Accounting Manual for Asset Securitization Funds

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-09/2024 NCF-06
ACCOUNTING MANUAL FOR ASSET SECURITIZATION FUNDS Approval: 09/23/2024 Validity: 10/09/2024

THE STANDARDS COMMITTEE OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:

I. That by Legislative Decree No. 470, of November 15, 2007, published in Official Diary No. 235, Volume 377, of December 17 of the same year, the Asset Securitization Law was approved.

II. That Article 60 of the Asset Securitization Law establishes that the accounting of Securitization Funds must be independent of that of the Originator, the Securitizer, or any other party involved in the securitization process.

III. That Article 4, letter c) of the Law on Supervision and Regulation of the Financial System establishes that the Superintendence of the Financial System has among its powers to conduct individual and consolidated supervision of the members of the financial system, as well as the supervision of other regulated entities.

IV. That Article 7 of the Law on Supervision and Regulation of the Financial System establishes who is subject to the provisions of said Law and therefore to the supervision of the Superintendence of the Financial System.

V. That Article 35, letter f) of the Law on Supervision and Regulation of the Financial System establishes that it is the obligation of the supervised entities to provide adequate accounting disclosure of the economic and financial reality, and to have the backing of their internal and external audits.

VI. That Article 99, letter c) of the Law on Supervision and Regulation of the Financial System establishes that it is the responsibility of the Standards Committee of the Central Reserve Bank to approve the Technical Standards for the preparation, presentation, and dissemination of Financial Statements and supplementary information of the members of the financial system; to determine accounting obligations and the principles according to which they must keep their accounting; and to establish criteria for the valuation of assets, liabilities, and the creation of provisions and reserves for risks.

VII. That in accordance with Article 101, fourth paragraph of the Law on Supervision and Regulation of the Financial System, the powers to approve, modify, and repeal technical standards that must be complied with by the members of the financial system and other supervised entities are transferred to the Central Reserve Bank of El Salvador.

THEREFORE,

by virtue of the regulatory powers conferred upon it by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES to issue the following:

ACCOUNTING MANUAL FOR ASSET SECURITIZATION FUNDS

CONTENTS

CHAPTER I
GENERAL PROVISIONS
Comprises the general provisions applicable to the recording of operations of Asset Securitization Funds.

CHAPTER II
FINANCIAL STATEMENTS TO BE SUBMITTED TO THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM AND PUBLISHED Comprises provisions regarding the submission of financial statements to the Superintendence of the Financial System, their publication, and other provisions.

CHAPTER III
CHART OF ACCOUNTS
Comprises the list of accounts provided for the accounting of respective operations.

CHAPTER IV
APPLICATION MANUAL
Comprises the description of account concepts and the main applications by which they will be affected.

CHAPTER V
FINANCIAL STATEMENTS
Includes models of Financial Statements.

CHAPTER VI
OTHER PROVISIONS AND VALIDITY
Comprises provisions corresponding to sanctions, repeals, unforeseen aspects, and validity.

CHAPTER I
GENERAL PROVISIONS

A. OBJECTIVE

This Accounting Manual aims to provide Asset Securitization Funds with the Technical Accounting treatment that allows the application of International Financial Reporting Standards, regarding the uniform recording of their transactions, preparation and presentation of their Financial Statements, and disclosure of their notes, thus providing a useful instrument for the analysis of information and decision-making by Security Holders, Administrators, the public related to the figure, the Superintendence of the Financial System, and other interested parties.

B. APPLICATION

This document and the provisions contained therein shall be applied by all Asset Securitization Funds that are authorized by the Superintendence to operate as such.
The accounts contained in the Manual do not imply authorization to perform the operations to which they refer; Funds must adhere to the current legal and regulatory norms.
Asset Securitization Funds may not use new accounts, sub-accounts, or sub-sub-accounts without prior authorization from the Central Reserve Bank through its Standards Committee. However, they may open additional detail accounts to those established in the Chart of Accounts, from the eighth and ninth digits, with the exception of those incorporated in this Accounting Manual, to the degree and detail they consider necessary for better recording and control of their operations.
To incorporate additional detail accounts or accounts with more digits in the Chart of Accounts, intended to identify banking entities, the codes and designations established by the Central Reserve Bank, through its Standards Committee, must be used.
Securitizers of Asset Securitization Funds must electronically submit the monthly trial balance in the first 8 business days of the following month, with the main accounts and all corresponding sub-accounts, up to the last level of information, as well as the individualized assets that make up the securitization fund, in accordance with what is established in letter D of Chapter II of this Accounting Manual.
Securitizable Assets must be valued daily and real estate periodically, so that accounting records are posted promptly for variations in the value of said assets. All of the above in accordance with International Financial Reporting Standards.

C. STRUCTURE, CODIFICATION, AND DESIGNATION

DEFINITION OF COMPONENTS OF THE CHART STRUCTURE
a. The Chart has been structured based on a decimal coding system, with an account designation that contemplates different levels of aggregation, distinguishing:

Element: Identified by the first digit
Section: Identified by the first two digits
Account: Identified by the first three digits
Sub-account: Identified by the first four digits Sub-sub-account: Identified by the first seven digits Detail: Identified by the first nine digits

Detail accounts of eight and nine digits shall be opened at the discretion of the Securitization Funds, with the exception of accounts incorporated in this Accounting Manual, observing what is established in Chapter I, letter B, number 3.

ELEMENTS OF ACCOUNTING
The elements defined within the structure are associated with the rights and obligations of Asset Securitization Funds, and changes in such elements. The established elements are presented below:

CODE DESCRIPTION
1 ASSET
2 LIABILITY
3 EQUITY
4 EXPENSES
5 INCOME
6 ORDER AND CONTROL ACCOUNTS (DEBIT)
7 ORDER AND CONTROL ACCOUNTS (CREDIT)

SECTIONS FOR GROUPING
Identified by the second digit, starting from one (1), such sections are detailed below:

CODE DESCRIPTION
1 ASSET
11 CURRENT ASSET
12 NON-CURRENT ASSET
2 LIABILITY
21 CURRENT LIABILITY

CODE DESCRIPTION
22 NON-CURRENT LIABILITY
23 ACCUMULATED SURPLUS OF THE SECURITIZATION FUND 3 EQUITY 31 PARTICIPATIONS 32 RESTRICTED EQUITY 4 EXPENSES 41 ADMINISTRATION AND OPERATING EXPENSES 42 FINANCIAL EXPENSES 43 EXPENSES FOR ESTIMATES AND AMORTIZATION 44 OTHER EXPENSES 45 COSTS OF SECURITIZED ASSETS 46 INCOME TAX 5 INCOME 51 OPERATING AND ADMINISTRATION INCOME 52 INVESTMENT INCOME 53 REVALUATION OF SECURITIZED ASSETS 54 REVALUATION OF INVESTMENTS 56 INCOME FROM WRITT-OFF ASSETS 58 OTHER INCOME

LEDGER ACCOUNTS
Group homogeneous economic events, identified by the third digit starting with zero (0), allowing a maximum of ten accounts to be grouped per section of the accounting elements. An example of account coding is presented below:

CODE DESCRIPTION
110 CASH
111 BANKS
112 ACCOUNTS AND DOCUMENTS RECEIVABLE

SUB-ACCOUNTS
Identified by the fourth digit, they represent aggregations of economic events that provide valuable financial information, coded from digit zero (0), allowing up to ten sub-accounts to be generated from the ledger account. An example of coding is presented below:

CODE TYPE DESCRIPTION
110 ACCOUNT CASH
1100 SUB-ACCOUNT CASH BOX

SUB-SUB-ACCOUNTS
Sub-sub-accounts: Identified by the seventh digit, they represent aggregations of economic events that provide valuable financial information, allowing up to 199 sub-sub-accounts to be generated, grouped within the sub-accounts and the ledger account. An example of coding is presented below:

CODE TYPE DESCRIPTION
1110 SUB-ACCOUNT BANKS CHECKING ACCOUNT
1110000 SUB-SUB-ACCOUNT DEPOSITS IN CHECKING ACCOUNT

OPENING OF DETAIL ACCOUNTS FOR BANKS
Bank accounts shall be generated in accordance with the following list, assigning the eighth and ninth digits for identification.

DIGITS FINANCIAL INSTITUTION
00 CENTRAL RESERVE BANK
01 AGRICULTURAL BANK, S.A.
02 DAVIVIENDA SALVADORIAN BANK, S.A.
03 MORTGAGE BANK OF EL SALVADOR
04 CITIBANK, N.A., EL SALVADOR BRANCH
05 CUSCATLAN BANK OF EL SALVADOR, S.A.
06 AGRICULTURAL DEVELOPMENT BANK
08 PROMERICA BANK, S.A.
11 CENTRAL AMERICA BANK, S.A.
12 ATLANTIDA BANK EL SALVADOR, S.A.
14 BANK OF NEW YORK
15 STATE STREET
16 CLEAR STREAM
17 JP MORGAN
18 ABANK BANK, S.A.
19 AZUL BANK OF EL SALVADOR, S.A.
20 INDUSTRIAL BANK EL SALVADOR, S.A.
21 DEVELOPMENT BANK OF THE REPUBLIC OF EL SALVADOR 22 RURAL DEVELOPMENT BANK, SOCIETY ANONYMOUS

DIGITS FINANCIAL INSTITUTION
23 SALVADORIAN WORKERS BANK, S.C. DE R.L. DE C.V.

Generating detail accounts immediately for the corresponding bank, for example:

CODE TYPE DESCRIPTION
1110 SUB-ACCOUNT BANKS CHECKING ACCOUNT
1110000 SUB-SUB-ACCOUNT DEPOSITS IN CHECKING ACCOUNT 111000001 DETAIL AGRICULTURAL BANK, S.A

If new banks arise, they will be added by continuing the sequence from the last assigned code.
This coding is applicable to all accounts, sub-accounts, and sub-sub-accounts that represent deposits of Asset Securitization Funds in financial institutions on their own account.

D. CLOSURE OF THE ECONOMIC PERIOD
The economic and accounting period shall comprise from January 1 to December 31 of each year.

E. RECORDS

ACCOUNTING BOOKS
The movement and balance of accounts shall be recorded in the main books, and that of sub-accounts in auxiliary books as deemed necessary. The main books that must be legalized are the following:
a. Financial Statements Book; b. General Ledger (If they deem it convenient, they may legalize the books in a single JOURNAL - LEDGER);
c. Journal Book.

Accounting records must comply with what is established in Title II, of Book Two, of the Code of Commerce, insofar as applicable. In particular, in the Financial Statements Book, the Fund's Balance Sheet, the Statement of Determination of Fund Surplus, and the corresponding notes must be posted, in accordance with what is established in Article 442 of the Code of Commerce. The figures posted in this Book must be presented in absolute values including cents, in a comparative format with the figures of the previous year.

ADMINISTRATIVE BOOKS AND RECORDS
The Securitizer must keep, legalize, and complete, in addition to the accounting and tax books established above, the following books:
a. Minutes Book of the General Meeting of Security Holders; b. Minutes Book of the Representative of Security Holders;
c. Register of Security Holders.

The Minutes of the General Meeting of Security Holders and of the Management and Administration of the Fund, in addition to complying with the formalities stipulated in Article 246 of the Code of Commerce, must be posted in the corresponding Legal Books no later than 15 days after said sessions are held. The General Meeting of Security Holders shall be governed by what is established in the Asset Securitization Law, and in its absence, by what is provided for General Meetings of Bondholders in the Code of Commerce.

In the Minutes Book of the Representative of Security Holders, the Minutes shall be posted monthly, which must contain all actions taken and decisions made by the Representative of the Holders, based on the powers they hold. The Register of Security Holders may be kept by the Asset Securitizer or a Custodian, which must provide permanent real-time access to the Securitizer. Said register must allow generating reports and establishing the ownership of securities issued by the asset securitization fund in an updated and historical manner.

TAX BOOKS
The books of legal requirement, in accordance with the Law on Tax on the Transfer of Movable Property and the Provision of Services, must comply with what is established in Article 141 of the Tax Code and Section Five of Chapter VII of the Regulation for the application of the Tax Code, which are mentioned below:
a. Purchase Registration Book; b. Sales to Taxpayer Registration Book;
c. Sales to Consumer Registration Book.

F. INTERNAL CONTROL APPLIED TO ACCOUNTING RECORDS Accounting records must contain the necessary detail regarding the characteristics of assets, liabilities, surpluses, income, and expenses so that all information contained in the different statements to be rendered can be derived clearly from them, which will maintain the necessary correlation both among themselves, when applicable, and with that accounting basis.

Likewise, inventories or details of the different items will be kept, independent of the books of an obligatory nature required by Salvadoran legislation. For these purposes, Asset Securitizers for Funds will establish internal control systems directed to reasonably ensure the reliability of accounting records, as well as the correct integration of operations.

Therefore, independent of the accounts specified to form the financial statements, details deemed necessary for the preparation of the rest of the complementary informational statements will be established, thereby developing an analytical accounting that provides sufficient information for the calculation of costs and returns of the different centers, products, business lines, or other aspects of interest for adequate management control.

G. REGISTRATION AND ARCHIVING OF ACCOUNTING DOCUMENTATION Asset Securitizers for Asset Securitization Funds are obligated to keep all accounting, administrative, and those determined by the Superintendence books. The operations registered in them must be backed by the corresponding supporting documentation and comply with the norms established in the Code of Commerce.

Operations will be posted as they are carried out, and only in exceptional cases, justified in writing to the Superintendence of the Financial System, the Securitizer must not present delays, both in the accounting books, administrative books, and other books of legal requirement, for Securitization Funds. This without prejudice to the sanctions, fines, and others that the Asset Securitizer may incur for such delays, established in accordance with the applicable legal norms by other government entities.

H. SEPARATION OF INCOME AND EXPENSES

To associate income with the corresponding expenses, ordinary income and expenses have been determined as: Operating Income, Operating Expenses, and Income Tax.

I. APPROVAL AND MODIFICATION OF ACCOUNTING SYSTEMS
The accounting system consists of the methods and records established to identify, gather, analyze, classify, record, and report the transactions of the Fund, as well as maintain the accounting of the asset, liability, equity, and operations of the Asset Securitization Fund relative to it.

The accounting system comprises:

The Chart of Accounts and Application Manual.
Accounting records, support documents, and auxiliary records.
The accounting processing involved from the initiation of a transaction, until its inclusion in the financial statements, including the manner of using computers for data processing.
The financial information process employed to prepare the Fund's financial statements, including estimates and disclosures of important tables.

In consideration of the above, the process to follow to request initial approval or subsequent modifications derived from the own initiative of the Securitization Fund to the accounting systems will be:
a) The Securitizer, on behalf of the Asset Securitization Fund, must present the request addressed to the Superintendence of the Financial System, attaching the complete accounting system requested to be authorized in original and copy, with the signature of the Legal Representative. b) If the accounting system is computerized, they must attach the information required for such systems.

The minimum information to be detailed within the accounting system, for approval purposes, will be:

1 ACCOUNTING SYSTEM DESCRIPTION
1.1 GENERAL DATA OF THE SECURITIZATION FUND
Name of the Securitization Fund, Address and Telephone, etc.
1.2 DATA OF THE SECURITIZATION CONTRACT
1.3 NAME OF THE NOTARY WHO GRANTS THE PUBLIC DEED OF THE SECURITIZATION CONTRACT
1.4 NAME AND REGISTRATION NUMBER OF THE EXTERNAL AUDITOR
1.5 ACCOUNTING POLICIES AND PROCEDURES ADOPTED
Consists of presenting the accounting policies and procedures that the Securitization Fund will employ, in accordance with the minimum disclosures required by the Accounting Manual for Asset Securitization Funds and the applicable International Financial Reporting Standards.

1.6 DETAIL OF PROJECT NOTES TO BE USED IN THE PUBLICATION OF FINANCIAL STATEMENTS
This consists of describing the notes to the financial statements to be prepared, in accordance with the minimum disclosures required by the Accounting Manual for Asset Securitization Funds and the applicable International Financial Reporting Standards.

2 REQUIREMENTS FOR ACCOUNTING RECORDS
2.1 METHOD OF KEEPING ACCOUNTING BOOKS
Indicate whether accounting will be kept in bound and paginated books, on separate sheets, or other physical or electronic means.

2.2 NATURE OF THE SYSTEM TO BE USED
Description of the name and operation of the computer system.

2.3 METHOD OF RECORDING OPERATIONS
Explain in what manner operations will be recorded in the legalized accounting records.

2.4 DETAIL OF AUXILIARY BOOKS TO BE KEPT AND THE METHOD OF RECORDING OPERATIONS IN THEM

3 DESCRIPTION OF COMPUTERIZED INFORMATION SYSTEMS 1
3.1 DESIGN OF THE COMPUTERIZED ACCOUNTING SYSTEM
The content of this section comprises a description of the method of recording, operating, and generating accounting records within the computer system.

3.1.1 MODULE DESCRIPTION 2

MODULE NAME
IMPLEMENTATION LANGUAGE
MODULE OBJECTIVE
Describe generally what the main function of the specific accounting module is.
MAIN SUB-MODULES (With explanation of them.)
REPORTS ISSUED BY THE MODULE, ON PAPER, SCREEN, OR MAGNETIC FILES
Exposing:
Report name,
1 The description must incorporate, in addition to the accounting system, any other computer system that the Asset Securitization Company uses to administer the Asset Securitization Funds in their operations, such as the systems it will use to control the Securitization Assets. 2 The description applies to the main program, as well as to each of the sub-modules.

Frequency of issuance
Report objective

3.1.2 DATABASE DESCRIPTION

DATABASE NAME
OBJECTIVE
DATABASE MANAGER (WITH VERSION DETAIL)
METHOD OF DATA CAPTURE
In this particular area, it must be specified whether the content of the database is generated by the system through automatic calculation or corresponds to information captured by the user.
DETAILED DESCRIPTION OF FIELDS
Field name
Field type
Meaning and use of the field
DATA DICTIONARY

3.1.3 FLOWCHART OF MODULES AND PROGRAMS
The flowchart must show the flow of data through the system and the interrelationship between the steps of the process and the computer routines.

3.1.4 ENTITY RELATIONSHIP DIAGRAMS

4 CHARACTERISTICS OF THE HARDWARE USED FOR SYSTEM OPERATION
4.1 PHYSICAL DISTRIBUTION OF TERMINALS OR WORKSTATIONS
4.2 HARDWARE DESCRIPTION
4.2.1 SERVERS

NUMBER OF SERVERS
PROCESSOR
RAM MEMORY
HARD DRIVE CAPACITY
INSTALLED SOFTWARE
OPERATING SYSTEM

4.2.2 TERMINALS OR WORKSTATIONS

PROCESSOR
RAM MEMORY

HARD DRIVE CAPACITY
NETWORK CARD
INSTALLED SOFTWARE
OPERATING SYSTEM

4.2.3 INFORMATION RELATED TO THE NETWORK

NETWORK OPERATING SYSTEM
NETWORK TOPOLOGY
NETWORK PROTOCOLS
INTERNAL AND EXTERNAL NETWORK COMMUNICATIONS

4.3 CONTINGENCY PLAN
This will consist of an exposition of measures to be taken, in order to avoid loss of information or, in case of disasters, to continue operating the system.

5 SECURITY MEASURES
This will consist of an exposition of the measures to be taken internally in order to minimize the inherent risk existing for the different assets. It must also include access measures to information in physical or magnetic files.

6 ADDITIONAL DOCUMENTATION
The following documentation must be attached in original and copy:

Source documentation to be used for the recording of operations. (Income notes, expense notes, journal vouchers, etc.).
Formats of main books, except for the books required by the Law on Tax on the Transfer of Movable Property and the Provision of Services.
Formats of auxiliary books.
System reports (On paper or screen).
Technical and operation manual of the computer system.
User manual of the computer system.

J. APPROVAL OF THE FINANCIAL STATEMENTS FOR THE END OF THE ECONOMIC YEAR AND MANAGEMENT The financial statements for the end of the economic year and management must be included in the Annual Report of the Fund to be presented by the Asset Securitization Company to its Board of Directors, for approval in the manner established in Chapter II of this Manual and taking into account the following procedures:

The Securitization Company must annually prepare the Annual Report of the Securitization Fund, prior to consideration and approval by its Board of Directors, within forty-five (45) days following the close of the fiscal year.
The Annual Report of the Fund must contain as a minimum: Identification of the Fund, Number of Entry in the Public Stock Register, President's Letter, Main achievements, Description and characteristics of the Fund, Risk Factors, Financial Reports (Administrative and External Auditor Reports), and Declaration of Responsibility which will include the name, position, and signature of the Board of Directors and General Manager of the Securitization Company; and it will be sent to the Superintendence within a period of 10 business days after its approval.

K. ACCOUNTING PRINCIPLES AND HYPOTHESES APPLICABLE In addition to the specific rules established in the description and application of items, accounts, and sub-accounts, some General Accounting Principles and Hypotheses are established, whose application must be observed when registering the operations carried out by the Asset Securitization Funds.

GENERAL ACCOUNTING PRINCIPLES
Accounting will be developed by obligatorily applying the Accounting Principles indicated below:

PRINCIPLE OF PRUDENCE
It will prevail over any other principle in case of conflict. Foreseeable risks and potential losses must be accounted for as soon as they are known. Facts disclosed publicly and communications made specifically to the Asset Securitization Fund are considered known from the moment of their disclosure or receipt of the communication, respectively. All amortizations and depreciations must also be taken into account, whether the fiscal year ends with a profit or a loss.

PRINCIPLE OF NON-COMPENSATION
Under no circumstances may items of assets and liabilities of the Fund's Balance Sheet, nor items of expenses and income of the Fund's Statement of Determination of Surplus, be offset, unless specifically authorized by an International Financial Reporting Standard, which must be reported to the Superintendence.

PRINCIPLE OF CORRELATION OF INCOME AND EXPENSES By virtue of this, the Fund's Statement of Determination of Surplus must record the income of the fiscal year and all expenses necessary for their obtaining.

PRINCIPLE OF UNIFORMITY
Once a criterion has been adopted in the application of Accounting Principles within the alternatives that they may allow, it must be maintained over time as long as the assumptions that motivated the choice of said criterion are not altered. If for justified cause these vary, a explanatory note will be attached to the affected statements allowing the origin of the new criteria and their quantitative and qualitative effect on equity, results, and total assets to be appreciated. Likewise, such variation and its effects will be recorded in the notes to the financial statements included in the annual financial statements.

PRINCIPLE OF RELATIVE IMPORTANCE
Each item that possesses sufficient relative importance must be presented separately in the financial statements. Items of insignificant amounts must appear grouped with others of similar nature or function, provided they do not have to be presented separately.

PRINCIPLE OF COMPARISON OF INFORMATION
Numerical information in the annual financial statements must be presented together with data from the previous fiscal year. When the method of preparation or classification of items in the financial statements is altered, the amounts of the previous fiscal year must be changed unless it is impossible to do so. In the event that this modification is not possible, the reasons for such limitation must be informed in the notes to the financial statements.

FUNDAMENTAL HYPOTHESES

ACCUMULATION OR ACCRUAL BASIS
As a general criterion, the attribution of income and expenses to the Fund's Statement of Determination of Surplus will be made based on the actual flow they represent, independent of the moment of their collection or payment.

GOING CONCERN PRINCIPLE
The management of the Asset Securitization Fund will be considered indefinite. Financial statements must be prepared based on the assumption of going concern. Consequently, the application of accounting principles will not be aimed at determining the value of the Fund for the purposes of its global or partial alienation, nor the resulting amount in case of liquidation. In the event that there is doubt about the continuity of the business, Management must reveal this fact in the financial statements. If the financial statements are not prepared on the basis of going concern, such circumstance must be revealed along with the alternative criteria that have been used and the reasons why the Asset Securitization Fund cannot be considered as a going concern.

L. SECURITIZED REAL ESTATE ASSETS
For the recognition, measurement, and presentation of real estate assets that make up a Fund in the Fund's financial statements, what is established in this section must be considered, and it will apply to all transactions related to the real estate comprising existing real estate, real estate under construction, and completed real estate. Real estate assets include land, buildings, or part of a building or both maintained by the Asset Securitization Fund with the purpose of obtaining rents, capital appreciation, or disposal thereof through sale.

CRITERIA FOR ACCOUNTING OF EXISTING REAL ESTATE
Existing real estate corresponds to land and buildings that are alienated by the originator through the corresponding contract for the transfer of ownership and that integrate or constitute a Securitization Fund.

1.1 Initial Measurement
They will be initially measured at acquisition cost plus direct transactional costs associated. Transactional costs will include disbursements directly attributable to the real estate and include, for example: professional fees for legal services, taxes for property transfer if applicable, and other costs associated with the transaction. Disbursements made for improvements in the real estate will be capitalized only when it is probable that future economic benefits related to the disbursement will flow to the Fund. Repairs and continuous maintenance are recorded as expenses and recognized in the Fund's Statement of Determination of Surplus when incurred.

1.2 Subsequent Measurement
After initial recognition, all real estate that is owned by the Asset Securitization Fund will be measured at fair value, until it is disposed of. The fair value of the real estate will be established based on the appraisal of an expert registered with the Superintendence of the Financial System or other entities whose registration is governed by Technical Norm -20), approved by the Central Reserve Bank through its Standards Committee.

1.3 Presentation
The Fund will present the real estate in Securitization Real Estate Assets either as current or non-current assets as appropriate, and will reveal information that allows users of the financial statements to evaluate the relevant financial effects.

CRITERIA FOR ACCOUNTING OF REAL ESTATE UNDER CONSTRUCTION
Real estate under construction corresponds to the cession made by the originator through the corresponding contract for the transfer of ownership and that integrate or constitute a Securitization Fund, with the object of its development, construction, rent, or expansion.

2.1 Initial Measurement
When Securitization Funds are constituted with real estate under construction, they will be initially recognized at the cost of construction of the real estate. The cost of constructions includes the following:
a) The cost of direct materials; b) Direct labor; and c) Indirect costs directly attributable to the process of making the asset ready for its intended use (for example, financing costs, contract management and supervision costs, insurance, and depreciation of tools, equipment, and right-of-use assets used in fulfilling the contract). The Fund will recognize as expenses, when incurring the following concepts:
a) General and administrative costs; unless such costs are explicitly attributable to the real estate under construction; b) Wasted material costs; and c) Others that are not directly attributable to the cost of construction in progress. When an Asset Securitization Fund completes the construction of the real estate, these and any difference between the fair value of the real estate at that date and its book value will be recognized in the period's result. The fair value of the real estate will be established based on the appraisal of an expert registered with the Superintendence of the Financial System or other entities whose registration is governed by Technical Norm -20), approved by the Central Reserve Bank through its Standards Committee.

2.2 Presentation
The Fund will present the real estate under construction in Securitization Real Estate Assets either as current or non-current assets as appropriate, and will reveal information that allows users of the financial statements to evaluate the relevant financial effects.

CRITERIA FOR ACCOUNTING OF COMPLETED REAL ESTATE
Completed Real Estate corresponds to goods reclassified from the account [Text Missing/Corrupted in Source].
Completed Real Estate that the Asset Securitization Fund has the purpose of disposing of will be classified as Current Assets. Completed Real Estate classified in Non-Current Assets will be those destined to generate rents or capital gains. Disbursements made for improvements in completed real estate classified in Non-Current Assets will be capitalized only when it is probable that future economic benefits related to the disbursement will flow to the Fund. Repairs and continuous maintenance are recorded as expenses and recognized in the Fund's Statement of Determination of Surplus when incurred.

3.1 Subsequent Measurement
The subsequent measurement of all completed real estate that is owned by the Asset Securitization Fund will be measured at fair value, until it is disposed of. The fair value of the real estate will be established based on the appraisal of an expert registered with the Superintendence of the Financial System or other entities whose registration is governed by Technical Norm -20), approved by the Central Reserve Bank through its Standards Committee.

3.2 Presentation
The Fund will present the completed real estate in Securitization Real Estate Assets either as current or non-current assets as appropriate, and will reveal information that allows users of the financial statements to evaluate the relevant financial effects.

CRITERIA FOR ACCOUNTING OF LEASES
An operating lease is one that does not transfer substantially all the risks and benefits associated with the ownership of an asset. Receivables for lease rentals only record the amounts corresponding to overdue rentals; future flows corresponding to these contracts that are not mandatory for payment will only be revealed in the notes to the financial statements.

Lease payments from operating leases will be recognized as income on a straight-line basis or according to another systematic basis. The Fund will apply another systematic basis if it is more representative of the pattern in which the benefit from the use of the underlying asset is diminished. Costs incurred by the Asset Securitization Fund in obtaining income from operating leases will be recognized as expenses. Initial direct costs incurred by the Asset Securitization Fund in negotiating and contracting an operating lease will be added to the book value of the leased asset and recognized as an expense over the lease term, on the same basis as the lease income. Current, for the amount of overdue rentals at the date of the financial statements.

M. INFORMATION ON RISKS
Securitization Companies for Asset Securitization Funds will maintain information and monitoring systems regarding the situation of various classes of relevant risks according to the nature of their business and appropriate to their operations, which must be documented and approved by the Board of Directors of the Securitization Company. In particular, they must have information to be able to evaluate at all times their risks from fluctuations in the quotes of securities or instruments derived from them, interest rates, and currencies, their liquidity risk, both from their treasury position and from the composition or availability of their securities portfolio, their credit risk derived from insolvency in financial investments, their counterparty risk in assumed commitments, and their risk of concentration of assets, liabilities, and commitments by subjects, financial groups, terms, and sectors of economic activity. Likewise, Asset Securitization Funds must be equipped with control systems that allow adequate monitoring of compliance with the limits established on the assumption of risks, [Text Missing/Corrupted in Source] Integral Risk Management -11), approved by the Central Reserve Bank through its Standards Committee. Securitization Companies must disclose in summary form in the notes to the Semi-Annual Financial Statements of each Fund they administer, the manner in which they manage risks and compliance with their policies.

CHAPTER II
FINANCIAL STATEMENTS TO BE PRESENTED TO THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM AND PUBLISHED

A. FINANCIAL STATEMENTS TO BE PRESENTED TO THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM

Asset Securitization Trusts, on behalf of the Asset Securitization Funds they administer, must present their monthly, semiannual, or annual Financial Statements to the Superintendence of the Financial System in the formats, deadlines, periodicity, and under the grouping rules dictated in this Manual. These Financial Statements are the only ones valid for all purposes, whether for approval by the Board of Directors, inclusion in the Fund's Annual Report, and publication in national circulation printed media or another digital publication platform with greater or equal coverage or on their website, in accordance with what is established in the current legal framework or for any other type of dissemination in the country or abroad, with the exception of Financial Statements that must be prepared for tax purposes, while there are fiscal criteria that differ from what is established in this Manual. The semiannual and annual Financial Statements must be accompanied by the Intermediate Report and/or External Auditor's Opinion, as applicable.
The semiannual or annual Financial Statements, such as: the Fund's General Balance Sheet, the Fund's Statement of Determination of Surplus, and the notes thereto, that are sent to the Superintendence of the Financial System, must be presented obligatorily with the signatures of the General Accountant, the person holding the main executive position, i.e., the General Manager, the Legal Representative, and the External Auditor, and their corresponding seals.
These Financial Statements must be expressed in United States dollars in absolute figures including cents.
Asset Securitization Trusts, on behalf of the Securitization Fund, must annually inform about the persons authorized to sign the financial statements, as well as register the signature of such persons in the Registry of the Superintendence of the Financial System, in the forms that will be provided for this purpose. The General Accountant must be a Licensed Public Accountant. Such communication is required when there are changes in the persons authorized to sign the Financial Statements.
The signatures must be identified regarding the persons to whom they belong and their corresponding positions, considering that they imply the declaration that the information contained in the documents signed has been extracted from the legal and auxiliary books of the entity and verified for accuracy and integrity.
The semiannual and annual Financial Statements, as of June 30 and December 31, respectively, presented to the Superintendence of the Financial System must be considered and approved previously by the Board of Directors of the Asset Securitization Trust, leaving written record in the respective minutes about their review and analysis, and sending copies of such minutes to the Superintendence by the last day of the publication deadline for semiannual Financial Statements and eight business days after the Board of Directors meeting, for the case of annual Financial Statements. In case of observations, these must be reported immediately to the Superintendence of the Financial System.
At the bottom of each semiannual and annual Financial Statement, the following must be described:
Asset Securitization Trusts will present through electronic systems the Trial Balances and other monthly reports of each Asset Securitization Fund, to the Superintendence of the Financial System, within eight business days following the month to which the information corresponds; in addition, the monthly Trial Balance must include all sub-accounts, sub-sub-accounts, detail accounts, down to the last level of information, with movements and balances, in accordance with what is established in letter D of this Chapter.
When it comes to the Financial Statements and semiannual or annual information, the Trusts will present said Financial Statements of each Asset Securitization Fund, within sixty calendar days following the month to which the definitive information corresponds. This does not mean that the provisional information of said months does not have to be presented within the deadline stipulated in the previous paragraph.
The Financial Statements and semiannual information of each Asset Securitization Fund will be presented by the Asset Securitization Trusts, to the Superintendence of the Financial System in a comparative manner with the immediate preceding period, and the Trial Balance must include all sub-accounts, sub-sub-accounts, and detail accounts down to the last level, with movements and balances; in the formats and frequencies indicated below:

Frequency	Format	Name
Semiannual	A	Fund's General Balance Sheet
Semiannual	B	Fund's Statement of Determination of Surplus
Semiannual	C	Notes to the Financial Statements

B. PUBLICATION OF FINANCIAL STATEMENTS

The Trusts, on behalf of the Asset Securitization Funds they administer, in accordance with current legal norms, must publish the semiannual and annual Financial Statements of said funds, along with the report and opinion of the External Auditor, respectively, in two national circulation printed media or another digital publication platform with greater or equal coverage or on their website, in accordance with what is established in the current legal framework, within 60 days following the end of each semester, along with the Financial Statements of the Trust. The Financial Statements to be published must comply with what is established in Article 61 of the Asset Securitization Law, understanding that the notes to the financial statements form an integral part of them and therefore are mandatory publication.

The Intermediate General Balance Sheet of the Fund must be presented in a comparative manner with the annual Financial Statements of the immediate preceding period. The remaining Intermediate Financial Statements will be presented with their similar from the semester of the immediate preceding period.

If the Superintendence of the Financial System determines the existence of data that alter, modify, or affect the published financial statements, the notes, or that the latter have not been published in their entirety, it will require the Asset Securitization Trust, as administrator of the Asset Securitization Funds, to publish again, in the same national circulation printed media or digital publication platforms where it was originally published, accompanied by its explanatory note proposed by the Trust and approved by the Superintendence.

In case the Asset Securitization Trust refuses to publish the corrected financial statements, as well as their respective notes, required in accordance with this Manual, the Superintendence will instruct a deadline for the Asset Securitization Trust to make the publication effective; otherwise, the corresponding sanction will be imposed in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

The published Financial Statements and their notes must be expressed in thousands of United States dollars.

The Asset Securitization Trusts must appoint a person responsible for sending the information related to the publications they carry out and will notify through the system

The appointed person must send the information by the next business day after the Superintendence, in the following format:

C. FORM AND CONTENT OF FINANCIAL STATEMENTS AND NOTES

The basic content of the information to be published is presented in the models listed below:

Fund's General Balance Sheet (In accordance with what is established in Chapter V of this Accounting Manual)
[Statement of Determination of Surplus] (In accordance with what is established in Chapter V of this Accounting Manual)
The corresponding account code is attached to facilitate the identification of the accounts to be published.

It is at the option of the Asset Securitization Trust to publish the financial statements of the Asset Securitization Funds under the account or report modality, when applicable.

It must be understood that what is detailed in the Financial Statements and their notes is the minimum to be published, leaving it at the option of the Trust to expand the information of the Asset Securitization Funds provided to the public.

In the header of each Financial Statement, the following must be described below the name of the Asset Securitization Fund: to which financial conglomerate the Trust administering it belongs (if applicable), example: is part of conglomerate XYZ, acting as (parent, subsidiary,

NOTES TO THE FINANCIAL STATEMENTS

In the preparation of the financial statements of the Asset Securitization Funds, what is established in this Accounting Manual and the International Financial Reporting Standards (IFRS) must be observed, prevailing what is established in this Accounting Manual when there is conflict with the International Financial Reporting Standards (IFRS).

The preparation of the notes of the Asset Securitization Funds and their publication will be the responsibility of the Trust's Administration, but it will be the responsibility of the External Auditor to verify that such notes comply with the level of disclosure required by the International Financial Reporting Standards.

If the published notes do not comply with what is required by the Standards, the publication of the financial statements and the corrected notes may be required again.

In addition to the minimum disclosures required by Standards, the following notes must be included:

NOTE 1 CONSTITUTION AND REGISTRATION IN THE PUBLIC SECURITIES REGISTER This note must contain the information on the constitution of the Asset Securitization Fund, such as date of constitution, object and main activities, as well as the main historical events and the detail of its performance.

NOTE 2 MAIN ACCOUNTING POLICIES APPLIED
Reference will be made to the main accounting policies applied in the preparation and presentation of the Financial Statements of the Asset Securitization Funds, in compliance with the International Financial Reporting Standards.

When changes in Accounting Policies occur, the Fund must:
a) Describe and identify the areas in which accounting policies have been changed; and b) Describe what the new accounting policy consists of or what it is based on and the reason for the change, as well as what the previous accounting policy was based on or consisted of.

NOTE 3 ACCOUNTING CRITERIA USED
Reference will be made to the accounting period, bases of preparation and presentation of the Financial Statements, monetary correction, conversion bases, securitized asset, provisions, other current assets, deferred taxes and income taxes, rights on surplus of separate estates, issuance and placement expenses of debt securities, operating income, cash flow, etc.

NOTE 4 SECURITIZED ASSET
Inform about the main characteristics of the securitized asset, whether financial or real estate, indicating, if applicable, at least the type and number of assets being securitized, amounts and method of determination, discount rates, terms, and originator thereof. In addition, the number and date of registration of the Securitization Fund in the Public Securities Register must be indicated.

NOTE 5 DETAIL OF ESTIMATES
The origin and amount for each of the estimates that have been accounted for during the period must be indicated, identifying the concept to which they refer.

NOTE 6 DETAIL OF SECURITIZED ASSET IN DEFAULT
The value of credits or contracts with overdue payments must be reported, with the detail of the debt in default, classified according to the term thereof.

NOTE 7 SURPLUS OF SECURITIZATION FUNDS
Information related to the withdrawals of surplus carried out by the Asset Securitization Trust during the period must be presented.

NOTE 8 ACCOUNTING CHANGES
Explain if changes have occurred in the application of accounting principles in relation to the previous period, and measure the effect on previous results.

NOTE 9 RISKS DERIVED FROM FINANCIAL INSTRUMENTS This disclosure must be made taking into account the requirements described in IFRS 7:
.
In addition, it will disclose the risks to which the Fund is exposed and will describe by tabulation, the maximum exposure to credit risk by class of asset and risk classification, both inside and outside the Balance Sheet without considering any guarantee or other credit enhancement in its possession.

NOTE 10 BALANCES AND TRANSACTIONS WITH RELATED ENTITIES The balances of documents and accounts receivable for commissions accrued for the administration of separate estates and payments made on their behalf must be detailed.

Reveal any type of contract in force for obligations or rights. Separating what refers to long and short term and revealing the effects on results of significant transactions.

NOTE 11 DEFERRED TAXES AND INCOME TAX
Declaration and detail of tax obligations, provisions, and composition of income tax, withholdings, levies, and advance payments, deferred taxes, and temporary differences, etc.

NOTE 12 CONTINGENCIES
Regarding Contingencies, the following must be included: a brief description of the nature, indication of uncertainties related to the amount or time of any outflow, and the possibility of any reimbursement. Regarding Contingent Assets, reveal a brief description of the nature.

NOTE 13 GUARANTEES OBTAINED FROM THIRD PARTIES The guarantees received from third parties must be detailed, specifying the origin, amount, validity, etc., and any other information that describes them completely.

NOTE 14 SANCTIONS
For the period reported, the sanctions received from the Superintendence of the Financial System or by another Administrative Authority must be detailed separately, describing the infractions committed, and the sanctions imposed.

NOTE 15 ACCOUNTS AND DOCUMENTS RECEIVABLE
The Securitization Fund will reveal in detail the amounts that make up this grouping, making the corresponding descriptions and explanations. Lines that have their own disclosure note will be excluded from this.

15.1 RENTALS RECEIVABLE
The Fund will reveal regarding rentals the following:
a) The total amount of future minimum payments corresponding to non-cancelable leases, as well as the amounts corresponding to the following terms:
i. Up to one year;
ii. Between one and five years; and
iii. More than five years.
b) A general description of the conditions of the agreed leases; c) A general description of the lease agreements signed and the total number of agreements signed.

15.2 OTHER ACCOUNTS RECEIVABLE
The Fund will reveal:
a) A description of the other accounts receivable; and b) The amount corresponding to financial products receivable.
Include other disclosures that are necessary for a better understanding for the users of the financial statements.

NOTE 16 COMPLETED REAL ESTATE
The Securitization Fund will reveal information on completed real estate that are available for disposal according to the following:
a) Detail of completed real estate held for sale; b) Description of completed real estate that were sold or reclassified; c) Explanation of facts and circumstances of sale, reclassifications, or expected disposals, form, and terms; and d) Gains or losses from the sales of said completed real estate.

Additionally, it will reveal the amounts and units corresponding to buildings that in the Securitization Fund are available for leasing.

NOTE 17 RENTAL INCOME
The Securitization Fund will reveal the following information:
a) The amount of income or rents for each of the properties in operating lease; b) The total of variable lease payments recognized in income for the period; and c) Any other information that is useful for the users of the Financial Statements.

NOTE 18 NET GAINS OR LOSSES OF EXISTING OR COMPLETED REAL ESTATE The Securitization Fund will reveal the following information:
a) The information corresponding to the integration of gains and/or losses generated or incurred in the process of disposal of existing or completed real estate through their sale, clearly showing the determination of said values; and b) Detail of unrealized gains and/or losses as a result of the measurement at fair value of each of the existing or completed real estate during the period.

NOTE 19 FINANCING PAYABLE
The Securitization Fund will reveal the following information:
a) The type of financing acquired by the Fund; b) The amounts of financing or loans obtained by class, for example: from financial entities or from other entities of the financial system; c) Interest rates to which the loans or financing are subject; d) Classification of the aforementioned loans in Current and Non-Current; e) Terms and conditions under which the financing or loans from creditor entities have been received; and f) Other information that the Fund considers important and relevant for the better understanding of the users of the financial information.

NOTE 20 RISK CLASSIFICATION
The Fund will reveal the following information: the classification obtained, the reference date of the classification, as well as an explanation of what the obtained classification means and other information that the Fund considers pertinent for a better understanding of the users of the Financial Statements.

NOTE 21 CONTRACTING OF SERVICES
The Fund must disclose the name of the contracted companies when applicable, for the services received by the Fund, revealing the conditions of said contracts and their relationship with the company.

NOTE 22 SIGNIFICANT DIFFERENCES BETWEEN INTERNATIONAL FINANCIAL REPORTING STANDARDS AND STANDARDS ISSUED BY THE REGULATOR The Fund will reveal the significant differences between the International Financial Reporting Standards and this Accounting Manual.

NOTE 23 SUBSEQUENT EVENTS AND OTHER IMPORTANT DISCLOSURES All other clarifications or additional explanations that are considered necessary or that are required by the International Financial Reporting Standards (IFRS), for an adequate interpretation of the financial statements, must be included.

Examples of essential facts that must be revealed are:
a) Changes in the ownership of Security Holders, indicating the amounts and quantity of debt or participation securities. b) Discontinued operations, indicating the date on which the event occurred. c) Reclassification of liabilities. d) Gains or losses on the sale of assets, or any other gain on the sale of assets that significantly affect the surplus of the Securitization Fund. e) Losses originating from accidents. f) Effects of market value on the book value of investments in securities. g) Shares received as payment of dividends, indicating the date of receipt, the number of shares, as well as their nominal value. h) Effects of contracts (leases, advertising, services, etc.).

D. OPERATIONS AND TRANSACTIONS TO BE REPORTED ELECTRONICALLY TO THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM

The Trusts, on behalf of the Asset Securitization Funds they administer, must electronically send to the Superintendence, within eight business days following the month being reported, the following information:
1.1. Trial Balance with monthly periodicity, which must be sent within eight business days following the month being reported; and
1.2. The individualized assets that make up the securitization fund, which must be sent within eight business days following the month being reported.
Structure and files of the information to be sent to the Superintendence.
2.1. Structure of the database of the files. The data structure is defined with the following files:

FILE NAME	DESCRIPTION
ssf_cfta_saldo_cuenta.xsd	Trial Balance.
ssf_cfta_activos_individualizados.xsd	Individualized assets that make up the securitization fund.

2.2. Data archiving for information submission. The information will be submitted with the following fields:

FILE NAME | DESCRIPTION
--- | --- saldo_cuenta.xml | Trial Balance. activos_individualizados.xml | Individualized assets that make up the securitization fund.

Name of the files to be submitted to the Superintendency of the Financial System.

3.1. File name: saldo_cuenta. This file is used to report information corresponding to the trial balance with its balances:

ELEMENT | DESCRIPTION código_fondo | Fund code. id_codigo_cuenta | Accounting Account. The account code will be entered, from the first to the last level according to the nomenclature of its account catalog. nombre_cuenta | Description of the accounting account. Name to which the account corresponds according to the fund's account catalog. Saldo_anterior | The amount of the previous balance of the account. Cargo_mes | The amount of charges that affected the account during the reference month. Abono_mes | The amount of credits that affected the account during the reference month. Saldo_actual | The amount of the final balance of the account. Naturaleza_cuenta | Nature of the account; Debtor or Creditor.

3.2. File name: activos_individualizados. This corresponds to the file that includes the individualized assets that make up the securitization fund:

ELEMENT | DESCRIPTION
Codigo_fondo | Fund code. nombre_fondo | Name of the fund, which corresponds to the name approved by the Board of Directors of the Superintendency. nombre_activo | Corresponds to the assets that make up a securitization fund, in accordance with Article 45 of the Asset Securitization Law, according to the attached code table in this resolution. descripción | Provide a brief individualized description that identifies the asset generating periodic and predictable cash flows; which must be consistent and maintain integrity.

ELEMENT | DESCRIPTION valor | The value of the securitized asset and registered in accounting must be detailed. proyección_original | The projected cash flow value must be detailed. flujo_real | The actual value of the generated cash flow must be detailed. diferencia_proyección | The difference between the projected amount and the actual amount of the fund's monthly cash flows must be indicated. Código_custodia | The code of the custodial entity in which the fund's assets are deposited must be specified, including those in self-custody, according to the following code table:

Code	Depository
BC01	CENTRAL BANK OF RESERVE OF EL SALVADOR
BC03	AGRICULTURAL BANK, S.A.
BC04	CITIBANK OF EL SALVADOR, S.A.
BC07	DAVIVIENDA SALVADORIAN BANK, S.A.
BC08	MORTGAGE BANK OF EL SALVADOR, S.A.
BC09	CITIBANK, N.A., EL SALVADOR BRANCH
BC10	AGRICULTURAL PROMOTION BANK
BC20	PROMÉRICA BANK, S.A.
BC23	CUSCATLAN SV BANK, S.A.
BC27	CENTRAL AMERICA BANK, S.A.
BC28	BANDESAL - DEVELOPMENT BANK OF THE REPUBLIC OF EL SALVADOR BC30
FC09	ATLÁNTIDA BANK EL SALVADOR, S.A.
BV01	STOCK EXCHANGE OF EL SALVADOR, S.A. DE C.V.
CDV	SECURITIES DEPOSITORY CENTRAL, S.A. DE C.V.
001	In self-custody
100	Custody and/or administration abroad.
200	Other local custodians of non-dematerialized securitized assets.
Nombre_titularizadora	Name of the Securitization Company that appears as administrator in the Securitization Contract of the Securitization Fund.

The Superintendency will send the technical details related to the mechanisms for sending the information requested in the formats established in this subsection, which will be communicated to the Asset Securitization Companies that administer Funds, and to the Central Bank of Reserve of El Salvador, within a maximum period of sixty days following the entry into force of the modifications of this subsection D.

Asset Securitization Companies that administer Funds must implement the necessary mechanisms for the submission of information within a maximum period of ninety business days, counted from the date of having received the technical details from the Superintendency referred to in the previous paragraph.

Asset Securitization Companies that administer Funds must comply with the following aspects:
a) The deadlines for submission to this Superintendency of the files saldo_cuenta.xml and activos_individualizados.xml. b) The formats in the formation of the names of the sent files. c) The data structures required by the Superintendency. d) The quality of the information: ensuring that the information is submitted free of errors.
To fulfill the responsibility of sending information, a responsible person must be appointed by the audited entity, whose function is to serve as a contact or liaison with the Superintendency. This person must report any problems that may arise in the information submission process.
The name of the person responsible for these tasks must be notified by means of the performance, direct phone, email, and any other useful information to guarantee the respective contact. This person may be the same as that referred to in subsection B, of this Chapter.
The accounts and their balances will be validated prior to the sending of the data. During this process, the Asset Securitization Company that administers funds may correct and review its information. Once the submission is made, it will be taken as definitive.
In the event that a resubmission is required, the Asset Securitization Company must inform by means of a letter the reason and request authorization from the Securities Superintendency, who will inform the corresponding areas to change the status and allow the resubmission.
The entity that fails to submit information within the period established in numeral 1 of this subsection D must send, no later than the next business day, a letter signed by the general manager, and in their absence, whoever is legally authorized to do so, in which the cause of the non-compliance, the solution to the delay, and the administrative measures that will be taken to avoid the repetition of the non-compliance are clearly explained.

CHAPTER III
ACCOUNT CATALOG

The Account Catalog is presented in the Annex of this Accounting Manual, in which the codes and descriptions are detailed.

CHAPTER IV
ACCOUNT APPLICATION MANUAL

SECTION I
ACCOUNTING APPLICATION MANUAL OF ASSETS

ELEMENT 1 ASSET
DESCRIPTION:
Represents the tangible and intangible goods and rights with which the Fund is endowed, as a result of its Securitization operations.

ITEM 11 CURRENT ASSET
DESCRIPTION:
Represents short-term resources with which the Fund is endowed, as a result of its Securitization operations.
The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 110 CASH
DESCRIPTION:
Comprises the cash for minor expenses that the Fund's Petty Cash will maintain.

SUB-ACCOUNT 1100 CASH
SUB-SUB-ACCOUNT 1100000 PETTY CASH
SUB-SUB-ACCOUNT 1100010 GENERAL CASH

CHARGES:

For the transfer of funds to form the Petty Cash.
For Petty Cash surpluses.
For income in local and/or foreign circulating currency, checks, or other equivalent monetary instruments.

CREDITS:

For Petty Cash shortages.
For cash outflows in the making of payments.
For internal transfers of cash.

ACCOUNT 111 BANKS
DESCRIPTION:
Comprises the current accounts owned by the Securitization Fund.

SUB-ACCOUNT 1110 BANKS CURRENT ACCOUNT
SUB-SUB-ACCOUNT 1110000 DEPOSITS IN CURRENT ACCOUNT

DESCRIPTION:
Comprises the current accounts that the Securitization Fund will maintain, to receive funds, issue checks, and make payments to third parties in the Securitization process. In the corresponding sub-sub-accounts and analytical accounts, the amount of current account deposits in legal circulating currency that the Fund maintains in banking institutions will be recorded by type of entity and Account No. Current account deposits in banks, where applicable, include overdrafts and current account advances granted by banks. Bank overdrafts, when they occur, must be reclassified to the corresponding liability accounts. Bank account balances must be reconciled with their respective bank statements; differences, as well as pending correspondence items, must be regularized within a period not exceeding thirty (30) days for operations in the country. Bank reconciliations must be signed by the Fund's representative, the General Accountant, and the Internal Auditor.

CHARGES:

For deposits made in cash or its equivalent.
For fund transfers.
For credit notes received.

CREDITS:

For drawn checks.
For debit notes received.
For fund transfers.

ACCOUNT 112 ACCOUNTS AND DOCUMENTS RECEIVABLE
DESCRIPTION:
Comprises the accounts and documents receivable generated in the securitization processes carried out by the asset securitization fund. Accrued amounts from operating leases entered into with third parties will be recorded; these amounts will be equivalent to the mandatory periodic payment installments by the lessees and will be taken from the controls generated for each contract entered into. Indemnities claimed for accidents are those that are pending settlement for accidents that occurred to the Fund.

SUB-ACCOUNT 1120 ACCOUNTS AND DOCUMENTS RECEIVABLE SUB-SUB-ACCOUNT 1120000 ORIGINATOR SUB-SUB-ACCOUNT 1120010 SECURITY HOLDERS SUB-SUB-ACCOUNT 1120020 BROKERAGE HOUSES SUB-SUB-ACCOUNT 1120030 ASSET SECURITIZATION COMPANY SUB-SUB-ACCOUNT 1120040 CLIENTS SUB-SUB-ACCOUNT 1120050 CONSTRUCTOR DETAIL 112005000 ADVANCES TO CONSTRUCTORS DETAIL 112005010 ESTIMATES SUB-SUB-ACCOUNT 1120060 OTHER ACCOUNTS RECEIVABLE SUB-SUB-ACCOUNT 1120070 RENTALS RECEIVABLE DETAIL 112007000 RENTALS RECEIVABLE CURRENT DETAIL 112007010 RENTALS RECEIVABLE OVERDUE SUB-SUB-ACCOUNT 1120080 INDEMNITIES CLAIMED FOR ACCIDENTS

With reference to sub-sub-account 1120070 RENTALS RECEIVABLE, control will be kept over each lease contract entered into and its respective installment payments. Additionally, for sub-sub-account 1120080 INDEMNITIES CLAIMED FOR ACCIDENTS, control will be kept over each accident that occurs and its respective claimed indemnity payment.

SUB-ACCOUNT 1121 (ESTIMATE FOR UNCOLLECTIBLE ACCOUNTS) DESCRIPTION:
This account records the estimate for accounts and documents receivable of doubtful collection. Balances that showed no movement in the previous year and for which there is no evidence of the possibility of collection must be recognized as losses in the exercise in which such event is determined.

SUB-SUB-ACCOUNT 1121000 (ESTIMATE FOR UNCOLLECTIBLE ACCOUNTS)

CHARGES:

For rights generated in the Securitization process with any of the participants.
For writing off accounts classified as uncollectible.
For the reversal of excessive or improper provisions.

CREDITS:

For the collection of rights.
For the establishment of estimates for accounts classified as doubtful collectability.
For writing off accounts classified as uncollectible.
For the establishment of estimates for rental installments that have fallen into arrears.

ACCOUNT 113 INVESTMENT PORTFOLIO
DESCRIPTION:
Records investments made by securitization funds with available funds, such as savings accounts, time deposits, purchase of securities, repurchase agreements. Investments will be made in accordance with the Investment Policy contained in the Securitization Contract, and under the guidelines established by the Asset Securitization Law. These investments will be recorded by adding charges related to their acquisition to the cost. The value fluctuation that occurs as a result of the corresponding daily valuation must constitute a provision against unrealized results, in the Fund's Net Equity. The yield generated by investments in securities, as soon as they accrue, must be recorded in the Receivable Yields account.

SUB-ACCOUNT 1130 FINANCIAL INVESTMENTS
SUB-SUB-ACCOUNT 1130000 SAVINGS ACCOUNT
SUB-SUB-ACCOUNT 1130010 TIME DEPOSITS
SUB-SUB-ACCOUNT 1130020 FIXED INCOME
SUB-SUB-ACCOUNT 1130030 VARIABLE INCOME
SUB-SUB-ACCOUNT 1130040 SECURITIZED BONDS

SUB-SUB-ACCOUNT 1130050 FINANCIAL LEASING BONDS SUB-SUB-ACCOUNT 1130060 INVESTMENTS IN INVESTMENT FUNDS SUB-SUB-ACCOUNT 1130070 REPURCHASE AGREEMENTS SUB-SUB-ACCOUNT 1130080 OTHER FINANCIAL INVESTMENTS

With reference to sub-sub-account 1130070 REPURCHASE AGREEMENTS, control will be kept over each reported security.

SUB-ACCOUNT 1131 (VALUATION ADJUSTMENTS)
SUB-SUB-ACCOUNT 1131000 FINANCIAL INVESTMENTS

CHARGES:

With Investments made in bank deposits or securities and repurchase operations.
For upward fluctuations in fair value with respect to cost, crediting the unrealized results account.

CREDITS:

For downward fluctuations in fair value with respect to cost, debiting the unrealized results account in Net Equity.
For sales, early amortizations, or write-downs of the securities portfolio, with a debit to the Cash and cash equivalents accounts and, in the event of gains, crediting the Sale account for the difference between the selling price and the price at which it was recorded at that time.

ACCOUNT 114 ASSETS IN SECURITIZATION
DESCRIPTION:
Securitized Assets are recorded in this account according to the value at which they were acquired from the originator to constitute the separate estate; and the provisions that are established.

SUB-ACCOUNT 1140 SECURITIZED FINANCIAL ASSETS
SUB-SUB-ACCOUNT 1140000 CREDIT PORTFOLIO
SUB-SUB-ACCOUNT 1140010 LEASING CONTRACTS
SUB-SUB-ACCOUNT 1140020 SECURITIES
SUB-SUB-ACCOUNT 1140030 FUTURE CASH FLOWS
SUB-SUB-ACCOUNT 1140040 DISCOUNTED DOCUMENTS

SUB-ACCOUNT 1141 SECURITIZED REAL ESTATE ASSETS DESCRIPTION:
Existing and to-be-constructed real estate properties with which the Securitization Fund is constituted will be recorded in this sub-account. In the sub-sub-accounts related to constructions in progress, all development costs of real estate projects will be accumulated until they are put into use, at the date of their completion. Real estate properties that Funds have built with the purpose of selling them and obtaining profits from these transactions are also recorded in the sub-accounts. Real estate in good condition for use.

SUB-SUB-ACCOUNT 1141000 EXISTING REAL ESTATE PROPERTIES DETAIL 114100000 LAND DETAIL 114100010 BUILDINGS DETAIL 114100020 IMPROVEMENTS SUB-SUB-ACCOUNT 1141010 REAL ESTATE PROPERTIES TO BE BUILT DETAIL 114101000 LAND DETAIL 114101010 CONSTRUCTIONS IN PROGRESS SUB-SUB-ACCOUNT 1141020 COMPLETED REAL ESTATE PROPERTIES DETAIL 114102000 LAND DETAIL 114102010 BUILDINGS

DESCRIPTION:
The application of charges and credits of these sub-sub-accounts is developed in subsection L. Securitized Real Estate Assets, of Chapter I. GENERAL PROVISIONS, of this Manual.

SUB-ACCOUNT 1149 VALUATION ADJUSTMENT
DESCRIPTION:
Value fluctuations suffered by determined real estate assets, determined by expert appraisals, are recorded in this sub-account.

SUB-SUB-ACCOUNT 1149000 VALUATION ADJUSTMENT

ACCOUNT 115 RECEIVABLE YIELDS
DESCRIPTION:
Yields accrued for interest receivable from the investment portfolio are recorded in this account.

SUB-ACCOUNT 1150 BANKS
SUB-SUB-ACCOUNT 1150000 SAVINGS ACCOUNTS
SUB-SUB-ACCOUNT 1150010 TIME DEPOSITS
SUB-SUB-ACCOUNT 1150020 DEPOSITS IN CURRENT ACCOUNTS

SUB-ACCOUNT 1151 FINANCIAL INVESTMENTS
SUB-SUB-ACCOUNT 1151000 FIXED INCOME
SUB-SUB-ACCOUNT 1151010 VARIABLE INCOME
SUB-SUB-ACCOUNT 1151020 SECURITIZED BONDS
SUB-SUB-ACCOUNT 1151030 FINANCIAL LEASING BONDS SUB-SUB-ACCOUNT 1151040 INVESTMENTS IN INVESTMENT FUNDS SUB-SUB-ACCOUNT 1151050 PURCHASE REPURCHASE AGREEMENTS SUB-SUB-ACCOUNT 1151060 OTHER FINANCIAL INVESTMENTS

CHARGES:

For declared interest and dividends pending collection.

CREDITS:

For the collection of interest and commissions, dividends, and others.

ACCOUNT 116 TAXES
DESCRIPTION:
Payments on account of income tax made by the entity on behalf of the Securitization Fund are recorded in this account, which will be applied at the close of the accounting period or exercise. As well as the tax credit for Value Added Tax, which must be netted monthly, with the Fiscal Debit account.

SUB-ACCOUNT 1160 VAT CREDIT
SUB-SUB-ACCOUNT 1160000 VAT CREDIT
SUB-SUB-ACCOUNT 1160010 VAT TAX ON ACCOUNT WITHHELD SUB-SUB-ACCOUNT 1160020 VAT TAX COLLECTED SUB-SUB-ACCOUNT 1160030 OTHER WITHHOLDINGS

SUB-ACCOUNT 1161 INCOME TAX

SUB-SUB-ACCOUNT 1161000 PAYMENT ON ACCOUNT OF INCOME TAX SUB-SUB-ACCOUNT 1161010 INCOME TAX CREDIT SUB-SUB-ACCOUNT 1161020 INCOME TAX WITHHELD

CHARGES:

For the accounting of payments made on account of income tax.
For VAT tax credit amounts.

CREDITS:

For the settlement of income tax paid on account at the close of the economic exercise.
For the monthly payment, settled against the fiscal debit of the VAT generated in the corresponding period or the generation of the remainder of the next period.

ACCOUNT 117 EXPENSES PAID IN ADVANCE
DESCRIPTION:
Comprises various expenses paid in advance for the acquisition of goods or services, which will be used or compensated at a date after the close of the exercise and are directly related to the activity of the Securitization Fund. Includes prepaid rent and insurance, bond premiums, office supplies and stationery, prepaid subscriptions, advertising and marketing, and prepaid taxes. Whose maturity period is greater than two months.

SUB-ACCOUNT 1170 EXPENSES PAID IN ADVANCE FOR SERVICES SUB-SUB-ACCOUNT 1170000 PREPAID RENT SUB-SUB-ACCOUNT 1170010 PREPAID INSURANCE SUB-SUB-ACCOUNT 1170020 BOND PREMIUMS SUB-SUB-ACCOUNT 1170030 PREPAID SUBSCRIPTIONS SUB-SUB-ACCOUNT 1170040 ADVERTISING AND MARKETING SUB-SUB-ACCOUNT 1170050 COMMUNICATIONS SUB-SUB-ACCOUNT 1170060 AUDIT COST SUB-SUB-ACCOUNT 1170070 MEMBERSHIP FEES SUB-SUB-ACCOUNT 1170080 OTHER EXPENSES FOR SERVICES PAID IN ADVANCE

SUB-ACCOUNT 1171 DEFERRED INCOME TAX
SUB-SUB-ACCOUNT 1171000 PROVISION FOR VALUATION SUB-SUB-ACCOUNT 1171010 OTHER PROVISIONS

CHARGES:

For disbursements made for services not yet received and consumed, attributable to future exercises.

CREDITS:

For services received and consumed, attributable to future exercises.

ITEM 12 NON-CURRENT ASSET
DESCRIPTION:
Comprises the tangible and intangible properties of the Securitization Fund used in the development of its activities. They are characterized by a relatively long useful life, are not the object of habitual transfer operations, and are subject to revaluations and provisions. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 120 LONG-TERM ASSETS IN SECURITIZATION DESCRIPTION:
Securitized Assets are recorded in this account according to the values at which they were acquired from the originator to constitute the separate estate in accordance with the Securitization Contract; as well as valuation adjustments. In the sub-accounts related to constructions in progress, all development costs of real estate projects will be accumulated until they are put into use, at the date of their completion. Existing real estate properties or those that have been built with the purpose of selling or leasing them and obtaining profits from these transactions are also recorded in the sub-accounts.

SUB-ACCOUNT 1200 LONG-TERM SECURITIZED FINANCIAL ASSETS SUB-SUB-ACCOUNT 1200000 CREDIT PORTFOLIO SUB-SUB-ACCOUNT 1200010 LEASING CONTRACTS SUB-SUB-ACCOUNT 1200020 SECURITIES SUB-SUB-ACCOUNT 1200030 FUTURE CASH FLOWS SUB-SUB-ACCOUNT 1200040 DISCOUNTED DOCUMENTS

SUB-ACCOUNT 1201 LONG-TERM SECURITIZED REAL ESTATE ASSETS

DESCRIPTION:
In this sub-account, existing and to-be-constructed real estate assets with which the Securitization Fund is constituted shall be recorded.

In the sub-sub-accounts related to constructions in progress, all costs of development of the real estate projects shall be accumulated until they are put into use, at the date of their completion.

Real estate assets that the Funds have constructed with the purpose of leasing them and obtaining gains from these transactions are also recorded in the sub-sub-accounts.

In the sub-sub-account [missing text], real estate assets in good condition for use.

In the sub-sub-account [missing text], assets necessary for the generation of rents and capital gains that function in an integrated manner with the titled real estate asset, derived from the conditions established in the corresponding contract.

SUB-SUB-ACCOUNT 1201000 EXISTING REAL ESTATE ASSETS DETAIL 120100000 LAND DETAIL 120100010 BUILDINGS DETAIL 120100020 IMPROVEMENTS DETAIL 120100030 FURNITURE AND EQUIPMENT

SUB-SUB-ACCOUNT 1201010 REAL ESTATE TO BE CONSTRUCTED DETAIL 120101000 LAND DETAIL 120101010 CONSTRUCTIONS IN PROGRESS

SUB-SUB-ACCOUNT 1201020 COMPLETED REAL ESTATE ASSETS DETAIL 120102000 LAND DETAIL 120102010 BUILDINGS DETAIL 120102020 IMPROVEMENTS DETAIL 120102030 FURNITURE AND EQUIPMENT

DESCRIPTION:
The application of debits and credits of these sub-sub-accounts is developed in literal L. Titled Real Estate Assets, of Chapter I. GENERAL PROVISIONS, of this Manual.

SUB-ACCOUNT 1209 ADJUSTMENT FOR VALUATION

DESCRIPTION:
In this sub-account, value fluctuations suffered by real estate assets determined by expert appraisals are recorded.

SUB-SUB-ACCOUNT 1209000 ADJUSTMENT FOR VALUATION

ACCOUNT 123 PLACEMENT EXPENSES

DESCRIPTION:
Placement expenses of the debt titles of securitization shall be included in this code, which may be capitalized and amortized over a period equal to the average maturity term of the securities. Such average term shall be determined based on the amounts of each issued series.

SUB-ACCOUNT 1230 PLACEMENT EXPENSES

SUB-SUB-ACCOUNT 1230000 PLACEMENT EXPENSES

DEBITS:

For the registration of placement expenses to be amortized over the average term equal to that of the issuance.

CREDITS:

For the monthly amortization carried out on the expenses according to the term of the issuance.

ACCOUNT 124 OTHER NON-CURRENT ASSETS

DESCRIPTION:
Corresponds to the sum of assets not accounted for in the previous accounts and not consisting of liquid resources nor collateral.

SUB-ACCOUNT 1240 OTHER NON-CURRENT ASSETS

SUB-SUB-ACCOUNT 1240000 OTHER NON-CURRENT ASSETS

SECTION II
ACCOUNTING APPLICATION MANUAL OF LIABILITIES
ELEMENT 2 LIABILITY

DESCRIPTION:
Groups the accounts that represent obligations incurred in the development of the ordinary course of business of Asset Securitization.

ITEM 21 CURRENT LIABILITY

DESCRIPTION:
Represents obligations on behalf of the Securitization Fund, whose maturity is less than one year.

The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 210 DOCUMENTS PAYABLE

DESCRIPTION:
Comprises the subsidiary accounts that represent the obligations incurred by the Fund vis-à-vis third parties for securitization concepts.

SUB-ACCOUNT 2100 DOCUMENTS PAYABLE

SUB-SUB-ACCOUNT 2100000 ORIGINATOR
SUB-SUB-ACCOUNT 2100010 SECURITY HOLDERS
SUB-SUB-ACCOUNT 2100020 BROKERAGE FIRMS
SUB-SUB-ACCOUNT 2100030 ASSET SECURITIZER

DEBITS:

For the amortizations and payments of the Securitization Fund's obligations.
For advance payments according to agreed operations.

CREDITS:

For the registration of obligations with the originator, security holders, intermediaries, and the Asset Securitizer.

ACCOUNT 211 COMMISSIONS PAYABLE

DESCRIPTION:
Comprises the subsidiary accounts that represent the obligations incurred by the Fund vis-à-vis third parties for commission concepts.

SUB-ACCOUNT 2110 COMMISSIONS PAYABLE

SUB-SUB-ACCOUNT 2110000 FOR ADMINISTRATION
SUB-SUB-ACCOUNT 2110010 FOR CUSTODY
SUB-SUB-ACCOUNT 2110020 FOR COLLECTION AND PAYMENT SUB-SUB-ACCOUNT 2110030 FOR MARKETING

DEBITS:

For the amortizations and payments of the Securitization Fund's obligations in the concept of commissions.
For advance payments according to commissions for agreed operations.

CREDITS:

For the registration of commission obligations with the Asset Securitizer, the Custodian, and the payer of the obligations for the issuance.

ACCOUNT 212 PROFESSIONAL FEES PAYABLE

DESCRIPTION:
Comprises the subsidiary accounts that represent the obligations incurred by the Fund vis-à-vis the Representative of the Holders, External Auditors, Risk Classifiers, Appraiser Experts, and Other Professional Fees Payable.

SUB-ACCOUNT 2120 PROFESSIONAL FEES PAYABLE

SUB-SUB-ACCOUNT 2120000 FOR SERVICES OF REPRESENTATION OF THE SECURITY HOLDERS SUB-SUB-ACCOUNT 2120010 FOR EXTERNAL AUDIT SERVICES SUB-SUB-ACCOUNT 2120020 FOR RISK CLASSIFICATION SERVICES SUB-SUB-ACCOUNT 2120030 FOR APPRAISER EXPERT SERVICES SUB-SUB-ACCOUNT 2120040 OTHER PROFESSIONAL FEES PAYABLE

DEBITS:

For the amortizations and payments of the Securitization Fund's obligations in the concept of professional fees.
For advance payments according to fees for contracted services.

CREDITS:

For the registration of obligations for professional services with the Representative of the Holders, the External Auditor, the Risk Classifier, the

Appraiser Experts, and Other Professional Fees Payable.

ACCOUNT 213 ACCOUNTS PAYABLE

DESCRIPTION:
Corresponds to amounts owed to builders, suppliers, and construction supervisors for goods and services acquired by the Securitization Fund.

SUB-ACCOUNT 2130 ACCOUNTS PAYABLE

SUB-SUB-ACCOUNT 2130000 BUILDERS
SUB-SUB-ACCOUNT 2130010 SUPPLIERS
SUB-SUB-ACCOUNT 2130020 SUPERVISION SERVICES

DEBITS:

For payments made according to agreed operations.

CREDITS:

For the registration of obligations assumed by the Securitization Fund with builders, suppliers, and construction supervisors.

ACCOUNT 214 EXCESSES PAYABLE

DESCRIPTION:
Shall be constituted by the excesses that, having been approved by the representative of the security holders, have not yet been withdrawn from the securitization fund.

SUB-ACCOUNT 2140 EXCESSES PAYABLE

SUB-SUB-ACCOUNT 2140000 EXCESSES PAYABLE

DEBITS:

For the withdrawal of excesses from the securitization fund.

CREDITS:

For the registration of excesses approved by the Representative of the Security Holders.

ACCOUNT 215 OBLIGATIONS FOR GUARANTEES

DESCRIPTION:
Shall correspond to all those amounts representing assets that the Securitization Fund must return in the concept of guarantee, as established in the respective securitization contract.

In addition, amounts received by the Fund in the concept of deposits from lessees of leased properties shall be recorded.

SUB-ACCOUNT 2150 OBLIGATIONS FOR GUARANTEES

SUB-SUB-ACCOUNT 2150000 OBLIGATIONS FOR GUARANTEES SUB-SUB-ACCOUNT 2150010 SHORT-TERM LEASE DEPOSITS

DEBITS:

For the cancellation of guarantees.
For the cancellation of lease contracts.

CREDITS:

For the registration of guarantees established in the securitization contract.
For deposits received as guarantee by lessees.

ACCOUNT 216 OTHER ACCOUNTS PAYABLE

DESCRIPTION:
Shall correspond to all other debts permitted by the asset securitization law and the securitization contract, not contemplated in the other liability accounts, whose maturity is less than one year.

In addition, it records amounts payable originated by services to carry out improvements, repairs, maintenance, and other basic services of the Fund's real estate maintained for lease or sale.

SUB-ACCOUNT 2160 OTHER ACCOUNTS PAYABLE

SUB-SUB-ACCOUNT 2160000 TAX AUDITOR
SUB-SUB-ACCOUNT 2160010 VALUATION EXPENSES
SUB-SUB-ACCOUNT 2160020 ADVERTISING SERVICES
SUB-SUB-ACCOUNT 2160030 INSURANCE EXPENSES
SUB-SUB-ACCOUNT 2160040 LEGAL FEES
SUB-SUB-ACCOUNT 2160050 TAXES, FEES, AND MUNICIPAL SERVICES SUB-SUB-ACCOUNT 2160060 OTHER SERVICES SUB-SUB-ACCOUNT 2160070 OTHER SERVICES PAYABLE SUB-SUB-ACCOUNT 2160080 SECURITY SERVICES

SUB-SUB-ACCOUNT 2160090 REAL ESTATE MANAGEMENT SUB-SUB-ACCOUNT 2160100 REPAIRS SUB-SUB-ACCOUNT 2160110 MAINTENANCE SUB-SUB-ACCOUNT 2160120 IMPROVEMENTS SUB-SUB-ACCOUNT 2160130 COMMUNICATION AND TELEPHONE SERVICES PAYABLE SUB-SUB-ACCOUNT 2160140 ELECTRICITY AND WATER SERVICES PAYABLE SUB-SUB-ACCOUNT 2160150 CLEANING AND FUMIGATION SERVICES

DEBITS:

For the payment of obligations with third parties.

CREDITS:

For obligations incurred with third parties for the provision of services or otherwise.

SUB-ACCOUNT 2161 EMPLOYEE BENEFITS PAYABLE

SUB-SUB-ACCOUNT 2161000 REMUNERATIONS PAYABLE
SUB-SUB-ACCOUNT 2161010 VACATIONS PAYABLE
SUB-SUB-ACCOUNT 2161020 OTHER BENEFITS PAYABLE

DESCRIPTION:
Shall correspond to amounts owed for benefits accumulated in favor of the employees of the Securitization Fund.

DEBITS:

For the payment of obligations in favor of the employees of the Securitization Fund.

CREDITS:

For obligations incurred in favor of the employees of the Securitization Fund.

SUB-ACCOUNT 2162 RENTS COLLECTED IN ADVANCE

DESCRIPTION:
Comprises amounts received in the concept of rents paid in advance by the lessee to the Securitization Fund.

SUB-SUB-ACCOUNT 2162000 RENTS COLLECTED IN ADVANCE

DEBITS:

For the accrued value in the period in which the service has been provided to the lessee.
For the total or partial return of the payment made in accordance with the signed lease contract.

CREDITS:

For payments received in advance in the concept of rent in favor of the Securitization Fund.

ACCOUNT 217
OBLIGATIONS FOR ASSET SECURITIZATION
(SHORT-TERM)

DESCRIPTION:
Shall correspond to amounts owed to holders of debt securities of securitization, with maturity within one year, counted from the date of closing of the financial statements.

SUB-ACCOUNT 2170 OBLIGATIONS FOR ASSET SECURITIZATION (SHORT-TERM)

SUB-SUB-ACCOUNT 2170000 CREDIT PORTFOLIO
SUB-SUB-ACCOUNT 2170010 LEASING CONTRACTS
SUB-SUB-ACCOUNT 2170020 SECURITIES
SUB-SUB-ACCOUNT 2170030 FUTURE FLOWS
SUB-SUB-ACCOUNT 2170040 DISCOUNTED DOCUMENTS
SUB-SUB-ACCOUNT 2170050 REAL ESTATE

DEBITS:

For the amortizations and payments of obligations carried out by the securitization fund.
For the payment of interest corresponding to the securities issued by the fund.

CREDITS:

For the obligations issued and placed.
For the amount of accrued interest.

ACCOUNT 218 TAXES AND WITHHOLDINGS PAYABLE

DESCRIPTION:
This account represents obligations of immediate enforceability arising from taxes, employer contributions, and withholdings in favor of State institutions or Private entities, and others on behalf of the Fund as a tax responsible party.

SUB-ACCOUNT 2180 TAXES AND WITHHOLDINGS PAYABLE

SUB-SUB-ACCOUNT 2180000 TAX ON THE TRANSFER OF REAL ESTATE SUB-SUB-ACCOUNT 2180010 INCOME TAX WITHHOLDINGS SUB-SUB-ACCOUNT 2180020 VAT FISCAL DEBIT SUB-SUB-ACCOUNT 2180030 VAT PAYABLE SUB-SUB-ACCOUNT 2180040 VAT WITHHELD FROM THIRD PARTIES SUB-SUB-ACCOUNT 2180050 VAT COLLECTED PAYABLE SUB-SUB-ACCOUNT 2180060 OTHER WITHHELD TAXES

SUB-ACCOUNT 2181 WITHHOLDINGS PAYABLE FROM EMPLOYEES

SUB-SUB-ACCOUNT 2181000 ISSS - FSV
SUB-SUB-ACCOUNT 2181010 PENSION FUND ADMINISTRATORS (AFP) SUB-SUB-ACCOUNT 2181020 OTHER EMPLOYEE WITHHOLDINGS

SUB-ACCOUNT 2182 TAXES WITHHELD FROM EMPLOYEES

SUB-SUB-ACCOUNT 2182000 INCOME TAX WITHHELD
SUB-SUB-ACCOUNT 2182010 MUNICIPAL TAXES WITHHELD SUB-SUB-ACCOUNT 2182020 OTHER TAXES WITHHELD

SUB-ACCOUNT 2183 EMPLOYER CONTRIBUTIONS

SUB-SUB-ACCOUNT 2183000 ISSS - FSV
SUB-SUB-ACCOUNT 2183010 PENSION FUND ADMINISTRATORS (AFP) SUB-SUB-ACCOUNT 2183020 OTHER EMPLOYER CONTRIBUTIONS

DEBITS:

For the payment of taxes, employer contributions, and withholdings for the titled assets.

CREDITS:

For the taxes, employer contributions, and withholdings for the titled assets payable.

ACCOUNT 219 SHORT-TERM FINANCIAL OBLIGATIONS

DESCRIPTION:
Comprises the financings obtained, such as debts arising from short-term financings under the modality of direct credits and credit lines, contracted with banking or credit institutions, local and foreign, legally authorized to carry out active operations in El Salvador, or by the competent state authority for such effect, when it is a foreign institution.

Likewise, it represents the amount to be disbursed for the maturity in the current exercise of long-term obligations.

SUB-ACCOUNT 2190 OVERDRAFTS WITH BANKING OR CREDIT INSTITUTIONS

SUB-SUB-ACCOUNT 2190000 LOCAL BANKING OR CREDIT INSTITUTIONS SUB-SUB-ACCOUNT 2190010 FOREIGN BANKING OR CREDIT INSTITUTIONS

SUB-ACCOUNT 2191 LOANS WITH BANKING OR CREDIT INSTITUTIONS

SUB-SUB-ACCOUNT 2191000 LOCAL BANKING OR CREDIT INSTITUTIONS SUB-SUB-ACCOUNT 2191010 FOREIGN BANKING OR CREDIT INSTITUTIONS SUB-SUB-ACCOUNT 2191020 CURRENT PORTION OF LONG-TERM LOANS

SUB-ACCOUNT 2192 OTHER SOURCES OF FINANCING

SUB-SUB-ACCOUNT 2192000 OTHER SOURCES OF FINANCING

DEBITS:

For the amortizations and cancellation of obligations for credits or financings received.
For the cancellation of overdrafts.
For credit notes received.

CREDITS:

For the amounts of financings and credits contracted.
For overdrafts in current accounts that the entity maintains in banks or credit institutions.
For debit notes received.

ITEM 22 NON-CURRENT LIABILITY

DESCRIPTION:
Represents obligations on behalf of the Securitization Fund, whose maturity is greater than one year.

The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 220 OBLIGATIONS FOR ASSET SECURITIZATION (LONG-TERM)

DESCRIPTION:
Shall correspond to amounts owed to holders of debt securities of securitization, with maturity greater than one year, counted from the date of closing of the financial statements.

SUB-ACCOUNT 2200 OBLIGATIONS FOR ASSET SECURITIZATION (LONG-TERM)

SUB-SUB-ACCOUNT 2200000 CREDIT PORTFOLIO
SUB-SUB-ACCOUNT 2200010 LEASING CONTRACTS
SUB-SUB-ACCOUNT 2200020 SECURITIES
SUB-SUB-ACCOUNT 2200030 FUTURE FLOWS
SUB-SUB-ACCOUNT 2200040 DISCOUNTED DOCUMENTS
SUB-SUB-ACCOUNT 2200050 REAL ESTATE

DEBITS:

For the amortizations and payments of obligations carried out by the securitization fund.
For the payment of interest corresponding to the securities issued by the fund.

CREDITS:

For the obligations issued and placed.
For the amount of accrued interest.

ACCOUNT 221 PARTICIPATIONS FOR ASSET SECURITIZATION (LONG-TERM)

DESCRIPTION:
Shall correspond to amounts owed to holders of participation securities of real estate securitization, with maturity greater than one year, counted from the date of closing of the financial statements.

SUB-ACCOUNT 2210 PARTICIPATIONS FOR ASSET SECURITIZATION (LONG-TERM)

SUB-SUB-ACCOUNT 2210000 REAL ESTATE

DEBITS:

For the amortizations and payments of participation securities carried out by the securitization fund.
For the payment of dividends corresponding to the participation securities issued by the Fund.

CREDITS:

For the participation securities issued and placed.

ACCOUNT 222 DEFERRED INCOME

DESCRIPTION:
Groups the subsidiary accounts that represent income that the Fund has received in advance before they have been truly earned, as well as sales of goods formalized in a period whose partial or total settlement must be carried out in a subsequent period.

SUB-ACCOUNT 2220 DEFERRED INCOME

SUB-SUB-ACCOUNT 2220000 DEFERRED INCOME
SUB-SUB-ACCOUNT 2220010 INCOME FROM PRE-SALE OF CONSTRUCTION PROJECTS

DEBITS:

For the transfer of sales and deferred income of the Fund applicable to the period.

CREDITS:

For the registration of the Fund's deferred income or sales.

ACCOUNT 223 LONG-TERM FINANCIAL OBLIGATIONS

DESCRIPTION:
Comprises the financings obtained, such as debts arising from long-term financings, contracted with banking or credit institutions, local and foreign, under the modality of direct credits and credit lines contracted with banking or credit institutions, local and foreign, legally authorized to carry out active operations in El Salvador, or by the competent state authority for such effect, when it is a foreign institution.

SUB-ACCOUNT 2230 LOANS WITH LOCAL BANKING OR CREDIT INSTITUTIONS

SUB-SUB-ACCOUNT 2230000 OUTSTANDING LOANS

SUB-ACCOUNT 2231 LOANS WITH FOREIGN BANKING OR CREDIT INSTITUTIONS

SUB-SUB-ACCOUNT 2231000 OUTSTANDING LOANS

SUB-ACCOUNT 2232 OTHER SOURCES OF FINANCING

SUB-SUB-ACCOUNT 2232000 OTHER SOURCES OF FINANCING

DEBITS:

For the transfer of the current maturity of long-term obligations to current liability.
For adjustments to loans.

CREDITS:

For the acquisition of loans or financing for a term greater than one year.

ACCOUNT 224 LONG-TERM GUARANTEE DEPOSITS RECEIVED

DESCRIPTION:
In this account, amounts received by the Fund in the concept of deposits from lessees of leased properties are included.

In the sub-account, monetary deposits received as guarantee by lessees shall be recorded, which must not be mixed with the Fund's liquidity, and can only be cancelled according to the conditions of the lease contract.

SUB-ACCOUNT 2240 FOR LEASES

SUB-SUB-ACCOUNT 2240000 LEASE DEPOSITS

DEBITS:

For the cancellation of lease contracts.

CREDITS:

For deposits received as guarantee by lessees.

ITEM 23 ACCUMULATED SURPLUS OF THE SECURITIZATION FUND

DESCRIPTION:
Constitutes the total accumulated surplus at the end of the reported exercise, corresponding to the sum of the surplus at the end of the previous period, plus the total of surpluses or deficits of the period, plus any additional contributions that the separate equity may receive, and minus withdrawals from the exercise.

The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 231 RESERVES OF PREVIOUS SURPLUSES

DESCRIPTION:
Shall correspond to the surplus balance at the close of the previous exercise, duly readjusted, and shall comprise the mandatory surpluses existing at the end of the previous period and those voluntarily constituted as of the same date.

SUB-ACCOUNT 2310 RESERVES OF PREVIOUS SURPLUSES

SUB-SUB-ACCOUNT 2310000 MANDATORY SURPLUSES AT THE END OF THE PREVIOUS PERIOD

SUB-SUBACCOUNT 2310010 VOLUNTARY EXCESSES AT THE END OF THE PREVIOUS PERIOD

DEBITS:

For adjustments or application of reserves in this account.
CREDITS:
For contributions intended for the reserve based on contractual reasons.

ACCOUNT 232 EXCESSES OF THE PERIOD

DESCRIPTION:
Corresponds to the excesses or deficits generated in the period, which must coincide with their determination as indicated in the Statement of Determination of Excesses.

SUB-ACCOUNT 2320 EXCESSES OF THE PERIOD

SUB-SUBACCOUNT 2320000 EXCESSES OF THE PERIOD

DEBITS:

For the transfer of excesses to Withdrawal of Excesses.
CREDITS:
For the generation of the securitization fund's excesses for the current period.

ACCOUNT 233 WITHDRAWALS OF EXCESSES

DESCRIPTION:
Withdrawals of excesses agreed to be transferred during the period will be reflected.

SUB-ACCOUNT 2330 WITHDRAWALS OF EXCESSES

SUB-SUBACCOUNT 2330000 WITHDRAWALS OF EXCESSES

DEBITS:

For the transfer of excesses to pay or to Reserves of previous excesses.
CREDITS:
For the determination of withdrawals of excesses from the Securitization Fund.

ACCOUNT 234 ADDITIONAL CONTRIBUTIONS

DESCRIPTION:
Additional contributions that, voluntarily or obligatorily by the securitization contract, had been paid into the Securitization Fund will be reflected.

SUB-ACCOUNT 2340 ADDITIONAL CONTRIBUTIONS

SUB-SUBACCOUNT 2340000 ADDITIONAL CONTRIBUTIONS

DEBITS:

For the settlement of the Securitization Fund's excesses or for the termination of the Securitization Fund.
CREDITS:
For additional contributions paid into the Securitization Fund as established contractually.

SECTION III
MANUAL OF ACCOUNTING APPLICATIONS OF EQUITY

ELEMENT 3 EQUITY

DESCRIPTION:
Groups the accounts that accumulate the participations of the Real Estate Asset Securitization Fund according to Art. 46 of the Asset Securitization Law and the participations of the Securitization Fund that issues securities representing participation in the Fund's equity, according to Art. 73 of the Asset Securitization Law, under the terms established in the Securitization Contract.

ITEM 31 PARTICIPATIONS

DESCRIPTION:
Participations representing the securitizations of construction projects or existing real estate will be included.
The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 310 PARTICIPATIONS IN REAL ESTATE FUNDS

DESCRIPTION:
Participations representing the securitizations of construction projects or existing real estate will be included.

SUB-ACCOUNT 3100 PARTICIPATIONS IN EXISTING OR TO-BE-BUILT REAL ESTATE

SUB-SUBACCOUNT 3100000 PARTICIPATIONS IN CONSTRUCTION PROJECTS

SUB-SUBACCOUNT 3100010 PARTICIPATIONS IN EXISTING REAL ESTATE

ACCOUNT 311 ADDITIONAL CONTRIBUTIONS

DESCRIPTION:
Additional contributions that, voluntarily or obligatorily by the securitization contract, had been paid into the Securitization Fund will be reflected.

SUB-ACCOUNT 3110 ADDITIONAL CONTRIBUTIONS

SUB-SUBACCOUNT 3110000 ADDITIONAL CONTRIBUTIONS

ACCOUNT 312 PARTICIPATIONS IN OTHER TYPES OF NON-REAL ESTATE SECURITIZATION FUNDS

DESCRIPTION:
Participations of non-real estate Securitization Funds that represent participation in the Fund's equity according to Art. 73 of the Asset Securitization Law, under the terms established in the Securitization Contract, will be included.

SUB-ACCOUNT 3120 PARTICIPATIONS IN OTHER TYPES OF NON-REAL ESTATE FUNDS

SUB-SUBACCOUNT 3120000 PARTICIPATIONS IN OTHER TYPES OF NON-REAL ESTATE FUNDS

ITEM 32 RESTRICTED EQUITY

DESCRIPTION:
This item will group the amounts corresponding to all those gains that have not been realized, i.e., that have not been received. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 320 UNREALIZED GAINS

DESCRIPTION:
Reflects the amounts of unrealized gains that have been reclassified by the Securitization Fund.

SUB-ACCOUNT 3200 UNREALIZED GAINS

SUB-SUBACCOUNT 3200000 UNREALIZED GAINS

SECTION IV
MANUAL OF ACCOUNTING APPLICATIONS OF EXPENSES

ELEMENT 4 EXPENSES

DESCRIPTION:
Groups the accounts that accumulate the operating expenses of the Securitization Fund, which include expenses for administration and custody of assets, risk classification, external audit, representative of security holders, interest on securitization debt, provisions, adjustments, losses, amortizations, etc., which will be recorded as they are incurred or occur, regardless of the payment date and method.

ITEM 41 ADMINISTRATION AND OPERATING EXPENSES

DESCRIPTION:
Remuneration accrued during the period for administration and custody, risk classification, external and fiscal audit, asset valuation, insurance, professional fees, taxes and contributions, expenses for securitized assets, personnel expenses, etc., will be included. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 410 FOR ADMINISTRATION AND CUSTODY

DESCRIPTION:
Remuneration accrued during the period for administration and custody of the Securitization Fund's assets will be included.

SUB-ACCOUNT 4100 BANKS

SUB-SUBACCOUNT 4100000 BANKS

SUB-ACCOUNT 4101 DEPOSIT CENTERS

SUB-SUBACCOUNT 4101000 DEPOSIT CENTERS

SUB-ACCOUNT 4102 STOCK EXCHANGE

SUB-SUBACCOUNT 4102000 STOCK EXCHANGE

SUB-ACCOUNT 4103 ASSET SECURITIZER

SUB-SUBACCOUNT 4103000 ASSET SECURITIZER

ACCOUNT 411 FOR RISK CLASSIFICATION

DESCRIPTION:
Remuneration accrued during the period for risk classification of securities issued against the Securitization Fund will be included.

SUB-ACCOUNT 4110 RISK CLASSIFIERS

SUB-SUBACCOUNT 4110000 RISK CLASSIFIERS

ACCOUNT 412 FOR EXTERNAL AND FISCAL AUDIT

DESCRIPTION:
Remuneration accrued during the period in favor of the entity performing the external and fiscal audit function of the Securitization Fund will be included.

SUB-ACCOUNT 4120 FOR EXTERNAL AND FISCAL AUDIT

SUB-SUBACCOUNT 4120000 EXTERNAL AUDIT

SUB-SUBACCOUNT 4120010 FISCAL AUDIT

ACCOUNT 413 FOR DEBT SERVICE PAYMENT

DESCRIPTION:
Remuneration accrued during the period in favor of the entity performing the debt service payment function for the Fund will be included.

SUB-ACCOUNT 4130 FOR DEBT SERVICE PAYMENT

SUB-SUBACCOUNT 4130000 BANKS

SUB-SUBACCOUNT 4130010 DEPOSIT CENTERS

ACCOUNT 414 FOR VALUATION SERVICES

DESCRIPTION:
Remuneration accrued during the period in favor of the entity providing the asset valuation service for the Fund will be included.

SUB-ACCOUNT 4140 FOR VALUATION SERVICES

SUB-SUBACCOUNT 4140000 FOR VALUATION SERVICES

ACCOUNT 415 FOR INSURANCE

DESCRIPTION:
Remuneration accrued during the period in favor of the entity providing insurance for the Fund's assets will be included.

SUB-ACCOUNT 4150 FOR INSURANCE

SUB-SUBACCOUNT 4150000 FOR INSURANCE

ACCOUNT 416 FOR PROFESSIONAL FEES

DESCRIPTION:
Remuneration accrued during the period for professional fees will be included.

SUB-ACCOUNT 4160 FOR PROFESSIONAL FEES

SUB-SUBACCOUNT 4160000 LEGAL FEES

SUB-SUBACCOUNT 4160010 ADVERTISING AND MARKETING

SUB-SUBACCOUNT 4160020 REPRESENTATIVE OF SECURITY HOLDERS

SUB-SUBACCOUNT 4160030 OTHER PROFESSIONAL FEES

ACCOUNT 417 FOR TAXES AND CONTRIBUTIONS

DESCRIPTION:
Remuneration accrued during the period for taxes and contributions will be included.

SUB-ACCOUNT 4170 FOR TAXES AND CONTRIBUTIONS

SUB-SUBACCOUNT 4170000 FOR TAXES AND CONTRIBUTIONS

DEBITS:

For the recording of expenses accrued in the accounting period.
CREDITS:
For the settlement of the excess determination accounts with debit balances at the end of the accounting period against Excesses of the Period.
For adjustments to excesses recorded during the accounting period.

ACCOUNT 418 EXPENSES FOR SECURITIZED REAL ESTATE ASSETS

DESCRIPTION:
Includes the amount of expenses for repairs, maintenance, utilities, and other administrative expenses of the real estate owned by the Fund for its sale or lease.

SUB-ACCOUNT 4180 REPAIRS

SUB-SUBACCOUNT 4180000 REPAIR SERVICES

SUB-ACCOUNT 4181 MAINTENANCE

SUB-SUBACCOUNT 4181000 MAINTENANCE SERVICES

SUB-SUBACCOUNT 4181010 CLEANING AND FUMIGATION SERVICES

SUB-ACCOUNT 4182 UTILITIES

SUB-SUBACCOUNT 4182000 COMMUNICATION AND TELEPHONE SERVICES

SUB-SUBACCOUNT 4182010 ELECTRICITY AND WATER SERVICES

SUB-ACCOUNT 4183 OTHER ADMINISTRATIVE EXPENSES

SUB-SUBACCOUNT 4183000 REAL ESTATE MANAGEMENT

SUB-SUBACCOUNT 4183010 MARKETING

SUB-SUBACCOUNT 4183020 SECURITY SERVICES

SUB-SUBACCOUNT 4183030 STATIONERY AND SUPPLIES

SUB-SUBACCOUNT 4183040 OTHER EXPENSES

DEBITS:

For the recording of expenses accrued for repairs, maintenance, utilities, and other administrative expenses of the real estate.
CREDITS:
For the settlement of the Expenses for Securitized Real Estate Assets account.

ACCOUNT 419 PERSONNEL EXPENSES

DESCRIPTION:
Includes the amount of expenses for obligations and benefits of the Securitization Fund to its personnel.

SUB-ACCOUNT 4190 PERSONNEL EXPENSES

SUB-SUBACCOUNT 4190000 SALARIES AND WAGES OF PERSONNEL

SUB-SUBACCOUNT 4190010 OVERTIME

SUB-SUBACCOUNT 4190020 HOLIDAY BONUSES AND BONUSES

SUB-SUBACCOUNT 4190030 VACATIONS

SUB-SUBACCOUNT 4190040 UNIFORMS

SUB-SUBACCOUNT 4190050 TRAINING

SUB-SUBACCOUNT 4190060 SOCIAL BENEFITS

SUB-SUBACCOUNT 4190070 INSURANCE

SUB-SUBACCOUNT 4190080 INDEMNIFICATIONS

SUB-SUBACCOUNT 4190090 SOCIAL BENEFITS

SUB-SUBACCOUNT 4190100 LABOR OBLIGATIONS

SUB-SUBACCOUNT 4190110 OTHER PERSONNEL BENEFITS

DEBITS:

For the recording of expenses accrued for personnel obligations and benefits.
CREDITS:
For the settlement of the Personnel Expenses account.

ITEM 42 FINANCIAL EXPENSES

DESCRIPTION:
Remuneration accrued during the period for interest payments and amounts for adjustments to securities issued against the Securitization Fund will be included. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 420 INTEREST ON SECURITIZATION SECURITIES

DESCRIPTION:
Interest corresponding to the period, accrued on the debt for the debt securities of the Securitization Fund's liability, will be reflected.

SUB-ACCOUNT 4200 INTEREST ON SECURITIZATION SECURITIES

SUB-SUBACCOUNT 4200000 INTEREST ON SECURITIZATION SECURITIES

ACCOUNT 421 ADJUSTMENTS FOR SECURITIZATION SECURITIES

DESCRIPTION:
Adjustments made during the period for securities issued against the Securitization Fund will be included.

SUB-ACCOUNT 4210 ADJUSTMENTS FOR SECURITIZATION SECURITIES

SUB-SUBACCOUNT 4210000 ADJUSTMENTS FOR SECURITIZATION SECURITIES

DEBITS:

For the recording of expenses accrued in the accounting period.
CREDITS:
For the settlement of the excess determination accounts with debit balances at the end of the accounting period against Excesses of the Period.
For adjustments to excesses recorded during the accounting period.

ACCOUNT 422 EXPENSES FOR OBLIGATIONS WITH BANKING OR CREDIT INSTITUTIONS

DESCRIPTION:
Financial expenses related to obtained financing are recorded in this account.

SUB-ACCOUNT 4220 EXPENSES FOR INTEREST

SUB-SUBACCOUNT 4220000 EXPENSES FOR OVERDRAFT WITH LOCAL BANKING OR CREDIT INSTITUTIONS

SUB-SUBACCOUNT 4220010 EXPENSES FOR DEBTS WITH LOCAL BANKING OR CREDIT INSTITUTIONS

SUB-SUBACCOUNT 4220020 EXPENSES FOR OVERDRAFT WITH FOREIGN BANKING OR CREDIT INSTITUTIONS

SUB-SUBACCOUNT 4220030 EXPENSES FOR DEBTS WITH FOREIGN BANKING OR CREDIT INSTITUTIONS

SUB-ACCOUNT 4221 EXPENSES FOR OTHER OBLIGATIONS WITH BANKS AND OTHER INSTITUTIONS

SUB-SUBACCOUNT 4221000 LOCAL BANKING OR CREDIT INSTITUTIONS

SUB-SUBACCOUNT 4221010 FOREIGN BANKING OR CREDIT INSTITUTIONS

DEBITS:

For interest, commissions, and other expenses for financing and overdrafts.
For expenses for credit lines.
For expenses for contracted guarantees.
CREDITS:
For adjustments of the accounting period.

ITEM 43 EXPENSES FOR ESTIMATIONS AND AMORTIZATIONS

DESCRIPTION:
Expenses recorded in the period, corresponding to provisions constituted and amortizations on the Securitization Fund, will be included. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 430 ESTIMATIONS FOR LOSSES ON SECURITIZED ASSETS

DESCRIPTION:
Estimations corresponding to the period for losses on securitized assets will be reflected.

SUB-ACCOUNT 4300 ESTIMATIONS FOR LOSSES ON SECURITIZED ASSETS

SUB-SUBACCOUNT 4300000 CREDIT PORTFOLIO

SUB-SUBACCOUNT 4300010 LEASING CONTRACTS

SUB-SUBACCOUNT 4300020 SECURITIES

SUB-SUBACCOUNT 4300030 FUTURE FLOWS

SUB-SUBACCOUNT 4300040 DISCOUNTED DOCUMENTS

ACCOUNT 431 ADJUSTMENTS FOR VALUATION ON INVESTMENTS

DESCRIPTION:
Expenses recorded in the period corresponding to adjustments on the investment portfolio presented in the Fund's assets will be included.

SUB-ACCOUNT 4310 ADJUSTMENTS FOR VALUATION ON INVESTMENTS

SUB-SUBACCOUNT 4310000 ADJUSTMENTS FOR VALUATION ON INVESTMENTS

ACCOUNT 432 LOSSES ON LIQUIDATION OF GUARANTEES

DESCRIPTION:
Additional losses to the provisions that had been constituted, incurred in the liquidation of guarantees on behalf of the Securitization Fund, will be reflected.

SUB-ACCOUNT 4320 LOSSES ON LIQUIDATION OF GUARANTEES

SUB-SUBACCOUNT 4320000 LOSSES ON LIQUIDATION OF GUARANTEES

ACCOUNT 434 AMORTIZATION IN EXPENSES FOR PLACEMENT OF SECURITIES

DESCRIPTION:
Amortization corresponding to expenses for the placement of debt or securitization participation securities that have been presented in the non-current asset account will be included.

SUB-ACCOUNT 4340 AMORTIZATION IN EXPENSES FOR PLACEMENT OF SECURITIES

SUB-SUBACCOUNT 4340000 AMORTIZATION IN EXPENSES FOR PLACEMENT OF SECURITIES

DEBITS:

For the recording of provisions and amortizations accrued in the accounting period.
CREDITS:
For the settlement of the excess determination accounts with debit balances at the end of the accounting period against Excesses of the Period.
For adjustments to excesses recorded during the accounting period.

ACCOUNT 435 LOSSES FROM ADJUSTMENT OF VALUATION OF REAL ESTATE

DESCRIPTION:
Decreases in the fair value of real estate properties resulting from valuations will be recorded in this account.

SUB-ACCOUNT 4350 LOSSES FROM ADJUSTMENT OF VALUATION OF REAL ESTATE

SUB-SUBACCOUNT 4350000 LOSSES FROM ADJUSTMENT OF VALUATION OF REAL ESTATE

DEBITS:

This sub-sub-account is debited for downward changes in the fair value of real estate properties resulting from valuations.
CREDITS:
For the settlement of the account for losses from changes in the revaluation of real estate.

ITEM 44 OTHER EXPENSES

DESCRIPTION:
Other expenses recorded in the period on the Securitization Fund not contemplated in the previous expense accounts will be included. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 440 OTHER EXPENSES

DESCRIPTION:
Other expenses accrued and recorded in the period on the Securitization Fund not contemplated in the previous expense accounts will be included.

SUB-ACCOUNT 4400 OTHER EXPENSES

SUB-SUBACCOUNT 4400000 OTHER EXPENSES

DEBITS:

For the recording of other expenses accrued in the accounting period.
CREDITS:
For the settlement of the excess determination accounts with debit balances at the end of the accounting period against Excesses of the Period.
For adjustments to excesses recorded during the accounting period.

ITEM 45 COSTS OF SECURITIZED ASSETS

DESCRIPTION:
Corresponds to the cost of real estate properties that have been expropriated by the Securitization Fund.
The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 450 COSTS OF SECURITIZED ASSETS

DESCRIPTION:
Corresponds to the cost of real estate properties that have been expropriated by the Securitization Fund.

SUB-ACCOUNT 4500 COSTS OF SECURITIZED ASSETS

SUB-SUBACCOUNT 4500000 COST OF SALE OF COMPLETED REAL ESTATE

DEBITS:

For the cost of completed real estate properties that have been expropriated.
CREDITS:
For the settlement of the cost of sale of completed real estate properties account.

ITEM 46 INCOME TAX

DESCRIPTION:
Comprises the income tax calculated in accordance with the Asset Securitization Law for the corresponding accounting period. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 460 INCOME TAX

DESCRIPTION:
Comprises the income tax calculated in accordance with the Asset Securitization Law for the corresponding accounting period.

SUB-ACCOUNT 4600 INCOME TAX

SUB-SUBACCOUNT 4600000 INCOME TAX

DEBITS:

For the recording of the Income Tax determined in the accounting period.
CREDITS:
For the settlement of the excess determination accounts with debit balances at the end of the accounting period against Income Tax Payable.
For adjustments to excesses recorded during the accounting period.

SECTION V
MANUAL OF ACCOUNTING APPLICATIONS OF INCOME

ELEMENT 5 INCOME

DESCRIPTION:
Groups the accounts that accumulate the operating income of the Securitization Fund, which include operating income, income from investments, income from asset and investment adjustments, prepayments, amortized, etc., which will be recorded as they are realized or occur, regardless of the payment date and method.

ITEM 51 OPERATING AND ADMINISTRATION INCOME

DESCRIPTION:
The amount of income for interest or flows accrued during the period from the securitized asset, presented as such in the Fund's current assets, will be included in this item.

The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 510 INCOME FROM SECURITIZED ASSETS

DESCRIPTION:
The amount of income for interest or flows accrued during the period from the securitized asset, presented as such in the Fund's current assets, will be included in this account. This account will be credited with amounts representing income for the Fund, obtained from real estate properties leased or sold.

SUB-ACCOUNT 5100 INCOME FROM SECURITIZED ASSETS

SUB-SUBACCOUNT 5100000 CREDIT PORTFOLIO

SUB-SUBACCOUNT 5100010 LEASING CONTRACTS

SUB-SUBACCOUNT 5100020 SECURITIES

SUB-SUBACCOUNT 5100030 FUTURE FLOWS

SUB-SUBACCOUNT 5100040 DISCOUNTED DOCUMENTS

SUB-SUBACCOUNT 5100050 REAL ESTATE

SUB-SUBACCOUNT 5100060 INCOME FROM LEASES

DEBITS:

For the settlement of the excess determination accounts with debit balances at the end of the accounting period against Income Tax Payable.
For adjustments to excesses recorded during the accounting period.
CREDITS:
For the recording of income generated by securitized assets in the accounting period.
For values obtained for accrued leases of real estate properties owned by the Fund.
For values obtained for the sale of real estate properties owned by the Fund.

ITEM 52 INCOME FROM INVESTMENTS

DESCRIPTION:
The amount of income for interest or flows accrued during the period from the securitized asset, presented as such in the Fund's current assets, will be included in this item. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 520 INCOME FROM INVESTMENTS
DESCRIPTION:
The amount of income in the form of interest or accrued flows during the fiscal year from the securitized asset, presented as such in the current assets of the Fund, will be included in this account.

SUB-ACCOUNT 5200 ACCRUED INTERESTS
SUB-SUB-ACCOUNT 5200000 SAVINGS ACCOUNTS
SUB-SUB-ACCOUNT 5200010 TIME DEPOSITS
SUB-SUB-ACCOUNT 5200020 FIXED INCOME
SUB-SUB-ACCOUNT 5200030 VARIABLE INCOME
SUB-SUB-ACCOUNT 5200040 SECURITIZED BONDS
SUB-SUB-ACCOUNT 5200050 FINANCIAL LEASING BONDS SUB-SUB-ACCOUNT 5200060 INVESTMENTS IN INVESTMENT FUNDS SUB-SUB-ACCOUNT 5200070 REPURCHASE AGREEMENTS SUB-SUB-ACCOUNT 5200080 OTHER FINANCIAL INVESTMENTS SUB-SUB-ACCOUNT 5200090 CHECKING ACCOUNTS

DEBITS:

For the settlement of the excess determination accounts with debit balances at the end of the fiscal year against Taxes Payable.
For adjustments to the excesses recorded during the fiscal year.

CREDITS:

For the recording of income generated by the securitized assets in the fiscal year.

ITEM 53 READJUSTMENTS FOR SECURITIZED ASSETS
DESCRIPTION:
The amount of income in the form of readjustments accrued during the fiscal year from the securitized asset presented as such in the assets of the Fund will be reflected. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 530 READJUSTMENTS FOR SECURITIZED ASSETS DESCRIPTION:
The amount of income in the form of readjustments accrued during the fiscal year from the securitized asset presented as such in the assets of the Fund will be reflected.

SUB-ACCOUNT 5300 READJUSTMENTS FOR SECURITIZED ASSETS SUB-SUB-ACCOUNT 5300000 READJUSTMENTS FOR SECURITIZED ASSETS

DEBITS:

For the settlement of the excess determination accounts with credit balances at the end of the fiscal year against Taxes Payable.
For adjustments to the excesses recorded during the fiscal year.

CREDITS:

For the recording of income generated by the readjustments of the securitized assets in the fiscal year.

ITEM 54 READJUSTMENTS FOR INVESTMENTS
DESCRIPTION:
The amount of income in the form of readjustments accrued during the fiscal year from the securitized asset presented as such in the assets of the Fund will be reflected. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 540 READJUSTMENTS FOR INVESTMENTS
DESCRIPTION:
The amount of income in the form of readjustments accrued during the fiscal year from the securitized asset presented as such in the assets of the Fund will be reflected.

SUB-ACCOUNT 5400 READJUSTMENTS FOR INVESTMENTS SUB-SUB-ACCOUNT 5400000 READJUSTMENTS FOR INVESTMENTS

DEBITS:

For the settlement of the excess determination accounts with credit balances at the end of the fiscal year against Taxes Payable.
For adjustments to the excesses recorded during the fiscal year.

CREDITS:

For the recording of income generated by readjustments for investments in the fiscal year.

ITEM 56 INCOME FROM WRITTEN-OFF ASSETS

DESCRIPTION:
It will correspond to the recording of amounts recovered on assets removed from the balance sheet in previous fiscal years. The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 560 INCOME FROM WRITTEN-OFF ASSETS
DESCRIPTION:
It will correspond to the recording of amounts recovered on assets removed from the balance sheet in previous fiscal years.

SUB-ACCOUNT 5600 INCOME FROM WRITTEN-OFF ASSETS SUB-SUB-ACCOUNT 5600000 INCOME FROM WRITTEN-OFF ASSETS

DEBITS:

For the settlement of the excess determination accounts with credit balances at the end of the fiscal year against Taxes Payable.
For adjustments to the excesses recorded during the fiscal year.

CREDITS:

It will correspond to the recording of amounts recovered on assets removed from the balance sheet in previous fiscal years.

ITEM 58 OTHER INCOME
DESCRIPTION:
Any other income not included in the other income accounts will be reflected.
The following accounts, sub-accounts, and sub-sub-accounts correspond to this item:

ACCOUNT 580 OTHER INCOME
DESCRIPTION:
Any other income not included in the other income accounts will be reflected.

SUB-ACCOUNT 5800 OTHER INCOME
SUB-SUB-ACCOUNT 5800000 OTHER INCOME

DEBITS:

For the settlement of the excess determination accounts with credit balances at the end of the fiscal year against Taxes Payable.
For adjustments to the excesses recorded during the fiscal year.

CREDITS:

For the recording of other income generated and accrued in the fiscal year that is not contemplated in the previous accounts.

ACCOUNT 581 GAINS FROM REVALUATION ADJUSTMENT OF REAL ESTATE DESCRIPTION:
Gains arising from the revaluation of real estate during the fiscal year will be recognized in this account.

SUB-ACCOUNT 5810 GAINS FROM REVALUATION ADJUSTMENT OF REAL ESTATE SUB-SUB-ACCOUNT 5810000 GAINS FROM REVALUATION ADJUSTMENT OF REAL ESTATE

DEBITS:

This sub-account is debited for upward changes in the fair value of real estate resulting from revaluations.

CREDITS:

For the settlement of the gains from revaluation account.

SECTION VI
ACCOUNTING APPLICATION MANUAL FOR OFF-BALANCE SHEET AND CONTROL DEBTOR ACCOUNTS

ELEMENT 6 OFF-BALANCE SHEET AND CONTROL DEBTOR ACCOUNTS DESCRIPTION:
It groups the accounts that represent commitments giving rise to a legal relationship with third parties, without increasing or decreasing the Securitization Fund or affecting its excesses; however, their eventual execution could mean a modification in the Fund's financial situation.

ITEM 61 OFF-BALANCE SHEET AND CONTROL DEBTOR ACCOUNTS

DESCRIPTION:
It groups the accounts that represent commitments giving rise to a legal relationship with third parties, without increasing or decreasing the Securitization Fund or affecting its excesses; however, their eventual execution could mean a modification in the Fund's financial situation. The following accounts correspond to this item:

ACCOUNT 610 SECURITIES AND ASSETS DELIVERED AS COLLATERAL ACCOUNT 611 SECURITIES AND ASSETS DELIVERED FOR CUSTODY ACCOUNT 612 GUARANTEES RECEIVED ACCOUNT 613 UNUTILIZED CREDIT LINES

DESCRIPTION:
It groups the Fund's securities and assets pledged as collateral for its own operations, guarantees received from third parties, and unused credit amounts.

DEBITS:

For the amount of delivery of securities and assets as collateral.
For the amount of delivery of securities and assets for custody.
For the value of guarantees received from third parties.
For the value of approved financings pending utilization.

CREDITS:

For the return of securities and assets delivered as collateral.
For the withdrawal of securities and assets in custody.
For the return of guarantees received from third parties.
For the partial or total withdrawal of financing availability or their expiration.

SECTION VII
ACCOUNTING APPLICATION MANUAL FOR OFF-BALANCE SHEET AND CONTROL CREDITOR ACCOUNTS

ELEMENT 7 OFF-BALANCE SHEET AND CONTROL CREDITOR ACCOUNTS DESCRIPTION:
It represents the accounts for responsibilities and control of commitments originating in a legal relationship with third parties, without increasing or decreasing the Securitization Fund or affecting its excesses; however, their eventual execution could mean a modification in the Fund's financial situation.

ITEM 71 OFF-BALANCE SHEET AND CONTROL CREDITOR ACCOUNTS DESCRIPTION:
It represents the accounts for responsibilities and control of commitments originating in a legal relationship with third parties, without increasing or decreasing the Securitization Fund or affecting its excesses; however, their eventual execution could mean a modification in the Fund's financial situation. The following accounts correspond to this item:

ACCOUNT 710 CONTROL FOR SECURITIES AND ASSETS DELIVERED AS COLLATERAL ACCOUNT 711 CONTROL FOR SECURITIES AND ASSETS DELIVERED FOR CUSTODY ACCOUNT 712 LIABILITY FOR GUARANTEES RECEIVED ACCOUNT 713 CONTROL FOR UNUTILIZED CREDIT LINES

DESCRIPTION:
It groups the control and liabilities for the Fund's securities and assets pledged as collateral for its own operations, guarantees received from third parties, and unused credit amounts.

DEBITS:

For the return of securities and assets delivered as collateral.
For the withdrawal of securities and assets in custody.
For the return of guarantees received from third parties.
For the partial or total withdrawal of financing availability or their expiration.

CREDITS:

For the amount of delivery of securities and assets as collateral.
For the amount of delivery of securities and assets for custody.
For the value of guarantees received from third parties.
For the value of approved financings pending utilization.

CHAPTER V
FINANCIAL STATEMENT MODELS

COMPARATIVE GENERAL BALANCE SHEET
ASSET SECURITIZATION FUND XXX
GENERAL BALANCE SHEET OF THE FUND
AS OF XX OF XXXXXXXXX OF 2XXX-2XXX
(EXPRESSED IN THOUSANDS OF

Lineage: No known changes

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