Obligation Unifinancial 7% ( USP94461AC79 ) en USD

Unifinancial

100 % ▲

Mexique

USP94461AC79 ( en USD )

7% par an ( paiement semestriel )

15/01/2025 - Obligation échue

Prospectus brochure de l'obligation Unifin Financiera USP94461AC79 en USD 7%, échue

200 000 USD

450 000 000 USD

P94461AC7

BB- ( Spéculatif )

N/A

Unifin Financiera est une société financière mexicaine offrant des services de financement aux petites et moyennes entreprises (PME) et aux particuliers, notamment des prêts, du financement de véhicules et des services de gestion de trésorerie.

L'Obligation émise par Unifinancial ( Mexique ) , en USD, avec le code ISIN USP94461AC79, paye un coupon de 7% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 15/01/2025
L'Obligation émise par Unifinancial ( Mexique ) , en USD, avec le code ISIN USP94461AC79, a été notée BB- ( Spéculatif ) par l'agence de notation Standard & Poor's ( S&P ).

L I S T I N G P A R T I C U L A R S
US$450,000,000

Unifin Financiera, S.A.B. de C.V., SOFOM, E.N.R.
(incorporated under the laws of Mexico)
7.000% Senior Notes due 2025
Unconditionally Guaranteed by
Unifin Credit, S.A. de C.V., SOFOM, E.N.R. and
Unifin Autos, S.A. de C.V.
___________
Unifin Financiera, S.A.B. de C.V., SOFOM, E.N.R. is offering US$450,000,000 aggregate principal amount of 7.000% Senior Notes
due 2025 (the "notes"). We will pay interest on the notes at a fixed rate of 7.000% per year, payable semi-annually in arrears on January 15
and July 15 of each year, beginning on July 15, 2017. The notes will mature on January 15, 2025, unless previously redeemed. The notes are
unconditionally guaranteed by certain of our subsidiaries. The notes and the subsidiary guarantees are our and our subsidiary guarantors' senior
unsecured obligations (subject to certain statutory preferences under Mexican law, such as tax and labor obligations). The notes and the
subsidiary guarantees rank equally with each other and with all of our and our subsidiary guarantors' respective existing and future senior
unsecured indebtedness. The notes 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. The notes were issued in registered form in denominations of US$200,000 and integral multiples of US$1,000 in excess thereof.
We may redeem the notes, in whole or in part, at any time on or after July 15, 2021 at the applicable redemption prices set forth in this
listing particulars, plus any Additional Amounts (as defined under "Description of the Notes") then due, if any, plus accrued and unpaid interest,
if any, to the date of redemption. Prior to July 15, 2021, we may also redeem the notes, in whole or in part, at a redemption price based on a
"make-whole" premium plus any Additional Amounts then due, if any, plus accrued and unpaid interest, if any, to the date of redemption. In
addition, at any time on or prior to July 15, 2020 we may redeem up to 35% of the notes at a redemption price equal to 107.000% of their
principal amount, plus any Additional Amounts then due, if any, 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 payments of interest or amounts deemed interest on the notes, we may redeem the notes in whole, but not in part, at 100% of their
principal amount, plus any Additional Amounts then due, if any, plus accrued and unpaid interest, if any, to the date of redemption. There is no
sinking fund for the notes. See "Description of the Notes--Optional Redemption." If a change of control as described in this listing particulars
under the heading "Description of the Notes--Change of Control Triggering Event" occurs, we will be required to offer to purchase the notes
from the holders.
This listing particulars constitutes a prospectus for the purposes of the Luxembourg law dated July 10, 2005 on Proespectuses for
Securities, as amended. Application has been made to list the notes on the Official List of the Luxembourg Stock Exchange and to trading on the
Euro Multilateral Trading Facility ("EuroMTF") Market of the Luxembourg Stock Exchange.
Investing in the notes involves risks, see "Risk Factors" section beginning on page 25 of this listing particulars.
______________________
Issue Price: 99.285% plus accrued interest, if any, from May 15, 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; THE NOTES MAY BE SOLD TO INVESTORS THAT QUALIFY AS
INSTITUTIONAL AND ACCREDITED INVESTORS IN MEXICO, PURSUANT TO THE LAWS OF MEXICO, 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 STATISTICAL AND
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 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 to investors 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") on May 15, 2017.
______________________
Global Coordinator

Citigroup

______________________
Joint Book-Running Managers
Citigroup
Barclays
Credit Suisse

________________________
The date of this listing particulars is May 24, 2017.

TABLE OF CONTENTS
Page
Notice to Investors ........................................................................................................................................................ i
Available Information ................................................................................................................................................. iii
Forward-Looking Statements ..................................................................................................................................... iv
Presentation of Certain Financial and Other Information ........................................................................................... vi
Summary...................................................................................................................................................................... 1
Risk Factors ............................................................................................................................................................... 26
Use of Proceeds ......................................................................................................................................................... 43
Exchange Rates ......................................................................................................................................................... 44
Capitalization ............................................................................................................................................................. 45
Selected Financial and Other Information ................................................................................................................. 47
Management's Discussion and Analysis of Financial Condition and Results of Operations .................................... 51
Business ..................................................................................................................................................................... 80
Management ............................................................................................................................................................ 104
Supervision and Regulation of the Mexican Financial Industry .............................................................................. 110
Principal Shareholders ............................................................................................................................................. 116
Certain Relationships and Related Party Transactions ............................................................................................ 117
Description of the Notes .......................................................................................................................................... 118
Book-Entry, Delivery and Form .............................................................................................................................. 167
Taxation ................................................................................................................................................................... 171
Plan of Distribution ................................................................................................................................................. 177
Transfer Restrictions ................................................................................................................................................ 183
Service of Process and Enforcement of Civil Liabilities ......................................................................................... 186
Listing and General Information ............................................................................................................................. 187
Legal Matters ........................................................................................................................................................... 188
Independent Accountants ........................................................................................................................................ 189
Index to Financial Statements ................................................................................................................................... F-1
Annex A: Summary of Certain Significant Differences Between Sofom GAAP and U.S. GAAP .......................... A-1
_______________
In making your investment decision, 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
different information, and neither we nor the initial purchasers take any responsibility for any information
that others may give to you. If anyone provides you with different or additional information, you should not
rely on it. You should assume that the information appearing in this listing particulars is accurate only as of
the date on the front cover of this listing particulars. Our business, properties, results of operations or
financial condition may have changed since that date. Neither the delivery of this listing particulars nor any
sale made hereunder will under any circumstances imply that the information herein is correct as of any date
subsequent to the date on the front cover of this listing particulars. This listing particulars may only be used
where it is legal to sell the notes. Neither we nor any of the initial purchasers is making an offer to sell the
notes in any jurisdiction where such an offer or sale is not permitted.

NOTICE TO INVESTORS
Unless otherwise specified or the context requires, references in this listing particulars to "the Company,"
"we," "us" and "our" refer to Unifin Financiera, S.A.B. de C.V., Sociedad Financiera de Objeto Múltiple, Entidad
No Regulada and its subsidiaries, and references to "Unifin" or "the Issuer" refer to Unifin Financiera, S.A.B. de
C.V., Sociedad Financiera de Objeto Múltiple, Entidad No Regulada.
Neither we nor the initial purchasers are making an offer to sell the notes or are soliciting offers to buy the
notes in any jurisdiction except where such an offer or sale is permitted. 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 the initial purchasers will have
any responsibility therefor.
We are relying upon an exemption from registration under the Securities Act for an offer and sale of
securities which do not involve a public offering. 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 and Mexico
so they can consider a purchase of the notes. This listing particulars may be used only for the purposes for which it
has been published. By accepting delivery of this listing particulars, you acknowledge that the use of the information
in this listing particulars for any purpose other than to consider a purchase of the notes is strictly prohibited. These
undertakings and prohibitions are for our benefit, and we may enforce them. U.S. federal securities laws restrict
trading in our securities while in possession of material non-public information with respect to us. By accepting
delivery of this listing particulars and by purchasing the notes, you will be deemed to have made certain
acknowledgments, representations and agreements as set forth under "Transfer Restrictions" in this listing
particulars. The notes are subject to restrictions on transfer and resale and may not be transferred or resold except as
permitted under the Securities Act and applicable state securities laws pursuant to registration or exemption
therefrom. As a prospective purchaser of the notes, you should be aware that you may be required to bear the
financial risks of this investment for an indefinite period of time.
This listing particulars is based on information provided by us and other sources that we believe to be
reliable. Neither we nor the initial purchasers can assure you that this information is accurate or complete. This
listing particulars summarizes certain documents and other information and we refer you to them for a more
complete understanding of what we discuss in this listing particulars.
We accept responsibility for the information contained in this listing particulars and declare that, having
taken all reasonable care to ensure that such is the case, the information contained in this listing particulars to the
best of our knowledge is in accordance with the facts and contains no omission likely to affect its import.
Neither we nor the initial purchasers are making any representation to any purchaser 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, financial, business or tax advice. You
should consult your own counsel, accountant, business advisor and tax advisor for legal, accounting, business and
tax advice regarding any investment in the notes.
We reserve the right to withdraw this offering of 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.
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.
None of the SEC, the CNBV or any state or foreign securities commission or any other regulatory
authority has approved or disapproved the offering 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.
i

In making an investment decision, prospective investors must rely on their own examination of the
Company and the terms of the offering, including the merits and risks involved. Prospective investors should not
construe anything in this listing particulars as legal, business or tax advice. Each prospective investor should consult
its own advisors as needed to make its investment decision and to determine whether it is legally permitted to
purchase the notes under applicable legal, investment or similar laws or regulations.
________________

ii

AVAILABLE INFORMATION
We are not subject to the reporting requirements of the 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 maintain
the exemption from reporting under Rule 12g3-2(b) of the Exchange Act or furnish the information to the SEC in
accordance with Section 13 or 15 of the Exchange Act. Any such request may be made to us in writing at our main
offices located at Presidente Masaryk 111, 5th Floor, Polanco V Sección, Del. Miguel Hidalgo, 11560, Ciudad de
México, México. For so long as our shares are registered with the RNV and listed with the Mexican Stock
Exchange (Bolsa Mexicana de Valores or "BMV"), we will be required periodically to furnish certain information,
including quarterly and annual reports, to the CNBV and to the BMV, which will be available in Spanish for
inspection on the BMV's website at www.bmv.com.mx and on the CNBV's website at www.cnbv.gob.mx.
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 has been made to admit the notes to listing in the Official List of the Luxembourg Stock
Exchange and to trading on the EuroMTF Market of the Luxembourg Stock Exchange, in accordance with its rules
and regulations. 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.

iii

FORWARD-LOOKING STATEMENTS
Certain statements contained in this listing particulars relating to our plans, forecasts and expectations
regarding future events, strategies and projections are 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, results of
operations, strategies, competitive position and market environment may significantly differ from our estimates, in
view of a number of factors, including, but not limited to:
changes in general economic, business or political or other conditions in Mexico, the United States or
elsewhere;
changes in capital markets in general that may affect policies or attitudes towards investing in Mexico or
securities issued by companies in Mexico;
the ability or willingness of our customers to meet their payment obligations;
the monetary, foreign exchange and interest rate policies of the Mexican Central Bank (Banco de México);
high levels of inflation or deflation;
movements in foreign exchange rates;
any increase in competition, including from new market entrants with substantial resources;
our ability to access sources of financing on attractive terms or at all;
any failure or weakness in our operating controls or procedures or in connection with our risk management
policies;
changes in, or failure to comply with, applicable laws and regulations, and the interpretation thereof, or
changes in taxes;
changes in regulations, or interpretations thereof, relating to maximum interest rates and to terms that may
be included in our standard agreements with customers;
any damage to the public's perception of our brands;
changes in consumer spending and saving habits;
changes in the offer of and demand for our products;
any loss of significant customers;
our ability to implement our plans for growth or to conduct acquisitions or any consolidations;
our inability to hedge against certain market risks;
iv

loss of any key personnel;
changes in labor relations, including any increases in labor costs or any labor strikes;
our ability to implement new technologies;
our ability to freely determine the interest rates and premiums that we charge to our customers in our
commercial loans;
our level of capitalization, reserves and charge-offs in respect of non-performing loans;
any adverse determinations in respect of the financial services industry or our lending business made by
antitrust or financial authorities;
class action lawsuits initiated by borrowers' groups or Mexican authorities and other potential litigation;
inability to timely and duly enforce collateral provided by borrowers;
any adverse administrative or legal proceedings against us;
possible disruptions to commercial activities due to natural and human-induced disasters, including health
epidemics, weather conditions, terrorist activities and armed conflicts;
other factors or trends affecting our financial condition and results of operation; and
the factors discussed under "Risk Factors" in this listing particulars.
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 this listing particulars to make an investment decision.
Additional factors affecting our business may arise periodically and we cannot predict such factors, nor can
we assess the impact of all these factors on our business or the extent to which such factors or combination of factors
could cause our results to materially differ from those contained in any forward-looking statement. Although we
consider the plans, intentions, expectation, and estimates reflected in, or suggested by, forward-looking statements
included in this listing particulars to be reasonable, we cannot provide any assurance that our plans, intentions,
expectations and estimates will be achieved. Additionally, historical trends in our statements should not be
interpreted as a guarantee that these trends will continue in the future.
Forward-looking statements included herein are made only as of the date of this listing particulars. 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.

v

PRESENTATION OF CERTAIN FINANCIAL AND OTHER INFORMATION
Financial Information
This listing particulars includes our audited consolidated financial statements as of and for the years ended
December 31, 2016, 2015 and 2014, together with the notes thereto (the "Audited Financial Statements"). Our
Audited Financial Statements were audited by PricewaterhouseCoopers, S.C., independent accountants, as stated in
their audit report appearing herein.
We have also included certain of our unaudited condensed consolidated internal financial information as of
March 31, 2017 and for the three-month periods ended March 31, 2017 and 2016, (the "Interim Financial
Information"). The Interim Financial Information is incomplete, since it does not include all of the information that
would be required for a complete set of interim financial statements. See "Summary--Recent Developments--
Interim Financial Information."
Our Audited Financial Statements and our Interim Financial Information are stated in thousands of
Mexican pesos. Our Audited Financial Statements and our Interim Financial Information are collectively referred to
herein as our Financial Statements.
Accounting Principles
As a multiple purpose financial entity (Sofom) with shares registered with the RNV, we have prepared our
Financial Statements under the accounting criteria established by the CNBV ("Sofom GAAP"), which are in
accordance with Mexican Financial Reporting Standards established by the Mexican Board for Financial
Information Standards (Consejo Mexicano de Normas de Información Financiera, A.C. or "CINIF"), except where
based on the judgment of the CNBV it is necessary to apply a different accounting criteria. See Note 3 of the
Audited Financial Statements.
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 such 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.
Non GAAP Measures

This listing particulars contains a financial measure that has not been calculated or recognized in
accordance with U.S. GAAP or Sofom GAAP and is referred to herein as adjusted consolidated net income.
Adjusted consolidated net income represents net income determined in accordance with Sofom GAAP, adjusted for
the following non-recurring items net after tax,the sale by us of 25% of the shares of the capital stock of Unifin,
Agente de Seguros y Fianzas, S.A. de C.V. in 2014 (see "Business Our Business Lines"), gains as a result of the
repurchase of US$33.4 million of our 2019 Senior Notes during the year ended December 31, 2015 and the entering
into of derivative financial instruments to hedge our exposure to risks associated with exchange rates.
Our management believes that our adjusted consolidated net income is an objective and comparable
measure of our operation results, as this measure excludes items that may not provide consistent information
regarding our financial results. Our management team uses this measure as an indicator of our operating results and
profitability. However, you should not consider our adjusted consolidated net income as an alternative to
consolidated net income as defined by Sofom GAAP, since, among other things, our adjusted consolidated net
income does not reflect our total profits and total intermediation results.

Although our calculation of adjusted consolidated net income may not be comparable to calculations of
similarly titled measures used by other companies, our management believes that disclosure of this selected financial
metric can provide useful information to investors in their evaluation of our operating performance, mainly because
it shows our results of operations without the effect of the non-recurring items. See "Summary Financial and Other
Information" and "Selected Financial and Other Information."

vi

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.," "Mexican pesos" and "pesos" are to the lawful currency of Mexico.
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, U.S. dollar amounts provided in this listing particulars that have
been translated from pesos have been so translated at an exchange rate of Ps. 20.7314 per U.S. dollar, the exchange
rate published by the Banco de México in the Mexican Federal Official Gazette on December 29, 2016.
Rounding Adjustments
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.
Certain Terms Related to our Loan Portfolio
In this listing particulars, we make reference to the following terms:
"net total loans" refers to total loans net of the allowances for loans losses;
"non-performing loans" is defined as past-due loans from our operating leases, financial factoring and auto
loans and other lending business lines for which collection became overdue, calculated from the thirty-first
day such loans become past-due in conformity with the accounting guidelines established by the CNBV.
For more information see Note 3(f), "Loans portfolio" to our Audited Financial Statements;
"off-balance sheet accounts" is defined as the memorandum accounts that appear in our consolidated
balance sheet and are comprised of non-accrued rent payments;
"performing loans" is defined as the total amount of operating leases, financial factoring and auto loans and
other loans that are not past due;
"total indebtedness" is defined as debt securities (long term and short term portions) and bank borrowings
and loans from other entities (long term and short term portions); and
"total loans" is defined as the performing loans and non-performing loans without the effect of the
allowance for loan losses.
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 Mexican Association of
Leasing, Credit and Factoring Institutions (Asociación Mexicana de Sociedades Financieras de Arrendamiento,
Crédito y Factoraje, A.C.). Although we believe these sources are reliable, we have not independently verified the
information and cannot guarantee its accuracy or completeness. Some data is also based on our estimates, which are
derived from our review of internal surveys, as well as independent sources. You should not place undue reliance
on estimates as they are inherently uncertain.

vii