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PR PROY Instituto L.A. CARRERA: Pasa a Instrucciones

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PROYECCIONES FINANCIERAS,EXCEL, PLAN FINANCIERO

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PROGRAMA INTERACTIVOPROYECCIONES FINANCIERAS

Instituto tecnologico Superior de Comalcalco

L.A. OTHONIEL LOPEZ ABANCARRERA: ING. GESTION EMPRESARIAL

Pasa a Instrucciones

PROGRAMA INTERACTIVOPROYECCIONES FINANCIERAS

Instituto tecnologico Superior de Comalcalco

L.A. OTHONIEL LOPEZ ABANCARRERA: ING. GESTION EMPRESARIAL

1 Utiliza esta herramienta para elaborar Proyecciones Financieras.2 Antes de comenzar, es importante que tengas información relevante a la mano, tal como

la información de mercado, capacidad instalada, precios, competidores, etc.3 El orden de las hojas es indispensable, no debes de saltarte incisos, hojas, etc.

Cada parte lleva un número, de tal forma que empieza en el número 1 y continua la numeración.4 Sólo debes rellenar la información de las celdas blancas , las celdas azules se llenan automático5 Para algunos casos, este formato puede no ser el mejor, por lo que te pedimos que

en caso de ser así, te pongas en contacto con ADNA en www.uas.mx/adna.htmLas hojas a continuación no están protegidas, por lo que puedes modificarlas.

6 Solicitamos comentarios y sugerencias.

Comienza en la hoja de "Ingresos"

Antes de comenzar, es importante que tengas información relevante a la mano, tal como

El orden de las hojas es indispensable, no debes de saltarte incisos, hojas, etc.Cada parte lleva un número, de tal forma que empieza en el número 1 y continua la numeración.

, las celdas azules se llenan automáticoPara algunos casos, este formato puede no ser el mejor, por lo que te pedimos queen caso de ser así, te pongas en contacto con ADNA en www.uas.mx/adna.htmLas hojas a continuación no están protegidas, por lo que puedes modificarlas.

De acuerdo a tus datos, tus ventas mensuales para los tres primeros años serían:

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 $-

$1,000,000.00

$2,000,000.00

$3,000,000.00

$4,000,000.00

$5,000,000.00

$6,000,000.00

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 $-

$1,000,000.00

$2,000,000.00

$3,000,000.00

$4,000,000.00

$5,000,000.00

$6,000,000.00

Sueldos y Salarios:

Selecciona puesto: Sueldo Anual Total Nómina

1 $ 17,000.00 $ 204,000.00 $ 204,000.00 0.00% $ 17,000.00

5 $ 11,000.00 $ 132,000.00 $ 660,000.00 0.00% $ 11,000.00

6 $ 8,000.00 $ 96,000.00 $ 576,000.00 0.00% $ 8,000.00

0 $ - $ - $ - 0.00% $ -

0 $ - $ - $ - 0.00% $ -

0 $ - $ - $ - 0.00% $ -

0 $ - $ - $ - 0.00% $ -

0 $ - $ - $ - 0.00% $ -

0 $ - $ - $ - 0.00% $ -

0 $ - $ - $ - 0.00% $ -

Número de puestos

Sueldo Mensual Nominal

Comisión Mensual Nominal por

puesto (% de ventas)

Sueldo base + comisiones

Renta (m²) $ - Luz $ - Agua $ - Comunicaciones $ - Seguros y fianzas $ - Seguridad $ -

$ - Otros $ -

SubTotal gastos fijos $ -

Gastos variables de producción para el primer mes:Costos Unitarios

Costo del Producto 1 $ 28.00

5%

Total Gastos Variables $ 588,000.00

Gastos de instalación oficinas corporativas: ¿Necesitas hacer más gastos de instalación? OPCIONAL

Primer mes:

Terreno $ - $ - $ - $ - Edificio $ - $ - $ - $ - Comunicaciones $ - $ - $ - $ - Mobiliario y equipo $ - $ - $ - $ -

Acondicionamiento (m²) $ - $ - $ - $ -

$ - $ - $ - Otros $ 5,000 $ 5,000 $ 5,000 $ 5,000

$ 5,000 $ 5,000 $ 5,000 $ 5,000

Total Mensual Gastos fijos

corporativa.

Papelería y gastos de oficina

Inventario requerido para el segundo mes, % de ventas estimadas

Computadoras y maquinas

Total gastos de instalación

B39
Se asume constante para todos los meses.

Si tus ingresos son por comisión, puedes saltarte esta hoja y pasar a Financiamiento.

Cuentas por Cobrar:

Determina tus ventas a crédito:

Del total de tus ventas, ¿qué porcentaje se vende a crédito? 0%

Con estos datos, tus ventas a contado son: 100%

Determina el plazo promedio de cobro:

Del total de tus ventas a crédito, ¿a qué plazo estas vendiendo?

Se asume constante para todos los periodos, productos, servicios y puntos de venta.

Inventarios:

Determina el monto de inventarios requeridos para cada periodo:

Tu inventario para el siguiente periodo es del 5.0% de las ventas.Viene de la hoja de "Gastos"Se asume constante para todos los meses, para todos los prductos, para todos los servicios

Cuentas por Pagar:

Determina tus compras a crédito:

Del total de tus compras, ¿qué porcentaje se compra a crédito? 0%

Con estos datos, tus compras a contado son: 100%

Determina el plazo promedio de pago:

Del total de tus compras a crédito, ¿a qué plazo estas pagando?

Se asume constante para todos los periodos.

###

###5 días

10 días15 días20 días25 días

30 días35 días

40 días45 días50 días55 días60 días65 días70 días

75 días80 días85 días90 días

95 días100 días105 días110 días115 días

120 días

125 días130 días135 días140 días145 días

Esta hoja describe tus fuentes de financiamiento:

De acuerdo a tus datos, para el primer mes:

Tu empresa: NO REQUIERE financiamiento.

El monto de la inversión inicial es: $0 Asume un 10% adicional.

No hagas caso del resto de esta hoja. Puedes pasar a la hoja de Proyecciones Financieras.

No aplica No aplica No aplica

No aplica

Inversión que se debe conseguir: $0

No aplica $0

No aplica $0

No aplica $0

No aplica $0

TOTAL: $0

Asume un 10% adicional.

Mes 1 Mes 2 Mes 3 Mes 4 Mes 5 Mes 6 Mes 7 Mes 8

LA SULTANA DEL NORTE S.A.

Estado de Resultados:

Ingresos:

Nacional:

Ingresos por productos $2,424,000 $2,460,481 $2,497,511 $2,535,099 $2,573,252 $2,611,980 $2,651,290 $2,691,192

Total Ingresos $2,424,000 $2,460,481 $2,497,511 $2,535,099 $2,573,252 $2,611,980 $2,651,290 $2,691,192

Egresos:

Gastos fijos $0 $0 $0 $0 $0 $0 $0 $0

Sueldos y salarios $120,000 $120,000 $120,000 $120,000 $120,000 $120,000 $120,000 $120,000

Gastos Variables $588,000 $599,819 $605,817 $611,875 $617,994 $624,174 $630,416 $636,720

Otros (Gtos de Venta, etc.) $0 $0 $0 $0 $0 $0 $0 $0

Total costos $708,000 $719,819 $725,817 $731,875 $737,994 $744,174 $750,416 $756,720

Ebitda $1,716,000 $1,740,662 $1,771,694 $1,803,224 $1,835,258 $1,867,806 $1,900,874 $1,934,472

Depreciación y Amortización $42 $83 $125 $167 $167 $167 $167 $167

Utilidad (perdida) de Operación $1,716,042 $1,740,746 $1,771,819 $1,803,390 $1,835,425 $1,867,972 $1,901,041 $1,934,639Gastos financieros corto plazo $0 $0 $0 $0 $0 $0 $0 $0

Gastos financieros largo plazo $0 $0 $0 $0 $0 $0 $0 $0

Utilidad antes de impuestos $1,716,042 $1,740,746 $1,771,819 $1,803,390 $1,835,425 $1,867,972 $1,901,041 $1,934,639

ISR (35%) $600,615 $609,261 $620,137 $631,187 $642,399 $653,790 $665,364 $677,124PTU (10%) $171,604 $174,075 $177,182 $180,339 $183,542 $186,797 $190,104 $193,464

Utilidad (pérdida neta) $943,823 $957,410 $974,501 $991,865 $1,009,484 $1,027,385 $1,045,573 $1,064,051Margen de utilidades netas: 38.94% 38.91% 39.02% 39.13% 39.23% 39.33% 39.44% 39.54%

LA SULTANA DEL NORTE S.A. Balance General

Activo circulante

Caja y bancos $815,841 $1,766,482 $2,734,229 $3,719,353 $4,727,067 $5,752,653 $6,796,397 $7,858,590

Clientes $0 $0 $0 $0 $0 $0 $0 $0

Inventarios. $123,024 $124,876 $126,755 $128,663 $130,599 $132,564 $134,560 $136,585

Total activo circulante $938,865 $1,891,358 $2,860,984 $3,848,015 $4,857,666 $5,885,217 $6,930,956 $7,995,174

Activo Fijo

Terreno $0 $0 $0 $0 $0 $0 $0 $0

Edificio $0 $0 $0 $0 $0 $0 $0 $0

Comunicaciones $0 $0 $0 $0 $0 $0 $0 $0

Mobiliario y equipo $0 $0 $0 $0 $0 $0 $0 $0

Acondicionamiento (m²) $0 $0 $0 $0 $0 $0 $0 $0

Computadoras y maquinas $0 $0 $0 $0 $0 $0 $0 $0

Otros $4,958 $9,875 $14,750 $19,583 $19,417 $19,250 $19,083 $18,917

Depreciación acumulada: -$42 -$125 -$250 -$417 -$583 -$750 -$917 -$1,083

Total activo fijo $4,958 $9,875 $14,750 $19,583 $19,417 $19,250 $19,083 $18,917

Activo total $943,823 $1,901,233 $2,875,734 $3,867,599 $4,877,082 $5,904,467 $6,950,040 $8,014,091

Pasivo Circulante

Proveedores $0 $0 $0 $0 $0 $0 $0 $0

Créditos bancarios $0 $0 $0 $0 $0 $0 $0 $0

Total pasivo circulante $0 $0 $0 $0 $0 $0 $0 $0

Pasivo largo plazo $0 $0 $0 $0 $0 $0 $0 $0

Pasivo total $0 $0 $0 $0 $0 $0 $0 $0

Capital Contable

Capital social $0 $0 $0 $0 $0 $0 $0 $0

Resultados de ejercicios anteriores $0 $943,823 $1,901,233 $2,875,734 $3,867,599 $4,877,082 $5,904,467 $6,950,040

Resultado del ejercicio $943,823 $957,410 $974,501 $991,865 $1,009,484 $1,027,385 $1,045,573 $1,064,051

Total Capital Contable $943,823 $1,901,233 $2,875,734 $3,867,599 $4,877,082 $5,904,467 $6,950,040 $8,014,091

Pasivo + Capital $943,823 $1,901,233 $2,875,734 $3,867,599 $4,877,082 $5,904,467 $6,950,040 $8,014,091

LA SULTANA DEL NORTE S.A. Flujo de Efectivo

Utilidad neta $943,823 $957,410 $974,501 $991,865 $1,009,484 $1,027,385 $1,045,573 $1,064,051

+ depreciación y amortización -$42 -$83 -$125 -$167 -$167 -$167 -$167 -$167

Generación bruta de efectivo $943,865 $957,493 $974,626 $992,031 $1,009,650 $1,027,552 $1,045,739 $1,064,218

Usos Operativos

Financiamiento a cuentas por cobrar $0 $0 $0 $0 $0 $0 $0 $0Financiamiento a inventarios -$123,024 -$1,852 -$1,879 -$1,908 -$1,936 -$1,966 -$1,995 -$2,025

Total usos operativos -$123,024 -$1,852 -$1,879 -$1,908 -$1,936 -$1,966 -$1,995 -$2,025Fuentes Operativas

Financiamiento (amort.) proveedores $0 $0 $0 $0 $0 $0 $0 $0

Total fuentes operativas $0 $0 $0 $0 $0 $0 $0 $0

Generación Neta Operativa $820,841 $955,642 $972,746 $990,124 $1,007,714 $1,025,586 $1,043,744 $1,062,193

Fuentes de Instituciones de Crédito

Financ. (amort.) créditos bancarios corto pla $0 $0 $0 $0 $0 $0 $0 $0Financ. (amort.) créditos bancarios largo pla $0 $0 $0 $0 $0 $0 $0 $0

Financiamiento neto con costo $0 $0 $0 $0 $0 $0 $0 $0

Usos no operativos

Venta (inversión) en activos fijos -$5,000 -$5,000 -$5,000 -$5,000 $0 $0 $0 $0Venta (inversión) en activos diferidos $0 $0 $0 $0 $0 $0 $0 $0Pago de dividendos $0 $0 $0 $0 $0 $0 $0 $0

Total de usos no operativos -$5,000 -$5,000 -$5,000 -$5,000 $0 $0 $0 $0Fuentes no operativas

Aportaciones (retiros) de capital $0 $0 $0 $0 $0 $0 $0 $0Total fuentes no operativas $0 $0 $0 $0 $0 $0 $0 $0

Generación de flujo no operativa -$5,000 -$5,000 -$5,000 -$5,000 $0 $0 $0 $0

Generación Neta de Flujo de Efectivo $815,841 $950,642 $967,746 $985,124 $1,007,714 $1,025,586 $1,043,744 $1,062,193

Caja inicial $0 $815,841 $1,766,482 $2,734,229 $3,719,353 $4,727,067 $5,752,653 $6,796,397

Caja final $815,841 $1,766,482 $2,734,229 $3,719,353 $4,727,067 $5,752,653 $6,796,397 $7,858,590

Razones Financieras

Actividad

Ventas netas a activos fijos 48887.39% 24916.27% 16932.28% 12945.19% 13252.80% 13568.73% 13893.22% 14226.57%

Ventas netas a capital contable 256.83% 129.42% 86.85% 65.55% 52.76% 44.24% 38.15% 33.58%

Gastos a ventas netas 29.21% 29.26% 29.06% 28.87% 28.68% 28.49% 28.30% 28.12%

Apalancamiento

Pasivo total a capital contable 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Productividad

Utilidad de operación a ventas netas 70.79% 70.74% 70.94% 71.13% 71.32% 71.51% 71.70% 71.88%

Utilidad neta a ventas netas 38.94% 38.91% 39.02% 39.13% 39.23% 39.33% 39.44% 39.54%

Integración de activos fijos

1. Valor de activos fijos

Terreno $0 $0 $0 $0 $0 $0 $0 $0

Edificio $0 $0 $0 $0 $0 $0 $0 $0

Comunicaciones $0 $0 $0 $0 $0 $0 $0 $0

Mobiliario y equipo $0 $0 $0 $0 $0 $0 $0 $0

Acondicionamiento (m²) $0 $0 $0 $0 $0 $0 $0 $0

Computadoras y maquinas $0 $0 $0 $0 $0 $0 $0 $0

Otros $4,958 $9,875 $14,750 $19,583 $19,417 $19,250 $19,083 $18,917

Propiedades, planta y equipo $4,958 $9,875 $14,750 $19,583 $19,417 $19,250 $19,083 $18,917

2. Inversión ($) en activos fijos

Terreno $0 $0 $0 $0 $0 $0 $0 $0

Edificio $0 $0 $0 $0 $0 $0 $0 $0

Comunicaciones $0 $0 $0 $0 $0 $0 $0 $0

Mobiliario y equipo $0 $0 $0 $0 $0 $0 $0 $0

Acondicionamiento (m²) $0 $0 $0 $0 $0 $0 $0 $0

Maquinaria $0 $0 $0 $0 $0 $0 $0 $0

Otros $5,000 $5,000 $5,000 $5,000 $0 $0 $0 $0

Inversión total $5,000 $5,000 $5,000 $5,000 $0 $0 $0 $0

Depreciación activos fijos ($)

Terreno $0 $0 $0 $0 $0 $0 $0 $0

Edificio $0 $0 $0 $0 $0 $0 $0 $0

Comunicaciones $0 $0 $0 $0 $0 $0 $0 $0

Mobiliario y equipo $0 $0 $0 $0 $0 $0 $0 $0

Acondicionamiento (m²) $0 $0 $0 $0 $0 $0 $0 $0

Maquinaria $0 $0 $0 $0 $0 $0 $0 $0

Otros -$42 -$83 -$125.00 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67

Depreciación acumulada -$42 -$125.00 -$250.00 -$416.67 -$583.33 -$750.00 -$916.67 -$1,083.33

Depreciación Mensual -$42 -$83 -$125 -$167 -$167 -$167 -$167 -$167

Depreciación (%)

Terreno 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

Edificio 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

Comunicaciones 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

Mobiliario y equipo 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

Acondicionamiento (m²) 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

Maquinaria 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

Otros 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

Inflación México mensual 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

AÑO 1

Mes 9 Mes 10 Mes 11 Mes 12 Acumulado Mes 13 Mes 14 Mes 15 Mes 16 Mes 17 Mes 18 Mes 19

$2,731,694 $2,772,806 $2,814,537 $2,856,896 $31,620,739 $2,928,604 $3,002,112 $3,077,465 $3,154,709 $3,233,892 $3,315,063 $3,398,271

$2,731,694 $2,772,806 $2,814,537 $2,856,896 $31,620,739 $2,928,604 $3,002,112 $3,077,465 $3,154,709 $3,233,892 $3,315,063 $3,398,271

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$120,000 $120,000 $120,000 $120,000 $1,440,000 $127,401 $127,401 $127,401 $127,401 $127,401 $127,401 $127,401

$643,087 $649,518 $656,013 $662,573 $7,526,005 $675,825 $689,341 $703,128 $717,190 $731,534 $746,165 $761,088

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$763,087 $769,518 $776,013 $782,573 $8,966,005 $803,226 $816,742 $830,529 $844,592 $858,936 $873,566 $888,490

$1,968,607 $2,003,289 $2,038,524 $2,074,323 $22,654,734 $2,125,378 $2,185,369 $2,246,936 $2,310,117 $2,374,957 $2,441,497 $2,509,782

$167 $167 $167 $167 $1,750 $167 $167 $167 $167 $167 $167 $167

$1,968,774 $2,003,455 $2,038,691 $2,074,489 $22,656,484 $2,125,545 $2,185,536 $2,247,102 $2,310,284 $2,375,124 $2,441,664 $2,509,948$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,968,774 $2,003,455 $2,038,691 $2,074,489 $22,656,484 $2,125,545 $2,185,536 $2,247,102 $2,310,284 $2,375,124 $2,441,664 $2,509,948$689,071 $701,209 $713,542 $726,071 $7,929,769 $743,941 $764,938 $786,486 $808,599 $831,293 $854,582 $878,482$196,877 $200,346 $203,869 $207,449 $2,265,648 $212,554 $218,554 $224,710 $231,028 $237,512 $244,166 $250,995

$1,082,826 $1,101,900 $1,121,280 $1,140,969 $12,461,066 $1,169,050 $1,202,045 $1,235,906 $1,270,656 $1,306,318 $1,342,915 $1,380,47239.64% 39.74% 39.84% 39.94% 39.41% 39.92% 40.04% 40.16% 40.28% 40.39% 40.51% 40.62%

$8,939,526 $10,039,507 $11,158,836 $12,296,386 $12,296,386 $13,461,927 $14,660,371 $15,892,581 $17,159,445 $18,461,871 $19,800,793 $21,177,166

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$138,640 $140,727 $142,845 $146,430 $146,430 $150,106 $153,873 $157,735 $161,695 $165,753 $169,914 $174,178

$9,078,167 $10,180,234 $11,301,680 $12,442,816 $12,442,816 $13,612,032 $14,814,244 $16,050,317 $17,321,140 $18,627,624 $19,970,706 $21,351,344

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$18,750 $18,583 $18,417 $18,250 $18,250 $18,083 $17,917 $17,750 $17,583 $17,417 $17,250 $17,083

-$1,250 -$1,417 -$1,583 -$1,750 -$1,750 -$1,917 -$2,083 -$2,250 -$2,417 -$2,583 -$2,750 -$2,917

$18,750 $18,583 $18,417 $18,250 $18,250 $18,083 $17,917 $17,750 $17,583 $17,417 $17,250 $17,083

$9,096,917 $10,198,817 $11,320,097 $12,461,066 $12,461,066 $13,630,116 $14,832,161 $16,068,067 $17,338,723 $18,645,041 $19,987,956 $21,368,428

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$8,014,091 $9,096,917 $10,198,817 $11,320,097 $11,320,097 $12,461,066 $13,630,116 $14,832,161 $16,068,067 $17,338,723 $18,645,041 $19,987,956

$1,082,826 $1,101,900 $1,121,280 $1,140,969 $1,140,969 $1,169,050 $1,202,045 $1,235,906 $1,270,656 $1,306,318 $1,342,915 $1,380,472

$9,096,917 $10,198,817 $11,320,097 $12,461,066 $12,461,066 $13,630,116 $14,832,161 $16,068,067 $17,338,723 $18,645,041 $19,987,956 $21,368,428

$9,096,917 $10,198,817 $11,320,097 $12,461,066 $12,461,066 $13,630,116 $14,832,161 $16,068,067 $17,338,723 $18,645,041 $19,987,956 $21,368,428

$1,082,826 $1,101,900 $1,121,280 $1,140,969 $12,461,066 $1,169,050 $1,202,045 $1,235,906 $1,270,656 $1,306,318 $1,342,915 $1,380,472

-$167 -$167 -$167 -$167 -$146 -$167 -$167 -$167 -$167 -$167 -$167 -$167

$1,082,992 $1,102,067 $1,121,447 $1,141,136 $12,461,212 $1,169,216 $1,202,212 $1,236,073 $1,270,823 $1,306,485 $1,343,082 $1,380,638

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0-$2,056 -$2,087 -$2,118 -$3,585 $0 -$3,675 -$3,768 -$3,862 -$3,959 -$4,059 -$4,160 -$4,265

-$2,056 -$2,087 -$2,118 -$3,585 $0 -$3,675 -$3,768 -$3,862 -$3,959 -$4,059 -$4,160 -$4,265

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,080,937 $1,099,980 $1,119,329 $1,137,550 $12,461,212 $1,165,541 $1,198,444 $1,232,211 $1,266,864 $1,302,426 $1,338,921 $1,376,373

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 -$20,000 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 -$20,000 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 -$20,000 $0 $0 $0 $0 $0 $0 $0

$1,080,937 $1,099,980 $1,119,329 $1,137,550 $12,441,212 $1,165,541 $1,198,444 $1,232,211 $1,266,864 $1,302,426 $1,338,921 $1,376,373

$7,858,590 $8,939,526 $10,039,507 $11,158,836 $12,296,386 $12,296,386 $13,461,927 $14,660,371 $15,892,581 $17,159,445 $18,461,871 $19,800,793

$8,939,526 $10,039,507 $11,158,836 $12,296,386 $24,737,598 $13,461,927 $14,660,371 $15,892,581 $17,159,445 $18,461,871 $19,800,793 $21,177,166

14569.04% 14920.93% 15282.55% 15654.22% 173264.32% 16195.04% 16755.97% 17337.83% 17941.47% 18567.80% 19217.76% 19892.32%

30.03% 27.19% 24.86% 22.93% 253.76% 21.49% 20.24% 19.15% 18.19% 17.34% 16.59% 15.90%

27.93% 27.75% 27.57% 27.39% 28.35% 27.43% 27.21% 26.99% 26.77% 26.56% 26.35% 26.15%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

72.07% 72.25% 72.43% 72.61% 71.65% 72.57% 72.79% 73.01% 73.23% 73.44% 73.65% 73.85%

39.64% 39.74% 39.84% 39.94% 39.41% 39.92% 40.04% 40.16% 40.28% 40.39% 40.51% 40.62%

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$18,750 $18,583 $18,417 $18,250 $18,250 $18,083 $17,917 $17,750 $17,583 $17,417 $17,250 $17,083

$18,750 $18,583 $18,417 $18,250 $18,250 $18,083 $17,917 $17,750 $17,583 $17,417 $17,250 $17,083

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $20,000 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $20,000 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

-$166.67 -$166.67 -$166.67 -$166.67 -$1,750 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67

-$1,250.00 -$1,416.67 -$1,583.33 -$1,750.00 -$1,750.00 -$1,916.67 -$2,083.33 -$2,250.00 -$2,416.67 -$2,583.33 -$2,750.00 -$2,916.67

-$167 -$167 -$167 -$167 -$146 -$167 -$167 -$167 -$167 -$167 -$167 -$167

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

AÑO 2

Mes 20 Mes 21 Mes 22 Mes 23 Mes 24 Acumulado Mes 25 Mes 26 Mes 27 Mes 28 Mes 29 Mes 30

$3,483,568 $3,571,005 $3,660,638 $3,752,520 $3,846,708 $40,424,555 $3,981,920 $4,121,884 $4,266,768 $4,416,745 $4,571,994 $4,732,699

$3,483,568 $3,571,005 $3,660,638 $3,752,520 $3,846,708 $40,424,555 $3,981,920 $4,121,884 $4,266,768 $4,416,745 $4,571,994 $4,732,699

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$127,401 $127,401 $127,401 $127,401 $127,401 $1,528,816 $127,401 $127,401 $127,401 $127,401 $127,401 $127,401

$776,310 $791,836 $807,673 $823,826 $840,303 $9,064,220 $865,512 $891,477 $918,222 $945,768 $974,141 $1,003,366

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$903,711 $919,238 $935,074 $951,228 $967,704 $10,593,036 $992,913 $1,018,879 $1,045,623 $1,073,170 $1,101,543 $1,130,767

$2,579,857 $2,651,768 $2,725,563 $2,801,292 $2,879,004 $29,831,519 $2,989,006 $3,103,005 $3,221,145 $3,343,576 $3,470,451 $3,601,933

$167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167 $167 $167

$2,580,023 $2,651,935 $2,725,730 $2,801,459 $2,879,170 $29,833,519 $2,989,173 $3,103,172 $3,221,312 $3,343,742 $3,470,618 $3,602,099$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,580,023 $2,651,935 $2,725,730 $2,801,459 $2,879,170 $29,833,519 $2,989,173 $3,103,172 $3,221,312 $3,343,742 $3,470,618 $3,602,099$903,008 $928,177 $954,006 $980,511 $1,007,710 $10,441,732 $1,046,211 $1,086,110 $1,127,459 $1,170,310 $1,214,716 $1,260,735$258,002 $265,193 $272,573 $280,146 $287,917 $2,983,352 $298,917 $310,317 $322,131 $334,374 $347,062 $360,210

$1,419,013 $1,458,564 $1,499,152 $1,540,802 $1,583,544 $16,408,436 $1,644,045 $1,706,745 $1,771,722 $1,839,058 $1,908,840 $1,981,15540.73% 40.84% 40.95% 41.06% 41.17% 40.59% 41.29% 41.41% 41.52% 41.64% 41.75% 41.86%

$22,591,974 $24,046,223 $25,540,947 $27,077,206 $28,654,156 $28,654,156 $30,291,369 $31,991,037 $33,755,426 $35,586,888 $37,487,860 $39,460,863

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$178,550 $183,032 $187,626 $192,335 $199,096 $199,096 $206,094 $213,338 $220,837 $228,600 $236,635 $244,953

$22,770,524 $24,229,254 $25,728,573 $27,269,542 $28,853,252 $28,853,252 $30,497,464 $32,204,375 $33,976,263 $35,815,488 $37,724,495 $39,705,816

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$16,917 $16,750 $16,583 $16,417 $16,250 $16,250 $16,083 $15,917 $15,750 $15,583 $15,417 $15,250

-$3,083 -$3,250 -$3,417 -$3,583 -$3,750 -$3,750 -$3,917 -$4,083 -$4,250 -$4,417 -$4,583 -$4,750

$16,917 $16,750 $16,583 $16,417 $16,250 $16,250 $16,083 $15,917 $15,750 $15,583 $15,417 $15,250

$22,787,440 $24,246,004 $25,745,156 $27,285,958 $28,869,502 $28,869,502 $30,513,547 $32,220,292 $33,992,013 $35,831,072 $37,739,911 $39,721,066

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$21,368,428 $22,787,440 $24,246,004 $25,745,156 $27,285,958 $27,285,958 $28,869,502 $30,513,547 $32,220,292 $33,992,013 $35,831,072 $37,739,911

$1,419,013 $1,458,564 $1,499,152 $1,540,802 $1,583,544 $1,583,544 $1,644,045 $1,706,745 $1,771,722 $1,839,058 $1,908,840 $1,981,155

$22,787,440 $24,246,004 $25,745,156 $27,285,958 $28,869,502 $28,869,502 $30,513,547 $32,220,292 $33,992,013 $35,831,072 $37,739,911 $39,721,066

$22,787,440 $24,246,004 $25,745,156 $27,285,958 $28,869,502 $28,869,502 $30,513,547 $32,220,292 $33,992,013 $35,831,072 $37,739,911 $39,721,066

$1,419,013 $1,458,564 $1,499,152 $1,540,802 $1,583,544 $16,408,436 $1,644,045 $1,706,745 $1,771,722 $1,839,058 $1,908,840 $1,981,155

-$167 -$167 -$167 -$167 -$167 -$312 -$167 -$167 -$167 -$167 -$167 -$167

$1,419,179 $1,458,731 $1,499,318 $1,540,969 $1,583,710 $16,408,748 $1,644,212 $1,706,911 $1,771,888 $1,839,225 $1,909,006 $1,981,321

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0-$4,372 -$4,482 -$4,594 -$4,709 -$6,761 $0 -$6,998 -$7,244 -$7,499 -$7,762 -$8,035 -$8,318

-$4,372 -$4,482 -$4,594 -$4,709 -$6,761 $0 -$6,998 -$7,244 -$7,499 -$7,762 -$8,035 -$8,318

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,414,808 $1,454,249 $1,494,724 $1,536,259 $1,576,950 $16,408,748 $1,637,214 $1,699,667 $1,764,389 $1,831,462 $1,900,971 $1,973,003

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,414,808 $1,454,249 $1,494,724 $1,536,259 $1,576,950 $16,408,748 $1,637,214 $1,699,667 $1,764,389 $1,831,462 $1,900,971 $1,973,003

$21,177,166 $22,591,974 $24,046,223 $25,540,947 $27,077,206 $28,654,156 $28,654,156 $30,291,369 $31,991,037 $33,755,426 $35,586,888 $37,487,860

$22,591,974 $24,046,223 $25,540,947 $27,077,206 $28,654,156 $45,062,904 $30,291,369 $31,991,037 $33,755,426 $35,586,888 $37,487,860 $39,460,863

20592.52% 21319.44% 22074.20% 22857.99% 23672.05% 248766.49% 24758.05% 25896.65% 27090.59% 28342.75% 29656.18% 31034.09%

15.29% 14.73% 14.22% 13.75% 13.32% 140.03% 13.05% 12.79% 12.55% 12.33% 12.11% 11.91%

25.94% 25.74% 25.54% 25.35% 25.16% 26.20% 24.94% 24.72% 24.51% 24.30% 24.09% 23.89%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

74.06% 74.26% 74.46% 74.65% 74.84% 73.80% 75.06% 75.28% 75.49% 75.70% 75.91% 76.11%

40.73% 40.84% 40.95% 41.06% 41.17% 40.59% 41.29% 41.41% 41.52% 41.64% 41.75% 41.86%

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$16,917 $16,750 $16,583 $16,417 $16,250 $16,250 $16,083 $15,917 $15,750 $15,583 $15,417 $15,250

$16,917 $16,750 $16,583 $16,417 $16,250 $16,250 $16,083 $15,917 $15,750 $15,583 $15,417 $15,250

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

-$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$2,000 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67

-$3,083.33 -$3,250.00 -$3,416.67 -$3,583.33 -$3,750.00 -$3,750.00 -$3,916.67 -$4,083.33 -$4,250.00 -$4,416.67 -$4,583.33 -$4,750.00

-$167 -$167 -$167 -$167 -$167 -$312 -$167 -$167 -$167 -$167 -$167 -$167

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

AÑO 3

Mes 31 Mes 32 Mes 33 Mes 34 Mes 35 Mes 36 Acumulado Mes 37 Mes 38 Mes 39 Mes 40 Mes 41

$4,899,054 $5,071,256 $5,249,510 $5,434,031 $5,625,037 $5,822,757 $58,193,654 $5,837,314 $5,851,907 $5,866,537 $5,881,203 $5,895,906

$4,899,054 $5,071,256 $5,249,510 $5,434,031 $5,625,037 $5,822,757 $58,193,654 $5,837,314 $5,851,907 $5,866,537 $5,881,203 $5,895,906

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$127,401 $127,401 $127,401 $127,401 $127,401 $127,401 $1,528,816 $127,401 $127,401 $127,401 $127,401 $127,401

$1,033,467 $1,064,471 $1,096,405 $1,129,297 $1,163,176 $1,198,071 $12,283,372 $1,201,066 $1,204,069 $1,207,079 $1,210,097 $1,213,122

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,160,868 $1,191,872 $1,223,806 $1,256,698 $1,290,577 $1,325,472 $13,812,188 $1,328,468 $1,331,470 $1,334,480 $1,337,498 $1,340,523

$3,738,186 $3,879,384 $4,025,704 $4,177,332 $4,334,460 $4,497,284 $44,381,466 $4,508,846 $4,520,437 $4,532,056 $4,543,705 $4,555,383

$167 $167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167 $167

$3,738,353 $3,879,550 $4,025,871 $4,177,499 $4,334,626 $4,497,451 $44,383,466 $4,509,013 $4,520,603 $4,532,223 $4,543,872 $4,555,549$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$3,738,353 $3,879,550 $4,025,871 $4,177,499 $4,334,626 $4,497,451 $44,383,466 $4,509,013 $4,520,603 $4,532,223 $4,543,872 $4,555,549$1,308,423 $1,357,843 $1,409,055 $1,462,125 $1,517,119 $1,574,108 $15,534,213 $1,578,154 $1,582,211 $1,586,278 $1,590,355 $1,594,442

$373,835 $387,955 $402,587 $417,750 $433,463 $449,745 $4,438,347 $450,901 $452,060 $453,222 $454,387 $455,555$2,056,094 $2,133,753 $2,214,229 $2,297,624 $2,384,044 $2,473,598 $24,410,907 $2,479,957 $2,486,332 $2,492,723 $2,499,129 $2,505,552

41.97% 42.08% 42.18% 42.28% 42.38% 42.48% 41.95% 42.48% 42.49% 42.49% 42.49% 42.50%

$41,508,514 $43,633,520 $45,838,690 $48,126,931 $50,501,256 $52,974,293 $52,974,293 $55,453,687 $57,939,454 $60,431,610 $62,930,171 $65,435,152

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$253,563 $262,476 $271,702 $281,252 $291,138 $291,866 $291,866 $292,595 $293,327 $294,060 $294,795 $295,532

$41,762,076 $43,895,996 $46,110,391 $48,408,183 $50,792,394 $53,266,158 $53,266,158 $55,746,282 $58,232,781 $60,725,670 $63,224,966 $65,730,685

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$15,083 $14,917 $14,750 $14,583 $14,417 $14,250 $14,250 $14,083 $13,917 $13,750 $13,583 $13,417

-$4,917 -$5,083 -$5,250 -$5,417 -$5,583 -$5,750 -$5,750 -$5,917 -$6,083 -$6,250 -$6,417 -$6,583

$15,083 $14,917 $14,750 $14,583 $14,417 $14,250 $14,250 $14,083 $13,917 $13,750 $13,583 $13,417

$41,777,160 $43,910,912 $46,125,141 $48,422,766 $50,806,810 $53,280,408 $53,280,408 $55,760,365 $58,246,697 $60,739,420 $63,238,549 $65,744,101

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$39,721,066 $41,777,160 $43,910,912 $46,125,141 $48,422,766 $50,806,810 $50,806,810 $53,280,408 $55,760,365 $58,246,697 $60,739,420 $63,238,549

$2,056,094 $2,133,753 $2,214,229 $2,297,624 $2,384,044 $2,473,598 $2,473,598 $2,479,957 $2,486,332 $2,492,723 $2,499,129 $2,505,552

$41,777,160 $43,910,912 $46,125,141 $48,422,766 $50,806,810 $53,280,408 $53,280,408 $55,760,365 $58,246,697 $60,739,420 $63,238,549 $65,744,101

$41,777,160 $43,910,912 $46,125,141 $48,422,766 $50,806,810 $53,280,408 $53,280,408 $55,760,365 $58,246,697 $60,739,420 $63,238,549 $65,744,101

$2,056,094 $2,133,753 $2,214,229 $2,297,624 $2,384,044 $2,473,598 $24,410,907 $2,479,957 $2,486,332 $2,492,723 $2,499,129 $2,505,552

-$167 -$167 -$167 -$167 -$167 -$167 -$479 -$167 -$167 -$167 -$167 -$167

$2,056,261 $2,133,919 $2,214,396 $2,297,791 $2,384,211 $2,473,765 $24,411,386 $2,480,124 $2,486,499 $2,492,889 $2,499,296 $2,505,719

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0-$8,610 -$8,913 -$9,226 -$9,550 -$9,886 -$728 $0 -$730 -$731 -$733 -$735 -$737

-$8,610 -$8,913 -$9,226 -$9,550 -$9,886 -$728 $0 -$730 -$731 -$733 -$735 -$737

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,047,651 $2,125,007 $2,205,170 $2,288,241 $2,374,325 $2,473,037 $24,411,386 $2,479,394 $2,485,767 $2,492,156 $2,498,561 $2,504,982

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,047,651 $2,125,007 $2,205,170 $2,288,241 $2,374,325 $2,473,037 $24,411,386 $2,479,394 $2,485,767 $2,492,156 $2,498,561 $2,504,982

$39,460,863 $41,508,514 $43,633,520 $45,838,690 $48,126,931 $50,501,256 $52,974,293 $52,974,293 $55,453,687 $57,939,454 $60,431,610 $62,930,171

$41,508,514 $43,633,520 $45,838,690 $48,126,931 $50,501,256 $52,974,293 $77,385,678 $55,453,687 $57,939,454 $60,431,610 $62,930,171 $65,435,152

32479.92% 33997.24% 35589.90% 37261.92% 39017.60% 40861.45% 408376.52% 41448.38% 42049.63% 42665.72% 43297.20% 43944.64%

11.73% 11.55% 11.38% 11.22% 11.07% 10.93% 109.22% 10.47% 10.05% 9.66% 9.30% 8.97%

23.70% 23.50% 23.31% 23.13% 22.94% 22.76% 23.73% 22.76% 22.75% 22.75% 22.74% 22.74%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

76.30% 76.50% 76.69% 76.87% 77.06% 77.24% 76.27% 77.24% 77.25% 77.25% 77.26% 77.26%

41.97% 42.08% 42.18% 42.28% 42.38% 42.48% 41.95% 42.48% 42.49% 42.49% 42.49% 42.50%

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$15,083 $14,917 $14,750 $14,583 $14,417 $14,250 $14,250 $14,083 $13,917 $13,750 $13,583 $13,417

$15,083 $14,917 $14,750 $14,583 $14,417 $14,250 $14,250 $14,083 $13,917 $13,750 $13,583 $13,417

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

-$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$2,000 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67

-$4,916.67 -$5,083.33 -$5,250.00 -$5,416.67 -$5,583.33 -$5,750.00 -$5,750.00 -$5,916.67 -$6,083.33 -$6,250.00 -$6,416.67 -$6,583.33

-$167 -$167 -$167 -$167 -$167 -$167 -$479 -$167 -$167 -$167 -$167 -$167

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

AÑO 4

Mes 42 Mes 43 Mes 44 Mes 45 Mes 46 Mes 47 Mes 48 Acumulado Mes 49 Mes 50 Mes 51 Mes 52

$5,910,646 $5,925,422 $5,940,236 $5,955,087 $5,969,974 $5,984,899 $5,999,861 $71,018,992 $6,007,361 $6,014,870 $6,022,389 $6,029,917

$5,910,646 $5,925,422 $5,940,236 $5,955,087 $5,969,974 $5,984,899 $5,999,861 $71,018,992 $6,007,361 $6,014,870 $6,022,389 $6,029,917

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$127,401 $127,401 $127,401 $127,401 $127,401 $127,401 $127,401 $1,528,816 $127,401 $127,401 $127,401 $127,401

$1,216,155 $1,219,195 $1,222,243 $1,225,299 $1,228,362 $1,231,433 $1,234,512 $14,612,631 $1,236,055 $1,237,600 $1,239,147 $1,240,696

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$1,343,556 $1,346,597 $1,349,645 $1,352,700 $1,355,763 $1,358,834 $1,361,913 $16,141,447 $1,363,456 $1,365,001 $1,366,548 $1,368,097

$4,567,090 $4,578,826 $4,590,591 $4,602,386 $4,614,211 $4,626,065 $4,637,949 $54,877,545 $4,643,905 $4,649,869 $4,655,841 $4,661,820

$167 $167 $167 $167 $167 $167 $167 $2,000 $167 $167 $167 $167

$4,567,256 $4,578,993 $4,590,758 $4,602,553 $4,614,378 $4,626,232 $4,638,115 $54,879,545 $4,644,072 $4,650,036 $4,656,008 $4,661,987$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$4,567,256 $4,578,993 $4,590,758 $4,602,553 $4,614,378 $4,626,232 $4,638,115 $54,879,545 $4,644,072 $4,650,036 $4,656,008 $4,661,987$1,598,540 $1,602,647 $1,606,765 $1,610,894 $1,615,032 $1,619,181 $1,623,340 $19,207,841 $1,625,425 $1,627,513 $1,629,603 $1,631,695

$456,726 $457,899 $459,076 $460,255 $461,438 $462,623 $463,812 $5,487,954 $464,407 $465,004 $465,601 $466,199$2,511,991 $2,518,446 $2,524,917 $2,531,404 $2,537,908 $2,544,427 $2,550,963 $30,183,749 $2,554,240 $2,557,520 $2,560,804 $2,564,093

42.50% 42.50% 42.51% 42.51% 42.51% 42.51% 42.52% 42.50% 42.52% 42.52% 42.52% 42.52%

$67,946,571 $70,464,443 $72,988,784 $75,519,611 $78,056,939 $80,600,785 $83,151,540 $83,151,540 $85,705,571 $88,262,881 $90,823,476 $93,387,358

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$296,271 $297,012 $297,754 $298,499 $299,245 $299,993 $300,368 $300,368 $300,744 $301,119 $301,496 $301,873

$68,242,842 $70,761,455 $73,286,539 $75,818,109 $78,356,184 $80,900,778 $83,451,908 $83,451,908 $86,006,314 $88,564,001 $91,124,972 $93,689,231

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$13,250 $13,083 $12,917 $12,750 $12,583 $12,417 $12,250 $12,250 $12,083 $11,917 $11,750 $11,583

-$6,750 -$6,917 -$7,083 -$7,250 -$7,417 -$7,583 -$7,750 -$7,750 -$7,917 -$8,083 -$8,250 -$8,417

$13,250 $13,083 $12,917 $12,750 $12,583 $12,417 $12,250 $12,250 $12,083 $11,917 $11,750 $11,583

$68,256,092 $70,774,538 $73,299,455 $75,830,859 $78,368,767 $80,913,194 $83,464,158 $83,464,158 $86,018,397 $88,575,917 $91,136,722 $93,700,814

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$65,744,101 $68,256,092 $70,774,538 $73,299,455 $75,830,859 $78,368,767 $80,913,194 $80,913,194 $83,464,158 $86,018,397 $88,575,917 $91,136,722

$2,511,991 $2,518,446 $2,524,917 $2,531,404 $2,537,908 $2,544,427 $2,550,963 $2,550,963 $2,554,240 $2,557,520 $2,560,804 $2,564,093

$68,256,092 $70,774,538 $73,299,455 $75,830,859 $78,368,767 $80,913,194 $83,464,158 $83,464,158 $86,018,397 $88,575,917 $91,136,722 $93,700,814

$68,256,092 $70,774,538 $73,299,455 $75,830,859 $78,368,767 $80,913,194 $83,464,158 $83,464,158 $86,018,397 $88,575,917 $91,136,722 $93,700,814

$2,511,991 $2,518,446 $2,524,917 $2,531,404 $2,537,908 $2,544,427 $2,550,963 $30,183,749 $2,554,240 $2,557,520 $2,560,804 $2,564,093

-$167 -$167 -$167 -$167 -$167 -$167 -$167 -$646 -$167 -$167 -$167 -$167

$2,512,158 $2,518,613 $2,525,084 $2,531,571 $2,538,074 $2,544,594 $2,551,130 $30,184,395 $2,554,406 $2,557,687 $2,560,971 $2,564,259

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0-$739 -$741 -$743 -$744 -$746 -$748 -$375 $0 -$375 -$376 -$376 -$377-$739 -$741 -$743 -$744 -$746 -$748 -$375 $0 -$375 -$376 -$376 -$377

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,511,419 $2,517,872 $2,524,341 $2,530,826 $2,537,328 $2,543,846 $2,550,755 $30,184,395 $2,554,031 $2,557,311 $2,560,594 $2,563,882

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,511,419 $2,517,872 $2,524,341 $2,530,826 $2,537,328 $2,543,846 $2,550,755 $30,184,395 $2,554,031 $2,557,311 $2,560,594 $2,563,882

$65,435,152 $67,946,571 $70,464,443 $72,988,784 $75,519,611 $78,056,939 $80,600,785 $83,151,540 $83,151,540 $85,705,571 $88,262,881 $90,823,476

$67,946,571 $70,464,443 $72,988,784 $75,519,611 $78,056,939 $80,600,785 $83,151,540 $113,335,935 $85,705,571 $88,262,881 $90,823,476 $93,387,358

44608.65% 45289.85% 45988.92% 46706.56% 47443.50% 48200.53% 48978.46% 579746.87% 49716.09% 50474.44% 51254.38% 52056.84%

8.66% 8.37% 8.10% 7.85% 7.62% 7.40% 7.19% 85.09% 6.98% 6.79% 6.61% 6.44%

22.73% 22.73% 22.72% 22.72% 22.71% 22.70% 22.70% 22.73% 22.70% 22.69% 22.69% 22.69%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

77.27% 77.27% 77.28% 77.28% 77.29% 77.30% 77.30% 77.27% 77.30% 77.31% 77.31% 77.31%

42.50% 42.50% 42.51% 42.51% 42.51% 42.51% 42.52% 42.50% 42.52% 42.52% 42.52% 42.52%

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$13,250 $13,083 $12,917 $12,750 $12,583 $12,417 $12,250 $12,250 $12,083 $11,917 $11,750 $11,583

$13,250 $13,083 $12,917 $12,750 $12,583 $12,417 $12,250 $12,250 $12,083 $11,917 $11,750 $11,583

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

-$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$2,000 -$166.67 -$166.67 -$166.67 -$166.67

-$6,750.00 -$6,916.67 -$7,083.33 -$7,250.00 -$7,416.67 -$7,583.33 -$7,750.00 -$7,750.00 -$7,916.67 -$8,083.33 -$8,250.00 -$8,416.67

-$167 -$167 -$167 -$167 -$167 -$167 -$167 -$646 -$167 -$167 -$167 -$167

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

AÑO 5

Mes 53 Mes 54 Mes 55 Mes 56 Mes 57 Mes 58 Mes 59 Mes 60 Acumulado

$6,037,454 $6,045,001 $6,052,558 $6,060,123 $6,067,698 $6,075,283 $6,082,877 $6,090,481 $72,586,013

$6,037,454 $6,045,001 $6,052,558 $6,060,123 $6,067,698 $6,075,283 $6,082,877 $6,090,481 $72,586,013

$0 $0 $0 $0 $0 $0 $0 $0 $0

$127,401 $127,401 $127,401 $127,401 $127,401 $127,401 $127,401 $127,401 $1,528,816

$1,242,247 $1,243,799 $1,245,354 $1,246,911 $1,248,469 $1,250,030 $1,251,593 $1,253,157 $14,935,056

$0 $0 $0 $0 $0 $0 $0 $0 $0

$1,369,648 $1,371,201 $1,372,755 $1,374,312 $1,375,871 $1,377,431 $1,378,994 $1,380,558 $16,463,872

$4,667,807 $4,673,801 $4,679,802 $4,685,811 $4,691,828 $4,697,852 $4,703,883 $4,709,922 $56,122,141

$167 $167 $167 $167 $167 $167 $167 $167 $2,000

$4,667,973 $4,673,967 $4,679,969 $4,685,978 $4,691,994 $4,698,018 $4,704,050 $4,710,089 $56,124,141$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$4,667,973 $4,673,967 $4,679,969 $4,685,978 $4,691,994 $4,698,018 $4,704,050 $4,710,089 $56,124,141$1,633,791 $1,635,889 $1,637,989 $1,640,092 $1,642,198 $1,644,306 $1,646,417 $1,648,531 $19,643,449

$466,797 $467,397 $467,997 $468,598 $469,199 $469,802 $470,405 $471,009 $5,612,414$2,567,385 $2,570,682 $2,573,983 $2,577,288 $2,580,597 $2,583,910 $2,587,227 $2,590,549 $30,868,278

42.52% 42.53% 42.53% 42.53% 42.53% 42.53% 42.53% 42.53% 42.53%

$95,954,533 $98,525,004 $101,098,775 $103,675,851 $106,256,235 $108,839,932 $111,426,946 $114,322,185 $114,322,185

$0 $0 $0 $0 $0 $0 $0 $0 $0

$302,250 $302,628 $303,006 $303,385 $303,764 $304,144 $304,524 $0 $0

$96,256,783 $98,827,632 $101,401,781 $103,979,235 $106,559,999 $109,144,076 $111,731,470 $114,322,185 $114,322,185

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$11,417 $11,250 $11,083 $10,917 $10,750 $10,583 $10,417 $10,250 $10,250

-$8,583 -$8,750 -$8,917 -$9,083 -$9,250 -$9,417 -$9,583 -$9,750 -$9,750

$11,417 $11,250 $11,083 $10,917 $10,750 $10,583 $10,417 $10,250 $10,250

$96,268,200 $98,838,882 $101,412,864 $103,990,152 $106,570,749 $109,154,659 $111,741,886 $114,332,435 $114,332,435

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$93,700,814 $96,268,200 $98,838,882 $101,412,864 $103,990,152 $106,570,749 $109,154,659 $111,741,886 $111,741,886

$2,567,385 $2,570,682 $2,573,983 $2,577,288 $2,580,597 $2,583,910 $2,587,227 $2,590,549 $2,590,549

$96,268,200 $98,838,882 $101,412,864 $103,990,152 $106,570,749 $109,154,659 $111,741,886 $114,332,435 $114,332,435

$96,268,200 $98,838,882 $101,412,864 $103,990,152 $106,570,749 $109,154,659 $111,741,886 $114,332,435 $114,332,435

$2,567,385 $2,570,682 $2,573,983 $2,577,288 $2,580,597 $2,583,910 $2,587,227 $2,590,549 $30,868,278

-$167 -$167 -$167 -$167 -$167 -$167 -$167 -$167 -$813

$2,567,552 $2,570,849 $2,574,149 $2,577,454 $2,580,764 $2,584,077 $2,587,394 $2,590,716 $30,869,090

$0 $0 $0 $0 $0 $0 $0 $0 $0-$377 -$378 -$378 -$379 -$379 -$380 -$380 $304,524 $0-$377 -$378 -$378 -$379 -$379 -$380 -$380 $304,524 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$2,567,175 $2,570,471 $2,573,771 $2,577,076 $2,580,384 $2,583,697 $2,587,014 $2,895,240 $30,869,090

$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$2,567,175 $2,570,471 $2,573,771 $2,577,076 $2,580,384 $2,583,697 $2,587,014 $2,895,240 $30,869,090

$93,387,358 $95,954,533 $98,525,004 $101,098,775 $103,675,851 $106,256,235 $108,839,932 $111,426,946 $114,322,185

$95,954,533 $98,525,004 $101,098,775 $103,675,851 $106,256,235 $108,839,932 $111,426,946 $114,322,185 $145,191,275

52882.81% 53733.34% 54609.54% 55512.58% 56443.71% 57404.25% 58395.62% 59419.32% 708156.23%

6.27% 6.12% 5.97% 5.83% 5.69% 5.57% 5.44% 5.33% 63.49%

22.69% 22.68% 22.68% 22.68% 22.68% 22.67% 22.67% 22.67% 22.68%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

77.31% 77.32% 77.32% 77.32% 77.32% 77.33% 77.33% 77.33% 77.32%

42.52% 42.53% 42.53% 42.53% 42.53% 42.53% 42.53% 42.53% 42.53%

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$11,417 $11,250 $11,083 $10,917 $10,750 $10,583 $10,417 $10,250 $10,250

$11,417 $11,250 $11,083 $10,917 $10,750 $10,583 $10,417 $10,250 $10,250

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0

-$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$166.67 -$2,000

-$8,583.33 -$8,750.00 -$8,916.67 -$9,083.33 -$9,250.00 -$9,416.67 -$9,583.33 -$9,750.00 -$9,750.00

-$167 -$167 -$167 -$167 -$167 -$167 -$167 -$167 -$813

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83% 0.83%

0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%

VALUACIÓN DE LA EMPRESA

LA SULTANA DEL NORTE S.A. Inv Inicial Año 1 Año 2 Año 3 Año 4 Año 5

Flujos reales: ### $16,357,770 ### ### ###

80 Flujos reales con probabilidad de éxito del: 80% $0 ### $13,086,216 ### ### ###

VPN $75,262,01320 Tasa 20%

TIR Err:523

J8
CENTRO DE COMPUTO: Incorpora un valor continuo de la empresa igual a una perpetuidad del último flujo, sin crecimiento.