Resolution modifying the general provisions applicable to securities issuers and other market participants

DOF: 16/02/2021

RESOLUTION modifying the general provisions applicable to securities issuers and other market participants

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

The National Banking and Securities Commission, based on the provisions of articles 63 Bis 1, last paragraph, and 104, first paragraph, fraction VII and last paragraph of the Securities Market Law; 98 Bis of the Credit Institutions Law; as well as 4 fractions XXXVI and XXXVIII and 16, fraction I of the National Banking and Securities Commission Law, and

CONSIDERING

That in accordance with article 78 of the General Law for Regulatory Improvement and with the aim of reducing the compliance cost of this modifying resolution, the National Banking and Securities Commission, through the issuance of the "Resolution modifying the General Provisions applicable to savings and popular credit entities, integration organizations, community financial societies and rural financial integration organizations, referred to in the Savings and Popular Credit Law," published in the Official Gazette of the Federation on April 26, 2018, extended the deadline for popular financial societies, community financial societies, and rural financial integration organizations to present to the Board of Directors and disseminate to their users the basic consolidated financial statements; likewise, the obligation for said societies and organizations to request authorization to use a diverse methodology for audit work was eliminated;

That issuers with securities registered in the National Securities Registry are obligated to present reports to the National Banking and Securities Commission, which must contain the information and documentation determined by the Commission through general provisions;

That issuers of development fiduciary trust certificates (CKDs) and investment project fiduciary trust certificates (CERPIs) are obligated to carry out the valuation of this type of securities at least once a year, which must be performed by an independent appraiser with the necessary experience and resources to do so, including the societies with respect to which the trust invests or acquires titles representing their share capital;

That the General Provisions applicable to securities issuers and other market participants contain the annexes identified as N Bis 2 titled "Instruction for the preparation of the annual report applicable to development fiduciary trust certificates" and N Bis 5 titled "Instruction for the preparation of the annual report applicable to investment project fiduciary trust certificates," which establish the annual information disclosure requirements to which CKD and CERPI issuances must adhere to maintain their registration in the aforementioned registry;

That the participation of the independent appraiser acquires special relevance as the person who determines the value of CKDs and CERPIs; as well as the investments made through this type of vehicle, so their participation must be and remain independent to avoid any conflict of interest that could affect their objectivity and impartiality, and

That for the aforementioned reasons and attending to the principle of information disclosure, issuers of CKDs and CERPIs will annually disclose additional elements in their report that will allow the general public and supervisory authorities to know additional aspects of the independent appraisers participating in the valuation of this type of issuance, has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS APPLICABLE TO SECURITIES ISSUERS AND OTHER MARKET PARTICIPANTS

SOLE. The Annexes N Bis 2 and N Bis 5 of the "General Provisions applicable to securities issuers and other market participants," published in the Official Gazette of the Federation on March 19, 2003 and last reformed by resolution published in the cited medium on December 10, 2020, are SUBSTITUTED, to read as follows:

"TITLES FIRST to EIGHTH

...

ANNEXES A to N Bis 1

...

ANNEX N Bis 2

Instruction for the preparation of the annual report applicable to development fiduciary trust certificates.

ANNEXES N Bis 3 and N Bis 4

...

ANNEX N Bis 5

Instruction for the preparation of the annual report applicable to investment project fiduciary trust certificates.

ANNEXES N Ter to AA

..."

TRANSITORY

SOLE. This Resolution will enter into force the day following its publication in the Official Gazette of the Federation.

Respectfully,

Mexico City, February 2, 2021. - The President of the National Banking and Securities Commission, Juan Pablo Graf Noriega.- Signature.

ANNEX N BIS 2

Instruction for the preparation of the annual report applicable to development fiduciary trust certificates

GENERAL GUIDELINES

This instruction includes the annual information disclosure requirements to which issuances made by financial institutions in their capacity as trustee must adhere to maintain their registration in the registry.

The annual report must include the information known as of the date closest to its presentation, except in cases where a specific date or period is specified.

In the event that certain requirements are not applicable to the specific assets, rights, or securities backing the issuance in question, it will not be necessary to present information on that particular requirement; however, depending on the case, equivalent information must be provided. Likewise, if certain information required in any section of this instruction has been included in another chapter of the annual report, it will not be necessary to include it again, only a reference to the chapter in which it is found must be made.

When instruments issued by the financial institution in its capacity as trustee are registered in the registry, and in foreign markets where they trade require the presentation of a report similar to that described in this manual, the order in which the annual report is presented may be the same as that of the report presented in those markets, provided that all information required in this instruction is included. In this latter case, a table must be included indicating the chapters where the requirements contained in this annex are incorporated.

In the preparation of the annual report, clear and easily understandable 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 subject matter. Likewise, superlative terms and value judgments must be avoided; however, if deemed necessary, they must be adequately justified.

Principle of Relevance

In addition to the information explicitly required in the various subsections contained in this instruction, all relevant information must be provided.

This principle must be taken into account when determining the depth and breadth with which the various topics established in this instruction must be developed.

It is the responsibility of the persons signing the annual report to determine what information is relevant according to the context of the particular characteristics of each issuer. To determine what information is relevant, both quantitative and qualitative factors must be taken into account.

The Commission may require the inclusion of information in addition to or in substitution of the information required in this instruction when the disclosure of such information to investors is considered necessary.

Sources of External Information and Expert Declarations

When a report, statistic, or other information contained in the annual report has been obtained from a public information source, it must be cited; and when the information comes from an expert, a declaration must be included indicating that such information has been included with the consent of the latter.

Restricted Public Offering

In the case of annual reports of securities placed through a restricted public offering, the issuer may omit the information referred to in fraction II, subsection B), subsections 1), subsection d); 2) subsections a), sub-subsections i) and ii); 3), subsections a), b), sub-subsections ii), iii), iv), v), vi) and xii) and e); 4) subsection a), and 5) of this annex provided that the financial statements of the trust and the settlor are attached to the annual report.

Likewise, the issuer may present the financial information and the corresponding to fraction II, subsection B), subsections 2) and 3), of this annex (in the subsections where applicable) only for the last two fiscal years and the most recent quarter for which information is available.

II.

INFORMATION REQUIRED IN THE ANNUAL REPORT

Cover of the Annual Report

The cover of the annual report must contain the following information:

Maturity term and date.
In its case, number of series into which the issuance is divided.
In its case, issuance number corresponding.
Number of trust and data related to the trust contract.
Name of the trustee.
Settlor.
Beneficiaries.
Summary of the most relevant characteristics of the assets, rights, or goods to be entrusted.
Indication that there is no obligation to pay principal or interest.
Rights conferred by the fiduciary titles and other securities issued under a trust.
Subordination of the titles, in its case.
Place and form of payment.
Name of the common representative of the title holders.
Depository.
Fiscal regime.
In its case, valuation opinion.
Specification of the characteristics of the titles in circulation (class, series, type, the name of the exchanges where they are registered, etc.).
The mention that the securities are registered in the registry.
The legend referred to in the penultimate paragraph of article 86 of the Law.
The legend "Annual report presented in accordance with the general provisions applicable to securities issuers and other market participants" and what period is being presented (e.g., year ended December 31, 2002).

Index

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

GENERAL INFORMATION

Glossary of terms and definitions.

Executive summary.

Risk factors.

Other securities issued by the trust.

Significant changes to the rights of securities registered in the registry.

Destination of funds, in its case.

Public documents.

OPERATION STRUCTURE

Trust Equity.

Evolution of the entrusted goods, rights, or assets, including their income.

ii)

Performance of the issued securities.

iii)

Contracts and agreements.

Compliance with the business plan and investment calendar and, in its case, divestment.

Valuation.

Commissions, costs, and expenses of the trust equity administrator or whoever is entrusted with such functions.

Relevant information of the period.

Other third parties obligated with the trust or the securities holders, in its case.

General assemblies of holders.

External auditors.

Transactions with related parties and conflicts of interest.

THE SETTLOR

History and development of the settlor.

Description of the business.

Main activity.

ii)

Distribution channels.

iii)

Patents, licenses, trademarks, and other contracts.

iv)

Main clients.

Applicable legislation and tax situation.

vi)

Human resources.

vii)

Market information.

viii)

Corporate structure.

ix)

Description of its main assets.

Judicial, administrative, or arbitral proceedings.

xi)

Shares representing share capital.

xii)

Dividends.

xiii)

Corporate restructurings, in its case.

Administrators and holders of the certificates.

Bylaws and other agreements.

External auditors.

Transactions with related parties and conflicts of interest.

FINANCIAL INFORMATION

Selected financial information of the trust.

Selected financial information of the societies with respect to which the trust invests or acquires titles representing their share capital, which are not consolidated in the trust's financial information.

Relevant credit information.

FINANCIAL INFORMATION OF THE SETTLOR

Selected financial information.

Comments and analysis of management regarding the operating results and financial situation of the settlor.

Operating results.

ii)

Financial situation, liquidity, and capital resources.

RESPONSIBLE PERSONS

ANNEXES

Audited financial statements.

Additional information.

Information that the chapters of the annual report must contain

GENERAL INFORMATION

Glossary of terms and definitions

See Annex N, fraction II, subsection C), subsection 1), subsection a).

Executive summary

An executive summary must be presented regarding the evolution of the entrusted goods, rights, or securities, including a summary of financial information. Likewise, the main relevant events that occurred during the reported period must be mentioned, primarily related to risk factors, compliance with applicable contracts, judicial, administrative, or arbitral proceedings, relevant participants in the operation such as the settlor, administrator of the trust equity or whoever is entrusted with such functions, relevant debtors, and other third parties obligated with the trust or the securities holders, among others.

Likewise, a description and the main characteristics of the type of societies with respect to which the trust invests or acquires titles representing their share capital must be contained, as well as the financial and economic performance of these.

Additionally, an executive summary of compliance with the business plan and investment calendar and, in its case, divestment in accordance with which investments have been made in the activities or projects of societies or acquisitions of titles representing their share capital or, divestments.

Likewise, a summary regarding the main policies of the issuance, as well as regarding the protection of the interests of its holders, must be presented.

Risk factors

The factors that can significantly affect the performance of the assets backing the issuance and the source of payment of the instruments must be explained.

It is recommended that they be ordered based on the importance they represent for the operation. Likewise, risk factors that could apply to any instrument must not be presented.

In this sense, the information provided must refer to factors such as the following, in the event that such situations arise: that there is no obligation to pay principal or interest, and that these instruments might not have liquidity; to detail the factors that can significantly affect the performance of the goods, rights, or securities backing the issuance and the source of payment of the instruments; a brief explanation regarding the risks inherent to the societies with respect to which the trust will invest or acquire titles representing their share capital and that these do not have the corporate governance regime provided for in the Securities Market Law applicable to public limited companies; risks of the current situation of the trust's equity, concentration in a debtor or significant group of debtors, risks associated with the goods, rights, or securities, significant restrictions in the contracts backing the operation, historical behavior of the goods, rights, or securities, sources of payment of the issued instruments, difficulty in replacing the administrator of the trust equity or whoever is entrusted with such functions, special terms and conditions applicable to the type of security issued, risks associated with the execution of guarantees or contracted hedges, as well as with the administration and collection of the entrusted goods or rights, lack of opening of accounts in the name of the trustee for the collection of assets, encumbrances or contingencies on the goods, rights, or securities, lack of audits performed by an independent expert on the entrusted goods, rights, or securities or when the audits have a limited scope.

The declaration by the issuer that the trustee, the settlor, or the administrator of the trust equity or whoever is entrusted with such functions, must adhere to the leverage level calculated in accordance with what is established in article 7o., fraction VI, subsection a), subsection 4.1.; the issuer's declaration that it will comply with the debt service coverage index calculated in accordance with what is established in article 7o., fraction VI, subsection a), subsection 4.2., of these provisions; the consequences that arise, in its case, from non-compliance with the corrective plan; the implications in the rights of the fiduciary title holders upon the assumption of credits, loans, or financing; the destination of the resources resulting from the assumption of credits, loans, or financing.

The information appearing in this section is presented in an enumerative manner, being in no case limiting.

The objective of this section is to summarize important factors that can be exposed in greater detail in another part of the prospectus.

Other securities issued by the trust

See Annex N, fraction II, subsection C), subsection 1), subsection d).

Significant changes to the rights of securities registered in the registry

See Annex N, fraction II, subsection C), subsection 1, subsection e).

Destination of funds, in its case

In the first annual report presented after the registration of the issuer's securities in the registry, the application that has been made up to that moment of the resources derived from the public offering or well, by the increase in the number of securities issued, must be provided. In the event that resources remain to be applied, these must be detailed in the next annual reports, until the entirety of the resources are applied.

In the event that the destination of the funds has varied from that specified in the placement prospectus, an explanation regarding this must be provided.

Public documents

It must be mentioned whether copies of this document will be granted at the investor's request, providing the name, address, and telephone number of the person to whom investors should direct themselves to request it. It must also indicate the public information that was delivered to the exchanges and is available to investors, as well as the name, telephone, and email of the person responsible at the trustee or, in its case, the common representative, in charge of attending to investors and analysts.

OPERATION STRUCTURE

Trust Equity

Evolution of the entrusted goods, rights, or assets, including their income.

Describe the general state at the close of the reported period, the right to participate in a part of the fruits or yields; of the goods or rights, or of the sale of the goods or rights that form part of the entrusted equity, up to their residual value, with the object of dedicating them to the investment that allows the development of activities or the realization of projects of one or several societies, or well, the acquisition of titles representing their share capital. Statistical information must be included in a tabular or graphic format, in the event that such format helps to a better understanding.

The information included must cover at least 5 years of age or those available in case that a significant portion of the entrusted goods, rights, or securities have a life shorter than that period. Likewise, indicate if the information has been reviewed by any independent third party indicating the scope of its review.

Since the relevant information relative to the performance of investments in goods, rights, or assets, varies depending on their nature and the characteristics of the transaction, such information may include, among other aspects:

i.i)

Asset Performance.- The flows generated during the reported period, as a product of the investments in the entrusted goods, rights, or assets, breaking down concepts such as: assets, liabilities, equity, gross sales, net sales, interest paid and collected, commissions or other accessory concepts, income obtained from the sale or liquidation of assets, among others.

i.ii)

Composition of the total assets at the close of the period.- Composition at the close of the reported period, of the number and balance of investments in entrusted goods, rights, or assets, as applicable, by type of asset, by federal entity or geographic region, debtors when there is dependence on one or some for the payment of the securities, life and investment period or other relevant variables.

i.iii)

Variation in balance and number of assets.- Number and balance of investments in goods, rights, or assets, at the beginning and at the end of the reported period. The explanation of the observed variation, breaking down those that were added, acquired, eliminated, substituted, sold, liquidated, or subject to any other relevant movement during the period. In the event that the variations are relevant, a description of the criteria and procedures used to originate, acquire, add, eliminate, substitute, sell, and liquidate investments or to make them the object of any other relevant movement must be included.

Additionally, regarding the acquisition of assets, the information on their composition, which must be presented with the same detail and in the same way as specified in the previous sub-subsection i.ii).

...

The information referred to in this subsection must be presented without prejudice to the fact that the information required in the preceding subsection i.ii) includes, as part of the information on the totality of the fiduciary assets at the close of the period, the data on the assets that have been acquired during the reported period.

i.iv)
Status of assets by degree or level of compliance.- Number and balance of the assets that at the close of the reported period are found in each of the following groups:

active assets or in the process of regular collection without delay in their payments;
assets that show delay or default but that are still in the process of regular collection, distinguishing between those that have between 1 and 30 days of delay, those that have between 31 and 60 days, those that have between 61 and 90 days, and those that have more than 90 days of delay;
assets that are in judicial, administrative, or arbitral process. The information referred to in this paragraph must be accompanied by an explanation regarding the moment when an asset moves from regular collection to a judicial, administrative, or arbitral process.

i.v)
Guarantees on the assets.- The significant changes that have occurred during the reported period in the guarantees on investments in goods, rights, or fiduciary assets, or any payment obligation they have.

i.vi)
Encumbrances and limitations.- In the event that any of the fiduciary assets, goods, or rights are subject to any encumbrance, limitation, charge, or any third party has rights over such assets, goods, or rights, develop their main characteristics, including contingencies, payment priority, agreements, or any other information that allows knowing the current and future state of said fiduciary assets, goods, or rights.

All reports that during the reported period have been prepared in compliance with the contracts or agreements related to the constitution and operation of the trust or with the administration of the goods, rights, or assets must be added as annexes to the annual report. These may be: reports on the performance and status of the assets or reports on the different payments made by the trust. A summary of the information contained in the reports referred to in this paragraph may be included, provided that the reference where such reports can be consulted in their entirety and free of charge by the investing public is indicated, as well as the period during which the consultation can be made, which cannot be less than 1 year.

ii)
Performance of the issued securities.

Provide a breakdown of all payments made to the holders of the securities during the reported period, indicating the date, the amount paid, and the concept for which such payment was made, for each of the concepts provided for in the contracts backing the operation such as: interest, scheduled principal payments, and early principal payments.

Likewise, include the formulas and bases for the determination of all payments referred to in the preceding paragraph. Regarding early payments, indicate the causes that gave rise to such payments.

In the event that during the reported period there had been defaults in the timely payment of amounts to any of the holders of the securities for any concept, which had remained unpaid for more than 30 days, detail all these defaults indicating for each one: the causes, nature, and consequences of the default, the amount by which the payment should have been made, the date on which it should have been made, and if applicable, the dates and amounts of the payments that have been subsequently made to cover said default.

Likewise, for each of the series of securities issued, present the outstanding balance, the number of titles in circulation, and the nominal value adjusted per title at the beginning and at the close of the period that is reported.

iii)
Contracts and agreements.

A summary of the trust agreement must be presented, as well as any other contract relevant to the operation, such as administration or operation, assignment, among others, in a format that facilitates its understanding.

Likewise, in this section, the functions and responsibilities of each of the participants in the operation of the trust for the investment in the activities or projects of the companies or for the acquisition of titles representing their share capital must be clearly described.

Likewise, reveal any verbal or written agreement entered into in terms of what is provided in article 7, fraction VI, subsection a), numeral 3., second and third paragraphs, of these provisions.

b)
Compliance with the business plan and investment calendar and, if applicable, divestment

The information regarding the degree of compliance with the business plan, the investment calendar, and, if applicable, divestment, as well as the expected return, must be presented, explaining, if applicable, the reasons for total or partial non-compliance.

c)
Valuation

The information regarding the valuations that have been carried out on the fiduciary title during the reported period must be presented. Additionally, the corporate name of the legal entity hired to carry out the valuations, the years of experience valuing fiduciary development securities or similar investment instruments, the number of years it has provided its services to the issuer uninterruptedly, the certifications that attest to the technical capacity to value this type of instrument that the legal entity hired to carry out the valuations has, as well as the natural persons responsible for carrying out the valuations must be indicated; if the legal entity hired to carry out the valuations maintains a policy of rotation of the natural persons responsible for the valuation, if the issuer itself maintains a policy of rotation in the contracting of valuation services, as well as the adherence of the valuation process to internationally recognized prestigious standards that are applicable.

d)
Commissions, costs, and expenses of the trust estate administrator or to whom such functions are entrusted

A report on the commissions, costs, and expenses paid to the trust estate administrator or to whom such functions are entrusted, during the reported period, as well as the concepts for which they were paid, must be presented.

e)
Relevant information of the period

In the event that there are relevant changes in information reported previously, relating to the topics mentioned below, by way of example and not limitation, an explanation of the change in question must be included, as well as indicating the document in which the information being modified was last revealed and its date of presentation to the stock exchange and the investing public:

Factors that may significantly affect the performance of the goods, rights, or assets backing the issuance and the source of payment of the instruments. Regarding this, the information disclosure requirements described in Annex H Bis 2, fraction III, subsection C), numeral 1), subsection c) must be considered.
Terms and conditions of the trust agreement or any other contract relevant to the operation, such as administration or operation, assignment, among others.
Any relevant non-compliance with what is established in the contracts referred to in the preceding paragraph; in this sense, in the event that there is no relevant non-compliance, a mention to that effect must be made.
Pending legal proceedings against the trust estate administrator or to whom such functions are entrusted, the trustee, as well as any other third party that is relevant to the holders of the securities or proceedings that may be executed by government authorities.
Legal processes that have ended during the period covered by the report, revealing the date of termination and a description of the final result. The foregoing, understanding that a legal process only needs to be revealed in the reports corresponding to the period in which it has become relevant and in subsequent reports only if there have been significant changes.
Information on debtors relevant to evaluate their credit risk, when the fulfillment of the trust's obligations depends totally or partially on a single debtor or debtors.
Name of the trust estate administrator or to whom such functions are entrusted and its form of organization.
Information about the trust estate administrator or to whom such functions are entrusted such as the following: their experience as an administrator and the procedures they use when performing administration functions for the type of goods, rights, or fiduciary securities, such as collection systems, distribution of flows from assets, subcontracting of services, systems for generating reports, among others; size, composition, and growth of all goods, rights, or securities that they administer or operate and that are similar to those that make up the trust estate; relevant changes in the last three fiscal years to their policies or procedures applicable to the administration or operation activities that will be carried out for the type of goods, rights, or fiduciary securities.

In the event that the trust has a master administrator, the administration structure, functions, and responsibilities of each of the participants in said structure, as well as the name and percentage of the portfolio administered by each of the primary administrators.

Terms and conditions of the obligations of other third parties obligated with the trust or the holders of the securities such as sureties, guarantors, counterparties in derivative or hedging financial operations, credit support, among others, as well as the form or procedures to make them enforceable.

Additionally, a summary of the relevant events that, in terms of what is provided in article 50, fractions VII to X, and the penultimate paragraph of these provisions, has been transmitted to the stock exchange, for dissemination to the investing public, during the fiscal year being reported and up to the date of presentation of this annual report, must be included.

f)
Other third parties obligated with the trust or the holders of the securities, if applicable

When there are other third parties obligated with the trust or the holders of the securities such as sureties, guarantors, counterparties in derivative or hedging financial operations, credit support, among others, and in the placement prospectus of the securities information regarding said third parties had been included, an update of that information regarding each third party in question must be included, to evaluate their credit risk, to the extent considered relevant.

g)
General meetings of holders

If any matter has been submitted to the vote of the holders of the securities during the period covered by the report, through any appropriate means, provide the following information:

i)
The date of the assembly.

ii)
If in said assembly it was decided on the designation of members of the technical committee, the name of each of these, as well as any ratification carried out.

iii)
A brief description of any matter submitted to vote during the assembly, as well as the number of votes for each resolution, in favor or against.

iv)
A description of the terms of any agreement taken between the settlor and any other participant.

h)
External auditors

Any change of external auditors who audited the financial statements of the trust in accordance with the Provisions, which has occurred in the last 3 fiscal years, must be mentioned, indicating if they resigned or were removed by whom, according to the characteristics of the transaction, is authorized to do so, as well as the reason for such resignation or dismissal.

On the other hand, any other opinion of an independent expert that has been issued to comply with the requirements and characteristics of the operation must be specified and described, indicating the sense of said opinion and the period covered.

i)
Transactions with related parties and conflicts of interest

Describe, if applicable, any relevant transaction or credit that has been carried out in the last 3 fiscal years and up to the date of presentation of this report, between the trustee, the settlor, the trust estate administrator or to whom such functions are entrusted, relevant debtors, or any other third party that is relevant to the holders of the securities, indicating if they were carried out under market conditions.

Likewise, any relevant business relationship, agreements, or conventions between said persons must be indicated, even if they are not directly related to the securities issued by the trust and the structure of the transaction.

Additionally, any other transaction that, in terms of the International Financial Reporting Standards "International Financial Reporting Standards" issued by the International Accounting Standards Board "International Accounting Standards Board", is considered as transactions with related parties, must be included.

3)
THE SETTLOR

a)
History and development of the settlor

See Annex N, fraction II, subsection C), numeral 2), subsection a), in relation to the settlor, considering that information related to changes in the products and services offered may be omitted.

b)
Business description

See Annex N, fraction II, subsection C), numeral 2), subsection b), in relation to the settlor.

c)
Administrators and holders of the certificates

Regarding the technical committee, the number of members that make it up (owners and substitutes), the type (independent or not), their names, the way they are designated, functions, and their powers must be mentioned.

Likewise, the dates of the holders' assemblies in which they were designated and the period for which they were elected must be mentioned.

Additionally, the following information must be provided, both for the members of the technical committee and for the relevant executives of the legal entity acting as the trust estate administrator or to whom such functions are entrusted: name, sex, position, time spent occupying their position, companies where they are collaborating as main executives or as members of the board of directors, indicating if said companies have any type of relationship with the legal entity acting as the trust estate administrator or to whom such functions are entrusted, and any other information necessary to know their professional capacity. Furthermore, the following information must be provided if considered relevant: age, highest level of education, and companies where they have collaborated as relevant executives or as members of the board of directors or equivalent.

In the event that there is kinship by blood or affinity up to the fourth degree or civil, including their spouses, concubines, or concubinaries, between any member of the technical committee or relevant executives of the legal entity acting as the trust estate administrator or to whom such functions are entrusted, this must be explained.

Likewise, the gender composition, in percentage terms, of the relevant executives of the legal entity acting as the trust estate administrator or to whom such functions are entrusted and of the members of the technical committee must be made known, indicating with respect to the latter their type and if they are owners or substitutes. Likewise, it must be indicated if the issuer has any policy or program that promotes labor inclusion without distinction of sex in the composition of its governing bodies and, if applicable, describe it, including, if applicable, if it was authorized by any governing body and if there is, if applicable, any person responsible for its compliance.

On the other hand, it must be indicated if any company, a foreign government, or any other natural or legal person can directly or indirectly impose decisions in the general meetings of holders, or appoint or remove the majority of the members of the technical committee, or direct, directly or indirectly, the administration, strategy, or main policies of the issuer, either through the ownership of securities, by contract, or by any other form, providing, if applicable, the names, the amount, and proportion of the fiduciary securities they hold, as well as a brief description of the nature of such situations. Likewise, it is necessary to describe any commitment, known by the issuer, that could signify a change in the situations described in this paragraph with respect to the issuer.

The total amount that represents collectively the benefits of any nature that were received from the issuer, during the last fiscal year, by the members of the technical committee, the relevant executives of the legal entity acting as the trust estate administrator or to whom such functions are entrusted, and individuals who have the status of related persons to the latter, must be made known.

Additionally, the issuer must mention the subcommittee or subcommittees constituted to assist the technical committee in its functions, briefly describing them. Likewise, the names of the members who form them must be cited, as well as whether said committee(s) has(have) at least one member who is a financial expert, and in the event of not having the latter, the reasons must be reported. A financial expert is understood to be a person who has extensive experience as an external auditor, accountant, finance director, comptroller, or person who performs similar functions.

Likewise, the issuer must reveal if it has codes of conduct applicable to the technical committee and relevant executives of the legal entity acting as the trust estate administrator or to whom such functions are entrusted and, if applicable, include a summary of the main guidelines provided in said codes of conduct. It must also be revealed, if applicable, if the legal entity acting as the trust estate administrator or to whom such functions are entrusted has a code of conduct.

d)
Bylaws and other agreements

See Annex N, fraction II, subsection C), numeral 4), subsection d), regarding the settlor.

Likewise, a summary of the clauses of the bylaws of the settlor that are considered most important, taking into account the characteristics of this type of society, corporate governance, minority rights, acquisition of own shares, and cancellation of registration in the registry, must be presented. On the other hand, the way in which ordinary and extraordinary general meetings of shareholders will be called must be mentioned, including the conditions to participate in them.

e)
External auditors

See Annex N, fraction II, subsection C), numeral 4), subsection a), regarding the settlor. Additionally, mention the independence requirements of the external auditor referred to in article 83, fraction VII, subsections b), c), f) and h) and fraction X of these provisions.

f)
Transactions with related parties and conflicts of interest

See Annex N, fraction II, subsection C), numeral 4), subsection b), regarding the settlor.

4)
FINANCIAL INFORMATION

a)
Selected financial information of the trust

Selected financial information in comparative columns for the last 3 fiscal years or those available in case the trust has a life less than said period must be presented. This information must be provided for a wider period when considered as relevant information. The purpose of this information is to highlight, through an easy-to-read format, certain trends in the financial situation of the trust estate.

It is important to mention that the information presented in the selected financial information table must adjust to the particular characteristics of the fiduciary goods, rights, or securities. In this sense, information such as the following must be included:

i)
Balance sheet and results of the trust.- Main accounts of the balance sheet, including the different cash accounts, balances of accounts related to fiduciary assets, balance of amounts received from the disposition of guarantees; interest and accounts receivable and payable; reserves constituted and the value of the trust estate. Likewise, include the main accounts of the income statement.

ii)
Source and application of resources.- Explain the variation observed during the reported period in the trust's cash through the variation in all accounts of the balance sheet; detail the income obtained as a result of the performance of the fiduciary assets and income from other concepts such as financial returns; maintenance and administration expenses, commissions paid and payments made to suppliers; payments made to trust beneficiaries, creditors, guarantors, and other entities participating in the operation of the trust, detailing the concepts for which the payments were made and the counterparties that received them, including payments made regarding any mechanism that in some way contributes to guaranteeing the payment of the securities; constitution, increase, and decrease of reserves.

iii)
Movements in cash management accounts.- For each of the accounts or subaccounts defined in the contracts backing the operation for cash management, explain the variation between the initial balance and the final balance of the reported period, breaking down in each case the main concepts of income and expenses.

iv)
Financial indices and ratios.- Present the movement observed during the period in the indices and coverage ratios that are used to determine the early amortization payments of the securities or to determine modifications in the constitution of the trust estate, such as capacity levels. Likewise, present financial indices and ratios that allow knowing aspects such as solvency or financial stability, liquidity, operational efficiency, and profitability of the trust estate.

On the other hand, those factors that significantly affect the comparability of the data presented in the selected financial information table must be briefly mentioned, or in their case, indicate the section where they are explained, such as changes in accounting, relevant changes in the structure of the transaction or in the composition of the assets that make up the trust's equity, etc. Likewise, it must be explained or indicate the section where those factors or uncertain events that could make the presented information not indicative of future performance are explained.

If considered relevant for the understanding of the business, selected quarterly financial information corresponding to the last reported period must be provided.

Selected financial information of the societies with respect to which the trust invests or acquires shares representing their share capital, which are not consolidated in the trust's financial information

Selected financial information must be presented in comparative columns for the last 3 fiscal years or those available depending on the time in which the investment or acquisition of shares representing the share capital of societies was made. This information must be provided for a longer period when considered relevant information. The purpose of this information is to highlight, through an easy-to-read format, certain trends in the financial situation of the societies with respect to which the trust invests or acquires shares representing their share capital.

On the other hand, those factors that significantly affect the comparability of the data presented in the selected financial information table must be briefly mentioned, or in their case, indicate the section where they are explained, such as changes in accounting, relevant changes in the financial situation of the societies with respect to which the trust invests or acquires shares representing their share capital. Likewise, it must be explained or indicate the section where those factors or uncertain events that could make the presented information not indicative of future performance are explained.

If considered relevant for the understanding of the business, selected quarterly financial information corresponding to the last reported period must be provided.

Report on significant credits

A report on significant credits, loans, or financing or contingencies and their priority in payment must be provided, including those credits or debts of a fiscal nature. At least those credits representing 10% or more of the total liabilities of the issuer's consolidated financial statements for the last fiscal year must be included. Likewise, it must be indicated whether the issuer is up to date in the payment of principal and interest on the aforementioned credits.

Regarding the aforementioned significant credits, loans, or financing, a summary of the obligations to do or not to do to which the issuers are subject, in their case, by virtue of said credits must be included.

Additionally, any additional benefit or agreement, as well as causes for early maturity, that is granted to any credit, loan, or financing must be revealed.

FINANCIAL INFORMATION OF THE SETTLOR

Selected financial information

See Annex N, fraction II, subsection C), item 3), subsection a), regarding the settlor. Additionally, selected financial information for the last available interim period and the comparative with the same period of the previous year will be presented.

Management's comments and analysis on the operating results and financial situation of the settlor

See Annex N, fraction II, subsection C), item 3), subsection d), regarding the settlor, except for the second and fourth paragraphs, regarding the behavior of costs and unit sales prices, and subsection iii) of said subsection.

If the corporation presents unaudited financial statements at an interim date, an explanation of the relevant changes that have occurred between these financial statements and the financial statements of the comparable previous period must be included.

RESPONSIBLE PERSONS

Include the name, position, and institution represented by the persons who, in accordance with these provisions, must sign the document; these data must appear at the foot of the legends established for this purpose.

ANNEXES

Audited financial statements

Financial statements of the trust, audited by an external auditor, in terms of what is provided for in article 78 of these provisions.

When the compliance with obligations related to the securities issued under the trust depends totally or partially on the following legal entities, the financial statements indicated in articles 33, fraction I, subsection a), item 3 and 37, fraction I, subsection a), item 2 of these provisions must be included, regarding each of them, as appropriate: settlor, administrator of the trust's assets or whoever is entrusted with such functions, other third parties obligated with the trust or the holders of the securities such as guarantors, sureties, counterparties in derivative or hedging financial operations, credit supports, among others, or any relevant debtor.

Additional information

In their case, the report or opinion of the external auditor, who had carried out any type of verification or validation on the compliance by the administrator of the trust's assets or whoever is entrusted with such functions, of policies, restrictions or requirements regarding flows from investments, divestments or acquisitions, as well as regarding the reasonableness and reliability on the evolution of goods, rights or fiduciary values.

ANNEX N BIS 5

Instructions for the preparation of the annual report applicable to fiduciary securities for investment projects

GENERAL GUIDELINES

This instruction includes the annual information disclosure requirements to which issuances made by financial institutions in their capacity as fiduciary must adhere to maintain their registration in the registry.

The annual report must include the information known as of the date closest to its presentation, except in cases where a specific date or period is specified.

If certain requirements are not applicable to the specific goods, rights or values backing the issuance in question, it will not be necessary to present information on that particular requirement; however, depending on the case, equivalent information must be provided. Likewise, if certain information required in any item of this instruction has been included in another chapter of the annual report, it will not be necessary to include it again, only a reference to the chapter where it is located must be made.

When the instruments issued by the financial institution in its capacity as fiduciary are registered in the registry, and in foreign markets where it trades a similar report to that described in this manual is required, the order in which the annual report is presented may be the same as that of the report presented in those markets, provided that all the information required in this instruction is included. In the latter case, a table indicating the chapters where the requirements contained in this annex are incorporated must be included.

In the preparation of the annual report, 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 subject matter. Likewise, superlative terms and value judgments must be avoided; however, if considered necessary, they must be adequately justified.

Principle of relevance

In addition to the information explicitly required in the various subsections contained in this instruction, all relevant information must be provided.

This principle must be taken into account when determining the depth and breadth with which the various topics established in this instruction must be developed.

The Commission may require the inclusion of information in addition to or in substitution of the information required in this instruction when the disclosure of the same to investors is considered necessary.

Sources of external information and declaration of experts

When a report, statistics or other information contained in the annual report has been obtained from a public information source, it must be cited; and when the information comes from an expert, a declaration must be included indicating that said information has been included with the consent of the latter.

II.

INFORMATION REQUIRED IN THE ANNUAL REPORT

Cover of the annual report

The cover of the annual report must contain the following information:

Term and maturity date.
In their case, number of series into which the issuance is divided.
In their case, number of issuance corresponding.
Number of trust and data related to the trust contract.
Name of the fiduciary.
Settlor (indicate in their case other figures).
Administrator of the trust's assets or whoever is entrusted with such functions.
Investors with whom co-investment agreements exist.
Beneficiaries.
Indication of any other relevant third party(ies) receiving payment(s) from the trust.
Goods, rights or values fiduciary.
Summary of the most relevant characteristics of the assets, rights, projects or goods that make up the trust's equity.
Indication that there is no obligation to pay principal or interest.
Rights conferred by fiduciary securities for investment projects.
Subordination of the titles, in their case.
Source of distributions.
Leverage level.
Debt service coverage ratio.
Place and form of payment of distributions.
Name of the common representative of the holders of the titles.
Depository.
Fiscal regime.
In their case, valuation opinion.
Specification of the characteristics of the titles in circulation (class, series, type, the name of the exchanges where they are registered, etc.).
Possible acquirers: "Institutional investors and qualified to participate in restricted public offerings.
The mention that the securities are registered in the registry.
The legend referred to in the penultimate paragraph of article 86 of the Law.
The legend "Annual report presented in accordance with the general provisions applicable to securities issuers and other market participants" and what period is being presented (e.g.: year ended December 31, 2014).

Index

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

GENERAL INFORMATION

Glossary of terms and definitions

Executive summary

Risk factors

Significant changes to securities rights registered in the registry

Destination of funds, in their case

Public documents

OPERATION STRUCTURE

Trust's equity

Performance of issued securities

ii)

Contracts and agreements

iii)

Judicial, administrative or arbitral proceedings

iv)

Rights

Distributions

Compliance with the business plan and investment calendar and, in their case,

divestments

Valuation

Commissions, costs and expenses of the administrator of the trust's assets or whoever is

entrusted with such functions

Relevant information of the period

Other third parties obligated with the trust or the holders of the securities, in their case.

General meetings of holders

Technical committee

Transactions with related parties and conflicts of interest

THE SETTLOR

History and development of the settlor

Business description

Main activity

ii)

Corporate structure

iii)

Description of its main assets

iv)

Judicial, administrative or arbitral proceedings

Shares representing the share capital

vi)

Corporate restructurings, in their case

Administrators and shareholders

Bylaws and other agreements

Transactions with related parties and conflicts of interest

THE ADMINISTRATOR OF THE TRUST'S ASSETS OR WHOEVER IS

ENTRUSTED WITH SUCH FUNCTIONS

History and development of the administrator of the trust's assets or whoever is

entrusted with such functions

Business description

Main activity

ii)

Human resources

iii)

Corporate structure

iv)

Judicial, administrative or arbitral proceedings

Administrators and holders of the certificates

FINANCIAL INFORMATION OF THE TRUST

Selected financial information of the societies, projects and/or investment vehicles

with respect to which the trust invests or acquires shares representing

their share capital or has direct or indirect participation, which are not consolidated in

the financial information of the trust

Information on significant credits

RESPONSIBLE PERSONS

ANNEXES

Audited financial statements of the trust and Investments (in their case)

Additional information

Information that the chapters of the annual report must contain

GENERAL INFORMATION

Glossary of terms and definitions.

See Annex N, fraction II, subsection C), item 1), subsection a).

Executive summary

An executive summary must be presented on the evolution of the goods, rights or values

fiduciary, or societies or investment projects in which the trust invests directly or

indirectly, including a summary of financial information. Likewise, the main

relevant events that occurred during the period being reported must be mentioned, mainly related to risk factors, compliance with applicable contracts, judicial, administrative or arbitral proceedings,

relevant participants in the operation such as the settlor, administrator of the trust's assets or whoever is entrusted with such functions, relevant debtors and other third parties obligated with

the trust or the holders of the securities, among others.

Likewise, it must contain a description and the main characteristics of the type of societies or

projects with respect to which the trust invests or acquires shares representing their share capital or

participation, in their case, directly or indirectly, as well as the financial and economic performance of

these.

Additionally, an executive summary of compliance with the business plan and investment calendar and, in

their case, divestments in accordance with which investments have been made in societies or projects

in which the Trust invests directly or indirectly or, divestments.

Likewise, a summary must be presented on the main policies of the issuance, as well as regarding

the protection of the interests of its holders.

Risk factors

The factors that can significantly affect the performance of the goods, rights or values

fiduciary, or societies or projects in which the Trust invests directly or indirectly, in which the

trust's assets are invested that serve as the source of payment for the instruments must be explained.

It is recommended that they be ordered based on the importance they represent for the operation. Likewise, risk factors that could apply to any instrument must not be presented.

In this sense, the information provided must refer to factors such as the following, in case

such situations are presented: that there is no obligation to pay principal or interest, and that

these instruments might not have liquidity; detail the factors that can significantly affect

the performance of the goods, rights or values

fiduciary, or societies or projects

in which the Trust invests directly or indirectly and represent the source of payment for the

instruments; a brief explanation regarding the risks inherent to the societies or projects with respect to which the trust will invest or acquire shares representing their share capital and that these do not have the corporate governance regime provided for in the Securities Market Law applicable to public limited companies; risks of the current situation of the trust's equity, concentration in a debtor or group of significant debtors, unseizability of State assets, non-compliance with terms of

concessions or relevant contracts and revocability of the same, risks associated with the goods,

rights or values, significant restrictions in the contracts backing the operation, behavior

goods, rights or values fiduciary, or societies or projects in which the Trust invests

directly or indirectly sources of payment for the issued instruments, difficulty of substitution of the

administrator of the fiduciary assets or whoever is assigned such functions, terms and

special conditions applicable to the type of security issued, risks associated with the execution of guarantees or

hedging contracted, as well as to the administration and collection of the goods or rights fiduciary, lack

of opening of accounts in the name of the fiduciary for the collection of assets, liens or contingencies

on the goods, rights or values, lack of audits carried out by an independent expert on the

goods, rights or values fiduciary or when the audits are with a limited scope.

The declaration by the issuer that the fiduciary, the settlor or the administrator of the

trust's assets or whoever is entrusted with such functions, must adhere to the level of

leverage calculated in accordance with what is established in article 7o., fraction IX, subsection a), item

6.1.; the issuer's declaration that it will comply with the debt service coverage ratio calculated

in accordance with what is established in article 7o., fraction IX, subsection a), item 6.2, of these

provisions; the consequences that are generated, in their case, by non-compliance with the corrective plan;

the implications in the rights of the holders of the fiduciary titles upon the assumption of the credits,

loans or financing and the destination of the resources resulting from the assumption of the credits, loans or

financing.

The information that appears in this section is presented in an enumerative manner, not being in any

case limiting.

The objective of this section is to summarize important factors that can be exposed in greater detail

in another part of the prospectus.

Significant changes to securities rights registered in the registry

See Annex N, fraction II, subsection C), item 1, subsection e), regarding the different series into which the

issuance has been made.

Destination of funds, in their case

In the first annual report presented after the registration of the issuer's securities in the

registry, the application that has been made up to that moment of the resources

derived from the public offering or well, by the increase in the number of securities issued, must be provided. In case that resources have remained to be applied, these must be detailed in the next annual reports, until the

totality of the resources are applied.

In case that the destination of the funds has varied from that specified in the placement

prospectus, an explanation regarding this must be provided.

Public documents

It must be mentioned if copies of this document will be granted at the request of the investor,

providing the name, address and telephone number of the person to whom investors must be addressed to

request it. It must also indicate the public information that was delivered to the exchanges and that is

available to investors, as well as the name, telephone and email of the person responsible for the fiduciary or, in their case, of the common representative, in charge of attending to investors and

analysts.

OPERATION STRUCTURE

Trust's equity

The issuer may present the financial information corresponding to this chapter only for the

two last fiscal years and the most recent quarter for which information is available.

Performance of issued securities

Provide a breakdown of all payments made to the holders of the securities during

the period that is reported, indicating the date, the amount paid and the concept for which the

said payment was made, for each of the concepts provided for in the contracts that back the operation

such as: interest, scheduled principal payments and early principal payments.

Likewise, include the formulas and bases for the determination of all payments made to

which the previous paragraph refers. Regarding early payments, indicate the causes that

gave rise to said payments.

In the case that during the reported period there had been non-compliance in the payment

timely payment of amounts to any of the holders of the securities for any concept, that

had remained unpaid for more than 30 days, detail all these non-compliances

indicating for each one: the causes, nature and consequences of the non-compliance, the amount

by which the payment should have been made, the date on which it should have been made and in their case, the dates and the

amounts of the payments that have been made subsequently to cover said non-compliance.

Likewise, for each of the series of securities issued, present the outstanding balance, the

number of titles in circulation and adjusted nominal value per title at the beginning and at the end of the period

that is reported.

ii)

Contracts and agreements

A summary of the trust contract must be presented, as well as any other contract

relevant for the operation, such as administration or operation, assignment, among others, in

a format that facilitates understanding.

Likewise, in this section, the functions and responsibilities of each of the participants in the operation of the trust for investment in the activities or projects of the companies or for the acquisition of titles representing their share capital must be clearly described.

Likewise, disclose any verbal or written agreement entered into in terms of what is provided in Article 64 Bis 1, fraction II, subsection f) and fraction IV of the Securities Market Law.

iii)

Judicial, administrative or arbitral proceedings

Briefly describe any pending legal proceedings against the administrator of the trust estate or the person to whom such functions are entrusted, the trustee, as well as any other third party that is relevant to the holders of the securities. Include similar information for any proceedings of which there is knowledge and that may be executed by governmental authorities.

iv)

Rights

Rights conferred by investment project trust certificates, specifying, where applicable, those corresponding to certificates issued in series that grant holders limited voting rights.

Distributions

In the event of issuance through series that limit the exercise of holders' rights referred to in these provisions, the mechanisms that ensure the preferential payment of distributions to holders of said series.

Compliance with the business plan, analysis and investment calendar and, where applicable,

disinvestments

Information regarding the degree of compliance with the business plan, the investment calendar and, where applicable, disinvestments, as well as the expected return, must be presented, explaining, where applicable, the reasons for total or partial non-compliance.

Valuation

Information regarding the valuations carried out on the trust title during the period being reported must be presented. Additionally, the corporate name of the legal entity hired to carry out the valuations, the years of experience valuing investment project trust certificates or similar investment instruments, the number of years it has provided its services to the issuer uninterruptedly, the certifications that attest to the technical capacity to value this type of instrument that the legal entity hired to carry out the valuations possesses, as well as the natural persons responsible for carrying out the valuations must be indicated; if the legal entity hired to carry out the valuations maintains a rotation policy for the natural persons responsible for the valuation, if the issuer itself maintains a rotation policy in the contracting of valuation services, as well as the adherence of the valuation process to internationally recognized prestigious standards that are applicable.

Commissions, costs and expenses of the administrator of the trust estate or the person to whom such functions are entrusted

A report on the commissions, costs and expenses paid to the administrator of the trust estate or the person to whom such functions are entrusted, during the period being reported, as well as the concepts for which they were paid, must be presented. On the other hand, modifications to the compensation and commission schemes of the administrator of the trust estate or the person to whom such functions are entrusted must be disclosed.

Likewise, disclose the amount charged by the Trust under the concept of conventional penalties, payments for damages and losses.

Relevant information of the period

In the event that there are relevant changes in information reported previously, relating to the topics mentioned below, by way of example and not limitatively, an explanation of the change in question must be included, as well as indicating the document in which the information being modified was last revealed and its date of presentation to the stock exchanges and the investing public:

Factors that may significantly affect the performance of the trust assets, rights or securities, or companies or projects in which the Trust invests directly or indirectly and represent the source of payment of the instruments. Regarding this, the information disclosure requirements described in Annex N, fraction II, subsection C), numeral 1), subsection c) must be considered.
Terms and conditions of the trust agreement or any other contract relevant to the operation, such as administration or operation, assignment, or co-investment agreements among others.
Modifications to the investment regime and investment guidelines.
Regarding any parallel vehicle that invests in the same projects as the issuing or investor trust with which there is a co-investment agreement, changes in policies or participation criteria to which these will be subject and any minimum and maximum limits on their participation. As well as changes in their payment schemes.
Changes in the policies, procedures and evaluations available to evaluate the characteristics of the investment projects in which it intends to invest. Where applicable, describe if such evaluations allow the administrator, at least:

Analyze the characteristics of the investments.

Know the risks inherent to the investments.

The scheme for the payment of income or returns generated by the investments, and

Determine that the operation is consistent with the investment policies of the trust.

Any relevant non-compliance with what is established in the contracts referred to in the previous paragraph; in this sense, in the event that there is no relevant non-compliance, a mention to this effect must be made.
Pending legal proceedings against the administrator of the trust estate or the person to whom such functions are entrusted, the trustee, the investor with whom there are co-investment agreements, as well as any other third party that is relevant to the holders of the securities or proceedings that may be executed by governmental authorities.
Legal processes that have ended during the period covered by the report, revealing the date of termination and a description of the final result. This is understood in the sense that a legal process only needs to be disclosed in the reports corresponding to the period in which it has become relevant and in subsequent reports only if there have been significant changes.
Information on debtors relevant to assess their credit risk, when the fulfillment of the trust's obligations depends totally or partially on a single debtor or debtors.
Name of the administrator of the trust estate or the person to whom such functions are entrusted, the assets, rights or securities placed in trust, or companies or projects in which the Trust invests directly or indirectly, as well as investors with whom there are co-investment agreements and their form of organization.
Information about the administrator of the trust estate or the person to whom such functions are entrusted such as the following: their experience as an administrator and the procedures they use when carrying out administration functions for the type of assets, rights or securities placed in trust, such as collection systems, distribution of cash flows from assets, subcontracting of services, systems for generating reports, among others; size, composition and growth of all assets, rights or securities that they administer or operate and that are similar to those that make up the trust estate; relevant changes in the last three fiscal years to their policies or procedures applicable to the administration or operation activities that will be carried out for the type of assets, rights or securities placed in trust.

In the event that the trust has a master administrator, the administrative structure, functions and responsibilities of each of the participants in said structure, as well as the name and percentage of the portfolio administered by each of the primary administrators.

Terms and conditions of the obligations of other third parties obligated with the trust or the holders of the securities such as investors with whom there are co-investment agreements, guarantees, guarantors, counterparties in derivative or hedging financial operations, credit support, among others, as well as the manner and/or procedures to make them enforceable.

Additionally, a summary of the relevant events that, in terms of what is provided in Articles 35 Bis and 50, fractions VII to X, and the penultimate paragraph of these provisions, has been transmitted to the stock exchange in question, for dissemination to the investing public, during the fiscal year being reported and up to the date of presentation of this annual report, must be included.

Other third parties obligated with the trust or the holders of the securities, where applicable

When there are other third parties obligated with the trust or the holders of the securities such as investors with whom there are co-investment agreements, guarantees, guarantors, counterparties in derivative or hedging financial operations, credit support, among others, and in the placement prospectus of the securities information regarding said third parties had been included, an update of that information regarding each third party in question must be included, to assess their credit risk, to the extent considered relevant.

General meetings of holders

If any matter has been submitted to the vote of the holders of the securities during the period covered by the report, through any appropriate means, provide the following information:

The date of the assembly.

ii)

If in said assembly it was decided on the appointment of members of the technical committee, the name of each of these, as well as any ratification carried out.

iii)

A brief description of any matter submitted to vote during the assembly, as well as the number of votes for each resolution, for or against.

iv)

A description of the terms of any agreement taken between the settlor and any other participant.

Technical committee

If any matter has been submitted to the vote of the members of the Technical Committee during the period covered by the report, through any appropriate means, provide the following information:

Dates of the Committees.

ii)

If in said committees it was decided on the evaluation of the performance of the administrator or any person to whom such functions are entrusted.

iii)

A brief description of any matter submitted to vote during the Technical Committee sessions, as well as the number of votes for each resolution, for or against.

iv)

A description of the terms of any agreement taken between the settlor and any other participant.

Transactions with related parties and conflicts of interest

Disclose if there are conflicts of interest between the administrator and investors.

Describe, where applicable, any relevant transaction or credit that has been carried out in the last 2 fiscal years and up to the date of presentation of this report, between the trustee, settlor, the administrator or anyone to whom such functions, rights or securities placed in trust are entrusted, relevant debtors, investors with whom there are co-investment agreements, investors or any other third party that is relevant to the holders of the securities, indicating if they were carried out under market conditions, including the projects or investments to be carried out that could imply some conflict of interest between the administrator and the investors. Where applicable, changes in policies and guidelines to avoid the existence of conflicts of interest must be included, which must consider the scope of the relationships between the different participants in the trust and the investors therein.

Disclose modifications to the mechanisms to reveal to the investor relevant information that will NOT be public.

Likewise, any relevant business relationship, agreements or conventions between said persons must be indicated even if they are not directly related to the securities issued by the trust and the structure of the transaction.

THE SETTLOR

Information corresponding to this subsection may be presented only for the last two fiscal years and the most recent quarter for which information is available.

History and development of the settlor

See Annex N, fraction II, subsection C), numeral 2), subsection a), in relation to the settlor, considering that information related to changes in the products and services offered may be omitted.

Business description

See Annex N, fraction II, subsection C), numeral 2), subsection b), in relation to the settlor.

Administrators and shareholders

See Annex N, fraction II, subsection C), numeral 4), subsection c), regarding the settlor.

Bylaws and other agreements

See Annex N, fraction II, subsection C), numeral 4), subsection d), regarding the settlor.

External auditors

See Annex N, fraction II, subsection C), numeral 4), subsection a), regarding the settlor. Additionally, mention the external auditor independence requirements referred to in Article 83, fraction VII, subsections b), c), f) and h) and fraction X of these provisions.

Transactions with related parties and conflicts of interest

See Annex N, fraction II, subsection C), numeral 4), subsection b), regarding the settlor

THE ADMINISTRATOR OF THE TRUST ESTATE OR THE PERSON TO WHOM SUCH FUNCTIONS ARE TRUSTED

History and development of the administrator of the trust estate or the person to whom such functions are entrusted

See Annex N, fraction II, subsection C), numeral 2), subsection a), in relation to the administrator of the trust estate or the person to whom such functions are entrusted.

Business description

See Annex N, fraction II, subsection C), numeral 2), subsection b), in relation to the settlor.

Administrators and certificate holders

With regard to the technical committee, the number of members that make it up (full and alternate), the type (independent or not), their names, the manner in which they are appointed, functions and their powers must be mentioned. Likewise, the dates of the holders' assemblies in which they were appointed and the period for which they were elected must be mentioned.

Additionally, the following information must be provided, both for the members of the technical committee and for the relevant executives of the legal entity acting as the administrator of the trust estate or the person to whom such functions are entrusted: name, sex, position, time holding the position, companies where they are collaborating as main executives or as members of the board of directors, indicating if said companies have any type of relationship with the legal entity acting as the administrator of the trust estate or the person to whom such functions are entrusted and any other information necessary to know their professional capacity. Additionally, the following information must be provided if considered relevant: age, highest level of education and companies where they have collaborated as relevant executives or as members of the board of directors or equivalent.

In the event that there is kinship by blood or affinity up to the fourth degree or civil, including their spouses, concubines or concubinaries, between any member of the technical committee or relevant executives of the legal entity acting as the administrator of the trust estate or the person to whom such functions are entrusted, this must be explained.

Likewise, the gender composition, in percentage terms, of the relevant executives of the legal entity acting as the administrator of the trust estate or the person to whom such functions are entrusted and the members of the technical committee must be made known, indicating with respect to the latter their type and if they are full or alternate members. Likewise, it must be indicated if the issuer has any policy or program that promotes labor inclusion without distinction of sex in the composition of its governing bodies and, where applicable, describe it, including, where applicable, if it was authorized by any governing body and if there is, where applicable, any person responsible for its compliance.

On the other hand, it must be indicated if any company, a foreign government, or any other natural or legal person can directly or indirectly impose decisions in the general meetings of holders, or appoint or dismiss the majority of the members of the technical committee, or direct, directly or indirectly, the administration, strategy or main policies of the issuer, either through the ownership of securities, by contract or by any other means, providing, where applicable, the names, the amount and proportion of the investment trust certificates they hold, as well as a brief description of the nature of such situations. Likewise, it is necessary to describe any commitment, known by the issuer, that could mean a change in the situations described in this paragraph with respect to the issuer.

The total amount that represents collectively the benefits of any nature received from the issuer during the last fiscal year by the members of the technical committee, the relevant executives of the legal entity acting as the administrator of the trust estate or the person to whom such functions are entrusted, and individuals who have the status of related persons to the latter must be made known.

Additionally, the issuer must mention the subcommittee or subcommittees constituted to assist the technical committee in its functions, briefly describing them. Likewise, the names of the members who compose them must be cited, as well as whether said committee(s) has at least one member who is a financial expert, and in the event of not having the latter, the reasons must be reported. A financial expert is understood to be a person who has extensive experience as an external auditor, accountant, finance director, comptroller, or person who performs similar functions.

Likewise, the issuer must disclose if it has codes of conduct applicable to the technical committee and relevant executives of the legal entity acting as the administrator of the trust estate or the person to whom such functions are entrusted and, where applicable, include a summary of the main guidelines provided in said codes of conduct. It must also be disclosed, where applicable, if the legal entity acting as the administrator of the trust estate or the person to whom such functions are entrusted has a code of conduct.

FINANCIAL INFORMATION

Selected financial information of the projects in which it invests directly or

indirectly, which are not consolidated in the financial information of the trust

Selected financial information in comparative columns for the last 2 fiscal years or those available depending on the time in which the investment or the acquisition of titles representing the share capital of companies was made must be presented. This information must be provided for a longer period when considered as relevant information. The purpose of this information is to highlight, through an easy-to-read format, certain trends in the financial situation of the projects with respect to which the trust invests.

On the other hand, those factors that significantly affect the comparability of the data presented in the selected financial information table, such as changes in accounting, relevant changes in the financial situation of the projects with respect to which the trust invests, must be briefly mentioned, or where applicable, indicate the section where they are explained. Likewise, it must be explained or indicate the section where those factors or uncertain events that could make the presented information not indicative of future performance are explained.

In the event that it is considered relevant for the understanding of the business, selected quarterly financial information corresponding to the last reported period must be provided.

Report on significant credits

A report on significant credits, loans or financing or contingencies and their priority in payment, including those credits or debts of a fiscal nature, must be provided. At least those credits that represent 10% or more of the total liabilities of the issuer's consolidated financial statements at the last fiscal year must be included. Likewise, it must be indicated if the issuer is up to date in the payment of the principal and interest of said credits.

Regarding the aforementioned credits, loans or financing, a summary must be included on the obligations to do or not do to which the issuers are subject, where applicable, by virtue of said credits.

Additionally, any additional benefit or agreement, as well as causes of early maturity, that is granted to any credit, loan or financing must be disclosed.

RESPONSIBLE PERSONS

Include the name, position and institution they represent of the persons who, in accordance with these provisions, must sign the document, this data must appear at the foot of the legends established for this effect.

ANNEXES

Audited financial statements

Financial statements of the trust, audited by an external auditor, in terms of what is provided in Article 78 of these provisions.

When the fulfillment of the obligations related to the securities issued under the trust depends totally or partially on the following legal entities, the financial statements indicated in Articles 33, fraction I, subsection a), numeral 3 and 37, fraction I, subsection a), numeral 2 of these provisions must be included, with respect to each of them, as the case may be: settlor, administrator of the

equity of the trust or to whom such functions are entrusted, other third parties obligated with the trust or the holders of the securities such as sureties, guarantors, counterparties in financial derivative or hedging operations, credit support, among others, or any relevant debtor.

Financial information of investments that are not consolidated and represent 10% or more of the Trust's equity.

Additional information

Where applicable, the report or opinion of the external auditor, who has performed any type of verification or validation on the compliance by the trust administrator or to whom such functions are entrusted, of policies, restrictions or requirements regarding flows from investments, divestments or acquisitions, as well as regarding the reasonableness and reliability of the evolution of trust assets, rights or values.

In the document you are viewing, there may be text, characters or objects that do not display correctly due to conversion to HTML format, so we recommend always taking the digitized image of the DOF or the PDF file of the edition as a reference. The content, form and scope of published documents are the strict responsibility of their issuer.

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INDICATORS

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DOLLAR

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6.8474% TIIE DE FONDEO

6.50%

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