CKD´s

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Derived from all the amendments that have taken place by the National Commission for the Retirement Savings System Commission (“Comisión Nacional del Sistema de Ahorro para el Retiro”) (“CONSAR”, for its Spanish acronym), to the investment regime that applies to the Retirement Funds Investment Companies (“Sociedades de Inversión Especializadas en Fondos para el Retiro”) (“SIEFORES”, for its Spanish acronym), entities intended for the investment of the resources of Retirement Funds Administration Companies (“Administradoras de Fondos para el Retiro”) (“AFORES”, for its Spanish acronym), a new type of securities referred to, as Equity Development Certificates (“Certificados de Capital de Desarrollo”) (“CKD’s”, for its Spanish acronym) has been created, which are equally ruled by the “Regulations for the securities issuers and other participants in the securities market” (“Disposiciones de Caracter General Aplicables a las Emisoras de valores y otras participantes en el Mercado de Valores”) (“CUE”, for its Spanish acronym). The CKD’s are securities issued through a trust that has as purpose to raise funds from the placement among the investing public through Mexican Stock Exchange (“Bolsa Mexicana de Valores”) (“BMV”, for its Spanish acronym), with the purpose to assign them to an investment that allows development activities or the projects execution for one or more companies, or the title acquisition that represents the equity securities of the companies.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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