Official Letter Revoking the Operating Authorization Granted to Caja Cristo Rey, S.C. de A.P. de R.L. de C.V.

DOF: 12/09/2016

OFFICIAL LETTER revoking the operating authorization granted to Caja Cristo Rey, S

At the margin, a seal with the National Emblem, which reads: United Mexican States.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.- Official Letter No. P-064/2016.

CAJA CRISTO REY, S.C. DE A.P. DE R.L. DE C.V.

Calle 32 #285, Colonia Centro, C.P. 97540, Izamal, Yucatán, Mexico.

This National Banking and Securities Commission, based on the provisions of articles 84, fraction XII, of the Law for the Regulation of the Activities of Savings and Loan Cooperatives and 12, fraction V, of the Law of the National Banking and Securities Commission; as well as in accordance with the Agreements adopted by the Board of Directors of this Decentralized Body in its ordinary session held on August 19 of 2016, and with the object of complying with said legal regulations, issues this resolution revoking the authorization to operate as a Savings and Loan Cooperative Society, which was previously granted to the entity known as Caja Cristo Rey, S.C. de A.P. de R.L. de C.V., in accordance with the following:

BACKGROUND

1.

By official letters 311-30926/2008 and 134/21671/2008, dated May 7, 2008, authorization was granted to operate as a savings and loan cooperative society to the entity known as Caja Cristo Rey, S.C. de A.P. de R.L. de C.V. (hereinafter referred to as Cristo Rey, Entity or Society, interchangeably), whose last registered address with this Commission is located at Calle 32 No. 285, Col. Centro, C.P. 97540, Izamal, Yucatán, Mexico.

2.

By letter dated May 5, 2016, submitted to this Commission on the 13th of the same month and year, Cristo Rey informed that " through an extraordinary general meeting of partners held on December 14, 2015, it was agreed to enter a STATE OF DISSOLUTION AND LIQUIDATION ..., which is recorded in minutes number 574 dated March 17 of the current year, granted before the notary public Mr. Carlos T. Goff Rodriguez, Public Notary Number 97 of the City of Merida ... " .

3.

By letter dated May 23, 2016, submitted to this Commission on the 27th of the same month and year, in extension of the content of the letter of May 5, 2016, referred to in the immediately preceding background, that Society attached documentation, among which were found: (I) a simple copy of the contract for the assignment of assets and liabilities entered into between Caja Cristo Rey, S.C. de A.P. de R.L. de C.V. and Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V.; and (II) a certified copy of minutes 574 containing the extraordinary general meeting of partners held on December 14, 2015, in which it was resolved, among other matters, the celebration of the contract for the assignment of assets and liabilities mentioned above, as well as the subsequent dissolution and liquidation of Cristo Rey.

4.

In light of the above, on June 30, 2016, this Decentralized Body notified Cristo Rey of official letter 212/165428/2016, dated June 22, 2016, by virtue of which it was summoned to revoke its authorization to operate as a savings and loan cooperative society, in terms of what is provided by article 84, fraction XII of the Law for the Regulation of the Activities of Savings and Loan Cooperatives (hereinafter LRASCAP). This is as recorded in the Notification Act of June 30, 2016.

To this end, in strict observance and respect for the right to a hearing established in articles 84, first paragraph and 99, fraction I, of the LRASCAP, in relation to the provisions of article 62 of the Supervision Regulations of the National Banking and Securities Commission, this Decentralized Body granted said Society a period of ten business days, counted from the day following its notification, to manifest what was convenient to its rights, offer evidence and formulate arguments, in relation to the grounds for revocation of its authorization to operate as a savings and loan cooperative society in which it was allegedly found.

5.

By official letter 212/165429/2016, dated June 22, 2016, this National Banking and Securities Commission, in observance and strict compliance with the provisions of the first paragraph of article 84 of the LRASCAP, requested from the Auxiliary Supervision Committee of the Protection Fund, an opinion regarding the revocation of the authorization to operate as a savings and loan cooperative society that was previously granted to Cristo Rey, as it was allegedly found in the grounds established in fraction XII of the aforementioned article 84 of the cited Law.

6.

By letter dated July 18, 2016, received at this Commission on the 19th of the same month and year, the Auxiliary Supervision Committee of the Protection Fund issued an opinion stating that Cristo Rey " is located in the grounds for revocation established in fraction XII, of
article 84 of the LRASCAP, by entering a " STATE OF DISSOLUTION AND LIQUIDATION " .

7.

From the records held in the files of this Commission, it is deduced that despite the term granted to that Entity to exercise its right to a hearing, regarding the summons to revoke its authorization to operate as a savings and loan cooperative society, Cristo Rey did not exercise it.

8.

The Board of Directors of the National Banking and Securities Commission, analyzing all and each of the backgrounds referred to in this chapter, in its ordinary session held on August 19 of 2016, agreed as follows:

" SEVENTH.- The members of the Board of Directors, based on article 12, fraction V of the Law of the National Banking and Securities Commission, taking into consideration the favorable opinion issued by the Sanctions Committee of the National Banking and Securities Commission in its session held on August 5, 2016, unanimously agreed to revoke the authorization granted by the National Banking and Securities Commission, through official letter number 311-30926/2008 and 134-21671/ 2008 dated May 7, 2008, to operate as a savings and loan cooperative society, to the entity known as Caja Cristo Rey, S.C. de A.P. of R.L. de C.V., in the terms contained in the corresponding note which forms part of this agreement. "

Derived from the above, the reasons and legal provisions that support and motivate the revocation of the authorization to operate as a savings and loan cooperative society granted to Cristo Rey are set forth below, in accordance with the following:

CONSIDERATIONS

FIRST. That based on articles 10 and 84 of the LRASCAP, in relation to what is established in articles 12, fraction V and of the Law of the National Banking and Securities Commission, the Board of Directors of this Decentralized Body is competent to authorize the operation of Savings and Credit Cooperative Societies and to declare the revocation of said authorization.

SECOND. That the Second Transitory Article of the Decree by which the Law for the Regulation of the Activities of Savings and Loan Cooperatives is issued and various provisions of the General Law of Cooperative Societies, the Law of Popular Savings and Credit, the Law of the National Banking and Securities Commission, as well as the Law of Credit Institutions, are reformed, added to and repealed, published in the Official Gazette of the Federation on August 13, 2009, provides:

" SECOND.- Savings and Loan Cooperatives that have been authorized to organize and function as such by the National Banking and Securities Commission in terms of the Law of Popular Savings and Credit, shall be considered authorized in accordance with the provisions of Article 10 of the Law for the Regulation of the Activities of Savings and Loan Cooperatives, so they may continue to operate, without requiring a new authorization for this purpose, provided they comply with the provisions of this latter legal instrument.

... "

THIRD. That fraction XII, of article 84 of the Law for the Regulation of the Activities of Savings and Loan Cooperatives, textually states:

" Article 84.- The Commission may declare the revocation of authorizations granted in terms of Article 10 of this Law, to Savings and Loan Cooperatives with Levels of Operation I to IV, after having heard the opinion of the Auxiliary Supervision Committee and prior to a hearing of the interested Society, in the following cases:

...

XII. If it dissolves, liquidates or goes bankrupt.

... " .

FOURTH. That the National Banking and Securities Commission through official letter 212/165428/2016, dated June 22, 2016, cited in item 4 of the BACKGROUND section of this resolution, gave full compliance to the provisions of article 84, first paragraph, in relation to fraction I, of article 99, both of the LRASCAP, as well as to what is established in article 62 of the Supervision Regulations of the National Banking and Securities Commission, by granting Cristo Rey a period of 10 business days, counted from the day following its notification, so that in exercise of its right to a hearing granted by the cited articles, it would manifest what was convenient to its rights, offer evidence and formulate arguments, in relation to the grounds for revocation of its authorization to operate as a savings and loan cooperative society in which it was allegedly found, provided for in fraction XII of the aforementioned article 84 of the Law mentioned above.

Additionally, this Decentralized Body through official letter 212/165429/2016 of June 22, 2016, cited in item 5 of the BACKGROUND section of this resolution, in strict compliance and observance of the provisions of the first paragraph of article 84 of the LRASCAP, requested from the Committee of Auxiliary Supervision of the Protection Fund, an opinion regarding the revocation of the authorization to operate as a savings and loan cooperative society that was previously granted to Cristo Rey, who by letter dated July 18, 2016, received at this Commission on the 19th of the same month and year (referred to in the item 6 of the BACKGROUND section of this resolution), issued an opinion in the sense of stating that the Entity " is located in the grounds for revocation established in fraction XII, of
article 84 of the LRASCAP, by entering a " STATE OF DISSOLUTION AND LIQUIDATION " .

Therefore, this National Banking and Securities Commission gave full compliance to the provisions of the first paragraph of article 84 of the LRASCAP, fulfilling the requirement provided therein for the proceeding of the present resolution.

FIFTH. That from the integral and exhaustive analysis of the content of all and each of the documents referred to in the BACKGROUND section of this resolution, and especially (I) of the letters of May 5 and 23, 2016 submitted by Cristo Rey to this Commission, (II) the summons official letter 212/165428/ 2016, dated June 22, 2016, as well as (III) of the opinion issued by the Auxiliary Supervision Committee of the Protection Fund, by letter dated July 18, 2016, it is determined that the grounds for revocation for which that Society was summoned are met.

In effect, from the analysis of the content of the letters of May 5 and 23, 2016, submitted by that Society at the Common Registry Office of this Commission on the 13th and 27th of May of the current year, respectively, it is deduced that in the first of the aforementioned, that Entity stated that:

" ... as part of the application of the financial program referred to in fraction II of
article 55 in relation to article 87, which was requested and Authorized by the Committee
of Protection to Cooperative Savings of the Trust of the Auxiliary Supervision Fund of Savings and Loan Cooperative Societies and Protection to its Savers for the execution of the resolution scheme of the financial and legal situation currently facing my principal, on April 5, 2016, the Assignment Contract of Assets and Liabilities between Caja Cristo Rey, S.C. de A.P. de R.L. de C.V. and the legal entity known as Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V., ... as well as it is also informed that through an extraordinary general meeting of partners held on December 14, 2015, it was agreed to enter a STATE OF DISSOLUTION AND LIQUIDATION , once the aforementioned agreement was carried out, which in this case has already occurred, which is recorded in minutes number 574 dated March 17 of the current year, granted before the notary public Mr. Carlos T. Goff Rodriguez, Public Notary Number 97 of the City of Merida ... " .

Likewise, in the second of the cited letters Cristo Rey stated that:

" In reference to the letter sent on May 5, 2016 that was submitted to the CNBV in File 134.112.11(5630) 2014 , it sends annexes 1, 2 and 3, which were missing from the previous letter
ANNEX 1.- Certified copy of the notarial power of C.P. Edgar Ernesto Cauich Villanueva.
ANNEX 2.- Simple copy of the Assignment Contract of Assets and Liabilities entered into between Caja
Cristo Rey SC of AP of RL of CV and Cooperativa Acreimex SC of AP of RL of CV.
ANNEX 3.- Certified copy of minutes 574 containing the extraordinary general meeting of
partners held on December 14, 2015, it was agreed to enter a STATE OF DISSOLUTION AND LIQUIDATION. "

Therefore, from the reading of the content of the aforementioned letters, it can be concluded that through an extraordinary general meeting held on December 14, 2015, Cristo Rey agreed to enter a state of dissolution and liquidation, as a consequence of the celebration of an Assignment Contract of Assets and Liabilities with Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V.

On the other hand, through official letter 212/165428/2016, dated June 22, 2016, cited in item 4, of the
chapter of BACKGROUND of this resolution, it is deduced that this Commission summoned that
Society by virtue of the fact that:

" By letter of May 5, 2016, Caja Cristo Rey informed this Commission, among other things that " ... on April 5, 2016, the Assignment Contract of Assets and Liabilities between Caja Cristo Rey, S.C. de A.P. de R.L. de C.V. and the legal entity known as Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V. was signed and executed. Likewise, it informed that through an extraordinary general meeting of partners held on December 14 2015, it was agreed to put the society in a STATE OF DISSOLUTION AND LIQUIDATION, once the aforementioned agreement was carried out, which in this case has already occurred, " which is recorded in minutes number 574 dated March 17 of the current year ... " .

On the other hand, from the reading of the certified copy of minutes 574 of March 17, 2015, granted before the notary public Licentiate Carlos T. Goff Rodriguez, Public Notary Number 97 of the City of Merida, which contains the formalization of the minutes of the extraordinary general meeting of partners of the legal entity known as " Caja Cristo Rey, S.C. de A.P. de R.L. de C.V. " , held on December 14, 2015, which that society attached to the letter of May 23, 2016, it is deduced that the aforementioned General Assembly approved in its Resolution " SEVENTH " , that " once the actions already described have been arranged and carried out, it will enter a state of dissolution and liquidation ... " .

Thus, by virtue of the fact that that society by letter of May 5, 2016, stated that the " April 5, 2016, the Assignment Contract of Assets and Liabilities between Caja Cristo Rey, S.C. de A.P. de R.L. de C.V. and the legal entity known as Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V. ... " , and since the extraordinary general meeting of partners agreed in its Resolution SEVENTH " to enter a STATE OF DISSOLUTION AND LIQUIDATION " , once the aforementioned agreement has been arranged, it is considered that that entity might be found in the grounds for revocation established in fraction XII, of
article 84 of the LRASCAP, which for quick reference is referred to below:

" ARTICLE 84.- The Commission may declare the revocation of authorizations granted in terms of Article 10 of this Law, to Savings and Loan Cooperatives with Levels of Operation I to IV, after having heard the opinion of the Auxiliary Supervision Committee and prior to a hearing of the interested Society, in the following cases:

...

XII. If it dissolves, liquidates or goes bankrupt .

... "

That is, this Decentralized Body summoned Cristo Rey to revoke its authorization to operate as a savings and loan cooperative society, by virtue of the fact that the Entity itself stated through letters of May 5 and 23 of the current year, having agreed to its dissolution and liquidation, as a consequence of the celebration of an assignment contract of assets and liabilities with Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V., which allegedly placed it in the grounds for revocation provided for in fraction XII of article 84 of the LRASCAP.

It should be noted that the aforementioned official letter 212/165428/2016, dated June 22, 2016, was duly notified to Cristo Rey on June 30, 2016, as recorded in the receipt acknowledgment of the said official letter, as well as in the detailed act drawn up on that same date, in which it was recorded that the attorney of Cristo Rey received the said summons official letter in conformity.

However, after having conducted an exhaustive review of the records held in this Commission and despite having granted Cristo Rey a period of 10 business days to exercise its right to a hearing, in relation to the grounds for revocation contained in the summons official letter for revoking its authorization to operate as a savings and loan cooperative society, to date there is no record whatsoever that said Society has responded and much less that it has provided document or means of conviction by virtue of which it would disprove the grounds for revocation in which it was allegedly found.

On the other hand, by letter dated July 18, 2016, referred to in item 6 of the section of BACKGROUND of this resolution, the Auxiliary Supervision Committee of the Protection Fund, issued an opinion regarding the grounds for revocation in which Cristo Rey was allegedly found, in the following terms:

" ...

Regarding this matter, from the analysis of the acts issued by this Auxiliary Supervision Committee, as well as from the statement of Caja Cristo Rey through letters referred to in items II and III of this official letter, the following is deduced:

FIRST.- Caja Cristo Rey, S.C. de A.P. of R.L. de C.V. celebrated on December 14, 2015 an Extraordinary General Meeting of partners, which approved in its Seventh Resolution, that once the assignment of assets and liabilities has been arranged and carried out, it will enter a state of Dissolution and Liquidation.

SECOND.- Caja Cristo Rey, S.C. de A.P. of R.L. de C.V. stated that on April 5, 2016 it signed and executed an Assignment Contract of Assets and Liabilities with the legal entity known as " Cooperativa Acreimex, S.C. de A.P. of R.L. de C.V., and since its extraordinary general meeting of partners agreed in its Seventh Resolution to enter a STATE OF DISSOLUTION AND LIQUIDATION once it has celebrated said agreement, it is considered that Caja Cristo Rey. S.C. de A.P. of R.L. de C.V., is located in the grounds for revocation established in fraction XII of Article 84 of the LRASCAP.

Based on the above, the AUXILIARY SUPERVISION COMMITTEE OF THE PROTECTION FUND, resolves to issue its opinion regarding the revocation to operate of CAJA CRISTO REY, S.C. de A.P. of R.L. de C.V., determining that it is located in the grounds XII, of article 84 of the LRASCAP by entering a " STATE OF DISSOLUTION AND LIQUIDATION. "

Having seen all the above, it is indisputable that in accordance with the information available to this Commission, contained in the letters of May 5 and 23, 2016, the summons official letter 212/165428/ 2016 and the opinion issued by the Auxiliary Supervision Committee of the Protection Fund by letter dated July 18, 2018, Cristo Rey to date is in a state of dissolution and liquidation, as it had agreed through an extraordinary general meeting held on December 14, 2015, as a consequence of the celebration of an assignment contract of assets and liabilities with the Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V.

This, concatenated with the fact that said Society did not exercise its right to a hearing and, therefore, did not emit any consideration tending to disprove the grounds for revocation for which it was summoned and much less offered evidence by virtue of which it would discredit that circumstance, leads this Commission to the conviction that the grounds for revocation for which Cristo Rey was summoned have been met.

To this effect, it is worth highlighting that in terms of what is established in fraction II of article 99 of the LRASCAP, in case the alleged offender does not use the right to a hearing within the period granted or, having exercised it, fails to dispel the imputations made against it, the infractions imputed shall be considered proven and the corresponding administrative sanction shall be imposed. For quick reference, the cited legal provision is transcribed below in its relevant part:

" Article 99.- The Commission, in the imposition of administrative sanctions referred to in this Law, shall be subject to the following:

...

II. In case that the alleged offender does not use the right to a hearing referred to in
the previous fraction, within the period granted or, having exercised it, fails to dispel the imputations made against it, the infractions imputed shall be considered proven and the corresponding administrative sanction shall be imposed;

... "

Under such conditions, the revocation of the authorization to operate as a Savings and Loan Cooperative Society granted to Cristo Rey is appropriate.

SIXTH.- Based on the provisions of articles 197, 203 and 204 of the Federal Code of Civil Procedures, directly applicable in the matter in terms of the provisions of article 97, last paragraph, of the LRASCAP, this Commission grants full probative value to the documentary evidence consisting of the letters of May 5 and 23, 2013, from whose reading it is deduced the express statement made by that Entity in the sense that through an extraordinary general meeting held on December 14, 2015, Cristo Rey agreed to enter a state of dissolution and liquidation, as a consequence of the celebration of a Contract of Assignment of Assets and Liabilities with the Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V.

Likewise, based on the provisions of articles 197, 203 and 204 of the Federal Code of

Civil Procedures, applicable in terms of what is provided in Article 97, last paragraph, of the LRASCAP, this Decentralized Body grants full probative value to documents consisting of: (I) a simple copy of the contract for the assignment of assets and liabilities of April 5, 2016 when concatenated with the (II) certified copy of Act 574 which contains the extraordinary general meeting of partners held on December 14, 2015; from which it is evident that the agreement of wills entered into by Caja Cristo Rey, S.C. de A.P. de R.L. de C.V. and Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V., by virtue of which they agreed that the first would transfer to the second its assets and liabilities, as well as that Cooperativa Acreimex, S.C. de A.P. de R.L. de C.V. accepted all rights, charges and obligations derived from the transferred assets and liabilities, as well as that in an extraordinary general meeting of partners Cristo Rey resolved, among other matters, the celebration of the aforementioned contract for the assignment of assets and liabilities, as well as the subsequent dissolution and liquidation of the Society, respectively.

On the other hand, since Cristo Rey did not exercise its right to a hearing and, therefore, did not present any element of conviction tending to disprove the cause for revocation imputed to it, this authority is not in a position to pronounce itself on this matter.

Furthermore, since the letter 212/165428/2016, of June 22, 2016, was duly notified to said Society, as evidenced by the receipt acknowledgment of said letter, as well as by the detailed minutes drawn up on that same date, based on what is provided in Article 99, fraction II of the LRASCAP, this Commission considers Cristo Rey fictitiously confessed of the fact imputed to it, namely, being in a state of dissolution and liquidation.

For all the above, the Board of Directors of this Decentralized Body concludes that Cristo Rey falls under the cause for revocation provided for in fraction XII of Article 84 of the LRASCAP, which for quick reference is transcribed below:

" Article 84.- The Commission may declare the revocation of the authorizations granted in terms of Article 10 of this Law, to Savings and Loan Cooperative Societies with Operation Levels I to IV, after having heard the opinion of the Auxiliary Supervision Committee and prior to the hearing of the interested Society, in the following cases:

...

XII. If it is dissolved, liquidated or bankrupt.

... " .

Based on the above, the National Banking and Securities Commission, prior to the agreement of its Board of Directors in its ordinary session held on August 19, 2016:

RESOLVES

FIRST.- The Board of Directors of this Decentralized Body, based on what is provided in Articles 84, fraction XII, of the Law to Regulate the Activities of Savings and Loan Cooperative Societies; and 12, fraction V of the Law of the National Banking and Securities Commission, and in accordance with Seventh Agreement adopted in its ordinary session held on August 19, 2016, as well as with the considerations expressed in this resolution, revokes the authorization to operate as a Savings and Loan Cooperative Society, which was granted at the time to Caja Cristo Rey, S.C. de A.P. de R.L. de C.V., through letters 311-30926/2008 and 134/21671/2008, of May 7, 2008.

SECOND.- From the date of notification of this resolution, Caja Cristo Rey, S.C. de A.P. de R.L. de C.V. is prohibited from carrying out operations, in accordance with what is provided in the penultimate paragraph of Article 84 of the Law to Regulate the Activities of Savings and Loan Cooperative Societies and taking into consideration that said Society is currently in a state of dissolution and liquidation, no determination to that effect is issued.

THIRD.- Based on what is provided in Article 84, last paragraph, of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, Cristo Rey must prove to this Commission, within a period of 60 business days from the publication of this resolution in the Official Gazette of the Federation, that the appointment of the corresponding liquidator was carried out in accordance with what is established in Article 91, fractions I and IV, of the cited Law; otherwise, this Decentralized Body will promote before the competent judicial authority to appoint the liquidator and if there is impossibility to carry out said liquidation, to order the cancellation of its inscription in the corresponding Public Commerce Registry.

FOURTH.- Notify this resolution to Cristo Rey, as well as to the Protection Fund referred to in the Savings and Popular Credit Law for the effects corresponding within the scope of their attributes.

FIFTH.- Based on what is provided in Article 84, second paragraph, of the Law to Regulate the Activities of Savings and Loan Cooperative Societies, register this notice in the corresponding Public Commerce Registry and publish it in the Official Gazette of the Federation.

SIXTH.- Based on what is established in the penultimate paragraph, of Article 16 of the Law of the National Banking and Securities Commission, in relation to what is provided in Articles 4, 9 and 12 of the Internal Regulations of the National Banking and Securities Commission, published in the Official Gazette of the Federation on November 12, 2014; 7, penultimate paragraph, and 30, fraction I, numeral 2), of the Agreement by which the President of the National Banking and Securities Commission delegates powers to the Vice Presidents, General Directors, Deputy General Directors of the same Commission, given in said Official Gazette on October 2, 2009, reformed through Decrees published in said Gazette on May 8, July 4 and December 13, 2012, November 7, 2013 and January 3, 2014, and in terms of what is ordered in the Ninth Agreement adopted by the Board of Directors of said Commission in its ordinary session held on August 19, 2016, it is delegated indistinctly to the public servants of this Commission, Karla Patricia Montoya Gutiérrez, María Isabel Almaráz Guzmán, Mariana Vázquez Bracho García, Josué Martínez Rocha, Ivonne Marcela López Franco, Angel Jonathan García Romo, José Luis García González, Luis Antonio Rodríguez Rodríguez, Juan Carlos Macías Luna, Alfredo Omar Morlan Fernández, José Alberto Jiménez Rosales, Rogelio García Martínez, Alberto Erick Méndez Medina, Rosa Cristina Ávalos Gutiérrez, Selene Saucedo García and Tania Patricia Morales Reyes, the charge of notifying, jointly or separately, this notice by which compliance is given to the agreement adopted by the Board of Directors of said Commission.

The above is made known to you based on what is provided in Article 16, fraction VI, and penultimate paragraph, of the Law of the National Banking and Securities Commission, as well as in terms of the Ninth Agreement adopted by the Board of Directors of said Commission in its ordinary session held on August 19, 2016.

Likewise,

based on what is provided in Articles 12 and 54 of the Internal Regulations of the National Banking and Securities Commission, published in the Official Gazette of the Federation on November 12, 2014, I sign, in substitution for the absence of THE PRESIDENT OF THE NATIONAL BANKING AND SECURITIES COMMISSION, the Legal Vice President of the National Banking and Securities Commission.

Respectfully,

Mexico City

August 26, 2016 .- The Legal Vice President,
Edgar Manuel Bonilla del Ángel .-
Rubric.

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