Resolution modifying the General Provisions applicable to securities issuers and other participants in the securities market

DOF: 10/12/2020

RESOLUTION modifying the General Provisions applicable to securities issuers and other participants in the securities market

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on articles 63 Bis 1, second paragraph; 85, second paragraph; 86, last paragraph, and 104, fraction VII and last paragraph of the Securities Market Law, as well as 4, fractions XXXVI and XXXVIII; 16, fraction I, and 19 of the National Banking and Securities Commission Law, and

CONSIDERING

That, with the purpose of promoting the development of issuers of real estate investment trust certificates whose trust assets are at all times integrated by fully identified assets, goods, or rights, permanently safeguarding information disclosure to protect the interests of holders of said fiduciary titles, it is deemed necessary to flexibilize the legal framework that these issuers must observe when they assume, charged to the trust's assets, credits, loans, or financing;

That, derived from the current context and the regulatory limits established by the "General Provisions applicable to securities issuers and other participants in the securities market" in force, the aforementioned issuers have been conditioned in their financing capacity and, consequently, affected in their investments and returns, being forced to finance long-maturity real estate investments with short and medium-term loans, which results in inefficient investments, thereby increasing the cost of debt contracting; it has been deemed necessary to eliminate the maximum regulatory debt limit, empowering the general assembly of holders to establish the debt limit and the debt service coverage index they intend to assume, in accordance with the methodology provided for in said Provisions, as well as to adjust the disclosure made regarding this matter in the annual report;

That, in order to provide an adequate regulatory framework so that issuers of the aforementioned real estate investment trust certificates can maintain a more efficient proportion between their assets and liabilities, it is indispensable to adapt the formula with which the debt service coverage index is calculated, and

That, in order to protect the interests of holders of the aforementioned real estate investment trust certificates and safeguard information disclosure, exceeding the maximum debt limit and non-compliance with the debt service coverage index determined by the general assembly of holders are qualified as relevant events; therefore, it has resolved to issue the following:

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

SINGLE.- Articles 7th, fraction VII, subsection a), and 50, second paragraph, fraction VIII, subsection e), sub-subsections i), ii), iv), and v), are REFORMED, and Annexes N BIS 3 and AA of the "General Provisions applicable to securities issuers and other participants in the securities market," published in the Official Journal of the Federation on March 19, 2003, and last modified by the resolution published in said Journal on November 25, 2019, are SUBSTITUTED, to read as follows:

" Article 7th.-

. . .

I. to VI.

. . .

VII.

. . .

a)

The issuance documents must contemplate, in addition to what is provided for in article 64 Bis 1 of the Securities Market Law, the following:

1.

That the general assembly of holders must meet to approve:

1.1.

The investments or acquisitions to be made when they represent 10% or more of the trust's assets, based on figures corresponding to the close of the immediately preceding quarter, regardless of whether such investments or acquisitions are executed simultaneously or successively in a period of 12 months counted from when the first operation is completed, but which could be considered as one, and such operations are intended to be carried out with persons who fall into at least one of the following two situations: (i) those related to the societies, trusts, or any other equivalent vehicle on which the trust makes investments, the settlor, as well as the administrator of the trust's assets or whoever is entrusted with such functions, or well, (ii) that represent a conflict of interest.

1.2.

In the event that the trust assets are at all times integrated by fully identified assets, goods, or rights, regardless of the investment vehicle through which they were incorporated into the trust, the rules for contracting any credit or loan charged to the trust's assets, by the settlor, administrator of the trust's assets or whoever is entrusted with such functions, or by the trustee. Such rules must establish the maximum debt limit and the debt service coverage index they intend to assume, which must be calculated in accordance with what is provided for in Annex AA of these provisions.

1.3.

The expansions to the issuances to be made, either in amount or in the number of certificates.

1.4.

Any increase in compensation schemes and commissions for administration or any other concept in favor of the administrator of the trust's assets or whoever is entrusted with such functions or members of the technical committee.

1.5.

Any modification to the purposes of the trust or its early extinction.

1.6.

The policies for contracting or assuming credits, loans, financing, as well as any modification to these.

In the matters referred to in the previous numbers 1.1. and 1.4., holders who fall into any of the situations indicated in subsections (i) or (ii) of said number 1.1., or who act as administrator of the trust's assets or whoever is entrusted with such functions, must abstain from voting in the general assembly of holders, without this affecting the quorum required for the installation of said assembly.

It must be stipulated, irrevocably, that the general assembly of holders may remove and replace the administrator of the trust's assets or whoever is entrusted with such functions by agreement of the holders. To this effect, the percentage of ownership of the trust's assets according to which the referred agreement is taken may be freely determined, in no case exceeding 66% of the fiduciary titles in circulation.

2.

It must be provided that the technical committee must be composed of a maximum of 21 members, of which at least 25% must be independent.

Members of the technical committee who have a conflict of interest in any matter must abstain from participating and being present in the deliberation and voting of said matter, without this affecting the quorum required for the installation of said committee.

The technical committee will have the following non-delegable powers:

2.1.

To establish the policies according to which the trust assets will be invested.

2.2.

To approve the acquisition or disposal of assets, goods, or rights with a value equal to or greater than 5% of the trust's assets, based on figures corresponding to the close of the immediately preceding quarter, whether executed simultaneously or successively, in a period of 12 months, counted from when the first operation is completed, and which by their characteristics can be considered as one.

2.3.

To approve operations with related persons, understood for such purposes as operations carried out with the societies on which the trust makes investments, with the settlor, as well as with the administrator of the trust's assets or whoever is entrusted with such functions, or those that represent a conflict of interest.

To approve the operations referred to in the previous paragraph, a majority vote in favor of the independent members of the technical committee must be obtained, and those members who were appointed by the settlor or by the administrator of the trust's assets or whoever is entrusted with such functions, or by persons related to them, must abstain from voting, without this affecting the quorum required for the installation of said technical committee. In any case, the operations must be carried out at market price.

2.4.

To establish the terms and conditions to which the administrator of the trust's assets or whoever is entrusted with such functions will be subject in the exercise of their powers of acts of dominion and administration.

In the event that the opinion of the majority of the independent members does not accord with the determination of the technical committee, such situation will be disclosed to the investing public, through the stock exchange in which the real estate investment trust certificates are listed.

In the event that the technical committee establishes committees to assist in its functions, it must be established that such committees will be composed exclusively of members of the technical committee and will be presided over by a member who has the status of independent.

3.

Agreements for the exercise of voting in general assemblies of holders, which contain the purchase or sale options between holders of real estate investment trust certificates or any other agreements related to voting or economic rights regarding the certificates, as well as those carried out by the members of the technical committee and their respective characteristics, which must be disseminated in the annual report referred to in articles 33, fraction I, subsection b), number 1., without prejudice to the obligation to notify them to the trustee, within 5 business days following their agreement, so that they are disclosed to the investing public through the stock exchanges where the certificates trade.

In the agreements to exercise the voting right of the members of the technical committee, it may be stipulated, among others, to exercise the vote of the non-independent members in the same sense as the vote issued by the administrator of the trust's assets or whoever is entrusted with such functions, in case these belong to the technical committee.

When the agreements stipulate the resignation by the holders of exercising their right to appoint a member of the technical committee in terms of what is provided for in article 64 Bis 1, fraction II, subsection c) of the Securities Market Law, the provisions contained in the issuance documents for these situations must be followed, and in any case, notification to the trustee or common representative by any means established in said documents will suffice.

4.

In the event that the resources of the issuance are intended to be predominantly used to grant credits, loans, or financing to Mexican societies or to acquire debt securities issued by them, charged to the trust's assets, and additionally intend to contract credits or loans, the following must be indicated:

4.1.

That the amount of total assets, as defined in Annex AA of these provisions, in no moment can be greater than 5 times the book value of the real estate investment trust certificates issued.

In any case, the leverage level must be calculated in accordance with what is provided for in said annex and disclosed in terms of article 35 Bis 1 of these provisions.

Additionally, it will be established that in the event that the issuer exceeds the maximum limit indicated in the previous paragraph, no additional liabilities can be assumed charged to the trust assets until the issuer adjusts to the indicated limit, unless it concerns refinancing operations to extend the maturity of the issuer's debt and the technical committee documents the evidence of such situation. In any case, the result of said refinancing cannot imply an increase in the leverage level registered before said refinancing operation.

In the event that the issuer exceeds the limit referred to in this number, the administrator of the trust's assets or whoever is entrusted with such functions, must present to the general assembly of holders a report of such situation, as well as a corrective plan in which the form, terms, and, if applicable, deadline to comply with the limit are established. Prior to its presentation to the assembly, the plan must be approved by the majority of the independent members of the technical committee in a period not greater than 20 business days counted from the date the excess to said limit is made known to said assembly. In any case, the corrective plan must contemplate what is indicated in the previous paragraph.

4.2.

The obligation to comply with a debt service coverage index, at the time of assuming any credit, loan, or financing charged to the trust's assets. This index must be calculated in accordance with what is provided for in Annex AA of these provisions, with figures at the close of the last reported quarter and cannot be less than 1.0. Likewise, the index must be disclosed in terms of article 35 Bis 1 of these provisions.

Additionally, it must be established that in the event that the debt service coverage index is less than 1.0, no additional liabilities can be assumed charged to the trust assets, unless it concerns refinancing operations to extend the maturity of the issuer's debt and the technical committee documents the evidence of such situation. In any case, the result of said refinancing cannot imply a decrease in the calculation of the debt service coverage index registered before said refinancing operation.

In the event that the debt service coverage index referred to in this number is less than 1.0, what is provided for in the previous number 4.1., last paragraph, will apply.

The technical committee must supervise that mechanisms and controls are established that allow verifying that the contracting or assumption of credits, loans, or financing complies with applicable regulations and these provisions.

For the purposes of what is provided for in this number, predominance will be understood as at least 70% of the issuance resources. For the case of real estate investment trust certificates issued under the capital call mechanism, the 70% of resources will be with respect to the maximum amount of the issuance.

It must be provided that in no case can the issuer allocate more than 20% of the trust's assets to the acquisition of debt securities registered in the Registry. In these cases, the issuer may invest in short-term securities registered in the Registry provided they are temporary investments made while the investments to which the issuance resources are destined are carried out, in accordance with what is established in the placement prospectus.

In the event that the issuer exceeds the limit referred to in the previous paragraph, what is provided for in number 4.1., last paragraph of this number, will apply.

5.

In the event that the trust assets are at all times integrated by fully identified assets, goods, or rights, regardless of the investment vehicle through which they were incorporated into the trust, the technical committee must establish methods and internal controls that ensure the provision of updated information regarding the situation, location, and state of the assets affected by the trust, as well as allow the direct and immediate exercise of rights over said assets.

Regarding real estate investment trust certificates that fall under the situation referred to in the previous paragraph, the maximum debt level approved by the general assembly of holders in terms of what is provided for in number 1.2. of this subsection, which must be disclosed in terms of article 35 Bis 1 of these provisions.

Additionally, it will be established that, in the event that the issuer exceeds the maximum limit established by the general assembly of holders, no additional liabilities can be assumed charged to the trust assets until the issuer adjusts to the indicated limit, unless it concerns refinancing operations to extend the maturity of the issuer's debt and the technical committee documents the evidence of such situation. In any case, the result of said refinancing cannot imply an increase in the debt level registered before said refinancing operation.

In the event that the issuer exceeds the limit referred to in this number, the administrator of the trust's assets or whoever is entrusted with such functions, must present to the general assembly of holders a report of such situation, as well as a corrective plan in which the form, terms, and, if applicable, deadline to comply with the limit are established. Prior to its presentation to the assembly, the plan must be approved by the technical committee in a period not greater than 20 business days counted from the date the excess to said limit is made known. In any case, the corrective plan must contemplate what is indicated in the previous paragraph.

The obligation to comply with the debt service coverage index determined by the general assembly of holders, at the time of assuming any credit, loan, or financing charged to the trust's assets. This index must be calculated in accordance with what is provided for in Annex AA of these provisions, with figures at the close of the last reported quarter.

Likewise, the index must be disclosed in terms of article 35 Bis 1 of these provisions.

Additionally, it must be established that in the event that the debt service coverage index determined by the general assembly of holders is exceeded, no additional liabilities can be assumed charged to the trust assets, unless it concerns refinancing operations to extend the maturity of the issuer's debt and the technical committee documents the evidence of such situation. In any case, the result of said refinancing cannot imply a decrease in the calculation of the debt service coverage index registered before said refinancing operation.

In the event that the debt service coverage index exceeds that determined by the general assembly of holders, the administrator of the trust's assets or whoever is entrusted with such functions, must present to the general assembly of holders a report of such situation, as well as a corrective plan in which the form, terms, and, if applicable, deadline to comply with the limit are established. Prior to its presentation to the assembly, the plan must be approved by the majority of the independent members of the technical committee in a period not greater than 20 business days counted from the date the excess to said limit is made known. In any case, the corrective plan must contemplate what is indicated in the previous paragraph.

6.

In the event of being issued under the capital call mechanism, include the following:

6.1.

The explicit mention of such circumstance.

6.2.

The issuance act of which the corresponding title will be part, in which at least, the following is stipulated:

6.2.1.

The designation of the person responsible for keeping a record containing the amount of resources obtained corresponding to the initial minimum contribution and each capital call for each holder of the real estate investment trust certificates.

6.2.2.

The policies, procedures, or mechanisms to carry out the offer of the real estate investment trust certificates, the amount up to which capital calls could be made, the subscription and payment mechanism for the initial minimum contribution, as well as regarding the form and deadline in which the issuer could exercise the option to make capital calls. The initial minimum contribution cannot be less than twenty percent of the total that the issuance can reach.

6.2.3.

The number of days of advance notice that the issuer must give to holders before a capital call, which in no case can be less than 5 business days to the date when the resources should be contributed.

6.2.4.

The conditions for the transmission of the real estate investment trust certificates, if established, which cannot absolutely restrict the transmission of the securities.

6.2.5.

The conventional penalties that the issuer will apply in the event that one or several holders of real estate investment trust certificates do not comply in time and form with the capital calls, the consequences that will be generated on the other holders, as well as the actions that the issuer could exercise in relation to the capital call in question. Likewise, the procedure for the modification of the cited conventional penalties must be specified.

6.3.

The description of the cash administration systems for the management of resources from capital calls that it has.

6.4.

That the general assembly of holders must meet to approve the destination of the resources obtained with each capital call, when they are at least equal to or greater than 20% of the total that the issuance can reach.

6.5.

That authorization may be requested from the Commission to carry out various public offers until reaching the placement of the amount of the original minimum contribution to the trust assets referred to in the Securities Market Law, provided that the issuance documents determine the form in which the price at which the certificates will be placed will be calculated. In any case, the maximum deadline in which public offers referred to in this number can be carried out will be 1 year, from when said initial public offer has been made. When the issuer does not place the amount of the original minimum contribution referred to in article 64 Bis 2, fraction II of the Securities Market Law, within the deadline established in this subsection, what is provided for in article 14 of these provisions will apply.

---

In the event that the Commission has authorized the carrying out of several public offerings referred to in the preceding paragraph, in order to carry out the subsequent offerings to the initial one, the issuer must demonstrate to the Commission that it is up to date in the delivery of the periodic information referred to in Title Four of these provisions. In these cases, it will not be necessary for the general assembly of holders to approve the subsequent offerings.

The issuer, prior to carrying out the placement of each offering, must communicate to the Commission, 2 business days in advance of the book closing, the characteristics of this offering, as well as present the offering notice referred to in Article 2, fraction I, subsection l), of these provisions.

6.6.

The placement prospectus must expressly mention that it is possible that one or more holders of the fiduciary securities may not meet the capital calls in time and form, which could prevent the fulfillment of the business plan and investment schedule. Likewise, it must be clearly established that this risk is additional to those derived from investment in real estate or from the acquisition of titles or rights of any type on real estate or of titles representing the social capital of companies that invest in real estate.

The duly notarized issuance minutes must be delivered to the Commission, no later than the date of issuance.

When the issuer has opted to register the securities under the capital call mechanism and intends to increase the amount up to which they could be made, in the event that it has additionally made any capital call, it must present to the Commission a copy of the minutes of the general assembly of holders in which such expansion was approved with at least the consent of 75% of the holders of real estate fiduciary securities.

7.

Regarding certificates that have been offered in restricted public offerings, the right of holders to request that the common representative or the trustee have access to information free of charge that the issuer is not obligated to reveal to the public investor in terms of Title Four of these provisions, provided that they accompany their request with the certificate accrediting the ownership of the respective securities, issued by a securities depository institution. This information must be related to the investments that the issuer intends to make, without prejudice to the provisions on confidentiality and conflicts of interest established in the base documents of the issuance.

8.

The obligation to hire a common representative, specifying their rights and obligations, as well as the terms and conditions under which their removal and the designation of a new one may proceed.

9.

Regarding the administrator of the trust assets or whoever is entrusted with such functions:

9.1.

The terms and conditions to which they will be subject in the exercise of their powers of administration and ownership.

9.2.

That the compensation scheme, commissions, and incentives be established in such a way as to protect the interests of the holders at all times.

9.3.

Their liability regime, including the payment of damages and losses, unless conventional penalties have been agreed upon.

9.4.

The obligation to deliver to the technical committee, the common representative, and the holders of real estate fiduciary securities who request it, a quarterly report on the performance of their functions, as well as the information and documentation requested in the fulfillment of their functions.

9.5.

The obligation to perform their functions diligently, acting in good faith and in the best interest of the trust and the holders.

b)

. . .

VIII. and IX.

. . .

. . .

. . .

. . . "

" Article 50.-

. . .

. . .

I. to VII.

. . .

VIII.

. . .

a) to d)

. . .

e)

. . .

i)

When for any reason it exceeds the maximum leverage or indebtedness limit established in Article 7, fractions VI, subsection a), item 4.1., VII, subsection a), item 4.1. and IX, subsection a), items 6.1. and 6.2., second paragraph, or in the case of real estate fiduciary securities in which the trust assets are at all times integrated by assets, goods or rights fully identified, regardless of the investment vehicle through which they had been incorporated into the trust or of fiduciary securities for investment in energy and infrastructure, this limit is greater than that determined by the general assembly of holders in accordance with fractions VII, subsection a), item 1.2, second paragraph and VIII, subsection a), item 1.2., second paragraph, respectively, of these provisions.

ii)

When for any reason the debt service coverage index established in accordance with Article 7, fractions VI, subsection a), item 4.2.; VII, subsection a), item 4.2., and IX, subsection a), item 6, is less than 1.0, or in the case of real estate fiduciary securities in which the trust assets are at all times integrated by assets, goods or rights fully identified, regardless of the investment vehicle through which they had been incorporated into the trust or of fiduciary securities for investment in energy and infrastructure, this index is less than that determined by the general assembly of holders in accordance with fractions VII, subsection a), item 5 and VIII, subsection a), item 7, respectively, of these provisions.

iii)

. . .

iv)

When the technical committee has approved the corrective plans referred to in Article 7, fractions VI, subsection a), items 4.1., last paragraph and 4.2., last paragraph; VII, subsection a), items 4.1., last paragraph and 4.2., last paragraph, or item 5, fourth and fifth paragraphs; VIII, subsection a), item 7, last paragraph, or IX, subsection a), item 6.1., last paragraph of these provisions. In all cases, they must present, at least, the main characteristics and actions they contain.

v)

The non-compliance with the corrective plans referred to in Article 7, fractions VI, subsection a), items 4.1., last paragraph and 4.2., penultimate paragraph; VII, subsection a), items 4.1., last paragraph and 4.2., last paragraph, or item 5, fourth and last paragraphs; VIII, subsection a), item 7, sixth paragraph and IX, subsection a), item 6.1., last paragraph and 6.2., last paragraph of these provisions.

IX. and X.

. . .

. . .

. . .

. . .

. . . "

TRANSITORY

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

Sincerely

Mexico City, December 1, 2020.- The President of the National Banking and Securities Commission, Juan Pablo Graf Noriega.- Rubric.

ANNEX N BIS 3

Instructions for the preparation of the annual report applicable to

real estate fiduciary securities

I.

GENERAL GUIDELINES

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

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

In the event that certain requirements are not applicable to the specific goods, 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 located must be made.

When instruments issued by the financial institution in its capacity as trustees are registered in the Registry, and in foreign markets where they trade require the submission 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 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 complex 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.

A)

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 will be 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 issuance. 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 this to investors is considered necessary.

B)

External information sources 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.

C)

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), items 1), subsection d); 2) subsections a), b) sub-subsections i), ii), iii), iv), v) and c), sub-subsection i); 3), subsections a), b) and sub-subsection i); 4) subsection a), and 5) provided that the financial statements of the trust and the Administrator or Operator of the trust assets are attached to the annual report.

Likewise, the issuer may present the financial information and the corresponding to fraction II, subsection B), items 2) and 3), (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

A)

Cover of the annual report

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

• Logo of the trustee institution and the settlor.
• Name of the trustee institution and the settlor (indicating in its case other figures e.g. adhering settlor).
• Address of the trustee and the settlor.
• Specification of the characteristics of the titles, such as:
• Quotation key.
• Real estate fiduciary securities in circulation.
• Real estate fiduciary securities in treasury.
• Name of the exchanges where they are registered.
• Number of trust and data related to the trust contract.
• Beneficiaries.
• Administrator of the trust assets or whoever is entrusted with such functions.
• Trust advisor.
• Indication of any other relevant third party(ies) receiving payment from the trust.
• Summary of the most relevant characteristics of the real estate portfolio forming the trust assets.
• Distributions, periodicity and calculation procedure.
• Source of distributions.
• Level of indebtedness.
• Debt service coverage index.
• Indication that there is no obligation to pay principal or interest.
• Indication that real estate fiduciary securities are not amortizable.
• Place and method of payment of distributions.
• Name of the common representative of the holders of the titles.
• Depository.
• Tax regime.
• In its case, valuation opinion.
• The mention that the securities are registered and are subject to quotation or registration in the list of a stock exchange.
• 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).

B)

Index

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

1)

GENERAL INFORMATION

a)

Glossary of terms and definitions.

b)

Executive summary.

c)

Risk factors.

d)

Other securities issued by the trust.

e)

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

f)

Destination of funds, in case of significant differences with that indicated in the placement prospectus of the initial offering or subsequent offerings.

g)

Public documents.

2)

THE TRUST

a)

History and development of the trust.

b)

Business description.

i)

Real estate sectors in which the trust is focused on investing (Industrial, residential, hotel, offices, mixed, etc.).

ii)

Patents, licenses, trademarks and other contracts.

iii)

Main clients.

iv)

Applicable legislation and tax regime.

v)

Human resources.

vi)

Market information.

vii)

Administration structure.

viii)

Judicial, administrative or arbitral proceedings.

ix)

Rights.

x)

Distributions.

c)

Description of the assets forming the trust assets.

i)

Real estate owned by the trust.

ii)

Real estate acquisitions or real estate developments.

iii)

Evolution of the trust assets, including income, rented area percentages, lease contract maturities, progress of real estate under development, etc.

iv)

Performance of the trust assets, including the main indices of the real estate industry (Net Operating Income (NOI), Funds From Operations (FFO), Delinquent portfolio, etc.).

v)

Compliance with the business plan and investment schedule and, if applicable, divestments.

vi)

Report on relevant debtors.

d)

Relevant contracts and agreements.

e)

Administrators.

f)

Commissions, costs and expenses of the administrator, advisor or any other third party(ies) receiving payment from the trust.

g)

Transactions with related parties and conflicts of interest.

h)

External auditors.

i)

Other third parties obligated with the trust or the holders.

j)

Capital market.

i)

Trust structure and main holders.

ii)

Behavior of real estate fiduciary securities in the securities market.

iii)

Market maker.

3)

THE ADMINISTRATOR OF THE TRUST ASSETS OR WHOEVER IS ENTRUSTED WITH SUCH FUNCTIONS.

a)

History and development of the administrator or operator of the assets.

b)

Business description.

i)

Main activity.

ii)

Human resources.

iii)

Corporate structure.

iv)

Judicial, administrative or arbitral proceedings.

c)

Administrators and holders of the certificates

4)

FINANCIAL INFORMATION

a)

Selected financial information of the trust.

b)

Report on relevant credits.

c)

Management comments and analysis of operating results.

i)

Operating results.

ii)

Financial situation, liquidity and capital resources.

iii)

Internal control.

d)

Estimates, provisions or critical accounting reserves.

5)

INTERNAL MANAGEMENT FINANCIAL INFORMATION (company constituted for the purpose that the trust fulfills its object and whose shares representing the social capital or social parts are owned in more than 50% by said trust).

a)

Selected financial information.

b)

Management comments and analysis of operating results.

i)

Operating results.

ii)

Financial situation, liquidity and capital resources.

6)

RESPONSIBLE PERSONS

7)

ANNEXES

a)

Audited financial statements.

b)

Additional information.

C)

Information that the chapters of the annual report must contain

1)

GENERAL INFORMATION

a)

Glossary of terms and definitions

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

b)

Executive summary

An executive summary must be presented on the evolution of the real estate properties that form part of the trust, including a summary of financial information.

Likewise, the main relevant events of the issuer 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 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 real estate properties or real estate developments that form part of the trust, as well as their performance.

Additionally, an executive summary of the compliance with the business plan and investment schedule and, if applicable, divestments in accordance with which investments have been made in the activities of the trust.

c)

Risk factors

The factors that may 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 according to 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 may not have liquidity; detail the factors that may 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 real estate properties or real estate developments that form part of the trust; risks of the current situation of the trust assets, concentration in a significant client or group of clients, 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 of substituting the administrator or advisor of the trust assets, special terms and conditions applicable to the type of security issued, risks associated with the execution of guarantees or hedging contracts contracted, as well as the administration and collection of assets, liens or contingencies on the goods, rights or securities, lack of audits performed by an independent expert on the goods, rights or securities of the trust or when the audits are with a limited scope.

When the resources of the issuance are intended to be predominantly allocated to granting credits, loans or financing to Mexican companies or to the acquisition of debt securities issued by them, charged to the trust assets, and additionally intend to contract credits or loans, the declaration by the issuer that the trustee, the settlor or the administrator of the trust assets or whoever is entrusted with such functions, must adjust to the leverage level calculated in accordance with what is established in Article 7, fraction VII, subsection a), item 4.1.; the declaration by the issuer that it will comply with the debt service coverage index calculated in accordance with what is established in Article 7, fraction VII, subsection a), item 4.2., of these provisions; the consequences that arise, if any, from 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; the destination of the resources resulting from the assumption of the credits, loans or financing.

In the event that the trust assets are at all times integrated by assets, goods or rights fully identified, regardless of the investment vehicle through which they had been incorporated into the trust, the declaration by the issuer that the trustee, the settlor or the administrator of the trust assets or whoever is entrusted with such functions, must adjust to the indebtedness level approved by the general assembly of holders and calculated in accordance with what is established in Article 7, fraction VII, subsection a), item 5 of these provisions. Likewise, the declaration by the issuer that it will comply with the debt service coverage index calculated in accordance with what is established in Article 7, fraction VII, subsection a), item 5 of these provisions, as well as the consequences that arise, if any, from 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 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 may be exposed in greater detail in another part of the prospectus.

d)

Other securities issued by the trust

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

e)

Significant changes to the rights of securities registered in the registry

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

f)

Destination of funds, if applicable

In the first annual report presented after the registration of the issuer's securities in the Registry or after a subsequent issuance, the application that has been made up to that moment of the resources derived from the public offering or from the increase in the number of securities issued must be provided. In the event that there are resources left to be applied, these must be detailed in the next annual reports, until all resources are applied.

When the offering documents establish the obligation to distribute at least 95% of the fiscal result of the immediate previous fiscal year, at least once a year, and there have been increases in the number of titles, these may be used only for new acquisitions.

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

g)

Public documents

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

2)

THE TRUST

a)

History and development of the trust

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

b)

Business description

For subsections i) to vii) see Annex N, fraction II, subsection C), item 2), subsection b), in relation to the trust, considering that information related to changes in products and services offered may be omitted.

i)

Rights

Develop the rights conferred by real estate fiduciary certificates, specifying, if applicable, those that correspond to certificates that have not been put into circulation.

ii)

Distributions.

Describe the mechanisms and schemes for distributions for the series that make up the trust's assets.

c)

Description of the assets that make up the trust's assets

The information included must cover at least 3 years of age or those available in case a significant portion of the trust assets have a life shorter than that period. Likewise, indicate whether the information has been reviewed by any independent third party, indicating the scope of its review.

i)

Real estate owned by the trust.

Composition at the end of the reported period, of the number of real estate properties or real estate developments and their main characteristics, as applicable, by sector, by federal entity or geographic region, life and investment period or other relevant variables, breaking down those assets that were added, acquired, sold.

ii)

Real estate acquisitions or real estate developments.

Composition of the real estate or real estate developments acquired during the reported period and their main characteristics, as applicable, by sector, by federal entity or geographic region, life and investment period or other relevant variables including date of acquisition or start of development.

iii)

Evolution of the trust's assets, including income, percentages of rented area, lease contract expirations, progress of real estate under development, etc.

In the event that any of the trust 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 precedence, agreements, or any other information that allows knowing the current and future state of said trust assets, goods, or rights.

iv)

Performance of the trust's assets, including the main real estate industry indices (NOI, FFO, Delinquent Portfolio, etc.).

Present the flows generated during the reported period, as a result of the performance of the trust's assets, presenting indices and financial ratios that allow knowing the financial stability, operational efficiency, and profitability of the trust's assets.

v)

Compliance with the business plan and investment calendar and, if applicable, divestments.

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

vi)

Report on relevant debtors.

Indicate the real estate properties that present delay or default and are in judicial, administrative, or arbitral process. The information referred to in this paragraph must be presented when the delay represents 3% or more of the trust's quarterly income.

d)

Relevant contracts and agreements

A summary must be presented that includes the relevant clauses of the trust agreement, as well as the terms and conditions of the administration, advisory, operation, or any other contract considered relevant for the operation, such as asset acquisition agreements, concessions, franchises. The foregoing in a format that facilitates its understanding.

Additionally, any breach of relevant contracts must be described, identifying the causes and the impact of said breach on the trust.

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

e)

Administrators

For the case of the administrator of the trust's assets or whoever is entrusted with such functions, describe specifically what their functions consist of; as well as at least the following aspects: i) obligations and responsibilities, ii) content and periodicity of their reports, iii) terms and conditions of the compensation scheme, iv) standard of performance and diligence regarding the trust, v) grounds for removal, vi) liability regime and conventional penalties.

Additionally, in the case of removal or substitution of the administrator of the trust's assets or whoever is entrusted with such functions, describe the substitution procedure and the possible consequences derived from said substitution.

Regarding the technical committee and, if applicable, the other committees constituted to assist it, the number of members that make it up (owners and substitutes), the type of members, their names, the way they are designated, functions, and the powers of each of them must be mentioned.

For the case of the administrators of the trust's assets or whoever is entrusted with such functions, mention the items that are applicable, regarding those described in the previous paragraph.

If any matter has been submitted to the vote of the security holders 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 appointment of committee members, the name of each of them, 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 administrator or operator and any other participant.

f)

Commissions, costs, and expenses of the administrator, advisor, or any other relevant third party(ies) receiving payment from the trust.

The guidelines for the payment of commissions, costs, and expenses, of the administrator, advisor, or any other relevant third party(ies) of the trust's assets, including concepts and amounts, the foregoing must be presented for the period reported in a format that facilitates its understanding.

g)

Related-party transactions 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, settlor, the administrator or operator of the trust assets, rights, or securities, relevant debtors, or any other third party that is relevant for the security holders, indicating if they were carried out under market conditions.

Likewise, any business relationship, agreements, or relevant conventions between the trustee, settlor, the administrator or operator of the trust assets, rights, or securities, relevant debtors, or any other third party that is relevant for the security holders 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 related-party transactions, must be included.

h)

External auditors

Any change of external auditors who audited the trust's financial statements 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 empowered to do so, as well as the reason for said 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)

Other third parties obligated with the trust or the holders

When there are other third parties obligated with the trust or the security holders such as guarantors, sureties, counterparties in financial derivative or hedging 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.

j)

Capital market

i)

Structure of the trust and main holders.

The structure of the trust must be clearly described, mentioning the companies participating in the administration and operation of the trust's assets, the relationship between said companies, ownership of real estate fiduciary certificates, if applicable, if necessary, present the aforementioned information in a schematic manner.

Additionally, the following information must be provided, both for members of the technical committee and for executives and relevant administrators of the trust's assets: name, position, time working in the trust, 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 trust 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.

The name, denomination, or corporate name of the natural or legal persons, beneficiaries of more than 10% of the real estate fiduciary certificates in circulation, must be provided.

ii)

Behavior of real estate fiduciary certificates in the securities market.

It must be shown in an informative table how the real estate fiduciary certificates behaved at the close of the last 5 fiscal years, each quarter for the last 2 fiscal years, and monthly for the 6 months prior to the presentation of this report, including the maximum and minimum price of the period, the volume traded, and the stock exchange on which it trades. In the event of having or having had the services of a market maker in the previously mentioned periods, this situation must be indicated and explain in general terms the impact of the market maker's performance on the levels of operation and on the prices of the real estate fiduciary certificates, as well as on the maximum price differentials between buy and sell positions on said securities to which the market maker is or was subject in accordance with what is established by the corresponding stock exchange.

In the event that the quotation of the real estate fiduciary certificates has been suspended in the stock exchanges on which it trades, explain the reasons for said suspension.

iii)

Market maker.

If market maker services were received, the following information must be provided:

• The denomination of each market maker that has provided its services during the immediate previous year.
• The start of the validity, extension, or renewal of the contract with the market maker in question, its duration, and, if applicable, the termination or rescission of the corresponding contracts.
• The description of the services provided by the market maker; as well as the general terms and conditions of contracting, in the case of current contracts.
• The general description of the impact of the market maker's performance on the levels of operation and on the prices of the real estate fiduciary certificates with which said intermediary operates.

3)

THE ADMINISTRATOR OR OPERATOR OF THE TRUST'S ASSETS

a)

History and development of the administrator or operator of the assets

See Annex N, fraction II, subsection C), item 2), subsection a), in relation to the administrator or operator of the assets.

b)

Business description

See Annex N, fraction II, subsection C), item 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 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's assets or whoever is entrusted with such functions: name, sex, position, time 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 administrator of the trust's assets or whoever is entrusted with such functions 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 equivalents.

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's assets or whoever is entrusted with such functions, 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's assets or whoever is entrusted with such functions and of the members of the technical committee must be made known, indicating regarding 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.

The name, denomination, or corporate name of the holders of more than 10% of the issuer's securities in circulation must be provided.

If through a group of people, in terms of the Securities Market Law, any of the aforementioned scenarios are reached, said group must be identified, as well as the natural person considered as the main beneficiary holder that is part of it.

Additionally, the name and participation in the fiduciary certificates, in aggregate, of the members of the technical committee and relevant executives of the legal entity acting as the administrator of the trust's assets or whoever is entrusted with such functions, who maintain an individual holding in the fiduciary certificates greater than 1% and less than 10%, must be revealed.

When the information on the ownership of fiduciary certificates mentioned above does not present any change, its revelation in the annual report may be omitted, provided that, in substitution, reference is included to the public document in which said information can be consulted.

In the event that significant changes have occurred in the last 3 years, in the ownership percentage maintained by the main holders, this fact must also be revealed.

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 assemblies of holders, or appoint or dismiss the majority of the members of the technical committee, or direct, directly or indirectly, the administration, the strategy, or the 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 certificates they maintain, 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, as a whole, 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 administrator of the trust's assets or whoever is entrusted with such functions, and individuals who have the character of persons related to the latter, must be made known.

Additionally, the issuer must mention the subcommittees constituted to assist the technical committee in its functions, describing them briefly. Likewise, the names of the members that make up the committee(s) must be cited, as well as whether the committee(s) has at least one member who is a financial expert, and in case of not having the latter, the reasons must be informed. A financial expert will be understood as a person who has extensive experience as an external auditor, accountant, finance director, controller, 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 administrator of the trust's assets or whoever is entrusted with such functions 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 administrator of the trust's assets or whoever is entrusted with such functions, has a code of conduct.

4)

FINANCIAL INFORMATION

a)

Selected financial information of the trust

See Annex N, fraction II, subsection C), item 3), subsection a), in relation to the trust.

b)

Report on relevant credits

See Annex N, fraction II, subsection C), item 3), subsection c), in relation to the trust.

c)

Comments and analysis of management on operating results

See Annex N, fraction II, subsection C), item 3), subsection d), in relation to the trust.

d)

Estimates, provisions, or critical accounting reserves

See Annex N, fraction II, subsection C), item 3), subsection e), in relation to the trust.

For the aforementioned subsections, the subsections indicated in the index of this annex must be developed.

5)

INTERNAL MANAGEMENT FINANCIAL INFORMATION (company constituted for the purpose that the trust fulfills its object and whose shares representing the share capital or social parts are owned more than 50% by said trust).

a)

Selected financial information

See Annex N, fraction II, subsection C), item 3), subsection a), in relation to the Administrator or Operator of the assets.

b)

Comments and analysis of management on operating results

See Annex N, fraction II, subsection C), item 3), subsection d), in Administrator or Operator of the assets.

For the aforementioned subsections, the subsections indicated in the index of this annex must be developed.

6)

RESPONSIBLE PERSONS

Include the name and position of the persons who, in accordance with these provisions, must sign the document, this data must appear at the foot of the legends that the corresponding article of these provisions establishes.

7)

ANNEXES

III.

AUDITED FINANCIAL STATEMENTS

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

When compliance with the obligations regarding the securities that are issued under the

---

trust, depending totally or partially on the following legal entities, the financial statements indicated in Article 33, fraction I, subsection a), numeral 3 and Article 37, fraction I, subsection a), numeral 2 of these provisions shall be included, as applicable:

trustor, administrator or operator of the trust assets, 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 support, among others, or any relevant debtor.

IV.

ADDITIONAL INFORMATION

Where applicable, the report or opinion of the external auditor, who had performed any type of verification or validation regarding compliance by the trust estate administrator or operator, with 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.

---

ANNEX AA

Methodologies for the calculation of the leverage level or gearing, and of the

debt service coverage

index, applicable to fiduciary securities

for real estate, energy and infrastructure investment

or investment projects

I.

LEVERAGE LEVEL OR GEARING CALCULATION METHODOLOGY

a)

Regarding fiduciary real estate securities or energy and infrastructure investment:

Where:

Financing: To the aggregate amount corresponding to any credit, loan or

financing by virtue of which the issuer becomes obligated to pay, charged to the

trust estate, the principal and, where applicable, the financial accessories of the resources received.

Securities Debt: To the value of the titles in circulation issued by the issuer, representing

a liability charged to the trust estate, other than fiduciary development securities or, real estate.

Total Assets: To the sum of all asset items that form part of the issuer's

financial position statement.

b)

Regarding fiduciary development, real estate or investment project securities

in which the trust estate is intended to be predominantly

destined to granting credits, loans or financing and additionally intend to contract credits or

loans 1 :

Where:

Total Assets: To the sum of (i) all asset items that form part of the issuer's

financial position statement

Equity Titles: To the book value corresponding to fiduciary real estate securities

for development or energy and infrastructure investment issued as of the

close of the corresponding quarter.

II.

DEBT SERVICE COVERAGE INDEX CALCULATION METHODOLOGY

a)

Regarding fiduciary real estate securities and energy and infrastructure investment:

Where:

ICDt = Debt service coverage index at the close of quarter t.

AL0 = Liquid assets at the close of quarter 0 (that is at the close of the quarter being

reported), including cash and securities investments, but not restricted cash.

IVAt = Value Added Tax (VAT) to be recovered in the estimated recovery quarter

t

UOt = Estimated Operating Profit after the payment of scheduled distributions and any

other distribution for quarter t.

LR0 = Revolving Credit Lines in force, irrevocable and undrawn at the close of

quarter 0.

It = Estimated interest amortizations derived from financing for quarter t.

Pt = Scheduled principal amortizations of financing for quarter t.

Kt = Estimated recurring capital expenditures for quarter t.

Dt = Estimated non-discretionary development expenses for quarter t.

Regarding fiduciary real estate securities whose investment is made

predominantly in titles or rights of any type on real estate, the provisions relating to IVAt and Dt

shall not apply.

b)

Regarding fiduciary development and investment project securities:

Where :

ICDt = Debt service coverage index at the close of quarter t.

AL0 = Liquid assets at the close of quarter 0 (that is at the close of the quarter being

reported), including cash and securities investments, but not restricted cash.

UOt= Operating Profit is the income from interest on granted credits plus commissions

charged minus expenses for interest and commissions paid minus, where applicable, the creation of

reserves for risk or interest coverage purposes for quarter t.

LR0 = Revolving Credit Lines in force, irrevocable and undrawn at the close of

quarter 0.

ACt = Capital amortization of credit portfolio.

Dt = Distributions for quarter t. (Includes payment of principal of the securities and payments

of the

return)

Pt = Scheduled principal amortizations of financing for quarter t.

The estimates made for the calculation of the ICDt must be consistent with the

financing, distribution and operation policies followed by the issuer in the

quarter being reported, and be consistent with the observed levels of the market and

include verifiable operational assumptions.

The calculation of the amounts corresponding to assets, financing and other figures relating

to the different variables mentioned in this annex, shall be determined considering their

recognized or disclosed value, as applicable, in the consolidated financial information at the

close of the quarter, in accordance with the International Financial Reporting Standards

" International Financial Reporting Standards " issued by the International Accounting Standards Board " International Accounting Standards Board " applicable to the issuer.

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1

For the purposes of what is provided in this numeral, predominance shall be understood as at least 70% of the trust estate.

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