Fideicomiso / Trust Bancomer

In response to your request, I am sending the relevant information regarding trusts which benefit foreigners as trustees for residential purposes:

The following is a description of the trust:

a) Parts of the trust:

Trustor: The individual(s) or corporation that sells the property and puts in a trust (the seller).

Trustee: The foreigner(s) (the buyer)

Substitute Trustee: The person or persons who are designated by the Trustee as beneficiaries in case of the Trustee’s death. Once the Fiduciary has been notified with the appropriate documents, this person(s) will become the principal recipient of the rights granted by the trust.

Fiduciary: BBVA Bancomer Servicios, S.A, Institución de Banca Multiple, Grupo Financiero BBVA Bancomer.

b) Entrusted asset:

The entrusted asset is the property  (granted by the trustor).

c) Objective of the trust:

1.- That the Fiduciary receive the property  or entrusted asset that is referred to by the preceding heading b).

2.- That the Fiduciary maintain the property at the disposition of the TRUSTEE or SUBSTITUTE TRUSTEE accordingly, for their temporary use without conceding any real rights to the property.

3.- According to written instructions received from the TRUSTEE or SUBSTITUTE TRUSTEE, the trust will be transferred to the person indicated by the TRUSTEE, who must have legal capacity to acquire the property, or to the same TRUSTEES accordingly if these persons acquire such a capacity.

4.- That the FIDUCIARY, according to written instructions received by the TRUSTEE or the SUBSTITUTE TRUSTEE, accordingly, set-up a mortgage on the entrusted property, in order to guarantee their obligations or those of a third party, without any responsibility to be borne by FIDUCIARY with respect to the guaranteed obligations.

The deed which grants this guarantee, must clarify that the FIDUCIARY will not bare any  obligation to pay and will not be liable through its own assets in any way, responding only with the entrusted property and will simply  act at the behest of the corresponding TRUSTEE.

5.-That the FIDUCIARY acquire the rights derived of the permits, authorizations and administrative concessions that are required for the adequate use of the entrusted asset.

II.- Fees:

This institution will charge the following fees for taking on the position as FIDUCIARY within the trust which is formalized by the above description:

a) USD $450.00 (four hundred and fifty dollars 00/100 uscy), for the elaboration of a trust contract, which will be payable one time at the signing of the trust contract.

b) USD$ 350.00 (three hundred and fifty dollars 00/100 uscy) for the “trust fees administration” fee of the current year, payable in yearly advances. These charges will increase by 10% every five years.

c).-USD $350 .00 (three hundred and fifty dollars 00/100 uscy), for the signing of a contract whether public or private, and for the authorization of powers of attorney, and the completion of the trust objectives. This amount will be payable each time  these services are required. The amount shall be paid previous to the formalization of the required legal act.

d).- The equivalent to a yearly commission will be paid for the signing of the following: cession of TRUSTEE rights, terminations and FIDUCIARY substitution. This will be paid at the time that all parties enter into the agreement.

e).- For any other Fiduciary service not contemplated in the trust, the fees will be equivalent to the commissions that are valid and charged by the institution at the time that these services are requested.

The FIDUCIARY fees do not include the Value Added Tax (IVA), but this tax will be charged at the time that the fees are collected.

In case of delay in the payment of fees, the TRUSTEE understands and accepts that there will be a penalty charge payable to the FIDUCIARY.

The trust must include that, in case the TRUSTEE took legal action against the FIDUCIARY regarding the administration of the trust, the TRUSTEE will pay all personal

legal fees required for defense; as well as all of the legal fees incurred by the FIDUCIARY if this party did not act unlawfully, with negligence, and did not break the agreements outlined in the trust.

Furthermore, the entrusted asset will serve as a guarantee for the payment of fees and expenses incurred by the FIDUCIARY.

III.- Third party expenses and fees.

In this particular kind of trust, the fees will be as follows: $USD 1,100.00 or the equivalent to pesos, for the application and acquisition of a permit from the Department of Foreign Relations, in Mexico City, and $USD 350.00 in order to apply for registration at the National Registry of Foreign Investment and the respective costs related to the procedure, once the trust has been formalized. The fees will be paid by the foreign TRUSTEE.

Once the permit is granted it will be possible to formalize the trust before a public notary of this city, specifying that the notary’s fees and other expenses (taxes, rights, etc.) that originate from the property transfer will be borne by the corresponding parties (TRUSTEE AND TRUSTOR).

All other third party expenses that originate from entering into a trust, will be directly and previously paid by the TRUSTEE without intervention by the FIDUCIARY; establishing that if the TRUSTEE does not pay the corresponding fees, the FIDUCIARY is not obliged to complete the legal procedures that result in these fees.

Once the trust is formalized we require that the original document, as well as a copy, be given to us –the FIDUCIARY- within 20 working days of the signing, as this document must be registered at the National Registry of Foreign Investment. If the time frame is not adhered to, there will be a penalty fee charged to the TRUSTEE which will be calculated according to the number of days that lapse after the first 20 working days.

IV.- SCOPE OF THE SERVICES.

The mentioned fees are presented under the consideration that:

. The services, to which this document refers, will only be offered in this city.

. In case modifications are required, the appropriate legal council will be offered.

V.-  DOCUMENTATION REQUIRED FOR THE FORMALIZATION OF THE CONTRACT.

A).- Documentation required by the TRUSTOR, if he/she is an individual:

- Official identification of the TRUSTOR, and other general information such as telephone number, current address and proof of residence (a utility bill).

-A copy of the tax identity card (if applicable).

-A copy of proof of residence (utility bill).

-Copy of the Substitute Trustee’s identification.

-If the Trustor acts through a representative with a power of attorney, we will need a copy of the power of attorney stating the faculties, and it shall be duly registered as well as the official identification of the representative.

B) Necessary documentation in case the Trustor is a corporation:

- Constitutive deed

-Section of the deed that mentions the corporation’s current Board of Directors,

Administrative Council or Sole Administrator respectively, who has directive faculties over the corporation.

- Copy of the official identification of the legal representative(s).

-Copy of the tax identity card (of the corporation).

-Copy of the proof of address (of the corporation).

C).- Documents required from the Trustee (foreigner):

- A valid passport

-Valid migratory documentation

- Driver´s licencie

-The completed and signed application form required by the Fiduciary institution in order to solicit the trust procedure.

D) Required documentation regarding the property:

.Proof of the Trustor`s prior ownership of the property which will be placed in the trust. The property will have been previously registered in the name of the Trustor and will appear in the Public Property and Commerce Registry of this city.

.Certificate that proves the property is free of liens, burdens, and encumbrances, which also proves that the property belongs to the Trustor.

.If the property is subdivided:

-The document issued by the municipality authorizing the subdivision.

-An official description of the development registered in the Public Property and Commerce Registry of the city where the property is located.

-The appropriate authorization from the municipality to sell the property.

-A certified and current plot map which has been issued within a year.

.A copy of the property tax payment issued in the TRUSTOR`s name, which has been paid accordingly.

.A copy of the latest water bill, issued in the TRUSTOR`s name, which is up to date on all payments.

* In order to ensure the authenticity of the documents mentioned above, it will be necessary to present the original documents as well as the copies. The original documents will be returned immediately after inspection. If the originals are not available, it is possible to present certified copies of the originals.

This cost estimate will be valid for 30 calendar days parting from the date of its expedition, without automatically considering it a final acceptance of the document and its terms, as this institution reserves the right to: (i) solicit and dictate the documentation and information considered necessary to determine the viability of the contract and (ii) in certain cases, modify the cost estimate once all the terms and conditions have been determined.

Please contact me if there are any further questions or comments regarding this description and the cost estimate.

Regards.

BBVA Bancomer Servicios, S.A.

Institución de Banca Multiple

Grupo Financiero BBVA Bancomer

Lic. Patricia Lilian Tirado Zamudio

Fiduciary Promotion Executive

PH: 01 669 9156125 and 9130154 (fax)

M819607@bbva.bancomer.com