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 Accumulated Data Source : Consar Affiliated Accounts Assigned Accounts Concentrating Account - 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

3. 54,195 54,931 5,501 11,084 16,841 26,611 35,254 31,000 41,607 -10,00020,00030,00040,00050,00060,000 Dic.1998 Dic.1999 Dic. 2000 Dic. 2001 Dic. 2002 Dic. 2003 Dic. 2004 Dic. 2005 Mar. 2006 Total resources under management 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 Source: Consar, figures at 31st March 2006. Figures in millions of US$, exchange rate of 11.0421 pesos per US$. 0.60% 6.12% 4.27% 3.23% 2.45% 18.18% 6.80% 17.35% 12.29% 16.67% 19.54% 0.17% Instrument Amount % Bondes10,733 19.54% Bonds9,989 18.18% Other government securities9,156 16.67% Private Paper6,750 12.29% Udibonds5,318 9.68% CBIC3,734 6.80% Cetes3,361 6.12% Equities2,345 4.27% CFE and PEMEX1,776 3.23% Securities held Abroad1,348 2.45% Municipal329 0.60% PIC92 0.17% Total54,931$ 100.00%

5. Resources of the Mexican Pension System Sub-account of Retirement, Unemployment Late in Life and Old Age Housing Sub-account 183 Voluntary Payments 54,748 26,605 54,931 81,536 10% GDP Figures in millions of US$ at end of March 2006, exchange rate: 11.0421 pesos per US$.

6. Comparison of Yields Note: Nominal annual yields from July 1997 to March 2006 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 Basic Siefore 1 TIIE 28 d CETES 28 d PRLV 28 d CPO´SChecking accounts

7. Siefores Family Scheme

8. SB2 - In debt instruments 100% - Inflation-protected debt instruments 51% Risk Parameters - Risk Value 0.60% Current Situation - In debt instruments 100% - Equities Indexes 15% Risk Parameters - Risk Value 1% SB1 Basic Siefore 1 and 2: Diversification AAA 100% AA 35% A 5% International Values 20% - Inter-related Companies up to 15% - From a single issuer: AAA5% AA 3% A 1% - Possibility of operating Siefores with voluntary contributions under the SB1 system.

9. The real accumulated yield of Basic Siefore 1 from 1st July 1997 to 31st March 2006 is 6.84% 12-Monthly Yields for Basic Siefore 1 12-monthly yields at March each year for the period 1997-2004 show the data of the Basic Siefore Source: Consar 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% 199819992000200120022003200420052006 Nominal Yield 12 months SB1 Real Yield 12 months SB1

10. 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 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% 199819992000200120022003200420052006 Nominal Yield for 12 months SB2 Real Yield for 12 months SB2

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. 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 Development of the Siefores Family Below is a presentation of a possible Siefores Family Scheme, towards which the System in Mexico could progress.

13. Development of the Siefores Family Funds with different, specific characteristics Siefore 1Siefore 2Siefore 3Siefore 4Siefore 5Siefore "n" VaR Moderate risk Average RiskAggressive Duration Slightly over one year Between 3 and 4 years Between 6 and 7 years Equities NoAverage Close to the permitted limit International Securities Instruments with hedging for inflation Debt instruments In local currency For voluntary contributions, short, medium or long term, with some degree of concentration In currencies, for specific groups, etc. (Basic 1)(Basic 2) According to the particular characteristics of the fund