Bond Crédito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple Entidad Reg 7.25% ( USP32457AA44 ) in USD

Issuer Crédito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple Entidad Reg
Market price 100 %  ▲ 
Country  Mexico
ISIN code  USP32457AA44 ( in USD )
Interest rate 7.25% per year ( payment 2 times a year)
Maturity 19/07/2023 - Bond has expired



Prospectus brochure of the bond Crédito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple Entidad Reg USP32457AA44 in USD 7.25%, expired


Minimal amount 200 000 USD
Total amount 625 000 000 USD
Cusip P32457AA4
Standard & Poor's ( S&P ) rating BB- ( Non-investment grade speculative )
Moody's rating N/A
Detailed description Crèdito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple, Entidad Regulada is a Mexican financial institution regulated by the National Banking and Securities Commission (CNBV) offering a range of financial services.

Credito Real S.A.B de C.V. Sociedad Financiera de Objeto Multiple Entidad Reg's USD 625,000,000 7.25% bond (ISIN: USP32457AA44, CUSIP: P32457AA4), issued in Mexico, matured on July 19, 2023, at 100% of face value, with a minimum trading size of USD 200,000 and a semi-annual coupon payment, and was rated BB- by Standard & Poor's.







LISTING PARTICULARS




US$625,000,000
Crédito Real, S.A.B. de C.V., Sociedad Financiera de Objeto
Múltiple, Entidad Regulada
(incorporated under the laws of Mexico)
7.250% Senior Notes due 2023

We are offering US$625,000,000 aggregate principal amount of our 7.250% Senior Notes due 2023 (the "notes"). We will pay interest
on the notes semi-annually on January 20 and July 20 of each year beginning on January 20, 2017. The notes will mature on July 20, 2023. We
may redeem the notes, in whole or in part, at any time on or after July 20, 2020, at the applicable redemption prices set forth in this listing
particulars, plus accrued and unpaid interest, if any, to the date of redemption. Prior to July 20, 2020, we may also redeem the notes, in whole or
in part, at a redemption price based on a "make- whole" premium plus accrued and unpaid interest, if any, to the date of redemption. In addition,
at any time on or prior to July 20, 2020, we may redeem up to 35% of the notes at a redemption price equal to 107.250% of their principal
amount, plus accrued and unpaid interest, if any, to the date of redemption, using the proceeds of certain equity sales. Furthermore, if tax laws
currently in effect are modified and the change results in higher withholding taxes in respect of certain payments on the notes, we may redeem the
notes in whole, but not in part, at 100% of their principal amount, plus accrued and unpaid interest, if any, to the date of redemption. There is no
sinking fund for the notes.
The notes will be our senior unsecured general obligations (subject to certain statutory preferences under Mexican law, including
preferences arising from tax and labor obligations) and will rank equally in right of payment with all of our existing and future senior unsecured
indebtedness. The notes will rank effectively junior in right of payment to any of our existing and future secured indebtedness to the extent of the
value of the assets securing such indebtedness and structurally junior to debt obligations of our subsidiaries that are not guarantors of the notes.
Currently, none of our subsidiaries are guarantors of the notes.
We have launched a cash tender offer (the "Tender Offer") for any and all of our US$425,000,000 aggregate principal amount of
7.50% senior notes due 2019 (the "2019 Senior Notes") validly tendered and accepted by us on or before August 2, 2016 and a consent
solicitation to, among other things, eliminate most of the restrictive covenants and certain of the events of default contained in the indenture
governing the 2019 Senior Notes and to shorten the minimum notice period required for a redemption from thirty days to six business days prior
to the redemption date (with an additional minimum notice of three business days to the Trustee) (the "Consent Solicitation"). We intend to use
the net proceeds from this offering (i) to pay the consideration for the Tender Offer and Consent Solicitation and accrued and unpaid interest on
the 2019 Senior Notes, (ii) to pay fees and expenses incurred in connection with the Tender Offer and Consent Solicitation, (iii) to repay certain
indebtedness and (iv) the remainder, if any, for general corporate purposes. The Tender Offer and Consent Solicitation are not being made
pursuant to this listing particulars. The closing of the Tender Offer and Consent Solicitation is contingent upon the closing of this offering.
No public market currently exists for the notes. Application is expected to be made to admit the notes to listing on the Official List of
the Luxembourg Stock Exchange and to trading on the EuroMTF Market of the Luxembourg Stock Exchange. This listing particulars constitutes
a prospectus for the purposes of Part IV of the Luxembourg law on prospectus securities dated July 10, 2005, as amended.
Investing in the notes involves risks. See "Risk Factors" beginning on page 27 for certain information that
you should consider before investing in the notes.

Offering Price: 99.326% plus accrued interest, if any, from July 20, 2016.

THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE MEXICAN NATIONAL SECURITIES
REGISTRY (REGISTRO NACIONAL DE VALORES) MAINTAINED BY THE MEXICAN NATIONAL BANKING AND SECURITIES
COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES, OR "CNBV"), AND, THEREFORE, MAY NOT BE OFFERED
OR SOLD PUBLICLY IN MEXICO, EXCEPT THAT THE NOTES MAY BE SOLD TO MEXICAN INSTITUTIONAL AND
ACCREDITED INVESTORS SOLELY PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH IN ARTICLE 8
OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES). WE WILL NOTIFY THE CNBV OF THE
TERMS AND CONDITIONS OF THIS OFFERING OF THE NOTES OUTSIDE OF MEXICO. SUCH NOTICE WILL BE
SUBMITTED TO THE CNBV TO COMPLY WITH ARTICLE 7, SECOND PARAGRAPH, OF THE MEXICAN SECURITIES
MARKET LAW AND FOR INFORMATIONAL PURPOSES ONLY. THE DELIVERY TO, AND RECEIPT BY, THE CNBV OF
SUCH NOTICE DOES NOT CONSTITUTE OR IMPLY A CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE
NOTES, OUR SOLVENCY, LIQUIDITY OR CREDIT QUALITY OR THE ACCURACY OR COMPLETENESS OF THE
INFORMATION SET FORTH IN THIS LISTING PARTICULARS. THIS LISTING PARTICULARS IS SOLELY OUR
RESPONSIBILITY AND HAS NOT BEEN REVIEWED OR AUTHORIZED BY THE CNBV. THE ACQUISITION OF THE NOTES
BY AN INVESTOR WHO IS A RESIDENT OF MEXICO WILL BE MADE UNDER ITS OWN RESPONSIBILITY.

The notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act"), any
state securities laws, or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to U.S. persons (as
defined in Regulation S under the Securities Act ("Regulation S")), except in transactions exempt from, or not subject to, the registration
requirements of the Securities Act. Accordingly, the notes are being offered and sold in the United States only to qualified institutional buyers in
compliance with Rule 144A under the Securities Act ("Rule 144A") and to persons other than U.S. persons outside the United States in
compliance with Regulation S. Prospective purchasers that are qualified institutional buyers are hereby notified that the seller of the notes may be


relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. For a description of eligible offerees and
certain restrictions on transfer of the notes, see "Transfer Restrictions."
Delivery of notes was made on July 20, 2016, in book-entry form only through the facilities of The Depository Trust Company
("DTC") for the accounts of its direct and indirect participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System
("Euroclear"), and Clearstream Banking, société anonyme, Luxembourg ("Clearstream").

Joint Book-Runners

Barclays
Deutsche Bank Securities
Morgan Stanley

The date of this listing particulars is December 2, 2016.



TABLE OF CONTENTS
Notice to Investors ......................................................................................................................................................... ii
Notice to Prospective Investors in the United Kingdom ................................................................................................ ii
Notice to Prospective Investors in the EEA ................................................................................................................. iii
Available Information ................................................................................................................................................... iv
Forward-Looking Statements ........................................................................................................................................ v
Presentation of Certain Financial and Other Information ............................................................................................ vii
Summary........................................................................................................................................................................ 1
The Offering ................................................................................................................................................................ 18
Summary Financial Information .................................................................................................................................. 22
Risk Factors ................................................................................................................................................................. 27
Use of Proceeds ........................................................................................................................................................... 44
Exchange Rates ........................................................................................................................................................... 45
Capitalization ............................................................................................................................................................... 47
Selected Financial Information .................................................................................................................................... 48
Management's Discussion and Analysis of Financial Condition and Results of Operations ...................................... 53
Selected Statistical Information ................................................................................................................................... 81
The Mexican Payroll Lending, Durable Goods, Small Business, Group Loans and Auto Financing Markets
and United States Auto Financing Market ................................................................................................................... 96
Business ..................................................................................................................................................................... 109
Management .............................................................................................................................................................. 133
Supervision and Regulation of the Mexican Financial Industry ................................................................................ 140
Principal Shareholders ............................................................................................................................................... 145
Certain Relationships and Related Party Transactions .............................................................................................. 146
Description of the Notes ............................................................................................................................................ 148
Book-Entry, Delivery and Form ................................................................................................................................ 196
Taxation ..................................................................................................................................................................... 200
Plan of Distribution ................................................................................................................................................... 206
Transfer Restrictions .................................................................................................................................................. 211
Enforcement of Civil Liabilities ................................................................................................................................ 214
Legal Matters ............................................................................................................................................................. 215
Independent Auditors ................................................................................................................................................ 216
Index to Financial Statements .................................................................................................................................... F-1
Annex A: Summary of Certain Significant Differences Between Sofom GAAP and U.S. GAAP .......................... A-1

________________

You should rely only on the information contained in this listing particulars. Neither we nor the initial
purchasers have authorized any other person to provide you with information that is different from or
additional to that contained in this listing particulars, and we take no responsibility for any other information
that others may give you. If anyone provides you with different or additional information, you should not
rely on it. You should assume that the information in this listing particulars is accurate only as of the date on
the front cover of this listing particulars, regardless of time of delivery of this listing particulars or any sale of
the notes. Our business, financial condition, results of operations and prospects may change after the date on
the front cover of this listing particulars. This document may only be used where it is legal to sell the notes.
Neither we nor any of the initial purchasers are making an offer to sell or seeking offers to buy the notes in
any jurisdiction where such an offer or sale is not permitted.

Unless otherwise specified or the context requires, references in this listing particulars to "Crédito Real,"
"the Issuer," "the Company," "we," "us" and "our" refer to Crédito Real, S.A.B. de C.V., Sociedad
Financiera de Objeto Múltiple, Entidad Regulada.


i



NOTICE TO INVESTORS
We are relying on an exemption from registration under the Securities Act for offers and sales of securities that
do not involve a public offering. The notes are subject to restrictions on transferability and resale and may not be
transferred or resold except as permitted under the Securities Act and the applicable state securities laws pursuant to
registration or exemption therefrom. By purchasing the notes, you will be deemed to have made the
acknowledgements, representations, warranties and agreements described under the heading "Transfer Restrictions"
in this listing particulars. You should understand that you will be required to bear the financial risks of your
investment for an indefinite period of time.
Neither the CNBV nor the U.S. Securities and Exchange Commission (the "SEC"), nor any state
securities commission, has approved or disapproved of the notes or determined if this listing particulars is
truthful or complete. Any representation to the contrary is a criminal offense.
We have submitted this listing particulars solely to a limited number of qualified institutional buyers in the
United States and to investors outside the United States so they can consider a purchase of the notes. We have not
authorized its use for any other purpose. This listing particulars may not be copied or reproduced in whole or in
part. It may be distributed and its contents disclosed only to the prospective investors to whom it is provided. By
accepting delivery of this listing particulars, you agree to these restrictions. See "Transfer Restrictions."
This listing particulars is based on information provided by us and by other sources that we believe are reliable.
We cannot assure you that this information is accurate or complete. This listing particulars summarizes certain
documents and other information and we refer you to such documents and other information for a more complete
understanding of what we discuss in this listing particulars. In making an investment decision, you must rely on
your own examination of our company and of the terms of this offering and the notes, including the merits and risks
involved.
The initial purchasers make no representation or warranty, express or implied, as to the accuracy or
completeness of the information contained in this listing particulars. Nothing contained in this listing particulars is,
or shall be relied upon as, a promise or representation by the initial purchasers as to the past or future.
Neither we nor the initial purchasers are making any representation to any purchaser of the notes regarding the
legality of an investment in the notes by such purchaser under any legal investment or similar laws or regulations.
You should not consider any information in this listing particulars to be legal, business or tax advice. You should
consult your own attorney, business advisor and tax advisor for legal, business and tax advice regarding any
investment in the notes.
We accept responsibility for the information contained in this listing particulars. To the best of our knowledge
and belief (and we have taken all reasonable care to ensure that), the information contained in this listing particulars
is in accordance with the facts and does not omit any material information. You should assume that the information
contained in this listing particulars is accurate only as of the date on the front cover of this listing particulars.
We reserve the right to withdraw this offering of the notes at any time, and we and the initial purchasers reserve
the right to reject any commitment to subscribe for the notes in whole or in part and to allot to any prospective
investor less than the full amount of notes sought by that investor. The initial purchasers and certain related entities
may acquire for their own account a portion of the notes.
You must comply with all applicable laws and regulations in force in your jurisdiction and you must obtain any
consent, approval or permission required by you for the purchase, offer or sale of the notes under the laws and
regulations in force in your jurisdiction to which you are subject or in which you make such purchase, offer or sale,
and neither we nor any of the initial purchasers will have any responsibility therefor.
________________

NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM

ii


This document is only being distributed to and is only directed at (i) persons who are outside the United
Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it
may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as "relevant persons"). The notes are only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such notes will be engaged in only with, relevant persons. Any person who
is not a relevant person should not act or rely on this document or any of its contents.
NOTICE TO PROSPECTIVE INVESTORS IN THE EEA
To the extent that the offer of the notes is made in any European Economic Area ("EEA") member state that has
implemented Directive 2003/71/EC (as amended, including by Directive 2010/73/EC, together with any applicable
implementing measures in any member state, the "Prospectus Directive") before the date of publication of a
prospectus in relation to the notes which has been approved by the competent authority in that member state in
accordance with the Prospectus Directive (or, where appropriate, published in accordance with the Prospectus
Directive and notified to the competent authority in that member state in accordance with the Prospectus Directive),
the offer (including any offer pursuant to this document) is only addressed to qualified investors in that member
state within the meaning of the Prospectus Directive or has been or will be made otherwise in circumstances that do
not require the issuer to publish a prospectus pursuant to the Prospectus Directive.

iii


AVAILABLE INFORMATION
We are not subject to the information requirements of the U.S. Securities Exchange Act of 1934, as amended
(the "Exchange Act"). To permit compliance with Rule 144A under the Securities Act in connection with resales of
notes, we will be required under the indenture under which the notes are issued (the "Indenture"), upon the request
of a holder of Rule 144A notes or Regulation S notes (during the restricted period, as defined in the legend included
under "Transfer Restrictions"), to furnish to such holder and any prospective purchaser designated by such holder
the information required to be delivered under Rule 144A(d)(4) under the Securities Act, unless we either furnish
information to the SEC in accordance with Rule 12g3-2(b) under the Exchange Act or furnish information to the
SEC pursuant to Section 13 or 15(d) of the Exchange Act. Any such request may be made to us in writing at our
main office located at Avenida Insurgentes Sur No. 730, 20th Floor, Colonia del Valle Norte, Delegación Benito
Juárez, C.P. 03103, México City, México, Attention: Investor Relations.
The Indenture will further require that we furnish to the Trustee (as defined herein) all notices of meetings of
the holders of notes and other reports and communications that are generally made available to holders of the notes.
At our request, the Trustee will be required under the Indenture to mail these notices, reports and communications
received by it from us to all record holders of the notes promptly upon receipt. See "Description of the Notes."
We will make available to the holders of the notes, at the corporate trust office of the Trustee at no cost, copies
of the Indenture as well as this listing particulars, including a review of our operations, and copies in English of our
annual audited consolidated financial statements and our quarterly unaudited consolidated financial statements.
Information will also be available at the office of the Luxembourg Listing Agent (as defined herein).
Application is expected to be made to admit the notes to listing in the Official List of the Luxembourg Stock
Exchange and to trading on the EuroMTF of the Luxembourg Stock Exchange, in accordance with its rules. This
listing particulars forms, in all material respects, the listing memorandum for admission to the Luxembourg Stock
Exchange. We will be required to comply with any undertakings given by us from time to time to the Luxembourg
Stock Exchange in connection with the notes, and to furnish all such information as the rules of the Luxembourg
Stock Exchange may require in connection with the listing of the notes.

iv


FORWARD-LOOKING STATEMENTS
Certain statements contained in this listing particulars relating to our plans, forecasts and expectations regarding
future events, strategies and projections are just estimates. Examples of such forward-looking statements include,
but are not limited to: (i) statements regarding our results of operations and financial position; (ii) statements of
plans, objectives or goals, including those related to our operations; and (iii) statements of assumptions underlying
such statements. Words such as "may," "might," "will," "would," "shall," "should," "can," "could," "believe,"
"anticipate," "continue," "expect," "estimate," "plan," "intend," "foresee," "seeks," "predict," "project," "potential,"
or the negative of these terms, and other similar terms are used in this listing particulars to identify such forward-
looking statements. Forward-looking statements included in this listing particulars are based on our current
expectations and projections related to future events and trends which affect or would affect our business.
Forward-looking statements include risks, uncertainties and assumptions, since these refer to future events and,
therefore, do not represent any guarantee of future results. Therefore, our financial condition and operating income,
strategies, competitive position and market environment may significantly differ from our estimates, in view of a
number of factors, including, but not limited to:
general economic, political and business conditions in the countries in which we conduct our business;
our ability to implement our operating strategy and business plan;
our ability to freely determine the interest rates we charge to our clients;
our level of capitalization and reserves;
increases in defaults by our customers, as well as any increase in our allowance for loan losses;
credit risks, market risks and any other risks related to financing activities;
competition in the Mexican markets for payroll loans, group loans, durable goods loans, small business loans,
mortgage loans and used car loans;
perception by investors and authorities of our business;
availability of funds and related funding costs;
offer and demand for our products and services;
inflation, devaluation of the peso and interest rate fluctuations in Mexico and other countries in which we
conduct our business;
risks inherent in international operations;
changes to accounting principles, laws, regulations, taxation and governmental policies related to our activities,
including, but not limited to, usury and consumer protection laws;
loss of key personnel;
adverse administrative or legal proceedings;
our clients' ability to pay their loans and the stability of their sources of income;
potential risk factors presented under "Risk Factors" in this listing particulars; and
other developments, factors or trends affecting our financial condition and our operating income.

v


Therefore, our actual performance may be adversely affected and may significantly differ from the expectations
set forth in these forward-looking statements, which do not represent a guarantee of our future performance. In view
of these uncertainties, you must not rely solely on the estimates and forward-looking statements included in this
listing particulars to make an investment decision.
Forward-looking statements included herein are made only as of the date of the issuance of the notes. Except as
required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events or
circumstances.

vi


PRESENTATION OF CERTAIN FINANCIAL AND OTHER INFORMATION
Financial Information
This listing particulars contains our audited consolidated financial statements as of December 31, 2013, 2014
and 2015 and for the years then ended, together with the notes thereto, which we refer to as the audited financial
statements, and our unaudited condensed consolidated interim financial statements as of and for the three months
ended March 31, 2015 and 2016, together with the notes thereto, which we refer to as the interim financial
statements. The audited financial statements and the interim financial statements are referred to herein jointly as the
financial statements.
Prior to the amendments to several financial laws on January 10, 2014 (the "Financial Reforms"), we were a
non-regulated multipurpose financial institution (sociedad financiera de objeto múltiple, entidad no regulada, or
"Sofom E.N.R.") in accordance with Article 87-B of the General Law for Credit Organizations and Ancillary
Activities (Ley General de Organizaciones y Actividades Auxiliares del Crédito) in effect as of that time. Currently,
we are a regulated multipurpose financial institution entity (sociedad financiera de objeto múltiple, entidad
regulada, or "Sofom" or "Sofom E.R."), as required by the amendments to the General Law of Auxiliary Credit
Organizations and Credit Activities (Ley General de Organizaciones y Actividades Auxiliares del Crédito) published
as part of the Financial Reforms. Since our transformation into a regulated entity we are under the permanent
supervision of the CNBV and subject to the general provisions issued and approved by the CNBV in connection
with (i) credit portfolio ratings and credit risk estimates, (ii) disclosure of financial information and external
auditors, (iii) accounting, and (iv) prevention of transactions with illegal funds. We have prepared our financial
statements under the accounting criteria established by the CNBV in its General Provisions Applicable to Public
Bonded Warehouses, Exchange Houses, Credit Unions and Regulated Multipurpose Financial Institutions
(Disposiciones de Carácter General Aplicables a los Almacenes Generales de Despósito, Casas de Cambio,
Uniones de Crédito y Sociedades Financieras de Objeto Múltiple Reguladas or "Sofom GAAP"). Sofom GAAP
adheres to Mexican Financial Reporting Standards, which are individually referred to as Financial Reporting
Standards (Normas de Información Financiera, or "NIFs"), as established by the Mexican Financial Reporting
Standards Board (Consejo Mexicano de Normas de Información Financiera, A.C. or "CINIF"), modified in certain
areas based on the judgment of the CNBV in order to take into consideration the specialized operations of financial
institutions.
Sofom GAAP differs in certain significant respects from accounting principles generally accepted in the United
States ("U.S. GAAP"). See "Annex A--Summary of Certain Significant Differences Between Sofom GAAP and
U.S. GAAP" for a description of certain differences between Sofom GAAP and U.S. GAAP as they relate to us. We
are not providing any reconciliation to U.S. GAAP of the financial statements or other financial information in this
listing particulars. We cannot assure you that a reconciliation would not identify material quantitative differences
between the financial statements or other financial information as prepared on the basis of Sofom GAAP if such
information were to be prepared on the basis of U.S. GAAP or any other accounting principles.
The financial statements reflect our investment in Publiseg, S.A.P.I. DE C.V., SOFOM, E.N.R. ("Publiseg"),
Grupo Empresarial Maestro, S.A. de C.V ("Grupo Empresarial Maestro"), Bluestream Capital, S.A. de C.V.
("Bluestream Capital"), Cege Capital, S.A.P.I. de C.V., SOFOM ENR, ("Cege Capital"), Confianza Digital, S.A.P.I.
de C.V., SOFOM, E.N.R. ("Credilikeme"), and the consolidation of Servicios Corporativos Chapultepec, S.A. de
C.V. ("Servicios Corporativos Chapultepec"), CR Fact, S.A.P.I. de C.V. ("CR-Fact"), Crédito Real USA, Inc. ("CR
USA"), Controladora CR México, S.A. de C.V. ("Controladora CR"), Directodo Mexico S.A.P.I. de C.V., SOFOM,
E.N.R. ("Directodo"), CRHOLDINGINT, S.A. de C.V. ("Holding") and Creal Dallas, LLC ("Creal Dallas"). See
"BusinessOverviewHistory and Development."
Currency Information
Unless otherwise specified, references to "$," "US$," "U.S. dollars" and "dollars" are to the lawful currency of
the United States. References to "Ps." and "pesos" are to the lawful currency of Mexico. References to "" and
"colones" are to the lawful currency of Costa Rica.
This listing particulars contains translations of various peso amounts into U.S. dollars at specified rates solely
for the convenience of the reader. These convenience translations should not be construed as representations that

vii


the peso amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the specified
rate or at all. Unless otherwise indicated, the dollar translations provided in this listing particulars are calculated
using an exchange rate of Ps.17.2370 per U.S. dollar, the exchange rate determined by Banco de México on March
31, 2016 and published in the Official Gazette of the Federation (Diario Oficial de la Federación, or the "Official
Gazette").
Rounding
We have made rounding adjustments to certain numbers presented in this listing particulars. As a result,
numerical figures presented as totals may not always be the exact arithmetic results of their components, as
presented.
Industry and Market Data
Market data and other statistical information (other than in respect of our financial results and performance)
used throughout this listing particulars are based on independent industry publications, government publications,
reports by market research firms or other published independent sources, including the World Bank, Euromonitor,
Asociación Mexicana de Agencias de Investigación de Mercado y Opinión Pública ("AMAI"), ACCION
International, Asociación Mexicana de Distribuidores Automotores, ProDesarrollo, a Mexican association that
compiles information on major Mexican microfinance companies ("ProDesarrollo"). Some data are also based on
our estimates, which are derived from our review of internal surveys, as well as independent sources. Although we
believe these sources are reliable, we have not independently verified the information and cannot guarantee its
accuracy or completeness. You should not place undue reliance on estimates as they are inherently uncertain.

viii