Fovial Securitization Fund II

May 11, 2016

Romero Pineda & Asociados, as Lafise El Salvador Values (House Brokers) Lawyers, took part in the legal advice and review of contracts in the asset securitization process FOVIAL I and II . Fovial is an institution of public law, whose main purpose is road maintenance, which includes a set of activities to preserve in the good condition of the roads in El Salvador in a continuous and sustained way. Through this securitization was obtained an issuance of $ 100 million; in this operation LAFISE acts as representative of the securities holders, the funds will be used to improve and enforce the national road network which is Fovial´s priority and one of its fundamental objectives .

The aforementioned securitization consists of two sections, the first section was formalized in May 2013 and the second in October 2013. The initial public offering took  place the first week of November.

The entities involved in the transaction were:

• Stock Exchange of El Salvador;

• Super Quartermaster Financial System of El Salvador;

• Values of El Salvador ( House Brokers );

• Ricorp.

Lawyers involved in the operation were:

Securitization Ricorp: Benjamín Valdez Iraheta and Claudia Arteaga.

Stock Exchange : Julio Vega, Legal Manager.

Romero Pineda & Asociados : Daisy Martinez, Manager of Banking and Finance Division.