Norm on the Components of the Capital Calculation Base of Banco Produzcamos

Resolution No. CD-SIBOIF-588-3-JUN10-2009 Date: June 10, 2009

NORM ON THE COMPONENTS OF THE CAPITAL CALCULATION BASE OF BANCO PRODUZCAMOS

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

CONSIDERING

I

That Law No. 640, Law Creating the Bank for the Promotion of Production (Produzcamos) and its reforms, hereinafter the Law of Banco Produzcamos, establishes that it will be under the vigilance, supervision, and oversight of the Superintendence of Banks and Other Financial Institutions; it also provides that the Board of Directors of the Superintendence must regulate the Capital Adequacy of said bank;

II

That in Article 30 of the Law of Banco Produzcamos, the limit of credits to units of interest is referred to the calculation base of the capital, consequently it is necessary to regulate regarding this matter;

III

That in Article 20 of Law No. 561, General Law of Banks, Non-Bank Financial Institutions and Financial Groups, the concepts and components of the calculation base of the capital are established.

IV

That based on the aforementioned considerations and the powers conferred by Article 3, numbers 3 and 13; and Article 10, number 6, of Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions, reformed by Law 552, Law of Reforms to Law 316;

In exercise of its powers,

HAS ISSUED

The following:

Resolution No. CD-SIBOIF-588-3-JUN10-2009

NORM ON THE COMPONENTS OF THE CAPITAL CALCULATION BASE OF BANCO PRODUZCAMOS

CHAPTER I

GENERAL PROVISIONS

Art. 1 Object and Scope.- The purpose of this norm is to establish the concepts and components of the capital calculation base for the Bank for the Promotion of Production (Produzcamos), hereinafter the Bank.

Art. 2 Components of Primary Capital.- Primary capital shall be composed of the following: a) Authorized capital; b) Donated capital not subject to return; c) Capital Reserve; d) Results of the current period;

Art. 3 Components of Secondary Capital.- Secondary capital shall be composed of the following: a) Donations and other non-capitalizable contributions that meet the following characteristics:

1. Available to cover the bank's losses;
2. With prior authorization from the Superintendent in case there are refund conditions;
3. In case there are refund conditions, these cannot be made effective within the first five years. b) Adjustments for Revaluation of Assets; c) Generic Provisions: Refers to credit provisions constituted voluntarily by the Bank to cover unidentified losses. For the purposes of calculating secondary capital, these generic provisions cannot exceed 1.25% of the total risk-weighted credit assets.

In accordance with Article 20 of the General Law of Banks, secondary capital cannot exceed one hundred percent (100%) of primary capital.

Art. 4 Calculation Base.- The sum of primary capital plus secondary capital, minus any pending adjustments to be constituted.

CHAPTER II

TRANSITIONAL AND FINAL PROVISIONS

Art. 5 Transitional.- Items corresponding to adjustments for revaluation of assets and other equity reserves referred to in letter b) of Article 3 of this norm will not be taken into account as components of secondary capital, while the Board of Directors of the Superintendence does not issue norms regulating these matters.

Art. 6 Repeal.- The Norm on the Components of the Capital Calculation Base of Banco Produzcamos, contained in Resolution No. CD-SIBOIF-520-1-FEB1-2008, dated February 01, 2008, published in La Gaceta, Official Journal No. 45, of March 04, 2008, is repealed.

Art. 7 Validity.- This norm will enter into force from its publication in La Gaceta, Official Journal.

(f) J. Rojas R. (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Roberto Solórzano Ch. (f) A. Cuadra G. (f) Fausto Reyes B. (f) Antonio Morgan Pérez. Ad Hoc Secretary.

URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF