Norm on Deadline for Updating the Share Capital of Stock Exchange Positions

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Resolution No. CD-SIBOIF-468-4-FEBR28-2007
Dated February 28, 2007
RULE ON DEADLINE FOR UPDATING THE SHARE CAPITAL OF STOCK EXCHANGE POSITIONS The Board of Directors of the Superintendence of Banks and Other Financial Institutions, CONSIDERING I That Article 4 of Law No. 587, "Capital Markets Law," published in La Gaceta, Official Gazette No. 222, of November 15, 2006, establishes that the Superintendence of Banks and Other Financial Institutions, in compliance with said Law, will ensure the transparency of securities markets and the protection of investors, regulating, supervising, and auditing said markets, as well as the activities of natural and legal persons who intervene directly or indirectly in them. II That Article 63, letter c), of the aforementioned Law 587, establishes that stock exchange positions must at all times have a minimum share capital, subscribed and paid in cash, of two million cordobas (C$2,000,000.00), an amount that may be increased by this Board of Directors every two years according to market development and reviewed and adjusted according to the variation of the official exchange rate of the national currency. Likewise, it may be reviewed and adjusted for each stock exchange position based on the volume of activities and risks assumed by the position. III That based on Articles 204 and 206 of the Capital Markets Law, natural or legal persons who for any reason fall within the scope of application of said Law must adapt to its requirements no later than one year from the entry into force of the Law, or from the entry into force of the general norms when necessary for its application. IV That in accordance with Articles 6, letter b), and 208, of the aforementioned Law; it is the authority of the Board of Directors to issue general norms aimed at regulating the functioning of the securities market.

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In exercise of its powers,
HAS ISSUED
The following:
RULE ON DEADLINE FOR UPDATING THE SHARE CAPITAL OF STOCK EXCHANGE POSITIONS Resolution No. CD-SIBOIF-468-4-FEBR28-2007
Article 1. Deadline.- For stock exchange positions that at the entry into force of this Rule have a minimum share capital, subscribed and paid, below that established in Article 63, letter c), of the Capital Markets Law, they must have it subscribed and paid no later than seven (7) calendar days after the next Ordinary General Shareholders' Meeting.
Article 2. Prohibition.- Stock exchange positions may not distribute profits as long as they do not comply with their obligation to update the minimum share capital required by law.
Article 3. Validity.- This Rule will enter into force upon its notification, without prejudice to its publication in La Gaceta, Official Gazette.
(f) Antenor Rosales B. (f) V. Urcuyo V. (f) Roberto Solórzano Ch. (f) Gabriel Pasos Lacayo (f) A. Cuadra G. (f) U. Cerna B.
URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF