Norm on Fees of the Securities Registry of the Superintendence of Banks and Other Financial Institutions

Resolution No. CD-SIBOIF-505-3-OCTU24-2007 Date: October 24, 2007

NORM ON FEES OF THE SECURITIES REGISTRY OF THE SUPERINTENDENCE OF BANKS AND OTHER FINANCIAL INSTITUTIONS

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

CONSIDERING

I

That Article 182, items II, III, and IV, of Law No. 587, "Capital Markets Law," published in La Gaceta, Official Gazette No. 222, of November 15, 2006, empowers this Board of Directors to establish the fees to be charged for the services provided by the Securities Registry of the Superintendence of Banks and Other Financial Institutions, in order to contribute to the maintenance cost of the Registry.

II

That Article 6, item b), and Article 208, of the Capital Markets Law, empower the Board of Directors of the Superintendence to issue general norms aimed at regulating the functioning of the securities market, as well as the compliance with said Law.

In exercise of its powers,

HAS ISSUED

The following:

NORM ON FEES OF THE SECURITIES REGISTRY OF THE SUPERINTENDENCE OF BANKS AND OTHER FINANCIAL INSTITUTIONS

Resolution CD-SIBOIF-505-3-OCTU24-2007

CHAPTER I CONCEPTS, OBJECT, AND SCOPE

Article 1. Concepts.- For the purposes of this norm, the following are understood:

a. Days: Calendar days.

b. Capital Markets Law: Law No. 587, Capital Markets Law, published in La Gaceta No. 222, of November 15, 2006.

c. Superintendence: Superintendence of Banks and Other Financial Institutions.

d. Superintendent: Superintendent of Banks and Other Financial Institutions.

Article 2. Object.- This norm aims to establish the fees that the Superintendence will charge for the services provided by the Securities Registry of this Institution.

Article 3. Scope.- This norm is applicable to all natural and legal persons, national or foreign, participating in the securities market, who make use of the services provided by the Securities Registry of the Superintendence, excluding the Ministry of Finance and Public Credit and the Central Bank of Nicaragua.

CHAPTER II FEES

Article 4. Fees.- To contribute to the maintenance cost of the Securities Registry of the Superintendence, the following fees are established:

1. Supervised Entities: As a concept of registration and annual update thereof, the following:

SUPERVISED ENTITY REGISTRATION ANNUAL UPDATE Stock Exchanges 1% of Paid-in Capital 0.25% of Paid-in Capital Securities Clearing Houses 1% of Paid-in Capital 0.25% of Paid-in Capital Stock Exchange Seats 1% of Paid-in Capital 0.25% of Paid-in Capital Risk Rating Agencies established in Nicaragua 1% of Paid-in Capital 0.25% of Paid-in Capital Investment Fund Administrators 1% of Paid-in Capital 0.25% of Paid-in Capital Securitization Fund Administrators 1% of Paid-in Capital 0.25% of Paid-in Capital Compensation and Clearing Societies 1% of Paid-in Capital 0.25% of Paid-in Capital

CSp: Paid-in Capital.

2. Stock Agents:

• As a concept of registration, the equivalent in national currency, according to the official exchange rate, to fifty United States dollars (US $50.00); and for the update thereof, an annual fee equivalent in national currency, according to the official exchange rate, to twenty-five United States dollars (US $25.00).

3. Issuers of securities whose issuances are currently valid:

• An annual fee for update equivalent in national currency, according to the official exchange rate, to one hundred United States dollars (US $100.00).

4. Registration of national securities issuances:

a) For trading in the primary market:

1. Securities representing debt instruments:

i. Issuances with a maturity term of up to five years, 0.025% on the amount of the issuance.

ii. Issuances with a maturity term exceeding five years, 0.02% on the amount of the issuance.

2. Securities representing equity instruments: 0.02% on the amount of the issuance.

3. Investment funds and securitization funds: 0.02% on the amount of the issuance.

b) For trading in the secondary market: 0.02% on the amount of the issuance. This charge applies both to the securities issuances established in Article 22 of the regulation governing the matter on public offer of securities in the primary market, as well as to those securities issuances established in Article 9 of the regulation governing the matter on trading of securities in the secondary market.

In no case, the amount charged for registration rights referred to in items a) and b) above, may be less than the equivalent in national currency, according to the official exchange rate, to five hundred United States dollars (US $500.00), nor greater than five thousand United States dollars (US $5,000.00).

5. Registration of foreign securities issuances:

• For the trading of securities issued by foreign States and Central Banks and by Regional or International Financial Organizations of which the State of Nicaragua is a member; as well as for securities issued by foreign private companies, they must pay the equivalent in national currency, according to the official exchange rate, to six hundred United States dollars (US $600.00).

Foreign States and Central Banks, as well as Regional or International Financial Organizations of which the State of Nicaragua is a member, will not pay issuer or securities issuance registration rights, provided there is reciprocity or as otherwise provided by international treaties or conventions; otherwise, they must pay for such rights.

6. Update of data in registry entries:

• The equivalent in national currency, according to the official exchange rate, to ten United States dollars (US $10.00). This payment does not apply when the update of data is ex officio or by judicial order.

7. Cancellation of registry entries:

• The equivalent in national currency, according to the official exchange rate, to one hundred United States dollars (US $100.00). This payment does not apply when the cancellation is ex officio or by judicial order.

8. Certificates or certifications:

The equivalent in national currency, according to the official exchange rate, to twenty-five United States dollars (US $25.00).

Article 5. Payment Date.- The annual fees for registration update of the natural and legal persons referred to in items 1, 2, and 3 of Article 4 of this Norm, must be paid each year within the first twenty (20) days following the expiration of the validity of the previous period, understanding that the first period expires twelve (12) months after the date of its authorization and inscription in the Securities Registry of the Superintendence.

Article 6. Place of Payment.- Payments for rights or services referred to in Article 4 of this Norm will be made at the offices of the Financial Administrative Directorate of the Superintendence, which must issue the respective cancellation receipt.

Article 7. Verification of Payment.- The Superintendence will make the registry entry, prior to verification of the corresponding payment.

CHAPTER III FINAL PROVISIONS

Article 8. Transitional.- The following provisions are established:

a) The natural and legal persons referred to in items 1, 2, and 3, of Article 4 of this Norm, that at the entry into force of the same are authorized and registered in the Securities Registry of the Superintendence, will be exempt from payment for registration rights, not so for the annual fees for update thereof, which must be paid within the first twenty (20) days of each year, which will begin to govern from the year 2008.

b) The securities issuances that at the entry into force of this Norm are authorized and registered in the Securities Registry of the Superintendence, will be exempt from payment for registration rights established in item 4, of Article 4 of the same.

Article 9. Repeal.- Chapter IX.- Of the Registry Maintenance Charges, of the Regulatory Norms of the Registry of Issuers, Securities, Stock Companies, Stock Exchange Seats, and Stock Agents, contained in Resolution SIB-OIF-II-3-94, is hereby repealed, as well as any other provision that opposes this Norm.

Article 10. Validity.- This Norm will enter into force from its publication in La Gaceta, Official Gazette.

(f) Antenor Rosales B. (f) V. Urcuyo V. (f) A. Cuadra G. (f) Roberto Solórzano Ch. (f) Gabriel Pasos Lacayo (f) Antonio Morgan Pérez. Ad Hoc Secretary.

URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF