Official Letter Authorizing the Organization and Operation of SFC Snowball Community, S.A. de C.V., a Collective Financing Institution

DOF: 22/05/2023

OFFICIAL LETTER by which authorization is granted for the organization and operation of a collective financing institution to be named SFC Snowball Community, S.A. de C.V., Collective Financing Institution.

A seal with the National Coat of Arms appears on the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Presidency.- Official Letter No.: P222/ 2021.

Subject:

Authorization for the organization and operation of a collective financing institution to be named SFC Snowball Community, S.A. de C.V., Collective Financing Institution.

SFC SNOWBALL COMMUNITY, S.A. DE C.V. Av. Paseo de la Reforma No. 180, Floor 12, Office 1235, Col. Juárez, C.P. 06600, Cuauhtémoc, Mexico City.

TO:

MR. SALVADOR VIDAL HOLGUIN FLORES Legal Representative

With a writing presented on September 25, 2019, SFC Snowball Community, S.A. de C.V. (Snowball or the company) requested authorization from the National Banking and Securities Commission (Commission) to organize and operate as a Collective Financing Institution to be named SFC Snowball Community, S.A. de C.V., Collective Financing Institution, accompanying the request with the corresponding supporting information and documentation.

As a background, it should be noted that this Commission issued a warning to Snowball within the timeframe established in the Law for the Regulation of Financial Technology Institutions, in order for it to address various observations and recommendations regarding its authorization request, granting the extension requested from this authority.

In relation to the above, Snowball submitted various documents and information in order to respond to the aforementioned warning. Likewise, this authority required Snowball to provide various complementary documents and information in order to be in a position to address its authorization request, so that company attended to the request for complementary information and sent updated documentation and information regarding its file. The company requested an extension of the resolution timeframe and an extension for the processing, which were granted.

Regarding this matter, the Inter-institutional Committee in the session held on July 26, 2021, based on articles 11 and 35, in relation to article 15 of the Law for the Regulation of Financial Technology Institutions, and

CONSIDERING

FIRST.- That the documentation and information presented in connection with the authorization request for the organization and operation of the Collective Financing Institution to be named SFC Snowball Community, S.A. de C.V., Collective Financing Institution, meets the requirements provided for in article 15, in relation to article 39 of the Law for the Regulation of Financial Technology Institutions and with articles 3, 4 and 6 of the General Provisions applicable to Financial Technology Institutions.

SECOND.- That from the analysis of the documentation and information received, it was concluded that from a legal, financial and operational point of view, the requested authorization is appropriate, so the following was adopted:

AGREEMENT

" FIRST.- The members of the Inter-institutional Committee, based on articles 11 and 35, in relation to article 15 of the Law for the Regulation of Financial Technology Institutions, unanimously approve the authorization for the organization and operation of a Collective Financing Institution to be named SFC Snowball Community, S.A. de C.V., Collective Financing Institution, under the terms of the proposal presented to the Committee. "

The previous agreement is adopted without prejudice to the other authorizations that must be obtained from the National Banking and Securities Commission in connection with the described act, in terms of the applicable provisions, as well as the exercise of the powers attributed to said Commission during the organization process of SFC Snowball Community, S.A. de C.V., Collective Financing Institution, in which all conditions and requirements imposed by said Commission must be fulfilled.

The entity whose organization and operation is authorized will be subject to the following:

BASES

FIRST.- The name of the company will be SFC Snowball Community, S.A. de C.V., Collective Financing Institution.

SECOND.- It will have its social domicile in Mexico City.

THIRD.- Its duration will be ninety-nine years.

FOURTH.- The amount of its initial social capital will be $17,245,300.00 (seventeen million two hundred forty-five thousand three hundred pesos 00/100 M.N.).

FIFTH.- Its corporate purpose will correspond to the performance of all activities in national currency contemplated in articles 15, 16, fraction II and 19, fractions I, II, III, IV, V, VI, VII, VIII, IX and XI of the Law for the Regulation of Financial Technology Institutions.

SIXTH.- The authorization referred to in this official letter is, by its very nature, non-transferable.

SEVENTH.- The institution will be subject to the supervision of the National Banking and Securities Commission and the Bank of Mexico, in the exercise of their respective attributes, as well as, of the other competent financial authorities in the terms established by law.

EIGHTH.- The services consisting of collective capital financing that the institution provides by virtue of this authorization, as well as the other operations it carries out, as well as its organization and operation in general, will be subject, in what is not expressly stated in this official letter, to the Law for the Regulation of Financial Technology Institutions, to the rules and general provisions applicable to Financial Technology Institutions issued by the National Banking and Securities Commission, to the provisions regarding its operations issued by the Bank of Mexico and to the other current norms and provisions and those that are issued in the future by any competent authority, including those related to operations with resources of illicit origin and terrorism financing, which by their nature are applicable.

In relation to the above, Snowball must observe the terms and attend the obligations contained in official letter P223/2021 dated July 28, 2021.

This is issued based on articles 16, fractions I and XVII of the Law of the National Banking and Securities Commission and 12 and 41, fraction I of the Internal Regulations of the National Banking and Securities Commission.

Sincerely,

Mexico City, July 28, 2021. - President, Juan Pablo Graf Noriega.- Signature.

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