Bond Crédito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple Entidad Reg 9.125% ( USP32457AB27 ) in USD

Issuer Crédito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple Entidad Reg
Market price refresh price now   0.04 %  ⇌ 
Country  Mexico
ISIN code  USP32457AB27 ( in USD )
Interest rate 9.125% per year ( payment 2 times a year)
Maturity Perpetual



Prospectus brochure of the bond Crédito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple Entidad Reg USP32457AB27 en USD 9.125%, maturity Perpetual


Minimal amount 200 000 USD
Total amount 230 000 000 USD
Cusip P32457AB2
Standard & Poor's ( S&P ) rating B- ( Highly speculative )
Moody's rating N/A
Next Coupon 29/05/2025 ( In 31 days )
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.

The Bond issued by Crédito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple Entidad Reg ( Mexico ) , in USD, with the ISIN code USP32457AB27, pays a coupon of 9.125% per year.
The coupons are paid 2 times per year and the Bond maturity is Perpetual
The Bond issued by Crédito Real S.A.B de C.V. Sociedad Financiera de Objeto Múltiple Entidad Reg ( Mexico ) , in USD, with the ISIN code USP32457AB27, was rated B- ( Highly speculative ) by Standard & Poor's ( S&P ) credit rating agency.







LISTING PARTICULARS



US$230,000,000
Crédito Real, S.A.B. de C.V., Sociedad Financiera de Objeto
Múltiple, Entidad Regulada
(incorporated under the laws of Mexico)
9.125% Subordinated Perpetual Notes

We are offering US$230,000,000 aggregate principal amount of our subordinated perpetual notes, or the notes. The notes have no
fixed maturity date. However, at our option, we may redeem the notes, in whole but not in part, on November 29, 2022, or the First Call Date,
and on every fifth anniversary thereafter, at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued
interest (including any deferred interest and arrears of interest) up to (but not including) the redemption date of the notes. We may also redeem
the notes, in whole but not in part, upon the occurrence of certain tax, accounting, ratings and certain other events at the applicable redemption
prices as set forth in this listing particulars. Subject to our right to defer payment, interest on the notes will be payable semi-annually in arrears on
May 29 and November 29 of each year, each an Interest Payment Date, beginning on May 29, 2018.
As more fully described in this listing particulars, we may, in our sole discretion, defer interest payments on the notes for any period
of time; provided that any such deferred payments will themselves bear interest at the same rate as the principal amount of the notes and will
become due and payable on the Mandatory Payment Dates (as defined under "Description of the Notes--Payment of Deferred Interest"). The
notes will bear interest on their principal amount from (and including) November 29, 2017 to but excluding the First Call Date, at a rate of
9.125% per year; and from and including the First Call Date to but excluding the redemption date, if any, at, in respect of each Reset Period (as
defined under "Description of the Notes--Principal and Interest Payments--Determination of Interest on the Notes"), the relevant Five Year US
Treasury Rate plus: (A) in respect of the Reset Period commencing on or after the First Call Date but before November 29, 2037, 7.026% (the
"Initial Margin"); (B) in respect of Reset Periods commencing on or after November 29, 2037 (15 years after the First Call Date): the Initial
Margin plus 2.000%; provided that if our S&P credit ratings have been upgraded to investment grade then such 2.000% increase shall only
become effective for Reset Periods commencing on or after November 29, 2042 (20 years after the First Call Date).
The notes will be our unsecured and subordinated obligations and will rank (i) junior to all of our existing and future Unsubordinated
Indebtedness (as defined under "Description of the Notes--Ranking of the Notes"), (ii) pari passu among themselves and with all other future
Subordinated Indebtedness (as defined under "Description of the Notes--Ranking of the Notes"), and (iii) senior to all existing and future classes
of our Share Capital (as defined under "Description of the Notes--Ranking of the Notes"). The notes will be effectively subordinated to all
existing and future liabilities of our subsidiaries. The notes do not restrict our ability or the ability of our subsidiaries to incur additional
indebtedness in the future.
No public market currently exists for the notes. Application has been made to admit the notes to listing on the Official List of the
Luxembourg Stock Exchange and to trading on the Euro MTF 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 29 for certain information that
you should consider before investing in the notes.

Offering Price: 100.000% plus accrued interest, if any, from November 29, 2017.

THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE MEXICAN
NATIONAL SECURITIES REGISTRY (REGISTRO NACIONAL DE VALORES, OR "RNV")
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
INSTITUTIONAL OR QUALIFIED INVESTORS IN MEXICO SOLELY PURSUANT TO THE PRIVATE
PLACEMENT EXEMPTION SET FORTH IN ARTICLE 8 OF THE MEXICAN SECURITIES MARKET
LAW (LEY DEL MERCADO DE VALORES) AND REGULATIONS THEREUNDER. WE WILL NOTIFY
THE CNBV OF THE TERMS AND CONDITIONS OF THIS OFFERING OF THE NOTES OUTSIDE OF
MEXICO. SUCH NOTICE WILL BE SUBMITTED FOR INFORMATIONAL PURPOSES ONLY TO THE
CNBV TO COMPLY WITH ARTICLE 7, SECOND PARAGRAPH, OF THE MEXICAN SECURITIES
MARKET LAW AND REGULATIONS THEREUNDER. THE DELIVERY TO, AND RECEIPT BY, THE
CNBV OF SUCH NOTICE DOES NOT CONSTITUTE OR IMPLY ANY 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 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 the notes was made on November 29, 2017, 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 Bookrunners
UBS Investment Bank
BofA Merrill Lynch
Credit Suisse

The date of this listing particulars is December 14, 2017.



TABLE OF CONTENTS
Notice to Investors ......................................................................................................................................................... ii
Notice to Prospective Investors in the United Kingdom .............................................................................................. iii
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 ................................................................................................................................................................ 17
Summary Financial Information .................................................................................................................................. 24
Risk Factors ................................................................................................................................................................. 29
Use of Proceeds ........................................................................................................................................................... 48
Exchange Rates ........................................................................................................................................................... 49
Capitalization ............................................................................................................................................................... 51
Selected Financial Information .................................................................................................................................... 52
Management's Discussion and Analysis of Financial Condition and Results of Operations ...................................... 57
Selected Statistical Information ................................................................................................................................... 87
The Mexican Payroll Lending, Small Business, Group Loans and Auto Financing Markets and United
States Auto Financing Market ................................................................................................................................... 102
Business ..................................................................................................................................................................... 113
Management .............................................................................................................................................................. 137
Supervision and Regulation of the Mexican Financial Industry ................................................................................ 144
Principal Shareholders ............................................................................................................................................... 149
Certain Relationships and Related Party Transactions .............................................................................................. 150
Description of the Notes ............................................................................................................................................ 152
Book-Entry, Delivery and Form ................................................................................................................................ 171
Taxation ..................................................................................................................................................................... 175
Plan of Distribution ................................................................................................................................................... 182
Transfer Restrictions .................................................................................................................................................. 188
Enforcement of Civil Liabilities ................................................................................................................................ 191
Legal Matters ............................................................................................................................................................. 193
Independent Auditors ................................................................................................................................................ 194
Index to Financial Statements ........................................................................................................................................ 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 neither we nor the initial purchasers take
responsibility for any other information that others may give you. 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 or
foreign securities commission or regulatory authority, has approved or disapproved of the notes nor have any
of the foregoing authorities passed upon or endorsed the merits of this offering or the accuracy, adequacy or
completeness of this listing particulars. Any representation to the contrary is a criminal offense.
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 lisitng particulars is accurate only as of the date on the front cover of this lisitng 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.
________________


ii


NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
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 and on the date of publication of a
prospectus, an offer to the public of any notes (including any offer pursuant to this document) is only addressed to
(i) qualified investors in that member state within the meaning of the Prospectus Directive or (ii) fewer than 150
natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the
Prospectus Directive, subject to obtaining the prior consent of the relevant dealer or dealers nominated by the Issuer
for any such offer or (iii) has been or will be made otherwise in circumstances that do not require the issuer to
publish a prospectus pursuant to Article 3(2) of 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, Mexico City, Mexico, Attention: Investor Relations.
The Indenture will further require that we furnish to the Trustee (as defined under "Description of the Notes--
General") 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 written 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 listing particulars memorandum, 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 under "Description of the Notes--General").
Application has been made to admit the notes to listing in the Official List of the Luxembourg Stock Exchange
and to trading on the Euro MTF 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,"
"target," "strategy," 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, the economy and other future conditions.
Forward-looking statements include risks, uncertainties, changes in circumstances that are difficult to predict
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, business and social conditions globally, and in particular in Mexico, the United
States and 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 ability to attract new customers, and expand our business;
our level of capitalization and reserves;
our level of outstanding indebtedness, our ability to comply with the provisions set forth in our debt instruments
and make timely payments therein, and our ability to obtain new debt instruments;
changes to or termination of our agreements and relationships with our loan distributors;
changes to the relationships our distributors have with government agencies and unions;
our ability to collect on our loans;
changes in the currency exchange rates, including the Mexican Peso/U.S. dollar exchange rate;
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, small business loans, mortgage loans and
used car loans;
perception by investors and authorities of our business;
availability of funds and related funding costs;
the stability of global credit markets;
changes in the economy that alter the demand for consumer goods, consequently affecting offer and demand for
our products and services;
loss of reputation of our brands;

v


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;
trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or
withdrawals from, free trade agreements, including the North American Free Trade Agreement ("NAFTA"), to
which Mexico is a party and which is currently undergoing renegotiation;
changes in the policies of central banks and/or foreign governments;
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 volatility in the foreign currency exchange market;
decreases in our credit ratings;
potential acquisitions;
voting interests of our majority shareholders;
declarations of insolvency, bankruptcy or becoming subject to concurso mercantil, quiebra or similar
proceedings;
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.
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 on the estimates and forward-looking statements included in thislisting
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, 2014, 2015
and 2016 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 September 30, 2017 and for
the nine months ended September 30, 2016 and 2017, 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.
We are a regulated multipurpose financial institution entity (sociedad financiera de objeto múltiple, entidad
regulada, or "Sofom" or "Sofom E.R."), organized and operating under the General Law of Auxiliary Credit
Organizations and Credit Activities (Ley General de Organizaciones y Actividades Auxiliares del Crédito), among
others. 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 and General Provisions Applicable to Credit 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 and Disposiciones de carácter general aplicables a las Instituciones de
Crédito, collectively "Sofom GAAP"). Sofom GAAP adheres to Mexican Financial Reporting Standards, which are
individually referred to as Financial Reporting Standards (Normas de Información Financiera), as established by the
Mexican Financial Reporting Standards Board (Consejo Mexicano de Normas de Información Financiera, A.C.),
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.P.I de C.V. ("Grupo Empresarial Maestro"), Bluestream Capital, S.A.P.I de C.V.
("Bluestream Capital"), Cege Capital, S.A.P.I. de C.V., SOFOM, E.N.R ("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
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.18.16 per U.S. dollar, the exchange rate determined by Banco de México on September

vii


29, 2017 and published in the Official Gazette of the Federation (Diario Oficial de la Federación, or the "Official
Gazette") on October 2, 2017
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