Norm on Deadline for Updating the Share Capital of Stock Exchanges

Resolution No. CD-SIBOIF-468-3-FEBR28-2007 of date February 28, 2007

NORM ON DEADLINE FOR UPDATING THE SHARE CAPITAL OF STOCK EXCHANGES

The Board of Directors of the Superintendence of Banks and Other Financial Institutions,

CONSIDERING

I

That Article 4 of Law No. 587, "Capital Market Law," published in La Gaceta, Official Journal No. 222, of November 15, 2006, establishes that the Superintendence of Banks and Other Financial Institutions, in fulfillment of said Law, shall ensure the transparency of securities markets and the protection of investors, regulating, supervising, and monitoring said markets, as well as the activities of natural and legal persons who intervene directly or indirectly in them.

II

That Article 37, letter b), of the aforementioned Law 587, establishes that stock exchanges must at all times have a minimum share capital, subscribed and paid in cash, of ten million cordobas (C$10,000,000.00), a sum that may be increased by this Board of Directors every two years according to the development of the market.

III

That according to Article 203 of said Law, stock exchanges whose share capital is below the minimum required capital upon the entry into force of said Law must adjust it within the timeframe established by this Board of Directors.

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.

In exercise of its powers,

HAS ISSUED

The following:

NORM ON DEADLINE FOR UPDATING THE SHARE CAPITAL OF STOCK EXCHANGES Resolution No. CD-SIBOIF-468-3-FEBR28-2007

Article 1. Deadline.- For stock exchanges that, upon the entry into force of this Norm, have a minimum share capital, subscribed and paid, below that established in Article 37, paragraph b), of the Capital Market Law, must have it subscribed and paid no later than seven (7) calendar days after the next Ordinary Shareholders' General Meeting.

Article 2. Prohibition.- Stock exchanges 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 Norm shall enter into force upon its notification, without prejudice to its publication in La Gaceta, Official Journal.

(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