Official Letter modifying Article 3, Base II of the authorization granted to Crédito Afianzador, S.A., Compañía Mexicana de Garantías due to reduction in share capital

DOF: 13/07/2016

OFFICIAL LETTER modifying Article 3, Base II of the authorization granted to Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías, derived from the reduction in its share capital.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.- Undersecretariat of Finance and Public Credit.- Insurance, Pensions and Social Security Unit.- General Legal Directorate of Insurance, Sureties and Pensions.- Official Letter No. 366-III-499/15.

CRÉDITO AFIANZADOR, SOCIEDAD ANÓNIMA

MEXICAN SURETY COMPANY

Vienna No. 5, 6th Floor

Juárez Neighborhood

City, Postal Code 06600.

Attention:

Lic. Pablo Antonio León de la Barra R.

Attorney-in-fact.

The Federal Government, through this Ministry of Finance and Public Credit, based on the provisions of Article 31, fraction VIII of the Organic Law of the Federal Public Administration; Article 5 of the Federal Surety Institutions Law, this latter legislation applicable in accordance with the First and Fifth Transitional Provisions of the Insurance and Surety Institutions Law; and Article 36, fraction VI of the Internal Regulations of the Ministry of Finance and Public Credit, issues the resolution indicated below, taking into account the following background and considerations:

BACKGROUND

I.

Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías, is a society authorized by this Ministry to organize and function as a surety institution to carry out the branches and sub-branches of sureties referred to in Article 5 of the Federal Surety Institutions Law, as evidenced by resolution 102-E-366-DGSV-I-C-a-464 of March 19, 1991.

This Resolution was last modified by Official Letter 366-III-168/15 of March 6, 2015.

II.

By Official Letter 366-III-220/15 of March 19, 2015, the General Legal Directorate of Insurance, Sureties and Pensions, attached to the Insurance, Pensions and Social Security Unit:

a)

Approved the reform to Clause Fifth of the bylaws of Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías, derived from the reduction in its share capital from $86,418,030.00 to $66,418,030.00, in accordance with its extraordinary general shareholders' meeting of December 26, 2011.

b)

Requested that within sixty business days following the date of notification, the first original testimony and two simple copies of the public deed with registration data in the Public Registry of Commerce be sent, in which the minutes of the extraordinary general shareholders' meeting of Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías were notarized, to proceed with the modification of its authorization to organize and function as a surety institution.

III.

With a writing dated July 20, 2015, Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías, sent to this Insurance, Pensions and Social Security Unit the first testimony of public deed No. 320,896 of June 12, 2015, granted before the notary public Lic. Tomás Lozano Molina, Public Notary No. 10 for the City of Mexico, Federal District, in which the notarization of the minutes of the extraordinary general shareholders' meeting of December 26, 2011, is recorded, and consequently the reform to Clause Fifth of its bylaws, which was registered in the Public Registry of Commerce on July 2, 2015, with commercial folio No. 39617*.

CONSIDERATIONS

I.

The Fifth Transitional Provision of the Insurance and Surety Institutions Law establishes that approval requests received before the entry into force of that law, that is, before April 4, 2015, and which by virtue thereof are assigned to the National Insurance and Sureties Commission, will be processed and resolved by this Ministry, for which it may, even after that date, continue to exercise the powers conferred based on the Federal Surety Institutions Law that was repealed.

II.

That as a result of the approval of Clause Fifth of the bylaws of Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías, which was granted before the entry into force of the Insurance and Surety Institutions Law and as indicated in the official letter cited in Background II, the terms of the authorization granted to that surety institution must be modified.

III.

That they sent to this Ministry the first testimony and three simple copies of public deed No. 320,896 with registration data in the Public Registry of Commerce.

IV.

That the modification to the authorization granted to Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías to organize and function as a surety institution derives from the approval of the bylaw reform that was granted before the entry into force of the Insurance and Surety Institutions Law, as has been noted.

RESOLUTION

First.- Article 3, Base II of the authorization granted to Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías, to organize and function as a surety institution, is modified, to read as follows:

" ARTICLE 3.-...

I.- ...

II.- The share capital will be $66,418,030.00, (sixty-six million four hundred eighteen thousand thirty pesos 00/100 M.N), which includes the amount of minimum paid-in capital set forth in Article 15, fraction II, of the Federal Surety Institutions Law.

III.- ..."

Second.- The authorization granted to Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías to organize and function as a surety institution, after the modification indicated in the previous operative clause, remains entirely in the following terms:

" AUTHORIZATION GRANTED BY THE FEDERAL GOVERNMENT THROUGH THE MINISTRY OF FINANCE AND PUBLIC CREDIT, TO CRÉDITO AFIANZADOR, S.A., MEXICAN SURETY COMPANY, TO OPERATE AS A SURETY INSTITUTION, UNDER THE FOLLOWING TERMS:

ARTICLE ONE.- In exercise of the power conferred by Article 5 of the Federal Surety Institutions Law to the Ministry of Finance and Public Credit, authorization is granted to Crédito Afianzador, S.A., Mexican Surety Company, to operate as a surety institution.

ARTICLE TWO.- The surety institution is authorized to carry out surety operations, in the following branches and sub-branches:

I.

Fidelity Sureties, in the following sub-branches:

a)

Individual; and

b)

Collective.

II.

Judicial Sureties, in the following sub-branches:

a)

Criminal judicial;

b)

Non-criminal judicial; and

c)

Judicial sureties covering drivers of motor vehicles.

III.

Administrative Sureties, in the following sub-branches:

a)

Construction;

b)

Supply;

c)

Tax;

d)

Leasing; and

e)

Other administrative sureties.

IV.

Credit Sureties, in the following sub-branches:

a)

Supply;

b)

Sales;

c)

Financial; and

d)

Other credit sureties.

V.

Guarantee Trusts, in the following sub-branches:

a)

Related to surety policies; and

b)

Unrelated to surety policies.

ARTICLE THREE.- The surety institution will be subject to the provisions of the Federal Surety Institutions Law, the General Law of Commercial Societies, the other laws applicable to it, and, in particular, to the following bases:

I.- The name will be "Crédito Afianzador", Sociedad Anónima, followed by the legend Mexican Surety Company.

II.- The share capital will be $66,418,030.00, (sixty-six million four hundred eighteen thousand thirty pesos 00/100) National Currency, which includes the amount of minimum paid-in capital set forth in Article 15, fraction II, of the Federal Surety Institutions Law.

III.- The domicile will be Mexico City, Federal District.

ARTICLE FOUR.- By its very nature, this authorization is non-transferable. "

Third.-

This resolution will be published in the Official Gazette of the Federation, at the expense of Crédito Afianzador, Sociedad Anónima, Compañía Mexicana de Garantías, in accordance with what is established in Article 6 of the Federal Surety Institutions Law.

Respectfully,

Mexico, D.F., August 5, 2015. - The Deputy General Director, Yolanda Torres Segarra.- Signature.

(R.- 434229)

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