[CLOSING LETTER PAGE 1]
C.R. Resorts Holding, S. de R. L. de C.V.
Please Read Carefully – This Letter Outlines the Process You Must Follow To Receive Your Trust Beneficiary Certificate for the Grand Regina - Private Residence Club
Fractional Beneficiary Rights Owned Individually
February, 2011
Dear Grand Regina PRC Owner
We previously informed you that CR Resorts Holdings, S. de R.L. de C.V., as successor to Desarrollos Turísticos Regina, S. de R.L. de C.V., has been working diligently with the Grand Regina Trustee, namely Scotiabank Inverlat, S.A., (“Grand Regina Trustee”), to issue your Trust Beneficiary Certificate to formally evidence your ownership of certain fractional beneficiary rights in the resort known as Grand Regina – Private Residence Club (“Grand Regina Resort”), located in Baja California Sur, United Mexican States.
In order to issue your Trust Beneficiary Certificate, the Grand Regina Trustee requires you to execute certain legal documents to complete your designation as a beneficiary under the Grand Regina Trust during the week of June 20 to June 24, 2011 (“Closing”). This can be accomplished by choosing one of the options listed below:
Option 1. Personally appear in Mexico before Notary Public Armando Antonio Aguilar Mondragón, located at Leona Vicario No.2330, Colonia Centro, C.P. 23450, Cabo San Lucas, Baja California Sur, Mexican United States, during the week of June 20 to June 24, 2011 from 9:00 AM to 7:00 PM to execute all required documents to designate you as beneficiary of the Grand Regina Trust. If you wish to choose this option, please send an email to no later than April 15 2011 so that we may inform the Mexican Notary Public that you will execute the applicable documents personally in Mexico. Please note that if you choose this option and do not appear on during the week of June 20 to June 24, 2011 to execute your applicable documentation, the Notary Public and the Grand Regina Trustee may charge you additional fees to reschedule the execution of your documents and designation as a beneficiary of the Grand Regina Trust. You will need to provide to the above mentioned Public Notary and Trustee a copy of your passport, your Mexican Migration Form (a form provided by Mexican immigration authorities when you enter Mexico) and a document which clearly indicates your home address such as utility bill.
Option 2. Execute two sets of the enclosed Letter of Authorization and Summary of the Grand Regina Trust (your signature needs to be executed in both the English and Spanish versions) which authorizes the Grand Regina Trustee to designate you as beneficiary under the Grand Regina Trust. Both sets of Letters of Authorization and Summary of the Grand Regina Trust must be executed before a U.S. public notary. Once notarized, the signature of the U.S. public notary must be apostilled by the Secretary of State in the State where such notarization occurred (.e.g. if both Letters were executed and notarized in California, you would send both Letters to the California Secretary of State). Apostilliation is a process required under Mexican law and is essentially a stamp of approval by the applicable Secretary of State that the U.S. public notary’s signature is authentic. Please note that the apostilliation process can take up to seven (7) to (10) business days and that there is a slight cost involved.
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Once you receive the apostilled Letters of Authorization and the Summary of the Grand Regina Trust back from the Secretary of State, you will need to send them to our offices at Boulevard Adolfo Ruíz Cortines No. 3642, piso 7, Colonia Jardines del Pedregal, México, Distrito Federal, C.P. 01900 as we need to receive both documents in our offices by not later than April 15, 2011. As soon as the apostilled Letters and Summary are returned to our offices, we will have the notary certification and the Apostille translated into Spanish by an official translator as required under Mexican law. The cost of such translation will be borne by us.
If you reside within the Mexican Republic or will be visiting Mexico shortly, you can execute such Letter of Authorization and the Summary of the Grand Regina Trust directly before a Mexican Public Notary without the necessity of having the Letter of Authorization and Summary apostilled. The Mexican Public Notary may have additional requirements that you must comply with before you can execute the Letter of Authorization and Summary. Once executed before the Mexican Public Notary, you will need to send such documents to our offices at Boulevard Adolfo Ruíz Cortines No. 3642, piso 7, Colonia Jardines del Pedregal, México, Distrito Federal, C.P. 01900 so that they will be received by us no later than April 15, 2011.
Please note that if you chose this option, and do not send the Letter of Authorization and Summary by April 15, 2011, the Notary Public and the Grand Regina Trustee may charge you additional fees to reschedule the execution of your documents and designation as a beneficiary of the Grand Regina Trust.
Option 3. Execute two sets of the form of Power of Attorney enclosed with this Letter before a U.S. public notary, whose signature must be apostilled by the Secretary of State in the State where such notarization occurred. (You need to execute both the English and Spanish versions of the Power of Attorney ) Please refer to Option 2 above for an explanation of the apostilliation process.
If you reside within the Mexican Republic or will be visiting Mexico shortly, you can grant a Power of Attorney before a Mexican Public Notary (whether for a Mexican national or other national) without the necessity of having the Power of Attorney (both the English and Spanish versions) apostilled. Again, the Mexican Public Notary may have additional requirements that you must comply with before you can execute the Power of Attorney.
With these Powers of Attorney, you designate a representative of your choosing who will execute the legal documents necessary on your behalf to designate you as a beneficiary of the Grand Regina Trust.
Please note that the individual that you designate will then have to appear before the Mexican Public Notary referenced in paragraph #1 above on the week of June 20 to June 24, from 9:00 AM to 7:00 PM to execute all applicable documents.
If the individual designated in the Power of Attorney is a Mexican national, he/she must provide official identification and an additional document which clearly indicates his/her home address (for example a utility bill) to the Mexican Public Notary and the Grand Regina Trustee when he/she appears to execute the documents on your behalf. If the individual you designate is a not Mexican national, then he/she must provide a copy of his/her passport, a document which clearly indicates his/her home address such as utility bill, and a Mexican Migration Form (described earlier in Option #1).
Once the Power of Attorney is executed and apostilled, or if the Power of Attorney duly granted by a Mexican Public Notary as outlined above has been issued, you will need to send them to our offices at Boulevard Adolfo Ruíz Cortines No. 3642, piso 7, Colonia Jardines del Pedregal, México, Distrito Federal, C.P. 01900, by certified mail or courier so that they will be received by us by no later than April 15, 2011. Please note that if the individual that you designate in your Power of Attorney does not appear on the week of June 20 to June 24, 2011 to execute all applicable documentation, the Notary Public and the
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Grand Regina Trustee may charge you additional fees to reschedule the execution of your documents and designation as a beneficiary of the Grand Regina Trust.
Lastly, if you have not yet sent your KYC questionnaire and other KYC documentation (which the Grand Regina Trustee is required to obtain from each beneficiary under rules promulgated by the Central Bank of Mexico), then please send it to the Grand Regina Trustee, Scotiabank, S.A., at Blvd. Manuel Ávila Camacho No. 1 Piso 2, Lomas de Chapultepec, 11009 México, D.F. so that it arrives no later than April 15, 2011 to the attention of Carolina Gómez Villegas and note on the envelope that it pertains to the Grand Regina Trust. As you may recall, by letter dated October 30, 2009, we previously requested that you provide complete and correct KYC questionnaires and other KYC documentation to the Grand Regina Trustee. If you have not already done so, attached to this letter for your convenience is the KYC instruction letter that we previously sent to you along with the KYC questionnaire and KYC documentation required by the Grand Regina Trustee. If you previously submitted your KYC questionnaire and KYC documentation and wish to confirm whether it was completed properly and is thus acceptable to the Grand Regina Trustee, then please send an email inquiry to Carolina Gomez Villegas at for confirmation.
Please note that if the applicable documents described in Options #2 or #3 above and a fully completed KYC questionnaire and KYC documentation are not received on or before April 15, 2011, or you do not let us know that you will personally appear before the Public Notary mentioned above by such date, then the Grand Regina Trustee will not be able to issue your Trust Beneficiary Certificate at the Closing.
This does not mean that you will not ultimately receive a Trust Beneficiary Certificate. However, it does mean that the Grand Regina Trustee will process your certificate after the Closing but only when you or your representative appear to execute the relevant documents before the Trustee and the Public Notary and/or when all applicable deficiencies with respect to any of the applicable documents above have been cured by you at possible additional expense to you. In such case, all future communications regarding this matter maybe directly between yourself and the Grand Regina Trustee and Public Notary mentioned above, as we may no longer act as an intermediary in the future.
Should you have any questions, please e-mail us at and we will do our best to respond promptly.
Sincerely,
CR Resorts Holding, S. de R. L. de C.V.
[KYC LETTER PAGE 1]
Scotiabank Inverlat, S.A.,
Institución de Banca Múltiple, Grupo Financiero Inverlat, División Fiduciaria
RE. Grand Regina Fractional Property Trust Beneficiary Rights Certificate.
Dear Grand Regina PRC Owner
In order for Scotiabank Inverlat, Sociedad Anónima, Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat, Division Fiduciaria, (Grand Regina Trustee) to finalize your designation as a beneficiary under the Grand Regina Trust to be created and ultimately issue your Grand Regina Fractional Property Trust Beneficiary Rights Certificate and comply with its obligations under rules issued by Bank of Mexico known as “Know Your Customer Rules”, attached please find a list of documents required by the Grand ReginaTrustee, and a questionnaire (including a document entitled “Signature Register” attached to such questionnaire) which will need to be completed by you.
Please rest assured that all of the information you provide to the Grand Regina Trustee will remain confidential as the Grand Regina Trustee is required to keep such information confidential in accordance with article 117 of the Ley de Instituciones de Crédito (Credit Institutions Law). Furthermore, CR Resorts Holding, S. de R.L. de C.V., as successor to Desarrollos Turisticos Regina, S. de R.L. de C.V., is also required to keep such information confidential.
Lastly, please also note that each individual who executed the purchase agreement whereby you acquired you beneficiary rights must provide the below requested documents and complete a separate KYC Questionnaire for such individual.
Documentation Required:
1.- Copy of passport
2.- Copy of your Social Security Card.
3.- Documentation which indicates your home address such as utility bill.
Finally, please execute this letter to signify your acceptance that this letter may be used as an authorization for the Grand Regina Trustee to ultimately provide to you, subject to meeting all requirements of the Grand Regina Trust to be established, the corresponding Trust Beneficiary Rights Certificate. By executing this letter, you also declare that you are not registered as a Mexican taxpayer nor have a Mexican Tax Identification Number (Registro Federal de Contribuyentes) as you do not reside in Mexico.
______Printed: ______
Date: ______/ ______
Printed: ______
Date: ______
[KYC LETTER PAGE 2]
KYC QUESTIONNAIRE
PLEASE COMPLETE ALL BLANK SPACES. IF NOT APPLICABLE, PLEASE INDICATE BY STATING N/A :
Beneficiaries of Grand Regina Fractional Property Trust Beneficiary Rights Certificate: (To be filled in by each one of PRC Owners)
1.- Full name:______
2.- Place and date of birth: ______
3.- Nationality: ______
4.- Home address in your residence country:______
5.- Home telephone:______
6.- Office address:______
7.- Office telephone: ______
8.- Occupation or Profession: ______
9.- Fax number:______
10.-Marriage status:______
11.- Type of Business which employs you: ______
12.- If applicable, your position and name of the company which employs you:______
13.- E-mail address: ______
14.- Name of the Bank where you maintain an account, type of account and date when account was opened: ______
15.- Address where you reside when in Mexico, including street address, state and zip code:______