as well as the history of its use by the Investment Fund itself, must be briefly described.

vii) Legal Risk

In this section, the legal risk to which the Investment Fund will be exposed must be explained, derived from the potential loss from the possible non-compliance with applicable legal and administrative provisions, by the issuance of unfavorable administrative and judicial resolutions, or by the application of sanctions related to the operations of the Investment Fund itself.

viii) Environmental, Social, and Governance Risks

In this section, the environmental, social, and governance risks must be described, derived from potential losses or possible material or relevant impacts on the corresponding investment fund, due to events of such risks.

e) Returns

In this section, the historical returns of the Investment Fund, where applicable, by share series, must be made known.

The information on returns will be calculated based on the methodology established by the Commission.

Regarding versions of the Prospectus presented on the website, a link to this information may be included in this section.

In the event that the Investment Fund has undergone any transformation, due to which the investment regime has changed significantly, the information presented regarding returns will start from the date such change takes effect.

The information presented in this section will apply to all share series with which the Investment Fund has.

In the event of not having the required information, the available historical information from the date of the start of operations of the Investment Fund will be used, provided that it is superior to six months.

The aforementioned Investment Fund must include a declaration stating that its past performance may not be indicative of the performance it will have in the future.

The following information regarding returns must be included in this section of the Prospectus:

i) Returns Graph

In this section, a graph with information related to the price of the Investment Fund's share and its performance during the last three years will be presented.

The graph must present the information assuming a hypothetical initial investment of $10,000.00, comparing it against the performance of a similar investment in some market index or benchmark, in the same time period.

Likewise, daily prices will be shown, through a linear graph, on the right vertical axis of the graph, while nominal monthly returns of the Investment Fund will be shown, through bar charts, on the horizontal axis.

Below is an example of the way in which the information should be presented:

For Protected Capital Investment Funds, in substitution for the graph with the information referred to in the previous paragraphs, a table must be shown, assuming an initial investment of $10,000.00, with the following three prospective scenarios: "positive", "base", and "negative", and whose data will be shown in monetary terms, allowing the investor to have a clear representation of the risk and performance profile of the Investment Fund.

The table must contain a result column and a comment column for each scenario, considering the following:

The "positive" scenario must assume that market conditions, at the end of the capital protection period, are better than current ones.

The "base" scenario must assume that current market conditions remain unchanged during the period in which the Investment Fund protects the capital.

The "negative" scenario must consider that market conditions, at the end of the capital protection period, are worse than current ones.

For the comments column, complementary information that could be useful for the better understanding of the results of each scenario must be considered.

Below is an example of the way in which the information should be presented:

The following results assume an initial investment of $10,000.00

Scenario | Result | Comment Positive | | Base | | Negative | |

ii) Returns Table

In this section, the returns of the last month, the last three months, the last twelve months, and the last three years, of the Investment Fund, of the risk-free instrument, and, where applicable, of the reference index, will be included, in accordance with the following table:

Table of Returns 1

	Last month	Last 3 months	Last 12 months	Year x, x-1 and x-2
Gross Return
Net Return
Risk-free Rate (28-day Cetes)
Reference Index

1/ For Variable Income Investment Funds, effective returns will be included, and for Investment Funds in Debt Instruments, nominal annualized returns.

If there are commissions, or costs not reflected in these returns, the Investment Fund must clarify that the returns may be lower than those shown due to such circumstance.

Regarding Investment Funds whose investment horizon is short-term, the average return in the last calendar year, as well as the highest and lowest monthly returns obtained within the same period, must be mentioned, in accordance with the following table:

Annualized (Nominal) Returns Table

	Last month	Last 3 months	Last 12 months
Month	Return	Month	Return
Low		High
Gross Return
Net Return
Risk-free Rate (28-day Cetes)
Reference Index

The provisions in the present sub-clause ii) will not be applicable regarding Protected Capital Investment Funds.

2. OPERATION OF THE INVESTMENT FUND

In this section, the information related to the general operational guidelines of the Investment Fund must be included, mentioning the policies and requirements to participate in it.

Where applicable, such information must be specified by share series.

In this sense, the following information must be provided:

a) Possible Acquirers

Mention the persons who may acquire its shares given the tax regime applicable to shareholders, indicating whether they are natural or legal persons, as well as persons not subject to withholding.

In the event that the Investment Fund establishes share series based on the criteria referred to in article 43 of the "General Provisions applicable to financial entities and other persons who provide investment services", which justifies by the distributing societies and/or financial entities that provide the service of distribution of investment fund shares the access of said clients to the series in question, it must:

1. Specifically indicate the share series that will be established in accordance with the aforementioned criterion.

2. Incorporate the following legend: "The committee responsible for the analysis of financial products, equivalent body, or person in charge of the distributing societies or financial entities that provide the service of distribution of shares to the investment fund, will be those who will elaborate and approve the criteria and conditions in accordance with what is established in article 43 of the 'General Provisions applicable to financial entities and other persons who provide investment services', to effect the access of investors to a certain series of the Investment Fund taking into consideration, in an enumerative but not exhaustive manner, the following:

(i) the provision of advised or non-advised services; (ii) the operation in securities and, where applicable, in Investment Funds; (iii) the investments in securities administered by client or contract, and (iv) any other quantitative or qualitative factor that impacts the segmentation of the clientele based on the services provided.

The aforementioned criteria must avoid inequitable treatment among investors and must be based on objective conditions."

Likewise, institutional investors who may invest in the values of the Investment Fund must be included, taking into consideration the authorization that the Commission has granted for said values to be the object of institutional investment.

b) Policies for the Purchase and Sale of Shares

The terms and conditions for investors to carry out purchase and sale operations of shares must be mentioned, specifying the procedure for the reception, transmission, and registration of purchase and sale orders of the shares of the Investment Fund and the terms through which investors can liquidate their entire participation.

Regarding Open Investment Funds, policies for the repurchase of the shares representing its social capital must be indicated, and the causes for which such operations could be suspended, establishing the maximum percentage of repurchases collectively by investors that the Investment Fund could attend, measured in function of its net assets, which cannot be superior to the minimum limit of easy-to-realize values, and values with maturity less than three months established in the investment regime of the Investment Fund.

Additionally, the policy that the Investment Fund will establish to attend to repurchases by investors that exceed the maximum percentage previously mentioned must be described.

Likewise, the preferential rights that might exist to subscribe and repurchase shares representing its social capital must be mentioned.

In the same way, the obligation on the part of the Investment Fund to acquire 100% of the shares of investors, at valuation price and without any differential, due to changes in the investment regime or repurchase, must be mentioned, specifying the deadlines for this.

i) Day and Time for the Reception of Orders

In this section, the days and schedule in which purchase and sale orders of shares can be received will be indicated, indicating the policy of business days of operation of the Investment Fund, specifying if its operation applies only by national business days or if it also uses calendars of business days of foreign markets.

In the event of using calendars of business days of foreign markets, the website of the operating society that administers the Investment Fund must be indicated, so that investors can consult the days of operation of the Investment Fund in question.

Additionally, when the Investment Fund establishes order reception schedules based on the securities markets where its Investment Object Assets are traded, the website of the operating society that administers the Investment Fund where the operation schedules of the Investment Fund in question, as well as any temporary changes, if any, can be consulted, must be indicated.

Likewise, the operation policy to be followed for the reception of requests, execution, and liquidation of the purchase and sale operations of the shares of the Investment Fund in the event that they are presented on non-business days must be established.

Regarding order reception schedules, the treatment policy for orders received outside the schedule established by the Investment Fund for such effects must be established.

ii) Execution of Operations

The Investment Fund must indicate the term in which the orders will be executed in relation to the date of sending of said orders, as well as the price at which the operations will be celebrated.

In any case, it must be revealed if in disordered market conditions a reduction in the price of the shares will be applied.

iii) Liquidation of Operations

Indicate the liquidation term of the purchase and sale operations, counted from the execution of said operations, indicating whether or not it is required that the investor has available funds from the date on which the operation is ordered, either in cash or in other types of securities.

iv) Causes for the Possible Suspension of Operations

It must be established if, in cases of fortuitous events or force majeure, the purchase and sale operations of the Investment Fund would be suspended.

Likewise, it will be indicated that the Commission may suspend operations in these circumstances or in the face of repeated non-compliance with provisions that could generate a loss to the shareholders.

c) Minimum Amounts

Mention if there are minimum investment amounts to participate in the Investment Fund and their amount; in the same way, it must be clearly specified if said amount will be per share series of the Investment Fund or for the total amount invested in the funds administered by the operating society of investment funds and define the procedure with which the minimum amount will be calculated (average monthly amount, amount at the end of the month, or other), as well as the consequences, as well as, where applicable, the commissions that will be generated for being below the mentioned minimum amounts.

Likewise, the reclassification policy must be established, including the times in which these will be effected, specifying that such reallocation or reclassification will not be applicable when the decrease in the investment balance is the result of decreases in the price of the shares of the Investment Fund.

In the event that the Investment Fund establishes share series based on the criteria referred to in article 43 of the "General Provisions applicable to financial entities and other persons who provide investment services", the following legend must be incorporated:

"The investment fund does not require minimum amounts for the acquisition of its shares, however, each distributing society and/or financial entity that provides the distribution service to the investment fund, is in full freedom to establish its own conditions for the collection of commissions in the management of investment accounts in the terms indicated in the contracts that it concludes for this purpose with its clients, so it is suggested to consult said conditions directly with the distributors."

d) Minimum Stay Period

In the event of there being a mandatory minimum period during which the investor must remain in the Investment Fund, said period in days, months, or years must be indicated.

In this case, it will be indicated if the investor will be subject to the payment of any commission in the event of withdrawing its resources before the established period and the basis of the calculation or amount.

e) Limits and Policies of Holdings by Investor

The maximum shareholding limits per investor must be indicated, as well as the actions to be taken in case of non-compliance.

Additionally, where applicable, the policies established by the board of directors of the operating society that administers the Investment Fund will be indicated, so that persons who adjust to the mentioned policies temporarily acquire percentages superior to such limits.

f) Service Providers

The Investment Fund must indicate the societies and financial entities that provide it with the services referred to in the Law.

Likewise, it must indicate that the board of directors of the operating society that administers the Investment Fund has the obligation to evaluate, at least once a year, the performance of such persons, and mention if the result of the referred evaluation, as well as any change in said service providers, will be notified to the shareholders through the account statement or the site of their internet page.

Additionally, the area or personnel that investors can contact in the event of requiring information of the Investment Fund, as well as the means by which said area or personnel can be contacted, must be mentioned.

Regarding service-providing societies, the following information must be provided:

i) Operating Society that Administers the Investment Fund

Include the main data relative to the operating society that administers the Investment Fund, such as name, address, website, and phones.

ii) Distributing Society or Financial Entity that Provides Share Distribution Services to the Investment Fund.

Where applicable, the entities or companies contracted to distribute the shares of the Investment Fund will be specified.

Regarding distributing societies of investment fund shares, it will be specified if they are classified as referencing or integral.

iii) Share Valuation Society that Provides Services to the Investment Fund

The periodicity with which the shares of the Investment Fund will be valued must be mentioned, as well as the entity or company that provides said service.

Likewise, it must be indicated that the Investment Fund will not be valued on the days determined as non-business days in the calendar issued by the Commission.

iv) Other Service Providers

In this section, the names of other persons who, in accordance with the Law, provide services to the Investment Fund must be included, as well as the type of service provided.

The Investment Fund must disclose if it contracted services related to environmental, social, or governance factors; in the affirmative case, it must be indicated which services were contracted and mention the name, trade name, or denomination of the providers of these services.

g) Costs, Commissions, and Remuneration

The Investment Fund must indicate the costs, commissions, and remuneration that its shareholders and the Investment Fund itself must pay, respectively.

For the purposes of the foregoing, the concepts that generate them, the procedure and bases for their calculation, as well as the periodicity or circumstances in which they will be charged, must be specified.

The Investment Fund must indicate the commissions and remuneration, expressed in annual terms with respect to each share series of the Investment Fund itself, considering the concepts detailed below:

i) Commissions Paid Directly by the Client

Concept	Series "n" %	Series "n" $	Series "n+1" %	Series "n+1" $
Non-compliance with minimum stay period
Non-compliance with minimum investment balance
Purchase of shares
Sale of shares
Advisory service
Share administration service
Others
Total

ii) Commissions Paid by the Investment Fund

Concept	Series "n" %	Series "n" $	Series "n+1" %	Series "n+1" $
Asset Administration
Asset Administration / Performance
Share Distribution
Share Valuation
Deposit of Investment Object Assets
Share Deposit
Accounting

Others

Total

In the event that Investment Funds maintain investments in shares of other Investment Funds or collective investment mechanisms, to present the aforementioned information, they must add to the remuneration accrued or paid, expressed in annual terms, in the corresponding item, those derived from the investment in said Investment Funds or mechanisms.

Regarding investments in foreign Investment Funds or collective investment mechanisms, to comply with what is provided in this paragraph, they will use the last information provided to them or to which they have access.

3. ORGANIZATION AND CAPITAL STRUCTURE

In this section, information must be provided regarding the way the Investment Fund is organized and its capital structure.

In all cases, the following legend must be inserted: "Investment funds, as an exception to the General Law of Commercial Companies (LGSM), do not have a shareholders' meeting, board of directors, or auditor. The functions that the LGSM assigns to the shareholders' meeting are entrusted to (Name of the founding partner) and, in some cases, to the rest of the partners of the investment fund. The activities that the LGSM assigns to the board of directors are entrusted to (Name of the operating company that administers the investment fund). The surveillance of the Investment Fund is assigned to the regulatory controller of (Name of the operating company that administers the investment fund)."

a) Organization of the Investment Fund in accordance with what is provided in Article 10 of the Law

In relation to the board of directors of the operating company that administers the Investment Fund, the number of members that compose it (owners and alternates) must be mentioned, as well as the type of directors (independent, patrimonial, or related). Additionally, the following information must be provided, both for the directors, general manager, and regulatory controller of the operating company that administers the Investment Fund: name, position, time spent working in the company, sectors where they have or have collaborated as executives or as members of the board of directors, indicating if they have any type of relationship with the Investment Fund and any other information necessary to know their professional capacity.

On the other hand, the policies established to prevent and avoid conflicts of interest in accordance with the code of conduct of the operating company that administers the Investment Fund must be described, as well as, among others, those policies related to the execution of operations with the members of the board of directors and persons who participate in the determination and execution of operations of the Investment Fund or with the shareholders of the operating company that provides services to it and, if applicable, with those of the entities that form part of the financial or business group to which, if applicable, the operating company of investment funds belongs or is linked.

Additionally, in the event that an investment committee has been constituted under the terms of Article 12 of these provisions, the position of the members of said committee must be revealed.

b) Capital structure and shareholders

The composition of the social capital of the Investment Fund must be included, in its fixed and variable part, mentioning that the shares of the fixed part can only be subscribed by an operating company of investment funds in its capacity as founding partner, that they are of a single series and class, without right to withdrawal and that for their transmission, prior authorization of the Commission is required.

The different characteristics of the series or share classes that make up the capital of the Investment Fund must be mentioned, including the rights and obligations inherent to each of them.

Likewise, information relative to the total number of shareholders of the Investment Fund and, if applicable, the number of investors who own more than 30% of a series or more than 5% of the social capital must be provided, as well as the total sum of their holdings, corresponding to the date of the last update or modification.

It must also be mentioned if the Investment Fund is controlled, directly or indirectly, by any person or Group of Persons, if these are related or not with the operating company of investment funds that administers it and if they actively participate or not in the administration of the Investment Fund.

4. CORPORATE ACTS

In this section, the operational conditions that would apply in the event of merger, spin-off, bankruptcy, dissolution, and early liquidation of the Investment Fund must be revealed, adhering to what is provided in the Law and in these provisions.

Preferential rights that might exist to subscribe and repurchase shares representing the social capital of the Investment Fund must be specified, as well as the possibility of suspending the acquisition and purchase of the shares representing its social capital by virtue of the spin-off of the Investment Fund in the face of liquidity problems, adhering to what is provided in the Law and in these provisions.

The possibility that the Investment Fund be spun off in accordance with the procedure established in Article 14 Bis 7 of the Law must be indicated, in the event that disordered conditions or high volatility occur in financial markets, or when due to the characteristics of the Investment Assets, they present liquidity or valuation problems, adhering to what is provided in the Law and in these provisions.

5. TAX REGIME

In this section, the tax regime applicable to the Investment Fund in general, as well as the share series and type of shareholder in particular, will be mentioned.

Likewise, the regime applicable to investors who do not reside in the country must be indicated.

If applicable, mention will be made of the tax regime applicable for foreign securities, the corresponding withholding and credit, and the tax regime related to financial derivative and securities lending operations.

6. DATE OF AUTHORIZATION OF THE PROSPECTUS AND PROCEDURE TO DISCLOSE ITS MODIFICATIONS

In this section, the date and number of the authorization letter of the Prospectus, the policies or criteria to modify it, as well as the means to make the modifications known to the public must be indicated.

On the other hand, important changes that the Investment Fund has made to its Prospectus with respect to the previously authorized and/or modified version in accordance with what is provided in Article 14 Bis of these provisions must be highlighted.

7. PUBLIC DOCUMENTS

In this section, the place and form to access the public information of the Investment Fund will be indicated, mentioning the address of the website where it can be consulted.

Likewise, the information that the Investment Fund itself is obligated to deliver to the Commission and if it can be consulted in public media must be mentioned.

In all cases, the form to make known to the shareholders and the general public any relevant information relative to the Investment Fund must be mentioned.

8. FINANCIAL INFORMATION

In this section, the place where the investor will be able to find the financial statements of the Investment Fund, according to the balance sheet and the statement of results of Annex 8 of these provisions, must be indicated.

9. ADDITIONAL INFORMATION

In this section, any other information that the Investment Fund considers relevant and important for the investor must be included, including the legal processes that could negatively affect the performance of the Investment Fund itself.

10. RESPONSIBLE PERSONS

The Prospectus must be initialed on all pages by the general manager; in his absence, it may be initialed by a director or by a member of the investment committee of the operating company that administers the Investment Fund, at the foot of the following legend, as applicable:

"I, the undersigned as general manager of the operating company that administers the investment fund, declare under oath that within the scope of my functions I have prepared and reviewed the present prospectus of information to the public investor which, to my loyal knowledge and understanding, reasonably reflects the situation of the investment fund, being in agreement with its content. Likewise, I declare that I have no knowledge that relevant information has been omitted, is false, or induces error in the preparation of the present prospectus of information to the public investor."

"I, the undersigned as director of the operating company that administers the investment fund, declare under oath that within the scope of my functions I have prepared and reviewed the present prospectus of information to the public investor which, to my loyal knowledge and understanding, reasonably reflects the situation of the investment fund, being in agreement with its content. Likewise, I declare that I have no knowledge that relevant information has been omitted, is false, or induces error in the preparation of the present prospectus of information to the public investor."

"I, the undersigned as member of the investment committee of the operating company that administers the investment fund, declare under oath that within the scope of my functions I have prepared and reviewed the present prospectus of information to the public investor which, to my loyal knowledge and understanding, reasonably reflects the situation of the investment fund, being in agreement with its content. Likewise, I declare that I have no knowledge that relevant information has been omitted, is false, or induces error in the preparation of the present prospectus of information to the public investor."

Regarding modifications to the Prospectus that derive from non-compliance with the investment regime, the comprehensive risk management regime, or that are modifications in the repurchase policies of the Investment Fund in question, prior approval of the board of directors of the operating company of investment funds that administers it or, if applicable, approval of the investment committee designated by the board of directors of the operating company of investment funds must be obtained.

When the Prospectus is provided in electronic format, it must have the advanced electronic signature corresponding, in accordance with the Code of Commerce, being able to omit in said case the initials indicated in the first paragraph of this numeral.

11. ANNEX. Investment Portfolio

Investment Funds must include the last monthly report containing the composition of their investment portfolio under the terms indicated in Article 136 of these provisions.

Likewise, to comply with the above, a link to the website of the operating company of investment funds that administers them and financial companies or entities that provide them with the service of distribution of their shares directing to said reports may be included.

The investment portfolio must indicate if the Investment Fund is in a temporary investment strategy.

This information must be available at all times to the public investor through the website of the operating company that administers the Investment Fund or, if applicable, on that of the financial group to which the latter belongs, and on the page of the distributing companies or financial entities that provide them with the service of distribution of shares of Investment Funds.

In the case of Investment Funds classified as discretionary, the historical evolution of the investment portfolio of the last six months must be included.

ANNEX 3

REQUIREMENTS AND CHARACTERISTICS FOR THE PREPARATION OF THE DOCUMENT WITH KEY INFORMATION FOR THE INVESTMENT OF VARIABLE INCOME INVESTMENT FUNDS AND IN DEBT INSTRUMENTS

I. GENERAL GUIDELINES

This Annex includes the information disclosure requirements to which variable income investment funds and debt instrument investment funds must adhere, which for the purposes of their content will be understood as Investment Funds and for the preparation of the document with key information for investment will be understood as Document, which forms part of the prospectuses of information to the public investor.

The Document must be prepared with the most recent information available and based on an information disclosure approach, that is, providing the investor with the necessary information so that they can make an investment decision regarding the fund in question.

The order in which the different sections of the Document are presented must adhere to this Annex, except for those particular cases that require a different order and are previously authorized by the Commission.

In the preparation of the Document, clear and easy-to-understand language must always be used, avoiding technical terms or complicated legal formalisms that cannot be understood by a person who does not have specialized knowledge in the matter in question.

Likewise, superlative terms and value judgments must be avoided; however, if considered necessary, they must be adequately justified.

II. DOCUMENT WITH KEY INFORMATION FOR INVESTMENT

The Document contains the most important aspects of the Investment Fund for making informed investment decisions.

This Document must be prepared in accordance with the format available in this Annex.

The order in which the content of the Document is presented must adhere to this section and the typography used must be no less than 8 points.

The sections "F" Fund Performance and Historical Performance and "H" Costs, Commissions and Remuneration, will refer to the most representative series of the Investment Fund, as well as to that which is of interest to the investor, as applicable.

III. CONTENT OF THE DOCUMENT

A. GENERAL DATA

In this section, the following information must be included:

· [Corporate Name], administered by [Corporate Name of the operating company that administers the Investment Fund] · Type of fund, · Category, · Board key, · Share class and series, possible acquirers and minimum investment amounts, and · Date of authorization.

Investment Funds must add to their category, as applicable and considering the composition of their investment portfolio, the suffix established in the regulatory report F-2461 Information of Investment Funds for the public investor (IP-IN) which is contained in Annex 8 of these provisions.

B. INVESTMENT OBJECTIVES OF THE FUND

In this section, the type of assets in which the Investment Fund invests in accordance with its category must be briefly described, mentioning if they are shares, Debt Securities, financial derivative instruments, Structured Securities, Asset-Backed Securities or Fiduciary Exchange Certificates, as well as the term considered adequate for the investor to maintain their investment in the Investment Fund.

C. INVESTMENT REGIME AND POLICY

In this section, the following must be briefly described:

a) Administration strategy: active or passive.

b) Maximum or minimum amounts or percentages of the most important investment parameters for the Investment Fund.

c) Investment policy: the markets in which they can operate, diversification, contracting of loans, etc.

d) Index or base that will be used as a reference to compare the expected performance, indicating if it is related to financial models, or if it is indices, interest rates, exchange rates, or any other indicator.

e) If the Investment Fund will invest in assets issued by companies of the same Consortium or Business Group to which the operating company that administers the Investment Fund belongs.

f) If it will carry out securities lending operations or financial derivative instruments (for trading and/or speculative purposes).

g) If the Investment Fund will operate with Structured Securities, Fiduciary Exchange Certificates or Asset-Backed Securities, as well as the characteristics and selection criteria.

D. IMPORTANT LEGEND

The following legend must be incorporated:

"The value of an investment fund, regardless of its investment policy, is subject to market fluctuations, so the investor may obtain gains or losses."

E. MAXIMUM VALUE AT RISK LIMIT

Investment Funds must indicate and explain their maximum expected loss in accordance with the methodology established for determining the level of market risk by the Investment Funds themselves.

Likewise, it must be indicated that the definition of value at risk is valid only under normal market conditions.

F. PERFORMANCE OF THE INVESTMENT FUND AND HISTORICAL PERFORMANCE

In this section, the performances of the last month, the last three months, the last twelve months, and the last three years will be included, in accordance with the following table:

Table of performances 1

Last month Last 3 months Last 12 months Year x, x-1 and x-2

Gross Performance Net Performance Risk-free Rate (28-day Cetes) Reference Index

1/ For Variable Income Investment Funds, effective performances will be included and for Debt Instrument Investment Funds, annualized nominal performances will be included.

Net performances are considered free of any commission, as well as costs, except those related to commissions for the sale of shares of the Investment Fund in question.

Regarding Investment Funds whose investment horizon is short-term, the average performance in the last calendar year, as well as the highest and lowest monthly performance obtained within the same period, must be mentioned, in accordance with the following table:

Table of Annualized Performances (nominal)

Last month Last 3 months Last 12 months Month Low Performance Month High Performance

Gross Performance Net Performance Risk-free Rate (28-day Cetes) Reference Index

Additionally, a legend must be included stating that the past performance of the Investment Fund is not indicative of the performance that the investment will have in the future.

In the event of not having historical information regarding the performances of the Investment Fund in question, the aforementioned table may be omitted.

Regarding Capital Protected Investment Funds, the aforementioned tables will not apply.

Likewise, for the case of Capital Protected Investment Funds, a table with three prospective scenarios will be shown: "positive", "base" and "negative" and whose data will be shown in monetary terms.

The three prospective scenarios must assume an initial investment of $10,000.00 M.N. allowing the investor to have a clear representation of the risk profile and possible performance of the Investment Fund.

The table must present a result column and a comment column for each of the scenarios.

For the result column, the prospective scenarios will consider the following:

a) The "positive" scenario must consider that market conditions at the end of the capital protection period are better than current ones.

b) The "base" scenario must consider that current market conditions remain unchanged during the period in which the Investment Fund protects the capital.

c) The "negative" scenario must consider that market conditions at the end of the capital protection period are worse than current ones.

For the comment column, complementary information that could be useful for the better understanding of the results of each scenario must be considered.

A

continuation,

the

following

shows

an

example

of

the

format

in

which

the

information

must

be

presented:

The

following

results

assume

an

initial

investment

of

10,000.00

M.N.

Scenario

Result

Comment

Positive

Base

Negative

G.

PORTFOLIO

COMPOSITION

At

this

point,

a

list

of

the

top

ten

Investment

Assets

must

be

included,

and,

where

applicable,

the

underlying

assets

to

which

they

are

linked,

provided

that

such

underlyings

count

towards

the

portfolio

composition

of

the

Investment

Fund,

indicating

the

Issuer

and

the

percentage

that

each

of

these

represents

in

the

total

portfolio

of

the

Investment

Fund.

In

cases

where

the

investments

referred

to

in

the

preceding

paragraph

correspond

to

assets

issued

by

Investment

Funds

of

the

same

Consortium

or

Business

Group

to

which

the

operating

society

of

investment

funds

managing

the

Investment

Fund

belongs,

as

well

to

collective

investment

mechanisms,

the

indirect

holding

of

Investment

Assets

corresponding

to

them

in

proportion

to

their

shareholding

must

be

included.

In

the

case

of

Investment

Funds

that

invest

primarily

in

other

Investment

Funds

or

foreign

collective

investment

mechanisms,

the

cited

information

regarding

the

Investment

Assets

of

the

latter

must

be

presented,

using

the

most

recent

information

available.

Investment

Asset

Amount

($)

%

Ticker

Key

Issuer

Underlying

(if

applicable)

Type

1

2

3

4

5

6

7

8

9

10

Total

Portfolio

$

For

the

purposes

of

filling

out

the

above

table,

the

following

shall

be

understood:

·

Ticker

Key:

the

key

with

which

the

security

is

traded

on

the

stock

exchanges.

·

Issuer:

the

name

of

the

issuer

of

the

Investment

Asset.

·

Underlying:

the

underlyings

to

which

derivatives,

structured

notes,

asset-backed

securities,

fiduciary

certificates

are

linked;

in

cases

of

collective

investment

mechanisms,

the

assets

in

which

they

invest

must

be

described

generally.

·

Type:

whether

it

is

debt,

equity,

checkbook,

currencies,

repurchase

agreements,

or

derivatives.

·

Amount:

the

amount

in

pesos

of

the

investment

expressed

in

thousands.

·

Percentage:

the

percentage

of

the

investment

with

respect

to

the

total

portfolio.

Additionally,

the

percentage

composition

of

the

portfolio

by

economic

activity

sector

to

which

the

Investment

Assets

correspond

must

be

presented,

via

a

pie

chart.

To

this

end,

the

classification

established

by

the

National

Institute

of

Statistics

and

Geography

must

be

considered.

Investment

Funds

referred

to

in

Article

6

Bis,

second

paragraph

of

these

provisions,

must

mention

the

percentage

of

ESG

Investment

Assets

they

represent

of

the

total

portfolio.

H.

COSTS,

COMMISSIONS,

AND

REMUNERATIONS

The

Investment

Fund

must

indicate

the

costs,

commissions,

and

remuneration

that

its

shareholders

and

the

Investment

Fund

itself

must

pay,

respectively,

expressed

in

annual

terms,

with

respect

to

the

share

series

in

question

and

that

most

representative

of

the

Investment

Fund,

defined

based

on

the

number

of

investors,

considering

the

items

detailed

below:

a)

Commissions

paid

directly

by

the

customer

Item

Series

"n"

Most

representative

Series

%

$

%

$

Failure

to

meet

minimum

holding

term

Failure

to

meet

minimum

investment

balance

Purchase

of

shares

Sale

of

shares

Advisory

Service

Share

Administration

Service

Others

Total

b)

Commissions

paid

by

the

Investment

Fund

Item

Series

"n"

Most

representative

Series

%

$

%

$

Asset

Management

Asset

Management

/

Performance

Based

Share

Distribution

Share

Valuation

Deposit

of

Investment

Assets

Deposit

of

shares

Accounting

Others

Total

The

Document

must

include

in

"bold"

the

following

information

regarding

potential

conflicts

of

interest

that

service

providers

of

the

Investment

Fund

might

be

subject

to:

·

Some

service

providers

may

establish

agreements

with

the

Investment

Fund

and

offer

discounts

for

their

services.

To

learn

of

their

existence

and

any

possible

benefit

to

you,

ask

your

distributor.

·

The

prospectus

contains

greater

detail

of

the

conflicts

of

interest

that

any

service

provider

of

the

Investment

Fund

might

be

subject

to.

In

addition

to

the

above,

in

cases

of

equity

Investment

Funds,

the

following

legend

must

be

included:

"Commissions

for

the

purchase

and

sale

of

shares

can

decrease

the

total

amount

of

your

investment.

This

implies

that

you

would

receive

a

lower

amount

after

an

operation.

The

above,

along

with

the

commissions

paid

by

the

investment

fund,

represents

a

reduction

in

the

total

return

you

would

receive

from

your

participation

in

the

fund

itself."

I.

SHARE

PURCHASE

AND

SALE

POLICIES

At

this

point,

the

share

purchase

and

sale

policies

must

be

indicated,

in

terms

of

what

is

stated

in

Annex

2,

Section

II,

Subsection

C,

numeral

2,

subparagraph

b),

sub-subparagraphs

i)

to

iii)

of

these

provisions.

Additionally,

minimum

holding

terms,

as

well

as

holding

limits

per

investor,

must

be

included,

where

applicable,

considering:

a)

Liquidity:

include

the

period

in

which

the

operating

society

of

investment

funds

repurchases

the

own

shares

of

the

Investment

Fund

in

question,

i.e.,

whether

it

is

daily,

weekly,

etc.

b)

Repurchase

limit:

include

the

percentage

of

shares

representative

of

the

share

capital

on

the

day

of

the

operation

that

the

Investment

Fund

will

repurchase.

c)

Spread:

inform

the

maximum

percentage

or

range

that

might

be

applied

to

the

valuation

price

of

the

Investment

Fund

under

disordered

market

conditions

or

unusual

operations,

according

to

the

methodology

used

by

the

Investment

Fund

itself

and

described

in

the

prospectus.

Likewise,

the

following

legend

must

be

included:

"The

investment

fund,

under

disordered

market

conditions

or

unusual

operations,

may

apply

to

the

valuation

price

of

its

shares,

the

spread

it

has

previously

determined,

in

favor

of

those

who

remain

in

the

fund".

J.

INVESTMENT

FUND

INFORMATION

At

this

point,

the

following

information

must

be

included:

·

The

website

of

the

operating

society

of

investment

funds

providing

its

services

and,

where

applicable,

of

the

distribution

societies

and/or

financial

entities

providing

the

share

distribution

service.

·

Customer

care

center,

including

address,

telephone

number,

and

customer

care

hours.

·

Service

providers:

operating

societies,

distribution

societies,

financial

entities

providing

the

share

distribution

service

of

investment

funds,

valuation

societies,

rating

societies,

etc.

K.

WARNINGS

·

Indicate

that

investments

made

in

the

Investment

Fund

are

not

protected

or

guaranteed

by

the

Federal

Government

nor

the

entities

of

the

public

administration.

·

Transcribe

the

following

legend

referred

to

in

Article

9,

third

paragraph

of

the

Law:

"The

authorization

of

prospectuses

for

the

public

investor

does

not

imply

certification

regarding

the

merit

of

the

shares

they

issue

or

regarding

the

solvency,

liquidity,

credit

quality,

or

future

performance

of

the

funds,

nor

of

the

Investment

Assets

that

make

up

their

portfolio".

·

No

financial

intermediary,

attorney

for

conducting

operations

with

the

public,

or

any

person,

is

authorized

to

provide

information

or

make

any

additional

declaration

beyond

the

content

of

the

document

with

key

information

for

investment,

so

they

shall

be

understood

as

not

authorized

by

the

Investment

Fund.

·

Mention

that,

in

case

of

requiring

further

detail

regarding

the

Investment

Fund,

the

prospectus

must

be

consulted,

which

must

be

available

on

the

website

of

the

operating

society

of

investment

funds

managing

the

Investment

Fund

or,

where

applicable,

of

the

financial

group

to

which

it

belongs,

as

well

as

on

the

website

of

the

distribution

societies

and/or

financial

entities

providing

the

share

distribution

services.

·

The

Document

and

the

prospectus

are

the

only

sales

documents

recognized

by

the

Investment

Fund

as

valid.

L.

RELEVANT

INFORMATION

In

this

subsection,

any

information

that

the

Investment

Fund

considers

relevant

may

be

included.

It

is

the

responsibility

of

the

Investment

Funds

to

determine

what

information

is

relevant

in

the

context

of

the

particular

characteristics

of

each

Investment

Fund,

taking

into

account

both

quantitative

and

qualitative

factors

for

this

purpose.

Likewise,

the

Commission

may

require

the

inclusion

of

additional

information

or

in

substitution

of

the

information

required

in

this

instruction,

when

the

disclosure

of

such

information

is

considered

necessary.

Information

must

be

provided

regarding

the

organization

of

the

Investment

Fund.

In

any

case,

the

following

legends

must

be

inserted:

"Investment

funds

do

not

have

a

shareholders'

meeting,

board

of

directors,

or

comisario:

·

The

functions

of

the

shareholders'

meeting,

as

well

as

the

activities

of

the

board

of

directors,

are

entrusted

to

(Name

of

the

operating

society

managing

the

investment

fund).

·

The

oversight

of

the

investment

fund

is

assigned

to

the

regulatory

comptroller

of

said

operating

society".

M.

FORMAT

The

information

contained

in

this

Annex

must

be

presented

in

the

format

established

at

the

end

of

this

same

Annex.

IV.

UPDATABLE

SECTIONS

OF

THE

DOCUMENT

The

information

indicated

below

may

be

considered

updatable

and

will

not

require

prior

authorization

from

the

Commission:

·

Ticker

Key;

·

Historical

performance;

·

Minimum

investment

amounts;

·

Commissions

and

remuneration

for

the

provision

of

services;

·

Portfolio

composition,

·

Authorization

date,

and

·

Rating,

where

applicable.

·

Service

providers

·

Customer

care

center

·

Electronic

page(s)

Annex

8

Regulatory

Reports

Index

Series

R01

Minimum

Catalog

Periodicity

A-0111

Minimum

catalog

(CO-CM)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Monthly

Capital

Investment

Funds

Quarterly

Operating

Societies

of

Investment

Funds

Quarterly

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

Series

R03

Investments

in

securities,

repurchase

operations,

securities

lending,

and

derived

financial

instruments

B-0321

Breakdown

of

securities

acquired

in

repurchase

(CO-RE)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

Operating

Societies

of

Investment

Funds

Quarterly

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

B-0322

Securities

Lending

(CO-PR)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

Operating

Societies

of

Investment

Funds

Quarterly

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

B-0323

Operations

with

derived

financial

instruments

(CO-DE)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

E-0351

Purchase-sale

operations

of

investment

assets

(CO-CV)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

Capital

Investment

Funds

Quarterly

Operating

Societies

of

Investment

Funds

Quarterly

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

Valuation

Societies

of

Investment

Fund

Shares

Quarterly

J-0311

Investment

Portfolio

(CO-CA)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

Capital

Investment

Funds

Quarterly

Operating

Societies

of

Investment

Funds

Quarterly,

Annual

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

J-0312

Provision

for

accrued

interest

on

securities

(CO-IN)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

Capital

Investment

Funds

Quarterly

Operating

Societies

of

Investment

Funds

Quarterly

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

J-0313

Collateral

Control

(CO-GA)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

Operating

Societies

of

Investment

Funds

Quarterly

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

Series

R13

Financial

Statements

A-1311

Statement

of

changes

in

equity

(CO-CC)

Operating

Societies

of

Investment

Funds

Quarterly

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

Valuation

Societies

of

Investment

Fund

Shares

Quarterly

A-1316

Statement

of

cash

flows

(CO-FE)

Operating

Societies

of

Investment

Funds

Quarterly

Distribution

Societies

of

Investment

Fund

Shares

Quarterly

Valuation

Societies

of

Investment

Fund

Shares

Quarterly

B-1321

Statement

of

financial

position

(CO-BR[1])

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily,

Annual

Capital

Investment

Funds

Quarterly,

Annual

Operating

Societies

of

Investment

Funds

Quarterly,

Annual

Distribution

Societies

of

Investment

Fund

Shares

Quarterly,

Annual

Valuation

Societies

of

Investment

Fund

Shares

Quarterly,

Annual

B-1322

Statement

of

comprehensive

income

(CO-BR[2])

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily,

Annual

Capital

Investment

Funds

Quarterly,

Annual

Operating

Societies

of

Investment

Funds

Quarterly,

Annual

Distribution

Societies

of

Investment

Fund

Shares

Quarterly,

Annual

Valuation

Societies

of

Investment

Fund

Shares

Quarterly,

Annual

C-1331

Statement

of

portfolio

valuation

(CO-VC)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Monthly,

Annual

Capital

Investment

Funds

Quarterly,

Annual

Operating

Societies

of

Investment

Funds

Quarterly,

Annual

Series

R14

Valuation

Reports

of

the

price

of

investment

fund

shares

B-1421

Determination

of

the

updated

valuation

price

of

shares

representative

of

the

share

capital

of

investment

funds

(VA-PR)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

B-1422

Prices

and

purchase-sale

operations

of

investment

fund

shares

(VA-AC)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Monthly

Distribution

Societies

of

Investment

Fund

Shares

Monthly

Entities

authorized

to

provide

the

share

distribution

service

of

investment

funds

Monthly

C-1431

Investment

Parameters

(RI-VA[3])

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Daily

Capital

Investment

Funds

Quarterly

D-1441

Information

by

type

of

investor

(IN-TI)

Distribution

Societies

of

Investment

Fund

Shares

Monthly

Entities

authorized

to

provide

the

share

distribution

service

of

investment

funds

Monthly

D-1442

General

data

of

capital

investment

funds

and

their

promoted

companies

(IN-PR)

Capital

Investment

Funds

Quarterly

D-1443

Share

and

corporate

structure

(IN-AC)

Operating

Societies

of

Investment

Funds

Monthly

Distribution

Societies

of

Investment

Fund

Shares

Monthly

Valuation

Societies

of

Investment

Fund

Shares

Monthly

Series

R24

Reports

of

information

to

the

public

investor

F-2461

Investment

fund

information

for

the

public

investor

(IP-IN)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Monthly

F-2462

Investment

fund

information

for

the

public

investor

by

series

(IP-CL)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Monthly

F-2463

Commissions

and

remuneration

for

the

provision

of

services

(IP-CO)

Equity

Investment

Funds

and

Debt

Instrument

Investment

Funds

Monthly

[ . . . ]

SERIES

R03

INVESTMENTS

IN

SECURITIES,

REPURCHASE

OPERATIONS,

SECURITIES

LENDING,

AND

DERIVED

FINANCIAL

INSTRUMENTS

. . .

Additionally,

the

preparation

and

presentation

of

report

J-0311

for

operating

societies

of

investment

funds

must

also

be

annual.

REPORT

B-0321

Breakdown

of

securities

acquired

in

repurchase

(CO-RE)

This

report

aims

to collect

information

regarding

the

breakdown

of

repurchase

operations

carried

out

by

entities

in

the

investment

fund

sector.

B-0322

Securities

Lending

(CO-PR)

This

report

aims

to

show

the

lending

of

investment

assets

carried

out

by

investment

funds.

B-0323

. . .

E-0351

. . .

J-0311

Investment

Portfolio

(CO-CA)

This

report

aims

to

identify

and

present

investments

made

in

investment

assets,

coming

from

the

resources

captured

from

the

public

investor.

J-0312

Provision

for

accrued

interest

on

securities

(CO-IN)

This

report

aims

to

show

the

accrued

interest

on

investments

made

by

entities

in

the

investment

fund

sector.

J-0313

. . .

DATA

ENTRY

FORMAT

. . .

. . .

. . .

. . .

Capital

investment

funds,

operating

societies

of

investment

funds,

and

distribution

societies

of

investment

fund

shares

will

carry

out

the

sending

of

information

related

to

report

J-0311,

described

above,

by

using

the

following

data

entry

format:

REQUESTED

INFORMATION

SECTION

REPORT

IDENTIFIER

PERIOD

ENTITY

KEY

REPORT

SECTION

INFORMATION

BY

INVESTMENT

INSTRUMENT

CONSECUTIVE

NUMBER

TYPE

OF

INVESTMENT

ISSUER

SERIES

TYPE

OF

SECURITY

RATE

TO

VALUATE

TYPE

OF

RATE

DEBT

INSTRUMENT

RATING

EQUITY

INSTRUMENT

LIQUIDITY

NUMBER

OF

TITLES

TRADED

TOTAL

TITLES

OF

THE

ISSUANCE

IN

CIRCULATION

AVERAGE

UNIT

ACQUISITION

COST

TOTAL

ACQUISITION

COST

UNIT

FAIR

VALUE

TOTAL

FAIR

VALUE

DAYS

TO

MATURITY

IDENTIFICATION

CODE

(ISIN,

CUSIP,

SEDOL

OR

WHICHEVER

APPLIES)

COUNTRY

OF

CONTRACT

VAR

OF

THE

INSTRUMENT

NUMBER

OF

TITLES

SETTLED

COUPON

TERM

REFERENCE

NUMBER:

REPURCHASE,

LENDING,

DERIVATIVE

CURRENCY

IN

WHICH

THE

INSTRUMENT

WAS

ISSUED

DURATION

OF

THE

INSTRUMENT

Equity

investment

funds

and

debt

instrument

investment

funds

will

carry

out

the

sending

of

information

related

to

report

J-0311,

described

above,

by

using

the

following

data

entry

format:

REQUESTED

INFORMATION

SECTION

REPORT

IDENTIFIER

PERIOD

ENTITY

KEY

REPORT

SECTION

INFORMATION

BY

INVESTMENT

INSTRUMENT

CONSECUTIVE

NUMBER

TYPE

OF

INVESTMENT

ISSUER

SERIES

TYPE

OF

SECURITY

RATE

TO

VALUATE

TYPE

OF

RATE

DEBT

INSTRUMENT

RATING

EQUITY

INSTRUMENT

LIQUIDITY

NUMBER

OF

TITLES

TRADED

TOTAL

TITLES

OF

THE

ISSUANCE

IN

CIRCULATION

AVERAGE

UNIT

ACQUISITION

COST

TOTAL

ACQUISITION

COST

UNIT

FAIR

VALUE

TOTAL

FAIR

VALUE

DAYS

TO

MATURITY

IDENTIFICATION

CODE

(ISIN,

CUSIP,

SEDOL

OR

WHICHEVER

APPLIES)

COUNTRY

OF

CONTRACT

VAR

OF

THE

INSTRUMENT

NUMBER

OF

TITLES

SETTLED

COUPON

TERM

REFERENCE

NUMBER:

REPURCHASE,

LENDING,

DERIVATIVE

CURRENCY

IN

WHICH

THE

INSTRUMENT

WAS

ISSUED

DURATION

OF

THE

INSTRUMENT

ASSET

CONTRIBUTING

TO

A

SPECIALIZED

INVESTMENT

FUND

CLASSIFICATION

OF

ESG

INVESTMENT

ASSET

[ . . . ]

" ANNEX

19

RULES

THAT

THE

OPERATIONAL

AND

FUNCTIONING

MANUAL

MUST

CONTAIN

FOR

OPERATING

SOCIETIES

OF

INVESTMENT

FUNDS,

DISTRIBUTION

SOCIETIES

OF

INVESTMENT

FUND

SHARES,

FINANCIAL

ENTITIES

THAT

PROVIDE

THE

SHARE

DISTRIBUTION

SERVICE

OF

INVESTMENT

FUNDS,

AND

VALUATION

SOCIETIES

OF

INVESTMENT

FUND

SHARES

I.

OBJECTIVES

AND

SCOPE

OF

THE

MANUAL

The

operational

and

functioning

manual

shall

have

the

purpose

of

regulating

the

activities

and

services

of

operating

societies

of

investment

funds,

distribution

societies

of

investment

fund

shares,

and

financial

entities

that

provide

the

share

distribution

service

of

investment

funds

or

valuation

of

investment

fund

shares.

It

must

indicate

the

different

services

it

will

offer,

as

well

as

the

activities

that

will

be

carried

out,

describing

the

processes

according

to

which

such

services

and

activities

will

be

conducted.

Likewise,

the

operational

and

functioning

manual

must

incorporate

the

organizational

chart

of

the

society

or

financial

entity

in

question

and

contain,

where

applicable,

the

corresponding

flow

diagrams

for

each

of

the

different

processes

required

for

the

adequate

performance

of

activities

and

services.

The

operational

and

functioning

manual

must

only

contain

the

services

provided

by

the

society

or

financial

entity

in

question

in

accordance

with

what

is

provided

in

the

Law

and

these

provisions

and

must

include

if

the

company

contemplates

outsourcing

the

corresponding

services,

or

in

its

case,

if

it

does

not

intend

to

provide

any

of

the

services

or

carry

out

the

activities

in

question.

II.

PREPARATION

AND

REVIEW

OF

THE

MANUAL

In

this

section,

the

administrative

unit

or

corporate

body

responsible

for

the

preparation,

review,

and,

if

applicable,

modification

of

the

operation

and

functioning

manual

shall

be

identified,

indicating

the

procedure

and

the

conditions

or

circumstances

for

its

modification,

as

well

as

the

minimum

frequency

of

review.

In

any

case,

it

shall

be

established

that

the

board

of

directors

of

the

company

or

financial

entity

in

question

shall

be

responsible

for

approving

the

content

and

modifications

of

the

operation

and

functioning

manual.

III.

STRUCTURE

OF

THE

OPERATION

AND

FUNCTIONING

MANUAL

A.

COVER

PAGE

The

cover

page

of

the

operation

and

functioning

manual

of

the

companies

or

financial

entities

in

question

shall

contain

the

following:

a)

Corporate

name.

b)

Processes

and

responsible

area(s)

for

the

preparation,

authorization,

review,

and

modification

of

the

manual.

c)

Date

of

its

authorization

and

modifications.

d)

The

following

legend:

"The

operation

and

functioning

manual

shall

have

as

its

objective

to

govern

the

activities

and

services

of

(name

of

the

entity)

in

order

to

ensure

the

quality

of

the

services

provided

and

compliance

with

regulations

and

sound

practices,

under

the

best

market

conditions,

caring

for

the

best

interest

of

clients

and

the

investment

funds

to

which

services

are

provided".

e)

Normative

framework,

including

the

laws,

provisions,

and

self-regulatory

norms

applicable

to

the

different

services

provided

by

the

company

or

financial

entity

in

question.

f)

Register

of

modifications

to

the

manual.

g)

Assumptions

and

processes

for

the

modification

of

the

manual.

h)

Signatures

of

the

responsible

parties.

B.

INDEX

The

operation

and

functioning

manual

shall

contain

an

index

that

includes,

at

a

minimum,

the

following

aspects:

ORGANIZATION

AND

RESPONSIBILITIES

a)

Corporate

structure.

b)

Board

of

directors.

c)

Committees.

d)

General

director.

e)

Relevant

executives.

f)

Internal

auditor

(Comptroller).

g)

Responsible

for

integrated

risk

management.

h)

Responsible

parties

regarding

the

prevention

and

detection

of

acts,

omissions,

or

operations

that

could

facilitate,

provide

help,

aid,

or

cooperate

in

any

manner

for

the

commission

of

the

crimes

foreseen

in

Articles

139

Quater

or

400

Bis

of

the

Federal

Penal

Code.

i)

Organizational

chart.

j)

Description

and

job

profiles.

SERVICES

AND

ACTIVITIES

a)

Asset

administration.

b)

Distribution

of

investment

fund

shares.

c)

Portfolio

management

of

securities

for

third

parties.

d)

Accounting.

e)

Deposit

and

custody.

f)

Valuation

of

investment

fund

shares.

g)

Treasury

control,

monitoring,

and

operation.

h)

Integrated

risk

management.

i)

Other

administrative

services.

j)

Internal

control.

k)

Human

resources.

l)

Complementary

services.

CONTINGENCIES

a)

Recovery

actions.

b)

Information

backup.

c)

Information

recovery.

C.

CONTENT

ORGANIZATION

AND

RESPONSIBILITIES

In

this

section,

the

integration

of

the

different governing

bodies

and

areas

of

the

company,

as

well

as

their

respective

functions,

regarding

the

investment

funds

or

clients

to

which

they

provide

services,

shall

be

described,

possibly

referencing

corresponding

manuals.

Likewise,

it

shall

be

indicated

whether

the

company

is

part

of

any

Financial

Group,

Consortium,

or

Business

Group.

a)

Corporate

structure

In

this

subsection,

the

company

or

financial

entity

in

question

shall

include

in

an

organizational

chart

its

shareholders,

the

entities

maintaining

a

patrimonial

link

with

said

company

or

financial

entity,

as

well

as,

if

applicable,

the

service

companies

or

auxiliary

companies

in

its

administration

or

in

the

performance

of

its

object.

b)

Board

of

directors

In

this

subsection,

the

composition

of

the

board

of

directors

of

the

company

shall

be

described,

identifying

the

permanent

and

alternate

directors,

including

independent

directors,

as

well

as

the

percentage

of

the

latter.

Likewise,

the

bases

regarding

its

operation

shall

be

incorporated,

including

the

minimum

frequency

of

meetings

and

the

quorum

necessary

to

take

agreements.

Additionally,

the

obligations

and

responsibilities

entrusted

to

it

in

terms

of

the

Law

and

general

provisions

emanating

from

it

shall

be

described,

including

what

is

established

in

its

articles

of

incorporation.

c)

Committees

In

this

section,

the

functions

and

responsibilities

of

the

different

committees

that,

if

applicable,

the

company

has

determined

to

constitute

for

the

support

of

its

functions,

such

as

the

investment,

risk,

communication

and

control,

financial

product

analysis,

and

any

others,

shall

be

indicated.

Additionally,

the

bases

regarding

their

integration

and

operation

shall

be

included,

including

the

quorum

necessary

to

meet,

powers,

frequency

of

meetings,

means

to

formalize

and

make

agreements

known,

as

well

as

procedures

to

follow

up

on

them,

and,

if

applicable,

independence

and

technical

capacity

requirements

for

the

members

of

the

different

committees.

d)

General

director

In

this

section,

the

obligations

and

responsibilities

of

the

general

director

in

terms

of

the

Law

and

general

provisions

emanating

from

it

shall

be

described,

including

those

established

in

the

articles

of

incorporation.

e)

Relevant

executives

The

main

functions

and

responsibilities

of

the

relevant

executives

and

responsible

parties

for

the

different

business

areas

of

the

entity

shall

be

described,

as

well

as

the

main

processes

and

procedures

in

which

they

are

involved.

f)

Internal

auditor

(Comptroller)

In

this

subsection,

the

main

functions

and

responsibilities

of

the

internal

auditor

shall

be

indicated,

as

well

as

the

form,

processes,

procedures,

and

methods

according

to

which

it

will

comply

with

these,

in

terms

of

the

Law

and

general

provisions

emanating

from

it,

including

what

is

provided

in

the

articles

of

incorporation

of

the

company

or

financial

entity

in

question.

In

the

case

where

the

internal

auditor

falls

under

the

circumstance

of

Article

34

Bis

4

of

the

Law,

a

mention

to

this

effect

shall

be

included.

g)

Responsible

for

integrated

risk

management

For

the

case

of

investment

fund

operating

companies

that

provide

asset

administration

services

to

investment

funds

in

debt

and

equity

instruments,

the

main

functions

and

responsibilities

of

the

responsible

party

for

integrated

risk

management

or

risk

committee

shall

be

included,

in

accordance

with

what

is

provided

in

the

Law

and

general

provisions

emanating

from

it,

including,

if

applicable,

what

is

provided

in

the

articles

of

incorporation.

h)

Responsible

parties

regarding

the

prevention

and

detection

of

acts,

omissions,

or

operations

that

could

facilitate,

provide

help,

aid,

or

cooperate

in

any

manner

for

the

commission

of

the

crimes

foreseen

in

Articles

139

Quater

or

400

Bis

of

the

Federal

Penal

Code

In

this

subsection,

investment

fund

operating

companies,

distributing

companies,

and

financial

entities

that

provide

the

service

of

distribution

of

investment

fund

shares

shall

indicate

the

policies

and

procedures

directed

towards

the

effective

compliance

of

their

obligations

provided

in

the

general

provisions

emanating

from

Article

91

of

the

Law

or

the

applicable

laws,

as

appropriate

to

the

type

of

financial

entity,

or

those

that

replace

them,

possibly

making

a

reference

to

the

corresponding

manuals

contemplated

by

the

Law

and

other

general

provisions

emanating

from

it.

i)

Organizational

chart

In

this

section,

a

graphical

representation

of

the

organizational

structure

of

the

company

shall

be

included,

which

shall

reflect

in

a

schematic

manner

the

position

of

the

different

business

areas,

administrative

and

support

areas,

as

well

as

the

different

hierarchical

levels.

j)

Description

and

job

profiles

In

this

section,

the

descriptions,

profiles,

and

objectives

of

the

positions

shall

be

included,

specifying

lines

of

command

and

main

functions.

In

its

case,

it

shall

indicate

whether

they

have

specialized

personnel

or

areas

that

carry

out

functions

related

to

environmental,

social,

or governance

factors.

SERVICES

AND

ACTIVITIES

In

this

section,

the

policies

and

guidelines,

flow

charts,

processes,

or

procedures,

as

well

as

the

activities

that

will

be

carried

out

in

chronological

and

sequential

order,

applicable

to

each

of

the

services

provided

and

activities

carried

out

by

the

company,

which

will

guide decision-making

in

the

provision

of

these,

shall

be

described.

In

the

case

where

they

are

included,

the

flow

charts

shall

allow

the

graphical

and

consecutive

development

of

the

procedure

in

question

to

be

seen.

Additionally,

the

position

or

role

of

the

personnel

responsible

for

the

different

activities

necessary

to

provide

the

service

in

question

shall

be

included,

as

well

as

the

interrelationships

existing

between

the

different

areas

participating

in

such

activities,

identifying

at

least:

If

applicable,

the

service

providers

necessary

for

such

effects.

The

information

flows

generated

between

the

different

areas

that

participate,

as

well

as

with

the

service

providers.

The

communication

lines

between

the

persons

responsible

for

the

processes

or

procedures

in

relation

to

the

provision

of

the

service

in

question.

The

guidelines,

manuals,

or

information

linked

to

the

processes

or

procedures

of

the

service

in

question.

Likewise,

in

this

subsection,

the

different

technological

platforms,

whether

owned

or

by

third

parties,

databases,

and

other

available

information

for

the

performance

of

the

activities

associated

with

the

different

services

provided

shall

be

described.

Work

documents,

formats,

and

other

relevant

documents

related

to

the

activities

necessary

to

provide

the

service

shall

be

included,

if

applicable,

as

appendices

to

the

manual.

a)

Asset

administration

In

the

case

of

investment

fund

operating

companies,

all

those

activities

and

procedures

necessary

to

provide

the

asset

administration

service

shall

be

described,

breaking

down

each

of

the

sections

I,

II,

IV,

and

V

indicated

in

Article

15

of

the

Law

in

relation

to

sections

I

to

III

of

Article

39

of

the

Law,

in

the

order

indicated

in

the

same

Article

Additionally,

the

description

of

the

activities

and

procedures

for:

Regarding

the

acquisition

or

disposal

of

Investment

Assets:

·

The

analysis

that

shall

be

carried

out

for

the

selection

of

Investment

Assets.

·

The

evaluation

of

compliance

with

the

investment

regime,

prior

to

the

conclusion

of

operations.

·

Quotation,

confirmation,

and

allocation

of

operations.

The

registration

of

purchase

or

sale

operations

of

shares

representing

the

share

capital

of

the

investment

funds

they

administer.

The

compliance

on

behalf

of

the

investment

funds

of

their

disclosure

obligations

to

the

Commission,

as

well

as

to

the

investing

public

and

to

the

distributing

companies

and

other

financial

entities

that

provide

the

services

of

distribution

of

their

shares.

Likewise,

the

description

of

the

mechanisms

implemented

to

prevent

the

shares

of

the

investment

funds

they

administer

from

being

traded

exclusively

with

clients

of

any

distributing

company

and/or

financial

entities

that

provide

said

service,

or

only

through

the

operating

company

itself,

in

terms

of

what

is

provided

in

Article

32,

fourth

paragraph

of

the

Law,

shall

be

included.

Additionally,

the

policies

approved

by

the

board

of

directors

to

modify

or

suspend

the

repurchase

of

investment

funds

that

present

disordered

market

conditions

or

liquidity

and

valuation

problems,

as

well

as

any

restriction

to

the

purchase

or

sale

of

the

investment

funds

they

administer,

shall

be

incorporated.

In

the

case

of

agreeing

on

commissions

with

other

operating

companies

or

financial

entities

from

outside

the

country

of

the

same

type

to

carry

out

the

services

of

asset

administration

of

the

investment

funds,

the

technical

and

operational

guidelines,

as

well

as

the

general

policies

that

shall

be

observed

in

terms

of

these

provisions,

shall

be

incorporated.

In

the

same

way,

the

activities

and

procedures

to

carry

out

the

intermediation

of

the

shares

of

the

investment

funds

shall

be

incorporated,

including

the

routing

of

buy

and

sell

orders

for

them,

as

well

as

the

disclosure

of

the

corresponding

information,

in

terms

of

the

Law

and

other

applicable

provisions.

When

the

operating

company

administers

any

investment

fund

referenced

in

Article

6

Bis,

second

paragraph

of

these

provisions,

it

shall

include

in

the

selection

process

of

ESG

Investment

Assets

the

following:

i)

Evaluation

criteria

(for

example,

reference

to

environmental,

social,

or governance

ratings,

certificates

or

labels

from

third

parties,

or

alignment

to

Mexico's

Sustainable

Taxonomy

or

any

other

taxonomy).

ii)

Methods

to

verify

that

ESG

Investment

Assets

continue

to

comply

with

the

criteria

indicated

in

these

provisions.

iii)

Measures

that

will

be

taken

in

the

case

where

an

ESG

Investment

Asset

in

which

they

invest

loses

its

character

as

environmental,

social,

or governance.

b)

Distribution

of

investment

fund

shares

In

the

case

of

investment

fund

operating

companies,

distributing

companies,

and

financial

entities

that

provide

the

service

of

distribution

of

investment

fund

shares,

all

those

activities

and

procedures

necessary

to

provide

the

service

of

distribution

of

investment

fund

shares

shall

be

described,

breaking

down

each

of

the

sections

I

to

V

indicated

in

Article

40

Bis

of

the

Law,

in

the

order

indicated

in

the

same

Article

40

Bis,

and

include

what

relates

to

Article

40

Bis

4

of

the

Law.

Additionally,

the

activities

and

procedures

for:

The

administration

of

client

accounts

(opening,

maintenance,

and

cancellation

of

contracts).

The

receipt,

transmission,

and

registration

of

buy

and

sell

orders

for

investment

fund

shares,

considering

what

relates

to

modifications

or

cancellations

of

orders.

Providing

investment

services

(possibly

referencing

the

policies

and

guidelines

they

must

have

in

accordance

with

the

applicable

provisions

or

in

the

corresponding

manual).

3.1)

Non-advised

services.

Transmission

on

behalf

and

order

of

clients

of

orders

for

the

purchase

and

sale

of

shares

representing

the

share

capital

of

investment

funds.

Promotion

or

marketing.

3.2)

Advised

services.

Evaluation

to

determine

the

investment

profiles

of

their

clients

or

the

account.

Analysis

of

the

financial

products

to

be

offered

to

their

clients,

in

order

to

determine

their

profile,

taking

into

account

both

their

complexity

and

the

Advised

Investment

Service

to

be

provided.

Evaluation

of

the

reasonableness

of

recommendations

or

operations

in

Advised

Investment

Services,

including

the

diversification

policy.

Preparation

of

the

general

framework

for

action

in

the

case

of

contracts

where

the

provision

of

investment

management

services

is

agreed.

Additionally,

the

policies

and

guidelines

for

disseminating

to

their

clients

information

regarding

the

investment

funds

they

offer,

transaction

or

operation

reports

referenced

in

the

last

paragraph

of

Article

40

Bis

of

the

Law,

the

activities

and

services

they

provide,

the

commissions

charged,

as

well

as

the

others

related

to

investment

services

in

terms

of

the

general

provisions

issued

by

the

Commission,

shall

be

included.

Likewise,

the

activities

and

procedures

to

maintain

records

of

the

recommendations

provided

and

instructions

received

from

clients

regarding

the

corresponding

investment

service

shall

be

foreseen,

as

well

as

to

record

or

document

in

electronic

or digital

media

the

communications

with

their

clients

regarding

the

services

of

advice,

promotion,

purchase,

and

sale

of

investment

fund

shares.

Carrying

out

distribution

processes

through

companies

that

provide

systems

for

such

effects,

the

implementation

of

adhesion

contracts,

operational

conditions,

the

implementation

of

distribution

contracts,

as

well

as

the

processes

carried

out

in

the

companies

that

administer

mechanisms

for

the

disclosure

of

information

of

investment

funds.

The

additional

disclosure

obligations

to

clients,

which

shall

include

at

least

the

following

information:

The

public

information

prospectuses

of

the

investment

funds

and

their

modifications,

as

well

as

documents

with

key

information

for

investment.

The

composition

of

the

total

assets

of

the

investment

funds.

The

percentage

of

shareholding

by

shareholder

of

the

investment

funds.

Amount

and

concept

of

the

commissions

charged

by

the

investment

funds

and

their

service

providers

to

the

customer

base

under

any

title,

as

well

as

their

modifications.

Notices

related

to

the

transformation

of

the

investment

funds

(merger,

spin-off,

dissolution,

liquidation,

or

bankruptcy).

Other

relevant

information

(excesses

or

defects

to

investment

limits,

investments

carried

out

outside

applicable

limits,

carrying

out

operations

that

imply

changes

in

rating

or

category,

etc.).

The

basic

consolidated

financial

statements

of

the

investment

fund

operating

company

and

of

the

investment

funds.

c)

Portfolio

management

of

securities

for

third

parties

In

the

case

of

investment

fund

operating

companies,

the

policies

and

guidelines

necessary

to

provide

the

investment

services

shall

be

described,

or

reference

made

to

the

corresponding

manual.

Additionally,

incorporate

the

activities

and

procedures

for:

The

receipt,

transmission,

and

registration

of

buy

and

sell

orders

for

financial

products,

considering

what

relates

to

modifications

or

cancellations

of

orders.

Providing

investment

services

(possibly

referencing

the

policies

and

guidelines

they

must

have

in

accordance

with

the

applicable

provisions

or

in

the

corresponding

manual).

2.1)

Non-advised

services.

Transmission

on

behalf

and

order

of

third

parties

of

orders

for

the

purchase

and

sale

of

financial

products.

Promotion

or

marketing.

2.2)

Advised

services.

Evaluation

necessary

to

determine

the

profiles

of

their

clients.

Analysis

of

the

financial

products

to

be

offered

to

their

clients,

in

order

to

determine

their

profile,

taking

into

account

both

their

complexity

and

the

Advised

Investment

Service

to

be

provided.

Evaluation

of

the

reasonableness

of

recommendations

or

operations

in

Advised

Investment

Services,

including

the

diversification

policy.

Preparation

of

the

general

framework

for

action

in

the

case

of

contracts

where

the

clients

agree

to

discretionary

management

in

advised

services.

Additionally,

the

policies

and

guidelines

for

disseminating

to

their

clients

information

regarding

the

investment

funds

they

offer,

transaction

or

operation

reports

referenced

in

the

last

paragraph

of

Article

40

Bis

of

the

Law,

the

activities

and

services

they

provide,

the

commissions

charged,

as

well

as

the

others

related

to

investment

services

in

terms

of

the

general

provisions

issued

by

the

Commission,

shall

be

included.

Likewise,

the

activities

and

procedures

to

maintain

records

of

the

recommendations

provided

and

instructions

received

from

clients

regarding

the

corresponding

investment

service

shall

be

foreseen,

as

well

as

to

record

or

document

in

electronic

or digital

media

the

communications

with

their

clients

regarding

the

services

of

advice,

promotion,

purchase,

and

sale

of

investment

fund

shares.

d)

Accounting

In

this

section,

the

activities

and

procedures

associated

with

the

accounting

of

the

company

and,

if

applicable,

of

the

investment

funds

to

which

they

provide

services,

in

terms

of

what

is

provided

for

by

the

Commercial

Code,

as

well

as

the

records

or

auxiliaries

and

accounting

criteria

established

by

the

Commission,

having

to

describe,

as

appropriate,

at

least

those

activities

and

procedures

related

to:

The

administration

of

the

account

catalog

and

the

maintenance

of

accounting

guides

for

the

recording

of

the

different

types

of

operations.

The

recording

of

buy

and

sell

operations

of

the

instruments

that

make

up

the

securities

portfolio,

as

well

as

the

application,

results,

and

exercise

of

corporate

rights

related

to

the

operations

conducted.

The

establishment

of

mechanisms

to

corroborate

that

the

records

made

correspond

to

the

information

supporting

each

of

the

movements

made.

The

approval

of

accounts

payable

and

the

application

of

records

related

to

the

provisioning

of

expenses.

The

reconciliation

of

investments

that

form

part

of

the

securities

portfolio

with

respect

to

the

statements

issued

by

the

institutions

for

the

deposit

of

securities,

as

well

as

the

shares

distributed

with

respect

to

the

share

capital

of

the

investment

funds.

The

valuation

of

the

securities

portfolio

using

updated

valuation

prices,

provided

to

them

by

price

providers.

The

recognition

of

tax

obligations

derived

from

their

operation.

The

accounting

determination

of

the

valuation

price

of

the

different

series

or

classes

of

shares

of

the

investment

funds.

The

recording

of

asset

depreciation

and

expense

amortization.

The

restatement

of

financial

statements.

Accounting

and

operational

reconciliations.

The

generation

and

approval

of

financial

statements.

The

recognition

of

the

application

of

differentials

to

the

valuation

price

of

the

purchase

or

sale

of

the

shares

of

the

investment

funds

applied.

e)

Deposit

and

custody

Investment

fund

operating

companies

shall determine

whether

they

provide

custody

services

in

terms

of

Article

39

Bis,

fraction

III

of

the

Law.

In

the

alternative,

they

shall

indicate

the

entity

or

entities

that

carry

it

out,

both

for

the

case

of

the

Investment

Assets

and

of

the

shares

of

the

investment

funds

in

question.

Likewise,

they

shall

describe

the

different

activities

related

to

the

deposit

and

custody

of

the

Investment

Assets

and,

if

applicable,

of

the

shares

representing

the

share

capital

of

the

investment

funds,

in

order

to

ensure

the

existence

of

the

deposited

securities

and

to

guarantee

both

the

safekeeping

and

conservation

of

these,

including

the

mechanisms

that

ensure

the

due

update

of

the

corresponding

records.

f)

Valuation

of

investment

fund

shares

Investment

fund

share

valuation

companies

shall describe

all

those

activities

and

procedures

necessary

to

provide

the

service

of

valuation

of

investment

fund

shares

in

terms

of

Article

44

of

the

Law.

Additionally,

they

shall

incorporate

the

activities

and

procedures

for:

The

receipt

of

the

operational

and

accounting

information

necessary

for

the

determination

of

valuation

prices.

The

application

of

updated

valuation

prices

of

the

securities,

documents,

and

financial

instruments

that

are

part

of

the

assets

of

the

investment

funds,

provided

to

them

by

the

price

providers

of

the

investment

funds

in

question.

The

mechanisms

necessary

to

access

directly

and

verify

daily

the

information

on

the

composition

of

the

investment

portfolio

of

the

investment

funds

in

question,

as

well

as

the

number

of

shares

in

circulation

and

the

pending

operations

to

be

settled.

The

daily

corroboration

that

the

balances

and

movements

made

in

the

accounting

are

consistent

with

the

statements

in

question,

as

well

as

with

respect

to

the

other

operational

information

generated.

Recognize

the

application

of

differentials

to

the

valuation

price

of

the

purchase

or

sale

of

the

shares

of

the

investment

funds

applied.

Providing

the

valuation

prices

to

the

Commission

and

to

the

persons

referred

to

in

Article

32,

fractions

I,

II,

and

VII

of

the

Law.

Register

failures,

errors,

or

omissions

presented

in

the

receipt,

processing,

and

analysis

of

information,

which

impact

the

determination

of

the

valuation

prices

of

the

shares

of

the

investment

funds.

In

the

case

where

the

service

is

provided

by

investment

fund

operating

companies,

these

shall describe

the

services

and

activities

taking

into

account

what

is

provided

in

the

preceding

subsections,

as

well

as

the

processes

and

procedures

to

verify

compliance

with

the

obligations

provided

for

in

the

Law.

g)

Control,

monitoring,

and

treasury

operation

In

this

section,

the

activities

and

procedures

to

be

observed

for

the

treasury

operation,

as

well

as

for

the

control

and

monitoring

of

the

daily

operation

process

of

the

investment

funds

and

the

verification,

confirmation,

and

settlement

of

operations,

shall

be

described,

having

to

consider

at

least

the

following:

The

determination

of

initial

cash

flows,

having

to

describe

the

processes

related

to

the

verification

of

transfers

between

bank

accounts,

transfers

to

payment

systems,

to

define

daily

cash

flows.

The

verification

of

the

application

of

the

exercise

of

property

rights

derived

from

the

holding

of

securities

in

the

portfolios

of

the

investment

funds,

having

to

indicate,

among

other

aspects,

the

source

from

which

they

obtain

the

information

on

the

rights

decreed,

the

mechanisms

to

verify

the

payments

due

to

each

investment

fund,

the

means

through

which

they

make

known

to

the

entity

contracted

for

the

provision

of

the

deposit

and

custody

service

for

the

application,

if

applicable,

of

new

positions,

holdings,

or

cash

payments.

The

settlement

of

operations

derived

from

the

buy

and

sell

of

Investment

Assets

and

shares

of

the

investment

funds,

determining,

among

other

aspects,

the

balances

of

operations

pending

settlement,

the

authorized

areas

to

transfer

and

fund

the

cash

corresponding,

and

the

necessary

controls

to

verify

that

they

are

duly

settled.

Programming,

concentration,

and

dispersion

of

cash

flows,

specifying,

among

other

aspects,

the

policies

to

fund

the

means

they

establish

for

the

payment

of

the

corresponding

settlement

obligations,

the

requirements

that

bank

accounts

must

have

to

cover

the

needs

of

concentration,

dispersion,

and

settlement

of

operations,

having

to

establish

the

necessary

controls

relative

to

privileges

and

authorities

of

the

personnel

who

will

carry

out

these

functions.

Reconciliation

of

cash,

of

the

positions

of

the

securities

portfolio,

and

operational

closing,

detailing

the

processes

of

reconciliation

of

cash

and

securities,

with

the

statements

of

financial

institutions

and

depositaries,

the

periodicity,

as

well

as

the

procedure

that

will

result

in

the

case

of

presenting

differences

and

the

corrective

actions

that

will

be

taken,

generating

the

necessary

reports

that

support

such

procedure.

h)

Comprehensive

risk

management

In

the

case

of

investment

fund

operating

companies

that

provide

asset

management

services

to

investment

funds

in

debt

and

equity

instruments,

they

shall

include

the

policies

and

procedures

in

matters

of

comprehensive

risk

management,

in

accordance

with

what

is

provided

for

in

the

Law

and

in

the

general

provisions

emanating

from

it,

being

able

to

refer

to

the

corresponding

comprehensive

risk

management

manual.

i)

Other

administrative

services

In

the

case

of

investment

fund

operating

companies

that

provide

administrative

services,

they

shall describe

all

those

activities

and

procedures

necessary

to

provide

the

administrative

services

breaking

down

each

of

the

fractions

II

to

IV

indicated

in

Article

51

Bis

of

the

Law.

Additionally,

they

shall describe

the

systems

and

interconnections

established

with

those

providers

of

services

of

such

funds,

from

which

they

receive

the

required

information

for

the

adequate

provision

of

their

services.

j)

Internal

control

In

this

section,

the

activities

and

procedures

necessary

to

ensure

the

adequate

operation

of

the

company

and

of

the

investment

funds

to

which

they

provide

services,

and

that

it

is

in

accordance

with

its

strategies,

purposes,

and

activities,

as

well

as

with

what

is

provided

for

in

the

Law

and

general

provisions

emanating

from

it,

shall

be

described,

being

able

to

refer

to

the

corresponding

manual.

In

the

case

of

investment

fund

operating

companies,

additionally,

they

shall

develop

with

respect

to

the

investment

funds

they

administer,

at

least

what

is

relative

to:

Compliance

with

investment

and

operation

policies.

Adherence

to

the

prospectuses

for

public

investors.

The

adequate

operation

of

the

systems

and

accounting

through

which

it

can

be

verified:

The

existence

of

the

Investment

Assets

in

which

the

investment

fund

invests.

The

due

application

of

shareholders'

resources.

The

valuation

of

the

shares

representing

the

share

capital

of

the

investment

funds.

The

due

recognition

of

income

or

returns

in

the

accounting

of

the

investment

funds.

The

correspondence

between

the

distributed

shares

and

the

share

capital

of

the

investment

funds.

Additionally,

in

the

case

of

agreeing

on

commissions

with

other

investment

fund

operating

companies

or

financial

entities

from

abroad

of

the

same

type

to

carry

out

the

services

of

asset

management

of

the

investment

funds,

they

shall

incorporate

the

policies

and

procedures

to

monitor

the

performance

of

the

commissioned

party

and

the

compliance

with

its

contractual

obligations

in

terms

of

these

provisions.

Likewise,

they

shall

include

compliance

with

obligations

in

matters

of

internal

controls

in

the

case

of

distribution

of

shares

of

the

investment

funds

and

portfolio

management

on

behalf

of

third

parties.

Investment

fund

operating

companies

that

administer

any

investment

fund

referred

to

in

Article

6

Bis,

second

paragraph

of

these

provisions,

shall

include

the

activities

and

procedures

to

verify

that

the

ESG

Investment

Assets

continue

to

comply

with

at

least

one

of

the

criteria

(Mexico's

Sustainable

Taxonomy,

another

taxonomy,

rating,

or

labeling)

indicated

in

these

provisions,

as

well

as

the

measures

that

will

be

taken

in

the

case

where

any

ESG

Investment

Asset

in

which

they

invest

loses

such

character.

k)

Human

resources

In

this

section,

the

companies

shall

include

the

procedures

related

to

the

administration

of

the

human

resources

necessary

for

the

adequate

and

efficient

operation

of

their

different

business

units,

considering

the

policies

to

carry

out

the

recruitment

and

selection

of

personnel;

the

hiring

and

removal

of

personnel;

remunerations

and

benefits;

training;

certification

and

authorization

of

attorneys

to

conclude

operations

with

the

public,

and

the

integration

of

files

of

council

members,

executives,

and

employees.

l)

Complementary

services

In

this

section,

the

services

and

related

or

complementary

activities

that

have

been

previously

authorized

by

the

Commission

shall

be

described,

as

well

as

the

description

of

the

processes

and

procedures

associated

with

these

services.

In

these

cases,

additionally,

the

different

business

relationships,

as

well

as

the

information

flows

generated

by

such

services,

shall

be

clearly

included.

CONTINGENCIES

a)

Recovery

actions

In

this

section,

the

responsible

persons,

personnel

involved,

and

defined

activities

for

the

execution

of

timely corrective

measures

in

the

case

of

contingency

or

emergency,

for

potential

technological

failures,

operational

problems,

or

exogenous

issues,

in

order

to

ensure

continuity

in

the

operation

of

the

company

or

financial

entity

in

question,

shall

be

described.

b)

Information

backup

In

this

section,

the

processes

and

activities,

as

well

as

the

responsible

persons

for

the

safekeeping

and

conservation

of

the

information

generated

in

the

provision

of

the

services

of

the

company

or

financial

entity

in

question,

shall

be

described.

c)

Information

recovery

In

this

section,

the

processes

and

procedures

established

for

the

timely

recovery

of

the

information

generated

by

the

different

services

that

the

company

or

financial

entity

in

question

provides,

the

persons

authorized

to

request

the

recovery

of

the

information

in

question,

as

well

as

the

responsible

persons,

shall

be

described.

---

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