Norm on the Instruction for the Preparation of the Sectorization Report

1 Resolution No. CD-SIBOIF-534-2-MAY21-2008 Dated May 21, 2008

NORM ON THE INSTRUCTION FOR THE PREPARATION OF THE SECTORIZATION REPORT

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

CONSIDERING

I That in January 2008, banks and financial societies proceeded to adopt and implement the new Single Chart of Accounts, which implied incorporating new accounts and accounting recording procedures; consequently, with the aim of maintaining proper consistency between the accounting information system of the institutions and the "Instruction for the Preparation of the Sectorization Report";

II That based on the authority conferred by Article 3, items 9 and 13; and Article 10, items 12 and 17, of Law No. 316, Law of the Superintendency of Banks and Other Financial Institutions, as amended by Law No. 552, Law of Reforms to the aforementioned Law No. 316;

In exercise of its powers,

HAS ISSUED,

The following:

NORM ON THE INSTRUCTION FOR THE PREPARATION OF THE SECTORIZATION REPORT

Resolution No. CD-SIBOIF-534-2-MAY21-2008

CHAPTER I OBJECT AND SCOPE

Art. 1 Object.- The purpose of this norm is to establish the "Instruction for the Preparation of the Sectorization Report" to obtain monetary statistical information from banks and financial societies for each and every one of their clients, according to the sector corresponding to each economic agent.

Art. 2 Scope.- The provisions of this norm are applicable to banks and financial societies subject to the supervision of the Superintendency. Hereinafter, banks and financial societies will be referred to as "the institution or institutions."

CHAPTER II GENERAL PROVISIONS

Art. 3 Instruction.- For the purpose of receiving the information subject to this norm, the "Instruction for the Preparation of the Sectorization Report" is established, which shall form an integral part of it.

Art. 4 Content of the instruction.- The Instruction comprises three parts: a) Concepts used in sectorization b) Classification of institutional units c) Annexes:

1. Methodology for the preparation of the report.
2. Guide for the sectorization of credit, securities, deposits, and investments.
3. Format I and Format II.
4. Sectorization of institutional units in Nicaragua.

Art. 5 Sanctions for non-compliance.- Institutions that fail to comply in a timely and proper manner with the provisions dictated herein shall be subject to sanctions and fines in accordance with the regulations governing the imposition of fines.

CHAPTER III TRANSITIONAL AND FINAL PROVISIONS

Art. 6 Transitional Provision.- Institutions must submit the first monthly report of Format I, attached to the financial statements cut off as of June 30, 2008; and the report of Format II for the first week of July must be delivered by the next business week following the reported week, and so on successively.

Art. 7 Modification of the instruction.- The Superintendent is authorized to modify the "Instruction for the Preparation of the Sectorization Report" to the extent that its application so requires.

Art. 8 Repeal.- The Norm on the Instruction for the Preparation of the Sectorization Report, contained in Resolution CD-SIBOIF-213-2-JUL31-2002, published in La Gaceta, Official Journal No. 164 of August 30, 2002, is hereby repealed.

3 Art. 9 Validity.- This Norm shall enter into force upon its notification, without prejudice to its publication in La Gaceta, Official Journal. The "Instruction for the Preparation of the Sectorization Report" is exempt from said publication.

(f) Antenor Rosales B. (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Roberto Solórzano Ch. (f) A. Cuadra G. (f) U. Cerna B.

URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF

4 Instruction for the Sectorization Report May, 2008

Content I. INTRODUCTION II. CONCEPTS USED IN SECTORIZATION 2.1 Residence 2.2 Institutional Units III. Classification of institutional units Annexes: Annex 1: Methodology for the Preparation of the Sectorization Report Annex 2: Guides for the Sectorization of Credit, Deposits, Investments, and Securities. Annex 3: Output Formats Annex 4: Catalog of Sectors

5 INSTRUCTION FOR THE PREPARATION OF THE SECTORIZATION REPORT

I. INTRODUCTION This document aims to provide a clear definition of the concepts of residence, institutional units, and the grouping of these into sectors (sectorization), concepts and principles based on the Manual of Monetary and Financial Statistics (MEMF, 2000). Additionally, the concepts that must be sectorized are attached, as well as summary tables and a catalog of institutional units. The first classification performed with institutional units is that of residence. Once it is identified whether a unit is resident or not, it is required to define what an institutional unit is and who constitutes it; this is developed in the second part of this document. Finally, resident institutional units must be grouped into sectors depending on their economic function, financing, and who exercises control; this last step is sectorization. The remaining institutional units that are non-residents are classified as a large sector. Finally, it is necessary to highlight the importance of sectorizing institutional units to insert Nicaragua into international standards and advance towards the preparation of the funds flow, a tool of great value in economic analysis.

II. CONCEPTS USED IN SECTORIZATION 2.1 Residence This concept tends to cause confusion as it is normally associated with criteria of nationality or legality. In reality, an institutional unit is said to be a resident unit when it has a center of economic interest within the economic territory of the country in question. It is therefore necessary to explain two related concepts: economic territory and center of economic interest. The economic territory of a country is formed by the geographic territory administered by a government within which persons, goods, and capital circulate freely. The economic territory does not include only the geographic territory of a country, but also: ✓ Airspace, territorial waters, and continental shelves in international waters where the country has exclusive rights. ✓ Territorial enclaves located in the rest of the world, established by formal agreements with the governments of other countries. These enclaves are, for example, military bases, embassies, diplomatic offices, etc.

6 ✓ Free trade zones, customs warehouses, or factories that are physically located within the country's borders. ✓ The territory of international organizations is excluded from the economic territory. In a broad sense, the economic territory is the geographic territory plus the governmental enclaves abroad, excluding the enclaves of other countries within its own. An institutional unit is said to have a center of economic interest within a country when there is a place (dwelling, production center, or other establishment) within the economic territory of the country, from which economic activities and transactions are carried out and will continue to be carried out on a significant scale, indefinitely or for a finite but prolonged period. Thus, based on this criterion, subsidiaries of international corporations (oil, fast food, or beverages, among others), have their center of economic interest in the country where their subsidiaries are located and are therefore residents of that country. The concept of residence has some points to emphasize: ✓ First, an international organization is always a non-resident because it is physically located in a territory that is excluded from the economic territory of the country. Workers of international organizations are residents of the economy where the organization is located, provided that they remain for more than one year; ✓ Second, a family is a resident of the country in which its members maintain regular residence. Family members who cross the border to work maintain their original residence unless they become involved in sustained and substantial economic activities abroad. Therefore, if such a member spends a year or more abroad and consumes their income abroad, they are considered a non-resident; for example, a Nicaraguan who travels to Costa Rica every three months to participate in the agricultural harvest is a resident in Nicaragua, whereas the same worker permanently in Costa Rica is classified as a non-resident. ✓ Third, military and diplomatic personnel of military enclaves or embassies are considered residents of the country to which these enclaves belong, since the enclaves form part of the economic territory of the country to which they belong and this personnel maintains their center of economic interest (i.e., they live and consume in that place) in the economic territory of the country. It is important to mention that personnel who work in the enclaves but are not native to the country of the enclave maintain their center of economic interest in their own country. For example, a Nicaraguan secretary working in the US embassy is a resident of Nicaragua, whereas the ambassador is a resident of the United States. ✓ A fourth case refers to the residence of students and medical patients abroad. A student will always be a resident of their country of origin regardless of the time they study abroad. Similarly, a patient treated abroad will be a resident. This latter case is a special interpretation of the concept of residence.

7 2.2 Institutional Units An institutional unit is an economic entity capable, on its own account, of owning assets, incurring liabilities, and carrying out economic activities and transactions with other entities. More specifically, an institutional unit exhibits four main attributes: ✓ It owns goods or assets with the power of disposal over them; it can, therefore, exchange the ownership of goods or assets through transactions with other institutional units. ✓ It has the capacity to make economic decisions and carry out economic activities for which it is directly responsible under the law. ✓ It has the capacity to incur liabilities in its own name, to accept other obligations or future commitments, and to sign contracts. ✓ There is a complete set of accounts for the unit, including a balance sheet of assets and liabilities, or it is possible and meaningful, from an economic and legal point of view, to prepare a complete set of accounts for said unit whenever required. There are two types of institutional units: Families and social or legal entities. A family consists of one or more individuals or other groups of people who share the same dwelling, who pool their income and wealth, totally or partially, and who consume certain types of goods and services collectively, especially those related to food and housing. In contrast, a social or legal entity is involved in economic activities on its own account and is legally recognized or by society as independent from the units that own or control them (owners or owners belonging to families). Social or legal entities are in turn divided into corporations, quasi-corporations, government units, and non-profit institutions. Corporations: A legal entity created for the purpose of producing goods or services for the market. It belongs collectively to its shareholders who have the authority to choose directors responsible for the general management of the corporation. They present the following characteristics: ✓ By law, a corporation is an institutional unit separate from its owners. ✓ It is legally responsible for its actions. Owners often have limited liability. ✓ It can create operational surplus that could be distributed among its owners.

8 ✓ A corporation may retain part of its earnings for use as working capital and for other corporate uses. Quasi-corporations: Are unincorporated enterprises that function as if they were corporations; within sectorization, they are treated as corporations. Government Units: Are unique types of legal entities established by political processes and have legislative, judicial, or executive authority over other institutional units within a specific area. The main functions of institutional units are: ✓ Provide goods and services by producing non-market (subsidized) production or through transfers financed by taxes or other income. ✓ Redistribute income and wealth through transfers. Government units may also own unincorporated enterprises that carry out market production of goods and services (public enterprises).

III. Classification of institutional units The sectorization of institutional units, recommended according to the MEMF, is as follows:

9 3.1 The Financial Corporations Sector: Comprises all resident corporations or quasi-corporations that carry out financial intermediation or financial auxiliary activities. Some companies provide financial services on a very small scale. For example, some manufacturers grant consumer credit to their customers. These units must, however, be assigned to the non-financial corporations sector as their main function is the production of non-financial goods and services. The subsectors of financial corporations are: ✓ Central Bank ✓ Other deposit-taking corporations ✓ Other financial corporations Central Bank: is the national financial institution that exercises control over main aspects of the financial system and carries out activities such as currency issuance, management of international reserves, transactions with the IMF, and providing credit to other deposit-taking corporations. Other deposit-taking corporations: Are all resident financial corporations and quasi-corporations that carry out financial intermediation and issue liabilities included in the Residents Financial Corporations Central Bank Other deposit-taking corporations Other financial corporations Insurance corporations and pension funds Other financial intermediaries Financial auxiliaries Non-financial Corporations Non-financial Public Corporations Other Non-financial Corporations (private sector) General Government Central Government Local Government Social Security (alternatively, social security may be assigned to the subsectors of the general government, to which it belongs). Families Non-residents

10 national definition of broad money. This sector includes corporations under the control of regulators or liquidators or that are no longer dealing with the public (bankrupt banks). Other financial corporations: Are divided into three, which are, ✓ Insurance corporations and pension funds: The former have the main function of providing life, accident, health, fire, and other insurance to institutional units or groups of institutional units. Pension funds have the purpose of providing retirement benefits to specific groups of workers. ✓ Other financial intermediaries: Units in this sector obtain funds by taking long-term resources and issuing securities when lending these obtained resources. ✓ Financial auxiliaries: Include financial corporations that carry out activities very closely related to financial intermediation but that do not act as intermediaries. These units do not have as their main activity taking funds or extending credit on their own account (otherwise it would be a financial intermediary). 3.2 The Non-financial Corporations Sector: Comprises corporations and quasi-corporations primarily involved in the production of non-financial goods and services. It is divided according to the type of institutional unit that exercises control in the corporation into "Non-financial Public Corporations" whose control is exercised by government units under the control of more than half of the shares, by legislation, decree, or regulations that establish a specific corporate policy or allow the government to choose directors, and into "Other Non-financial Corporations" whose control may be exercised by foreigners or nationals (if control is exercised by foreigners, it does not imply whether it is resident or not, the concept of residence is linked to the center of economic interest). 3.3 The General Government Sector: Comprises units of the general government, which exercise legislative, judicial, or executive authority over other institutional units within a specific area. It consists of departments, branches, agencies, foundations, institutes, non-profit institutions controlled and financed mainly by the government, and other public organizations involved in non-market activities. 3.4 The Family Sector (other private sector): A family is a small group of people who share housing, income, and wealth and consume certain types of goods and services (mainly housing and food) collectively. Individuals without connections with other people are also considered families. Unincorporated enterprises (not registered as corporations) that belong to families and are involved in market production are classified within the non-financial corporations sector as long as the enterprise can be treated as a quasi-corporation (i.e., that a complete set of accounts can be developed, including balance sheets with which the quasi-corporation can be distinguished from its owners); otherwise, it is classified as a family; for example, a small grocery store must be classified as a family, whereas a mini-supermarket with its developed balance sheets belongs to the non-financial corporations sector.

11 Likewise, we will incorporate non-profit organizations as families.

ANNEX No. 1 METHODOLOGY FOR THE PREPARATION OF THE SECTORIZATION REPORT This sectorization report in terms of values will collect the financial operations of commercial banks, in active operations: credits, operations with securities and derivatives, and investments; and in passive operations: what corresponds to deposits and operations for the repurchase of securities and derivatives. The methodology seeks that commercial banks complete a database administered by the Superintendency of Banks, which would serve as a source of information for the Central Bank to periodically obtain the data indicated in the attached formats, which have been prepared in strict adherence to the accounting catalog (of the Single Chart of Accounts) of the Superintendency of Banks; this last aspect must be consistent with the values reflected in the balance sheet of the respective supervised institutions. General Guide: Formats: Two formats will be used: FORMAT I for monthly reports and FORMAT II for the weekly report. Please find the formats for monthly and weekly reports in annex #3 of this document. Currency Type and Unit of Measure: According to the formats, figures must be written in thousands of córdobas, both the columns in national currency itself and the columns in foreign currency. To emphasize, the columns that say "national currency" indicate that operations negotiated with clients in national currency should be reflected there; and, the columns that read "foreign currency" indicate that operations the institution has negotiated with its clients in the currency of other countries should be reflected there, but converted to córdobas using the official exchange rate corresponding to the cut-off date. Terms: Short-term credits will be considered those with a maturity of up to 18 months, and long-term, greater than 18 months. In the case of investments, securities, and derivatives, short and long term will be limited by 12 months. Periodicity of report submission: Monthly: A monthly report will be submitted with a cut-off date of the last day of each month. Format I must be used and its completion must be complete, up to obtaining the total general with the sum of the subtotals of residents plus non-residents. This report consists of two

12 sheets, the first is Format I-A for active operations: credit (Format I-A-credit), operations with securities and derivatives (Format I-A-securities), and investments (Format I-A-investments); and the second, Format I-P for passive operations: public deposits (Format I-P-deposits) and operations for the repurchase of securities and derivatives (Format I-P-securities). It is emphasized that this report must carry as its cut-off date the last day of each month, which indicates that it must present figures that exactly match in global sums with those reflected in the institution's balance sheet on the same date. Weekly: A weekly report will be submitted with a cut-off date on Saturdays. Format II must be used and its completion must be complete. This report will inform about the deposits of the Public Sector only, which corresponds to the general government, that is, the lines corresponding to central government, local government, and non-financial public enterprises. To whom the information will be sent: The information will be sent to the Superintendency of Banks and Other Financial Institutions in accordance with the instructions of the information submission calendar that this Superintendency sends semi-annually to the supervised entities. Guide for filling out credit operations Format I-A-credit In the output formats (annex #3), it can be observed that credit must be classified by type of currency (national currency and foreign currency) and by term (short-term credits up to 18 months and long-term credits, greater than 18 months). In this report, credits that according to the Chart of Accounts are called current, extended, restructured, overdue, and in judicial collection, as well as interest and commissions receivable on the corresponding credit portfolios, will be included. To obtain the value that will be reflected in each line of this column, the following concepts must be summed:

13 New MUC Description 1401 Outstanding Credits 1402 Extended Credits 1403 Restructured Credits 1404 Overdue Credits 1405 Credits in Judicial Collection 1406 Interest and Commissions Receivable on Outstanding Credit Portfolio 1407 Interest and Commissions Receivable on Extended Credit Portfolio 1408 Interest and Commissions Receivable on Restructured Credit Portfolio Guide for Filling Out Investment Operations Format I-A-Investments Investments will be reported grouped according to the intention of making them liquid, as follows: investments at fair value with changes in results, available-for-sale investments, and held-to-maturity investments. These investments can be classified by residual term into short-term (up to 12 months) and long-term (greater than 12 months). The values reflected in the format must match those in the institution's Balance Sheet, according to what the Account Catalog determines. The following accounts must be included:

14 New MUC Description Investments at Fair Value with Changes in Results 1201.01 Government Debt Securities 1201.02 Bank Debt Securities 1201.03 Private Company Securities 1202 Increase in Valuation of Investments at Fair Value with Changes in Results 1203 Income Receivable on Investments at Fair Value with Changes in Results Available-for-Sale Investments 1204.01 Government Debt Securities 1204.02 Bank Debt Securities 1204.03 Private Company Securities 1205 Increase in Valuation of Available-for-Sale Investments 1206 Income Receivable on Available-for-Sale Investments Held-to-Maturity Investments 1207.01 Government Debt Securities 1207.02 Bank Debt Securities 1207.03 Private Company Securities 1207.04 Accumulated Discounts and Premiums 1208 Income Receivable on Held-to-Maturity Investments Guide for Filling Out Active Operations with Values and Derivatives Format I-A-Values Active operations with values and derivatives will be reported grouped by currency type and by term (short-term up to 12 months and long-term, more than 12 months). The following accounts must be grouped:

15 New MUC Description Operations with Values 1301 Debtors from Repo Operations 1302 Titles Delivered in Repo Operations 1303 Securities Operation with Option to Repurchase 1304 Titles Delivered in Option to Repurchase Operations 1306.01 Income Receivable on Securities Operations with Option to Repurchase 1306.02 Income Receivable on Repo Operations Operations with Financial Derivative Instruments 1305 Operations with Financial Derivative Instruments 1306.03 Income Receivable on Operations with Financial Derivative Instruments Note: Operations with values must be reported according to Annex #3. However, derivative operations are not yet authorized by the Superintendence of Banks; therefore, they will not be reported. Nevertheless, once these are authorized, they must be included in reports according to the format of Annex #3. Guide for Filling Out Deposit Operations Format I-P-Deposits For each type of currency, there are five columns: checking account deposits, savings deposits, time deposits, other public deposits, and total. To obtain the value that will be reflected in each line of these columns, the following concepts must be summed:

16 New MUC Description 2101.01 Checking Accounts 2201.01 Checking Accounts of Domestic Institutions 2201.02 Checking Accounts of Foreign Institutions 2201.03 Checking Accounts of Head Office and Foreign Branches 2102 Savings Deposits 2108.02 Interest Payable on Savings Deposits 2103.01 Expired Time Deposits 2103.02 Outstanding Time Deposits 2103.03 Time Deposits Affected as Collateral 2202.01 Fixed Time Deposits of Domestic Institutions 2202.02 Fixed Time Deposits of Foreign Institutions 2203.01 Fixed Time Deposits of Domestic Institutions 2203.02 Fixed Time Deposits of Foreign Institutions 2108.03 Interest Payable on Time Deposits 2107 Various Obligations with the Public 2101.02 Demand Deposits 2101.09 Other Demand Deposits 2104.01 Other Public Deposits 2105 Obligations by Acceptances 2106 Obligations by Issued Bonds 2108.01 Interest Payable on Demand Deposits 2108.04 Interest Payable on Other Public Deposits 2108.05 Interest Payable on Obligations by Acceptances 2108.06 Interest Payable on Obligations by Issued Bonds 2108.07 Charges Payable on Various Obligations with the Public Checking Account Savings Account Time Accounts Other Public Deposit Accounts plus Other Captations To obtain the total, the four preceding columns will be summed. Guide for Filling Out Securities and Derivatives Repurchase Operations Format I-P-Values

17 Passive or repurchase operations with values and derivatives will be reported grouped by currency type and by term (short-term up to 12 months and long-term, more than 12 months). The following accounts must be grouped: New MUC Description Operations with Values 2401 Obligation for Title Repurchase for Option to Repurchase Operation 2402 Creditors from Securities Operations with Option to Repurchase 2403 Obligation to Repurchase Titles for Repo Operation 2404 Creditors from Repo Operation 2406.01 Charges Payable for Securities Operations with Option to Repurchase 2406.02 Charges Payable for Repo Operations Operations with Financial Derivative Instruments 2405 Operations with Financial Derivative Instruments 2406.03 Charges Payable for Operations with Financial Derivative Instruments Note: Operations with values must be reported according to Annex #3. However, derivative operations are not yet authorized by the Superintendence of Banks; therefore, they will not be reported. Nevertheless, once these are authorized, they must be included in reports according to the format of Annex #3. ANNEX NO. 2 GUIDE FOR THE SECTORIZATION OF CREDIT, DEPOSITS, INVESTMENTS AND SECURITIES To facilitate sectoral classification, the Central Bank of Nicaragua has prepared an exhaustive list of almost all sectors of the national economy, which is attached in annex #4 of this document. This listing comprises the following:  The general government has a complete list of its institutional units, except for the Rest of Municipalities line, which are easily identifiable. For informational purposes, in the output formats (annex #3), MHCP is disaggregated among Ministries; DGI, DGSA, TELCOR, and FOGADE are disaggregated among Decentralized Entities.

18  The non-financial public enterprise subsector shows a complete list; however, in the output formats (annex #3), lines are opened for nine companies and the rest of the companies are sectorized in the line called "others".  Regarding the "financial societies" sector, there is no complete list of all existing "microfinance and savings and credit cooperatives" in the country. Nevertheless, annex #5 details the 19 microfinance institutions associated with ASOMIF; the rest (not yet associated with ASOMIF) can be identified according to the unregulated financial intermediation service they provide to the public. There is also no list of existing "savings and credit cooperatives," however, those cooperatives that capture deposits and offer credit to their members or associates may be included in this group. The rest of the financial units are completely detailed. In "Offshore Banks" or extraterritorial ones, those resident financial societies dedicated exclusively or almost exclusively to carrying out transactions with non-residents will be included. These institutions generally have special regulatory or legal characteristics.  The private sector is the most difficult to sectorize because it is impossible to prepare a list of its members and they are usually the majority. It is recommended to read carefully the characteristics of these two sectors (companies and families) presented in this instruction before proceeding to their classification.  The "non-residents" sector presents a simple classification because an exhaustive list is given for four of the five subsectors. Complication arises with the last subsector, that of private companies, NGOs, and non-resident individuals. Correct learning of the concept "non-residents" is necessary; it is recalled that subsidiaries of transnationals such as Esso, McDonalds, Coca Cola, etc., are residents, since these subsidiaries have their center of economic interest in the country's economic territory. Any doubts, please consult with the project managers for sectorization at the BCN (Denis Vallecillo and María Eugenia Corea, phone 2557171, ext. 533).

19 ANNEX NO. 3 FORMAT I-A-CREDITS Total Short-term Long-term Subtotal Short-term Long-term Subtotal Credits I. RESIDENTS 1.1 Non-Financial Public Sector 1.1.1 General Government 1.1.1.1 Central Government 1.1.1.1.1 State Powers 1.1.1.1.2 Ministries Of which: MHCP 1.1.1.1.3 Bodies and Decentralized Entities Of which: General Directorate of Revenues (DGI) General Directorate of Customs Services (DGSA) Telecommunications and Post (TELCOR) Deposit Guarantee Fund (FOGADE) 1.1.1.1.4 Social Security 1.1.1.1.4.01 Nicaraguan Institute of Social Security (INSS) 1.1.1.1.4.02 Institute of Social Security and Human Development (ISSDHU) 1.1.1.1.4.03 Military Social Welfare Institute (MIDEF) 1.1.1.2 Local Government 1.1.1.2.1 Managua Municipality 1.1.1.2.2 Rest of Municipalities and Municipalities 1.1.1.2.3 Councils and Regional Governments (RAAN and RAAS) 1.1.2 Non-Financial Public Enterprises 1.1.2.1 Nicaraguan Electricity Company (ENEL) 1/ 1.1.2.2 National Electric Transmission Company (ENATREL) 1.1.2.3 Nicaraguan Water and Sewerage Company (ENACAL) 1.1.2.4 National Port Company (EPN) 1.1.2.5 Nicaraguan Petroleum Company (PETRONIC) 1.1.2.6 National Lottery 1.1.2.7 Airport Administrator Company (EAAI) 1.1.2.8 Nicaraguan Export and Import Company (ENIMPORT) 1.1.2.9 Nicaraguan Basic Supplies Company (ENABAS) 1.1.2.10 Others 2/ 1.2 Financial Societies Sector 1.2.1 Central Bank of Nicaragua (BCN) 1.2.2 Other Deposit Societies 1.2.2.1 Commercial and Financial Banks 1.2.2.2 Microfinance and Savings and Loan Cooperatives 1.2.2.3 Offshore Banks 1.2.3 Other Financial Societies 1.2.3.1 Other Financial Intermediaries 1.2.3.1.01 Nicaraguan Investment Finance Company 1.2.3.1.02 Others 3/ 1.2.3.2 Insurance Companies and Pension Funds 1.2.3.3 Financial Auxiliaries 4/ 1.3 Private Sector 1.3.1 Private Companies 1.3.2 Natural Persons 1.3.3 Non-Profit Institutions Serving Households II. NON-RESIDENTS 2.1 Diplomatic Representations 2.2 Multilateral Financial International Organizations 2.3 Multilateral Non-Financial International Organizations 2.4 Bilateral International Organizations 2.5 Foreign Companies and Individuals GENERAL TOTAL 1/ Includes ENEL Central, HIDROGESA, GECSA. 2/ Includes COPRENICSA, Canal Seis, and Correos de Nicaragua. 3/ Includes LA FISE Financial Leasing and Rural Credit Fund. 4/ Includes Deposit Warehouses, Stock Exchange, Stock Exchanges, and Custody Institutions. Bank: Month: Prepared by: Authorized by: Sectors National Currency Foreign Currency Credits (Balances in thousands of C$)

20 FORMAT I-A-INVESTMENTS Total Short-term Long-term Subtotal Short-term Long-term Subtotal Investments I. RESIDENTS 1.1 Non-Financial Public Sector 1.1.1 General Government 1.1.1.1 Central Government 1.1.1.1.1 State Powers 1.1.1.1.2 Ministries Of which: MHCP 1.1.1.1.3 Bodies and Decentralized Entities Of which: General Directorate of Revenues (DGI) General Directorate of Customs Services (DGSA) Telecommunications and Post (TELCOR) Deposit Guarantee Fund (FOGADE) 1.1.1.1.4 1.1.1.1.4. Social Security 011.1.1.1.4. Nicaraguan Institute of Social Security (INSS) 021.1.1.1.4. Institute of Social Security and Human Development (ISSDHU) 03 Military Social Welfare Institute (MIDEF) 1.1.1.2 Local Government 1.1.1.2.1 Managua Municipality 1.1.1.2.2 Rest of Municipalities and Municipalities 1.1.1.2.3 Councils and Regional Governments (RAAN and RAAS) 1.1.2 Non-Financial Public Enterprises 1.1.2.1 Nicaraguan Electricity Company (ENEL) 1/ 1.1.2.2 National Electric Transmission Company (ENATREL) 1.1.2.3 Nicaraguan Water and Sewerage Company (ENACAL) 1.1.2.4 National Port Company (EPN) 1.1.2.5 Nicaraguan Petroleum Company (PETRONIC) 1.1.2.6 National Lottery 1.1.2.7 Airport Administrator Company (EAAI) 1.1.2.8 Nicaraguan Export and Import Company (ENIMPORT) 1.1.2.9 Nicaraguan Basic Supplies Company (ENABAS) 1.1.2.10 Others 2/ 1.2 Financial Societies Sector 1.2.1 Central Bank of Nicaragua (BCN) 1.2.2 Other Deposit Societies 1.2.2.1 Commercial and Financial Banks 1.2.2.2 Microfinance and Savings and Loan Cooperatives 1.2.2.3 Offshore Banks 1.2.3 Other Financial Societies 1.2.3.1 Other Financial Intermediaries 1.2.3.1.01 Nicaraguan Investment Finance Company 1.2.3.1.02 Others 3/ 1.2.3.2 Insurance Companies and Pension Funds 1.2.3.3 Financial Auxiliaries 4/ 1.3 Private Sector 1.3.1 Private Companies 1.3.2 Natural Persons 1.3.3 Non-Profit Institutions Serving Households II. NON-RESIDENTS 2.1 Diplomatic Representations 2.2 Multilateral Financial International Organizations 2.3 Multilateral Non-Financial International Organizations 2.4 Bilateral International Organizations 2.5 Foreign Companies and Individuals GENERAL TOTAL 1/ Includes ENEL Central, HIDROGESA, GECSA. 2/ Includes COPRENICSA, Canal Seis, and Correos de Nicaragua. 3/ Includes LA FISE Financial Leasing and Rural Credit Fund. 4/ Includes Deposit Warehouses, Stock Exchange, Stock Exchanges, and Custody Institutions. Bank: Month: Prepared by: Authorized by: Sectors Investments (Balances in thousands of C$) National Currency Foreign Currency

21 FORMAT I-A-VALUES Short-term Long-term Subtotal Short-term Long-term Subtotal I. RESIDENTS 1.1 Non-Financial Public Sector 1.1.1 General Government 1.1.1.1 Central Government 1.1.1.1.1 State Powers 1.1.1.1.2 Ministries Of which: MHCP 1.1.1.1.3 Bodies and Decentralized Entities Of which: General Directorate of Revenues (DGI) General Directorate of Customs Services (DGSA) Telecommunications and Post (TELCOR) Deposit Guarantee Fund (FOGADE) 1.1.1.1.4 Social Security 1.1.1.1.4.01 Nicaraguan Institute of Social Security (INSS) 1.1.1.1.4.02 Institute of Social Security and Human Development (ISSDHU) 1.1.1.1.4.03 Military Social Welfare Institute (MIDEF) 1.1.1.2 Local Government 1.1.1.2.1 Managua Municipality 1.1.1.2.2 Rest of Municipalities and Municipalities 1.1.1.2.3 Councils and Regional Governments (RAAN and RAAS) 1.1.2 Non-Financial Public Enterprises 1.1.2.1 Nicaraguan Electricity Company (ENEL) 1/ 1.1.2.2 National Electric Transmission Company (ENATREL) 1.1.2.3 Nicaraguan Water and Sewerage Company (ENACAL) 1.1.2.4 National Port Company (EPN) 1.1.2.5 Nicaraguan Petroleum Company (PETRONIC) 1.1.2.6 National Lottery 1.1.2.7 Airport Administrator Company (EAAI) 1.1.2.8 Nicaraguan Export and Import Company (ENIMPORT) 1.1.2.9 Nicaraguan Basic Supplies Company (ENABAS) 1.1.2.10 Others 2/ 1.2 Financial Societies Sector 1.2.1 Central Bank of Nicaragua (BCN) 1.2.2 Other Deposit Societies 1.2.2.1 Commercial and Financial Banks 1.2.2.2 Microfinance and Savings and Loan Cooperatives 1.2.2.3 Offshore Banks 1.2.3 Other Financial Societies 1.2.3.1 Other Financial Intermediaries 1.2.3.1.01 Nicaraguan Investment Finance Company 1.2.3.1.02 Others 3/ 1.2.3.2 Insurance Companies and Pension Funds 1.2.3.3 Financial Auxiliaries 4/ 1.3 Private Sector 1.3.1 Private Companies 1.3.2 Natural Persons 1.3.3 Non-Profit Institutions Serving Households II. NON-RESIDENTS 2.1 Diplomatic Representations 2.2 Multilateral Financial International Organizations 2.3 Multilateral Non-Financial International Organizations 2.4 Bilateral International Organizations 2.5 Foreign Companies and Individuals GENERAL TOTAL 1/ Includes ENEL Central, HIDROGESA, GECSA. 2/ Includes COPRENICSA, Canal Seis, and Correos de Nicaragua. 3/ Includes LA FISE Financial Leasing and Rural Credit Fund. 4/ Includes Deposit Warehouses, Stock Exchange, Stock Exchanges, and Custody Institutions. Bank: Month: Prepared by: Authorized by: Operations with Values and Derivatives (Balances in thousands of C$) Sectors National Currency Foreign Currency Total

22 FORMAT I-P-DEPOSITS Checking Account Savings Term Other Subtotal Checking Account Savings Term Other Subtotal I. RESIDENTS 1.1 Non-Financial Public Sector 1.1.1 General Government 1.1.1.1 Central Government 1.1.1.1.1 State Powers 1.1.1.1.2 Ministries Of which: MHCP 1.1.1.1.3 Bodies and Decentralized Entities Of which: General Directorate of Revenues (DGI) General Directorate of Customs Services (DGSA) Telecommunications and Post (TELCOR) Deposit Guarantee Fund (FOGADE) 1.1.1.1.4 Social Security 1.1.1.1.4.01 Nicaraguan Institute of Social Security (INSS) 1.1.1.1.4.02 Institute of Social Security and Human Development (ISSDHU) 1.1.1.1.4.03 Military Social Welfare Institute (MIDEF) 1.1.1.2 Local Government 1.1.1.2.1 Managua Municipality 1.1.1.2.2 Rest of Municipalities and Municipalities 1.1.1.2.3 Councils and Regional Governments (RAAN and RAAS) 1.1.2 Non-Financial Public Enterprises 1.1.2.1 Nicaraguan Electricity Company (ENEL) 1/ 1.1.2.2 National Electric Transmission Company (ENATREL) 1.1.2.3 Nicaraguan Water and Sewerage Company (ENACAL) 1.1.2.4 National Port Company (EPN) 1.1.2.5 Nicaraguan Petroleum Company (PETRONIC) 1.1.2.6 National Lottery 1.1.2.7 Airport Administrator Company (EAAI) 1.1.2.8 Nicaraguan Export and Import Company (ENIMPORT) 1.1.2.9 Nicaraguan Basic Supplies Company (ENABAS) 1.1.2.10 Others 2/ 1.2 Financial Societies Sector 1.2.1 Central Bank of Nicaragua (BCN) 1.2.2 Other Deposit Societies 1.2.2.1 Commercial and Financial Banks 1.2.2.2 Microfinance and Savings and Loan Cooperatives 1.2.2.3 Offshore Banks 1.2.3 Other Financial Societies 1.2.3.1 Other Financial Intermediaries 1.2.3.1.01 Nicaraguan Investment Finance Company 1.2.3.1.02 Others 3/ 1.2.3.2 Insurance Companies and Pension Funds 1.2.3.3 Financial Auxiliaries 4/ 1.3 Private Sector 1.3.1 Private Companies 1.3.2 Natural Persons 1.3.3 Non-Profit Institutions Serving Households II. NON-RESIDENTS 2.1 Diplomatic Representations 2.2 Multilateral Financial International Organizations 2.3 Multilateral Non-Financial International Organizations 2.4 Bilateral International Organizations 2.5 Foreign Companies and Individuals GENERAL TOTAL 1/ Includes ENEL Central, HIDROGESA, GECSA. 2/ Includes COPRENICSA, Canal Seis, and Correos de Nicaragua. 3/ Includes LA FISE Financial Leasing and Rural Credit Fund. 4/ Includes Deposit Warehouses, Stock Exchange, Stock Exchanges, and Custody Institutions. Total Deposits Bank: Month: Prepared by: Authorized by: Deposits (Balances in thousands of C$) Sectors National Currency Foreign Currency

23 FORMAT I-P-VALUES Short-term Long-term Subtotal Short-term Long-term Subtotal I. RESIDENTS 1.1 Non-Financial Public Sector 1.1.1 General Government 1.1.1.1 Central Government 1.1.1.1.1 State Powers 1.1.1.1.2 Ministries Of which: MHCP 1.1.1.1.3 Bodies and Decentralized Entities Of which: General Directorate of Revenues (DGI) General Directorate of Customs Services (DGSA) Telecommunications and Post (TELCOR) Deposit Guarantee Fund (FOGADE) 1.1.1.1.4 Social Security 1.1.1.1.4.01 Nicaraguan Institute of Social Security (INSS) 1.1.1.1.4.02 Institute of Social Security and Human Development (ISSDHU) 1.1.1.1.4.03 Military Social Welfare Institute (MIDEF) 1.1.1.2 Local Government 1.1.1.2.1 Managua Municipality 1.1.1.2.2 Rest of Municipalities and Municipalities 1.1.1.2.3 Councils and Regional Governments (RAAN and RAAS) 1.1.2 Non-Financial Public Enterprises 1.1.2.1 Nicaraguan Electricity Company (ENEL) 1/ 1.1.2.2 National Electric Transmission Company (ENATREL) 1.1.2.3 Nicaraguan Water and Sewerage Company (ENACAL) 1.1.2.4 National Port Company (EPN) 1.1.2.5 Nicaraguan Petroleum Company (PETRONIC) 1.1.2.6 National Lottery 1.1.2.7 Airport Administrator Company (EAAI) 1.1.2.8 Nicaraguan Export and Import Company (ENIMPORT) 1.1.2.9 Nicaraguan Basic Supplies Company (ENABAS) 1.1.2.10 Others 2/ 1.2 Financial Societies Sector 1.2.1 Central Bank of Nicaragua (BCN) 1.2.2 Other Deposit Societies 1.2.2.1 Commercial and Financial Banks 1.2.2.2 Microfinance and Savings and Loan Cooperatives 1.2.2.3 Offshore Banks 1.2.3 Other Financial Societies 1.2.3.1 Other Financial Intermediaries 1.2.3.1.01 Nicaraguan Investment Finance Company 1.2.3.1.02 Others 3/ 1.2.3.2 Insurance Companies and Pension Funds 1.2.3.3 Financial Auxiliaries 4/ 1.3 Private Sector 1.3.1 Private Companies 1.3.2 Natural Persons 1.3.3 Non-Profit Institutions Serving Households II. NON-RESIDENTS 2.1 Diplomatic Representations 2.2 Multilateral Financial International Organizations 2.3 Multilateral Non-Financial International Organizations 2.4 Bilateral International Organizations 2.5 Foreign Companies and Individuals GENERAL TOTAL 1/ Includes ENEL Central, HIDROGESA, GECSA. 2/ Includes COPRENICSA, Canal Seis, and Correos de Nicaragua. 3/ Includes LA FISE Financial Leasing and Rural Credit Fund. 4/ Includes Deposit Warehouses, Stock Exchange, Stock Exchanges, and Custody Institutions. Bank: Month: Prepared by: Authorized by: Securities and Derivatives Repurchase Operations (Balances in thousands of C$) Sectors National Currency Foreign Currency Total

24 FORMAT II-A-DEPOSITS Account current Savings Time Other Subtotal Account current Savings Time Other Subtotal I. RESIDENTS 1.1 Non-Financial Public Sector 1.1.1 General Government 1.1.1.1 Central Government 1.1.1.1.1 State Powers 1.1.1.1.2 Ministries Of which: MHCP 1.1.1.1.3 Decentralized Bodies and Entities Of which: General Directorate of Revenue (DGI) General Directorate of Customs Services (DGSA) Telecommunications and Post (TELCOR) Deposit Guarantee Fund (FOGADE) 1.1.1.1.4 Social Security 1.1.1.1.4.01 Nicaraguan Social Security Institute (INSS) 1.1.1.1.4.02 Institute of Social Security and Human Development (ISSDHU) 1.1.1.1.4.03 Military Social Welfare Institute (MIDEF) 1.1.1.2 Local Government 1.1.1.2.1 Managua City Hall 1.1.1.2.2 Rest of City Halls and Municipalities 1.1.1.2.3 Councils and Regional Governments (RAAN and RAAS) 1.1.2 Non-Financial Public Enterprises 1.1.2.1 Nicaraguan Electric Company (ENEL) 1/ 1.1.2.2 National Electric Transmission Company (ENATREL) 1.1.2.3 Nicaraguan Water and Sewerage Company (ENACAL) 1.1.2.4 National Port Company (EPN) 1.1.2.5 Nicaraguan Petroleum Company (PETRONIC) 1.1.2.6 National Lottery 1.1.2.7 Airport Administrator Company (EAAI) 1.1.2.8 Nicaraguan Export and Import Company (ENIMPORT) 1.1.2.9 Nicaraguan Basic Supplies Company (ENABAS) 1.1.2.10 Others 2/ GENERAL TOTAL 1/ Includes ENEL Central, HIDROGESA, GECSA. 2/ Includes COPRENICSA, Canal Seis and Correos de Nicaragua. Bank: Month: Prepared: Authorized: Deposits (Balances in thousands of C$) Sectors National Currency Foreign Currency Total Deposits

25 ANNEX NO. 4 SECTORIZATION CATALOG CODE DESCRIPTION I. RESIDENTS. Non-Financial Public Sector. I.1 General Government. I.1.1 Central Government. I.1.1.1 State Powers. I.1.1.1.01 National Assembly. I.1.1.1.02 Supreme Court of Justice (CSJ). I.1.1.1.03 Supreme Electoral Council (CSE). I.1.1.2 Ministries. I.1.1.2.01 Presidency and Vice-Presidency of the Republic. I.1.1.2.02 Ministry of Government (MINGOB). I.1.1.2.03 Ministry of Foreign Relations (MINREX). I.1.1.2.04 Ministry of Defense. I.1.1.2.05 Ministry of Finance and Public Credit (MHCP). I.1.1.2.06 Ministry of Industry and Commerce (MIFIC). I.1.1.2.07 Ministry of Education (MINED) I.1.1.2.08 Ministry of Agriculture and Forestry (MAGFOR). I.1.1.2.09 Ministry of Transport and Infrastructure (MTI). I.1.1.2.10 Ministry of Health (MINSA). I.1.1.2.11 Ministry of Labor (MITRAB). I.1.1.2.12 Ministry of Environment and Natural Resources (MARENA). I.1.1.2.13 Ministry of Family, Adolescence and Childhood. I.1.1.2.14 Ministry of Energy and Mines

26 I.1.1.2.15 Attorney General of the Republic. I.1.1.2.16 Comptroller General of the Republic. I.1.1.3 Decentralized Bodies and Entities. I.1.1.3.1 National Commission of Potable Water and Sanitary Sewerage. I.1.1.3.2 National Commission of Demarcation and Titling. I.1.1.3.3 National Council for the Fight Against Drugs. I.1.1.3.4 National Council of Economic and Social Planning (CONPES). I.1.1.3.5 National Council for Evaluation and Accreditation of the Educational System I.1.1.3.6 National Council of Sport, Education and Physical Recreation I.1.1.3.7 National Council for Sustainable Development (CONADES). I.1.1.3.8 Free Zone Corporation. I.1.1.3.9 National Corporations of the Public Sector (CORNAP). I.1.1.3.10 General Directorate of Revenue (DGI). I.1.1.3.11 General Directorate of Customs Services (DGSA). I.1.1.3.12 Mining Development Fund I.1.1.3.13 Fisheries Development Fund I.1.1.3.14 National Forest Development Fund I.1.1.3.15 Emergency Social Investment Fund (FISE). I.1.1.3.16 Road Maintenance Fund (FOMAV). I.1.1.3.17 Rural Development Institute (IDR). I.1.1.3.18 Urban and Rural Housing Institute (INVUR). I.1.1.3.19 National Forest Institute (INAFOR). I.1.1.3.20 National Technological Institute (INATEC). I.1.1.3.21 National Technological Institute (INTECNA). I.1.1.3.22 Nicaraguan Institute of Culture (INC). I.1.1.3.23 Nicaraguan Institute of Territorial Studies (INETER). I.1.1.3.24 Nicaraguan Institute of Municipal Development (INIFOM). I.1.1.3.25 Nicaraguan Institute of Women (INIM). I.1.1.3.26 Nicaraguan Institute of Agricultural Technology ( INTA). I.1.1.3.27 Nicaraguan Institute of Tourism (INTUR). I.1.1.3.28 National Institute of Development Information (INIDE) I.1.1.3.29 Nicaraguan Institute of Sports. I.1.1.3.30 Nicaraguan Institute of Youth. I.1.1.3.31 Nicaraguan Institute of Fisheries and Aquaculture. I.1.1.3.32 Institute Against Alcoholism and Drug Addiction. I.1.1.3.33 Institute of Support for Medium and Small Enterprises (IMPYME).

27 I.1.1.3.34 Nicaraguan Institute of Civil Aeronautics. I.1.1.3.35 Nicaraguan Institute of Energy (INE). I.1.1.3.36 Nicaraguan Institute of Water and Sewerage (INAA). I.1.1.3.37 LA GACETA. I.1.1.3.38 Property Ordering. I.1.1.3.39 Radio Nicaragua. I.1.1.3.40 Rubén Darío National Theater (TNRD). I.1.1.3.41 National System for Prevention, Mitigation and Attention to Disasters (SINAPRED). I.1.1.3.42 Superintendence of Banks and Other Financial Institutions (SIBOIF). I.1.1.3.43 Public Ministry. I.1.1.3.44 Proctorate for the Defense of Human Rights. I.1.1.3.45 Telecommunications and Post (TELCOR). I.1.1.3.46 Deposit Guarantee Fund (FOGADE). I.1.1.3.47 Universities and Centers of Higher Technical Education. I.1.1.3.48 National Autonomous University of Nicaragua, León (UNAN). I.1.1.3.49 National Autonomous University of Nicaragua, Managua (UNAN). I.1.1.3.50 Central American University (UCA). I.1.1.3.51 Polytechnic University (UPOLI). I.1.1.3.52 National University of Engineering (UNI). I.1.1.3.53 Agrarian University (UNA). I.1.1.3.54 Indigenous University of Bluefields and the Caribbean (UBICU). I.1.1.3.55 University of Autonomous Regions of the Nicaraguan Caribbean Coast (URRACAN). I.1.1.3.56 International School of Agriculture of Rivas. I.1.1.3.57 School of Agriculture of Estelí. I.1.1.3.58 National Council of Universities (CNU). I.1.1.4 Social Security. I.1.1.4.01 Nicaraguan Social Security Institute (INSS). I.1.1.4.02 Institute of Social Security and Human Development (ISDHU). I.1.1.4.03 Military Social Welfare Institute (MIDEF). I.1.2 Local Government. I.1.2.1 Managua City Hall (ALMA). I.1.2.2 Rest of Municipal City Halls. I.1.2.3 Councils and Regional Governments (RAAN and RAAS). I.1.2.3.01 Autonomous Regional Council of the North Atlantic. I.1.2.3.02 Autonomous Regional Council of the South Atlantic.

28 I.1.2.3.03 Autonomous Regional Government of the North Atlantic. I.1.2.3.04 Autonomous Regional Government of the South Atlantic. I.2 Non-Financial Societies. I.2.1 Public Enterprises. I.2.1.1 Nicaraguan Electric Company (ENEL). I.2.1.1.01 Nicaraguan Electric Company Central (ENEL-Central). I.2.1.1.02 Hydroelectric Generator S.A. (HIDROGESA). I.2.1.1.03 Central Electric Generator S.A. (GECSA). I.2.1.2 National Electric Transmission Company, SA (ENATREL). I.2.1.3 Nicaraguan Water and Sewerage Company (ENACAL). I.2.1.4 National Port Company (EPN). I.2.1.5 Nicaraguan Petroleum Company (PETRONIC). I.2.1.6 National Lottery. I.2.1.7 Airport Administrator Company (EAAI). I.2.1.8 Nicaraguan Export and Import Company (ENIMPORT). I.2.1.9 Nicaraguan Basic Supplies Company (ENABAS). I.2.1.10 Correos de Nicaragua S.A. I.2.1.11 Prestressed Concrete of Nicaragua S.A. (COPRENICSA). I.2.1.12 Canal Seis. I.2.2 Private non-financial enterprises I.3 Financial Societies. I.3.1 Central Bank of Nicaragua (BCN). I.3.2 Other Deposit Societies. I.3.2.1 Commercial Banks and Financial Institutions. I.3.2.1.01 Production Bank (BANPRO). I.3.2.1.02 Central American Credit Bank (BANCENTRO). I.3.2.1.03 Central American Bank (BAC). I.3.2.1.04 Finance Bank (BDF). I.3.2.1.05 Banco Uno, S.A. I.3.2.1.06 Procredit Bank (Procredit). I.3.2.1.07 HSBC Nicaragua Bank, S.A. (HSBC) I.3.2.1.08 Central American Leasing Financial Company, S.A. (FINARCA). I.3.2.1.09 Nicaraguan Development Financial Company, S.A. (FINDESA). I.3.2.1.10 FAMA Financial Company, S.A. I.3.2.2 Microfinance and savings and credit cooperatives. I.3.2.2.01 Association of Consultants for the Development of Small, Medium and Micro-enterprises (ACODEP)

29 I.3.2.2.02 Alternative Association for the Integral Development of Women (ADIM) I.3.2.2.03 Association for the Promotion of Development of Nicaragua (AFODENIC) I.3.2.2.04 Development Association of Rivas (ASODERI) I.3.2.2.05 Local Development Promotion Center (CEPRODEL) I.3.2.2.06 Multiple Services Cooperative April 20 R.L (COOP April 20) I.3.2.2.07 Foundation 4 i – 2000 I.3.2.2.08 José Nieborowski Foundation (FJN) I.3.2.2.09 León 2000 Foundation I.3.2.2.10 Local Development Fund (FDL) I.3.2.2.11 FINCA Nicaragua I.3.2.2.12 Women's Development Fund (FODEM) I.3.2.2.13 Foundation for the Development of Micro-enterprise (FUDEMI) I.3.2.2.14 Foundation for the Development of Nueva Segovia (FUNDENUSE) I.3.2.2.15 Foundation for the Business Development of Small and Medium Enterprises (FUNDEPYME) I.3.2.2.16 Foundation for Rural Socioeconomic Development (FUNDESER) I.3.2.2.17 Nicaraguan Fund for Community Development (PRESTANIC) I.3.2.2.18 Foundation for Promotion and Development (PRODESA) I.3.2.2.19 Program for Women (PROMUJER) I.3.2.2.20 Other microfinance and savings and credit cooperatives. I.3.2.3 Offshore Banks I.3.3 Other Financial Societies. I.3.3.1 Other Financial Intermediaries. I.3.3.1.01 Nicaraguan Investment Financial Company (FNI). I.3.3.1.02 Leasing Financial Company LAFISE, S.A. I.3.3.1.03 Rural Credit Fund. I.3.3.2 Insurance Companies and Pension Funds. I.3.3.2.01 America Insurance, S.A. (AMERICA). I.3.3.2.02 LAFISE Insurance, S.A. I.3.3.2.03 Nicaraguan Institute of Insurance and Reinsurance (INISER). I.3.3.2.04 Metropolitan Insurance Company, S.A. (METROPOLITANA). I.3.3.2.05 Mundial, S.A. I.3.3.3 Financial Auxiliaries. I.3.3.3.01 Stock Positions. I.3.3.3.01.01 BAC Securities of Nicaragua, S.A. (BAC Securities). I.3.3.3.01.02 Central American Investments, S.A. (INVERCASA). I.3.3.3.01.03 Stock Market Investments Expo, S.A. (INVEREXPO).

30 I.3.3.3.01.04 Investments of Nicaragua, S.A. (INVERNIC). I.3.3.3.01.05 LAFISE Securities, S.A. (LAFISE Securities). I.3.3.3.01.06 PROVALORES, S.A. (PROVALORES). I.3.3.3.02 General Warehouses of Deposit. I.3.3.3.02.01 Nicaraguan Financial Storage S. A. (ALFINSA). I.3.3.3.02.02 BAC Financial Warehouse, S.A. (ALFIBAC). I.3.3.3.02.03 LAFISE Storage, S.A. (LAFISE). I.3.3.3.02.04 Export Storage, S.A. (ALMEXA). I.3.3.3.03 Stock Exchange of Nicaragua. I.3.3.3.04 Custody Institutions. I.3.3.3.04.01 Nicaraguan Central of Securities (CENIVAL). I.4 Others from the Private Sector I.4.1 Natural Persons (families). I.4.1.1 Directors of the Financial or Banking Entity. I.4.1.2 Non-Director Employees of the Financial or Banking Entity. I.4.1.3 Micro-entrepreneurs without Legal Constitution Deed. I.4.1.4 Other Natural Persons. I.4.1.5 Micro-entrepreneurs with Legal Constitution Deed. I.4.2 Non-Profit Institutions that Serve Households. II. NON-RESIDENTS. II.1 Diplomatic Representations. II.1.01 Federal Republic of Germany II.1.02 Republic of Argentina II.1.03 Republic of Austria / Office for Development Cooperation II.1.04 Federative Republic of Brazil II.1.05 Canada II.1.06 Republic of Chile II.1.07 Republic of China (Taiwan) II.1.08 Republic of Colombia II.1.09 Republic of Korea II.1.10 Republic of Costa Rica II.1.11 Republic of Cuba II.1.12 Kingdom of Denmark II.1.13 Dominican Republic II.1.14 Republic of Ecuador II.1.15 Republic of El Salvador

31 II.1.16 Delegation of the European Union II.1.17 Kingdom of Spain II.1.18 United States of America II.1.19 Republic of Finland II.1.20 French Republic II.1.21 Republic of Guatemala II.1.22 Republic of Honduras II.1.23 Islamic Republic of Iran II.1.24 Iceland II.1.25 Italian Republic II.1.26 Japan II.1.27 Great Jamahiriya Arab Libyan Socialist People's State II.1.28 Sovereign and Military Order of Malta II.1.29 Grand Duchy of Luxembourg II.1.30 United Mexican States II.1.31 Kingdom of Norway II.1.32 State of Palestine II.1.33 Republic of Panama II.1.34 Republic of Peru II.1.35 Kingdom of the Netherlands II.1.36 Russian Federation II.1.37 Kingdom of Sweden II.1.38 Apostolic Nunciature of the Holy See II.1.39 Bolivarian Republic of Venezuela II.2 Multilateral Financial International Organizations II.2.01 Central American Monetary Stabilization Fund (FOCEM) II.2.02 Central American Bank for Economic Integration (BCIE) II.2.03 Inter-American Development Bank (IDB) II.2.04 World Bank (WB) II.2.05 International Fund for Agricultural Development (IFAD) II.2.06 International Monetary Fund (IMF) II.2.07 Nordic Development Funds (FDN) II.2.07 Fund of the Organization of Petroleum Exporting Countries for International Development (OPEC-FUND) II.3 Multilateral Non-Financial International Organizations II.3.01 United Nations High Commissioner for Refugees (UNHCR). II.3.02 Tropical Agronomy Center for Research and Education (CATIE)

32 II.3.03 United Nations Centre for Human Settlements (HABITAT). II.3.04 United Nations Children's Fund (UNICEF) II.3.05 United Nations Population Fund (UNFPA) II.3.06 Organization of American States (OAS) II.3.07 United Nations Industrial Development Organization (UNIDO) II.3.08 Food and Agriculture Organization of the United Nations (FAO) II.3.09 United Nations Educational, Scientific and Cultural Organization (UNESCO) II.3.10 International Organization for Migration (IOM) II.3.11 International Labour Organization (ILO) II.3.12 Pan American Health Organization (PAHO-WHO) II.3.13 United Nations Development Programme (UNDP) II.3.14 World Food Programme (WFP) II.3.15 Central American Court of Justice (CCJ) II.3.16 Inter-American Institute for Cooperation on Agriculture (IICA) II.3.17 International Regional Organization for Animal and Plant Health (OIRSA) II.3.18 Permanent Secretariat of the General Treaty of Central American Economic Integration (SIECA). II.4 Bilateral International Organizations II.4.1 International Development Agency (AID) II.4.2 German Development Bank (KFW) II.4.3 German Technical Cooperation (GTZ) II.4.4 Canadian International Development Agency (ACDI) II.4.5 Korean Agency for International Cooperation (KOICA) II.4.6 Danish Agency for International Development (DANIDA) II.4.7 Spanish Agency for International Development Cooperation (AECI) II.4.8 Icelandic Agency for International Development (ICEIDA) II.4.9 Japan International Cooperation Agency (JICA) II.4.10 Swedish International Development Cooperation Agency (ASDI) II.4.11 Swiss Agency for Development and Cooperation (COSUDE) II.4.12 British Department for International Development (DFID) II.4.13 Austrian Office for Development Cooperation II.5 Foreign Enterprises and Individuals. II.5.1 Other Legal Persons (f) Antenor Rosales B. (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Roberto Solórzano Ch. (f) A. Cuadra G. (f) U. Cerna B. URIEL CERNA BARQUERO

33 Secretary Board of Directors SIBOIF