CREDIT SECURITIES

LEGAL DEFINITION
ARTICLE 385.- Credit titles. Credit titles are documents that incorporate a literal and autonomous
right, the exercise or transfer of which is impossible regardless of the title. Credit titles have the
quality of movable property.

LEGAL NATURE
- Movable property.
- They may contain a legal transaction
- They may contain a unilateral declaration of will.
- They bind the subscriber from the moment he signs it (Creation Theory)

1. Bill of exchange
2. The pay
3. The check
4. Obligations of Debenture Companies
5. Certificate of Deposit and Pledge Bond CREDIT SECURITIES
6. Waybill or Bill of Lading REGULATED BY THE
7. Exchange Invoice COMMERCIAL CODE OF
8. Mortgage Certificates GUATEMALA
9. Vouchers
10. Bank Bonds
11. Trust Certificate

1) BILL OF EXCHANGE
1) The bill of exchange is a formal and complete document of credit to order, which incorporates
the unconditional order to pay a certain sum of money to its legitimate holder, at the place and time
established therein. The evolution of the bill of exchange has been very important for the general
theory of credit titles, since it was the one that gave birth to most of the institutions that later
became widespread.

2) The bill of exchange is a credit instrument by which a person called the "drawer" creates an
exchange obligation that must be paid upon maturity in the monetary amount indicated and to the
person designated in the instrument or to whom is entitled to collect it.
The bill of exchange fulfills various functions, among others:
 Facilitates credit business
 Used to carry out discount operations
 It is a means of payment
 It is a means of guarantee
 Bill of exchange

Guatemala January 20, 2001.

I agree:
A: Fifteen days in advance , you will be obliged to pay for this single bill of
F)_______________ exchange to the order of Jorge Fernando Yong García. The sum of Three
thousand Five Hundred Quetzales. (Q 3,500.00) , Document against
Date:___________ acceptance (D/a).

To: Carlos Estuardo Yong García (f)____________________

1st street 10th. Avenue in zone 5 of Guatemala City.

2) THE PROMISSORY NOTE

1) The promissory note is a document of credit through which the person issuing it promises to pay
an amount of money to the indicated beneficiary, without the obligation being subject to any
conditions. In the promissory note, the issuer always fulfills the function of the drawee, so that the
only additional person to the relationship is the beneficiary.

2) It is a formal and complete credit instrument to order, which incorporates the unconditional
promise to pay a specific sum of money, to its legitimate holder, in the place, manner and time
established therein. The promissory note does not contain a payment order but rather an obligation
to pay, borne by the person who signs it. It has the legal nature of being a credit instrument
regulated in the Commercial Code and therefore also has the nature of a movable asset.

PROTEST-FREE PROMISSORY NOTE

I, JUAN CARLOS ORTEGA RAMIREZ , of legal age, married, Mexican, Civil

Engineer, identify myself with passport number eight hundred and forty-three million six
hundred and sixty-seven thousand seven hundred and forty-six (843667746), issued by
the Ministry of Foreign Affairs of the Mexican States; acting in my capacity as
ADMINISTRATIVE MANAGER AND LEGAL REPRESENTATIVE of the entity
SIERRA ROJA, SOCIEDAD ANONIMA (hereinafter referred to simply as “the
debtor”), which I certify with a Notarial Record containing my authorized appointment in
this city on February 3, two one thousand ten, by Notary Carlos Estuardo Yong Garcia,
registered in the General Commercial Registry of the Republic with registration number
two hundred twenty-seven thousand six hundred sixty-three, folio seven hundred eight, of
the book two hundred fifty-seven of Auxiliaries of Commerce; I
UNCONDITIONALLY PROMISE TO PAY FREE OF PROTEST to the entity
FOREIGN DEVELOPMENT CORP. (hereinafter referred to simply as “the creditor”),
the sum of SEVEN HUNDRED AND NINETY THOUSAND DOLLARS OF THE
UNITED STATES OF AMERICA ($790,000.00) with zero coupon or rate and in
accordance with the following stipulations: Term, Form and Place of Payment : a)
Payment will be made in a single amortization. b) The term of this promissory note is
ONE YEAR, so the last day for payment of this promissory note is May tenth, two
thousand and twelve. c) If the last day for payment is a non-business day according to
Guatemalan legislation, the payment day will be moved to the immediately preceding
business day. d) Payment will be made without the need for collection or any requirement
at the creditor's offices, which are known to the debtor, and if there is any change in the
payment address, the debtor will be notified ten days in advance. anticipation of its
expiration date.Default Interest : The debtor will pay an interest of two percent (2%)
daily as default interest for non-payment of the promissory note on time, which will run
from the day after the payment had to be made. and until the creditor actually receives the
amount owed. Assignment: The debtor accepts that the creditor may assign the rights
that this promissory note confers, in which case the new creditor will notify the debtor of
the fact so that it can comply with its obligations. Procedural Effects : The debtor
expressly accepts: a) That the notifications, summonses, summonses and judicial and
extrajudicial proceedings that are carried out or directed to the following address are
considered valid and legally done: Plaza Futeca, Local 12, Boulevard El Naranjo, Zona 4
of Mixco, which constitutes a special domicile for the purposes of this promissory note; b)
That in the event of a change of indicated address, the creditor will be notified by letter
with acknowledgment of receipt and otherwise it will be considered notified at the last
address that the creditor has registered; c) You renounce the jurisdiction of your domicile
and expressly submit to the procedural legislation and courts of the Republic of
Guatemala; and d) Accepts and recognizes as good and exact the accounts that the
creditor presents to it regarding this title, and as liquid, payable and expired the balance
that is demanded, as a consequence of this obligation. Applicable Legislation : This
promissory note and the relationships and obligations derived from it will be governed by
the laws of the Republic of Guatemala.

In the related terms, I, Juan Carlos Ortega Ramírez, representing Sierra Roja, Sociedad
Anónima, declare that I accept the content and obligations that I represent derive from this
promissory note.

Guatemala, May 10, 2010.

F)___________________________

Juan Carlos Ortega Ramirez

Sierra Roja, Public Limited Company

ENDORSEMENT

On this date, __________________________________ ENDORSE in

_________________this promissory note in favor of
___________________________________________________, stating that the
balance as of this date is (in case the possibility of partial payments is contemplated)
______________________________________________(US$___________________)
.
 Guatemala, _____________________________
Name: _________________________ Signature:_______________________

3) THE CHECK
1) The check is a credit instrument in the sense that it is a necessary document to exercise the literal
right stated therein. It is also called a payment instrument.

It is an act of commercial, patrimonial, inter vivos, instrument for legal traffic and movable
property; It consists of a single unilateral declaration of will, in which one party undertakes to pay a
certain amount to another legitimate subject of the security title.

4) SOCIAL OBLIGATIONS OR
DEBENTURES
1) They are credit titles that arise from a unilateral declaration of will of a corporation, which
incorporate an aliquot part of a collective credit whose passive-debtor is the creating company.

2) Obligations are credit titles that incorporate an aliquot part of a collective credit established by a
public limited company. They will be considered movable property even when they are guaranteed
with real rights over real estate. Art. 544 C. of Com.

A public limited company has its share capital and its accounting capital to carry out its commercial
activities. At one point it may find itself faced with the need to have more investment funds, but it
does not have the purpose of increasing its share capital. The company can turn to a financial
institution and obtain a loan, but if the required sum cannot be found to provide it, failing this, it
manages to obtain funds through the creation of titles called debentures which, in fractional form,
represent the capital in total. that is needed to work and because they are a minimal fraction, they
can be placed among small investors who acquire them to receive interest. The amount of the issue
will not exceed the amount of the shareholders' equity of the creating company (art. 550 C. of
Com.)

SERIES “C” GUATEPLAST, SOCIEDAD ANONIMA. DEBENTURE No. 1

FIRST: GUATEPLAST, SA, whose corporate purpose is the manufacture and distribution of
products based on plastic and glass, for restaurants and other food outlets. With address at “4ta
calle, 29-09, Ciudad San Cristóbal zone 8 of Mixco, Guatemala. With an authorized capital of two
million quetzales, a subscribed and paid capital of one million six hundred thousand quetzales,
with an asset of three million quetzales and a liability of two million, according to the balance
sheet prepared for the creation of said certificate by the public auditor. José Javier Marroquín
Guzmán.

SECOND: GUATEPLAST, SA, will pay the bearer of this credit instrument the amount of
EXACT ONE THOUSAND QUETZALES (Q1000.00), as holder of a ONE THOUSAND
DEBENTURE, with a total face value of ONE MILLION QUETZALES (1,000,000.00).

THIRD: GUATEPLAST, SA, will pay interest of ten percent (10%) on the face value of the
debentures for the entire period that they remain unpaid. Interest will be paid per semester in
arrears, on June 1st and December 1st of each year.

FOURTH: the capital represented by the debentures will be paid in this capital city of Guatemala
within a period of two years, in four amortizations, two per year. The first being on January 10th
and the second on July 10th. According to the following table.

Draw of 250 debentures of Q1000.00 Q250,000.00

Draw of 250 debentures of Q1000.00 Q250,000.00

Draw of 250 debentures of Q1000.00 Q250,000.00

Draw of 250 debentures of Q1000.00 Q250,000.00

Total Q1,000,000.00

FIFTH: No later than the day before the date of each amortization, the result of the drawing must
be published in the Official Gazette or in another with greater circulation, the debentures that are
drawn will cease to cause interest from the date set for payment. of amortization.

SIXTH: Payment of capital and interest will be made through BANCO INDUSTRIAL, SA,
common representative of the debenture holders. There will be no untimely draws.

SEVENTH: The debentures issued are guaranteed with the present and future assets of the
company INVERSA, SA. They are also guaranteed by the guarantee presented by the entity LAS
VICTORIAS, SA for the total value of the debentures.

EIGHTH: This debenture can be shared in action by presenting the title to the General
Management of GUATEPLAST, SA indicating that you wish to convert the debenture into action.

NINTH: BANCO INDUSTRIAL, SA, as representative of the debenture holders, will become the
depositary of the funds produced by the placement of this title.

TENTH: This title will be considered expired if the company GUATEPLAST, SA fails to make
one of the agreed interest payments effective, if it omits the draw on the indicated date.

ELEVENTH: GUATEPLAST, SA renounces the jurisdiction of its domicile and submits to the
courts of this capital chosen by the Common Representative of the bondholders, who are
exonerated from the obligation to provide bail or judicial guarantees.

TWELFTH: this title is issued in accordance with deed number eighteen of Notary Ortega Ramírez
Juan Carlos, authorized on May twentieth of the year two thousand and one, registered in the
Commercial Registry at number twenty-four, folio two hundred and fifty of the special book of
debentures .

Guatemala, January 30, 2008.

___________________________
F) BANCO INDUSTRIAL, SA
Common Representative.
___________________________
GUATEPLAST, SA
Issuing company.
___________________________
F) LAS VICTORIAS, SA
Guarantor.

5) CERTIFICATE OF DEPOSIT
AND CLOTHING BONUS
GENERAL DEPOSIT WAREHOUSES
1) They can also be defined as commercial establishments authorized by the State, intended to
receive products and merchandise in deposit or simple storage, subject to their own rules and
granting, due to the deposit, document or special titles that are intended to transfer ownership and
constitute deposited species as pledge.

Its purpose is the deposit, conservation and custody, the management and distribution, the purchase
and sale on behalf of others of merchandise of products of national or foreign origin and the
creation of credit titles (Certificates of Deposit and Pledge Bonds).

As a result of merchandise deposits, duly authorized General Warehouses may issue Deposit
Certificates and Pledge Bonds. Art. 584 C. of Com. These credit titles, in addition to being
regulated by the Commercial Code, are also specifically found in Decree 1746 of the Congress of
the Republic of Guatemala, which contains the Law of General Warehouses, as well as the
Regulatory Law of General Warehouses. Deposit of the National Mortgage Credit of Guatemala.

CERTIFICATE OF DEPOSIT
1) The certificate of deposit is a title of credit representing the ownership of the products or
merchandise deposited in a general warehouse. (Art. 585 C. of Com.). It is the right of ownership
over the deposited object. The certificate of deposit allows the merchandise to be trafficked without
its mobilization, since the transfer through a simple endorsement of the title is enough to acquire the
represented right and ownership over the merchandise. It serves as an instrument of alienation,
transferring the ownership of said merchandise to its acquirer.

GUATECHAPIN STORAGE, SA

GUATEMALAN GENERAL WAREHOUSE COMPANY

10th Av. 21-6 ZONE 2 TELS: 22262680

GUATEMALA, CA

With Statutes approved by Government Agreement dated November 27, 1968, in accordance with
the precepts of Decree 1746 of the Congress of the Republic, (Law on General Warehouses), issues
this document.

CERTIFICATE OF DEPOSIT

Deposit No. 20,000 Title: 80

To the order of: Jorge Fernando Yong García, with address at 4th avenue 25-79 in zone 11 and
commercial address at 10th avenue 2-21 in zone 1, who has contracted with this Company to
deposit the goods or products of your property specified below, insured against theft and fire in the
General Insurance Company, for the value indicated in this document. The deposit period is forty
days and expires on June 5, 2011.

The approximate value of the merchandise upon issuing this title is twenty-four thousand
quetzales, (Q.24,000.00) subject to reductions for partial withdrawals, which must be recorded on
the third page of this document. Partial withdrawals of the deposited merchandise will be
authorized provided that this Certificate is presented with the respective request and that the
obligations in favor of the Warehouses and/or holders of Pledge Bonds have been proportionally
paid.

In accordance with the Law, the ownership of this title is subordinated to the payment of the sums
owed to ALMACENADORA GUATECHAPIN, SA, and to the collateral rights of the holders of
Pledge Bonds that have been issued, which appear registered in the second page of this title.

Storage fees 10% monthly, insurance premium 5% monthly.

In witness of the foregoing, this title-value is issued, in original, and a non-negotiable copy,
consisting of two pages, in the City of Guatemala, on the twenty-fifth day of the month of April of
two thousand eleven and is signed and sealed in the name of the Company, by the undersigned
duly authorized officials.

____________________ ____________________
GENERAL MANAGER SECRETARY

Prepared: Reviewed:

The text of this form was approved by the Superintendency of Banks, according to Resolution No.
60-08 dated February 27, 1969.

Second page

OBLIGATIONS CONTRACTED WITH WAREHOUSES

Date Document Concept Expiration Worth

Number

Twenty (20)
boxes of vehicle
27/04/2011 20,000 accessories. 05/06/2011 Q.24,000.00

ENDORSEMENT OF THE PLEDGE BOND

The first endorsement of Pledge Bond No. 20,000 Corresponding to this Certificate was made to
the order of MARLON ESTUARDO DE LEON ORELLANA with domicile and business address
at 5th Street and 20 Ave. Zone 6 of Guatemala City to guarantee a credit of TWENTY
THOUSAND QUETZALES (Q20,000.00), with interest at six percent (6%) annually, with a term
of 40 days that expires on June 5, 2011.

Guatemala April 27, 2011 Jorge Fernando Yong Garcia

The previous endorsement was registered in ALMACENADORA GUATECHAPIN, SA today,

May 2, 2011 at 11:30 am hours under number 12 folio 3 book 4.

_________________________

Authorized signature

PLEDGE BOND ISSUED

Date Qualification Beneficiary Expiration Worth

Number
Marlon Estuardo
De León
27/04/2011 20,000 Orellana. 05/06/2011 Q.20,000.00

6) TRANSPORT BILL AND BILL OF

LADING
1) It is the document that contains the subjects and the specific object of the transport. Which is
issued in the name of the person who receives the goods to be transported and through which said
person recognizes their receipt as well as their obligation to deliver them at the end of the trip to
whoever is legitimized by the title. Being transported by any means, air, water or land.

2) It is a credit instrument that grants the holder the right to demand from the obligor the delivery of
SAMPLE BILL OF CARRYING
the goods represented by him, as a consequence of their transportation. The bill of lading will serve
to cover merchandise transported by sea and the consignment note will serve to cover merchandise

AND BILL OF LADING

transported by air or land. Art. 588 C. of Com.

No. 027-2011

WAYBILL

Guatemala , May 1, 2011

Sender SPAIN OLIVA, MARIO DAVID

Address

Consignee THE VICTORIES

Address 15 CALLE 30-72 ZONE 9, GUATEMALA CITY

DELIVER
THE VICTORIES
TO:

ADDRESS 15 CALLE 30-72 ZONE 9, GUATEMALA CITY

Quantity and
Package Marks Gross Weight
Type of Content
and Numbers in Kilos
Packages

TRACTOR MODEL MT160, BLUE AND

MITSUBISHI 1 WHITE COLOR,
 OF 1.10 MTS. WIDE, 2.60 M LONG AND

Contracted Freight Paid Prepaid Charge

TO GUATEMALA

This merchandise must be

delivered to: THE VICTORIES

in: 15 CALLE 30-72 ZONE 9, GUATEMALA CITY

Conveyance Land
Export
Reference No. Invoices

Transport: 1.- Truck 2.-

Plates 1.- C 338BJV 2.-

Brand 1.- 2.-

Pilot 1.- Santiago Barillas 2.-

TC plates 1.- 2.-

Sheet number 027-2011

ORIGINAL
SIGNATURE OF THE CARRIER

7) THE EXCHANGE INVOICE

1) It is the title of credit that in the sale of goods the seller may issue and deliver or remit to the
buyer and that incorporates a credit right over the entirety or the unpaid part of the sale. Art. 591
C.de Com.

The exchange invoice is a credit instrument that incorporates the obligation to pay a certain sum of
money within a certain period, at the same time that it describes the merchandise that has been sold
as the object of the contract that gives rise to the title. It is negotiable and its legal traffic is similar
to other titles in terms of the nature of the incorporated obligation. It documents the commercial
sale and gives certainty to the legal transaction itself.

REQUIREMENTS
In addition to the requirements established in Article 386, the exchange invoice must contain:
a) Order number of the issued title
b) Buyer's name and address
c) Name and characteristics of the goods sold
 d) Price per unit and total price of the goods. According to what is established in article 595,
if the price is for subscriptions, the number of subscriptions, payment dates for each one
and their amount must be expressed.
exchange invoice
(free of protest)

No. Order: 100

AUTOMOTORS, SA
4th Av. 3-78, zone 1
Guatemala, Guatemala, CA

Buyer: Carlos Estuardo Yong García

Buyer's address: Km. 4.5 Zone #2, Alamedas de San Gabriel Condominium, House # i2.
Place and date of the title: Guatemala, April 3, two thousand and eleven.
Content of the obligation:

Quantity of merchandise sold Denomination and Price by unit Total price

Characteristics

Momo brand recliners for

2 units cars Q. 850.00 Q 1,700.00

Total in numbers: Q 1,700.00

Total in letters: one thousand seven hundred quetzales
Place and date of payment: Guatemala April 3, two thousand and twelve
Payment method: an initial payment of Q325.00 and eleven installments of Q 125.00
Name of the policyholder or beneficiary: María José Garcia Castañeda

_________________________________ __________________________________
F) Signature of the drawer F) Signature of the accepting buyer

8) MORTGAGE CERTIFICATES
1) It is a credit title that has the specialty of being guaranteed, in terms of future fulfillment of the
obligation to which it refers, with a real right of guarantee, which gives more security to the
beneficiary of the same, and allows you to use it as an executive title in the enforcement process.

It is a title of credit that represents all or an aliquot part of a credit guaranteed with a real mortgage
right. Although they are guaranteed with a mortgage, they will not lose their quality as furniture
(art. 605 CC). The person issuing the title can be a private person or a banking institution.
 MORTGAGE CARD
UNIQUE SERIES
VARIABLE INTEREST RATE

VALUE Q.200,000.00 ORDER NUMBER: ONE (1)

Carlos Estuardo Yong García, hereinafter called “the Financial Agent”, in his capacity as Special
Representative of the Issuer, will pay in favor of Krista Lucia Archila Recinos (or to the bearer), the sum
of two hundred thousand quetzales (Q. 200,000.00) with an initial interest rate of five percent (5%), which
will be variable and will adjust automatically, increasing or decreasing. The amortization will be made
within the agreed period of two (2) years, through the payment of eight (8) quarterly installments in
accordance with the corresponding amortization table, which includes the amortization of capital and
interest, with the first payment to be made on the day first of June of two thousand eleven (01/06/2011)
and the following amortizations on the last day of each month, until the maturity date which will be the
first of June of two thousand thirteen (01/06/2013) in the address of the Financial Agent located on 3rd
Ave. and 5th. Calle 10-40 of zone # 10, in Guatemala City or the one communicated in the future by the
Financial Agent.

The obligations contained in this Mortgage Certificate are guaranteed with a first mortgage constituted on
the property located on 6th. Avenida 16-88 of zone 11 of the city of Guatemala, which is registered in the
General Property Registry forming property number 3403, folio 10 book 70 of Guatemala including its
annexes, and will be governed by the established clauses and conditions in Public Deed number 345
authorized on November twenty-third, two thousand and seven, by Notary Juan Carlos Ortega Ramírez.

This Mortgage Certificate will be the only one with which the property that guarantees it is taxed.

The value of the encumbered property is Q.200,000.00

The Financial Agent is authorized to put this Certificate into circulation, and on behalf of the holder of the
Certificate, may terminate the term of the obligation and judicially collect the balance owed for capital,
interest, costs and other expenses, if the ISSUER incurs defaults in the payment of one of the indicated
amortizations or fails to comply with any other of the obligations that are agreed in the deed.

Guatemala, May 20, 2011.

THE FINANCIAL AGENT

_______________________________
 9) THE VALUE
1) The voucher is a document of credit, by which the person who signs it recognizes that he or she
is the debtor of another for the value of the goods delivered or services provided and is obliged to
pay them.

From the above, it can be established that it is a title typified by law, in which the obligation
incorporated is to pay a specific sum of money. Secondly, by expressing that the obligation has its
origin in a good delivered or a service provided, it converts it into a causal title and subjects it to the
underlying business from which it comes.

2) The voucher is a credit instrument that incorporates an obligation to pay a specific sum of
money, which has its origin in a good delivered or in a service provided by the creditor to the debtor
of the amount owed.

OK
For: Q1,750.00

Voucher in favor of Mr. IVAN SAMUEL TRUJILLO CASAZOLA, owner of ”AQUI VOY YO”,
SA for the amount of EXACT ONE THOUSAND SEVEN HUNDRED AND FIFTY
QUETZALES that I owe him for the purchase of products for vehicle maintenance on this date and
that I will pay on December 10. June 2011, in the indicated warehouse, located on the 3rd. Calle
and 15 Avenida 03-18 in zone # 1, Guatemala. Without protest.

Guatemala May 10, 2011.

(f) ___________________________

Signature of the buyer-debtor

10) BANK BONUSES

1) Mortgage and pledge bonds are credit titles to the bearer, with a term of not less than one year
nor more than twenty-five years from the date of their issuance and transferable by simple tradition.
 Bank Bonus
No. Minutes 79. Resolution: 90. 05-11-2001 No. 230 series.

Authorized Amount. Q 20,000,000.

Bearer bond.
Nominal Value: Q1,000,000.
Series Amount: 10 series of Q100,000.00
Paid Capital: Q140,000,000.00
Capital Reserves: Q28,000,000.00

Term: 36 months. Expiration: May 11, 2014.

Amortization Forms: Monthly.
Payment dates: The 5th of each month, starting June 11, 2011.

Guarantees: Real Estate, Building located at 4th Ave, 15-09 zone 9 of Guatemala City.
Registered under number 56, folio 678 of book 239 of the Property Registry of Guatemala.

Guatemala May 11, 2011.

____________________________ ____________________________
Authorized signature Authorized signature
President of the Bank General manager

eleven) TRUST CERTIFICATE

1) An essential requirement for this title to arise is that a trust has previously been contracted, in
whose constitution the possibility of issuing trust certificates has been foreseen. The trustee can
only be a banking institution, so the drawer-drawee of this credit instrument is a bank.

A trust is a contract or agreement by virtue of which a person, called a trustor or also a trustor,
transfers assets, amounts of money or rights, present or future, of his or her property to another
person (a natural person, called a trustee), so that This manages or invests the assets for its own
benefit or for the benefit of a third party, called a trustee. The trust is, therefore, a contract by which
a person allocates certain assets to a specific legal purpose, entrusting the realization of that purpose
to a fiduciary institution in all companies. “An irrevocable mandate.” It can also be done through a
will.

TRUST CERTIFICATE OF PARTICIPATION OF DIRECT USE OF HOUSING INCLUDED IN THE JARDINES DE

SANTA ROSALIA COLONY.

Issuer: Banco Agrícola Comercial, SA Central Agency, Republic of Guatemala.

Issue Date: MARCH TWENTY-SECOND, TWO THOUSAND ELEVEN.
Issue Amount : ONE MILLION DOLLARS. ($ 1, 000,000.00)
Certificates issued: TWENTY. (20)
Certificate Number: ONE (1)
Nominal value of: FIFTY THOUSAND DOLLARS. ($ 50,000.00)
To the order of: RODOLFO ANTONIO HERRERA MOLINA, of the following general orders:

Right that incorporates: Right to an aliquot part of the ownership over the assets or ownership of the trust rights, corresponding to
FIVE PERCENT (5%) of such rights, which are specified in the home marked with the number TWO on which also bears exclusive
rights of use and, in particular, use and habitation, all according to the description contained in the deed of issuance of the Certificates,
granted on the fifteenth day of October of the year two thousand and ten before the offices of the Notary MARIO ALEJANDRO
CARAVANTES RODRIGUEZ, and registered under number thirty-one (31), folio one hundred and eighty-four (184) of book nine
hundred and forty-nine (949) of the Property Registry of Guatemala, on the twenty-fifth of October of the year two thousand and ten .
This certificate will serve as proof of the right necessary to contract basic, public and any other services related to housing.

Exchangeability: This certificate will be exchangeable for the portion of the general property that it represents, at the end of the trust
term, and will be canceled with the transfer of ownership and other annexed rights that correspond to the holder of the Certificate over
home number TWO on which it is specifies the right to Use this Certificate.

Conditions of the certificate: This certificate can be sold, donated, given as collateral and in general subject to any legal transaction,
through endorsement legalized before a notary and subsequent entry in the registry kept for this purpose by the issuing Bank. By
personal presentation or by proxy of the original title.

Transfer and tradition of the domain: It will be carried out in the offices of the issuing Bank, at the request of the duly accredited
holder. In the event of the death of the certificate holder, the declared heirs must register their right with the trust. This certificate is
guaranteed by the registration in the Registry maintained by the issuing bank of the issuance of these certificates and, consequently, of
the home whose use and subsequent ownership is guaranteed. What is registered at number thirty-one (31), folio one hundred and
eighty-four (184) of the book nine hundred and forty-nine (949) kept by the Property Registry.

Issued based on a deed of issuance of fiduciary certificates of participation in the JARDINES DE SANTA ROSALIA urbanization,
which was granted on October 15, 2010, before the offices of Notary MARIO ALEJANDRO CARAVANTES RODRIGUEZ and is
registered at number Thirty and one from the Property Registry.

_________________________________________

(Signature of the Authorized Representative of the Issuing Institution)