Resolution modifying the General Provisions establishing the accounting criteria for participants in the derivatives contracts market

DOF: 28/09/2023

RESOLUTION that modifies the General Provisions establishing the accounting criteria to which participants in the derivatives contracts market shall be subject.

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

Treasury and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on articles 98 Bis and 99, first paragraph, of the Credit Institutions Law; 205, second paragraph, of the Securities Market Law, as well as 4, paragraphs III, IV, V, XXXVI and XXXVIII; 16, paragraph I, of the Law of the National Banking and Securities Commission, in relation to the Sixtieth of the Prudential Provisions to which participants in the derivatives contracts market shall be subject, and

CONSIDERING

That, in accordance with article 78 of the General Law for Regulatory Improvement and with the purpose of reducing the cost of compliance with these provisions, the National Banking and Securities Commission through the issuance of the "Resolution that modifies the General Provisions applicable to savings and credit entities, integration organizations, community financial societies and rural financial integration organizations referred to in the Savings and Credit Popular Law" and the "Resolution that modifies the General Provisions applicable to credit institutions" published in the Official Gazette of the Federation on October 6, 2017 and April 26, 2018, respectively, eliminated various obligations; in the first resolution, the obligation to present the credit information report in terms of the Law to Regulate Credit Information Societies for those persons intending to participate in the social capital or constitute themselves as creditors with guarantee regarding the paid-up social capital of a popular financial entity, and in the second, the obligations provided in the norm on external audit of basic financial statements, since the latter were transferred to a new body of regulations;

That, in order to continue with the process of convergence of national and international accounting standards of the implementation project of International Financial Reporting Standard 9 ( International Financial Reporting Standards 9 or IFRS9 , by its name and acronym in English), which was adopted by the Mexican Council of Financial Reporting Standards, A.C. (CINIF), publishing eight new Financial Reporting Standards (NIF) that entered into force on January 1, 2018, it is proposed a modification to the regulatory framework applicable to clearing houses and liquidating members that participate in the derivatives contracts market, in order to incorporate updates in the matter of accounting criteria, as well as standards on valuation of securities and other financial instruments, and

That, with the purpose of having an accounting regulatory framework consistent with international criteria, not only issues related to financial instruments are incorporated but, in addition, the standards on leasing, revenue recognition and determination of fair value are strengthened, therefore it has resolved to issue the following:

RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS THAT ESTABLISH THE ACCOUNTING CRITERIA TO WHICH THE PARTICIPANTS OF THE DERIVATIVES CONTRACTS MARKET WILL BE SUBJECT

UNIQUE.- The provisions FIRST, second paragraph; SECOND, series A, both in their title and in criteria A-1 and A-4, series B, criterion B-1; series D, criteria D-1, D-2 and D-3; THIRD, series A, both in its title and in criteria A-1 and A-4, series B, criterion B-1 and series D, criteria, D-1, D-2 and D-3; FOURTH; FIFTH; SIXTH; SEVENTH; EIGHTH; NINTH, TENTH and TWELFTH, as well as the title of Chapters I "On Accounting Criteria" and II "On the Valuation of Securities and other financial instruments" both in the index and in the content; are ADDED provision THIRTEENTH, as well as Section One "General Provisions" which comprises provisions FIFTH to EIGHTH and Section Two "On the Contracting of Price Providers" which comprises provisions NINTH to THIRTEENTH, both of Chapter II; are REPEALED provisions SECOND, series B, criteria B-2 and B-5 and series C; THIRD, series B, criteria B-2 and B-5 and series C, and ELEVENTH; and are SUBSTITUTED Appendices 1 and 2 of the "General Provisions establishing the accounting criteria to which participants in the derivatives contracts market shall be subject", published in the Official Gazette of the Federation on February 2, 2011 and modified for the last time by means of the resolution published in the aforementioned dissemination medium on December 2, 2022, to read as follows:

"GENERAL PROVISIONS ESTABLISHING THE ACCOUNTING CRITERIA TO WHICH PARTICIPANTS IN THE DERIVATIVES CONTRACTS MARKET WILL BE SUBJECT

INDEX

Chapter I
On Accounting Criteria

Chapter II
On the Valuation of Securities and other financial instruments

First Section
General Provisions

Second Section
On the Contracting of Price Providers

List of Appendices

Appendix 1
Accounting Criteria for Clearing Houses.

Appendix 2
Accounting Criteria for Liquidating Members. "

" Chapter I
On Accounting Criteria

FIRST.-

...

Clearing Houses and Liquidating Members that participate in the derivatives contracts market, shall observe for the same effects, the "Accounting Criteria for Clearing Houses" and "Accounting Criteria for Liquidating Members", respectively, provided for in the present provisions.

SECOND.-

...

Series A.
Criteria relative to the general scheme of accounting for Clearing Houses

A-1. Basic scheme of the set of Accounting Criteria applicable to Clearing Houses.
A-2.

...

A-3.

...

A-4. Supplementary application to the Accounting Criteria.

Series B.

...

B-1.
Cash and cash equivalents.
B-2.
Repealed.
B-3.

...

B-4.

...

B-5.
Repealed.
B-6.

...

Series C. (Repealed)

Series D.

...

D-1.
Statement of financial position.
D-2.
Statement of comprehensive income.
D-3.
Statement of changes in equity.
D-4.

...

THIRD.-

...

Series A.
Criteria relative to the general scheme of accounting for Liquidating Members

A-1. Basic scheme of the set of Accounting Criteria applicable to Liquidating Members.
A-2.

...

A-3.

...

A-4. Supplementary application to the Accounting Criteria.

Series B.

...

B-1.
Cash and cash equivalents.
B-2.
Repealed.
B-3.

...

B-4

...

B-5.
Repealed.
B-6.

...

B-7.

...

Series C. (Repealed)

Series D

...

D-1.
Statement of financial position.
D-2.
Statement of comprehensive income.
D-3.
Statement of changes in equity.
D-4.

...

FOURTH.- In case there are systemic conditions that could affect the solvency or stability of more than one derivatives contracts exchange, Clearing House, Liquidating Members and operators participating in the derivatives contracts market, the National Banking and Securities Commission may issue special accounting criteria.

Likewise, the National Banking and Securities Commission may authorize the aforementioned derivatives contracts exchanges, Clearing Houses, Liquidating Members and operators that carry out financial rehabilitation or corporate restructuring processes, special accounting records that ensure their adequate solvency or stability.

In all cases, derivatives contracts exchanges, Clearing Houses, Liquidating Members and operators must disclose in the explanatory notes to the financial statements and in public financial information communications, at least, the following:

I.
That they have authorization from the National Banking and Securities Commission to apply the special accounting record in question due to being in a financial rehabilitation process corporate restructuring, or with a special accounting criterion in terms of what is provided in the first paragraph of this article, specifying the period for which they count with the authorization to apply the aforementioned criterion or record.

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

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

IV.

...

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

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

The National Banking and Securities Commission may revoke the special accounting criteria or records referred to in this provision when derivatives contracts exchanges, Clearing Houses, Liquidating Members and operators do not comply with the following three aspects:

I.
The disclosure requirements indicated in the third paragraph of this provision.

II.
The disclosure and additional information required by the National Banking and Securities Commission.

III.
The specifications in the application of the authorized accounting criterion or record.

Chapter II
On the Valuation of Securities and other financial instruments

First Section
General Provisions

FIFTH.- The provisions provided in this chapter have the purpose of establishing the requirements that Clearing Houses and Liquidating Members must follow in the matter of valuation of Securities and other financial instruments that form part of their statement of financial position.

SIXTH.- For the purposes of this chapter, the following shall be understood:

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

II.
Daily Settlement Price or Closing Price, in futures contracts, is the price of reference per unit of Underlying Asset that the derivatives exchange makes known to the Clearing House for the purposes of calculating Daily Settlement.

In Option Contracts it is the value of the premium per unit of Underlying Asset for each of the series that the derivatives exchange makes known to the Clearing House for purposes of calculating Daily Settlement.

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

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

...

In addition to the above, the terms Underlying Assets, Contributions, Minimum Initial Contributions, Derivative Contracts, Open Contracts and Excesses of Minimum Initial Contributions, in singular or plural, shall have the meaning attributed to them in the "Rules to which participants in the derivatives contracts market shall be subject", published in the Official Gazette of the Federation on December 31, 1996 and their respective modifications, or those that replace them.

SEVENTH.- Clearing Houses and Liquidating Members must apply Direct Vector Valuation on Securities and other financial instruments, repos, Contributions, Minimum Initial Contributions and Excesses of Minimum Initial Contributions made on said Securities, that form part of their statement of financial position.

Clearing Houses and Liquidating Members must perform the valuation of Derivative Contracts based on the Daily Settlement Price or Closing Price.

EIGHTH.- Clearing Houses and Liquidating Members will recognize the Updated Prices for Valuation on a daily basis in their accounting to determine the fair value of Securities and other financial instruments, repos, Contributions, Minimum Initial Contributions and Excesses of Minimum Initial Contributions that make up their statement of financial position, considering the information made known by their Price Provider or the Daily Settlement Price or Closing Price, in the case of Derivative Contracts.

Second Section
On the Contracting of Price Providers

NINTH.- The technical committee of each Clearing House and of Liquidating Members must approve the contracting of a single Price Provider for the purposes of these provisions.

Regarding Liquidating Members that are part of a business group or financial group, the Price Provider must be the same that the other entities comprising said group have contracted.

TENTH.- Clearing Houses and Liquidating Members must notify in writing to the National Banking and Securities Commission, through a free format and within ten business days following the celebration of the respective contract, the name of the Price Provider they contract, attaching a copy of the service contract.

In case of substitution of the Price Provider, this must be notified to the National Banking and Securities Commission thirty natural days in advance using a free format and attaching a copy of the service contract.

ELEVENTH.- (Repealed)

TWELFTH.- Clearing Houses and Liquidating Members must carry out periodic and systematic reviews of what is stated in this chapter, through the Subcommittee of Admission and Risk Management, or the one that replaces it, to monitor compliance with the norms applicable.

THIRTEENTH.- Clearing Houses and Liquidating Members must request from their Price Provider the necessary information to comply with the disclosure requirements on the determination of the Updated Price for Valuation contained in the Accounting Criteria. "

TRANSITORY PROVISIONS

FIRST.- These provisions will enter into force on January 1, 2024.

SECOND.- Clearing Houses and Liquidating Members, for the purpose of the initial application of the Accounting Criteria contained in Appendices 1 and 2 that are replaced with this Resolution, shall adhere to what is established in Financial Reporting Standard B-1 "Accounting changes and corrections of errors" applicable to Clearing Houses and to Liquidating Members, by virtue of what is established in the respective criterion A-2 "Application of particular standards" of Appendices 1 and 2 of the "General Provisions establishing the accounting criteria to which participants in the derivatives contracts market shall be subject" in force on December 31, 2023.

Clearing Houses and Liquidating Members must disclose in notes to the financial statements the main changes in accounting regulations that affect or could affect significantly their financial statements, as well as, the adoption mechanism and the adjustments carried out in the determination of the initial effects of the application of the Accounting Criteria contained in the present Resolution.

THIRD.- The basic consolidated quarterly and annual financial statements that, in accordance with the present Resolution, are required from Clearing Houses and Liquidating Members, corresponding to the period ending on December 31, 2024, may not present comparative information with each quarter of the 2023 fiscal year nor for the period ending on December 31, 2023.

Respectfully

Mexico City, September 19, 2023.- President of the National Banking and Securities Commission, Dr. Jesús de la Fuente Rodríguez.- Signature.

APPENDIX 1

ACCOUNTING CRITERIA FOR CLEARING HOUSES

CONTENTS

Series A.
Criteria relative to the general scheme of accounting for Clearing Houses

A - 1
Basic scheme of the set of Accounting Criteria applicable to Clearing Houses

A - 2
Application of particular standards

A - 3
Application of general standards

A - 4
Supplementary application to the Accounting Criteria

Series B.
Criteria relative to the concepts that make up the financial statements

B - 1
Cash and cash equivalents

B - 2
Repealed

B - 3
Repos

B - 4
Securities lending

B - 5
Repealed

B - 6
Contribution Fund and Compensation Fund

Series C.
Criteria applicable to specific concepts

C - 1
Repealed

C - 2
Repealed

Series D.
Criteria relative to the basic financial statements

D - 1
Statement of financial position

D - 2
Statement of comprehensive income

D - 3
Statement of changes in equity

D - 4
Statement of cash flows

A-1 BASIC SCHEME OF THE SET OF ACCOUNTING CRITERIA APPLICABLE TO CLEARING HOUSES

Objective

This criterion aims to define the basic scheme of the set of accounting guidelines applicable to Clearing Houses (the entities).

Concepts that make up the basic structure of accounting in entities

The accounting of the entities will be adjusted to the basic structure that, for the application of the Financial Reporting Standards (NIF), was defined by the Mexican Council of Financial Reporting Standards, A.C. (CINIF), in NIF A-1 "Conceptual Framework of Financial Reporting Standards" (NIF A-1), or the one that replaces it.

In virtue of this, the entities will consider in the first instance the standards contained in NIF A-1, as well as what is established in criterion A-4 "Supplementary application to the Accounting Criteria".

In this way, the entities will observe the accounting guidelines of the NIF, except when in the judgment of the National Banking and Securities Commission (CNBV) it is necessary to apply a regulation or a Specific Accounting Criterion, taking into consideration that the entities carry out specialized operations.

The CNBV regulation referred to in the previous paragraph will be at the level of standards of recognition, valuation, presentation and, if applicable, disclosure, applicable to specific items within the financial statements of the entities, as well as those applicable to their preparation.

The application of Accounting Criteria, nor the concept of supplementarity, will not proceed in the case of operations that by express legislation are not permitted or are prohibited, or well, are not expressly authorized to the entities.

A-2 APPLICATION OF PARTICULAR STANDARDS

Objective and scope

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

The subject matter of this criterion is:

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

b) the clarifications to the particular standards contained in the NIF.

Financial Reporting Standards

In accordance with what is established in criterion A-1 "Basic scheme of the set of Accounting Criteria applicable to Clearing Houses", the entities will observe, until there is no express pronouncement by the CNBV, the particular standards contained in the bulletins or NIFs that are detailed below, or in the NIFs that replace or modify them:

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

Accounting changes and corrections of errors ................................................................... B-1

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

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

Financial information at interim dates ...................................................................... B-9

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

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

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

Events after the reporting date ................................................................................... B-13

Conversion of foreign currencies ............................................................................... B-15

Determination of fair value ......................................................................................... B-17

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

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

Accounts receivable .................................................................................................. C-3

Prepayments ........................................................................................................... C-5

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

Investments in associates, joint ventures and other permanent investments ................... C-7

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

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

Derivative financial instruments and hedge relationships ............................................. C-10

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

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

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

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

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

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

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

Financial instruments payable ............................................................................ C-19

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

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

Series NIF D " Standards applicable to profit determination issues "

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

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

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

Income tax ............................................................................................... D-4

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

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

Likewise, the glossary of terms of the NIFs shall apply with respect to the NIFs detailed in this paragraph.

Additionally, entities shall observe the NIFs issued by the CINIF on topics not foreseen in the Accounting Criteria for Clearing Houses, provided that:

a) they are in force;

b) they are not applied in advance of their effective date;

c) they do not contravene the philosophy and general concepts established in the Accounting Criteria for Clearing Houses, and

d) there is no express pronouncement by the CNBV.

Clarifications to the particular standards contained in the NIFs

Taking into consideration that entities carry out specialized operations, it is necessary to establish clarifications that adapt the particular standards of recognition, valuation, presentation and, where applicable, disclosure, established by the CINIF. In virtue thereof, entities when observing what is established in the preceding paragraphs, shall adjust to the following:

B-9

Financial information at interim dates

The provisions of NIF B-9 must be applied to the financial information issued at interim dates, including the quarterly information that must be published or disseminated through the website corresponding to the entities in accordance with the " Rules to which participants in the derivatives contract market shall be subject ", issued jointly by the Ministry of Finance and Public Credit, the Bank of Mexico and the CNBV.

For the purposes of disclosing the information issued at interim dates, entities shall observe the provisions regarding the disclosure of financial information contained in criterion A-3 " Application of general standards ".

B-10

Effects of inflation

Determination of the monetary position

In the case of an inflationary environment based on what is stated by NIF B-10, entities shall disclose the opening balance of the main monetary assets and liabilities that were used for determination of the monetary position of the period.

Price index

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

Result from monetary position

The result from monetary position (REPOMO) that has not been capitalized in terms of what is established in NIF B-10, must be presented in the statement of comprehensive income in a specific item within the result of the operation.

B-11

Disposal of long-lived assets and discontinued operations

Entities shall disclose the breakdown of the net amount generated by discontinued operations required in paragraph 60.1 a) of NIF B-11, as well as the amount of revenue from ongoing operations and from discontinued operations attributable to the controlling interest referred to in paragraph 60.1 d) of the aforementioned NIF, instead of presenting such information in the statement of comprehensive income.

B-15

Conversion of foreign currencies

In the application of NIF B-15, the exchange rate to be used to establish the equivalence of the national currency with the United States dollar shall be the closing daily exchange rate on the date of the transaction or of the preparation of the financial statements, as applicable, published by the Bank of Mexico on its website www.banxico.org.mx or the one that replaces it.

In the case of currencies other than the United States dollar, they must convert the respective currency to United States dollars. To carry out such conversion they shall consider the quotation that governs the corresponding currency in relation to the mentioned dollar in international markets, as established by the Bank of Mexico in the applicable regulation.

Likewise, the amount of transactions denominated in foreign currency by the most relevant currencies for the entities, as well as the exchange rate used and its equivalent in national currency, shall be disclosed in notes to the financial statements, in accordance with what is stated in the two preceding paragraphs.

B-17

Determination of fair value

Entities shall not apply what is established in this NIF with respect to the valuation of securities and other financial instruments, the reports, contributions, Minimum Initial Contributions and Excesses of the Minimum Initial Contributions that arise from such securities, always adhering to what is established in Chapter II of the " General Provisions establishing the Accounting Criteria to which participants in the derivatives contract market shall be subject " (Provisions).

In the case of assets or liabilities other than those indicated in the preceding paragraph, NIF B-17 must be applied when another particular NIF or accounting criterion requires or allows valuations at fair value and/or disclosures regarding the same.

C-2

Investment in financial instruments

Entities that perform reclassifications of their investments in financial instruments under section 44 of NIF C-2, shall inform this fact in writing to the CNBV within 10 business days following the authorization issued for such purposes by its technical committee, detailing the change in the business model that justifies it.

C-3

Accounts receivable

Scope

For the purposes of NIF C-3, accounts receivable derived from the operations referred to in criteria B-3 " Repos " and B-4 " Securities lending " issued by the CNBV shall not be included, as the standards of recognition, valuation presentation and disclosure applicable are contained therein.

C-9

Provisions, contingencies and commitments

Scope

What is established in NIF C-9 shall not be applicable to the operations referred to in criterion B-6 " Contribution Fund and Compensation Fund ".

C-10

Derivative financial instruments and hedge relationships

Entities in the recognition and valuation of quoted derivative financial instruments on recognized markets or exchanges, it shall be considered that the rights and obligations relating thereto have expired when the risk position is closed, that is, when a derivative of a contrary nature is carried out in said market or exchange with the same characteristics (for example, when a purchase future is contracted to cancel the effects of a sale future (issued) on the same underlying, with the same maturity date and in general under conditions that neutralize gains or losses of one and the other).

C-11

Equity

For the purposes of NIF C-11, equity shall be understood as net worth, which corresponds to the right of the trustees of the entity over the net assets, which arises from the contributions of the settlors backed by statements of fiduciary rights for the constitution of the minimum net worth, the Contribution Fund, the Compensation Fund and the excesses of minimum net worth referred to in the applicable regulation, the contributions for future increases in net worth formalized by the technical committee and the premium for the issuance of fiduciary rights, as well as the gains or losses generated in the operation of the entity. Accounting net worth shall be divided into contributed net worth and earned net worth.

Contributed net worth is represented by the sum of the value of the statements of fiduciary rights.

Earned net worth corresponds to the result of the operational activities of the entity and other events or circumstances that affect it.

Notes to the financial statements shall disclose all characteristics of net worth and its restrictions, as well as the investment regime applicable to minimum net worth.

Likewise, in addition to the disclosures for capital reserves provided in NIF C-11, the policies established by the technical committee for the constitution of reserves for the Complementary Fund and for business risk mitigation, in accordance with the applicable regulations, shall be disclosed.

C-13

Related parties

For the purposes of complying with the disclosure standards contained in NIF C-13, the entities shall additionally consider as a related party:

a ) the members of the technical committee of the entities or the board of directors of the controlling company, or of the financial entities and companies that are part of the financial group to which, if applicable, it belongs;

b ) persons other than key management personnel or relevant executives or employees who with their signature can generate obligations for the entities;

c ) legal entities in which the key management personnel or relevant executives of the entity are directors or administrators or occupy any of the first three levels hierarchy in said legal entities, and

d ) legal entities in which any of the persons indicated in the sub-paragraphs above, as well as in NIF C-13 have command power understood as the capacity in fact to influence decisively in the agreements adopted within the technical committee of the entities.

In addition to the disclosures required by NIF C-13, entities shall disclose in aggregate form, through notes to the financial statements, regarding related party operations that may be carried out, the following information:

a ) a generic description of the operations, such as:

operations with financial instruments in which the issuer and the holder are related
parties,
repos,
securities lending,
derivative financial instruments,
those carried out through any person, trust, entity or other legal figure,
when the counterparty and source of payment of such operations depends on a related party;

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

c ) the total amount of employee benefits granted to key management personnel or relevant executives of the entity.

Disclosure of related party operations is only required if they represent more than 5% of the accounting net worth of the month prior to the date of preparation of the corresponding financial information.

C-14

Transfer and derecognition of financial assets

With respect to the collateral received referred to in paragraph 44.7 of NIF C-14, the recipient shall recognize the received collateral in off-balance sheet accounts. In cases where the recipient has the right to sell or pledge the collateral, the transferor shall reclassify the asset as restricted.

Recognition of financial assets

When the transfer results in a derecognition of the financial asset by the transferor, the entity recipient shall recognize a financial asset (or portion thereof) or a group of financial assets (or portion of said group) in its statement of financial position, if and only if, it acquires the rights and contractual obligations related to said financial asset (or portion thereof). To do so, the entity shall:

a ) recognize the financial assets received at their fair value, which, presumably, corresponds to the price agreed in the transfer operation. Subsequently, such assets shall be valued in accordance with the applicable criterion in conformity with their nature;

b ) recognize the new rights obtained or new obligations incurred as a result of the transfer, valued at their fair value;

c ) derecognize the consideration granted in the operation at its net book value (for example, considering any associated estimate) and recognizing in the results of the fiscal year any unamortized item related to such consideration, and

d ) recognize in the results of the fiscal year any difference, if any, arising from the transfer operation.

C-16

Deterioration of financial instruments receivable

Estimation of expected credit losses

For accounts receivable, as well as for the loans that entities grant to their officials and employees, entities shall create, if applicable, an estimate that reflects their degree of uncollectability. Such estimate shall be obtained by applying what is provided in section 42 of NIF C-16.

When the entity uses the practical solutions referred to in paragraph 42.6 of NIF C-16, the constitution of estimates shall be for the total amount of the debt and shall not exceed the following periods:

a ) within 60 calendar days following their initial registration, when they correspond to unidentified debtors, and

b ) within 90 calendar days following their initial registration, when they correspond to identified debtors.

No estimation of expected credit losses shall be constituted for:

a ) tax balances in favor, and

b ) creditable value added tax.

C-19

Financial instruments payable

Scope

For the purposes of NIF C-19, liabilities related to the operations referred to in criteria B-3 and B-4 are not included, as these are contemplated in said criteria.

Initial recognition of a financial instrument payable

What is established in paragraph 41.1.1 item 4 of NIF C-19 regarding using the market rate as the effective interest rate in the valuation of the financial instrument payable when both rates are substantially different shall not be applicable.

Financial instruments payable valued at fair value

The exception for irrevocably designating at initial recognition a financial instrument payable to be subsequently valued at its fair value with effect on net income referred to in section 42.2 of NIF C-19 shall not be applicable to entities.

C-20

Financial instruments to collect principal and interest

Initial recognition of a financial instrument to collect principal and interest

What is established in paragraph 41.1.1 item 4 of NIF C-20 regarding using the market rate as the effective interest rate in the valuation of the financial instrument to collect principal and interest when both rates are substantially different shall not be applicable.

Fair value option

The option to irrevocably designate at initial recognition a financial instrument to collect principal and interest, to be subsequently valued at its fair value with effect on net income referred to in paragraph 41.3.4 of NIF C-20 shall not be applicable to entities.

Loans to officials and employees

Interest arising from loans to officials and employees shall be presented in the statement of comprehensive income in the item of other income (expenses) of the operation.

D-3

Employee benefits

Notes to the financial statements shall disclose the identification of obligations for employee benefits in: short-term direct benefits, long-term direct benefits, termination benefits and post-employment benefits.

Assets for employee benefits arising from the application of this NIF shall be part of the item of prepaid expenses and other assets.

D-4

Income tax

With respect to the disclosure required in NIF D-4 on the concepts of temporary differences, additionally, those differences related to the main operations of the entities shall be disclosed.

D-5

Leases

Finance leases

Requirements

For the purposes of the requirements established in paragraph 42.1.4 item c) and item d) of NIF D-5, it shall be understood that the lease term covers the major part of the economic life of the Underlying Asset if such lease covers at least 75% of its useful life. Likewise, the present value of the payments for the lease is substantially all of the fair value of the Underlying Asset if such present value constitutes at least 90% of the fair value.

A-3 APPLICATION OF GENERAL STANDARDS

Objective and scope

The present criterion aims to specify the establishment of general application standards that entities shall observe.

The subject matter of this criterion is the establishment of general standards that must be considered in the recognition, valuation, presentation and disclosure applicable to the Accounting Criteria for Clearing Houses.

Restricted assets

These are considered as such all those assets with respect to which there are circumstances by which they cannot be disposed of or used, and must remain in the same item from which they originated. Likewise, those assets from operations that do not settle on the same day shall be considered part of this category, that is, they are received with a value date different from the date of agreement.

For this type of assets, this fact and its balance by type of operation shall be disclosed in a note to the financial statements.

Clearing accounts

With respect to the active and passive operations carried out by entities, for example, in matters of investments in financial instruments, repos, securities lending, derivative financial instruments and the Minimum Initial Contributions that the Clearing House requires from the Clearing Members for the Contribution Fund for the positions they hold, once these reach their maturity and while the corresponding settlement is not received or delivered, according to what has been agreed in the respective contract, the amount of the operations due to be collected or to be paid shall be recorded in clearing accounts (debtors or creditors for settlement of operations).

Likewise, for operations in which immediate settlement or same-day value date is not agreed, including those of foreign exchange sales and purchases, on the date of agreement the amount to be collected or to be paid shall be recorded in clearing accounts, until its settlement is effected. The estimation of expected credit losses corresponding to the aforementioned amounts to be collected shall be determined in accordance with what is established in NIF C-16 " Deterioration of financial instruments receivable ".

For the purposes of presentation of the financial statements, clearing accounts shall be presented in the item of accounts receivable (net) or other accounts payable, as applicable. The balance of debtor and creditor clearing accounts may be offset in accordance with what is established by the offsetting rules provided in NIF B-12 " Offset of financial assets and financial liabilities ".

With respect to the operations referred to in paragraph 6, the balance to be collected or to be paid shall be disclosed, for each type of operation from which they originate (foreign exchange, investments in financial instruments, repos, securities lending, Minimum Initial Contributions, etc.), specifying that these are operations agreed upon in which settlement is pending.

Various estimates and provisions

Estimates or provisions with undefined and/or unquantifiable purposes shall not be created, increased or decreased against the results of the fiscal year. In any case, entities shall attend to the regulation that the CNBV indicates regarding the determination of estimates and/or provisions.

Accrued interest

Accrued interest for the different asset or liability items shall be presented in the statement of financial position together with their corresponding principal.

Recognition or cancellation of assets and/or liabilities

The recognition or cancellation in the financial statements of assets and/or liabilities, including those arising from foreign exchange sales and purchases, investments in financial instruments, repos, securities lending and derivative financial instruments, shall be carried out on the date that they economically affect the entity, regardless of the settlement date or delivery of the good.

Disclosure of financial information

With regard to the disclosure of financial information, what is established in NIF A-1, Chapter 80 " Presentation and disclosure " shall be taken into account, with respect to the responsibility for providing information on the economic entity resting on its administration, and such information must meet certain qualitative characteristics such as; relevance, faithful representation, comparability, verifiability, timeliness and understandability, based on what is provided in NIF A-1, Chapter 40 " Qualitative characteristics of financial statements ".

Entities in compliance with the disclosure standards provided in these Accounting Criteria shall consider materiality in terms of NIF A-1, Chapter 40 " Qualitative characteristics of financial statements ", that is, they shall show the most significant aspects of the entity recognized accounting as stated by this characteristic associated with relevance.

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

However, with respect to relative importance, this will not be applicable to information:

required by the CNBV through general provisions issued for this purpose,

different from those contained in these criteria;

additional specific information required by the CNBV, related to its supervisory activities, and

required through the issuance or authorization, where applicable, of special accounting criteria or records.

Disclosures related to the determination of fair value

Entities regarding the Current Price for Valuation provided by the Price Provider in the determination of fair value in accordance with Chapter II of the Provisions, in addition to what is stated in the accounting criteria or the corresponding NIFs, must disclose, at a minimum, the following:

the level of the hierarchy of the Current Price for Valuation (or fair value hierarchy) within which the fair value determinations are classified, in accordance with the following:

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

ii.

Level 2, prices obtained with Level 2 input data.

iii.

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

in the event that there is any change in the valuation model, that change and the reasons for making it must be disclosed;

when there are changes from one period to another in the classification of the hierarchy of the Current Price for Valuation with respect to the same value or financial instrument:

the amounts of transfers between Level 1 and Level 2 of the hierarchy of the Current Price for Valuation,

ii.

the amounts of transfers to or from Level 3 of the hierarchy of the Current Price for Valuation.

for those current prices for valuation classified in Level 3, a reconciliation of opening balances with closing balances, disclosing separately the changes during the period attributable to total gains or losses of the period recognized in net income and those recognized in other comprehensive income (OCI);

when there is a significant decrease in volume or level of activity in relation to normal market activity for a certain value or financial instrument, or in the presence of disordered conditions, the adjustments that have been applied to the Current Price for Valuation, if any, must be explained, and

the name of the Price Provider, if any, that has provided the Current Price for Valuation.

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

Valuation of UDI

The value to be used will be that made known by the Bank of Mexico in the Official Gazette of the Federation (DOF), applicable on the date of valuation.

A-4 SUPPLEMENTARY APPLICATION TO ACCOUNTING CRITERIA

Objective and scope

This criterion aims to clarify the application of the standards contained in NIF A-1, Chapter 90 "Supplementarity" issued by CINIF, considering that, when applying it, financial information is being prepared and presented in accordance with Accounting Criteria for Clearing Houses.

Definition

For the purposes of the Accounting Criteria for Clearing Houses, the process of supplementarity applies when, in the absence of specific accounting standards issued by the CNBV in particular, and by CINIF in general, these are covered by a formal and recognized set of standards.

Concept of supplementarity and basic standard

In the absence of a specific CNBV Accounting Criterion for entities and, secondarily, for credit institutions, or in a broader context, of NIFs, the bases for supplementarity provided for in NIF A-1, Chapter 90 mentioned above, together with what is provided for in the provisions of this criterion, will be applied.

Other supplementary regulations

Only in the event that the International Financial Reporting Standards (IFRS) referred to in NIF A-1, Chapter 90 do not provide a solution to accounting recognition, one may opt for a supplementary standard belonging to any other regulatory scheme, provided that it meets all the requirements stated in the aforementioned NIF A-1, Chapter 90 for a supplementary standard, as well as those provided for in paragraph 6 of this criterion, and supplementarity must be applied in the following order:

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

any accounting standard that is part of a formal and recognized set of standards.

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

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

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

Requirements of a supplementary standard and rules of supplementarity

In addition to what is established in the aforementioned NIF A-1, Chapter 90, the standards that are applied supplementarily must comply with the following:

they cannot be applied in advance;

they must not contravene the philosophy and general concepts established in the Accounting Criteria for Clearing Houses;

the process of supplementarity, if any, provided for within each of the standards used supplementarily will not be applicable, except when such supplementarity meets the aforementioned subsections and has the authorization of this CNBV, and

the standards that have been applied in the process of supplementarity will be replaced, at the moment that a specific Accounting Criterion is issued by the CNBV or an NIF, on the subject to which that process was applied.

Disclosure standards

Entities that follow the supplementary process recorded in this criterion must communicate in writing to the vice presidency of the CNBV responsible for their supervision within 10 natural days following its application, the accounting standard that has been adopted supplementarily, as well as its basis of application and the source used. Additionally, entities must disclose through notes to the financial statements, the information requested in the aforementioned NIF A-1, Chapter 90 and the quantification of its impacts on the financial statements.

B-1 CASH AND CASH EQUIVALENTS

Objective and scope

This criterion aims to define the specific standards relative to the recognition, valuation, presentation, and disclosure in the financial statements of the items that make up the cash and cash equivalents item in the statement of financial position of entities.

Definitions

Cash.- It is legal tender and foreign currency in cash, as well as deposits in financial entities made in the country or abroad available for the entity's operation such as, availability in checking accounts.

Cash equivalents.- They are short-term, highly liquid securities, easily convertible into cash that are subject to insignificant risks of changes in their value and are held to meet short-term commitments rather than for investment purposes; they can be denominated in national or foreign currency, for example, the purchase of currencies that are not considered financial derivatives instruments as established by the Bank of Mexico in the applicable regulation, as well as other cash equivalents such as highly liquid financial instruments.

Highly liquid financial instruments.- They are securities whose disposal is expected within a maximum of 48 hours from their acquisition, generate returns and have insignificant risks of changes in their value.

Deposits in financial entities represented or invested in securities, which do not meet the assumptions provided for in the two previous paragraphs, will be subject to NIF C-2 "Investment in financial instruments".

Recognition standards

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

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

The returns generated by cash and cash equivalents will be recognized in the results of the period as they accrue.

Currencies acquired that are agreed to be settled on a date subsequent to the agreement of the purchase-sale operation will be recognized on that agreement date as restricted cash and cash equivalents (currencies to be received), while, the currencies sold will be recorded as an outflow of cash and cash equivalents (currencies to be delivered). The counterparty must be a clearing, creditor, or debtor account, as appropriate, in accordance with what is established in criterion A-3 "Application of general standards".

Valuation standards

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

Highly liquid financial instruments must be valued based on what is established in the standards on financial instruments, according to the business model that corresponds to each type of instrument.

Presentation standards

Statement of financial position

The item of cash and cash equivalents must be shown in the statement of financial position of entities as the first item that makes up the asset, including restricted cash and cash equivalents.

In the event that there is an overdraft in checking accounts reported in the statement issued by the corresponding credit institution, the amount of the overdraft must be presented in the item of other accounts payable, even if other checking accounts with the same credit institution are maintained. Likewise, if the compensated balance of currencies to be received with currencies to be delivered or any concept that makes up the item of cash and cash equivalents, were to show a negative balance, that concept must be presented in the item of other accounts payable.

Statement of comprehensive income

The returns generated by deposits in financial entities, as well as the valuation effects of those constituted in foreign currency, will be presented in the statement of comprehensive income, as an interest income or expense, while the valuation and sale results of currencies will be grouped in the item of fair value valuation result or sale result, as appropriate, to which criterion D-2 "Statement of comprehensive income" refers.

Disclosure standards

The item of cash and cash equivalents will be broken down through notes to the financial statements including, as appropriate, cash, deposits in financial entities made in the country and abroad and, finally, other cash equivalents. Likewise, the following rules must be observed, where applicable:

when any item within the item has a restriction regarding availability or purpose to which it is destined, its amount, the reasons for its restriction, and the probable date on which it will expire must be disclosed;

in the event that the balance of cash and cash equivalents is presented in the liability, in terms of what is stated in paragraph 13, this fact and the causes that gave rise to it must be disclosed;

the existence of cash and cash equivalents denominated in foreign currency must be disclosed, indicating its amount, type of currency involved, settlement term, quotations used for its conversion, and its equivalent in national currency, and

disclose the effect of subsequent events that, due to their importance, have substantially modified the valuation of cash and cash equivalents in foreign currency and in highly liquid financial instruments, between the date of the financial statements and the date in which they are authorized for issuance, in accordance with NIF B-13 "Subsequent events after the date of the financial statements".

B-3 REPO OPERATIONS

Objective and scope

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

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

Definitions

Financial asset.- A right arising from a contract, which grants monetary economic resources to the entity. Therefore, it includes among others:

cash or cash equivalents;

financial instruments generated by a contract, such as an investment in a debt or equity instrument issued by a third party;

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

a contractual right to exchange financial assets or financial liabilities with a third party on favorable conditions for the entity, or

a right that will be collected with a variable number of equity instruments issued by the entity itself.

Substantially similar financial assets.- Those financial assets that, among others, maintain the same primary obligor, identical form and type (which generates substantially the same risks and benefits), same maturity date, identical contractual interest rate, similar collateral, same outstanding balance.

Derecognition of financial assets.- It is the total or partial elimination of a previously recognized financial asset in the statement of financial position of an entity, which takes place when that item no longer meets the definition of an asset, that is, when the entity loses control of it.

Collateral.- It is the safeguard constituted by an asset or group of assets to guarantee the payment of agreed counterpayments. For the purposes of repo operations, the collateral will at all times be those permitted in accordance with current regulation.

Counterpayments.- Cash and cash equivalents, the right to receive all or specific portions of cash flows from a trust, entity, or other figure, equity financial instruments, derivative financial instruments, or any other type of asset that is obtained in a transfer of financial assets, including any obligation incurred. For the purposes of repo operations, the counterpayments will at all times be those permitted in accordance with current regulation.

Amortized cost.- It is a historical cost valuation basis applicable to financial assets and reflects the present value of future flows. For variable rate instruments, the discount rate is updated to reflect changes in it. The amortized cost of a financial asset is updated over time to describe subsequent changes, such as the accrual of interest, the impairment of the financial asset, and collections and payments.

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

Effective interest method.- It is the one used in the calculation of the amortized cost of a financial instrument to distribute its effective interest income or expense in the corresponding periods of the life of the financial instrument.

Cash-oriented repo operations.- Transaction motivated by the need of the repo seller to obtain cash financing and the intention of the repo buyer to invest its excess cash.

Value-oriented repo operations.- Transaction motivated by the need of the repo buyer to temporarily access certain specific financial instruments and the intention of the repo seller to increase the returns of its investments in financial instruments.

Fixed price at maturity.- It is that right or obligation, as the case may be, represented by the agreed price plus the repo interest, agreed in the operation.

Agreed price.- It represents the right or obligation to receive or deliver resources, agreed at the beginning of the operation.

Repo seller (Reportada).

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

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

Repo.- Operation by means of which the repo buyer acquires by a sum of money the ownership of credit titles, and obligates itself to transfer to the repo seller the ownership of as many titles of the same species, in the agreed term and against reimbursement of the same price plus a premium. The premium remains for the benefit of the repo buyer, unless otherwise agreed.

Effective interest rate.- It is the rate that exactly discounts the estimated future cash flows that will be collected or settled during the expected life of a financial instrument in the determination of its amortized cost; its calculation must consider the contractual cash flows and the relative transaction costs.

Repo rate.- It is the agreed rate with which the payment of interest for the use of cash in the repo operation is determined.

Fair value.- It is the exit price that, on the valuation date, would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

Characteristics

Economic and legal substance of repo operations

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

In this regard, the financial assets granted as collateral by the repo seller, which do not meet the requirements to be derecognized in terms of what is established by NIF C-14, continue to be recognized in their statement of financial position, since they retain the risks, benefits, and control of them; that is, if there were any change in the fair value, accrual of interest, or dividends were declared on the financial assets granted as collateral, the repo seller is exposed, and therefore recognizes, such effects in its financial statements.

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

Difference with respect to securities lending

Additionally, although the legal scheme of repo operations differs from that established for securities lending referred to in criterion B-4 "Securities lending", since repo operations provide for the commitment to reacquire the financial asset subject to the operation at the fixed price at maturity, while securities lending do not consider the reacquisition of the same, since the risks, benefits, nor control are not substantially transferred, but the return of the financial asset to the lender; the accounting treatment is similar, in virtue that both operations imply the temporary transfer of financial assets in exchange for cash or other collateral.

For the aforementioned reasons and in consistency with the basic postulates referred to in NIF A-1, Chapter 20 "Basic postulates", the economic substance must prevail over the legal form for the accounting treatment of repo or securities lending operations, which is similar in both operations.

Intentionality of repo operations

In repo operations, there are generally two types of intentions, either of the repo seller or the repo buyer: the "cash-oriented" or the "value-oriented".

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

In this sense, the repo seller pays the repo buyer interest on the cash received as financing, calculated based on the agreed repo rate (which is usually lower than the

existing market rate for unsecured financing). On the other hand, the lender achieves returns on its investment whose payment is secured through collateral.

In a "securities-oriented" repo, the lender's intention is to temporarily access certain specific securities held by the borrower (for example, if the lender, through a previous repo operation in which it acted as the borrower, incurred a commitment regarding a security similar to the subject of the new operation), providing cash as collateral, which serves to mitigate the exposure to risk faced by the borrower with respect to the lender.

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

In repo operations, an agreed price is usually established whose value is above or below the cash exchanged, so the difference between the cash exchanged and the agreed price aims to protect the counterparty exposed to the risks of the operation (for example, against market risk). If the operation is "cash-oriented," the borrower generally provides financial assets as collateral at an agreed price lower than market value, so their fair value is higher than the cash received; in contrast, if it is "securities-oriented," the lender will generally receive securities as collateral at an agreed price higher than market value, so their fair value is below the cash provided.

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

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

Recognition and Valuation Standards

Lender

On the date of contracting the repo operation, acting as the lender, the entity must recognize the outflow of cash and cash equivalents, or a creditor settlement account, recording a receivable initially measured at the agreed price, which represents the right to recover the cash delivered.

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

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

Collateral Provided and Received Other Than Cash

The collateral provided by the borrower to the lender (other than cash) shall be recognized as follows:

a )

the lender shall recognize the received collateral in off-balance-sheet accounts, following for its valuation the guidelines established in the Accounting Criterion for Clearing Houses that applies;

b )

the lender, upon selling the collateral or pledging it, shall recognize the resources derived from the transaction, as well as a payable account for the obligation to return the collateral to the borrower (initially measured at the agreed price) which shall be valued, in the case of sale, at its fair value or, in case it is pledged in a securities lending operation, at its amortized cost (any difference between the price received and the value of the payable account shall be recognized in the results of the period);

c )

in case the borrower fails to meet the conditions established in the contract, and therefore cannot claim the collateral, the lender shall recognize in its statement of financial position the entry of the collateral, as established in these Accounting Criteria, according to the type of asset involved, against the receivable referred to in paragraph 34, or in case it had previously sold the collateral, it shall derecognize the payable account referred to in item b), relating to the obligation to return the collateral to the borrower;

d )

the lender shall recognize the collateral in its financial statements only in off-balance-sheet accounts, with the exception of what is established in item c) above, that is, when the risks, benefits, and control of the collateral have been transferred due to the borrower's default, and

e )

the off-balance-sheet accounts recognized for collateral received by the lender shall be cancelled when the repo operation reaches maturity or there is default by the borrower.

In the case of operations where the lender sells, or in turn, pledges the received collateral (for example, when a securities lending operation is agreed), it shall keep control of said sold or pledged collateral in off-balance-sheet accounts, following for its valuation the guidelines of the Accounting Criterion for Clearing Houses that applies.

The off-balance-sheet accounts recognized for received collateral that have in turn been sold or pledged by the lender shall be cancelled when the entity acquires the sold collateral to return it to the borrower, or when the second operation in which the collateral was pledged reaches maturity, or there is default by the counterparty.

Presentation Standards

Statement of Financial Position

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

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

The payable account referred to in item b) of paragraph 37, which represents the lender's obligation to return to the borrower the collateral that it had sold or pledged, shall be presented within the statement of financial position, under the item of collateral sold or pledged.

The off-balance-sheet accounts referred to in paragraph 38, regarding those collateral received by the lender that have in turn been sold or pledged (for example, in securities lending operations), shall be presented under the item of collateral received and sold or pledged by the entity.

Statement of Comprehensive Income

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

The difference referred to in item b) of paragraph 37, if any, generated by the sale, shall be presented under the item of gain/loss on sale.

The fair value valuation of the payable account referred to in item b) of paragraph 37, which represents the lender's obligation to return to the borrower the collateral it had sold, shall be presented under the item of gain/loss on fair value valuation.

Offsetting of Financial Assets and Liabilities

For the purpose of offsetting between financial assets and liabilities acting as the lender, the entity shall comply with what is stated in NIF B-12 "Offsetting of financial assets and financial liabilities".

Disclosure Standards

Entities shall disclose through notes to the financial statements, the information corresponding to repo operations as follows:

a )

that relating to the total amount of operations carried out;

b )

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

c )

average terms in the contracting of outstanding repo operations;

d )

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

e )

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

f )

the agreed rate in relevant operations.

B-4 SECURITIES LENDING

Objective and Scope

This criterion aims to define the particular rules regarding recognition, valuation, presentation, and disclosure in the financial statements, of securities lending operations carried out by entities acting on their own account.

The treatment of operations that, in accordance with what is established in NIF C-14 "Transfer and Derecognition of Financial Assets", meet the requirements to derecognize the financial assets subject to them, by virtue of the transfer of risks, benefits, and control of said financial assets, is not the subject of this criterion, so what is established in NIF C-2 "Investment in Financial Instruments" shall be attended to.

Definitions

Financial Asset .- A right arising from a contract, which provides monetary economic resources to the entity. Therefore, it includes, among others:

a )

cash or cash equivalents;

b )

financial instruments generated by a contract, such as an investment in a debt or equity instrument issued by a third party;

c )

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

d )

a contractual right to exchange financial assets or financial liabilities with a third party on favorable terms for the entity, or

e )

a right that will be collected with a variable number of equity instruments issued by the entity itself.

Substantially Similar Financial Assets .- Those financial assets that, among others, maintain the same primary obligor, identical form and type (which generates substantially the same risks and benefits), same maturity date, identical contractual interest rate, similar collateral, same outstanding balance.

Derecognition of Financial Assets .- The total or partial elimination of a financial asset previously recognized in the statement of financial position of an entity, which takes place when that item no longer meets the definition of an asset, that is, when the entity loses control of it.

Collateral .- It is the safeguard constituted by an asset or group of assets to guarantee the payment of agreed counterpayments. For the purposes of securities lending operations, collateral shall at all times be those permitted in accordance with current regulation.

Counterpayments .- Cash and cash equivalents, the right to receive all or specific portions of cash flows from a trust, entity, or other figure, equity financial instruments, derivative financial instruments, or any other type of asset obtained in a transfer of financial assets, including any obligation incurred. For the purposes of securities lending operations, counterpayments shall at all times be those permitted in accordance with current regulation.

Amortized Cost .- It is a historical cost valuation basis applicable to financial assets and financial liabilities, and reflects the present value of future flows. For variable rate instruments, the discount rate is updated to reflect changes in it. The amortized cost of a financial asset or financial liability is updated over time to describe subsequent changes, such as the accrual of interest, impairment of the financial asset, and collections and payments.

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

Effective Interest Method .- It is the one used in the calculation of the amortized cost of a financial instrument to distribute its effective interest income or expense in the corresponding periods of the life of the financial instrument.

Premium .- It is the payment made by the borrower to the lender for the loan of its securities.

Lender .- It is the entity that transfers securities to the borrower receiving financial assets as collateral.

Securities Lending .- It is an operation in which the transfer of securities from the lender to the borrower is agreed, with the obligation to return such securities or other substantially similar ones on a specified date or on request, while the borrower grants the lender collateral.

Borrower .- It is the entity that receives securities from the lender granting financial assets as collateral.

Effective Interest Rate .- It is the rate that exactly discounts the estimated future cash flows that will be collected or settled during the expected life of a financial instrument in the determination of its amortized cost; its calculation must consider contractual cash flows and related transaction costs.

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

Securities Subject to the Loan .- Those equity financial instruments or securities susceptible to being traded in lending in accordance with the respective regulation.

Characteristics

Economic and Legal Substance of Securities Lending Operations

Securities lending operations for legal purposes are considered as a sale, where an agreement is established to return on a set date the securities subject to the operation. However, the economic substance of securities lending operations consists of the borrower being able to temporarily access certain types of securities where collateral serves to mitigate the exposure to risk that the lender faces with respect to the borrower.

It is possible that, in securities lending operations, the borrower guarantees the lender the return of the securities subject to the operation, through cash resources deposited in a trust. These resources are outside the reach of the lender and can only be realized when the guarantee is executed in case of default. Therefore, the cash provided as collateral is restricted in the borrower's statement of financial position, while the lender should not recognize it (other than in off-balance-sheet accounts).

In this regard, the securities subject to the operation transferred by the lender (or the financial assets provided as collateral by the borrower), which do not meet the requirements to be derecognized in terms of what is established by NIF C-14, continue to be recognized in its statement of financial position, since it retains the risks, benefits, and control of the securities subject to the operation (or of the financial assets). For example, if there were any change in fair value, accrual of interest, or dividends were declared on the securities (or financial assets provided as collateral), the lender (or borrower) will be the one to recognize said effects in its financial statements.

Therefore, those operations where economically the borrower (or lender) acquires the risks, benefits, and control of the securities (or financial assets) transferred cannot be considered as securities lending operations, being subject to NIF C-2.

Difference with Respect to Repo Operations

Additionally, although the legal scheme of securities lending differs from that established for repo operations referred to in criterion B-3 "Repos", since securities lending operations do not consider the reacquisition of the financial asset subject to the operation, as substantially the risks, benefits, nor control are transferred, but the return of the same to the lender, while repos provide for the commitment to reacquire said financial asset at the fixed maturity price, the accounting treatment is similar, by virtue of the fact that both operations imply the temporary transfer of financial assets in exchange for collateral.

For the above stated and in consistency with the basic postulates referred to in NIF A-1, Chapter 20 "Basic Postulates", the economic substance must prevail over the legal form for the accounting treatment of repo or securities lending operations, which is similar in both operations.

Intentionality of Securities Lending Operations

As previously mentioned, the intention of agreeing a securities lending operation is for the borrower to temporarily access certain specific types of securities owned by the lender, providing as collateral financial assets, which serves to mitigate the exposure to risk that the lender faces with respect to the borrower.

In this regard, in the securities lending operation, the borrower will pay the lender a premium for the loan of the security subject to the operation.

In securities lending operations, collateral is agreed whose value is, usually, above the value of the security subject to the operation.

The delivery of collateral can occur at the beginning of the operation or during the life of the securities loan regarding variations in the fair value of the collateral provided.

Recognition and Valuation Standards

Lender

On the date of contracting the securities lending operation acting as the lender, with respect to the security subject to the loan transferred to the borrower, it shall recognize it as restricted, in accordance with what is established in criterion A-3 "Application of General Standards", for which it will follow the valuation, presentation, and disclosure standards in accordance with the Accounting Criterion for Clearing Houses that applies.

The amount of accrued premium shall be recognized in the results of the period, through the effective interest method during the validity of the operation, against a receivable account.

The financial assets received as collateral (including cash administered in trust), shall be recognized in off-balance-sheet accounts, following for its valuation the guidelines of the Accounting Criterion for Clearing Houses that applies.

In the case where the lender, prior to the maturity of the securities lending operation and without default by the borrower of the conditions established in the contract, sells the received collateral, it shall recognize the entry of resources derived from the sale, as well as a payable account for the obligation to return said collateral to the borrower (initially measured at the agreed price) which shall be valued at fair value.

If the borrower fails to meet the conditions established in the contract, the lender shall recognize the entry of the collateral, as established in these Accounting Criteria, according to the type of asset involved, as well as derecognize the security subject to the operation that had previously been restricted, or in case it had previously sold the collateral, it shall derecognize the payable account referred to in the previous paragraph, which represents the obligation to return the collateral to the borrower.

The lender shall maintain the security subject to the operation in its statement of financial position and the borrower shall not recognize it in its financial statements, but only in off-balance-sheet accounts, with the exception of what is established in the previous paragraph, where the risks, benefits, and control of the collateral have been transferred due to the borrower's default.

The off-balance-sheet accounts recognized for financial assets received as collateral by the lender shall be cancelled when the securities lending operation reaches maturity or there is default by the borrower.

In the case of securities loans where the security subject to the operation provided by the lender comes from collateral received in other transactions (for example, a repo or another securities loan), control of said collateral shall be kept in off-balance-sheet accounts.

The off-balance-sheet accounts referred to in the previous paragraph shall be cancelled when the operation in which the collateral was pledged reaches maturity or there is default by the borrower.

Borrower

On the date of contracting the securities lending operation, acting as the borrower, with respect to the security subject to the loan received, said security shall be recognized in off-balance-sheet accounts, following for its valuation the guidelines of the Accounting Criterion for Clearing Houses that applies.

The amount of accrued premium shall be recognized in the results of the period, through the effective interest method during the validity of the operation, against a payable account.

The financial assets delivered as collateral shall be recognized as restricted (including cash administered in trust), in accordance with what is established in criterion A-3, which will follow the valuation, presentation, and disclosure standards in accordance with the Accounting Criterion for Clearing Houses that applies.

On the date the borrower sells the security subject to the operation, it shall recognize the entry of resources derived from the sale, as well as a payable account for the obligation to return said security to the lender (initially measured at the agreed price) which shall be valued at fair value.

If the borrower fails to meet the conditions established in the contract, and therefore cannot claim the financial assets delivered as collateral, it shall derecognize them from its statement of financial position (since substantially the risks, benefits, and control are transferred at that moment, in terms of what is established in NIF C-14) at their fair value, against the payable account referred to in the previous paragraph, which represents the obligation to return the security subject to the operation to the lender.

The borrower shall maintain the delivered collateral in its statement of financial position and the lender shall not recognize it in its financial statements, but only in off-balance-sheet accounts, with the exception of what is established in the previous paragraph, that is when the risks, benefits, and control of the collateral have been transferred due to the borrower's default.

The off-balance sheet accounts recognized for the securities subject to the operation, received by the borrower, must be cancelled when the securities lending operation reaches maturity.

In the case of securities lending where the financial assets provided as collateral by the borrower originate from collateral received in other transactions (for example, a repo or another securities lending), control of such collateral must be maintained in off-balance sheet accounts.

The off-balance sheet accounts referred to in the preceding paragraph must be cancelled when the operation in which the collateral was given as security reaches maturity.

Presentation Standards

Statement of Financial Position

The value subject to the operation, as well as the collateral delivered, must be presented as restricted, by the lender or borrower, as applicable, according to the type of financial assets involved.

The value subject to the operation received by the borrower, as well as the collateral received by the lender, will be presented in off-balance sheet accounts under the heading of collateral received by the entity.

The premium receivable or payable will be presented under the securities lending heading of assets or liabilities, as applicable.

The payable account representing the obligation of the borrower (or lender) to return the value subject to the operation (or the collateral) to the lender (or borrower) must be presented within the statement of financial position, under the heading of collateral sold or pledged.

The off-balance sheet accounts referred to in paragraphs 35 and 44 will be presented under the heading of collateral received and sold or pledged by the entity.

Statement of Comprehensive Income

The accrual of the premium recognized in the results of the period will be presented under the heading of interest income or expenses, as applicable.

The difference between the price received and the fair value of the value subject to the operation or the collateral received, if any, existing at the time of sale, will be presented under the heading of gain/loss on sale.

The fair value valuation of the payable account representing the obligation to return the value subject to the operation or the collateral received, as applicable, will be presented under the heading of fair value valuation gain/loss.

Offsetting of financial assets and liabilities

Since restricted financial assets continue to be recognized in the statement of financial position based on the guidelines of this criterion, such assets and associated liabilities must not be offset against each other. Likewise, the entity must not offset the income arising from the transferred financial asset with the costs and/or expenses incurred by the associated liability.

Disclosure Standards

Entities must disclose through notes to the financial statements, the information corresponding to securities lending operations in the following manner:

the relative to the total amount of operations concluded;

description of ongoing operations, detailing the characteristics that identify it as a securities lending operation;

amount of premiums recognized in the results of the period as income or expenses, as applicable;

average terms in the contracting of securities lending operations;

regarding the values subject to ongoing securities lending operations, delivered or received, total amount, by type of security, over which the right of sale or pledge was exercised;

type and total amount by type of asset for both delivered and received collateral, and

for collateral received and subsequently sold or pledged, the total amount, by type of asset.

B-6 CONTRIBUTION FUND AND COMPENSATION FUND

Objective and Scope

This criterion aims to define the specific rules regarding recognition, valuation, presentation, and disclosure in the financial statements of the Contribution Fund and Compensation Fund.

Definition of Terms

Minimum Initial Contributions.- The contribution that each Clearing Member must deliver to the Clearing House for the positions it holds.

Contribution Fund.- The fund constituted in the Clearing House with the Minimum Initial Contributions delivered by the Clearing Members to the Clearing House.

Compensation Fund.- The fund constituted in the Clearing House, with resources additional to the Minimum Initial Contributions, which the Clearing House itself requests from each Clearing Member in terms of the methodology it establishes itself, in accordance with the rules to which participants in the derivatives contracts market must adhere.

Recognition and Valuation Standards

Contributions delivered in cash and financial instruments (securities) that make up the Contribution Fund, as well as cash contributions that make up the Compensation Fund, shall be considered to form part of the entity's equity.

Contributions received in cash

Cash contributions that the entity requires from its counterparty upon entering into operations with financial derivative instruments must be recognized at their fair value, which is their nominal value, affecting the cash and cash equivalents heading against equity.

The value of the Contribution Fund and Compensation Fund received in cash will be modified by the partial or total settlements that the entity deposits or withdraws and by additional contributions or withdrawals made by the entity's counterparties.

The returns generated by cash contributions will be recognized as a payable account.

Contributions received in financial instruments (securities)

Contributions received in financial instruments (securities) that the entity requires from its counterparty upon entering into operations with financial derivative instruments must be recognized at their fair value.

The valuation effects arising from these contributions will affect the heading of contributions in financial instruments (securities), against the Contribution Fund.

Likewise, the value of the Contribution Fund, received in financial instruments (securities), will be modified by the partial or total settlements that the entity deposits or withdraws and by additional contributions or withdrawals made by the entity's counterparties.

The additional contributions or withdrawals made by the entity itself to the equity referred to in paragraphs 7 and 11 must be recognized against the heading of the Contribution Fund, Compensation Fund, as applicable, so that the results of the period must not be affected.

The agreed commissions corresponding to the entity's counterparties must be recognized in the results of the period.

Presentation Standards

Statement of Financial Position

The items, Contribution Fund and Compensation Fund, will be presented separately in the statement of financial position within contributed equity. Cash contributions will be presented under the heading of cash and cash equivalents against the Contribution Fund or Compensation Fund, as applicable.

Returns arising from cash contributions will be presented under the heading of other payable accounts, affecting the item returns payable derived from cash contributions against restricted cash and cash equivalents.

Contributions received in financial instruments (securities) and the respective valuation effects will be presented in assets under the heading of contributions in financial instruments (securities), after the heading of cash and cash equivalents, against the Contribution Fund.

Statement of Comprehensive Income

Income from commissions charged by the entity will be presented under the heading of service income.

Disclosure Standards

Entities must disclose in notes to the financial statements the following information relative to the Contribution Fund and Compensation Fund:

the fair value of contributions in financial instruments (securities) that have been received as Contribution Fund;

the terms and conditions related to the contributions received;

accounting policies relative to the methodologies and valuation bases used in the determination of the Contribution Fund and the Compensation Fund;

the amount corresponding to the fixed part and the variable part of the Compensation Fund;

information that allows users of the entity's financial statements to evaluate the nature of the equity, and

the discounted value that the Clearing House calculates based on the possible price fluctuations of each of the financial instruments (securities) received as contributions, Minimum Initial Contributions and/or Excess of Minimum Initial Contributions.

D-1 STATEMENT OF FINANCIAL POSITION

Background

Financial information must fulfill, among other things, the purpose of presenting the financial situation of entities at a specific date, requiring the establishment, through specific criteria, of the objectives and general structure that the statement of financial position must have.

Objective and Scope

This criterion aims to establish the general characteristics, as well as the structure that the statement of financial position of entities must have, which must adhere to what is provided in this criterion. Likewise, minimum guidelines are established with the purpose of standardizing the presentation of this financial statement among entities and, in this way, facilitate its comparability.

The statement of financial position aims to present information relative to the resources (assets) and sources of financing (liabilities and accounting equity) of an entity at a specific date.

The statement of financial position, therefore, must adequately and on consistent bases show the position of entities regarding their assets, liabilities, accounting equity, and off-balance sheet accounts, so that the economic resources available to such entities, as well as their financial structure, can be evaluated.

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

Items comprising the statement of financial position

In a broad context, the items comprising the statement of financial position are: assets, liabilities, and accounting equity, understood as such to the concepts thus defined in NIF A-1, Chapter 50 " Basic elements of financial statements ". Likewise, the off-balance sheet accounts referred to in this criterion form part of the items comprising the structure of the statement of financial position of entities.

Structure of the statement of financial position

The structure of the statement of financial position must group the items of assets, liabilities, accounting equity, and off-balance sheet accounts, in such a way as to reflect their degree of liquidity or exigibility from greater to lesser, as appropriate.

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

Assets

cash and cash equivalents;
contributions in financial instruments (securities);
investments in financial instruments;
receivables from repos;
securities lending;
derivative financial instruments;
accounts receivable (net);
long-term assets held for sale or for distribution to owners;
prepayments and other assets;
properties, furniture and equipment (net);
assets for right of use of properties, furniture and equipment (net);
permanent investments;
delayed income tax asset (net);
intangible assets (net);
assets for right of use of intangible assets (net), and
goodwill.

Liabilities

securities lending
collateral sold or pledged;
derivative financial instruments;
lease liability;
other accounts payable;
liabilities related to groups of assets held for sale;
financial instruments that qualify as liabilities;
obligations associated with the removal of components of properties, furniture and equipment;
income tax liability;
employee benefits liability, and
delayed credits and advance collections.

Accounting Equity

contributed equity, and
earned equity.

Off-balance sheet accounts

contingent assets and liabilities;
collateral received by the entity;
collateral received and sold or pledged by the entity, and
other recording accounts.

Presentation of the statement of financial position

The headings described above correspond to the minimum required for the presentation of the statement of financial position; however, entities must break down, either in the said financial statement or through notes, the content of the items they consider necessary in order to show their financial situation to the user of the financial information. At the end of this criterion, a statement of financial position prepared with the minimum headings referred to in the preceding paragraph is shown.

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

Contributions in financial instruments (securities)

Contributions received in financial instruments (securities) and the respective valuation effects arising from contributions in financial instruments referred to in criterion B-6 " Contribution Fund and Compensation Fund ", will be presented immediately after the heading of cash and cash equivalents.

Investments in financial instruments

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

Receivables from repos

The debtor balance arising from repo operations referred to in criterion B-3 " Repos " will be presented immediately after the item of investments in financial instruments.

Securities lending

The premium receivable from securities lending operations referred to in criterion B-4 " Securities lending " will be presented.

Derivative financial instruments

Financial assets arising from derivative financial instruments will be presented immediately after the item of securities lending.

Accounts receivable (net)

In this heading, accounts receivable will be presented, considering among others, debtor clearing accounts and conditional accounts receivable, deducting, if applicable, the estimate of expected credit losses.

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

Investments in long-term assets that are classified as held for sale, such as subsidiaries, associates, and joint ventures, as well as those held for distribution, including discontinued operations, to which NIF B-11 " Disposal of long-term assets and discontinued operations " refers, will be presented within this heading.

Prepayments and other assets

Prepayments and other assets such as deferred charges and security deposits, as well as other short-term and long-term assets, must be presented as a single heading in the statement of financial position. The employee benefits asset arising in accordance with what is established in NIF D-3 " Employee benefits " will form part of this heading.

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

These are those assets that represent the right of a lessee to use a property, furniture, or equipment during the lease term, reduced by their accumulated depreciation.

Permanent investments

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

Assets for right of use of intangible assets (net)

These are those assets that represent the right of a lessee to use an intangible asset during the lease term, reduced by their accumulated amortization.

Securities lending

The premium payable from securities lending operations referred to in criterion B-4 " Securities lending " will be presented.

Collateral sold or pledged

Collateral sold representing the obligation to return the collateral received from the counterparty in securities lending operations, derivative financial instruments, as well as those collateral sold in repo operations, must be presented within this heading in an disaggregated manner.

In the case of repo operations, the creditor balance originating from the offsetting carried out in accordance with criterion B-3 " Repos " must be presented.

Derivative financial instruments

Financial liabilities arising from derivative financial instruments will be presented immediately after the heading of collateral sold or pledged.

Other accounts payable

Creditor clearing accounts, contributions payable, returns payable derived from cash contributions for operations with financial derivative instruments in recognized markets, various creditors, and other accounts payable, including in the latter overdrafts in checking accounts and the negative balance of the heading of cash and cash equivalents that in accordance with what is established in criterion B-1 " Cash and cash equivalents " must be presented as a liability, will form part of this heading.

Liabilities related to groups of assets held for sale

Liabilities related to groups of long-term assets held for sale, including discontinued operations, such as removal obligations linked to the disposal of assets, will be presented within this heading.

Financial instruments that qualify as liabilities

Contributions for future increases in equity pending formalization by the technical committee, as well as those financial instruments that qualify as liabilities, in accordance with what is established in NIF C-12 " Financial instruments with characteristics of liabilities and equity ", must be included in this heading.

Obligations associated with the removal of components of properties, furniture and equipment

In this heading, obligations arising from the permanent removal of service of a component of properties, furniture, and equipment, in accordance with what is established in NIF C-18 " Obligations associated with the removal of property, plant and equipment ", will be included.

Income tax liability

The amount corresponding to taxes incurred, as well as the amount resulting from the delayed income tax liability, determined in accordance with what is established in NIF D-4 " Income taxes ", will be presented in this heading.

Employee benefits liability

The liability arising in accordance with what is established in NIF D-3 " Employee benefits " will form part of this heading.

Delayed credits and advance collections

This heading will be integrated by delayed credits and advance collections of interest, deferred commissions, among others.

Accounting Equity

When preparing the consolidated statement of financial position, the non-controlling interest representing the part of the accounting equity of the subsidiary that corresponds to non-controlling settlors, will be presented in a separate line, immediately after earned equity.

Compensation Fund

In this item, the balance of cash resources that Clearing Members deposit in the entity upon entering into contracts for financial derivative instruments, in order to comply with the guidelines established in applicable legislation, forming part of equity, will be presented.

Contribution Fund

In this item, the amount integrated by the contributions that the entity receives from Clearing Members, for example, the Minimum Initial Contributions in cash and in financial instruments (securities), regarding the Open Contracts registered in their accounts, forming part of equity, will be presented.

Equity Reserves

In this item, reserves constituted by the technical committee of the Trust in accordance with what is established in NIF C-11 " Equity Capital " will be presented. It must be broken down into:

reserve for Supplementary Fund, required by the entity's internal regulations, as well as by applicable regulation;

reserve for business risk mitigation, to cover possible general business losses, and

other reserves, determined by the technical committee of the trust.

Gain/Loss on holding of non-monetary assets

The entity will recognize in this heading the unrealized gain/loss on holding of non-monetary assets, in accordance with what is established in NIF B-10 " Effects of inflation ".

Off-balance sheet accounts

At the bottom of the statement of financial position, situations or events that, according to the definition of assets, liabilities, and accounting equity mentioned above, should not be included within said items in the statement of financial position of entities, but that provide information on any of the following events, must be presented:

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

collateral received by the entity;

collateral received and sold or pledged by the entity;

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

other accounts that the entity considers necessary to facilitate accounting recording or for

comply with applicable legal provisions.

CLEARING HOUSE NAME

ADDRESS

STATEMENT OF FINANCIAL POSITION AS OF _______ OF _______

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

(Numbers in thousands of pesos)

ASSETS

LIABILITIES AND ACCOUNTING EQUITY

CASH AND CASH EQUIVALENTS

SECURITIES LENDING

CONTRIBUTIONS IN COLLATERAL INSTRUMENTS SOLD OR GIVEN AS

FINANCIAL GUARANTEE

DERIVATIVE FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Negotiable financial instruments

LEASE LIABILITY

Financial instruments to collect principal and interest (net)

OTHER ACCOUNTS PAYABLE

Settlement creditors for operations

REPO DEBTORS

Contributions payable

Yields payable derived from

SECURITIES LENDING

from cash contributions

Other creditors and accounts payable

DERIVATIVE FINANCIAL INSTRUMENTS

LIABILITIES RELATED TO GROUPS OF ACCOUNTS RECEIVABLE (NET)

ASSETS HELD FOR SALE

LONG-TERM ASSETS

FINANCIAL INSTRUMENTS THAT

HELD FOR SALE OR TO

QUALIFY AS A LIABILITY

DISTRIBUTE TO OWNERS

ASSOCIATED WITH THE WITHDRAWAL

ADVANCED PAYMENTS AND OTHER ASSETS

OF COMPONENTS OF PROPERTIES,

FURNITURE AND EQUIPMENT

PROPERTIES, FURNITURE AND EQUIPMENT

(NET)

DEFERRED TAX LIABILITY

RIGHT-OF-USE ASSETS FOR

EMPLOYEE BENEFITS LIABILITY

PROPERTIES, FURNITURE AND

EQUIPMENT (NET)

DEFERRED CREDITS AND ADVANCES

PERMANENT INVESTMENTS

ASSETS FOR DEFERRED INCOME TAX

TOTAL LIABILITIES

INTANGIBLE ASSETS (NET)

ACCOUNTING EQUITY

RIGHT-OF-USE ASSETS FOR

CONTRIBUTED EQUITY

INTANGIBLE ASSETS (NET)

Minimum equity

Contribution Fund

COMMERCIAL CREDIT

Compensation Fund

Excess of minimum equity

Contributions for future formalized capital increases by the technical committee

Premium for issuance of fiduciary rights

EARNED EQUITY

Equity reserves

Reserve for Complementary Fund

Reserve for mitigation of business risk

Other reserves

Accumulated results

Other comprehensive income

Valuation of negotiable financial instruments

Income and expenses related to assets

held for disposal

Remediation of defined benefits to

employees

Result from holding non-monetary assets

Participation in OCI of other entities

TOTAL CONTROLLING INTEREST

TOTAL NON-CONTROLLING INTEREST

TOTAL ACCOUNTING EQUITY

TOTAL ASSETS

TOTAL LIABILITIES AND ACCOUNTING EQUITY

MEMO ACCOUNTS

Contingent assets and liabilities

Collateral received by the entity

Collateral received and sold or delivered as guarantee by the entity

Other register accounts

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

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

D-2 STATEMENT OF COMPREHENSIVE INCOME

Background

Financial information must comply, among other things, with the purpose of reporting the results

of the operations of an entity during a defined accounting period, requiring the

establishment, through specific criteria, of the object and general structure that the

statement of comprehensive income must have. This is with the purpose of obtaining elements of judgment regarding, among other issues, the level of operational efficiency, profitability and financial risk.

Objective and scope

This criterion aims to establish the general characteristics for the presentation and

structure of the statement of comprehensive income, the minimum content requirements and the general disclosure norms. Whenever this financial statement is prepared, entities

must adhere to the structure and guidelines provided in this criterion, through which it is

sought to homogenize the presentation of this financial statement among entities and, in this way,

facilitate its comparability.

The statement of comprehensive income aims to present information relative to the result of the

operations of the entity during a period.

Concepts that make up the statement of comprehensive income

In a broad context, the concepts that make up the statement of comprehensive income are: income,

costs and expenses, net result and comprehensive result, considering as such the concepts thus defined in NIF A-1, Chapter 50 " Basic elements of financial statements " .

Structure of the statement of comprehensive income

The minimum items that the statement of comprehensive income must contain in entities are the

following:

service income;
operating result;
result before income tax;
result of continuing operations;
net result, and
comprehensive result.

Presentation of the statement of comprehensive income

The items described above correspond to the minimum required for the presentation

of the statement of comprehensive income, however, entities must break down either in the cited

statement of comprehensive income, or through notes to the financial statements, the content of the

concepts they consider necessary in order to show their results to the user of the

financial information. At the end of this criterion, a consolidated statement of comprehensive

income is shown, prepared with the minimum items referred to in the previous paragraph.

Characteristics of the items that make up the structure of the statement of comprehensive income

Service income

Service income must be composed of commissions, fees and tariffs charged

by the entity for services provided, such as compensation and

settlement commissions, custody of Minimum Initial Contributions, network usage, installation and maintenance of

systems used for the compensation and settlement of financial derivative instruments,

reconciliation services, confirmation, cash flow calculation, payment settlement management and

administration of rights or obligations derived from operations with financial derivative instruments, portfolio purchase, as well as the administration of bilateral agreements of guarantees.

Operating result

Corresponds to service income increased or decreased by:

a )

commissions charged for extraordinary services;

b )

interest income;

c )

interest expenses;

d )

fair value valuation result;

e )

buy-sell result;

f )

other operating income (expenses);

g )

administration and promotion expenses, and

h )

net monetary position result.

Commissions charged for extraordinary services

Corresponds to any charge that the entity makes for breaches by the

Clearing Members of their internal regulations or the manual of procedures and operation policies.

Interest income

Interest income is considered to be interest arising from financial operations

inherent to the entities, such as deposits in financial entities, investments in

financial instruments, as well as premiums derived from repo operations and securities lending

and the financial income derived in financial leasing operations.

Likewise, interest income is considered to be valuation adjustments derived from

items denominated in UDIS or in some other general price index, as well as gain on

exchange.

Interest expenses

Interest expenses are considered to be premiums derived from securities lending, interest,

transaction costs and discounts borne for the issuance of financial instruments that qualify

as liabilities, valuation adjustments derived from items denominated in UDIS or in some

other general price index, as well as loss on

exchange. In addition to expenses arising from operations with financial derivative instruments, as well as those premiums paid for the

early redemption of financial instruments that qualify as liabilities.

Likewise, interest expenses are considered to be those derived from lease liabilities

and the financial effect of provisions.

Fair value valuation result

This item is composed of the following concepts:

a )

the fair value valuation result of negotiable financial instruments and

derivative financial instruments, as well as collateral sold by repos and

securities lending;

b )

the result from currency valuation, and

c )

the estimate of expected credit losses for investments in financial

instruments.

Buy-sell result

This item will be composed of:

a )

the buy-sell result of negotiable financial instruments, financial

instruments to collect principal and interest and derivative financial instruments;

b )

the buy-sell result of currencies and of collateral received and sold by the

entity, and

c )

transaction costs for the buy-sell of negotiable financial instruments and derivative financial instruments.

Other operating income (expenses)

Other operating income (expenses) are considered to be income and expenses derived from

the operation of the entity and that are not included in the previous concepts, nor form

part of administration and promotion expenses, such as:

a )

tax recoveries;

b )

income from purchase option in financial leasing operations;

c )

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

operations;

d )

impacts on the estimate of expected credit losses;

e )

losses;

f )

donations;

g )

loss from impairment or effect from reversal of impairment of long-term assets

held for sale;

h )

interests owed in financing for acquisition of assets;

i )

result in sale of properties, furniture and equipment;

j )

cancellation of other liability accounts;

k )

interests in favor arising from loans to officials and employees;

l )

income from leasing, and

m )

other items of operating income (expenses).

Administration and promotion expenses

Administration and promotion expenses must be considered within the

operating result, which must include all types of direct short-term benefits granted to employees

of the entity, PTU accrued and deferred, the net cost of the period derived from benefits to long-term employees, honoraria, rents (for example, variable payments for leasing,

short-term leases), insurance and bonds, promotion and advertising expenses, expenses in technology, taxes and various rights, non-deductible expenses, depreciation and amortization,

loss from impairment or effect from reversal of impairment of real estate and other assets in

use, technical assistance expenses, maintenance expenses, other fees, consumables and minor

supplies and other administration and promotion expenses.

Result before income tax

It will be the operating result, incorporating, the participation in the net result of other

entities, increased or decreased in its case by the effects of impairment and its reversals, the dividends from permanent investments, the adjustments associated with other permanent investments and

the effects of valuation of permanent investments available for sale.

Result of continuing operations

It is the result before income tax, decreased by the effect of expenses for

income tax incurred in the period, increased or decreased as the case may be, by

the effects of deferred income tax generated or realized in the period, in its

case, net of its estimate.

Net result

Corresponds to the result of continuing operations, increased or decreased according to

correspondence, by discontinued operations, referred to in NIF B-11 " Disposal of

long-lived assets and discontinued operations " .

Comprehensive result

Corresponds to the net result increased or decreased by the OCI of the period, net of the

effects of income tax and PTU related, as well as the participation in the OCI of

other entities. The OCI will be integrated by: valuation of negotiable financial instruments

when they are non-negotiable equity instruments in the short term, income and expenses

related to assets held for disposal, remediation of defined benefits to

employees and the result from holding non-monetary assets.

Disclosure norms

The following must be disclosed in notes to the financial statements:

a )

amount of commissions charged disaggregated by the main products handled by

the entity;

b )

amount and description of additional activities that, in accordance with the

applicable provisions, have been approved by the authorities in the exercise that is

at issue;

c )

description of the type of extraordinary services charged by the entity to the

Clearing Members;

d )

composition of interest income, distinguishing them by the type of operation from

which they originate (investments in financial instruments, repos, securities lending,

among others);

e )

composition of the operating result identifying the fair value valuation result and, if applicable, the buy-sell result, according to the type of operation

from which they originate (investments in financial instruments, as well as collateral

sold by repos or securities lending);

f )

the detail of income tax incurred and deferred;

g )

the detail of the movements of OCI net of income tax, corresponding to

the period effect and to the recycling that was carried out, if applicable, and

h )

the amounts of income tax, as well as of PTU related to OCI.

CLEARING HOUSE NAME

ADDRESS

STATEMENT OF COMPREHENSIVE INCOME FROM ___________________ TO _________________ OF ___

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

(Numbers in thousands of pesos)

Commissions, fees and tariffs in favor

SERVICE INCOME

Commissions charged for extraordinary services

Interest income

Interest expenses

Fair value valuation result

Buy-sell result

Other operating income (expenses)

Administration and promotion expenses

Net monetary position result

OPERATING RESULT

Participation in the net result of other entities

RESULT BEFORE INCOME TAX

Income tax

RESULT OF CONTINUING OPERATIONS

Discontinued operations

NET RESULT

Other Comprehensive Income

Valuation of negotiable financial instruments

Income and expenses related to assets held for disposal

Remediation of defined benefits to employees

Result from holding non-monetary assets

Participation in OCI of other entities

COMPREHENSIVE RESULT

Net result attributable to:

Controlling interest

Non-controlling interest

Comprehensive result attributable to:

Controlling interest

Non-controlling interest

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

( 1 )

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

D-3 STATEMENT OF CHANGES IN ACCOUNTING EQUITY

Background

Financial information must comply, among other things, with the purpose of reporting the

modifications in the investment of the settlors during a defined accounting period,

requiring the establishment, through specific criteria, of the objectives and general structure

that the statement of changes in accounting equity must have, with the purpose of evaluating,

among other issues, the profitability indices of the entity, both from a specific accounting period

as well as cumulatively as of the date of the financial statements.

Objective and scope

This criterion aims to establish the general characteristics for the presentation and

the structure that the statement of changes in accounting equity of entities must have, the

minimum content requirements and the general disclosure norms. This, with the

purpose of homogenizing the presentation of this financial statement among entities, and in this way,

facilitate its comparability.

The statement of changes in accounting equity aims to present the movements between

the initial and final balances of contributed equity and earned equity during a period

contable. In general and non-limiting terms, the main items that make up the accounting

equity are:

a) contributed equity, which is composed of the portion of accounting equity integrated by

the contributions of the settlors, received by the entity and the amount of financial

instruments issued by the entity that qualify as capital. They also include certain

contributions for future capital increases and premiums for the issuance or sale of

fiduciary rights and financial instruments that qualify as capital, and

b) earned equity, which is composed of accumulated comprehensive results, as well as

by the reserves created by the settlors.

For the above, the basic elements of the statement of changes in accounting equity of the

entities are: movements of the settlors, reserve movements and comprehensive result, in accordance with NIF A-1, Chapter 50 " Basic elements of financial statements " .

The movements presented in the statement of changes in accounting equity must be segregated

into the amounts that correspond to the:

a) controlling interest, which is the portion of the accounting equity of the subsidiaries that

belongs to the parent company, and

b) non-controlling interest, which is the portion of the accounting equity of the subsidiaries

that belongs to owners other than the parent company.

This criterion does not aim to establish the mechanism by which the aforementioned movements are determined,

as they are subject to these Accounting Criteria or specific NIFs established for that purpose.

Structure of the statement of changes in accounting equity

The statement of changes in accounting equity must present in a segregated manner, for each

period for which it is presented, the amounts relative, if applicable, to:

a )

initial balances of accounting equity;

b )

adjustments for retrospective application due to accounting changes and error corrections;

c )

adjusted initial balances;

d )

movements of the settlors;

e )

reserve movements;

f )

comprehensive result, and

g )

final balances of accounting equity.

Initial balances of accounting equity

In this line, the book values of each of the items of the accounting equity with which the entity started each period for which the statement of changes in

accounting equity is presented must be shown.

Adjustments for retrospective application due to accounting changes and error corrections

Corresponds to adjustments derived from the retrospective application established in NIF B-1

" Accounting changes and error corrections " . When retrospective adjustments have been determined that consequently affect the initial balances of the period, the amounts

corresponding must:

a )

be presented immediately after the initial balances, as they are adjustments to

them, and

b )

be presented in a segregated manner by the amounts that affect each item of the accounting

equity.

In cases where in the same accounting period retrospective adjustments have been determined

both for accounting changes, as well as for error corrections, both amounts

must be presented in a segregated manner within the body of the statement of changes in accounting equity.

Adjusted initial balances

They result from the algebraic sum of the initial balances of accounting equity and the adjustments for

retrospective application to each item individually.

Movements of the settlors

They are changes to contributed equity or, if applicable, to earned equity, during a period

contable, derived from the decisions that the settlors make regarding their investment in the

entity. Some examples of this type of movement are the following:

a )

issuance of fiduciary right certificates;

b )

payment of fiduciary rights;

c )

capitalizations of items from contributed equity;

d )

capitalizations of comprehensive result;

e )

capitalizations of reserves, and

f )

changes in controlling interest that do not imply loss of control.

Movements corresponding to settlor contributions must be shown separately from those that are distributions to them in case of acting as

trustees, that is, they must not be shown in a net manner.

Reserve movements

In this line, the amounts that represent increases or decreases to the

equity reserves must be shown.

Comprehensive result

It refers to the increase or decrease in the earned equity of an entity derived from its

operation, during an accounting period, originated by the net profit or loss, plus the other

comprehensive income. In this line, the comprehensive result will be presented broken down into the

following components:

a )

net result;

b )

other comprehensive income (OCI), and

c )

participation in OCI of other entities.

Likewise, the net movement of the period of the components of the comprehensive

result must be presented; as net movement, it must be understood as OCI net of income tax, the

participation of workers in profits (PTU) and the recycling of OCI.

Final balances of accounting equity

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

Presentation of the statement of changes in accounting equity

The concepts described above correspond to the minimum required for the

presentation of the statement of changes in accounting equity, however, entities must

break down, either in the cited statement of changes in accounting equity or through notes to the

financial statements, the content of the concepts they consider necessary for the

users of the financial information to understand the movements that affected the equity

accounting equity of the entity during the period. At the end of this standard, a statement of changes in accounting equity prepared in accordance with the requirements referred to in this standard is shown.

General Considerations

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

Disclosure Standards

The following must be disclosed in the notes to the financial statements:

a )

the amount of fiduciary rights paid during the period;

b )

the reason for the payment of fiduciary rights made during the period and the manner in which they were paid, and

c )

a description of how the issuance of fiduciary right certificates for the period was carried out.

NAME OF THE CLEARING HOUSE

ADDRESS

STATEMENT OF CHANGES IN ACCOUNTING EQUITY OF THE ______ OF ________________ OF _______ TO ______ OF

_________________ OF ___________

EXPRESSED IN CURRENCY OF PURCHASING POWER OF ________________ OF __________ (1)

(Amounts in thousands of pesos)

Concept

Contributed Equity

Earned Equity

Total

controlling

interest

Total

Non-controlling

interest

Total

accounting

equity

Minimum

equity

Contribution

Fund

Compensation

Fund

Excesses

minimum equity

Contributions for

future increases

in equity

formalized by the

technical committee

Premium for

issuance of

fiduciary rights

Equity

reserves

Accumulated

results

Valuation of

negotiable

financial instruments

Income and

expenses related

to assets

held for sale

Remediation of

defined benefits

employees

Result from

holding of

non-monetary assets

Participation

in OCI of other

entities

Balance at _____ of ____________ of ______

Retrospective adjustments for

accounting changes

Retrospective adjustments for correction of errors

Balance at _____ of _______ of _____ adjusted

MOVEMENTS OF

TRUSTORS

Issuance of fiduciary right certificates

Payment of fiduciary rights

Capitalization of other concepts

of accounting equity

Changes in controlling

interest that do not imply loss of

control

Total

MOVEMENTS OF RESERVES

Equity Reserves

COMPREHENSIVE INCOME

Net income

Other comprehensive income

-Valuation of negotiable

financial instruments

-Income and expenses

related to assets

held for sale

-Remediation of defined benefits

to employees

-Result from holding of

non-monetary assets

Participation in OCI of other

entities

Total

Balance at _____ of ____________ of ______

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

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

D-4 STATEMENT OF CASH FLOWS

Background

Financial information must meet, among other things, the objective of showing how entities generate and use cash and cash equivalents, which are essential to maintain their operations, cover their obligations, as well as the payment of fiduciary rights.

Objective and Scope

This standard aims to establish the general characteristics for the presentation, structure, and preparation of the statement of cash flows of entities, as well as the disclosures that complement said financial statement. Furthermore, minimum guidelines are established, with the purpose of standardizing the presentation of this financial statement among entities, and in this way, facilitate its comparability.

The statement of cash flows has as its main objective to provide users of the basic financial statements with information regarding cash inflows and outflows during an accounting period.

When the statement of cash flows is used together with the rest of the financial statements, it provides information that allows users to:

a )

evaluate changes in the entity's assets and liabilities and in its financial structure (including its liquidity and solvency), and

b )

evaluate both the amounts and dates of receipts and payments, in order to adapt to the circumstances and opportunities for generating and applying cash and cash equivalents.

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

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

Historical information on cash flows is used as an indicator of the amount, timing of generation, and probability of future cash flows. Likewise, this information is useful for verifying the accuracy of past forecasts of future cash flows, for analyzing the relationship between profitability and net cash flows, as well as, where applicable, the effects of inflation when there is an inflationary environment.

Definitions

Financing Activities.- Those related to the obtaining, as well as the remuneration and reimbursement of funds from: i) the trustors of the entity, ii) creditors granting financing not related to usual operating activities, and iii) the issuance by the entity of financial instruments that qualify as liabilities or well, financial instruments that qualify as capital.

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

Operating Activities.- Those that constitute the main source of income for the entity, include other activities that cannot be classified as investing or financing.

Cash and Cash Equivalents.- This concept shall be understood as established by standard B-1 "Cash and Cash Equivalents".

Cash Inflows.- These are increases in cash during an accounting period, generated by the decrease of any other asset other than cash, the increase in liabilities, or by increases in equity by the trustors of the entity.

Cash Flows.- These are inflows and outflows of cash and cash equivalents. Movements between the items that constitute cash and cash equivalents shall not be considered cash flows, given that these components are part of the management of the entity's cash and cash equivalents, rather than its operating, investing, or financing activities.

Cash Outflows.- These are decreases in cash during an accounting period, generated by the increase of any other asset other than cash, the decrease in liabilities, or by the disposal of equity by the trustors of the entity.

Nominal Value.- It is the amount in monetary units expressed in banknotes, coins, securities, and instruments.

Presentation Standards

General Considerations

Entities must exclude from the statement of cash flows all operations that did not affect cash flows. For example:

a )

distribution of fiduciary rights through fiduciary certificates;

b )

operations negotiated with the exchange of assets;

c )

creation of reserves and any other transfer between accounts of accounting equity, and

d )

effects from recognizing fair value.

Structure of the Statement of Cash Flows

Entities must classify and present cash flows, according to their nature, in operating, investing, and financing activities, attending to their economic substance and not the form used to carry them out.

The structure of the statement of cash flows must include, at a minimum, the following items:

operating activities;
investing activities;
financing activities;
net increase or decrease in cash and cash equivalents;
effects from changes in the value of cash and cash equivalents;
cash and cash equivalents at the beginning of the period, and
cash and cash equivalents at the end of the period.

Operating Activities

Cash flows from operating activities are an indicator of the extent to which these activities have generated sufficient liquid funds to maintain the entity's operating capacity, to make new investments without resorting to external sources of financing, and, where applicable, to pay financing and fiduciary rights.

Because the cash flows related to these activities are those derived from the operations that constitute the entity's main source of income, this section includes activities that intervene in the determination of its net income, excepting those associated either with investing or financing activities. Some examples of cash flows from operating activities are:

a )

payments for the acquisition of investments in financial instruments (securities);

b )

collections of premiums for option contracts;

c )

cash and cash equivalent inflows from repo operations;

d )

cash and cash equivalent outflows from repo operations;

e )

cash and cash equivalent inflows from securities lending;

f )

cash and cash equivalent outflows from securities lending;

g )

cash and cash equivalent inflows from collateral sold or pledged;

h )

cash and cash equivalent outflows from accounts receivable;

i )

collections of interest income referred to in standard D-2 "Statement of Comprehensive Income", as well as its main associate, coming from, among others, the following concepts:

cash and cash equivalents (except for gains or losses from exchange arising from this concept);
investments in financial instruments (securities), and
debtors from repos.

j )

payments of interest expenses referred to in standard D-2, as well as its main associate coming from, among others, financial instruments that qualify as liabilities;

k )

collections of commissions, fees, and tariffs generated by the provision of services referred to in standard D-2 (such as compensation and liquidation commissions, custody of Minimum Initial Contributions, network usage, as well as installation and maintenance of systems used for the compensation and liquidation of derivative financial instruments);

l )

collections and payments arising from the purchase and sale of foreign currencies, investments in financial instruments (securities), and derivative financial instruments;

m )

payments for direct benefits to employees, honoraria, rents, promotional and advertising expenses, among other administrative expenses;

n )

payments of income tax, and

o )

refunds of income tax.

Income Tax

Cash flows related to income tax must be presented in a separate item within the classification of operating activities, unless it is practical to relate them to investing or financing activities, as is the case of the tax derived from discontinued operations, which is related to investing activities.

Investing Activities

Cash flows related to investing activities represent the extent to which entities have allocated resources to items that will generate income and cash flows in the medium and long term.

Cash flows from investing activities are, for example, the following:

a )

payments for long-term financial instruments;

b )

collections from long-term financial instruments;

c )

payments for the acquisition of properties, furniture, and equipment;

d )

collections from the disposal of properties, furniture, and equipment;

e )

payments for discontinued operations;

f )

collections from discontinued operations;

g )

payments for the acquisition of subsidiaries;

h )

collections from the disposal of subsidiaries;

i )

payments for the acquisition of associates, joint ventures, and other permanent investments;

j )

collections from the disposal of associates, joint ventures, and other permanent investments;

k )

collections of dividends from permanent investments;

l )

payments for the acquisition of intangible assets, and

m )

collections from the disposal of intangible assets.

Acquisitions and Disposals of Subsidiaries and Other Businesses

Cash flows derived from acquisitions or disposals of subsidiaries and other businesses must be classified as investing activities; likewise, they must be presented in a single separate line item involving the entire acquisition operation or, where applicable, the disposal operation, instead of presenting the individual acquisition or disposal of the assets and liabilities of said businesses at the date of acquisition or disposal. Cash flows derived from acquisitions must not be offset with those from disposals.

Cash flows paid for the acquisition of subsidiaries and other businesses must be presented net of the balance of cash and cash equivalents acquired in said operation.

Cash flows collected from the disposal of subsidiaries and other businesses (discontinued operations) must be presented net of the balance of cash and cash equivalents disposed of in said operation. Likewise, this amount must be net of the income tax attributable to such disposal.

Financing Activities

Cash flows generated by financing activities show the entity's capacity to restore to its trustors and creditors the resources they allocated to the entity at the time, and, where applicable, to pay them returns.

Cash flows from financing activities are, for example, the following:

a )

payments of lease liabilities;

b )

collections from the issuance of fiduciary right certificates, net of related issuance expenses (collections of Contribution Funds and Compensation Fund);

c )

collections of excesses of minimum equity;

d )

payments to trustors for refunds of fiduciary right certificates (payments of Contribution Funds and Compensation Fund);

e )

payments of excesses of minimum equity;

f )

payments for returns on cash contributions;

g )

collections from the issuance of financial instruments that qualify as capital;

h )

payments associated with financial instruments that qualify as capital;

i )

collections from the issuance of financial instruments that qualify as liabilities, and

j )

payments associated with financial instruments that qualify as liabilities.

Net Increase or Decrease in Cash and Cash Equivalents

After classifying cash flows in operating activities, investing activities, and financing activities, the net cash flows from these three sections must be presented.

Effects from Changes in the Value of Cash and Cash Equivalents

Entities must present in a separate line item, where applicable, the following:

a )

the effects from gains or losses from exchange of cash and cash equivalents referred to in paragraph 41, which includes the difference generated by the conversion of the initial balance of cash and cash equivalents at the closing exchange rate of the day published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the one that replaces it, and of the final balance of cash and cash equivalents at the closing exchange rate of the day of the current period, published by the Bank of Mexico on the aforementioned Internet page;

b )

the effects on the balances of cash and cash equivalents from changes in their value resulting from fluctuations in the exchange rate and in their fair value, and

c )

the effects from inflation associated with the balances and cash flows and cash equivalents of any of the entities that make up the consolidated economic entity and that are in an inflationary economic environment.

The effects referred to in the previous paragraph must be presented in the statement of cash flows in a segregated manner to allow adequate reconciliation between the cash balance at the beginning and at the end of the period.

Cash and Cash Equivalents at the Beginning of the Period

Entities must present a separate item named "Cash and Cash Equivalents at the Beginning of the Period", which corresponds to the balance of cash and cash equivalents presented in the statement of financial position at the end of the previous period (including restricted cash and cash equivalents), in order to reconcile it with the balance of cash and cash equivalents at the end of the current period.

Cash and Cash Equivalents at the End of the Period

Entities must present a separate item named "Cash and Cash Equivalents at the End of the Period", which must be determined by the algebraic sum of the items: "Net Increase in Cash and Cash Equivalents" or "Net Decrease in Cash and Cash Equivalents", "Effects from Changes in the Value of Cash and Cash Equivalents", and "Cash and Cash Equivalents at the Beginning of the Period". This sum must correspond to the balance of cash and cash equivalents presented in the statement of financial position at the end of the period.

Additional Considerations

Dividends and Fiduciary Rights

Cash flows derived from dividends collected must be presented in a specific item within the same group of activities in which the cash flows of the item with which they are associated are presented. For example: cash inflows from dividends collected from investments in financial instruments must be presented, as well as said instruments, in operating activities; if the dividends collected derive from a permanent investment in an associated entity, said cash flows must be presented in investing activities.

Cash outflows for fiduciary rights paid must be presented in financing activities.

Procedure for Preparing the Statement of Cash Flows

To determine and present the cash flows from operating activities, the entity must apply the indirect method, through which the income before income tax is increased or decreased; this amount is adjusted for the effects of operations from previous periods collected or paid in the current period and for operations of the current period of deferred collection or payment into the future; likewise, it is adjusted for operations that are associated with investing or financing activities.

Cash flows related to operating activities must be determined by increasing or decreasing the income before income tax by the effects of:

a )

items considered associated with:

investing activities, for example, depreciation and gains or losses on the sale of properties, furniture, and equipment, amortization of intangible assets, impairment losses on long-term assets, as well as participation in the net income of other entities;

ii.

financing activities.

b )

changes that occur during the period in the items that form part of the entity's working capital, i.e., that occur in the balances of the operational items of the statement of financial position of the entities during the period, such as those indicated in paragraph 20.

Investing and Financing Activities

Entities must determine and present separately, after the operating activities item, the cash flows derived from the main concepts of gross receipts and payments related to investing and financing activities, i.e., receipts and payments shall not be offset against each other.

Conversion of Balances or Cash Flows in Foreign Currency

In order to determine the changes in the balances of operational items in foreign currency of operating activities, these must be converted at the closing exchange rate of the day published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the one that replaces it, at the date of closing.

Cash flows arising from transactions in foreign currency related to investing and financing activities shall be converted to the entity's reporting currency by applying to the amount in foreign currency the closing exchange rate of the day at the date on which each flow occurred, which shall be the one published by the Bank of Mexico on the aforementioned Internet page.

Gains or losses from exchange originating from variations in the exchange rate are not cash flows. However, the effect of variations in the exchange rate of cash and cash equivalents held or payable in foreign currency is presented in the statement of cash flows in order to reconcile cash and cash equivalents at the beginning and at the end of the period. Said effect must be presented separately from the items of operating, investing, and financing activities, within the item called "Effects from Changes in the Value of Cash and Cash Equivalents", referred to in paragraph 30, which includes the differences, where applicable, of having presented the cash flows at the closing exchange rate of the current period.

Effects of Inflation

When, in terms of what is established in NIF B-10 "Effects of Inflation", the economic environment

corresponds to a non-inflationary environment, entities must present their statement of cash flows expressed in nominal values, whereas, if said economic environment is inflationary, entities must present their statement of cash flows expressed in units of monetary purchasing power at the closing date of the current period.

In cases where the economic environment is inflationary, as part of the operations that did not affect cash flows, the effects of inflation recognized in the period within the financial statements must be excluded, in order to determine a statement of cash flows at nominal values. Said cash flows must be presented expressed in units of monetary purchasing power at the closing date of the current period.

When the environment has changed from non-inflationary to inflationary, the cash flow statements of previous periods must be presented expressed in monetary units of purchasing power of the closing date of the current period.

In cases where the economic environment has changed from inflationary to non-inflationary, the cash flow statements of previous periods must be presented expressed in the monetary units of purchasing power of the last cash flow statement presented within an inflationary environment and included in said comparative presentation.

Investments in other entities

Cash flows between the holding entity and its unconsolidated subsidiaries, associates, and joint ventures must be presented in the statement of cash flows, i.e., they must not be eliminated; for example, cash flows related to intercompany operations or the collection of dividends or the payment of fiduciary rights.

Consolidated statement of cash flows

In the preparation of the consolidated statement of cash flows, cash flows that occurred in the period between the entities that form part of the economic entity being consolidated must be eliminated. For example, cash flows derived from intercompany operations, equity contributions, and paid fiduciary rights.

In cases where a controlling entity purchases or sells shares of a subsidiary to the non-controlling interest, the cash flows associated with said operation must be presented as financing activities, within the consolidated statement of cash flows. This is because this operation is considered a transaction between settlors.

Disclosure standards

The following must be disclosed in notes to the financial statements:

a )

when cash flows related to income tax have been segregated into the different groups of activities within the statement of cash flows, total flows for said taxes must be disclosed;

b )

significant operations, of investment and financing, that have not required the use of cash or cash equivalents. For example, contributions in financial instruments (securities) for the execution of operations with financial derivative instruments, as well as the acquisition of properties, furniture, and equipment through financing;

c )

the total amount of cash flows that represent surpluses for future investments or for payments of returns to the settlors, as well as those increases in operational capacity, separated from the cash flows that are essentially required to maintain the entity's operational capacity, and

d )

in significant changes, whether or not they required the use of cash or cash equivalents, in liabilities considered as part of financing activities, preferably, a reconciliation of the initial and final balances of said items must be made. An entity must disclose regarding liabilities for financing activities, the following:

changes in cash flows;

ii.

changes derived from obtaining or losing control of subsidiaries and other businesses;

iii.

the effect of changes due to exchange rate fluctuations;

iv.

changes in associated financial assets, whose cash flows must be presented as part of financing activities, and

other changes considered significant.

Likewise, the following must be disclosed with respect to the acquisitions and disposals of subsidiaries and other entities:

a )

the total consideration derived from said acquisitions or disposals breaking down:

the portion of the consideration paid or received in cash and cash equivalents, and

ii.

the amount of cash and cash equivalents held by the acquired or disposed subsidiary or entity at the date of acquisition or disposal.

b )

the amount of assets and liabilities other than cash and cash equivalents of the acquired or disposed subsidiary or entity at the date of acquisition or disposal. These amounts must be grouped by significant items, and

c )

the amount of income tax payment attributable to the disposals of subsidiaries and other entities.

NAME OF THE CLEARING HOUSE

ADDRESS

STATEMENT OF CASH FLOWS

FROM __ OF __________ TO __ OF __________ OF ____

EXPRESSED IN CURRENCY OF PURCHASING POWER OF _________ OF _________

(1)

(Amounts in thousands of pesos)

Operating Activities

Result before income taxes

Adjustments for items associated with investment activities:

Depreciation of properties, furniture, and equipment

Amortization of intangible assets

Losses or reversal of losses from impairment of long-term assets

Participation in the net result of other entities

Other adjustments for items associated with investment activities

Discontinued operations

Long-term assets held for sale or to distribute to settlors

Adjustments for items associated with financing activities

Interest on lease liabilities

Interest associated with financial instruments qualifying as liabilities

Others

Sum

Changes in operating items

Change in investments in financial instruments (net)

Change in repo operations (net)

Change in securities lending (asset)

Change in financial derivative instruments (asset)

Change in accounts receivable (net)

Change in other operating assets (net)

Change in securities lending (liability)

Change in collateral sold or pledged

Change in financial derivative instruments (liability)

Change in other accounts payable

Change in assets / liabilities for employee benefits

Change in other operating liabilities

Change in other provisions

Refunds of income taxes

Payments of income taxes

Net cash flows from operating activities

Investment Activities

Payments for long-term financial instruments

Collections from long-term financial instruments

Collections from disposal of properties, furniture, and equipment

Payments for acquisition of properties, furniture, and equipment

Collections from discontinued operations

Payments for discontinued operations

Collections from disposal of subsidiaries

Payments for acquisition of subsidiaries

Payments for acquisition of associates, joint ventures, and other permanent investments

Collections from disposal of associates, joint ventures, and other permanent investments

Collections of dividends from permanent investments

Payments for acquisition of intangible assets

Collections from disposal of intangible assets

Other collections from investment activities

Other payments from investment activities

Net cash flows from investment activities

Financing Activities

Payments of lease liabilities

Collections from issuance of fiduciary right certificates

Collections of minimum equity surpluses

Payments for refund of fiduciary right certificates

Payments of minimum equity surpluses

Payments of returns on cash contributions

Payments of interest on lease liabilities

Payments associated with financial instruments qualifying as equity

Payments associated with financial instruments qualifying as liabilities

Collections from issuance of financial instruments qualifying as equity

Collections from issuance of financial instruments qualifying as liabilities

Other collections from financing activities

Other payments from financing activities

Net cash flows from financing activities

Net increase or decrease in cash and cash equivalents

Effects from changes in the value of cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

The concepts appearing in this statement are shown in an enumerative rather than exhaustive manner.

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

ANNEX 2

ACCOUNTING CRITERIA FOR LIQUIDATING MEMBERS

CONTENT

Series A.

Criteria relating to the general scheme of accounting for Liquidating Members of the

market of listed derivatives contracts

A - 1

Basic scheme of the set of Accounting Criteria applicable to Liquidating Members

A - 2

Application of particular standards

A - 3

Application of general standards

A - 4

Supplementary application to the Accounting Criteria

Series B.

Criteria relating to the concepts that make up the financial statements

B - 1

Cash and cash equivalents

B - 2

Repealed

B - 3

Repos

B - 4

Securities lending

B - 5

Repealed

B - 6

Surpluses of Minimum Initial Contributions

B - 7

Custody and administration of assets

Series C.

Criteria applicable to specific concepts

C - 1

Repealed

C - 2

Repealed

Series D.

Criteria relating to the basic financial statements

D - 1

Statement of financial position

D - 2

Statement of comprehensive income

D - 3

Statement of changes in accounting equity

D - 4

Statement of cash flows

A-1 BASIC SCHEME OF THE SET OF ACCOUNTING CRITERIA

APPLICABLE TO LIQUIDATING MEMBERS

Objective

This criterion aims to define the basic scheme of the set of accounting guidelines applicable to Liquidating Members of the derivatives contracts market (the entities).

Concepts that make up the basic structure of accounting in entities

The accounting of the entities will adhere to the basic structure that, for the application of the Financial Reporting Standards (NIF), was defined by the Mexican Council of Financial Reporting Standards, A.C. (CINIF), in NIF A-1 "Conceptual Framework of Financial Reporting Standards" (NIF A-1), or the one that replaces it.

In this way, the entities will observe the accounting guidelines of the NIF, except when in the judgment of the National Banking and Securities Commission (CNBV) it is necessary to apply a specific regulation or Accounting Criterion, taking into consideration that the entities carry out specialized operations.

The CNBV regulation referred to in the previous paragraph will be at the level of recognition, valuation, presentation, and in its case disclosure standards, applicable to specific items within the entities' financial statements, as well as those applicable to their preparation.

A-2 APPLICATION OF PARTICULAR STANDARDS

Objective and scope

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

The subject matter of this criterion is:

a )

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

b )

the clarifications to the particular standards contained in the NIF.

Financial Reporting Standards

In accordance with what is established in criterion A-1 "Basic scheme of the set of Accounting Criteria applicable to Liquidating Members", the entities will observe, until there is an express pronouncement by the CNBV, the particular standards contained in the bulletins or NIFs detailed below, or in the NIFs that replace or modify them:

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

Accounting changes and corrections of errors ..............................................

B-1

Business acquisitions ......................................................................

B-7

Consolidated or combined financial statements ..........................................

B-8

Financial information at interim dates ................................................

B-9

Effects of inflation ............................................................................

B-10

Disposal of long-term assets and discontinued operations

............

B-11

Compensation of financial assets and financial liabilities ............................

B-12

Events subsequent to the date of the financial statements ...............................

B-13

Conversion of foreign currencies ..........................................................

B-15

Determination of fair value ............................................................

B-17

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

statements"

Investment in financial instruments ........................................................

C-2

Accounts receivable ...............................................................................

C-3

Prepayments .................................................................................

C-5

Property, plant and equipment ...................................................................

C-6

Investments in associates, joint ventures, and other permanent

investments .

C-7

Intangible assets ................................................................................

C-8

Provisions, contingencies, and commitments ..................................................

C-9

Derivative financial instruments and hedging relationships ..........................

C-10

Equity capital ...................................................................................

C-11

Financial instruments with characteristics of liability and equity ...................

C-12

Related parties ...............................................................................

C-13

Transfer and derecognition of financial assets

.................................................

C-14

Impairment of long-term assets ............................................................

C-15

Impairment of receivable financial instruments ............................................

C-16

Obligations associated with the removal of property, plant, and

equipment ...............

C-18

Financial instruments payable ...........................................................

C-19

Financial instruments to collect principal and interest .................................

C-20

Joint control agreements .................................................................

C-21

Series NIF D "Standards applicable to income determination problems"

Revenue from contracts with customers ...........................................................

D-1

Costs from contracts with customers .............................................................

D-2

Employee benefits .....................................................................

D-3

Income taxes ...............................................................................

D-4

Leases ....................................................................................

D-5

Capitalization of comprehensive financing income

...................................

D-6

Likewise, the glossary of terms of the NIF will be applicable, regarding the NIFs detailed in

this paragraph.

Additionally, the entities will observe the NIFs issued by CINIF on topics not foreseen in the Accounting Criteria for Liquidating Members, provided that:

a )

they are in force;

b )

they are not applied in advance to their validity;

c )

they do not contravene the philosophy and general concepts established in the Accounting Criteria

for Liquidating Members, and

d )

there is no express pronouncement by the CNBV.

Clarifications to the particular standards contained in the NIFs

Taking into consideration that the entities carry out specialized operations, it is necessary to establish clarifications that adapt the particular standards of recognition, valuation, presentation, and in its case disclosure established by CINIF. In virtue of this, the entities when observing what is established in the previous paragraphs, must adhere to the following:

B-9

Financial information at interim dates

The provisions of NIF B-9 must be applied to the financial information issued at interim dates, including the quarterly that must be published or disseminated through the Internet, in accordance with the "Rules to which participants in the derivatives contracts market must adhere", issued jointly by the Secretariat of Finance and Public Credit, Bank of Mexico, and the CNBV.

For the purposes of disclosing the information issued at interim dates, the entities must observe the provisions regarding the disclosure of financial information contained in criterion A-3 "Application of general standards".

B-10

Effects of inflation

Determination of the monetary position

In the case of an inflationary environment based on what is stated by NIF B-10, the entities must disclose the initial balance of the main monetary assets and liabilities that were used for the determination of the period's monetary position.

Price index

The entities must use the value of the Investment Unit (UDI) as the price index.

Result from monetary position

B-11

Disposal of long-term assets and discontinued operations

The entities must disclose the breakdown of the net amount generated by discontinued operations required in paragraph 60.1 a) of NIF B-11, as well as the amount of income from continuing operations and from discontinued operations attributable to the controlling interest referred to in paragraph 60.1 d) of the cited NIF, instead of presenting said information in the statement of comprehensive income.

B-15

Conversion of foreign currencies

In the application of NIF B-15, the exchange rate to be used to establish the equivalence of the national currency with the United States dollar will be the closing exchange rate of the day at the date of the transaction or of the preparation of the financial statements, as applicable, published by the Bank of Mexico on its Internet page, www.banxico.org.mx, or the one that replaces it.

In the case of currencies other than the United States dollar, they must convert the respective currency to United States dollars. To carry out said conversion, they will consider the quotation that governs the corresponding currency in relation to said dollar in international markets, as established by the Bank of Mexico in the applicable regulation.

Likewise, the amount of transactions denominated in foreign currency by the most relevant currencies for the entities must be disclosed in notes to the financial statements, as well as the exchange rate used and its equivalent in national currency, in accordance with what is stated in the two previous paragraphs.

B-17

Determination of fair value

The entities will not apply what is established in this NIF regarding the valuation of securities and other financial instruments, repos, contributions, Minimum Initial Contributions, and Surpluses of Minimum Initial Contributions made on said values, always adhering to what is established in Chapter II of the "General Provisions establishing the Accounting Criteria to which participants in the derivatives contracts market will adhere" (Provisions).

In the case of assets or liabilities other than those indicated in the previous paragraph, NIF B-17 must be applied when another particular NIF or accounting criterion requires or allows fair value valuations and/or disclosures regarding the same.

C-2

Investment in financial instruments

Entities that carry out reclassifications of their investments in financial instruments under section 44 of NIF C-2, must inform this fact in writing to the CNBV within the 10 business days following the authorization issued for such purposes by their technical committee, detailing the change in the business model that justifies it.

C-3

Accounts receivable

Scope

For the purposes of NIF C-3, accounts receivable derived from the operations referred to in criteria B-3 "Repos" and B-4 "Securities lending" issued by the CNBV must not be included, as the recognition, valuation, presentation, and disclosure standards applicable are contemplated therein.

Compensation Fund

The amounts that the Clearing House requires from the entities for the Compensation Fund in accordance with the applicable regulation, will be considered as an account receivable, and must be presented in a specific item in the statement of financial position.

C-10

Derivative financial instruments and hedging relationships

Entities in the recognition and valuation of derivative financial instruments traded on recognized markets or exchanges, will be considered to have expired the rights and obligations related to them when the risk position is closed, that is, when a derivative of a contrary nature of the same characteristics is executed in said market or exchange (for example, when a purchase future is contracted to cancel the effects of a sale future (issued) on the same underlying, with the same maturity date and in general under conditions that neutralize the gains or losses of one and the other).

C-11

Equity capital

For the purposes of NIF C-11, book equity shall be understood as net worth, which corresponds to the right of the trust beneficiaries over the net assets, arising from contributions backed by fiduciary rights certificates for the constitution of the minimum net worth, the Excesses of Minimum Initial Contributions and the excesses of minimum net worth referred to in the applicable regulation, as well as gains or losses generated in the operation of the entity. Book equity will be divided into contributed equity and earned equity.

Contributed equity is represented by the sum of the value of the fiduciary rights certificates.

Earned equity corresponds to the result of the entity's operational activities and other events or circumstances that affect it.

Notes to the financial statements must disclose all characteristics of equity and its restrictions, as well as the investment regime applicable to the minimum net worth.

Excesses of Minimum Initial Contributions

The Excesses of Minimum Initial Contributions that entities receive from their clients in accordance with the applicable regulation shall be considered part of contributed equity.

C-13
Related Parties

For the purpose of complying with the disclosure standards contained in NIF C-13, entities must additionally consider as a related party:

a ) the members of the technical committee of the entities or of the board of directors of the controlling company or of the financial entities and companies that are part of the financial group to which it belongs, if applicable;

b ) persons other than key managerial personnel or relevant executives or employees who, through their signature, can generate obligations for the entities;

c ) moral persons in which the key managerial personnel or relevant executives of the entity are councilors or administrators or occupy any of the first three hierarchical levels in said moral persons, and

d ) moral persons in which any of the persons mentioned in the preceding subsections, as well as in NIF C-13, have command power, understood as the de facto capacity to decisively influence the agreements adopted within the technical committee of the entities.

In addition to the disclosures required by NIF C-13, entities must disclose in aggregate, through notes to the financial statements, regarding related-party operations that may be carried out, the following information:

a ) a generic description of the operations, such as:

operations with financial instruments in which the issuer and the holder are related parties,
repos,
securities lending,
derivative financial instruments,
those carried out through any person, trust, entity or other legal figure, when the counterparty and source of payment for said operations depend on a related party.

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

c ) the total amount of benefits granted to employees to the key managerial personnel or relevant executives of the entity.

Disclosure of operations with related parties is only required if they represent more than 5% of the book equity of the month prior to the date of preparation of the corresponding financial information.

C-14
Transfer and Derecognition of Financial Assets

Regarding the collateral received referred to in paragraph 44.7 of NIF C-14, the recipient must recognize the received collateral in off-balance sheet accounts. In cases where the recipient has the right to sell or pledge the collateral, the transferor must reclassify the asset as restricted.

Recognition of Financial Assets

When the transfer results in a derecognition of the financial asset by the transferor, the receiving entity must recognize a financial asset (or portion thereof) or a group of financial assets (or portion of said group) in its statement of financial position, if and only if, it acquires the contractual rights and obligations related to said financial asset (or portion thereof). To do so, the entity must:

a ) recognize the financial assets received at their fair value, which presumably corresponds to the price agreed upon in the transfer operation. Subsequently, these assets must be valued according to the criterion corresponding to their nature, in accordance with their nature;

b ) recognize the new rights obtained or new obligations incurred due to the transfer, valued at their fair value;

c ) derecognize the consideration granted in the operation at its net book value (for example, considering any associated estimate) and recognizing in the results of the period any item pending amortization related to said considerations, and

d ) recognize in the results of the period any difference, if any, resulting from the transfer operation.

C-16
Impairment of Receivable Financial Instruments

Estimation of Expected Credit Losses

For receivables, as well as for loans granted by entities to their officials and employees, as well as for the Compensation Fund, entities must create, if applicable, an estimate that reflects their degree of uncollectability. Such estimate must be obtained by applying what is set forth in section 42 of NIF C-16.

When the entity uses the practical solutions referred to in paragraph 42.6 of NIF C-16, the establishment of estimates must be for the total amount of the debt and must not exceed the following timeframes:

a ) within 60 calendar days following their initial registration, when they correspond to unidentified debtors, and

b ) within 90 calendar days following their initial registration, when they correspond to identified debtors.

No estimate of expected credit losses shall be established for:

a ) tax balances in favor, and

b ) creditable value added tax.

C-19
Financial Liabilities

Scope

For the purposes of NIF C-19, liabilities related to the operations referred to in criteria B-3 and B-4 are not included, as these are contemplated in said criteria.

Initial Recognition of a Financial Liability

What is established in paragraph 41.1.1 numeral 4 of NIF C-19 regarding using the market rate as the effective interest rate in the valuation of the financial liability when both rates are substantially different shall not be applicable.

Financial Liabilities Valued at Fair Value

Entities are not subject to the exception to irrevocably designate at initial recognition a financial liability to be subsequently valued at its fair value with effect on net income, as referred to in section 42.2 of NIF C-19.

C-20
Financial Assets to Collect Principal and Interest

Initial Recognition of a Financial Asset to Collect Principal and Interest

What is established in paragraph 41.1.1 numeral 4 of NIF C-20 regarding using the market rate as the effective interest rate in the valuation of the financial asset to collect principal and interest when both rates are substantially different shall not be applicable.

Fair Value Option

Entities are not subject to the option to irrevocably designate at initial recognition a financial asset to collect principal and interest, to be subsequently valued at its fair value with effect on net income, as referred to in paragraph 41.3.4 of NIF C-20.

Loans to Officials and Employees

Interest originating from loans to officials and employees shall be presented in the statement of comprehensive income under the item of other income (expenses) from operations.

D-3
Employee Benefits

Through notes to the financial statements, the identification of obligations for employee benefits in short-term direct benefits, long-term direct benefits, termination benefits, and post-employment benefits must be disclosed. Employee benefit assets arising from the application of this NIF will form part of the item of prepaid payments and other assets.

D-4
Taxes on Income

Regarding the disclosure required in NIF D-4 on the concepts of temporary differences, additionally, those differences related to the main operations of the entities must be disclosed.

D-5
Leases

Finance Leases

Requirements

For the purposes of the requirements established in paragraph 42.1.4 subsection c) and subsection d) of NIF D-5, it shall be understood that the lease term covers most of the economic life of the Underlying Asset, if said lease covers at least 75% of its useful life. Likewise, the present value of lease payments is substantially all of the fair value of the Underlying Asset, if said present value constitutes at least 90% of the fair value.

A-3 APPLICATION OF GENERAL STANDARDS

Objective and Scope

This criterion aims to specify the establishment of general application norms that entities must observe.

The matter of this criterion is the establishment of general norms that must be considered in the recognition, valuation, presentation, and disclosure applicable to Accounting Criteria for Liquidating Partners.

Restricted Assets

These are considered to be all assets regarding which there are circumstances under which they cannot be disposed of or used, and must remain in the same item from which they originated. Likewise, those assets coming from operations that do not settle on the same day, i.e., are received with a value date different from the negotiation date, will be considered part of this category. In the case of margin accounts that entities grant to the Clearing House for operations with derivative financial instruments carried out in recognized markets or exchanges, they must adhere to what is established in NIF C-10 "Derivative Financial Instruments and Hedging Relationships."

For this type of assets, a note to the financial statements must disclose this fact and the balance thereof by type of operation.

Clearing Accounts

Regarding active and passive operations carried out by entities, for example, in matters of investments in financial instruments, repos, securities lending, derivative financial instruments, and the Minimum Initial Contributions that the Clearing House requires from Liquidating Partners for the Contribution Fund for the positions they maintain, once these reach maturity and while the corresponding settlement is not received or delivered, as agreed in the respective contract, the amount of matured operations receivable or payable must be recorded in clearing accounts (debtors or creditors for settlement of operations).

Likewise, for operations in which immediate settlement or same-day value date is not agreed upon, including foreign exchange sales on the negotiation date, the amount receivable or payable must be recorded in clearing accounts until its settlement is effected. The estimate of expected credit losses corresponding to the aforementioned receivable amounts must be determined in accordance with what is established in NIF C-16 "Impairment of Receivable Financial Instruments".

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

Regarding the operations referred to in paragraph 6, the balance receivable or payable must be disclosed for each type of operation from which they originate (foreign exchange, investments in financial instruments, repos, securities lending, Minimum Initial Contributions, etc.), specifying that these are operations agreed upon in which settlement is pending.

Various Estimates and Provisions

Estimates or provisions with undefined and/or non-quantifiable purposes must not be created, increased, or decreased against the results of the period. In any case, entities must comply with the regulation that the CNBV indicates regarding the determination of estimates and/or provisions.

Accrued Interest

Accrued interest for the different asset or liability items must be presented in the statement of financial position together with their corresponding principal.

Recognition or Cancellation of Assets and/or Liabilities

The recognition or cancellation in the financial statements of assets and/or liabilities, including those coming from foreign exchange sales, investments in financial instruments, repos, securities lending, and derivative financial instruments, will be carried out on the date that economically affects the entity, regardless of the settlement or delivery date of the good.

Disclosure of Financial Information

Regarding the disclosure of financial information, what is established in NIF A-1, Chapter 80 "Presentation and Disclosure" must be taken into account, regarding that the responsibility for providing information about the economic entity rests with its administration, and said information must meet certain qualitative characteristics such as; relevance, faithful representation, comparability, verifiability, timeliness, and understandability, based on what is provided in NIF A-1, Chapter 40 "Qualitative Characteristics of Financial Statements".

Entities in compliance with the disclosure standards provided in these Accounting Criteria must consider materiality in terms of NIF A-1, Chapter 40 "Qualitative Characteristics of Financial Statements", that is, they must show the most significant aspects of the entity recognized accounting-wise just as this characteristic associated with relevance indicates.

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

However, regarding materiality, it shall not be applicable to the information:

a ) required by the CNBV through general provisions issued for that purpose, distinct from those contained in these criteria;

b ) additional specific required by the CNBV related to its supervision activities, and

c ) required through the issuance or authorization, if applicable, of special accounting criteria or records.

Disclosures Relative to the Determination of Fair Value

Entities regarding the Updated Price for Valuation provided by the Price Provider in the determination of fair value in accordance with Chapter II of the Provisions, in addition to what is stated in the accounting criteria or the corresponding NIFs, must disclose, at a minimum, the following:

a ) the level of the hierarchy of the Updated Price for Valuation (or fair value hierarchy) within which the determinations of fair value are classified, in accordance with the following:

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

ii.
Level 2, prices obtained with Level 2 input data.

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

b ) in case there is any change in the valuation model, that change and the reasons for making it must be disclosed;

c ) when there are changes from one period to another in the classification of the hierarchy of the Updated Price for Valuation regarding the same value or financial instrument:

i. the amounts of transfers between Level 1 and Level 2 of the hierarchy of the Updated Price for Valuation.

ii. the amounts of transfers to or from Level 3 of the hierarchy of the Updated Price for Valuation.

d ) for those updated prices for valuation classified in Level 3, a reconciliation of opening balances with closing balances, disclosing separately the changes during the period attributable to total gains or losses of the period recognized in net income and those recognized in other comprehensive income (OCI);

e ) when there is a significant decrease in volume or level of activity in relation to normal market activity for a certain value or financial instrument, or in the presence of disordered conditions, the adjustments applied to the Updated Price for Valuation must be explained, if applicable, and

f ) the name of the Price Provider, if applicable, that provided the Updated Price for Valuation.

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

Valuation of UDI

The value to be used will be that made known by the Bank of Mexico in the Official Gazette of the Federation (DOF), applicable on the date of valuation.

A-4 SUPPLEMENTARY APPLICATION TO ACCOUNTING CRITERIA

Objective and Scope

This criterion aims to specify the application of the norms contained in NIF A-1, Chapter 90 "Supplementarity" issued by CINIF, considering that, when applying it, financial information is being prepared and presented in accordance with Accounting Criteria for Liquidating Partners.

Definition

For the purposes of the Accounting Criteria for Liquidating Partners, the process of supplementarity applies when, in the absence of express accounting norms issued by the CNBV in particular, and by CINIF in general, these are covered by a formal and recognized set of norms.

Concept of Supplementarity and Basic Norm

In the absence of a Specific Accounting Criterion of the CNBV for entities and secondarily for credit institutions, or in a broader context, of the NIFs, the bases for supplementarity provided in NIF A-1, Chapter 90 mentioned above, together with what is provided in the dispositions of this criterion, shall be applied.

Other Supplementary Normativity

Only in the event that the International Financial Reporting Standards (IFRS) referred to in NIF A-1, Chapter 90 do not provide a solution to accounting recognition, one may opt for a supplementary norm belonging to any other normative scheme, provided it meets all the requirements indicated in the cited NIF A-1, Chapter 90 for a supplementary norm, as well as those provided in paragraph 6 of this criterion, and supplementarity must be applied in the following order:

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

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

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

a ) official sources: the Codification, rules or interpretations of the Securities and Exchange Commission (SEC), Staff Accounting Bulletins of the SEC working group, and SEC positions regarding the Consensuses of the Board on Emerging Issues of the FASB (FASB Emerging Issues Task Force, EITF), and

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

Requirements of a Supplementary Norm and Rules of Supplementarity

In addition to what is established in the referenced NIF A-1, Chapter 90, the norms that are applied supplementarily must comply with the following:

a ) they cannot be applied in advance;

b ) they must not contravene the philosophy and general concepts established in the Accounting Criteria applicable to Liquidating Partners;

c ) the supplementarity process, if any, provided within each of the norms used supplementarily shall not be applicable, except when said supplementarity complies with the preceding subsections and authorization from this CNBV is obtained, and

d ) norms that have been applied in the supplementarity process will be replaced when a Specific Accounting Criterion is issued by the CNBV or an NIF on the topic where said process was applied.

Disclosure Norms

Entities that follow the supplementary process recorded in this criterion must communicate in writing to the vice presidency of the CNBV responsible for their supervision within 10 calendar days following its application, the accounting norm that has been adopted supplementarily, as well as its basis of application and the source used. Additionally, entities must disclose through notes to the financial statements the information requested in the cited NIF A-1, Chapter 90 and the quantification of its impacts on the financial statements.

B-1 CASH AND CASH EQUIVALENTS

Objective and Scope

This criterion aims to define the particular norms relative to the recognition,

valuation, presentation and disclosure in the financial statements of the items that make up the cash and cash equivalents line item in the statement of financial position of entities.

Definitions

Cash.- Legal tender and foreign currency in cash, as well as deposits in financial institutions made in the country or abroad available for the entity's operations; such as, availability in checking accounts.

Cash equivalents.- Short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term commitments rather than for investment purposes; they may be denominated in national or foreign currency, for example, the purchase of foreign exchange that are not considered financial derivatives instruments as established by the Bank of Mexico in the applicable regulation; as well as other cash equivalents such as highly liquid financial instruments.

Highly liquid financial instruments.- Those securities whose disposal is expected within a maximum of 48 hours from their acquisition, generate returns and have insignificant risks of changes in their value.

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

Recognition Standards

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

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

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

Foreign currencies acquired that are agreed to be settled on a date subsequent to the date of the purchase transaction shall be recognized on such transaction date as restricted cash and cash equivalents (foreign currencies to be received), while, sold foreign currencies shall be recorded as an outflow of cash and cash equivalents (foreign currencies to be delivered). The counterparty shall be a clearing, creditor or debtor account, as appropriate, in accordance with what is established in criterion A-3 "Application of general standards".

Valuation Standards

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

Highly liquid financial instruments must be valued based on what is established in the standards on financial instruments, according to the business model that corresponds to each type of instrument.

Presentation Standards

Statement of Financial Position

The line item of cash and cash equivalents shall be shown in the statement of financial position of entities as the first item that makes up the asset, including restricted cash and cash equivalents.

In the event that there is an overdraft in checking accounts reported in the statement issued by the corresponding credit institution, the amount of the overdraft must be presented in the line item of other accounts payable, even if other checking accounts with the same credit institution are maintained. Likewise, if the net balance of foreign currencies to be received with foreign currencies to be delivered or any concept that makes up the line item of cash and cash equivalents, were to show a negative balance, such concept must be presented in the line item of other accounts payable.

Statement of Comprehensive Income

The returns generated by deposits in financial institutions, as well as the valuation effects of those constituted in foreign currency, shall be presented in the statement of comprehensive income as interest income or expense, while the valuation and trading results of foreign currencies shall be grouped in the line item of fair value valuation result or trading result, as appropriate, to which criterion D-2 "Statement of Comprehensive Income" refers.

Disclosure Standards

The line item of cash and cash equivalents shall be disaggregated through notes to the financial statements including, as appropriate, cash, deposits in financial institutions made in the country and abroad and finally other cash equivalents. Likewise, the following rules shall be observed, as appropriate:

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

b ) in the event that the balance of cash and cash equivalents is presented in the liability, in terms of what is stated in paragraph 13, this fact and the causes that gave rise to it shall be disclosed;

c ) the existence of cash and cash equivalents denominated in foreign currency shall be disclosed, indicating its amount, type of currency involved, settlement term, quotations used for its conversion and its equivalent in national currency, and

d ) disclose the effect of subsequent events that, due to their importance, have substantially modified the valuation of cash and cash equivalents in foreign currency and in highly liquid financial instruments, between the date of the financial statements and the date on which they are authorized for issuance, in accordance with NIF B-13 "Subsequent events after the date of the financial statements".

B-3 REPO TRANSACTIONS

Objective and Scope

The present criterion aims to define the particular standards relative to the recognition, valuation, presentation and disclosure in the financial statements, of repo transactions.

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

Definitions

Financial asset.- A right arising from a contract, which grants monetary economic resources to the entity. Therefore, it includes, among others:

a ) cash or cash equivalents;

b ) financial instruments generated by a contract, such as an investment in a debt or equity instrument issued by a third party;

c ) a contractual right to receive cash or any other financial instrument from another entity;

d ) a contractual right to exchange financial assets or financial liabilities with a third party on favorable terms for the entity, or

e ) a right that will be collected with a variable number of equity instruments issued by the entity itself.

Substantially similar financial assets.- Those financial assets that, among others, maintain the same primary obligor, identical form and type (therefore generating substantially the same risks and benefits), same maturity date, identical contractual interest rate, similar collateral, same outstanding balance.

Derecognition of financial assets.- It is the total or partial elimination of a financial asset previously recognized in the statement of financial position of an entity, which takes place when that item no longer meets the definition of an asset, that is, when the entity loses control of it.

Collateral.- It is the safeguard constituted by an asset or group of assets to guarantee the payment of agreed counterpayments. For the purposes of repo transactions, the collateral will at all times be those permitted in accordance with current regulation.

Counterpayments.- Cash and cash equivalents, the right to receive all or specific portions of cash flows from a trust, entity or other figure, equity instruments, financial derivatives, or any other type of asset that is obtained in a transfer of financial assets, including any obligation incurred. For the purposes of repo transactions, the counterpayments will at all times be those permitted in accordance with current regulation.

Amortized cost.- It is a historical cost valuation basis applicable to financial assets and reflects the present value of future flows. For variable rate instruments, the discount rate is updated to reflect changes in the same. The amortized cost of a financial asset is updated over time to describe subsequent changes, such as the accrual of interest, the impairment of the financial asset and collections and payments.

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

Cash-oriented repo transactions.- Transaction motivated by the need of the repo buyer to obtain cash financing and the intention of the repo seller to invest its excess cash.

Security-oriented repo transactions.- Transaction motivated by the need of the repo seller to temporarily access certain specific financial instruments and the intention of the repo buyer to increase the returns on its investments in financial instruments.

Fixed price at maturity.- It is that right or obligation, as the case may be, represented by the agreed price plus the repo interest, agreed upon in the transaction.

Agreed price.- Represents the right or obligation to receive or deliver resources, agreed at the beginning of the transaction.

Repo buyer (Reportada).

That entity that receives cash, through a repo transaction in which it transfers financial assets as collateral, with the obligation to reintegrate to the repo seller at the end of the transaction the cash and the agreed repo interest.

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

Repo.- Operation by means of which the repo buyer acquires for a sum of money the ownership of credit titles, and obligates itself to transfer to the repo seller the ownership of as many titles of the same species, within the agreed term and against reimbursement of the same price plus a premium. The premium remains for the benefit of the repo buyer, unless otherwise agreed.

Repo rate.- It is the agreed rate with which the payment of interest for the use of cash in the repo transaction is determined.

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

Characteristics

Economic and Legal Substance of Repo Transactions

Repo transactions for legal purposes are considered as a sale where an agreement to repurchase the transferred financial assets is established. Nevertheless, the economic substance of repo transactions is that of a collateralized financing, in which the repo seller delivers cash as financing, in exchange for obtaining financial assets that serve as protection in case of default.

In this regard, the financial assets granted as collateral by the repo buyer, that do not meet the requirements to be derecognized in terms of what is established by NIF C-14, continue to be recognized in their statement of financial position, since they retain the risks, benefits and control of them; that is, that if there were any change in the fair value, accrual of interest or dividends were declared on the financial assets granted as collateral, the repo buyer is exposed, and therefore recognizes, such effects in its financial statements.

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

Difference with respect to securities lending

Additionally, although the legal scheme of repo transactions differs from that established for securities lending referred to in criterion B-4 "Securities Lending", since repo transactions provide for the commitment to reacquire the financial asset subject to the transaction at the fixed price at maturity, while securities lending do not consider the reacquisition of the same, since the risks, benefits nor control are not substantially transferred, but the return of the financial asset to the lender; the accounting treatment is similar, in virtue that both transactions imply the temporary transfer of financial assets in exchange for cash or other collateral.

For the aforementioned reasons and in consistency with the basic postulates referred to in NIF A-1, Chapter 20 "Basic Postulates", the economic substance must prevail over the legal form for the accounting treatment of repo or securities lending transactions, which is similar in both transactions.

Intention of Repo Transactions

In repo transactions there are generally two types of intentions, either of the repo buyer or the repo seller: the "cash-oriented" or the "security-oriented".

In a "cash-oriented" repo, the intention of the repo buyer entity is to obtain cash financing, using financial assets as collateral; on the other hand, the repo seller obtains a return on its investment at a certain rate and since it does not seek any specific value, it receives financial assets as collateral to mitigate the credit risk exposure it faces with respect to the repo buyer.

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

In a "security-oriented" repo, the intention of the repo seller is to temporarily access certain specific values possessed by the repo buyer (for example, if the repo seller through a previous repo transaction in which it acts as repo buyer, contracted a commitment on a value similar to the object of the new transaction), providing cash as collateral, which serves to mitigate the exposure to the risk faced by the repo buyer with respect to the repo seller.

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

In repo transactions, an agreed price is usually agreed whose value is above or below the cash exchanged, so the difference existing between the cash exchanged and the agreed price is intended to protect the counterparty that is exposed to the risks of the transaction (for example, in front of market risk). If the transaction is "cash-oriented", the repo buyer generally grants financial assets as guarantee at an agreed price lower than the market value, so its fair value is higher with respect to the cash received; in contrast, if it is "security-oriented" the repo seller will generally receive titles as guarantee at an agreed price higher than the market value, so its fair value is below the cash granted.

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

Considering all of the above, nevertheless, the economic intention, the accounting treatment of "cash-oriented" or "security-oriented" repo transactions is the same.

Recognition and Valuation Standards

Repo Seller

On the transaction date of the repo transaction, acting as the repo seller, the entity shall recognize the outflow of cash and cash equivalents, or a creditor clearing account, recording a receivable account initially measured at the agreed price, which represents the right to recover the cash delivered.

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

The financial assets that the repo seller has received as collateral shall be treated in accordance with what is established in the following section.

Collateral Granted and Received Other Than Cash

The collateral granted by the repo buyer to the repo seller (other than cash), shall be recognized as follows:

a ) the repo seller shall recognize the collateral received in off-balance sheet accounts, following for its valuation the standards relative to custody operations of criterion B-7 "Custody and administration of goods";

b ) the repo seller, upon selling the collateral, or pledging it, shall recognize the resources derived from the transaction, as well as a payable account for the obligation to return the collateral to the repo buyer (initially measured at the agreed price) which shall be valued, in the case of sale at its fair value or, in case it is pledged in a securities lending transaction, at its amortized cost (any differential between the price received and the value of the payable account shall be recognized in the results of the period);

c ) in the event that the repo buyer fails to meet the conditions established in the contract, and therefore cannot claim the collateral, the repo seller shall recognize in its statement of financial position the entry of the collateral, as established in these Accounting Criteria, according to the type of asset involved, against the receivable account referred to in paragraph 34, or in its case, if the collateral has been previously sold, it shall derecognize the payable account referred to in subsection b), relative to the obligation to return the collateral to the repo buyer;

d ) the repo seller shall recognize the collateral in its financial statements only in off-balance sheet accounts, with the exception of what is established in subsection c) above, that is, when the risks, benefits and control of the collateral have been transferred by the default of the repo buyer, and

e ) the off-balance sheet accounts recognized for collateral received by the repo seller shall be cancelled when the repo transaction reaches its maturity or there is default by the repo buyer.

In the case of transactions where the repo seller sells, or in turn, pledges the collateral received (for example, when a securities lending transaction is agreed), it shall keep in off-balance sheet accounts the control of said sold or pledged collateral, following for its valuation the standards relative to custody operations of criterion B-7.

The off-balance sheet accounts recognized for collateral received that have in turn been sold or pledged by the repo seller shall be cancelled when the entity acquires the sold collateral to return it to the repo buyer, or when the second transaction in which the collateral was pledged reaches its maturity, or there is default by the counterparty.

Presentation Standards

Statement of Financial Position

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

The collateral received from the repo buyer shall be presented in off-balance sheet accounts in the line item of collateral received by the entity.

The payable account referred to in subsection b) of paragraph 37, which represents the obligation of the repo seller to return to the repo buyer the collateral that it had sold or pledged shall be presented within the statement of financial position, in the line item of collateral sold or pledged.

The off-balance sheet accounts referred to in paragraph 38, with respect to those collateral received by the repo seller that have in turn been sold or pledged (for example, in securities lending transactions) shall be presented in the line item of collateral received and sold or pledged by the entity.

Statement of Comprehensive Income

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

The differential referred to in subsection b) of paragraph 37 that, if any, has been generated by the sale shall be presented in the line item of trading result.

The fair value valuation of the payable account referred to in subsection b) of paragraph 37, which represents the obligation of the repo seller to return to the repo buyer the collateral that it had sold shall be presented in the line item of fair value valuation result.

Offsetting of Financial Assets and Liabilities

For the purposes of offsetting between financial assets and liabilities acting as the repo seller, the provisions of NIF B-12 "Offsetting of financial assets and financial liabilities" shall be attended to.

Disclosure Standards

Entities shall disclose through notes to the financial statements, the information corresponding to repo transactions in the following manner:

a ) that relating to the total amount of transactions celebrated;

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

average terms in the contracting of outstanding repo operations;

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

of the collateral received and in turn sold or pledged as guarantee, the total amount

by type of asset, and

the rate agreed upon in the relevant operations.

B-4 SECURITIES LENDING

Objective and scope

This standard aims to define the specific rules regarding the recognition,

valuation, presentation and disclosure in the financial statements, of securities lending

operations carried out by entities acting on their own account.

The treatment of operations that, in accordance with what is established in NIF C-14 "Transfer and de-recognition of financial assets", meet the requirements to derecognize the financial assets

subject to the same, in virtue of the transfer of risks, benefits and control of said

financial assets, is not the subject of this standard, so it must comply with what is established

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

Definitions

Financial asset.- A right arising from a contract, which provides monetary economic resources to the entity. Therefore, it includes, among others:

cash or cash equivalents;

financial instruments generated by a contract, such as an investment in a debt or equity instrument issued by a third party;

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

a contractual right to exchange financial assets or financial liabilities with a third party on terms favorable to the entity, or

a right that will be settled with a variable number of equity instruments issued by the entity itself.

Substantially similar financial assets.- Those financial assets that, among others, hold the same primary obligor, identical form and type (thus generating substantially the same risks and benefits), same maturity date, identical contractual interest rate, similar collateral, same outstanding balance.

Derecognition of financial assets.- It is the total or partial elimination of a previously recognized financial asset in the entity's statement of financial position, which takes place when that item no longer meets the definition of an asset, that is, when the entity loses control of it.

Collateral.- It is the safeguard constituted by an asset or group of assets to guarantee the payment of agreed counter-performance. For the purposes of securities lending operations, the collateral will at all times be those permitted in accordance with current regulation.

Counter-performance.- Cash and cash equivalents, the right to receive all or specific portions of cash flows from a trust, entity or other figure, equity financial instruments, derivative financial instruments, or any other type of asset obtained in a transfer of financial assets, including any obligation incurred. For the purposes of securities lending operations, the counter-performance will at all times be those permitted in accordance with current regulation.

Amortized cost.- It is a historical cost valuation basis applicable to financial assets and financial liabilities and reflects the present value of future flows. For instruments at variable rate, the discount rate is updated to reflect changes in it. The amortized cost of a financial asset or financial liability is updated over time to describe subsequent changes, such as the accrual of interest, impairment of the financial asset and collections and payments.

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

Effective interest method.- It is used in the calculation of the amortized cost of a financial instrument to distribute its effective interest income or expense in the corresponding periods of the life of the financial instrument.

Premium.- It is the payment made by the borrower to the lender for the loan of their securities.

Lender.- It is the entity that transfers securities to the borrower receiving as collateral financial assets.

Securities lending.- It is the operation in which the transfer of securities is agreed from the lender to the borrower, with the obligation to return such securities or other substantially similar ones on a specific date or upon request, while the borrower grants the lender collateral.

Borrower.- It is the entity that receives securities from the lender granting as collateral financial assets.

Effective interest rate.- It is the rate that exactly discounts the estimated future cash flows to be collected or settled during the expected life of a financial instrument in the determination of its amortized cost; its calculation must consider the contractual cash flows and the relevant transaction costs.

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

Securities subject to the loan.- These are equity financial instruments or securities susceptible of being lent in accordance with the respective regulation.

Characteristics

Economic and legal substance of securities lending operations

Securities lending operations for legal purposes are considered as a sale, where an agreement is established to return on a set date the securities subject to the operation. However, the economic substance of securities lending operations consists in the borrower being able to temporarily access certain types of securities where the collateral serves to mitigate the exposure to risk faced by the lender with respect to the borrower.

It is possible that, in securities lending operations, the borrower guarantees to the lender for the return of the securities subject to the operation, through cash resources deposited in a trust. These resources are outside the reach of the lender and can only be made effective when the guarantee is executed in case of default. For this reason, the cash provided as collateral is restricted in the borrower's statement of financial position, while the lender must not recognize it (other than in off-balance sheet accounts).

In this regard, the securities subject to the operation transferred by the lender (or the financial assets provided as collateral by the borrower), which do not meet the requirements to be derecognized in terms of what is established by NIF C-14, continue to be recognized in their statement of financial position, since they retain the risks, benefits and control of the securities subject to the operation (or of the financial assets). For example, if there were any change in fair value, accrual of interest or dividends were declared on the securities (or financial assets provided as collateral), the lender (or borrower) will be the one to recognize such effects in their financial statements.

Therefore, those operations where economically the borrower (or lender) acquires the risks, benefits and control of the securities (or financial assets) transferred cannot be considered as securities lending operations, being subject to NIF C-2.

Difference with respect to repo operations

Additionally, although the legal scheme of securities lending differs from that established for repo operations referred to in standard B-3 "Repos", since securities lending operations do not consider the reacquisition of the financial asset subject to the operation, since risks, benefits, nor control are not substantially transferred, but the return of the same to the lender, while repos provide for the commitment to reacquire said financial asset at the fixed maturity price, the accounting treatment is similar, in virtue of the fact that both operations involve the temporary transfer of financial assets in exchange for collateral.

For the above reasons and in consistency with the basic postulates referred to in NIF A-1, Chapter 20 "Basic Postulates", the economic substance must prevail over the legal form for the accounting treatment of repo or securities lending operations, which is similar in both operations.

Intention of securities lending operations

As previously mentioned, the intention of agreeing on a securities lending operation is that the borrower temporarily accesses certain specific types of securities owned by the lender, providing as collateral, financial assets, which serves to mitigate the exposure to risk faced by the lender with respect to the borrower.

In this regard, in the securities lending operation, the borrower will pay the lender a premium for the loan of the security subject to the operation.

In securities lending operations, collateral is agreed whose value is usually above the value subject to the operation.

The delivery of collateral can occur at the beginning of the operation or during the life of the securities loan with respect to variations in the fair value of the collateral provided.

Recognition and valuation rules

Lender

On the date of contracting the securities lending operation acting as the entity as lender, with respect to the value of the loan transferred to the borrower, it must recognize it as restricted, in accordance with what is established in standard A-3 "Application of general rules", for which it will follow the valuation, presentation and disclosure rules in accordance with the Accounting Standard for Liquidating Partners that corresponds.

The amount of accrued premium will be recognized in the results of the period, through the effective interest method during the validity of the operation, against an account receivable.

Financial assets received as collateral (including cash administered in trust) will be recognized in off-balance sheet accounts, following for their valuation the rules related to custody operations of standard B-7.

In the event that the lender, prior to the maturity of the securities lending operation and without default by the borrower of the conditions established in the contract, sells the received collateral, it must recognize the inflow of resources from the sale, as well as an account payable for the obligation to return said collateral to the borrower (measured initially at the agreed price) which will be valued at fair value.

If the borrower fails to comply with the conditions established in the contract, the lender must recognize the inflow of the collateral, as established in these Accounting Standards, according to the type of asset involved, as well as derecognize the value subject to the operation that had previously been restricted, or in case, if the collateral had previously been sold, it must derecognize the account payable referred to in the previous paragraph, which represents the obligation to return the collateral to the borrower.

The lender must maintain in its statement of financial position the value subject to the operation and the borrower must not recognize it in its financial statements, but only in off-balance sheet accounts, except for what is established in the previous paragraph, where the risks, benefits and control of the collateral have been transferred due to the borrower's default.

The off-balance sheet accounts recognized for financial assets received as collateral by the lender must be cancelled when the securities lending operation reaches its maturity or there is default by the borrower.

In the case of securities loans where the value subject to the operation provided by the lender comes from collateral received in other transactions (for example, a repo or another securities loan), control of said collateral must be kept in off-balance sheet accounts.

The off-balance sheet accounts referred to in the previous paragraph must be cancelled when the operation in which the collateral was pledged reaches its maturity or there is default by the borrower.

Borrower

On the date of contracting the securities lending operation, acting as the entity as borrower, with respect to the value of the loan received, said value must be recognized in off-balance sheet accounts, following for its valuation the rules related to custody operations of standard B-7.

The amount of accrued premium will be recognized in the results of the period, through the effective interest method during the validity of the operation, against an account payable.

Financial assets delivered as collateral must be recognized as restricted (including cash administered in trust), in accordance with what is established in standard A-3, which will follow the valuation, presentation and disclosure rules in accordance with the Accounting Standard for Liquidating Partners that corresponds.

On the date the borrower sells the value subject to the operation, it must recognize the inflow of resources from the sale, as well as an account payable for the obligation to return said value to the lender (measured initially at the agreed price) which will be valued at fair value.

If the borrower fails to comply with the conditions established in the contract, and therefore cannot claim the financial assets delivered as collateral, it must derecognize them from its statement of financial position (since risks, benefits and control are substantially transferred at that moment, in terms of what is established in NIF C-14) at their fair value, against the account payable referred to in the previous paragraph, which represents the obligation to return the value subject to the operation to the lender.

The borrower must maintain in its statement of financial position the collateral delivered and the lender must not recognize it in its financial statements, but only in off-balance sheet accounts, except for what is established in the previous paragraph, that is when the risks, benefits and control of the collateral have been transferred due to the borrower's default.

The off-balance sheet accounts recognized for the securities subject to the operation received by the borrower must be cancelled when the securities lending operation reaches its maturity.

In the case of securities loans where the financial assets provided as guarantee by the borrower come from collateral received in other transactions (for example, a repo or another securities loan), control of said collateral must be kept in off-balance sheet accounts.

The off-balance sheet accounts referred to in the previous paragraph must be cancelled when the operation in which the collateral was pledged reaches its maturity.

Presentation rules

Statement of financial position

The value subject to the operation, as well as the collateral delivered, must be presented as restricted, by the lender or borrower, as appropriate, according to the type of financial assets involved.

The value subject to the operation received by the borrower, as well as the collateral received by the lender, will be presented in off-balance sheet accounts under the item of collateral received by the entity.

The premium receivable or payable will be presented under the item of securities lending in the asset or liability, as appropriate.

The account payable that represents the obligation of the borrower (or lender) to return the value subject to the operation (or the collateral) to the lender (or borrower) must be presented within the statement of financial position, under the item of collateral sold or pledged as guarantee.

The off-balance sheet accounts referred to in paragraphs 35 and 44 will be presented under the item of collateral received and sold or pledged as guarantee by the entity.

Statement of comprehensive income

The accrual of the premium recognized in the results of the period will be presented under the item of interest income or expenses, as appropriate.

The difference between the price received and the fair value of the value subject to the operation or of the collateral received, if any, existing at the moment of sale, will be presented under the item of gain or loss on sale.

The fair value valuation of the account payable that represents the obligation to return the value subject to the operation or the collateral received, as appropriate, will be presented under the item of gain or loss on fair value valuation.

Offsetting of financial assets and liabilities

Since restricted financial assets continue to be recognized in the statement of financial position based on the guidelines of this standard, these assets and the associated liabilities must not be offset against each other. Likewise, the entity must not offset the income from the transferred financial asset with the costs and/or expenses incurred by the associated liability.

Disclosure rules

Entities must disclose through notes to the financial statements, the information corresponding to securities lending operations in the following manner:

that relating to the total amount of operations concluded;

description of outstanding operations, detailing the characteristics that identify it as a securities lending operation;

amount of premiums recognized in the results of the period as income or expenses, as appropriate;

average terms in the contracting of securities lending operations;

regarding the securities subject to outstanding securities lending operations, delivered or received, total amount, by type of title, on which the right of sale or pledge as guarantee was exercised;

type and total amount by type of asset on the collateral both delivered and received, and

of the collateral received and in turn sold or pledged as guarantee, the total amount,

by type of asset.

B-6 EXCESSES OF MINIMUM INITIAL CONTRIBUTIONS

Objective and scope

This standard aims to define the specific rules regarding the recognition,

valuation, presentation and disclosure in the financial statements, of Excesses of

Minimum Initial Contributions.

Definition of terms

Contributions.- To cash or cash equivalents, financial instruments or any other

asset approved by the authorities, which must be delivered as guarantee to the Liquidating Partners to ensure compliance with the obligations corresponding to Open Contracts whose settlement must be carried out in the Clearing Houses.

Minimum Initial Contributions.- To the contribution that each Liquidating Partner must deliver to the Clearing House for the positions it holds.

Excesses of Minimum Initial Contributions.- It is the difference between the initial contribution requested from the client by the Liquidating Partner and the minimum initial contribution requested from the Liquidating Partner by the Clearing House, which will be administered by the corresponding Liquidating Partner.

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

Recognition and valuation rules

The Excesses of Minimum Initial Contributions received in cash and cash equivalents, as well as in financial instruments by the entity, will be considered to form part of the contributed equity of the entity.

Contributions received in cash

The Excesses of Minimum Initial Contributions received in cash that the entity requires from its counterparty upon the celebration of operations with financial instruments derivatives must be recognized at their nominal value, affecting the item of cash and cash equivalents against equity.

The Excesses of Minimum Initial Contributions received in cash will be modified by the partial or total settlements that the entity deposits or withdraws and by additional contributions or withdrawals made by the entity's counterparties.

The returns generated by the Excesses of Minimum Initial Contributions in cash will be recognized as an account payable.

Contributions received in financial instruments

The Excesses of Minimum Initial Contributions received in financial instruments that the entity requires from its counterparty upon the celebration of operations with financial instruments derivatives must be recognized and valued at their fair value.

The effects from valuation arising from the Excesses of Minimum Initial Contributions will affect the item of contributions in financial instruments (securities), against the concept Excesses of Minimum Initial Contributions.

Likewise, the value of the Excesses of Minimum Initial Contributions received in financial instruments will be modified by the partial or total settlements that the entity deposits or withdraws and by additional contributions or withdrawals made by the entity's counterparties.

The additional contributions or withdrawals made by the entity itself to the equity referred to in paragraphs 8 and 12 must be recognized against the concept of Excesses of Minimum Initial Contributions, so the results of the period must not be affected.

The agreed commissions corresponding to the charge of the entity's counterparties must be recognized in the results of the period.

Presentation rules

Statement of financial position

The concept of Excesses of Minimum Initial Contributions will be presented separately in the statement of financial position within the contributed equity. Cash contributions will be presented under the item of cash and cash equivalents against the concept of Excesses of Minimum Initial Contributions.

The payables for returns arising from the Excesses of Minimum Initial Contributions in cash will be presented under the item of other accounts payable affecting the concept

returns on payables derived from Excesses of Minimum Initial Contributions

contributed in cash against cash and cash equivalents restricted.

The Excesses of Minimum Initial Contributions received in financial instruments and the respective valuation effects shall be presented in the asset section under the item of contributions in financial instruments (securities), after the item of cash and cash equivalents, against the concept Excesses of Minimum Initial Contributions.

Statement of Comprehensive Income

The income from commissions charged by the entity shall be presented within the item of income from services.

Disclosure Standards

Entities shall disclose in notes to the financial statements the following information related to the Excesses of Minimum Initial Contributions:

a ) the fair value of the contributions in financial instruments that have been received as Excesses of Minimum Initial Contributions;

b ) the terms and conditions related to the Excesses of Minimum Initial Contributions received both in cash and in financial instruments;

c ) the accounting policies relative to the valuation bases used in the Excesses of Minimum Initial Contributions;

d ) information that allows users of the entity's financial statements to evaluate the nature of the equity, and

e ) the discounted value that the Clearing House calculates based on the possible price fluctuations of each of the financial instruments received as contributions, Minimum Initial Contributions and/or Excesses of Minimum Initial Contributions.

B-7 CUSTODY AND ADMINISTRATION OF ASSETS

Objective and Scope

The purpose of this standard is to define the specific rules regarding the recognition, valuation, presentation and disclosure in the financial statements of custody and administration of assets operations carried out by entities.

Among the administration operations that are the subject of this standard, operations are included that entities carry out on behalf of third parties, such as contracts for financial instruments derivatives traded on an exchange or negotiated on Trading Platforms or Extranet Platforms, as well as the execution of contracts for financial instruments derivatives on behalf of third parties listed on derivative markets exchanges abroad recognized in accordance with applicable regulation.

The custody of assets that by their nature or by contractual agreement do not grant the responsibility for safeguarding to the entities is not included within this standard.

Definitions

Assets in custody or administration.- Cash and cash equivalents, financial instruments or similar titles owned by third parties, delivered to the entity for their safeguard or administration.

Administration operations.- Those carried out by the entity, in which it provides administrative services on certain assets, receiving, if applicable, a commission as consideration.

Custody operations.- Those carried out by the entity, for which it is responsible for the safeguard of assets in custody or administration that are delivered to it in its facilities or with whom it has subcontracted the service, receiving a commission for this.

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

Characteristics

Assets in custody or administration may be the subject of custody, administration or a combination of both operations. In the case of financial instruments owned by third parties, these may be sold, administered or transferred in accordance with the conditions agreed in the contract.

By the essence of this type of operations, assets in custody or administration are not subject to recognition by entities:

a ) since they do not acquire the rights and contractual obligations related to the financial assets in custody or administration (other than contributions received in cash from clients, such as Minimum Initial Contributions in cash), and

b ) because the definition of "asset" contained in NIF A-1, Chapter 50, "Basic elements of financial statements" is not met.

Notwithstanding the foregoing, the entity is responsible for assets in custody or administration, therefore it assumes a risk in case of their loss.

In addition, among the services that the entity can provide, are the operations of administration, sale and transfer of assets in custody or administration that are carried out in accordance with the prior instruction of its clients. Among these operations are those of financial instruments and financial instruments derivatives.

Recognition and Valuation Standards

Since the assets subject to this standard do not represent assets of the entities, they must not be part of the rights and obligations recognized in the statement of financial position. However, an estimated amount shall be recognized in off-balance sheet accounts for which the entity would be obligated to respond to its clients for any future contingency, with the exception of cash contributions received from clients (for example, Minimum Initial Contributions in cash), because in that particular case, the conditions for their recognition contemplated in paragraph 30 of standard A-2 "Application of specific rules" are met, as long as they are not delivered to the Clearing House.

Income derived from custody or administration services shall be recognized in the results of the period in accordance with what is established in NIF D-1 "Income from contracts with customers".

In the event that entities have an obligation to the client for non-compliance with their instructions, the liability shall be recognized in the statement of financial position of the entities against the results of the period. The accounting recognition referred to in this paragraph shall be made at the moment the entity becomes aware of such situation, regardless of any legal action by the client, aimed at repairing the loss or damage.

Custody Operations

The valuation of the estimated amount for assets in custody in case they are financial instruments shall be determined at their fair value in accordance with what is established in the First Section of Chapter II of the Provisions.

In the event that assets in custody are also held in administration, they must be controlled in off-balance sheet accounts, separately from those assets received in custody.

Administration Operations

The determination of the valuation of the estimated amount for assets in administration, (including the receipt of cash contributions from clients), as well as those operations on behalf of clients, shall be carried out based on the operation carried out in accordance with these accounting standards. Among the various types of operations, the following are included:

Receipt of cash contributions from clients

Entities shall recognize the entry of cash for client contributions (for example, Minimum Initial Contributions in cash) in the item of restricted cash and cash equivalents against the corresponding liability, valued at the same amount as the asset that gave rise to it, with no effect on the profit or loss of the period. Once such cash contributions are delivered to the Clearing House, entities must cancel said liability against restricted cash and cash equivalents, and they must subsequently be presented in off-balance sheet accounts.

Investments in financial instruments

For those investment operations in financial instruments that entities carry out on behalf of third parties, the securities received shall be recognized and valued at their fair value in accordance with what is established in NIF C-2.

Financial instruments derivatives

Operations with financial instruments derivatives that entities carry out on behalf of third parties shall be recognized and valued at their fair value in accordance with what is stated in NIF C-10 "Financial instruments derivatives and hedge relationships".

By the transmission of orders for contracts of financial instruments derivatives listed and executed on derivative markets exchanges abroad recognized, which are carried out on behalf of third parties in accordance with applicable regulation, they must be recognized at their fair value.

Margin accounts on behalf of clients (contributions delivered to the Clearing House)

Cash contributions delivered to the Clearing House on behalf of clients shall be recognized at their nominal value, and must be increased by the returns generated by such contributions based on what has accrued.

Contributions in financial instruments delivered to the Clearing House on behalf of clients shall be recognized and valued at their fair value in accordance with what is established in NIF C-2.

Presentation Standards

The liability arising from the obligation to the client for the loss or damage of the asset in custody or administration shall be presented in the statement of financial position in the item of other accounts payable, while in the results of the period it shall be presented in the item of other income (expenses) from the operation.

Cash contributions received from clients (for example, Minimum Initial Contributions) shall be presented in the item of cash and cash equivalents and the liability that is generated, in the item of other accounts payable, until such time as they are delivered to the Clearing House.

Entities shall present in off-balance sheet accounts in the statement of financial position, information relative to the operations they carry out on behalf of third parties, disaggregating the information in the following items:

Custody Operations

Client financial instruments received in custody shall be disaggregated.

Administration Operations

Operations originating from the exchange, trading platforms, extranet platforms, or derivative markets abroad recognized shall be disaggregated by type of financial instruments derivatives (for example, futures, options, swaps, among others) for the following operations:

a ) purchase of financial instruments derivatives;

b ) sale of financial instruments derivatives, and

c ) transmission of orders for contracts of financial instruments derivatives listed and executed on derivative markets exchanges abroad recognized.

Income derived from custody or administration services recognized in the results of the period shall be presented in the item of income from services.

Disclosure Standards

The following shall be disclosed through notes to the financial statements:

Custody Operations

a ) amounts recognized for each type of asset in custody;

b ) information regarding the type of assets, and

c ) amount of income from the activity.

Administration Operations

a ) amounts recognized for each type of asset in administration;

b ) information regarding the type of assets, and

c ) amount of income from the activity.

Financial instruments derivatives

Entities shall disclose through notes to the financial statements information corresponding to the number and fair value of Open Contracts according to the following:

a ) a breakdown of operations by class (Underlying Asset) shall be provided;

b ) the term for the termination of the contracts shall be disclosed;

c ) it shall be indicated whether the agreed settlement type is in kind or by differences;

d ) it shall be identified whether the contracts are for clients of the clearing member, or for operators who act as commission agents, and

e ) the number of operations carried out on the exchange, trading platforms or extranet platforms shall be indicated.

Transmission of orders for contracts of financial instruments derivatives listed and executed on derivative markets exchanges abroad recognized

Entities shall disclose through notes to the financial statements information corresponding to the number and fair value of transmission of orders for contracts of financial instruments derivatives listed and executed by each derivative markets exchange abroad recognized according to the following:

a ) a breakdown of operations by class (Underlying Asset) shall be provided;

b ) the term for the termination of the contracts shall be disclosed; and

c ) the quantities of the orders that have been transmitted shall be disclosed.

Likewise, situations where there is a concentration of Open Contracts by type of client shall be disclosed, that is, when the number of Open Contracts of a specific client is close to the limits established by applicable regulation.

The safety net mechanism aimed at reducing defaults shall be briefly disclosed, as well as indicating whether it was necessary to activate said mechanism during the period.

In addition, internal control measures aimed at reducing

their exposure to risk by virtue of executing contracts with their clients shall be disclosed generically.

D-1 STATEMENT OF FINANCIAL POSITION

Background

Financial information must comply, among other things, with the purpose of presenting the financial situation of entities at a specific date, requiring the establishment, through specific criteria, of the objectives and general structure that the statement of financial position must have.

Objective and Scope

The purpose of this standard is to establish the general characteristics, as well as the structure that the statement of financial position of entities must have, which must comply with what is provided for in this standard. Likewise, minimum guidelines are established with the purpose of harmonizing the presentation of this financial statement among entities and, in this way, facilitating its comparability.

The statement of financial position has the purpose of presenting information relative to resources (assets) and sources of financing (liabilities and equity) of an entity at a specific date.

The statement of financial position, therefore, must adequately and on consistent bases, show the position of entities regarding their assets, liabilities, equity and off-balance sheet accounts, in such a way that the economic resources with which such entities are endowed can be evaluated, as well as their financial structure.

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

Concepts that make up the statement of financial position

In a broad context, the concepts that make up the statement of financial position are: assets, liabilities and equity, understood as such to the concepts thus defined in the NIF A-1, Chapter 50 "Basic elements of financial statements". Likewise, the off-balance sheet accounts referred to in this standard are part of the concepts that make up the structure of the statement of financial position of entities.

Structure of the statement of financial position

The structure of the statement of financial position must group the concepts of asset, liability, equity and off-balance sheet accounts, in such a way that it reflects from greater to lesser their degree of liquidity or exigibility, as the case may be.

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

Asset

cash and cash equivalents;
contributions in financial instruments (securities);
margin accounts (financial instruments derivatives);
investments in financial instruments;
receivables from repo operations;
securities lending;
financial instruments derivatives;
Compensation Fund (net);
accounts receivable (net);
long-term assets held for sale or for distribution to owners;
prepayments and other assets;
properties, furniture and equipment (net);
assets for right of use of properties, furniture and equipment (net);
permanent investments;
delayed income tax asset (net);
intangible assets (net);
assets for right of use of intangible assets (net), and
goodwill.

Liability

securities lending;
collateral sold or pledged;
financial instruments derivatives;
lease liability;
other accounts payable;
liabilities related to groups of assets held for sale;
financial instruments that qualify as liability;
obligations associated with the removal of components of properties, furniture and equipment;
income tax liability;
employee benefits liability, and
delayed credits and advance payments.

Equity

contributed equity, and
retained earnings.

Off-balance sheet accounts

Operations on behalf of third parties

custody operations, and
administration operations.

Operations on own account

contingent assets and liabilities;
collateral received by the entity;
collateral received and sold or pledged by the entity, and
other recording accounts.

Presentation of the statement of financial position

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

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

Contributions in financial instruments (securities)

Contributions received in financial instruments (securities) and the respective valuation effects arising from the contributions referred to in standard B-6 "Excesses of Minimum Initial Contributions" shall be presented immediately after the item of cash and cash equivalents.

Margin accounts (financial instruments derivatives)

Balances arising from margin accounts in cash, financial instruments (securities) or other assets referred to in NIF C-10 "Financial instruments derivatives and hedge relationships" shall be presented as part of this item.

Investments in financial instruments

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

Receivables from repo operations

The debtor balance arising from repo operations referred to in standard B-3 "Repo Operations" shall be presented immediately after the concept of investments in financial instruments.

Securities lending

The premium to be received from securities lending operations referred to in standard B-4 "Securities Lending" shall be presented.

Financial instruments derivatives

Financial assets arising from financial instruments derivatives shall be presented immediately after the concept of securities lending.

Compensation Fund (net)

Amounts that the Clearing House requires from entities for the Compensation Fund in accordance with applicable regulation, referred to in standard A-2, shall be presented after the item of financial instruments derivatives.

Accounts receivable (net)

In this item, accounts receivable shall be presented, considering among others, debtor clearing accounts and conditional accounts receivable, net of the estimation of expected credit losses, if applicable.

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

Investments in long-term assets that are classified as held for sale, such as subsidiaries, associates and joint ventures, as well as those held for distribution, including discontinued operations, referred to in NIF B-11 "Disposal of long-term assets and discontinued operations" shall be presented within this item.

Prepayments and other assets

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

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

These are assets that represent the right of a lessee to use a property, furniture or equipment during the lease term, reduced by their accumulated depreciation.

Permanent investments

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

Assets for right of use of intangible assets (net)

These are assets that represent the right of a lessee to use an intangible asset during the lease term, reduced by their accumulated amortization.

Securities lending

The premium to be paid from securities lending operations referred to in standard B-4 "Securities Lending" shall be presented.

Collateral sold or pledged

Collateral sold that represents the obligation to return the collateral received from the counterparty in operations of

shall be presented within this item in a disaggregated manner,

securities lending, financial derivative instruments, as well as those collateral

sold in repo operations.

In the case of repo operations, the creditor balance resulting from the compensation carried out in accordance with criterion B-3 " Repos " must be presented.

Financial derivative instruments

Financial liabilities arising from financial derivative instruments shall be presented immediately after the item of collateral sold or pledged.

Other payables

This item shall include the Minimum Initial Contributions pending delivery to the Clearing House, creditor liquidation accounts, contributions payable, the earnings payable derived from Excesses of Minimum Initial Contributions in cash from operations with financial derivative instruments in recognized markets, the diverse creditors and other payables, including in the latter overdrafts in checking accounts and the negative balance of the item of cash and cash equivalents that in accordance with what is established in criterion B-1 " Cash and cash equivalents " must be presented as a liability.

Liabilities related to groups of assets held for sale

Liabilities related to groups of long-term assets held for sale shall be presented within this item, including discontinued operations, such as retirement obligations linked to the disposal of assets.

Financial instruments qualifying as liabilities

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

Obligations associated with the removal of components of properties, furniture and equipment

In this item shall be included the obligations arising from the permanent removal from service of a component of properties, furniture and equipment, in accordance with what is established in NIF C-18 " Obligations associated with the removal of properties, plant and equipment " .

Income tax liability

The amount corresponding to taxes accrued shall be presented in this item, as well as the amount resulting from the deferred income tax liability, determined in accordance with what is established in NIF D-4 " Income taxes " .

Employee benefits liability

The liability arising in accordance with what is established in NIF D-3 " Employee benefits " shall be part of this item.

Deferred credits and advance collections

This item shall be composed of deferred credits and advance collections of interest, deferred commissions, among others.

Accounting equity

When the consolidated statement of financial position is prepared, the non-controlling interest that represents the part of the accounting equity of the subsidiary that corresponds to the non-controlling settlors, shall be presented in a separate line, immediately after the earned equity.

Excesses of Minimum Initial Contributions

In this concept shall be presented the amount composed of the Excesses of Minimum Initial Contributions in cash and financial instruments that the entity receives from clients with respect to the Open Contracts that they have registered in their accounts, forming part of equity.

Result from holding non-monetary assets

The entity shall recognize in this item the result from holding non-monetary assets not realized, in accordance with what is established in NIF B-10 " Effects of inflation " .

Off-balance sheet accounts

At the foot of the statement of financial position, situations or events that, in accordance with the definition of assets, liabilities and accounting equity mentioned above, should not be included within such concepts in the statement of financial position of the entities, but that provide information about any of the following events:

a )

operations carried out on behalf of third parties

custody operations, and
administration operations

b )

operations carried out on own account

contingent assets and liabilities in accordance with NIF C-9 " Provisions,
contingencies and commitments " ;
collateral received by the entity;
collateral received and sold or pledged by the entity;
amounts that complement the figures contained in the statement of financial position, and
other accounts that the entity considers necessary to facilitate accounting recording or
to comply with applicable legal provisions.

NAME OF LIQUIDATING PARTNER

ADDRESS

STATEMENT OF FINANCIAL POSITION AS OF _______ OF _______ OF _______

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

(Figures in thousands of pesos)

ASSET

LIABILITY AND ACCOUNTING EQUITY

CASH AND EQUIVALENTS OF

SECURITIES LENDING

$ CASH

$ COLLATERAL SOLD OR PLEDGED

CONTRIBUTIONS IN FINANCIAL

GUARANTEE

INSTRUMENTS (SECURITIES)

FINANCIAL INSTRUMENTS

MARGIN ACCOUNTS (FINANCIAL

DERIVATIVES

DERIVATIVE INSTRUMENTS)

LEASE LIABILITY

INVESTMENTS IN FINANCIAL

INSTRUMENTS

OTHER PAYABLES

Negotiable financial instruments

$ Minimum Initial Contributions

Pending to be delivered to the Clearing House

$ Principal and interest receivable (net)

Creditors for liquidation of

operations

DEBTORS FOR REPOS

Contributions payable

Earnings payable derived from

SECURITIES LENDING

Excesses of Minimum Initial

Contributions in cash

FINANCIAL INSTRUMENTS

Diverse creditors and other payables

DERIVATIVES

COMPENSATION FUND (NET)

LIABILITIES RELATED TO GROUPS

OF ASSETS HELD FOR

RECEIVABLE ACCOUNTS (NET)

SALE

LONG-TERM ASSETS

FINANCIAL INSTRUMENTS THAT

HELD FOR SALE

QUALIFY AS LIABILITY

OR FOR DISTRIBUTION TO THE

OWNERS

OBLIGATIONS ASSOCIATED WITH THE

REMOVAL OF COMPONENTS OF

ADVANCED PAYMENTS AND OTHER

PROPERTIES, FURNITURE AND EQUIPMENT

ASSETS

INCOME TAX LIABILITY

PROPERTIES, FURNITURE AND EQUIPMENT

(NET)

EMPLOYEE BENEFITS LIABILITY

RIGHTS TO USE PROPERTIES,

FURNITURE

DEFERRED CREDITS AND ADVANCE

AND EQUIPMENT (NET)

COLLECTIONS

PERMANENT INVESTMENTS

TOTAL LIABILITY

DEFERRED INCOME TAX ASSET (NET)

ACCOUNTING EQUITY

DEFERRED INCOME TAX ASSET (NET)

CONTRIBUTED EQUITY

INTANGIBLE ASSETS (NET)

Minimum equity

RIGHTS TO USE INTANGIBLE ASSETS

(NET)

Excesses of Minimum Initial

Contributions

MERCANTILE CREDIT

Excesses of minimum equity

Contributions for future increases in equity formalized by

the technical committee

Premium for issuance of fiduciary rights

EARNED EQUITY

Equity reserves

Accumulated results

Other comprehensive income

Valuation of negotiable financial instruments

Income and expenses related to assets

held for disposal

Remediation of defined benefits to the

employees

Result from holding non-monetary

assets

Participation in OCI of other entities

TOTAL CONTROLLING INTEREST

TOTAL NON-CONTROLLING

INTEREST

TOTAL ACCOUNTING EQUITY

TOTAL ASSET

TOTAL LIABILITY AND ACCOUNTING

EQUITY

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

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

NAME OF LIQUIDATING PARTNER

ADDRESS

STATEMENT OF FINANCIAL POSITION AS OF _______ OF _______ OF _______

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

(Figures in thousands of pesos)

OFF-BALANCE SHEET ACCOUNTS

OPERATIONS ON BEHALF OF

OPERATIONS ON OWN ACCOUNT

THIRD PARTIES

CONTINGENT ASSETS AND LIABILITIES

$ CUSTODY OPERATIONS

$ Financial instruments (Securities) of

CLIENTS RECEIVED IN CUSTODY

$ ADMINISTRATION OPERATIONS

COLLATERAL RECEIVED BY THE

Mexder

ENTITY

Derivatives purchase operations

From futures

Derivatives sale operations

From futures

From options

From swaps

MARGIN ACCOUNTS ON BEHALF OF

Third parties (contributions delivered to the Clearing House)

Cash

Financial instruments (Securities)

Trading Platforms

Derivatives purchase operations

From futures

From options

From swaps

Commodities

Derivatives sale operations

From futures

From options

From swaps

Commodities

MARGIN ACCOUNTS ON BEHALF OF

Third parties (contributions delivered to the Clearing House)

Cash

Financial instruments (Securities)

Exterior Platforms

Derivatives purchase operations

From futures

From options

From swaps

Commodities

Derivatives sale operations

From futures

From options

From swaps

Commodities

MARGIN ACCOUNTS ON BEHALF OF

Third parties (contributions delivered to the Clearing House)

Cash

Financial instruments (Securities)

Recognized Foreign Derivatives Markets

Transmission of orders for listed contracts

derivatives and executed in exchanges of

recognized foreign derivatives markets

(by each exchange)

Futures

Options

Swaps

TOTALS ON BEHALF OF

THIRD PARTIES

TOTALS ON OWN ACCOUNT

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

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

D-2 STATEMENT OF COMPREHENSIVE INCOME

Background

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

Objective and scope

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

The statement of comprehensive income aims to present information relating to the result of the entity's operations during a accounting period.

Concepts that

integrate the statement of comprehensive income

In a broad context, the concepts that integrate the statement of comprehensive income are: revenues, costs and expenses, net result and comprehensive income, considering as such the concepts thus defined in NIF A-1, Chapter 50 " Basic elements of financial statements " .

Structure of the statement of comprehensive income

The minimum items that the statement of comprehensive income must contain in entities are the following:

result from services;
operating result;
result before income taxes;
result from continuing operations;
net result, and
comprehensive result.

Presentation of the statement of comprehensive income

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

Characteristics of the items that make up the structure of the statement of comprehensive income

Result from services

The result from services shall be composed of commissions earned minus the commissions and fees payable generated by the execution of contracts for financial derivative instruments.

Operating result

It corresponds to the result from services increased or decreased by:
a )

commissions paid for extraordinary services provided by the Clearing House; b )

interest income; c )

interest expense; d )

fair value valuation result; e )

trading result; f )

other operating income (expenses); g )

administrative and promotional expenses, and

h )

net monetary position result.

Commissions paid for extraordinary services provided by the Clearing House

It corresponds to any payment that the entity makes for breaches of the internal regulations or to the manual of procedures and operation policies of the Clearing House.

Interest income

Interest income is considered to be interest arising from financial operations inherent to the entities, such as deposits in financial entities, margin accounts, investments in financial instruments, as well as premiums derived from repo operations and securities lending, operations with financial derivative instruments and those arising from the Compensation Fund and the financial income accrued in financial leasing operations.

Likewise, interest income is considered to be valuation adjustments derived from items denominated in UDIS or in some other general price index, as well as gains on exchange.

Interest expense

Interest expense is considered to be premiums derived from securities lending, interest, transaction costs and discounts payable for the issuance of financial instruments that qualify as liabilities, valuation adjustments derived from items denominated in UDIS or in some other general price index, as well as losses on exchange. In addition to expenses arising from operations with financial derivative instruments, as well as those premiums paid for the early redemption of financial instruments that qualify as liabilities.

Likewise, interest expense is considered to be those derived from lease liabilities and the financial effect of provisions.

Fair value valuation result

This item is composed of the following concepts:
a )

the fair value valuation result of negotiable financial instruments and financial derivative instruments, as well as collateral sold for repos and securities lending; b )

the foreign exchange valuation result, and c )

the estimate of expected credit losses for investments in financial instruments.

Trading result

This item shall be composed of:
a )

the trading result of negotiable financial instruments, instruments receivable for principal and interest and financial derivative instruments; b )

the trading result of foreign exchange and of collateral received and sold by the entity, and c )

transaction costs for the trading of negotiable financial instruments and financial derivative instruments.

Other operating income (expenses)

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

tax recoveries; b )

income from purchase option in financial leasing operations; c )

income from participation in the selling price of goods in financial leasing operations; d )

adjustments to the estimate of expected credit losses; e )

losses; f )

loss in custody and administration of goods; g )

donations; h )

loss from impairment or effect of reversal of impairment of long-term assets held for sale; i )

interest payable in financing for acquisition of assets; j )

result in sale of properties, furniture and equipment; k )

cancellation of other liability accounts; l )

interest earned from loans to officials and employees; m )

lease income, and

n )

other items of operating income (expenses).

Administrative and promotional expenses

Administrative and promotional expenses shall be considered within the operating result, which shall include all types of direct short-term benefits granted to employees of the entity, PTU accrued and deferred, the net cost of the period derived from long-term employee benefits, honoraria, rents (for example, variable payments for leasing, short-term leases), insurance and guarantees, promotional and advertising expenses, taxes and various duties, non-deductible expenses, technology expenses, depreciation and amortization, loss from impairment or effect of reversal of impairment of real estate and other assets in use, technical assistance expenses, maintenance expenses, other fees, consumables and minor supplies and other administrative and promotional expenses.

Result before income taxes

It shall be the operating result, incorporating the participation in the net result of other entities, increased or decreased as the case may be by the effects of impairment and its reversals, the dividends from permanent investments, the adjustments associated with other permanent investments, and the effects of valuation of available-for-sale permanent investments.

Result from continuing operations

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

Net result

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

Comprehensive result

It corresponds to the net result increased or decreased by the OCI of the period, net of the effects of income taxes and PTU related, as well as the participation in the OCI of other entities. OCI shall be composed of: valuation of negotiable financial instruments, when they are non-negotiable equity instruments in the short term, income and expenses related to assets held for disposal, remediation of defined benefits to employees and the result from holding non-monetary assets.

Disclosure rules

The following shall be disclosed in notes to the financial statements:
a )

description of the type of breaches of the internal regulations or the manual of policies of procedures and operation of the Clearing House, that have generated that said chamber required a payment from the entity; b )

amount of commissions charged disaggregated by the main products that the entity handles; c )

composition of interest income, distinguishing them by the type of operation from which they originate (investments in financial instruments, repos, securities lending, among others); d )

composition of the operating result identifying the fair value valuation result and, if applicable, the trading result, according to the type of operation from which they originate (investments in financial instruments, as well as collateral sold for repos or securities lending); e )

the detail of income taxes accrued and deferred; f )

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

the amounts of income taxes, as well as PTU relating to OCI.

NAME OF LIQUIDATING PARTNER

ADDRESS

STATEMENT OF COMPREHENSIVE INCOME FROM ________ TO ________ OF ___

EXPRESSED IN CURRENCY OF PURCHASING POWER OF ________ OF _______

( 1 )

(Figures in thousands of pesos)

Commissions earned

Commissions and fees payable

RESULT FROM SERVICES

Commissions paid for extraordinary services provided by the Clearing House

Interest income

Interest expense

Fair value valuation result

Trading result

Other operating income (expenses)

Administrative and promotional expenses

Net monetary position result

OPERATING RESULT

Participation in the net result of other entities

RESULT BEFORE INCOME TAXES

Income taxes

RESULT FROM CONTINUING OPERATIONS

Discontinued operations

NET RESULT

Other Comprehensive Income

Valuation of negotiable financial instruments

Income and expenses related to assets held for disposal

Remediation of defined benefits to employees

Result from holding non-monetary assets

Participation in OCI of other entities

COMPREHENSIVE RESULT

Net result attributable to:

Controlling interest

Non-controlling interest

Comprehensive result attributable to:

Controlling interest

Non-controlling interest

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

(1)

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

D-3 STATEMENT OF CHANGES IN ACCOUNTING EQUITY

Background

Financial information must comply, among other things, with the purpose of reporting the modifications in the settlors' investment during a defined accounting period, requiring the establishment, through specific criteria, of the objectives and general structure that the statement of changes in accounting equity must have, for the purpose of evaluating, among other issues, the profitability ratios of the entity, both for a specific accounting period and cumulatively as of the date of the financial statements.

Objective and scope

This criterion aims to establish the general characteristics for the presentation and structure of the statement of changes in shareholders' equity of entities, the minimum content requirements, and the general disclosure norms. The foregoing, with the purpose of homogenizing the presentation of this financial statement among entities and, in this way, facilitating its comparability.

The statement of changes in shareholders' equity aims to present the movements between the initial and final balances of contributed equity and earned equity during an accounting period. In general and non-limiting terms, the main items that make up shareholders' equity are:

a) contributed equity, which is composed of the portion of shareholders' equity integrated by contributions from the settlors received by the entity and the amount of financial instruments issued by the entity that qualify as capital. They also include certain contributions for future increases in equity and premiums for the issuance or sale of fiduciary rights and financial instruments that qualify as capital, and

b) earned equity, which is composed of accumulated comprehensive results, as well as reserves created by the settlors.

For the above, the basic elements of the statement of changes in shareholders' equity of entities are: movements of the settlors, movements of reserves and comprehensive result, in accordance with NIF A-1, Chapter 50 "Basic elements of financial statements".

The movements presented in the statement of changes in shareholders' equity must be segregated into the amounts corresponding to:

a) controlling interest, which is the portion of the shareholders' equity of subsidiaries that belongs to the parent company, and

b) non-controlling interest, which is the portion of the shareholders' equity of subsidiaries that belongs to owners other than the parent company.

This criterion does not aim to establish the mechanism by which the aforementioned movements are determined, as they are subject to the present Accounting Criteria or specific NIFs established regarding this matter.

Structure of the statement of changes in shareholders' equity

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

a) initial balances of shareholders' equity; b) adjustments for retrospective application due to accounting changes and corrections of errors; c) adjusted initial balances; d) movements of the settlors; e) movements of reserves; f) comprehensive result, and g) final balances of shareholders' equity.

Initial balances of shareholders' equity

In this line, the book values of each of the items of shareholders' equity with which the entity started each period for which the statement of changes in shareholders' equity is presented must be shown.

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

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

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

b) be presented in a segregated manner by the amounts affecting each item of shareholders' equity.

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

Adjusted initial balances

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

Movements of the settlors

These are changes to contributed equity or, if applicable, to earned equity, during an accounting period, derived from the decisions made by the settlors regarding their investment in the entity. Some examples of this type of movement are the following:

a) issuance of fiduciary rights certificates; b) payment of fiduciary rights; c) capitalization of items from contributed equity; d) capitalization of comprehensive result; e) capitalization of reserves, and f) changes in controlling interest that do not imply loss of control.

Movements corresponding to contributions from the settlors must be shown separately from those that are distributions to them in case they act as trustees, that is, they must not be shown in a net manner.

Movements of reserves

In this line, the amounts representing increases or decreases in equity reserves must be shown.

Comprehensive result

It refers to the increase or decrease in the earned equity of an entity derived from its operation, during an accounting period, originated by the net profit or loss, plus other comprehensive results. In this line, the comprehensive result will be presented broken down into the following components:

a) net result; b) other comprehensive results (OCI), and c) participation in OCI of other entities.

Likewise, the net movement of the period of the components of the comprehensive result must be presented; as net movement, it must be understood as the OCI net of income taxes, the workers' participation in profits (PTU), and the recycling of OCI.

Final balances of shareholders' equity

The final balances of shareholders' equity are determined by the algebraic sum of the adjusted initial balances of each of the items of shareholders' equity, plus the movements of the settlors, the movements of reserves, and the comprehensive result.

Presentation of the statement of changes in shareholders' equity

The concepts described above correspond to the minimum requirements for the presentation of the statement of changes in shareholders' equity; however, entities must break down, either in the cited statement of changes in shareholders' equity or through notes to the financial statements, the content of the concepts they consider necessary for users of financial information to understand the movements that affected the shareholders' equity of the entity in the period. At the end of this criterion, a statement of changes in shareholders' equity prepared with the requirements referred to in this criterion is shown.

General considerations

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

Disclosure norms

The following must be disclosed in notes to the financial statements:

a) the amount of fiduciary rights paid in the period b) the reason for the payment of fiduciary rights made in the period and the manner in which they were paid, and c) a description of how the issuance of fiduciary rights certificates of the period was carried out.

NAME OF LIQUIDATING PARTNER
ADDRESS
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY OF ___ OF ___ __________ TO __ OF ____________ OF ___ EXPRESSED IN CURRENCY OF PURCHASING POWER OF _________ OF ____ (1) (Amounts in thousands of pesos)

Concept
Contributed Equity
Earned Equity
Minimum Equity
Surplus of Minimum Equity
Contributions
Initial
Minimum
Surplus of Minimum Equity
Contributions for future increases in equity formalized by the technical committee Premium for issuance of fiduciary rights Equity Reserves Accumulated Results Valuation of negotiable financial instruments Income and expenses related to assets held for disposal Remediation of defined benefits to employees Result from holding non-monetary assets Participation in OCI of other entities Total controlling interest Total Non-controlling interest Total shareholders' equity

Balance at ___ of _________ of ___
Retrospective adjustments for accounting changes Retrospective adjustments for corrections of errors Balance at ___ of _______ of ___ adjusted

MOVEMENTS OF THE SETTLORS
Issuance of fiduciary rights certificates
Payment of fiduciary rights
Capitalization of other items of shareholders' equity Changes in controlling interest that do not imply loss of control Total

MOVEMENTS OF RESERVES
Equity reserves

COMPREHENSIVE RESULT:
Net result
Other comprehensive results

Valuation of negotiable financial instruments
Income and expenses related to assets held for disposal
Remediation of defined benefits to employees
Result from holding non-monetary assets
Participation in OCI of other entities
Total

Balance at ___ of __________ of ___

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

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

D-4 STATEMENT OF CASH FLOWS

Background

Financial information must fulfill, among other things, the purpose of showing the manner in which entities generate and use cash and cash equivalents, which are essential to maintain their operation, cover their obligations, as well as the payment of fiduciary rights.

Objective and scope

This criterion aims to establish the general characteristics for the presentation, structure, and preparation of the statement of cash flows of entities, as well as the disclosures that complement said financial statement. Likewise, minimum guidelines are established, with the purpose of homogenizing the presentation of this financial statement among entities and, in this way, facilitating its comparability.
The statement of cash flows has as its main objective to provide users of basic financial statements with information about cash inflows and outflows during an accounting period.
When the statement of cash flows is used together with the rest of the financial statements, it provides information that allows users to:

a) evaluate changes in the assets and liabilities of the entity and in its financial structure (including its liquidity and solvency), and

b) evaluate both the amounts and dates of collections and payments, in order to adapt to the circumstances and to the opportunities for generation and application of cash and cash equivalents.

Likewise, the statement of cash flows presents the operations that were carried out in the period, that is, those that were materialized with the collection or payment of the item in question; while the statement of comprehensive result shows the operations accrued in the same period, that is, when they are recognized accounting at the moment in which they economically affect the entity, regardless of the date in which they are considered carried out for accounting purposes.
The statement of cash flows allows entities to improve the comparability of information on operational performance with different entities, because it eliminates the effects generated by the use of different accounting treatments for the same transactions and economic events.
Historical information on cash flows is used as an indicator of the amount, timing of generation, and probability of future cash flows. Likewise, this information is useful to verify the accuracy of forecasts made in the past of future cash flows, to analyze the relationship between profitability and net cash flows, as well as, if applicable, the effects of inflation when there is an inflationary environment.

Definitions

Financing activities.- Those related to the obtaining, as well as the remuneration and compensation of funds coming from: i) the settlors of the entity, ii) creditors granting financing not related to usual operating activities, and iii) the issuance by the entity of financial instruments that qualify as liability or well, of financial instruments that qualify as capital.
Investing activities.- Those related to the acquisition and disposal of: i) properties, furniture and equipment, intangible assets and other assets intended for use or for the provision of services; ii) long-term financial instruments; iii) permanent investments in financial instruments that qualify as capital, and iv) activities related to the granting and recovery of loans not related to operating activities.
Operating activities.- Those that constitute the main source of income for the entity, include other activities that cannot be classified as investment or financing.
Cash and cash equivalents.- This concept will be understood as what is established for this effect by criterion B-1 "Cash and cash equivalents".
Cash inflows.- Are increases in cash during an accounting period, generated by the decrease of any other asset other than cash, the increase in liabilities, or by increases in equity by the settlors of the entity.
Cash flows.- Are inflows and outflows of cash and cash equivalents. Movements between the items that constitute cash and cash equivalents will not be considered cash flows, since these components are part of the administration of cash and cash equivalents of the entity, rather than their operating, investing or financing activities.
Cash outflows.- Are decreases in cash during an accounting period, generated by the increase of any other asset other than cash, the decrease in liabilities, or by the disposal of equity by the settlors of the entity.
Nominal value.- Is the amount in monetary units expressed in bills, coins, titles and instruments.

Presentation norms

General considerations

Entities must exclude from the statement of cash flows all operations that did not affect cash flows. For example:

a) distribution of fiduciary rights through fiduciary certificates; b) operations negotiated with asset exchange; c) creation of reserves and any other transfer between shareholders' equity accounts, and d) effects by recognition of fair value.

Structure of the statement of cash flows

Entities must classify and present cash flows according to their nature, in operating, investing and financing activities, attending to their economic substance and not to the form in which they were carried out.

The structure of the statement of cash flows must include, as a minimum, the following items:

operating activities;
investing activities;
financing activities;
net increase or decrease in cash and cash equivalents;
effects by changes in the value of cash and cash equivalents;
cash and cash equivalents at the beginning of the period, and
cash and cash equivalents at the end of the period.

Operating activities

Cash flows from operating activities are an indicator of the extent to which these activities have generated sufficient liquid funds to maintain the entity's operating capacity, to make new investments without resorting to external sources of financing and, if applicable, to pay financing and fiduciary rights.

Because cash flows related to these activities are those derived from operations that constitute the main source of income of the entity, in this section activities that intervene in the determination of its net result are included, except those associated either with investing or financing activities. Some examples of cash flows from operating activities are:

a) payments for the acquisition of investments in financial instruments (securities); b) payments of premiums for the acquisition of options; c) cash and cash equivalent inflows from repo operations; d) cash and cash equivalent outflows from repo operations; e) cash and cash equivalent inflows from securities lending; f) cash and cash equivalent outflows from securities lending; g) cash and cash equivalent inflows from collateral sold or given as guarantee; h) cash and cash equivalent outflows from accounts receivable; i) collections of income from interest to which criterion D-2 "Statement of comprehensive result" refers as well as its main associate, which come from, among others, the following concepts:

cash and cash equivalents (except for profit or loss from changes coming from this concept);
margin accounts (financial derivatives);
investments in financial instruments (securities);
debtors for repo, and
Compensation Fund.
j) payments of interest expenses to which criterion D-2 refers, as well as its main associate which come from among others, financial instruments that qualify as liability; k) collections of commissions, fees and tariffs generated by the provision of services to which criterion D-2 refers (such as commissions for custody and administration of assets on behalf of clients, among others); l) collections and payments from the purchase and sale of currencies, investments in financial instruments (securities) and financial derivatives; m) payments for direct benefits to employees, fees, rents, promotion and advertising expenses, among other administrative expenses; n) payments of income taxes, and o) refunds of income taxes.

Income taxes

Cash flows related to income taxes must be presented in a separate line item within the classification of operating activities, unless it is practical to relate them to investing or financing activities, as is the case of the tax derived from discontinued operations, which is related to investing activities.

Investing activities

Cash flows related to investing activities represent the extent to which entities have allocated resources to items that will generate income and cash flows in the medium and long term.

Cash flows from investing activities are, for example, the following:

a) payments for long-term financial instruments; b) collections from long-term financial instruments; c) payments for the acquisition of properties, furniture and equipment; d) collections from the disposal of properties, furniture and equipment; e) payments for discontinued operations; f) collections from discontinued operations; g) payments for the acquisition of subsidiaries; h) collections from the disposal of subsidiaries; i) payments for the acquisition of associates, joint ventures and other permanent investments; j) collections from the disposal of associates, joint ventures and other permanent investments; k) collections of dividends from permanent investments; l) payments for the acquisition of intangible assets, and m) collections from the disposal of intangible assets.

Acquisitions and disposals of subsidiaries and other businesses

Cash flows derived from acquisitions or disposals of subsidiaries and other businesses must be classified in investing activities; likewise, they must be presented in a single separate line item involving the entire acquisition operation or, if applicable, disposal, instead of presenting the individual acquisition or disposal of the assets and liabilities of said businesses at the date of acquisition or disposal. Cash flows derived from acquisitions must not be offset with those from disposals.

Cash flows paid for the acquisition of subsidiaries and other businesses must be presented net of the balance of cash and cash equivalents acquired in said operation.

Financing activities

Cash flows generated by financing activities show the entity's capacity to restore to its settlors and creditors, the resources they allocated at the time to the entity and, if applicable, to pay them returns.

Cash flows from financing activities are, for example, the following:

a) payments of lease liabilities; b) collections from the issuance of fiduciary rights certificates, net of related issuance expenses (cash collections of Surplus of Minimum Initial Contributions); c) collections of surplus from minimum equity; d) payments to settlors for refunds of fiduciary rights certificates (cash payments of Surplus of Minimum Initial Contributions); e) payments for returns on cash contributions; f) collections from the issuance of financial instruments that qualify as capital; g) payments associated with financial instruments that qualify as capital; h) collections from the issuance of financial instruments that qualify as liability, and i) payments associated with financial instruments that qualify as liability.

Net increase or decrease in cash and cash equivalents

After classifying cash flows in operating activities, investing activities and financing activities, the net cash flows from these three sections must be presented.

Effects by changes in the value of cash and cash equivalents

Entities must present in a separate line item, if applicable, the following:

a) the effects by profit or loss from changes in cash and cash equivalents referred to in paragraph 41, which includes the difference generated by the conversion of the

initial cash and cash equivalents balance at the closing exchange rate of the day on the closing date of the previous period, which is published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the one that replaces it, and the final balance of cash and cash equivalents at the closing exchange rate of the day of the current period, which is published by the Bank of Mexico on the aforementioned Internet page;

the effects on the balances of cash and cash equivalents due to changes in their value resulting from fluctuations in the exchange rate and their fair value, and

the effects associated with inflation related to the balances and cash flows of cash and cash equivalents of any of the entities that make up the consolidated economic entity and that are located in an inflationary economic environment.

The effects referred to in the preceding paragraph must be presented in the statement of cash flows in a segregated manner to allow for adequate reconciliation between the cash balance at the beginning and at the end of the period.

Cash and cash equivalents at the beginning of the period

Entities must present a separate line item titled "Cash and cash equivalents at the beginning of the period", which corresponds to the balance of cash and cash equivalents presented in the statement of financial position at the end of the previous period (including restricted cash and cash equivalents), in order to reconcile it with the balance of cash and cash equivalents at the end of the current period.

Cash and cash equivalents at the end of the period

Entities must present a separate line item titled "Cash and cash equivalents at the end of the period", which must be determined by the algebraic sum of the line items: "Net increase in cash and cash equivalents" or "Net decrease in cash and cash equivalents", "Effects due to changes in the value of cash and cash equivalents", and "Cash and cash equivalents at the beginning of the period". This sum must correspond to the balance of cash and cash equivalents presented in the statement of financial position at the end of the period.

Additional considerations

Dividends and fiduciary rights

Cash flows derived from dividends received must be presented in a specific line item within the same group of activities in which the cash flows of the item with which they are associated are presented. For example: cash inflows from dividends received from investments in financial instruments must be presented, as with said instruments, in operating activities; if the dividends received derive from a permanent investment in an associated entity, such cash flows must be presented in investing activities.

Cash outflows for fiduciary rights paid must be presented in financing activities.

Procedure for preparing the statement of cash flows

To determine and present the cash flows from operating activities, the entity must apply the indirect method, through which the result before income tax is increased or decreased; this amount is adjusted for the effects of operations from previous periods collected or paid in the current period, and for operations of the current period of deferred collection or payment into the future; likewise, it is adjusted for operations that are associated with investment or financing activities.

Cash flows related to operating activities must be determined by increasing or decreasing the result before income tax by the effects of:

items that are considered associated with:

investment activities, for example, depreciation and gain or loss on the sale of property, plant and equipment; amortization of intangible assets; impairment loss on long-term assets, as well as participation in the net result of other entities;

ii.

financing activities.

changes that occur during the period in the line items that form part of the entity's working capital, that is, those that occur in the balances of the operational items of the statement of financial position of the entities during the period, such as those indicated in paragraph 20.

Investment and financing activities

Entities must determine and present separately, after the line item for operating activities, the cash flows derived from the main concepts of gross receipts and payments related to investment and financing activities, that is, receipts and payments must not be offset against each other.

Conversion of balances or cash flows in foreign currency

In order to determine the changes in the balances of operational items in foreign currency from operating activities, these must be converted at the closing exchange rate of the day published by the Bank of Mexico on its Internet page www.banxico.org.mx, or the one that replaces it, on the closing date.

Cash flows from transactions in foreign currency related to investment and financing activities will be converted into the entity's reporting currency by applying to the amount in foreign currency the closing exchange rate of the day on the date on which each flow occurred, which will be the one published by the Bank of Mexico on the aforementioned Internet page.

The gain or loss on changes arising from variations in the exchange rate are not cash flows. However, the effect of variations in the exchange rate of cash and cash equivalents held or to be paid in foreign currency is presented in the statement of cash flows in order to reconcile the cash and cash equivalents at the beginning and at the end of the period. This effect must be presented separately from the line items for operating, investing, and financing activities, within the line item called "Effects due to changes in the value of cash and cash equivalents", as referred to in paragraph 30, which includes differences, if any, of having presented the cash flows at the closing exchange rate of the current period.

Effects of inflation

When, in terms of what is established in NIF B-10 "Effects of Inflation", the environment corresponds to a non-inflationary environment, entities must present their statement of cash flows expressed in nominal values, whereas, if said economic environment is inflationary, entities must present their statement of cash flows expressed in monetary units of purchasing power at the closing date of the current period.

In cases where the economic environment is inflationary, as part of operations that did not affect cash flows, the effects of inflation recognized in the period within the financial statements must be excluded, in order to determine a statement of cash flows at nominal values. Such cash flows must be presented expressed in monetary units of purchasing power at the closing date of the current period.

When the environment has changed from non-inflationary to inflationary, the statements of cash flows of previous periods must be presented expressed in monetary units of purchasing power of the closing date of the current period.

In cases where the economic environment has changed from inflationary to non-inflationary, the statements of cash flows of previous periods must be presented expressed in the monetary units of purchasing power of the last statement of cash flows presented within an inflationary environment and included in said comparative presentation.

Investments in other entities

Cash flows between the holding entity and its unconsolidated subsidiaries, associates, and joint ventures must be presented in the statement of cash flows, that is, they must not be eliminated; for example, cash flows related to intercompany operations or the collection of dividends or the payment of fiduciary rights.

Consolidated statement of cash flows

In the preparation of the consolidated statement of cash flows, cash flows that occurred during the period between the entities that form part of the economic entity being consolidated must be eliminated. For example, cash flows derived from intercompany operations, equity contributions, and paid fiduciary rights.

Disclosure standards

The following must be disclosed in the notes to the financial statements:

when cash flows related to income tax have been segregated into the different groups of activities within the statement of cash flows, the total flows for said taxes must be disclosed;

relevant operations, investment, and financing, that have not required the use of cash or cash equivalents. For example, contributions in financial instruments (securities) for the execution of operations with financial derivative instruments, as well as the acquisition of property, plant and equipment through financing;

in relevant changes, whether or not they required the use of cash or cash equivalents, in liabilities considered as part of financing activities, preferably, a reconciliation of the initial and final balances of said items must be made. An entity must disclose regarding liabilities for financing activities, the following:

changes in cash flows;

ii.

changes derived from obtaining or losing control of subsidiaries and other businesses;

iii.

the effect of changes due to exchange rate fluctuations;

iv.

changes in associated financial assets, whose cash flows must be presented as part of financing activities, and

other relevant changes considered.

Likewise, the following must be disclosed with respect to the acquisitions and disposals of subsidiaries and other entities:

the total consideration derived from said acquisitions or disposals, breaking down:

the portion of the consideration paid or received in cash and cash equivalents, and

ii.

the amount of cash and cash equivalents received that the acquired or disposed subsidiary or entity had on the date of acquisition or disposal.

the amount of assets and liabilities other than cash and cash equivalents of the acquired or disposed subsidiary or entity on the date of acquisition or disposal. These amounts must be grouped by important line items, and

the amount of income tax payment attributable to the disposals of subsidiaries, and other entities.

NAME OF LIQUIDATING PARTNER

ADDRESS

STATEMENT OF CASH FLOWS

FROM __ OF __________ TO __ OF __________ OF ____

EXPRESSED IN MONETARY UNITS OF PURCHASING POWER OF ________ OF _______

( 1 )

(Amounts in thousands of pesos)

Operating Activities

Result before income tax

Adjustments for items associated with investment activities:

Depreciation of property, plant and equipment

Amortization of intangible assets

Losses or reversal of losses on impairment of long-term assets

Participation in the net result of other entities

Other adjustments for items associated with investment activities

Discontinued operations

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

Adjustments for items associated with financing activities:

Interest on lease liabilities

Interest associated with financial instruments qualifying as liabilities

Others

Sum

Changes in operational items

Change in margin accounts (financial derivative instruments)

Change in investments in financial instruments (net)

Change in repo operations (net)

Change in securities lending (asset)

Change in financial derivative instruments (asset)

Change in Compensation Fund (net)

Change in accounts receivable (net)

Change in other operational assets (net)

Change in securities lending (liability)

Change in collateral sold or pledged

Change in financial derivative instruments (liability)

Change in other accounts payable

Change in assets/liabilities for employee benefits

Change in other operational liabilities

Change in other provisions

Income tax payments

Income tax refunds

Net cash flows from operating activities

Investing Activities

Payments for long-term financial instruments

Receipts from long-term financial instruments

Payments for acquisition of property, plant and equipment

Receipts from disposal of property, plant and equipment

Payments for discontinued operations

Receipts from discontinued operations

Payments for acquisition of subsidiaries

Receipts from disposal of subsidiaries

Payments for acquisition

of associates, joint ventures and other permanent investments

Receipts from disposal of associates, joint ventures and other permanent investments

Receipts of dividends from permanent investments

Payments for acquisition of intangible assets

Receipts from disposal of intangible assets

Other receipts from investing activities

Other payments from investing activities

Net cash flows from investing activities

Financing Activities

Payments of lease liabilities

Receipts from issuance of fiduciary right certificates

Receipts from surplus of minimum equity

Payments for refund of fiduciary right certificates

Payments of surplus of minimum equity

Payments for returns on cash contributions

Payments of interest on lease liabilities

Payments associated with financial instruments qualifying as equity

Payments associated with financial instruments qualifying as liabilities

Receipts from issuance of financial instruments qualifying as equity

Receipts from issuance of financial instruments qualifying as liabilities

Other receipts from financing activities

Other payments from financing activities

Net cash flows from financing activities

Net increase or decrease in cash and cash equivalents

Effects due to changes in the value of cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

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

(1)

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

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