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Jáuregui y Del Valle


We refer to the presentations made on October 3, 2011 at the 2011 Securities Market Forum by the President of Mexico, the Minister of the Treasury and of Public Credit and the President of the National Commission of the System of Savings for Retirement, and below you will find the relevant issues of the Guaranteed Securitizations Program (the “Program”) of Nacional Financiera, S.N.C. (“NAFIN”):

(i) the Program was implemented by NAFIN with the purpose of improving the debt profile of issuers of Stock Market Certificates (“CEBURES”) to provide financing pursuant to the terms of the Program;

(ii) the Program provides a partial guarantee covering the aggregate amount of the CEBURES issued;

(iii) the Program is focused on long-term CEBURES issuances;

(iv) any issuer that has a credit rating of at least BBB- provided by any rating agency may request support from the Program. The CEBURES issuance is also rated by NAFIN for internal purposes;

(v) one of the objectives of the Program is to improve the rating of CEBURES issuances and obtain a better rating from rating agencies so as to increase the rating up to A, AA or their equivalent;

(vi) the Program requires that issuers of CEBURES have a minimum of 5 years of operations and a favorable credit history;

(vii) NAFIN guarantees up to 50% of investments in new working capital and fixed assets and, the maximum guaranteed percentage regarding the restructuring of liabilities is 40%;

(viii) NAFIN and the issuers of CEBURES must execute a Contingent Credit Agreement in which NAFIN will place at the disposal of the issuers a contingent line of credit pursuant to which NAFIN will act as a guarantor of the CEBURES issued. In the event of default under the CEBURES issuances, NAFIN is obligated to pay an amount equal to the guaranteed percentage of the unpaid balance of such issuances as it may correspond; and,

(ix) in an event of default, holders of CEBURES will receive from NAFIN the payment corresponding to the guaranteed percentage within 90 days following the date of such default.