_Mexico: The 1997 Pension Reform_ _15_ the revised pension system. CONSAR has full supervisory authority over AFORES and SIEFORES, as well as supervisory authority over other participants in the pension system (such as banks and insurance companies) to the extent the activities of such entities involve the pension system. CONSAR is empowered to issue regulations, conduct examinations, impose fines and sanctions and recommend criminal prosecutions. In the event that irregularities are uncovered in the operations of any entity subject to CONSAR supervision (including AFORES and SIEFORES), CONSAR is authorized to effect an administrative or management intervention of such entity. CONSAR may revoke the authorization of any AFORE or SIEFORE found to be out of compliance with the Pension Systems Law or CONSAR regulations.

|ATLANTICO|Banca Promex (25%, ME), Banco del Atlantico (25%, ME), GBM, Valores Finamex|
|---|---|
|BANAMEX|Grupo Financiero Banamex-Accival|
|BANCOMER|Grupo Financiero Bancomer (5 1%, ME), Aetna International-AFP (3 3%, US), Santa Maria International (16%, CH)|
|BANCRECER|Bancrecer (51%, ME), Dresdner Pension Fund Holdings, Allianz Mexico (49%)|
|BANORTE|Banorte**(51%0/,**<br>ME), Belgica Insurance Holdings, Maatschappij Graafschap Holland N.V.|
|BITAL|ING America Insurance Holding|
|CAPITALIZA|GE Capital de Mexico, GE Capital Assurance Co.|
|CONFIA-PRINCIPAL|Banca Confia (5 1%, ME), Principal International (49%, US)|
|GARANTE|Banca Serfin (51%, ME), Citibank Mexico (40%/o, ME), AFP Habitat (9%/o, CH)|
|GENESIS|Seguros Genesis, Metropolitan Life Insurance|
|INBURSA|Banco Inbursa (100%, ME), Cia. de Servicios Inbursa|
|PREVINTER|Inverlat (51%, ME), Bank of Nova Scotia, American International Group, Bank of Boston|
|PROFUTURO GNP|Grupo Nacional Provincial (51%, ME), Banco Bilbao Vizcaya (25%, SP), Provida Internacional (24%, CH)|
|SANTANDER|Banco Santander Mexicano (100%, ME), Santander Investments (SP)|
|TEPEYAC|Seguros Tepeyac, MAPFRE International|
|XXI|IMSS, Aseguradora Hidalgo, IXE Grupo Financiero|
|ZURICH|Zurich Vida Compania de Seguros, Gabriel Monterrubio, Private Investors|

# _Source: CONSAR_

[a] partner listed first is either a Mexican company or the Mexican subsidiary of an international parent corporation This partner is entitled to a 51% stake in the venture

[b] figures in millions of pesos ME: Mexico; US: Inited States; CH: Chile; SP: Spain

* **Nature and Control of AFORES.** AFORES are single-purpose business corporations with independent capitalization. Each AFORE will maintain a minimum paid-in capital of N$25 million and a special reserve equal to the greater of N$25 million or 1% of the total assets of SIEFORES under management. The paid in capital and special reserve are required to be invested in shares of the SIEFORES managed by the AFORE. The capital of an AFORE that is a subsidiary of a financial group will not be available to meet the obligations of other subsidiaries of the same group. As an additional safeguard, financial intermediaries (including banks) or financial groups that are not in full compliance with applicable capital standards may not be shareholders of an AFORE. The establishment of AFORES requires the authorization of CONSAR, which may grant or deny authorization at its own discretion after examining the business plan, shareholding, systems, control