Capital 500,000,000Tasa 0.70% mensual 8.40% NA/MVPlazo 5 añosPlazo 60 Meses 8.73% EA

VF 759,868,143

Capital 500,000,000Tasa 0.90% mensualPlazo 20 añosPlazo 240 Meses

CUOTA MENSUAL 5,093,060

Valor Apto 1,350,000,000 Monto A Financia 850,000,000Capital 500,000,000

240Tasa 1.18% mensual 15.12% EAPlazo 20 añosPeriodo gracia 5 años 15Periodo gracia 60 meses 180

Cuota 23,068,343 Periodo (MesesSaldo Inicial CuotaCuota anticipada 22,799,311 0

1 $1,718,301,740.77 ###2 $ 1,715,509,358.41 ###3 $1,712,684,025.94 ###

VF DEL CREDITO DESPUES DEL PERIODO DE GRACIA 4 $1,709,825,354.55 ###5 $1,706,932,950.84 ###

$1,718,301,740.77 VP PARA CALCULAR LAS CUOTAS A PAGAR 6 $1,704,006,416.76 ###7 $1,701,045,349.58 ###8 $1,698,049,341.81 ###9 $1,695,017,981.14 ###

10 $1,691,950,850.42 ###11 $1,688,847,527.56 ###12 $1,685,707,585.49 ###13 $1,682,530,592.10 ###14 $1,679,316,110.19 ###15 $1,676,063,697.39 ###16 $1,672,772,906.12 ###17 $1,669,443,283.52 ###18 $1,666,074,371.37 ###19 $1,662,665,706.05 ###20 $1,659,216,818.48 ###21 $1,655,727,234.04 ###22 $1,652,196,472.51 ###23 $1,648,624,047.99 ###24 $1,645,009,468.86 ###25 $1,641,352,237.69 ###26 $1,637,651,851.20 ###

27 $1,633,907,800.15 ###28 $1,630,119,569.29 ###29 $1,626,286,637.31 ###30 $1,622,408,476.73 ###31 $1,618,484,553.86 ###32 $1,614,514,328.70 ###33 $1,610,497,254.88 ###34 $1,606,432,779.59 ###35 $1,602,320,343.49 ###36 $1,598,159,380.65 ###37 $1,593,949,318.44 ###38 $1,589,689,577.50 ###39 $1,585,379,571.62 ###40 $1,581,018,707.67 ###41 $1,576,606,385.52 ###42 $1,572,141,997.97 ###43 $1,567,624,930.65 ###44 $1,563,054,561.93 ###45 $1,558,430,262.87 ###46 $1,553,751,397.07 ###47 $1,549,017,320.66 ###48 $1,544,227,382.15 ###49 $1,539,380,922.36 ###50 $1,534,477,274.35 ###51 $1,529,515,763.29 ###52 $1,524,495,706.39 ###53 $1,519,416,412.83 ###54 $1,514,277,183.61 ###55 $1,509,077,311.48 ###56 $1,503,816,080.85 ###57 $1,498,492,767.71 ###58 $1,493,106,639.47 ###59 $1,487,656,954.92 ###60 $1,482,142,964.09 ###61 $1,476,563,908.17 ###62 $1,470,919,019.39 ###63 $1,465,207,520.92 ###

64 $1,459,428,626.77 ###65 $1,453,581,541.67 ###66 $1,447,665,460.96 ###67 $1,441,679,570.50 ###68 $1,435,623,046.54 ###69 $1,429,495,055.59 ###70 $1,423,294,754.35 ###71 $1,417,021,289.55 ###72 $1,410,673,797.87 ###73 $1,404,251,405.79 ###74 $1,397,753,229.48 ###75 $1,391,178,374.69 ###76 $1,384,525,936.62 ###77 $1,377,794,999.77 ###78 $1,370,984,637.87 ###79 $1,364,093,913.70 ###80 $1,357,121,878.98 ###81 $1,350,067,574.26 ###82 $1,342,930,028.74 ###83 $1,335,708,260.18 ###84 $1,328,401,274.75 ###85 $1,321,008,066.90 ###86 $1,313,527,619.19 ###87 $1,305,958,902.20 ###88 $1,298,300,874.35 ###89 $1,290,552,481.77 ###90 $1,282,712,658.15 ###91 $1,274,780,324.62 ###92 $1,266,754,389.55 ###93 $1,258,633,748.45 ###94 $1,250,417,283.79 ###95 $1,242,103,864.84 ###96 $1,233,692,347.55 ###97 $1,225,181,574.35 ###98 $1,216,570,374.03 ###99 $1,207,857,561.55 ###

100 $1,199,041,937.88 ###

101 $1,190,122,289.85 ###102 $1,181,097,389.97 ###103 $1,171,965,996.27 ###104 $1,162,726,852.13 ###105 $1,153,378,686.09 ###106 $1,143,920,211.69 ###107 $1,134,350,127.29 ###108 $1,124,667,115.89 ###109 $1,114,869,844.96 ###110 $1,104,956,966.24 ###111 $1,094,927,115.54 ###112 $1,084,778,912.61 ###113 $1,074,510,960.88 ###114 $1,064,121,847.32 ###115 $1,053,610,142.22 ###116 $1,042,974,399.00 ###117 $1,032,213,154.01 ###118 $1,021,324,926.33 ###119 $1,010,308,217.56 ###120 $999,161,511.63 ###121 $987,883,274.57 ###122 $976,471,954.32 ###123 $964,925,980.48 ###124 $953,243,764.15 ###125 $941,423,697.67 ###126 $929,464,154.41 ###127 $917,363,488.53 ###128 $905,120,034.80 ###129 $892,732,108.31 ###130 $880,198,004.29 ###131 $867,515,997.85 ###132 $854,684,343.72 ###133 $841,701,276.08 ###134 $828,565,008.24 ###135 $815,273,732.44 ###136 $801,825,619.59 ###137 $788,218,819.00 ###

138 $774,451,458.17 ###139 $760,521,642.48 ###140 $746,427,454.96 ###141 $732,166,956.03 ###142 $717,738,183.21 ###143 $703,139,150.88 ###144 $688,367,849.96 ###145 $673,422,247.69 ###146 $658,300,287.32 ###147 $642,999,887.81 ###148 $627,518,943.59 ###149 $611,855,324.23 ###150 $596,006,874.16 ###151 $579,971,412.37 ###152 $563,746,732.14 ###153 $547,330,600.68 ###154 $530,720,758.88 ###155 $513,914,920.93 ###156 $496,910,774.10 ###157 $479,705,978.34 ###158 $462,298,165.99 ###159 $444,684,941.45 ###160 $426,863,880.86 ###161 $408,832,531.76 ###162 $390,588,412.73 ###163 $372,129,013.11 ###164 $353,451,792.56 ###165 $334,554,180.82 ###166 $315,433,577.25 ###167 $296,087,350.57 ###168 $276,512,838.41 ###169 $256,707,347.00 ###170 $236,668,150.80 ###171 $216,392,492.08 ###172 $195,877,580.59 ###173 $175,120,593.15 ###174 $154,118,673.25 ###

175 $132,868,930.69 ###176 $111,368,441.18 ###177 $89,614,245.89 ###178 $67,603,351.09 ###179 $45,332,727.74 ###180 $22,799,311.03 ###

Interes Amortización Saldo Final Periodo (MesesSaldo Inicial$1,718,301,740.77 0

### $ 2,792,382.36 ### 1 $1,695,502,429.74### $ 2,825,332.47 ### 2 ###### $ 2,858,671.39 ### 3 $1,689,884,714.91### $ 2,892,403.71 ### 4 $1,687,026,043.52### $ 2,926,534.08 ### 5 $1,684,133,639.81### $ 2,961,067.18 ### 6 $1,681,207,105.73### $ 2,996,007.77 ### 7 $1,678,246,038.55### $ 3,031,360.66 ### 8 $1,675,250,030.78### $ 3,067,130.72 ### 9 $1,672,218,670.11### $ 3,103,322.86 ### 10 $1,669,151,539.39### $ 3,139,942.07 ### 11 $1,666,048,216.53### $ 3,176,993.39 ### 12 $1,662,908,274.46### $ 3,214,481.91 ### 13 $1,659,731,281.07### $ 3,252,412.80 ### 14 $1,656,516,799.16### $ 3,290,791.27 ### 15 $1,653,264,386.36### $ 3,329,622.61 ### 16 $1,649,973,595.10### $ 3,368,912.15 ### 17 $1,646,643,972.49### $ 3,408,665.32 ### 18 $1,643,275,060.34### $ 3,448,887.57 ### 19 $1,639,866,395.02### $ 3,489,584.44 ### 20 $1,636,417,507.46### $ 3,530,761.54 ### 21 $1,632,927,923.02### $ 3,572,424.52 ### 22 $1,629,397,161.48### $ 3,614,579.13 ### 23 $1,625,824,736.96### $ 3,657,231.16 ### 24 $1,622,210,157.83### $ 3,700,386.49 ### 25 $1,618,552,926.66### $ 3,744,051.05 ### 26 $1,614,852,540.17

### $ 3,788,230.86 ### 27 $1,611,108,489.12### $ 3,832,931.98 ### 28 $1,607,320,258.26### $ 3,878,160.58 ### 29 $1,603,487,326.28### $ 3,923,922.87 ### 30 $1,599,609,165.71### $ 3,970,225.16 ### 31 $1,595,685,242.83### $ 4,017,073.82 ### 32 $1,591,715,017.67### $ 4,064,475.29 ### 33 $1,587,697,943.85### $ 4,112,436.10 ### 34 $1,583,633,468.56### $ 4,160,962.84 ### 35 $1,579,521,032.46### $ 4,210,062.21 ### 36 $1,575,360,069.62### $ 4,259,740.94 ### 37 $1,571,150,007.41### $ 4,310,005.88 ### 38 $1,566,890,266.48### $ 4,360,863.95 ### 39 $1,562,580,260.59### $ 4,412,322.15 ### 40 $1,558,219,396.64### $ 4,464,387.55 ### 41 $1,553,807,074.49### $ 4,517,067.32 ### 42 $1,549,342,686.94### $ 4,570,368.72 ### 43 $1,544,825,619.62### $ 4,624,299.07 ### 44 $1,540,255,250.91### $ 4,678,865.80 ### 45 $1,535,630,951.84### $ 4,734,076.41 ### 46 $1,530,952,086.05### $ 4,789,938.51 ### 47 $1,526,218,009.63### $ 4,846,459.79 ### 48 $1,521,428,071.12### $ 4,903,648.01 ### 49 $1,516,581,611.33### $ 4,961,511.06 ### 50 $1,511,677,963.32### $ 5,020,056.89 ### 51 $1,506,716,452.26### $ 5,079,293.56 ### 52 $1,501,696,395.37### $ 5,139,229.23 ### 53 $1,496,617,101.81### $ 5,199,872.13 ### 54 $1,491,477,872.58### $ 5,261,230.62 ### 55 $1,486,278,000.45### $ 5,323,313.14 ### 56 $1,481,016,769.83### $ 5,386,128.24 ### 57 $1,475,693,456.68### $ 5,449,684.55 ### 58 $1,470,307,328.44### $ 5,513,990.83 ### 59 $1,464,857,643.89### $ 5,579,055.92 ### 60 $1,459,343,653.06### $ 5,644,888.78 ### 61 $1,453,764,597.14### $ 5,711,498.47 ### 62 $1,448,119,708.36### $ 5,778,894.15 ### 63 $1,442,408,209.89

### $ 5,847,085.10 ### 64 $1,436,629,315.74### $ 5,916,080.71 ### 65 $1,430,782,230.64### $ 5,985,890.46 ### 66 $1,424,866,149.94### $ 6,056,523.97 ### 67 $1,418,880,259.48### $ 6,127,990.95 ### 68 $1,412,823,735.51### $ 6,200,301.24 ### 69 $1,406,695,744.56### $ 6,273,464.80 ### 70 $1,400,495,443.32### $ 6,347,491.68 ### 71 $1,394,221,978.53### $ 6,422,392.08 ### 72 $1,387,874,486.85### $ 6,498,176.31 ### 73 $1,381,452,094.76### $ 6,574,854.79 ### 74 $1,374,953,918.45### $ 6,652,438.08 ### 75 $1,368,379,063.66### $ 6,730,936.85 ### 76 $1,361,726,625.59### $ 6,810,361.90 ### 77 $1,354,995,688.74### $ 6,890,724.17 ### 78 $1,348,185,326.84### $ 6,972,034.72 ### 79 $1,341,294,602.67### $ 7,054,304.73 ### 80 $1,334,322,567.96### $ 7,137,545.52 ### 81 $1,327,268,263.23### $ 7,221,768.56 ### 82 $1,320,130,717.71### $ 7,306,985.43 ### 83 $1,312,908,949.15### $ 7,393,207.86 ### 84 $1,305,601,963.72### $ 7,480,447.71 ### 85 $1,298,208,755.87### $ 7,568,716.99 ### 86 $1,290,728,308.16### $ 7,658,027.85 ### 87 $1,283,159,591.17### $ 7,748,392.58 ### 88 $1,275,501,563.32### $ 7,839,823.61 ### 89 $1,267,753,170.74### $ 7,932,333.53 ### 90 $1,259,913,347.13### $ 8,025,935.07 ### 91 $1,251,981,013.59### $ 8,120,641.10 ### 92 $1,243,955,078.53### $ 8,216,464.67 ### 93 $1,235,834,437.43### $ 8,313,418.95 ### 94 $1,227,617,972.76### $ 8,411,517.29 ### 95 $1,219,304,553.81### $ 8,510,773.20 ### 96 $1,210,893,036.52### $ 8,611,200.32 ### 97 $1,202,382,263.32### $ 8,712,812.48 ### 98 $1,193,771,063.00### $ 8,815,623.67 ### 99 $1,185,058,250.52### $ 8,919,648.03 ### 100 $1,176,242,626.85

### $ 9,024,899.88 ### 101 $1,167,322,978.82### $ 9,131,393.70 ### 102 $1,158,298,078.94### $ 9,239,144.14 ### 103 $1,149,166,685.25### $ 9,348,166.04 ### 104 $1,139,927,541.10### $ 9,458,474.40 ### 105 $1,130,579,375.06### $ 9,570,084.40 ### 106 $1,121,120,900.66### $ 9,683,011.40 ### 107 $1,111,550,816.26### $ 9,797,270.93 ### 108 $1,101,867,804.87### $ 9,912,878.73 ### 109 $1,092,070,533.94### $ 10,029,850.70 ### 110 $1,082,157,655.21### $ 10,148,202.93 ### 111 $1,072,127,804.51### $ 10,267,951.73 ### 112 $1,061,979,601.58### $ 10,389,113.56 ### 113 $1,051,711,649.85### $ 10,511,705.10 ### 114 $1,041,322,536.29### $ 10,635,743.22 ### 115 $1,030,810,831.19### $ 10,761,244.99 ### 116 $1,020,175,087.97### $ 10,888,227.68 ### 117 $1,009,413,842.98### $ 11,016,708.77 ### 118 $998,525,615.30### $ 11,146,705.93 $ 999,161,511.63 119 $987,508,906.54### $ 11,278,237.06 $ 987,883,274.57 120 $976,362,200.61### $ 11,411,320.26 $ 976,471,954.32 121 $965,083,963.55### $ 11,545,973.84 $ 964,925,980.48 122 $953,672,643.29### $ 11,682,216.33 $ 953,243,764.15 123 $942,126,669.45### $ 11,820,066.48 $ 941,423,697.67 124 $930,444,453.12### $ 11,959,543.26 $ 929,464,154.41 125 $918,624,386.64### $ 12,100,665.88 $ 917,363,488.53 126 $906,664,843.38### $ 12,243,453.73 $ 905,120,034.80 127 $894,564,177.50### $ 12,387,926.49 $ 892,732,108.31 128 $882,320,723.77### $ 12,534,104.02 $ 880,198,004.29 129 $869,932,797.28### $ 12,682,006.45 $ 867,515,997.85 130 $857,398,693.26### $ 12,831,654.12 $ 854,684,343.72 131 $844,716,686.82### $ 12,983,067.64 $ 841,701,276.08 132 $831,885,032.70

$ 9,932,075.06 $ 13,136,267.84 $ 828,565,008.24 133 $818,901,965.05 $ 9,777,067.10 $ 13,291,275.80 $ 815,273,732.44 134 $805,765,697.21 $ 9,620,230.04 $ 13,448,112.85 $ 801,825,619.59 135 $792,474,421.41 $ 9,461,542.31 $ 13,606,800.59 $ 788,218,819.00 136 $779,026,308.56 $ 9,300,982.06 $ 13,767,360.83 $ 774,451,458.17 137 $765,419,507.97

$ 9,138,527.21 $ 13,929,815.69 $ 760,521,642.48 138 $751,652,147.14 $ 8,974,155.38 $ 14,094,187.52 $ 746,427,454.96 139 $737,722,331.45 $ 8,807,843.97 $ 14,260,498.93 $ 732,166,956.03 140 $723,628,143.93 $ 8,639,570.08 $ 14,428,772.82 $ 717,738,183.21 141 $709,367,645.00 $ 8,469,310.56 $ 14,599,032.34 $ 703,139,150.88 142 $694,938,872.19 $ 8,297,041.98 $ 14,771,300.92 $ 688,367,849.96 143 $680,339,839.85 $ 8,122,740.63 $ 14,945,602.27 $ 673,422,247.69 144 $665,568,538.93 $ 7,946,382.52 $ 15,121,960.37 $ 658,300,287.32 145 $650,622,936.67 $ 7,767,943.39 $ 15,300,399.51 $ 642,999,887.81 146 $635,500,976.29 $ 7,587,398.68 $ 15,480,944.22 $ 627,518,943.59 147 $620,200,576.79 $ 7,404,723.53 $ 15,663,619.36 $ 611,855,324.23 148 $604,719,632.56 $ 7,219,892.83 $ 15,848,450.07 $ 596,006,874.16 149 $589,056,013.20 $ 7,032,881.12 $ 16,035,461.78 $ 579,971,412.37 150 $573,207,563.13 $ 6,843,662.67 $ 16,224,680.23 $ 563,746,732.14 151 $557,172,101.35 $ 6,652,211.44 $ 16,416,131.46 $ 547,330,600.68 152 $540,947,421.12 $ 6,458,501.09 $ 16,609,841.81 $ 530,720,758.88 153 $524,531,289.66 $ 6,262,504.95 $ 16,805,837.94 $ 513,914,920.93 154 $507,921,447.85 $ 6,064,196.07 $ 17,004,146.83 $ 496,910,774.10 155 $491,115,609.91 $ 5,863,547.13 $ 17,204,795.76 $ 479,705,978.34 156 $474,111,463.08 $ 5,660,530.54 $ 17,407,812.35 $ 462,298,165.99 157 $456,906,667.31 $ 5,455,118.36 $ 17,613,224.54 $ 444,684,941.45 158 $439,498,854.96 $ 5,247,282.31 $ 17,821,060.59 $ 426,863,880.86 159 $421,885,630.42 $ 5,036,993.79 $ 18,031,349.10 $ 408,832,531.76 160 $404,064,569.83 $ 4,824,223.87 $ 18,244,119.02 $ 390,588,412.73 161 $386,033,220.73 $ 4,608,943.27 $ 18,459,399.63 $ 372,129,013.11 162 $367,789,101.71 $ 4,391,122.35 $ 18,677,220.54 $ 353,451,792.56 163 $349,329,702.08 $ 4,170,731.15 $ 18,897,611.75 $ 334,554,180.82 164 $330,652,481.54 $ 3,947,739.33 $ 19,120,603.56 $ 315,433,577.25 165 $311,754,869.79 $ 3,722,116.21 $ 19,346,226.69 $ 296,087,350.57 166 $292,634,266.23 $ 3,493,830.74 $ 19,574,512.16 $ 276,512,838.41 167 $273,288,039.54 $ 3,262,851.49 $ 19,805,491.40 $ 256,707,347.00 168 $253,713,527.38 $ 3,029,146.69 $ 20,039,196.20 $ 236,668,150.80 169 $233,908,035.98 $ 2,792,684.18 $ 20,275,658.72 $ 216,392,492.08 170 $213,868,839.77 $ 2,553,431.41 $ 20,514,911.49 $ 195,877,580.59 171 $193,593,181.06 $ 2,311,355.45 $ 20,756,987.45 $ 175,120,593.15 172 $173,078,269.57 $ 2,066,423.00 $ 21,001,919.90 $ 154,118,673.25 173 $152,321,282.12 $ 1,818,600.34 $ 21,249,742.55 $ 132,868,930.69 174 $131,319,362.22

$ 1,567,853.38 $ 21,500,489.52 $ 111,368,441.18 175 $110,069,619.67 $ 1,314,147.61 $ 21,754,195.29 $ 89,614,245.89 176 $88,569,130.15 $ 1,057,448.10 $ 22,010,894.80 $ 67,603,351.09 177 $66,814,934.86 $ 797,719.54 $ 22,270,623.35 $ 45,332,727.74 178 $44,804,040.06 $ 534,926.19 $ 22,533,416.71 $ 22,799,311.03 179 $22,533,416.71 $ 269,031.87 $ 22,799,311.03 -$ 0.00 180

Cuota Interes Amortización Saldo Final Periodo (Meses22,799,311 22,799,311 $1,695,502,429.74 022,799,311 ### $ 2,792,382.36 ### 122,799,311 ### $ 2,825,332.47 ### 222,799,311 ### $ 2,858,671.39 ### 322,799,311 ### $ 2,892,403.71 ### 422,799,311 ### $ 2,926,534.08 ### 522,799,311 ### $ 2,961,067.18 ### 622,799,311 ### $ 2,996,007.77 ### 722,799,311 ### $ 3,031,360.66 ### 822,799,311 ### $ 3,067,130.72 ### 922,799,311 ### $ 3,103,322.86 ### 1022,799,311 ### $ 3,139,942.07 ### 1122,799,311 ### $ 3,176,993.39 ### 1222,799,311 ### $ 3,214,481.91 ### 1322,799,311 ### $ 3,252,412.80 ### 1422,799,311 ### $ 3,290,791.27 ### 1522,799,311 ### $ 3,329,622.61 ### 1622,799,311 ### $ 3,368,912.15 ### 1722,799,311 ### $ 3,408,665.32 ### 1822,799,311 ### $ 3,448,887.57 ### 1922,799,311 ### $ 3,489,584.44 ### 2022,799,311 ### $ 3,530,761.54 ### 2122,799,311 ### $ 3,572,424.52 ### 2222,799,311 ### $ 3,614,579.13 ### 2322,799,311 ### $ 3,657,231.16 ### 2422,799,311 ### $ 3,700,386.49 ### 2522,799,311 ### $ 3,744,051.05 ### 26

22,799,311 ### $ 3,788,230.86 ### 2722,799,311 ### $ 3,832,931.98 ### 2822,799,311 ### $ 3,878,160.58 ### 2922,799,311 ### $ 3,923,922.87 ### 3022,799,311 ### $ 3,970,225.16 ### 3122,799,311 ### $ 4,017,073.82 ### 3222,799,311 ### $ 4,064,475.29 ### 3322,799,311 ### $ 4,112,436.10 ### 3422,799,311 ### $ 4,160,962.84 ### 3522,799,311 ### $ 4,210,062.21 ### 3622,799,311 ### $ 4,259,740.94 ### 3722,799,311 ### $ 4,310,005.88 ### 3822,799,311 ### $ 4,360,863.95 ### 3922,799,311 ### $ 4,412,322.15 ### 4022,799,311 ### $ 4,464,387.55 ### 4122,799,311 ### $ 4,517,067.32 ### 4222,799,311 ### $ 4,570,368.72 ### 4322,799,311 ### $ 4,624,299.07 ### 4422,799,311 ### $ 4,678,865.80 ### 4522,799,311 ### $ 4,734,076.41 ### 4622,799,311 ### $ 4,789,938.51 ### 4722,799,311 ### $ 4,846,459.79 ### 4822,799,311 ### $ 4,903,648.01 ### 4922,799,311 ### $ 4,961,511.06 ### 5022,799,311 ### $ 5,020,056.89 ### 5122,799,311 ### $ 5,079,293.56 ### 5222,799,311 ### $ 5,139,229.23 ### 5322,799,311 ### $ 5,199,872.13 ### 5422,799,311 ### $ 5,261,230.62 ### 5522,799,311 ### $ 5,323,313.14 ### 5622,799,311 ### $ 5,386,128.24 ### 5722,799,311 ### $ 5,449,684.55 ### 5822,799,311 ### $ 5,513,990.83 ### 5922,799,311 ### $ 5,579,055.92 ### 6022,799,311 ### $ 5,644,888.78 ### 6122,799,311 ### $ 5,711,498.47 ### 6222,799,311 ### $ 5,778,894.15 ### 63

22,799,311 ### $ 5,847,085.10 ### 6422,799,311 ### $ 5,916,080.71 ### 6522,799,311 ### $ 5,985,890.46 ### 6622,799,311 ### $ 6,056,523.97 ### 6722,799,311 ### $ 6,127,990.95 ### 6822,799,311 ### $ 6,200,301.24 ### 6922,799,311 ### $ 6,273,464.80 ### 7022,799,311 ### $ 6,347,491.68 ### 7122,799,311 ### $ 6,422,392.08 ### 7222,799,311 ### $ 6,498,176.31 ### 7322,799,311 ### $ 6,574,854.79 ### 7422,799,311 ### $ 6,652,438.08 ### 7522,799,311 ### $ 6,730,936.85 ### 7622,799,311 ### $ 6,810,361.90 ### 7722,799,311 ### $ 6,890,724.17 ### 7822,799,311 ### $ 6,972,034.72 ### 7922,799,311 ### $ 7,054,304.73 ### 8022,799,311 ### $ 7,137,545.52 ### 8122,799,311 ### $ 7,221,768.56 ### 8222,799,311 ### $ 7,306,985.43 ### 8322,799,311 ### $ 7,393,207.86 ### 8422,799,311 ### $ 7,480,447.71 ### 8522,799,311 ### $ 7,568,716.99 ### 8622,799,311 ### $ 7,658,027.85 ### 8722,799,311 ### $ 7,748,392.58 ### 8822,799,311 ### $ 7,839,823.61 ### 8922,799,311 ### $ 7,932,333.53 ### 9022,799,311 ### $ 8,025,935.07 ### 9122,799,311 ### $ 8,120,641.10 ### 9222,799,311 ### $ 8,216,464.67 ### 9322,799,311 ### $ 8,313,418.95 ### 9422,799,311 ### $ 8,411,517.29 ### 9522,799,311 ### $ 8,510,773.20 ### 9622,799,311 ### $ 8,611,200.32 ### 9722,799,311 ### $ 8,712,812.48 ### 9822,799,311 ### $ 8,815,623.67 ### 9922,799,311 ### $ 8,919,648.03 ### 100

22,799,311 ### $ 9,024,899.88 ### 10122,799,311 ### $ 9,131,393.70 ### 10222,799,311 ### $ 9,239,144.14 ### 10322,799,311 ### $ 9,348,166.04 ### 10422,799,311 ### $ 9,458,474.40 ### 10522,799,311 ### $ 9,570,084.40 ### 10622,799,311 ### $ 9,683,011.40 ### 10722,799,311 ### $ 9,797,270.93 ### 10822,799,311 ### $ 9,912,878.73 ### 10922,799,311 ### ### ### 11022,799,311 ### ### ### 11122,799,311 ### ### ### 11222,799,311 ### ### ### 11322,799,311 ### ### ### 11422,799,311 ### ### ### 11522,799,311 ### ### ### 11622,799,311 ### ### $ 998,525,615.30 11722,799,311 ### ### $ 987,508,906.54 11822,799,311 ### ### $ 976,362,200.61 11922,799,311 ### ### $ 965,083,963.55 12022,799,311 ### ### $ 953,672,643.29 12122,799,311 ### ### $ 942,126,669.45 12222,799,311 ### ### $ 930,444,453.12 12322,799,311 ### ### $ 918,624,386.64 12422,799,311 ### ### $ 906,664,843.38 12522,799,311 ### ### $ 894,564,177.50 12622,799,311 ### ### $ 882,320,723.77 12722,799,311 ### ### $ 869,932,797.28 12822,799,311 ### ### $ 857,398,693.26 12922,799,311 ### ### $ 844,716,686.82 13022,799,311 $ 9,967,656.90 ### $ 831,885,032.70 13122,799,311 $ 9,816,243.39 ### $ 818,901,965.05 13222,799,311 $ 9,663,043.19 ### $ 805,765,697.21 13322,799,311 $ 9,508,035.23 ### $ 792,474,421.41 13422,799,311 $ 9,351,198.17 ### $ 779,026,308.56 13522,799,311 $ 9,192,510.44 ### $ 765,419,507.97 13622,799,311 $ 9,031,950.19 ### $ 751,652,147.14 137

22,799,311 $ 8,869,495.34 ### $ 737,722,331.45 13822,799,311 $ 8,705,123.51 ### $ 723,628,143.93 13922,799,311 $ 8,538,812.10 ### $ 709,367,645.00 14022,799,311 $ 8,370,538.21 ### $ 694,938,872.19 14122,799,311 $ 8,200,278.69 ### $ 680,339,839.85 14222,799,311 $ 8,028,010.11 ### $ 665,568,538.93 14322,799,311 $ 7,853,708.76 ### $ 650,622,936.67 14422,799,311 $ 7,677,350.65 ### $ 635,500,976.29 14522,799,311 $ 7,498,911.52 ### $ 620,200,576.79 14622,799,311 $ 7,318,366.81 ### $ 604,719,632.56 14722,799,311 $ 7,135,691.66 ### $ 589,056,013.20 14822,799,311 $ 6,950,860.96 ### $ 573,207,563.13 14922,799,311 $ 6,763,849.24 ### $ 557,172,101.35 15022,799,311 $ 6,574,630.80 ### $ 540,947,421.12 15122,799,311 $ 6,383,179.57 ### $ 524,531,289.66 15222,799,311 $ 6,189,469.22 ### $ 507,921,447.85 15322,799,311 $ 5,993,473.08 ### $ 491,115,609.91 15422,799,311 $ 5,795,164.20 ### $ 474,111,463.08 15522,799,311 $ 5,594,515.26 ### $ 456,906,667.31 15622,799,311 $ 5,391,498.67 ### $ 439,498,854.96 15722,799,311 $ 5,186,086.49 ### $ 421,885,630.42 15822,799,311 $ 4,978,250.44 ### $ 404,064,569.83 15922,799,311 $ 4,767,961.92 ### $ 386,033,220.73 16022,799,311 $ 4,555,192.00 ### $ 367,789,101.71 16122,799,311 $ 4,339,911.40 ### $ 349,329,702.08 16222,799,311 $ 4,122,090.48 ### $ 330,652,481.54 16322,799,311 $ 3,901,699.28 ### $ 311,754,869.79 16422,799,311 $ 3,678,707.46 ### $ 292,634,266.23 16522,799,311 $ 3,453,084.34 ### $ 273,288,039.54 16622,799,311 $ 3,224,798.87 ### $ 253,713,527.38 16722,799,311 $ 2,993,819.62 ### $ 233,908,035.98 16822,799,311 $ 2,760,114.82 ### $ 213,868,839.77 16922,799,311 $ 2,523,652.31 ### $ 193,593,181.06 17022,799,311 $ 2,284,399.54 ### $ 173,078,269.57 17122,799,311 $ 2,042,323.58 ### $ 152,321,282.12 17222,799,311 $ 1,797,391.13 ### $ 131,319,362.22 17322,799,311 $ 1,549,568.47 ### $ 110,069,619.67 174

22,799,311 $ 1,298,821.51 ### $ 88,569,130.15 17522,799,311 $ 1,045,115.74 ### $ 66,814,934.86 17622,799,311 $ 788,416.23 ### $ 44,804,040.06 17722,799,311 $ 528,687.67 ### $ 22,533,416.71 17822,799,311 $ 265,894.32 ### -$ 0.00 179

180

Saldo Inicial Cuota Interes Amortización Saldo Final Gradiente$1,718,301,740.77

$1,718,301,740.77 ### ### -$ 3,653,612.21 ### 0.50%### ### ### -$ 3,613,613.09 ### 0.50%

$1,725,568,966.07 ### ### -$ 3,572,726.43 ### 0.50%$1,729,141,692.50 ### ### -$ 3,530,939.66 ### 0.50%$1,732,672,632.16 ### ### -$ 3,488,240.09 ### 0.50%$1,736,160,872.25 ### ### -$ 3,444,614.84 ### 0.50%$1,739,605,487.09 ### ### -$ 3,400,050.88 ### 0.50%$1,743,005,537.97 ### ### -$ 3,354,535.01 ### 0.50%$1,746,360,072.97 ### ### -$ 3,308,053.87 ### 0.50%$1,749,668,126.84 ### ### -$ 3,260,593.93 ### 0.50%$1,752,928,720.77 ### ### -$ 3,212,141.49 ### 0.50%$1,756,140,862.26 ### ### -$ 3,162,682.67 ### 0.50%$1,759,303,544.93 ### ### -$ 3,112,203.43 ### 0.50%$1,762,415,748.36 ### ### -$ 3,060,689.54 ### 0.50%$1,765,476,437.89 ### ### -$ 3,008,126.59 ### 0.50%$1,768,484,564.48 ### ### -$ 2,954,500.01 ### 0.50%$1,771,439,064.49 ### ### -$ 2,899,795.02 ### 0.50%$1,774,338,859.51 ### ### -$ 2,843,996.67 ### 0.50%$1,777,182,856.18 ### ### -$ 2,787,089.82 ### 0.50%$1,779,969,946.00 ### ### -$ 2,729,059.14 ### 0.50%$1,782,699,005.15 ### ### -$ 2,669,889.11 ### 0.50%$1,785,368,894.26 ### ### -$ 2,609,564.01 ### 0.50%$1,787,978,458.26 ### ### -$ 2,548,067.92 ### 0.50%$1,790,526,526.18 ### ### -$ 2,485,384.73 ### 0.50%$1,793,011,910.90 ### ### -$ 2,421,498.13 ### 0.50%$1,795,433,409.03 ### ### -$ 2,356,391.59 ### 0.50%

$1,797,789,800.62 ### ### -$ 2,290,048.40 ### 0.50%$1,800,079,849.02 ### ### -$ 2,222,451.61 ### 0.50%$1,802,302,300.63 ### ### -$ 2,153,584.09 ### 0.50%$1,804,455,884.73 ### ### -$ 2,083,428.47 ### 0.50%$1,806,539,313.19 ### ### -$ 2,011,967.17 ### 0.50%$1,808,551,280.36 ### ### -$ 1,939,182.40 ### 0.50%$1,810,490,462.76 ### ### -$ 1,865,056.14 ### 0.50%$1,812,355,518.89 ### ### -$ 1,789,570.14 ### 0.50%$1,814,145,089.03 ### ### -$ 1,712,705.94 ### 0.50%$1,815,857,794.98 ### ### -$ 1,634,444.84 ### 0.50%$1,817,492,239.82 ### ### -$ 1,554,767.91 ### 0.50%$1,819,047,007.73 ### ### -$ 1,473,655.97 ### 0.50%$1,820,520,663.70 ### ### -$ 1,391,089.61 ### 0.50%$1,821,911,753.31 ### ### -$ 1,307,049.20 ### 0.50%$1,823,218,802.51 ### ### -$ 1,221,514.83 ### 0.50%$1,824,440,317.34 ### ### -$ 1,134,466.37 ### 0.50%$1,825,574,783.71 ### ### -$ 1,045,883.43 ### 0.50%$1,826,620,667.14 ### ### -$ 955,745.36 ### 0.50%$1,827,576,412.50 ### ### -$ 864,031.26 ### 0.50%$1,828,440,443.76 ### ### -$ 770,719.98 ### 0.50%$1,829,211,163.74 ### ### -$ 675,790.09 ### 0.50%$1,829,886,953.83 ### ### -$ 579,219.90 ### 0.50%$1,830,466,173.73 ### ### -$ 480,987.47 ### 0.50%$1,830,947,161.19 ### ### -$ 381,070.55 ### 0.50%$1,831,328,231.74 ### ### -$ 279,446.65 ### 0.50%$1,831,607,678.40 ### ### -$ 176,092.99 ### 0.50%$1,831,783,771.39 ### ### -$ 70,986.50 ### 0.50%$1,831,854,757.89 ### ### $ 35,896.17 ### 0.50%$1,831,818,861.72 ### ### $ 144,578.65 ### 0.50%$1,831,674,283.07 ### ### $ 255,084.89 ### 0.50%$1,831,419,198.18 ### ### $ 367,439.10 ### 0.50%$1,831,051,759.08 ### ### $ 481,665.81 ### 0.50%$1,830,570,093.27 ### ### $ 597,789.85 ### 0.50%$1,829,972,303.43 ### ### $ 715,836.35 ### 0.50%$1,829,256,467.07 ### ### $ 835,830.77 ### 0.50%$1,828,420,636.31 ### ### $ 957,798.86 ### 0.50%$1,827,462,837.45 ### ### $ 1,081,766.69 ### 0.50%

$1,826,381,070.75 ### ### $ 1,207,760.68 ### 0.50%$1,825,173,310.07 ### ### $ 1,335,807.55 ### 0.50%$1,823,837,502.53 ### ### $ 1,465,934.34 ### 0.50%$1,822,371,568.19 ### ### $ 1,598,168.45 ### 0.50%$1,820,773,399.74 ### ### $ 1,732,537.60 ### 0.50%$1,819,040,862.14 ### ### $ 1,869,069.86 ### 0.50%$1,817,171,792.28 ### ### $ 2,007,793.65 ### 0.50%$1,815,163,998.63 ### ### $ 2,148,737.72 ### 0.50%$1,813,015,260.92 ### ### $ 2,291,931.18 ### 0.50%$1,810,723,329.73 ### ### $ 2,437,403.53 ### 0.50%$1,808,285,926.21 ### ### $ 2,585,184.58 ### 0.50%$1,805,700,741.62 ### ### $ 2,735,304.56 ### 0.50%$1,802,965,437.06 ### ### $ 2,887,794.02 ### 0.50%$1,800,077,643.05 ### ### $ 3,042,683.92 ### 0.50%$1,797,034,959.13 ### ### $ 3,200,005.59 ### 0.50%$1,793,834,953.55 ### ### $ 3,359,790.74 ### 0.50%$1,790,475,162.80 ### ### $ 3,522,071.49 ### 0.50%$1,786,953,091.31 ### ### $ 3,686,880.33 ### 0.50%$1,783,266,210.99 ### ### $ 3,854,250.15 ### 0.50%$1,779,411,960.84 ### ### $ 4,024,214.26 ### 0.50%$1,775,387,746.58 ### ### $ 4,196,806.36 ### 0.50%$1,771,190,940.22 ### ### $ 4,372,060.59 ### 0.50%$1,766,818,879.64 ### ### $ 4,550,011.47 ### 0.50%$1,762,268,868.17 ### ### $ 4,730,693.98 ### 0.50%$1,757,538,174.19 ### ### $ 4,914,143.50 ### 0.50%$1,752,624,030.69 ### ### $ 5,100,395.86 ### 0.50%$1,747,523,634.83 ### ### $ 5,289,487.33 ### 0.50%$1,742,234,147.50 ### ### $ 5,481,454.61 ### 0.50%$1,736,752,692.89 ### ### $ 5,676,334.86 ### 0.50%$1,731,076,358.03 ### ### $ 5,874,165.70 ### 0.50%$1,725,202,192.34 ### ### $ 6,074,985.19 ### 0.50%$1,719,127,207.15 ### ### $ 6,278,831.87 ### 0.50%$1,712,848,375.28 ### ### $ 6,485,744.75 ### 0.50%$1,706,362,630.54 ### ### $ 6,695,763.31 ### 0.50%$1,699,666,867.22 ### ### $ 6,908,927.53 ### 0.50%$1,692,757,939.69 ### ### $ 7,125,277.86 ### 0.50%$1,685,632,661.83 ### ### $ 7,344,855.25 ### 0.50%

$1,678,287,806.59 ### ### $ 7,567,701.14 ### 0.50%$1,670,720,105.45 ### ### $ 7,793,857.50 ### 0.50%$1,662,926,247.94 ### ### $ 8,023,366.79 ### 0.50%$1,654,902,881.15 ### ### $ 8,256,272.00 ### 0.50%$1,646,646,609.15 ### ### $ 8,492,616.64 ### 0.50%$1,638,153,992.50 ### ### $ 8,732,444.75 ### 0.50%$1,629,421,547.75 ### ### $ 8,975,800.91 ### 0.50%$1,620,445,746.84 ### ### $ 9,222,730.24 ### 0.50%$1,611,223,016.60 ### ### $ 9,473,278.40 ### 0.50%$1,601,749,738.20 ### ### $ 9,727,491.64 ### 0.50%$1,592,022,246.56 ### ### $ 9,985,416.73 ### 0.50%$1,582,036,829.83 ### ### $10,247,101.05 ### 0.50%$1,571,789,728.78 ### ### $10,512,592.52 ### 0.50%$1,561,277,136.26 ### ### $10,781,939.67 ### 0.50%$1,550,495,196.60 ### ### $11,055,191.60 ### 0.50%$1,539,440,004.99 ### ### $11,332,398.04 ### 0.50%$1,528,107,606.95 ### ### $11,613,609.29 ### 0.50%$1,516,493,997.67 ### ### $11,898,876.27 ### 0.50%$1,504,595,121.40 ### ### $12,188,250.54 ### 0.50%$1,492,406,870.86 ### ### $12,481,784.26 ### 0.50%$1,479,925,086.60 ### ### $12,779,530.24 ### 0.50%$1,467,145,556.36 ### ### $13,081,541.93 ### 0.50%$1,454,064,014.43 ### ### $13,387,873.42 ### 0.50%$1,440,676,141.01 ### ### $13,698,579.47 ### 0.50%$1,426,977,561.54 ### ### $14,013,715.50 ### 0.50%$1,412,963,846.04 ### ### $14,333,337.59 ### 0.50%$1,398,630,508.45 ### ### $14,657,502.53 ### 0.50%$1,383,973,005.91 ### ### $14,986,267.78 ### 0.50%$1,368,986,738.14 ### ### $15,319,691.48 ### 0.50%$1,353,667,046.66 ### ### $15,657,832.52 ### 0.50%$1,338,009,214.14 ### ### $16,000,750.46 ### 0.50%$1,322,008,463.68 ### ### $16,348,505.61 ### 0.50%$1,305,659,958.07 ### ### $16,701,159.00 ### 0.50%$1,288,958,799.07 ### ### $17,058,772.41 ### 0.50%$1,271,900,026.65 ### ### $17,421,408.36 ### 0.50%$1,254,478,618.30 ### ### $17,789,130.12 ### 0.50%$1,236,689,488.18 ### ### $18,162,001.74 ### 0.50%

$1,218,527,486.43 ### ### $18,540,088.05 ### 0.50%$1,199,987,398.38 ### ### $18,923,454.65 ### 0.50%$1,181,063,943.72 ### ### $19,312,167.95 ### 0.50%$1,161,751,775.78 ### ### $19,706,295.14 ### 0.50%$1,142,045,480.63 ### ### $20,105,904.26 ### 0.50%$1,121,939,576.38 ### ### $20,511,064.13 ### 0.50%$1,101,428,512.24 ### ### $20,921,844.44 ### 0.50%$1,080,506,667.80 ### ### $21,338,315.71 ### 0.50%$1,059,168,352.09 ### ### $21,760,549.31 ### 0.50%$1,037,407,802.78 ### ### $22,188,617.47 ### 0.50%$1,015,219,185.31 ### ### $22,622,593.31 $ 992,596,592.00 0.50%

$992,596,592.00 ### ### $23,062,550.80 $ 969,534,041.20 0.50%$969,534,041.20 ### ### $23,508,564.86 $ 946,025,476.34 0.50%$946,025,476.34 ### ### $23,960,711.26 $ 922,064,765.08 0.50%$922,064,765.08 ### ### $24,419,066.71 $ 897,645,698.38 0.50%$897,645,698.38 ### ### $24,883,708.85 $ 872,761,989.53 0.50%$872,761,989.53 ### ### $25,354,716.25 $ 847,407,273.27 0.50%$847,407,273.27 ### $ 9,999,405.82 $25,832,168.44 $ 821,575,104.83 0.50%$821,575,104.83 ### $ 9,694,586.24 $26,316,145.90 $ 795,258,958.93 0.50%$795,258,958.93 ### $ 9,384,055.72 $26,806,730.09 $ 768,452,228.84 0.50%$768,452,228.84 ### $ 9,067,736.30 $27,304,003.43 $ 741,148,225.41 0.50%$741,148,225.41 ### $ 8,745,549.06 $27,808,049.37 $ 713,340,176.04 0.50%$713,340,176.04 ### $ 8,417,414.08 $28,318,952.34 $ 685,021,223.70 0.50%$685,021,223.70 ### $ 8,083,250.44 $28,836,797.81 $ 656,184,425.89 0.50%$656,184,425.89 ### $ 7,742,976.23 $29,361,672.27 $ 626,822,753.62 0.50%$626,822,753.62 ### $ 7,396,508.49 $29,893,663.24 $ 596,929,090.37 0.50%$596,929,090.37 ### $ 7,043,763.27 $30,432,859.33 $ 566,496,231.04 0.50%$566,496,231.04 ### $ 6,684,655.53 $30,979,350.18 $ 535,516,880.86 0.50%$535,516,880.86 ### $ 6,319,099.19 $31,533,226.54 $ 503,983,654.32 0.50%$503,983,654.32 ### $ 5,947,007.12 $32,094,580.24 $ 471,889,074.07 0.50%$471,889,074.07 ### $ 5,568,291.07 $32,663,504.23 $ 439,225,569.85 0.50%$439,225,569.85 ### $ 5,182,861.72 $33,240,092.55 $ 405,985,477.29 0.50%$405,985,477.29 ### $ 4,790,628.63 $33,824,440.42 $ 372,161,036.87 0.50%$372,161,036.87 ### $ 4,391,500.24 $34,416,644.16 $ 337,744,392.71 0.50%$337,744,392.71 ### $ 3,985,383.83 $35,016,801.28 $ 302,727,591.43 0.50%$302,727,591.43 ### $ 3,572,185.58 $35,625,010.46 $ 267,102,580.96 0.50%$267,102,580.96 ### $ 3,151,810.46 $36,241,371.57 $ 230,861,209.40 0.50%

$230,861,209.40 ### $ 2,724,162.27 $36,865,985.66 $ 193,995,223.73 0.50%$193,995,223.73 ### $ 2,289,143.64 $37,498,955.03 $ 156,496,268.70 0.50%$156,496,268.70 ### $ 1,846,655.97 $38,140,383.20 $ 118,355,885.51 0.50%$118,355,885.51 ### $ 1,396,599.45 $38,790,374.91 $ 79,565,510.59 0.50%

$79,565,510.59 ### $ 938,873.02 $39,449,036.21 $ 40,116,474.38 0.50%$40,116,474.38 ### $ 473,374.40 $40,116,474.38 -$ 0.00 0.50%

Dividendo HOY $ 5.65 DIV1 $5.88g 4.0% Anual

Tasa descuento/oportunidad 20% Anual

Precio acción Pfizer Inc. (PFE 36.73

Inflación 2014 3.7%Devaluación 2014 8.3%

Banco JKL: 3.70% NA/MA en pesos0.308% MA0.309% MV

3.78% EA

Superfinancia S.A: 3.70% anual semestre anticipado en dólares (USD)1.85% SA1.88% SV3.81% EA

12.42%

Invertácticas: 0.08% mensual anticipada en UVR0.08% MV UVR0.97% EA UVR4.66% EA

TIO 10% Análisis INC

Proyecto AProyecto B Diferencia Proyecto B A-B

0 ($ 120) ($ 90) ($ 30) ($ 120) ($ 30)1 $ 30 $ 20 $ 20 $ 10 2 $ 40 $ 30 $ 30 $ 10 3 $ 50 $ 40 $ 40 $ 10 4 $ 60 $ 50 $ 50 $ 10 5 $ 70 $ 60 $48.32 $ 108 $ 10

VPN $ 62.342 $ 54.434 $ 54 $ 7.91 TIR 26% 28% 22% 20%TVR 20% 21% 19%CAE $ 16.446 $ 14.359 $14.36RBC 1.52 1.60 $ 0.41

Periodo (año)

Análisis INC

Opción 1: ...por EBITDA Opción 2: …por UODI

= Utilida operativa = EBIT = UAII = Utilida operativa = EBIT = UAII + Depreciaciones, amortizaciones, provisiones - Impuestos operacionales = EBITDA = UODI = NOPAT - Impuestos operacionales + Depreciaciones, amortizaciones, provisiones = FC Bruto o FC Operativo = FC Bruto o FC Operativo - Inversiones en Activos Fijos = Capex - Inversiones en Activos Fijos = Capex - Inversiones en Capital de Trabajo (KTNO) - Inversiones en Capital de Trabajo (KTNO) - Inversiones en gastos preoperativos - Inversiones en gastos preoperativos + Recuperaciones Activos Fijos + Recuperaciones Activos Fijos + Recuperaciones KTNO + Recuperaciones KTNO = FC Libre = FC Libre

+ Depreciaciones, amortizaciones, provisiones

- Inversiones en Capital de Trabajo (KTNO)

Evaluación de proyectos

1. Operación:

Año 0Inv Activos Fijos 100,000 Venta A. Fijo 14,700 Act. Fijos KTNO% a depreciar 85% Venta KTNO 70% Vlr. Venta o rec. $ 14,700 $ 24,871 Vida útil 7 Vlr. en libros $ 15,000 $ 35,530 Depreciación anual 12,143 Utilid. o pérdida ($ 300) ($ 10,659)

Imp o E. Fiscal ($ 105) ($ 3,731)

Gastos Preoperativo 15,000 Ingreso Neto $ 14,805 $ 28,602

Amortización Anual 2,143Inv KTNO 27,000Inflación 4%Tx 35%TIO 24%

Año EBITDA + Rec. KTNO FC Libre

0 $ 100,000 $ 27,000 $ 15,000 ($ 142,000)1 $ 38,714 $ 14,286 $ 53,000 $ 13,550 $ 39,450 $ 1,080 $ 38,370 2 $ 46,714 $ 14,286 $ 61,000 $ 16,350 $ 44,650 $ 1,123 $ 43,527 3 $ 52,714 $ 14,286 $ 67,000 $ 18,450 $ 48,550 $ 1,168 $ 47,382 4 $ 62,714 $ 14,286 $ 77,000 $ 21,950 $ 55,050 $ 1,215 $ 53,835 5 $ 80,714 $ 14,286 $ 95,000 $ 28,250 $ 66,750 $ 1,263 $ 65,487 6 $ 107,714 $ 14,286 $ 122,000 $ 37,700 $ 84,300 $ 1,314 $ 82,986 7 $ 118,714 $ 14,286 $ 133,000 $ 41,550 $ 91,450 $ 1,367 $ 14,805 $ 28,602 $ 133,490

$ 35,530 TIR 32.390%anual

VPN (TIO) ###VPN (WACC) ###

2. Financiación

FinanciaciónDeuda 45% de la inversión inicial en A. Fijos y KTNODeuda $ 57,150 $ 57,727 Tasa 15.0% NA/SVTasa 7.50% SVPlazo 7 Años, con amortización en un solo pago al final del créditoCostos sol. y aprob. 1.0%

Semestres (-) Amort. (-) Intereses

0 $ 57,727 $ 577.3 $ 57,150 $ 57,727 1 $ 4,330 ($ 4,330) $ 57,727 2 $ 4,330 $ 3,233 ($ 1,097) $ 57,727 3 $ 4,330 ($ 4,330) $ 57,727 4 $ 4,330 $ 3,031 ($ 1,299) $ 57,727 5 $ 4,330 ($ 4,330) $ 57,727 6 $ 4,330 $ 3,031 ($ 1,299) $ 57,727 7 $ 4,330 ($ 4,330) $ 57,727 8 $ 4,330 $ 3,031 ($ 1,299) $ 57,727 9 $ 4,330 ($ 4,330) $ 57,727

10 $ 4,330 $ 3,031 ($ 1,299) $ 57,727 11 $ 4,330 ($ 4,330) $ 57,727 12 $ 4,330 $ 3,031 ($ 1,299) $ 57,727 13 $ 4,330 ($ 4,330) $ 57,727 14 $ 57,727 $ 4,330 $ 3,031 ($ 59,026) $ 0

TIR 5.01%TIR 10.27%

Semestres FC LibreVp (-) VF (+) tasa

0 ($ 142,000) $ 57,150 ($ 84,850) -$84,850.00 24% anual -$100,481.7801 $ 0 ($ 4,330) ($ 4,330) -$3,888.05 11% 0

Utilidad OP = EBIT = UAII

(+) Dep, amort

(-) Imp. operativos

FC Bruto / Operativo

- Inversiones

A. Fijos

- Inversiones

KTNO

- Inversiones

Preoperativos

+ Recup. Act. Fijos

Crec Ingresos operacionales

(+) Desembolso

(-) Costos adicionale

s

(+) Escudo Fiscal

Flujo Caja Deuda

Saldo Deuda

Flujo Caja Deuda

Flujo Caja Accionista

2 $ 38,370 ($ 1,097) $ 37,273 $135,496.03 03 $ 0 ($ 4,330) ($ 4,330) -$3,135.52 04 $ 43,527 ($ 1,299) $ 42,228 $123,796.48 05 $ 0 ($ 4,330) ($ 4,330) -$2,528.65 06 $ 47,382 ($ 1,299) $ 46,083 $108,950.08 07 $ 0 ($ 4,330) ($ 4,330) -$2,039.23 08 $ 53,835 ($ 1,299) $ 52,536 $100,166.94 09 $ 0 ($ 4,330) ($ 4,330) -$1,644.54 0

10 $ 65,487 ($ 1,299) $ 64,188 $98,694.99 011 $ 0 ($ 4,330) ($ 4,330) -$1,326.24 012 $ 82,986 ($ 1,299) $ 81,687 $101,292.07 013 $ 0 ($ 4,330) ($ 4,330) -$1,069.55 014 $ 133,490 ($ 59,026) $ 74,464 $74,464.10 $742,860.685

TIR 15.06% 5.01% 20.76%Semestral -$100,481.78 $742,860.68

TIR 32.39% 10.27% 45.82%Anual

VPN $ 53,570 tir 15.4%

WACCCapital requerido $ 142,000 Inv A Fijos y KTNO $ 127,000 Tx 35%Inflación 4%

Crédito bancario 45% de la inversión en activos fijos y KTNOCapital socios 70% del valor no financiado por medio de bancos.Acciones 10% del valor no financiado por medio de bancos.Utilidades retenidas El valor restante.

Monto R Peso o participación CostoCrédito bancario 57,150 56,579 40% 10.27% Tir DEUDACapital socios 59,395 59,395 41% 26.50% CAPMAcciones 8,485 7,637 6% 29.08% GORDONUtilidades retenidas 18,390 18,390 13% 27.30% GORDON

143,420 142,001

1,420 WACC20.3%

Dividendo año 1 $ 850 COSTOValor nominal acción $ 5,900 27%Valor mercado acción $ 5,305 Emisión 10.0%g 7.0% en reales

11%COSTO 29.1%

Monto S

Valor nomina $ 1,000 Tasa Cupón 4.50% trimestralTasa Mercad 12% anualTasa Merca 2.87% trimestral

Trimestres Flujo Vp 0 -12001 $ 45 43.74 452 $ 45 42.52 453 $ 45 41.33 454 $ 45 40.18 455 $ 45 39.06 456 $ 45 37.97 457 $ 45 36.90 458 $ 1,045 833.07 1045

Precio Bono 1,115 1115

1.79%

VP flujo duratioDuration0.0%3.9% 0.03923953.8% 0.07628663.7% 0.11123343.6% 0.14416823.5% 0.17517613.4% 0.20433923.3% 0.2317363

74.7% 5.9784034

6.9605827 trimestres

TIO ###

Inversión P F1 P F2

(45,000)65%

35,000 75% 60,000 6775000% ###(45,000) 35,000 15% 40,000 ###(45,000) 35,000 10% 20,000 ###(45,000)

35%20,000 10% 50,000 ###

(45,000) 20,000 25% 30,000 ###(45,000) 20,000 65% 10,000 ###

Prob individual

VPN individual