Published in La Gaceta Diario Oficial No. 174, of 13 September 2001

CD-SIB-164-1-JUL17-2001 ADJUSTMENT FOR ASSET VALUATION

The Board of Directors, after the deliberations thereon,

CONSIDERS

Sole: That in view of the fact that adjustments for asset valuation form part of the equity of financial institutions and are not available, the Board of Directors, based on the power granted to it by Article 10, subsection 10 of the Law of the Superintendency of Banks and Other Financial Institutions to establish in the administrative sphere, with general effect, the scope of the legal provisions on banking and financial matters.

RESOLVES CD-SIB-164-1-JUL17-2001

Sole.- The adjustments for asset valuation made by financial institutions, in accordance with the Superintendency's Rules, are considered as unavailable reserve for the purposes of Article 20 of the General Law of Banks, Non-Bank Financial Institutions and Financial Groups.