Fees

Fees

Asigna's Technical Committee determines the services fees to be charged.

1. Clearing & Settlement Fee: This fee will be charged by Asigna to the clearing members for their own operations well as traders and clients operations. There are different fees for clients and proprietary account, and the fee varies according the underlying in each derivative contract.

2. Delivery Fee: For the physical delivery contracts upon the expiration date. This fee is charged by Asigna to the Clearing Members in every case. This amount is charge to cover money and securities transfers involved in a delivery process (Securities, Currencies, Fixed Rate Bonds).

3. Exercise & Assignment Fee: This fee is charged by Asigna to the Clearing Members for options exercise and assignment.

Futures Contracts

Future Contract	Proprietary Account	Clients Account	Market Maker

CETE	$0.33	$0.50
UDI	$1.00	$2.00
IPC	$2.50	$4.75
TELMEXL	$0.05	$0.15
FEMSA UBD	$0.03	$0.08
GCARSO	$0.03	$0.09
CEMEX CPO	$0.03	$0.08
AXL	$0.06	$0.07
WALMEX V **	$0.50	$0.57
M3	$0.75	$1.50
M10	$1.50	$3.00
M20 **	$4.50	$5.00
DEUA y DA	$0.25	$0.63
EURO	$0.35	$0.80
Swap TIIE ( 10 years)	$45.00	$60.00	$45.00
Swap TIIE ( 2 years) **	$10.00	$12.00	$ 9.00
** Take effect since the date of the listed in MexDer

Frame of Discounts for Clearing Fees in Proprietary and Third-Party Position for Futures Contracs on Tasa de Interes Interbancaria de Equilibrio

*Discount table*
Propietary commissions				CoMmissión
level	from	to	Discount	$

1	1	200,000	0.0%	0.110
2	200,001	400,000	6.0%	0.103
3	400,001	600,000	12.0%	0.097
4	600,001	800,000	18.0%	0.090
5	800,001	1,000,000	24.0%	0.084
6	1,000,001	and above	30.0%	0.077

*Discount table*
third-party commissions				CoMmissión
level	from	to	Discount	$

1	1	200,000	0.0%	0.240
2	200,001	400,000	12.0%	0.211
3	400,001	600,000	24.0%	0.182
4	600,001	800,000	36.0%	0.154
5	800,001	1,000,000	48.0%	0.125
6	1,000,001	and above	60.0%	0.096

For Proprietary Clearing Members, the applicable discount will be direct. In other words, the first 200,000 contracts will not be subject to any discount, and will thus pay a commission of $0.11 pesos. If the volume is 400,000 contracts, all of the contracts cleared will carry a commission of $0.103 pesos. If the cleared volume is more than 1,000,001, all the contracts will carry a commission of $0.077 pesos.

For Third-Party Clearing Members, the applicable discount will also be direct. The first 200,000 contracts will not be subject to any discount, and will thus pay a commission of $0.24 pesos. If the volume is 400,000 contracts, all of the contracts cleared will carry a commission of $0.211 pesos. If the cleared volume is more than 1,000,001, all the contracts will carry a commission of $0.096 pesos.

Note: This modification takes effect on November 1st, 2008.

Frame of Discounts for Market Makers in TE28 Futures Contracts

Discount market maker te28				fee
level	from	to	Discount	$

1	1	200,000	0.0%	0.240
2	200,001	400,000	13.0%	0.208
3	400,001	600,000	27.0%	0.176
4	600,001	800,000	40.0%	0.144
5	800,001	1,000,000	53.0%	0.111
6	1,000,001	and above	67.0%	0.079

*Signing of the Liquidity Terms and conditions with MexDer to trade in Future Contracts on the Interbank Equilibrium Interest Rate at 28 days (TIIE28), in accordance with the General Contract Conditions.

For institutions acting as market makers, the applicable discount will also be direct. The first 200,000 contracts will not be subject to any discount, and will thus pay a commission of $0.24 pesos. If the volume is 400,000 contracts, all of the contracts cleared will carry a commission of $0.208 pesos. If the cleared volume is more than 1,000,001, all the contracts will carry a commission of $0.079 pesos.

MexDer will record the transaction and the bids and offers to verify that the agreements contained in the Liquidity Terms and conditions are met, and will advise the Clearinghouse whether or not discounts are to be applied in the subsequent month. If the volume traded during the quarter does not come up to the assumed commitment, the current third-party commissions will be charged in the subsequent month. The volume that will be taken into account for applying the commission will be the result of adding together the contracts traded by an institution for the month, even if those Contracts were cleared by different Clearing Members.

Note: This modification takes effect on November 1st, 2008.

Commission to be charged for custody of Initial Margins

The commission to be charged for custody of Initial Margins will be calculated as 2 basis point of the monthly average balance of margins submitted by Clearing Members to Asigna in the form of cash, securities and foreign currency, in keeping with current market regulations.

The formula for calculating the commission is shown below:

Where:

CC AIMS= Commission for Custody of Initial Margins Contributions

St= Amount (in pesos) of Initial Margins Contributions submitted to Asigna in cash and securities to cover open positions maintained by Clearing Members with the Clearinghouse on day t.

T= calendar days in the immediately preceding month.

The custody commission for margin securities will be calculated by taking the daily closing balance of the margin securities (including domestic and foreign securities, stocks and foreign currency and any other securities authorized at the time), valued at a discount price (haircut). The haircut is calculated based on the Market Price published by Valuación Operativa y Referencias del Mercado, S.A. de C.V. (Valmer) and applying the discount approved by Asigna's Technical Committee. Any securities submitted in excess of the required Initial Margin, and which are identified as such in Asigna's records, will also be counted toward the Margins on which the commission will be charged.

Options Contract

Option Contract	Propietary Account	Clients Account	Market Marker

AX(América Móvil)	$0.07	$0.08	$0.07
Walmex V (Wal-Mart)	$0.40	$0.50	$0.35
Cemex CPO (Cemex)	$0.30	$0.40	$0.25
Cemex CPO (Opciones Flexibles) *	$0.30	$0.40	$0.25
Televisa CPO *	$0.47	$0.50	$0.40
GMexico B *	$0.27	$0.30	$0.20
Telmex L *	$0.27	$0.30	$0.20
IP (IPC)	$7.00	$9.00
NA (Naftrac)	$0.20	$0.25
QQQQ (Nasdaq-100)	$2.50	$3.50
IVV (ETF)	$6.00	$8.00
M0 (Futuro Bono M10)	$3.50	$4.00
DA (Dólar de E.U.A.)	$0.50	$0.63
* *Take effect since the date of the listed in MexDer*

*Settlement at Maturity (Futures & Options)*

Exchange Rate (Peso/Dollar)	$ 257.66 pesos (25.00 USD*) transfers	$ 80.00 pesos (7.76 USD*) transfers
M3, M10 y M20	$ 12.00 pesos (1.16 USD*) securities transfers	$120.00 pesos (11.64 USD*) transfers

Settlement at Maturity or Anticipated (Options)

Exchange Rate (Peso/Dollar)

$ 257.66 pesos

(25.00 USD*) transfers

$ 80.00 pesos

(7.76 USD*) transfers

Excercise and Assignment

AX, CEMEX CPO, WALMEX V, TLEVISA CPO, GMEXICO B,

TELMEX L, IP, NA, QQQQ,

ETF´s, M0, DA.

$ 2.00** (0.194 USD*) per contract

*Tender and Assignment (Futures)*

M3, M10 & M20	$ 2.00** (0.194 USD*) per contract

Daily Settlement and Margins Refunds Fee.**

In addition, the Clearing House will apply a fee of $100 pesos plus taxes by every money transfer for daily Settlement and refund of Margins of any kind.

* Exchange rate of May 31, 2008 $10.3066 (Banco de México)

** Starting January 1st, 2009.

Fees in Mexican Pesos