1. The Family of Retirement Funds
Statistics and the current position
of investments in Mexico
The Siefores family scheme
Lic. Francisco González Almaráz
President, Amafore
19th May, 2006

2. Total number of accounts-
6,861,666
5,977,171
7,367,681
8,353,231
9,173,574
9,935,645
10,809,622
10,930,510
11,188,114
20,149,340
21,571,674
25,212,637
27,459,031
29,421,202
31,398,282
33,316,492
35,276,277
35,632,117
7,051,420
Dec.97
Dec.98
Dec.99
Dec.00
Dec.01
Dec.02
Dec.03
Dec.04
Dec.05
Mar.06
E2-12 : Actualización mensual de los datos
Affiliated
Accounts
Assigned
Accounts
Concentrating
Account
Accumulated Data
Source : Consar

3. Total resources under management
54,195
54,931
5,501
11,084
16,841
26,611
35,254
31,000
41,607 -
10,000
20,000
30,000
40,000
50,000
60,000
Dic.1998
Dic.1999
Dic. 2000
Dic. 2001
Dic. 2002
Dic. 2003
Dic. 2004
Dic. 2005
Mar. 2006
E4-12 : Actualización mensual de los datos
Note: Figures in millions of US$, exchange rate FIX for the close of each period.
Source: Consar, at 31st March 2006.

4. Composition of investment portfolio by instrument
Amount %
Bondes
10,733
19.54%
Bonds
9,989
18.18%
Other government securities
9,156
16.67%
Private Paper
6,750
12.29%
Udibonds
5,318
9.68%
CBIC
3,734
6.80%
Cetes
3,361
6.12%
Equities
2,345
4.27%
CFE and PEMEX
1,776
3.23%
Securities held Abroad
1,348
2.45%
Municipal
329
0.60%
PIC 92
0.17%
0.60%
6.12%
4.27%
3.23%
2.45%
18.18%
6.80%
17.35%
12.29%
16.67%
19.54%
0.17%
Total $
54,931
100.00%
RI8-12 : Actualización mensual de los datos
Source: Consar, figures at 31st March 2006.
Figures in millions of US$, exchange rate of pesos per US$.

5. Resources of the Mexican Pension System
Voluntary Payments
183
Sub-account of Retirement,
Unemployment Late in Life
and Old Age
54,931
54,748
10%
GDP
81,536
Housing Sub-account
E5-12 : Actualización mensual de los datos
26,605
Figures in millions of US$ at end of March 2006, exchange rate: pesos per US$.

6. Comparison of Yields 15.46% 15.15% 14.27% 12.95% 10.69% 8.42% 5.01%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
Basic
Siefore 2 1
TIIE
28 d
CETES
PRLV
CPO´S
Checking
accounts
Note: Nominal annual yields from July 1997 to March 2006

7. Siefores Family Scheme

8. Current Situation SB1 SB2 - In debt instruments 100%
Inflation-protected debt
instruments %
Risk Parameters
- Risk Value %
- In debt instruments %
Equities Indexes %
Risk Parameters
- Risk Value %
Basic Siefore 1 and 2:
- Inter-related Companies
up to 15%
- From a single issuer:
AAA 5%
AA 3%
A 1%
Diversification
AAA %
AA %
A %
International Values %
Possibility of operating Siefores with voluntary contributions under the SB1 system.

9. 12-Monthly Yields for Basic Siefore 1
1.50%
7.30%
10.91%
5.89%
10.25%
9.31%
16.97%
15.40%
26.73%
29.38%
21.11%
5.85%
3.60%
5.20%
11.79%
7.75%
10.79%
7.08%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
1998
1999
2000
2001
2002
2003
2004
2005
2006
Nominal Yield 12 months SB1
Real Yield 12 months SB1
R3-12 : Actualización mensual de los datos
The real accumulated yield of Basic Siefore 1 from 1st July 1997 to 31st March 2006 is 6.84%
12-monthly yields at March each year for the period show the data of the Basic Siefore
Source: Consar

10. 12-Monthly Yields for Basic Siefore 2
1.26%
12.17%
5.64%
10.25%
9.31%
16.97%
15.40%
26.73%
29.38%
21.11%
8.52%
5.85%
3.60%
5.20%
11.79%
7.75%
10.79%
7.08%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
1998
1999
2000
2001
2002
2003
2004
2005
2006
Nominal Yield for 12 months SB2
Real Yield for 12 months SB2
R3-12 : Actualización mensual de los datos
The real accumulated yield of Basic Siefore 2 from 1st July 1997 to 31st March 2006 is 7.13%
12-monthly yields at March of each year
Source: Consar

11. Development of the Siefores Family
Implementing a Siefores family allows greater freedom to provide workers with a
variety of different investment products by offering different options in the
composition of the portfolios.
Different risk profiles for members with different characteristics.
Different weightings in terms of the asset classes that are authorised.
Portfolios with exposure to different currencies.
A broadening of the range of services that an Administrator can offer,
through the different Investment Companies it deals with.
In order to achieve this type of fund management, it is necessary to have
differentiated Investment Schemes for each type of Fund.
These measures would bring the investment incentives of the funds into line
with those of their members.

12. Development of the Siefores Family
Through the Siefores family, the worker will be able to choose between different risk-yield alternatives.
Depending on age, years of contribution, risk profile, etc., the worker will be able to invest his/her resources in different Siefores.
Risk
Yield
Siefore 1
Siefore 2
Siefore n
Below is a presentation of a possible Siefores Family Scheme, towards which the System in Mexico could progress.

13. Development of the Siefores Family
Siefore "n"
Moderate
Average Risk
Aggressive
VaR
risk
For
Slightly
voluntary
Between 3
Between 6
over one
contributions,
and 4 years
and 7 years
Duration
year
short, medium
Close to the
or long term, No
Average
permitted
with some
(Basic 1)
(Basic 2)
Equities
limit
degree of
concentration
International Securities
In currencies,
According to the particular characteristics
for specific
Instruments with
groups,
hedging for inflation
of the fund
etc.
Debt instruments
In local currency
Funds with different, specific characteristics