Valorizacion de Cartera Npls

78
Confidencial 1 of 78 NPL Portfolio - Scavenger III Ogura Capital Partners July 2014

Transcript of Valorizacion de Cartera Npls

Page 1: Valorizacion de Cartera Npls

Confidencial

1 of 78

NPL Portfolio - Scavenger III

Ogura Capital Partners

July 2014

Page 2: Valorizacion de Cartera Npls

Confidencial

2 of 78

Page 3: Valorizacion de Cartera Npls

Confidencial

3 of 78

Results

Summary % of Face Value Purchase Price Recovery Rate & IRR

2.50% 461,000 8.5% 35.1%

Net Present Value of Investment

Discount Rate 30.0% 35.0% 40.0% 45.0%

Net Present Value of Cash Flow 489,000 462,000 436,000 413,000

% of Loan Amount 2.65% 2.51% 2.37% 2.24%

Prem / (Disc) to NPV -5.7% -0.2% 5.7% 11.6%

Performance Analysis

Scenario I II III IV

Recovery Rate 7.0% 7.5% 8.0% 8.5%

Income from Loan Collection 1,290,191 1,382,348 1,474,504 1,566,661

Expenses 451,567 483,822 516,076 548,331

Net of Expenses 838,624 898,526 958,428 1,018,329

Taxable Income 806,369 863,967 921,565 979,163

Capital Gain Taxes 241,911 259,190 276,470 293,749

Distributable Income 596,713 639,336 681,958 724,581

Capital Gain after taxes 135,713 178,336 220,958 263,581

% Gain 29.4% 38.7% 47.9% 57.2%

Loan Composition

Number of years since default Loan % Composition N of Loans Average Loan

1 Year 11,872,811 64% 2,300 5,200

2 Year 5,576,788 30% 1,600 3,500

3 Year 981,703 5% 184 5,300

4 Year 0 0% 185 0

5 Year 0 0% 186 0

6 Years 0 0% 187 0

18,431,302 100% 4,642 4,000

Source of Income

Number of years since default Yr 1 Yr 2 Yr 3 Total

1 Year 543,378 442,132 362,121 1,347,631

2 Year 85,310 71,478 60,018 216,806

3 Year 4,231 3,581 3,034 10,846

4 Year 0 0 0 0

5 Year 0 0 0 0

Page 4: Valorizacion de Cartera Npls

Confidencial

4 of 78

6 Years 0 0 0 0

632,919 517,191 425,172 1,575,282

40% 33% 27% 100%

Page 5: Valorizacion de Cartera Npls

Confidencial

5 of 78

50.0%

392,000

2.13%

17.6%

V

9.0%

1,658,817

580,586

1,078,231

1,036,761

311,028

767,203

306,203

66.4%

Ave Loan / Monthly Salary

5.2x

3.5x

5.3x

0.0x

0.0x

0.0x

4.0x

% Composition

85.5%

13.8%

0.7%

0.0%

0.0%

Page 6: Valorizacion de Cartera Npls

Confidencial

6 of 78

0.0%

100.0%

Page 7: Valorizacion de Cartera Npls

Confidencial

7 of 78

Assumptions

Financial Assumptions

Exhange Rate 2.8

Consumption Taxes 18%

Capital Gain Taxes 30%

NPL Assumptions

Number of years since default % Loan Amount N of loans Average

1 Year 64.4% 11,872,811 2,350 5,100

2 Year 30.3% 5,576,788 1,662 3,400

3 Year 5.3% 981,703 184 5,300

4 Year 0.0% 0 0 0

5 Year 0.0% 0 0 0

6 Years 0.0% 0 0 0

Face Value 100.0% 18,431,302 4,196 4,400

Recovery Rate

Number of years since default %

1 Year 0.390%

2 Year 0.128%

3 Year 0.036%

4 Year 0.000% na

5 Year 0.000% na

6 Years 0.000% na

Loss of probability of recovery per year 85%

Recovery Ratio 8.5% 1,575,282 See Recovery Assumptions

Acquisition

Purchase Price 2.5% 461,000

Success Fees 35.0% 551,349

Financial Assumptions Disc. Rate NPV

Base 20.00%

Inflation 3.00%

Country Risk 1.91% 191

Total Discount Rate 24.91% 520,000

Page 8: Valorizacion de Cartera Npls

Confidencial

8 of 78

Page 9: Valorizacion de Cartera Npls

Confidencial

9 of 78

1 Year; 64%

2 Year; 30%

3 Year; 5%

Page 10: Valorizacion de Cartera Npls

Confidencial

10 of 78

Page 11: Valorizacion de Cartera Npls

Confidencial

11 of 78

Debt Collection - 1 Year

Summary Loan Balance Recovered % Recovered

Yr 1 11,872,811 543,378 11,329,433 4.6%

Yr 2 11,394,203 442,132 10,887,301 3.9%

Yr 3 10,940,162 362,121 10,525,180 3.3%

Total 1,347,631 11.4%

Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative

0 0.390% 11,872,811 11,872,811

1 1.018518 0.390% 11,872,811 47,106 11,825,705 47,106

2 0.623696 0.390% 11,825,705 28,731 11,796,973 75,838

3 1.267705 0.390% 11,796,973 58,257 11,738,717 134,095

4 1.184079 0.390% 11,738,717 54,145 11,684,571 188,240

5 1.355043 0.390% 11,684,571 61,677 11,622,894 249,917

6 0.969994 0.390% 11,622,894 43,918 11,578,976 293,835

7 0.491689 0.390% 11,578,976 22,178 11,556,799 316,013

8 0.399624 0.390% 11,556,799 17,991 11,538,808 334,003

9 1.334543 0.390% 11,538,808 59,986 11,478,822 393,989

10 1.057806 0.390% 11,478,822 47,300 11,431,522 441,289

11 0.838030 0.390% 11,431,522 37,318 11,394,203 478,608

12 1.459272 0.390% 11,394,203 64,771 11,329,433 543,378

13 1.018518 0.331% 11,329,433 38,208 11,291,225 581,586

14 0.623696 0.331% 11,291,225 23,318 11,267,907 604,904

15 1.267705 0.331% 11,267,907 47,297 11,220,609 652,202

16 1.184079 0.331% 11,220,609 43,992 11,176,617 696,194

17 1.355043 0.331% 11,176,617 50,146 11,126,471 746,340

18 0.969994 0.331% 11,126,471 35,736 11,090,735 782,076

19 0.491689 0.331% 11,090,735 18,056 11,072,679 800,132

20 0.399624 0.331% 11,072,679 14,651 11,058,027 814,784

21 1.334543 0.331% 11,058,027 48,864 11,009,164 863,648

22 1.057806 0.331% 11,009,164 38,560 10,970,604 902,208

23 0.838030 0.331% 10,970,604 30,442 10,940,162 932,649

24 1.459272 0.331% 10,940,162 52,861 10,887,301 985,510

25 1.018518 0.281% 10,887,301 31,209 10,856,092 1,016,720

26 0.623696 0.281% 10,856,092 19,056 10,837,035 1,035,776

27 1.267705 0.281% 10,837,035 38,666 10,798,369 1,074,442

28 1.184079 0.281% 10,798,369 35,986 10,762,383 1,110,428

29 1.355043 0.281% 10,762,383 41,045 10,721,339 1,151,473

30 0.969994 0.281% 10,721,339 29,269 10,692,069 1,180,742

31 0.491689 0.281% 10,692,069 14,796 10,677,273 1,195,538

32 0.399624 0.281% 10,677,273 12,009 10,665,264 1,207,547

33 1.334543 0.281% 10,665,264 40,059 10,625,205 1,247,606

Page 12: Valorizacion de Cartera Npls

Confidencial

12 of 78

34 1.057806 0.281% 10,625,205 31,633 10,593,572 1,279,239

35 0.838030 0.281% 10,593,572 24,986 10,568,586 1,304,225

36 1.459272 0.281% 10,568,586 43,406 10,525,180 1,347,631

Page 13: Valorizacion de Cartera Npls

Confidencial

13 of 78

Service Fee Net of Expenses

190,182 353,196

154,746 287,386

126,742 235,378

471,671 875,960

Service Fee Net of Expenses

0

16,487 30,619

10,056 18,675

20,390 37,867

18,951 35,194

21,587 40,090

15,371 28,547

7,762 14,416

6,297 11,694

20,995 38,991

16,555 30,745

13,061 24,257

22,670 42,101

13,373 24,835

8,161 15,157

16,554 30,743

15,397 28,595

17,551 32,595

12,508 23,228

6,320 11,737

5,128 9,523

17,102 31,761

13,496 25,064

10,655 19,787

18,501 34,360

10,923 20,286

6,670 12,387

13,533 25,133

12,595 23,391

14,366 26,679

10,244 19,025

5,179 9,617

4,203 7,806

14,021 26,038

Page 14: Valorizacion de Cartera Npls

Confidencial

14 of 78

11,072 20,561

8,745 16,241

15,192 28,214

Page 15: Valorizacion de Cartera Npls

Confidencial

15 of 78

Debt Collection - 2 Years

Summary Loan Balance Recovered % Recovered

Yr 1 5,576,788 85,310 5,491,478 1.5%

Yr 2 5,496,067 71,478 5,420,000 1.3%

Yr 3 5,423,849 60,018 5,359,982 1.1%

Total 216,806 3.9%

Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative

0 0.128% 5,576,788 5,576,788

1 0.483185 0.128% 5,576,788 3,459 5,573,329 3,459

2 2.054700 0.128% 5,573,329 14,699 5,558,630 18,158

3 1.178121 0.128% 5,558,630 8,406 5,550,224 26,564

4 1.462030 0.128% 5,550,224 10,416 5,539,809 36,979

5 1.228363 0.128% 5,539,809 8,735 5,531,074 45,714

6 1.728537 0.128% 5,531,074 12,272 5,518,802 57,986

7 0.620195 0.128% 5,518,802 4,393 5,514,409 62,379

8 0.242005 0.128% 5,514,409 1,713 5,512,696 64,092

9 0.947700 0.128% 5,512,696 6,706 5,505,990 70,798

10 0.804189 0.128% 5,505,990 5,684 5,500,307 76,481

11 0.600526 0.128% 5,500,307 4,240 5,496,067 80,721

12 0.650447 0.128% 5,496,067 4,589 5,491,478 85,310

13 0.483185 0.109% 5,491,478 2,895 5,488,583 88,205

14 2.054700 0.109% 5,488,583 12,304 5,476,279 100,509

15 1.178121 0.109% 5,476,279 7,039 5,469,240 107,548

16 1.462030 0.109% 5,469,240 8,724 5,460,516 116,272

17 1.228363 0.109% 5,460,516 7,318 5,453,198 123,590

18 1.728537 0.109% 5,453,198 10,284 5,442,913 133,875

19 0.620195 0.109% 5,442,913 3,683 5,439,230 137,558

20 0.242005 0.109% 5,439,230 1,436 5,437,794 138,994

21 0.947700 0.109% 5,437,794 5,623 5,432,172 144,616

22 0.804189 0.109% 5,432,172 4,766 5,427,405 149,383

23 0.600526 0.109% 5,427,405 3,556 5,423,849 152,939

24 0.650447 0.109% 5,423,849 3,849 5,420,000 156,788

25 0.483185 0.093% 5,420,000 2,429 5,417,572 159,216

26 2.054700 0.093% 5,417,572 10,323 5,407,248 169,540

27 1.178121 0.093% 5,407,248 5,908 5,401,341 175,447

28 1.462030 0.093% 5,401,341 7,323 5,394,017 182,771

29 1.228363 0.093% 5,394,017 6,145 5,387,872 188,916

30 1.728537 0.093% 5,387,872 8,637 5,379,236 197,552

31 0.620195 0.093% 5,379,236 3,094 5,376,142 200,646

32 0.242005 0.093% 5,376,142 1,207 5,374,935 201,853

33 0.947700 0.093% 5,374,935 4,724 5,370,211 206,577

Page 16: Valorizacion de Cartera Npls

Confidencial

16 of 78

34 0.804189 0.093% 5,370,211 4,005 5,366,206 210,582

35 0.600526 0.093% 5,366,206 2,989 5,363,217 213,571

36 0.650447 0.093% 5,363,217 3,235 5,359,982 216,806

Page 17: Valorizacion de Cartera Npls

Confidencial

17 of 78

Service Fee Net of Expenses

29,858 55,451

25,017 46,461

21,006 39,012

75,882 140,924

Service Fee Net of Expenses

0

1,211 2,248

5,145 9,554

2,942 5,464

3,646 6,770

3,057 5,678

4,295 7,977

1,538 2,856

600 1,113

2,347 4,359

1,989 3,694

1,484 2,756

1,606 2,983

1,013 1,882

4,306 7,998

2,464 4,575

3,053 5,671

2,561 4,757

3,599 6,685

1,289 2,394

503 934

1,968 3,655

1,668 3,098

1,245 2,311

1,347 2,502

850 1,579

3,613 6,710

2,068 3,840

2,563 4,760

2,151 3,994

3,023 5,614

1,083 2,011

422 784

1,653 3,071

Page 18: Valorizacion de Cartera Npls

Confidencial

18 of 78

1,402 2,603

1,046 1,943

1,132 2,103

Page 19: Valorizacion de Cartera Npls

Confidencial

19 of 78

Debt Collection - 3 Years

Summary Loan Balance Recovered % Recovered

Yr 1 981,703 4,231 977,473 0.43%

Yr 2 977,473 3,581 973,891 0.37%

Yr 3 973,891 3,034 970,857 0.31%

Total 10,846 1.10%

Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative

0 0.036% 981,703 981,703

1 0.000000 0.036% 981,703 0 981,703 0

2 1.861804 0.036% 981,703 657 981,046 657

3 0.000000 0.036% 981,046 0 981,046 657

4 0.000000 0.036% 981,046 0 981,046 657

5 0.327465 0.036% 981,046 116 980,930 773

6 4.342325 0.036% 980,930 1,532 979,398 2,305

7 0.000000 0.036% 979,398 0 979,398 2,305

8 1.397866 0.036% 979,398 492 978,905 2,798

9 1.004144 0.036% 978,905 354 978,552 3,151

10 1.858734 0.036% 978,552 654 977,897 3,806

11 1.207663 0.036% 977,897 425 977,473 4,231

12 0.000000 0.036% 977,473 0 977,473 4,231

13 0.000000 0.031% 977,473 0 977,473 4,231

14 1.861804 0.031% 977,473 556 976,916 4,787

15 0.000000 0.031% 976,916 0 976,916 4,787

16 0.000000 0.031% 976,916 0 976,916 4,787

17 0.327465 0.031% 976,916 98 976,818 4,885

18 4.342325 0.031% 976,818 1,297 975,521 6,182

19 0.000000 0.031% 975,521 0 975,521 6,182

20 1.397866 0.031% 975,521 417 975,104 6,599

21 1.004144 0.031% 975,104 299 974,805 6,898

22 1.858734 0.031% 974,805 554 974,251 7,452

23 1.207663 0.031% 974,251 360 973,891 7,812

24 0.000000 0.031% 973,891 0 973,891 7,812

25 0.000000 0.026% 973,891 0 973,891 7,812

26 1.861804 0.026% 973,891 471 973,420 8,283

27 0.000000 0.026% 973,420 0 973,420 8,283

28 0.000000 0.026% 973,420 0 973,420 8,283

29 0.327465 0.026% 973,420 83 973,337 8,366

30 4.342325 0.026% 973,337 1,099 972,238 9,465

31 0.000000 0.026% 972,238 0 972,238 9,465

32 1.397866 0.026% 972,238 353 971,885 9,818

33 1.004144 0.026% 971,885 254 971,632 10,072

Page 20: Valorizacion de Cartera Npls

Confidencial

20 of 78

34 1.858734 0.026% 971,632 469 971,162 10,541

35 1.207663 0.026% 971,162 305 970,857 10,846

36 0.000000 0.026% 970,857 0 970,857 10,846

Page 21: Valorizacion de Cartera Npls

Confidencial

21 of 78

Service Fee Net of Expenses

1,481 2,750

1,253 2,328

1,062 1,972

3,796 7,050

Service Fee Net of Expenses

0

0 0

230 427

0 0

0 0

40 75

536 996

0 0

172 320

124 230

229 425

149 276

0 0

0 0

195 362

0 0

0 0

34 64

454 843

0 0

146 271

105 195

194 360

126 234

0 0

0 0

165 306

0 0

0 0

29 54

384 714

0 0

124 230

89 165

Page 22: Valorizacion de Cartera Npls

Confidencial

22 of 78

164 305

107 198

0 0

Page 23: Valorizacion de Cartera Npls

Confidencial

23 of 78

Debt Collection - 4 Years

Summary Loan Balance Recovered % Recovered

Yr 1 0 0 0 0.0%

Yr 2 0 0 0 0.0%

Yr 3 0 0 0 0.0%

Total 0 0.0%

Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative

0 0.000% 0 0

1 0.000000 0.000% 0 0 0 0

2 0.000000 0.000% 0 0 0 0

3 0.000000 0.000% 0 0 0 0

4 0.000000 0.000% 0 0 0 0

5 0.000000 0.000% 0 0 0 0

6 0.000000 0.000% 0 0 0 0

7 0.000000 0.000% 0 0 0 0

8 0.000000 0.000% 0 0 0 0

9 0.000000 0.000% 0 0 0 0

10 0.000000 0.000% 0 0 0 0

11 0.000000 0.000% 0 0 0 0

12 0.000000 0.000% 0 0 0 0

13 0.000000 0.000% 0 0 0 0

14 0.000000 0.000% 0 0 0 0

15 0.000000 0.000% 0 0 0 0

16 0.000000 0.000% 0 0 0 0

17 0.000000 0.000% 0 0 0 0

18 0.000000 0.000% 0 0 0 0

19 0.000000 0.000% 0 0 0 0

20 0.000000 0.000% 0 0 0 0

21 0.000000 0.000% 0 0 0 0

22 0.000000 0.000% 0 0 0 0

23 0.000000 0.000% 0 0 0 0

24 0.000000 0.000% 0 0 0 0

25 0.000000 0.000% 0 0 0 0

26 0.000000 0.000% 0 0 0 0

27 0.000000 0.000% 0 0 0 0

28 0.000000 0.000% 0 0 0 0

29 0.000000 0.000% 0 0 0 0

30 0.000000 0.000% 0 0 0 0

31 0.000000 0.000% 0 0 0 0

32 0.000000 0.000% 0 0 0 0

33 0.000000 0.000% 0 0 0 0

Page 24: Valorizacion de Cartera Npls

Confidencial

24 of 78

34 0.000000 0.000% 0 0 0 0

35 0.000000 0.000% 0 0 0 0

36 0.000000 0.000% 0 0 0 0

Page 25: Valorizacion de Cartera Npls

Confidencial

25 of 78

Service Fee Net of Expenses

0 0

0 0

0 0

0 0

Service Fee Net of Expenses

0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

Page 26: Valorizacion de Cartera Npls

Confidencial

26 of 78

0 0

0 0

0 0

Page 27: Valorizacion de Cartera Npls

Confidencial

27 of 78

Debt Collection - 5 Years

Summary Loan Balance Recovered % Recovered

Yr 1 0 0 0 0.0%

Yr 2 0 0 0 0.0%

Yr 3 0 0 0 0.0%

Total 0 0.0%

Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative

0 0.000% 0 0

1 0.000000 0.000% 0 0 0 0

2 0.000000 0.000% 0 0 0 0

3 0.000000 0.000% 0 0 0 0

4 0.000000 0.000% 0 0 0 0

5 0.000000 0.000% 0 0 0 0

6 0.000000 0.000% 0 0 0 0

7 0.000000 0.000% 0 0 0 0

8 0.000000 0.000% 0 0 0 0

9 0.000000 0.000% 0 0 0 0

10 0.000000 0.000% 0 0 0 0

11 0.000000 0.000% 0 0 0 0

12 0.000000 0.000% 0 0 0 0

13 0.000000 0.000% 0 0 0 0

14 0.000000 0.000% 0 0 0 0

15 0.000000 0.000% 0 0 0 0

16 0.000000 0.000% 0 0 0 0

17 0.000000 0.000% 0 0 0 0

18 0.000000 0.000% 0 0 0 0

19 0.000000 0.000% 0 0 0 0

20 0.000000 0.000% 0 0 0 0

21 0.000000 0.000% 0 0 0 0

22 0.000000 0.000% 0 0 0 0

23 0.000000 0.000% 0 0 0 0

24 0.000000 0.000% 0 0 0 0

25 0.000000 0.000% 0 0 0 0

26 0.000000 0.000% 0 0 0 0

27 0.000000 0.000% 0 0 0 0

28 0.000000 0.000% 0 0 0 0

29 0.000000 0.000% 0 0 0 0

30 0.000000 0.000% 0 0 0 0

31 0.000000 0.000% 0 0 0 0

32 0.000000 0.000% 0 0 0 0

33 0.000000 0.000% 0 0 0 0

Page 28: Valorizacion de Cartera Npls

Confidencial

28 of 78

34 0.000000 0.000% 0 0 0 0

35 0.000000 0.000% 0 0 0 0

36 0.000000 0.000% 0 0 0 0

Page 29: Valorizacion de Cartera Npls

Confidencial

29 of 78

Service Fee Net of Expenses

0 0

0 0

0 0

0 0

Service Fee Net of Expenses

0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

Page 30: Valorizacion de Cartera Npls

Confidencial

30 of 78

0 0

0 0

0 0

Page 31: Valorizacion de Cartera Npls

Confidencial

31 of 78

Debt Collection - 6 Years

Summary Loan Balance Recovered % Recovered

Yr 1 0 0 0 0.0%

Yr 2 0 0 0 0.0%

Yr 3 0 0 0 0.0%

Total 0 0.0%

Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative

0 0.000% 0 0

1 0.000000 0.000% 0 0 0 0

2 0.000000 0.000% 0 0 0 0

3 0.000000 0.000% 0 0 0 0

4 0.000000 0.000% 0 0 0 0

5 0.000000 0.000% 0 0 0 0

6 0.000000 0.000% 0 0 0 0

7 0.000000 0.000% 0 0 0 0

8 0.000000 0.000% 0 0 0 0

9 0.000000 0.000% 0 0 0 0

10 0.000000 0.000% 0 0 0 0

11 0.000000 0.000% 0 0 0 0

12 0.000000 0.000% 0 0 0 0

13 0.000000 0.000% 0 0 0 0

14 0.000000 0.000% 0 0 0 0

15 0.000000 0.000% 0 0 0 0

16 0.000000 0.000% 0 0 0 0

17 0.000000 0.000% 0 0 0 0

18 0.000000 0.000% 0 0 0 0

19 0.000000 0.000% 0 0 0 0

20 0.000000 0.000% 0 0 0 0

21 0.000000 0.000% 0 0 0 0

22 0.000000 0.000% 0 0 0 0

23 0.000000 0.000% 0 0 0 0

24 0.000000 0.000% 0 0 0 0

25 0.000000 0.000% 0 0 0 0

26 0.000000 0.000% 0 0 0 0

27 0.000000 0.000% 0 0 0 0

28 0.000000 0.000% 0 0 0 0

29 0.000000 0.000% 0 0 0 0

30 0.000000 0.000% 0 0 0 0

31 0.000000 0.000% 0 0 0 0

32 0.000000 0.000% 0 0 0 0

33 0.000000 0.000% 0 0 0 0

Page 32: Valorizacion de Cartera Npls

Confidencial

32 of 78

34 0.000000 0.000% 0 0 0 0

35 0.000000 0.000% 0 0 0 0

36 0.000000 0.000% 0 0 0 0

Page 33: Valorizacion de Cartera Npls

Confidencial

33 of 78

Service Fee Net of Expenses

0 0

0 0

0 0

0 0

Service Fee Net of Expenses

0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

Page 34: Valorizacion de Cartera Npls

Confidencial

34 of 78

0 0

0 0

0 0

Page 35: Valorizacion de Cartera Npls

Confidencial

35 of 78

Debt Collection - Blended

Source of Income per Year Loan Balance Recovered % Recovered

Yr 1 18,431,302 632,919 17,798,383 3.4%

Yr 2 17,867,743 517,191 17,281,192 2.9%

Yr 3 17,337,903 425,172 16,856,020 2.5%

Total 1,575,282 8.5%

Month Seasonal Index Recovery Factor Loan Balance Recovered Cummulative

0 18,431,302 18,431,302

1 0.274% 18,431,302 50,565 18,380,737 50,565

2 0.240% 18,380,737 44,088 18,336,649 94,653

3 0.364% 18,336,649 66,663 18,269,987 161,316

4 0.353% 18,269,987 64,561 18,205,426 225,877

5 0.387% 18,205,426 70,527 18,134,898 296,404

6 0.318% 18,134,898 57,722 18,077,176 354,126

7 0.147% 18,077,176 26,571 18,050,605 380,697

8 0.112% 18,050,605 20,196 18,030,409 400,893

9 0.372% 18,030,409 67,046 17,963,363 467,939

10 0.299% 17,963,363 53,638 17,909,726 521,577

11 0.234% 17,909,726 41,983 17,867,743 563,560

12 0.388% 17,867,743 69,359 17,798,383 632,919

13 0.231% 17,798,383 41,103 17,757,281 674,022

14 0.204% 17,757,281 36,179 17,721,102 710,200

15 0.307% 17,721,102 54,337 17,666,765 764,537

16 0.298% 17,666,765 52,716 17,614,049 817,253

17 0.327% 17,614,049 57,562 17,556,487 874,816

18 0.270% 17,556,487 47,317 17,509,170 922,133

19 0.124% 17,509,170 21,739 17,487,430 943,872

20 0.094% 17,487,430 16,505 17,470,926 960,376

21 0.314% 17,470,926 54,786 17,416,140 1,015,162

22 0.252% 17,416,140 43,880 17,372,260 1,059,042

23 0.198% 17,372,260 34,357 17,337,903 1,093,400

24 0.327% 17,337,903 56,710 17,281,192 1,150,110

25 0.195% 17,281,192 33,638 17,247,554 1,183,748

26 0.173% 17,247,554 29,851 17,217,703 1,213,599

27 0.259% 17,217,703 44,573 17,173,130 1,258,172

28 0.252% 17,173,130 43,310 17,129,820 1,301,482

29 0.276% 17,129,820 47,272 17,082,548 1,348,754

30 0.228% 17,082,548 39,005 17,043,543 1,387,759

31 0.105% 17,043,543 17,890 17,025,653 1,405,649

32 0.080% 17,025,653 13,569 17,012,084 1,419,218

33 0.265% 17,012,084 45,037 16,967,048 1,464,255

Page 36: Valorizacion de Cartera Npls

Confidencial

36 of 78

34 0.213% 16,967,048 36,107 16,930,940 1,500,362

35 0.167% 16,930,940 28,279 16,902,661 1,528,641

36 0.276% 16,902,661 46,641 16,856,020 1,575,282

Page 37: Valorizacion de Cartera Npls

Confidencial

37 of 78

Service Fee Net of Expenses

221,522 411,397

181,017 336,174

148,810 276,362

551,349 1,023,934

Service Fee Net of Expenses

0

17,698 32,867

15,431 28,657

23,332 43,331

22,596 41,965

24,685 45,843

20,203 37,519

9,300 17,271

7,069 13,127

23,466 43,580

18,773 34,865

14,694 27,289

24,276 45,084

14,386 26,717

12,662 23,516

19,018 35,319

18,451 34,266

20,147 37,416

16,561 30,756

7,609 14,131

5,777 10,728

19,175 35,611

15,358 28,522

12,025 22,332

19,849 36,862

11,773 21,865

10,448 19,403

15,601 28,973

15,158 28,151

16,545 30,727

13,652 25,353

6,262 11,629

4,749 8,820

15,763 29,274

Page 38: Valorizacion de Cartera Npls

Confidencial

38 of 78

12,638 23,470

9,898 18,382

16,324 30,317

Page 39: Valorizacion de Cartera Npls

Confidencial

39 of 78

Monthly Cash Flow

Years from Default 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years

Yr 1 543,378 85,310 4,231 0 0 0

Yr 2 442,132 71,478 3,581 0 0 0

Yr 3 362,121 60,018 3,034 0 0 0

Total 1,347,631 216,806 10,846 0 0 0

% Contribution 85.5% 13.8% 0.7% 0.0% 0.0% 0.0%

Years from Default 1 Year 2 Years 3 Years 4 Years 5 Years 6 Years

0

1 47,106 3,459 0 0 0 0

2 28,731 14,699 657 0 0 0

3 58,257 8,406 0 0 0 0

4 54,145 10,416 0 0 0 0

5 61,677 8,735 116 0 0 0

6 43,918 12,272 1,532 0 0 0

7 22,178 4,393 0 0 0 0

8 17,991 1,713 492 0 0 0

9 59,986 6,706 354 0 0 0

10 47,300 5,684 654 0 0 0

11 37,318 4,240 425 0 0 0

12 64,771 4,589 0 0 0 0

13 38,208 2,895 0 0 0 0

14 23,318 12,304 556 0 0 0

15 47,297 7,039 0 0 0 0

16 43,992 8,724 0 0 0 0

17 50,146 7,318 98 0 0 0

18 35,736 10,284 1,297 0 0 0

19 18,056 3,683 0 0 0 0

20 14,651 1,436 417 0 0 0

21 48,864 5,623 299 0 0 0

22 38,560 4,766 554 0 0 0

23 30,442 3,556 360 0 0 0

24 52,861 3,849 0 0 0 0

25 31,209 2,429 0 0 0 0

26 19,056 10,323 471 0 0 0

27 38,666 5,908 0 0 0 0

28 35,986 7,323 0 0 0 0

29 41,045 6,145 83 0 0 0

30 29,269 8,637 1,099 0 0 0

31 14,796 3,094 0 0 0 0

32 12,009 1,207 353 0 0 0

33 40,059 4,724 254 0 0 0

Page 40: Valorizacion de Cartera Npls

Confidencial

40 of 78

34 31,633 4,005 469 0 0 0

35 24,986 2,989 305 0 0 0

36 43,406 3,235 0 0 0 0

Page 41: Valorizacion de Cartera Npls

Confidencial

41 of 78

Total % of CF

632,919 40.2%

517,191 32.8%

425,172 27.0%

1,575,282 100.0%

100.0%

Total % of CF

50,565 3.2%

44,088 2.8%

66,663 4.2%

64,561 4.1%

70,527 4.5%

57,722 3.7%

26,571 1.7%

20,196 1.3%

67,046 4.3%

53,638 3.4%

41,983 2.7%

69,359 4.4%

41,103 2.6%

36,179 2.3%

54,337 3.4%

52,716 3.3%

57,562 3.7%

47,317 3.0%

21,739 1.4%

16,505 1.0%

54,786 3.5%

43,880 2.8%

34,357 2.2%

56,710 3.6%

33,638 2.1%

29,851 1.9%

44,573 2.8%

43,310 2.7%

47,272 3.0%

39,005 2.5%

17,890 1.1%

13,569 0.9%

45,037 2.9%

Page 42: Valorizacion de Cartera Npls

Confidencial

42 of 78

36,107 2.3%

28,279 1.8%

46,641 3.0%

Page 43: Valorizacion de Cartera Npls

Confidencial

43 of 78

Discounted Cash Fow

Cash Flow Summary

Year 0 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10

Collected 161,316 192,810 113,813 164,980 131,618 157,596 93,030 134,948 108,062 129,587

Service Fee 56,461 67,484 39,835 57,743 46,066 55,158 32,560 47,232 37,822 45,355

Net of Expenses 104,855 125,327 73,978 107,237 85,552 102,437 60,469 87,716 70,241 84,231

Individual Cost 4,033 4,820 2,845 4,124 3,290 3,940 2,326 3,374 2,702 3,240

Taxable Income 100,822 120,506 71,133 103,112 82,261 98,497 58,144 84,342 67,539 80,992

Capital Gain Taxes 30,247 36,152 21,340 30,934 24,678 29,549 17,443 25,303 20,262 24,297

Distributable Income 74,609 89,175 52,639 76,303 60,873 72,888 43,026 62,413 49,979 59,934

NCF -461,000 74,609 89,175 52,639 76,303 60,873 72,888 43,026 62,413 49,979 59,934

IRR % 35.1%

Results

Expected IRR 30.0% 35.0% 40.0% 45.0% 50.0%

NPV of Cash Flow 489,000 462,000 436,000 413,000 392,000

% of Loan Amount 2.65% 2.51% 2.37% 2.24% 2.13%

Page 44: Valorizacion de Cartera Npls

Confidencial

44 of 78

Units: USD

Q11 Q12 Total

76,495 111,028 1,575,282

26,773 38,860 551,349

49,722 72,168 1,023,934

1,912 2,776 39,382

47,810 69,392

14,343 20,818 295,365

35,379 51,350 728,568

35,379 51,350

Page 45: Valorizacion de Cartera Npls

Confidencial

45 of 78

Sensitivity Tables

Expected IRR vs Purchase Price

Sensitivity % of Face Value Purchase Price % Change IRR Change in IRR

2.00% 369,000 55.7%

10 bps 2.10% 388,000 5.1% 50.8% -490 bps

10 bps 2.20% 406,000 4.6% 46.5% -430 bps

10 bps 2.30% 424,000 4.4% 42.5% -400 bps

10 bps 2.40% 443,000 4.5% 38.6% -390 bps

10 bps 2.50% 461,000 4.1% 35.1% -350 bps

10 bps 2.60% 480,000 4.1% 31.7% -340 bps

10 bps 2.70% 498,000 3.8% 28.6% -310 bps

10 bps 2.80% 517,000 3.8% 25.6% -300 bps

10 bps 2.90% 535,000 3.5% 22.9% -270 bps

IRR vs Purchase Price and Service Fee

20% 25% 30% 35% 40%

2.00% 78.1% 70.8% 63.3% 55.7% 48.0%

2.10% 72.4% 65.3% 58.1% 50.8% 43.3%

2.20% 67.4% 60.6% 53.6% 46.5% 39.2%

2.30% 62.8% 56.2% 49.4% 42.5% 35.4%

2.40% 58.2% 51.8% 45.3% 38.6% 31.7%

2.50% 54.3% 48.0% 41.6% 35.1% 28.4%

2.60% 50.3% 44.3% 38.0% 31.7% 25.1%

2.70% 46.8% 40.9% 34.9% 28.6% 22.2%

2.80% 43.4% 37.6% 31.7% 25.6% 19.3%

2.90% 40.3% 34.6% 28.8% 22.9% 16.7%

Discount Rate & Net Present Value of Cash Flow

Base Disc. Rate Disc. Rate NPV % of Loan Margin

26.0% 30.9% 484,000 2.63% 13 bps

27.0% 31.9% 478,000 2.59% 9 bps

28.0% 32.9% 473,000 2.57% 7 bps

29.0% 33.9% 467,000 2.53% 3 bps

30.0% 34.9% 462,000 2.51% 1 bps

31.0% 35.9% 457,000 2.48% -2 bps

32.0% 36.9% 452,000 2.45% -5 bps

33.0% 37.9% 447,000 2.43% -7 bps

34.0% 38.9% 442,000 2.40% -10 bps

35.0% 39.9% 437,000 2.37% -13 bps

Page 46: Valorizacion de Cartera Npls

Confidencial

46 of 78

Page 47: Valorizacion de Cartera Npls

Confidencial

47 of 78

IRR Partitioning

Assumptions

Equity Investment 461,000

Debt -

Interest 0.0%

Annual growth 0.0%

IRR 35.1%

Present Value

Quarter PVIF CF PV CF Interest PV Interest Appr Value PV Appr Value Debt PV Debt PV Total Return

0 1.000 461,000

1 0.919 74,609 68,587 0 68,587

2 0.845 89,175 75,361 0 75,361

3 0.777 52,639 40,894 0 40,894

4 0.714 76,303 54,495 0 54,495

5 0.657 60,873 39,966 0 39,966

6 0.604 72,888 43,992 0 43,992

7 0.555 43,026 23,873 0 23,873

8 0.510 62,413 31,835 0 31,835

9 0.469 49,979 23,435 0 23,435

10 0.431 59,934 25,835 0 25,835

11 0.396 35,379 14,020 0 14,020

12 0.364 51,350 18,706 0 0 18,706

Total 728,568 461,000 0 0 0 461,000

IRR Component 100% 0% 0% 0% 100%

Summary

Components PV Total Return % IRR Partition

Cash Flow 461,000 100.0% 35.1%

Interest 0 0.0% 0.0%

Appraised Value 0 0.0% 0.0%

Debt Repayment 0 0.0% 0.0%

Total Return 461,000 100.0% 35.1%

Cash Flow; 100%

IRR Partition

Page 48: Valorizacion de Cartera Npls

Confidencial

48 of 78

Equity Debt Total

-461,000 0 -461,000

74,609 0 74,609

89,175 0 89,175

52,639 0 52,639

76,303 0 76,303

60,873 0 60,873

72,888 0 72,888

43,026 0 43,026

62,413 0 62,413

49,979 0 49,979

59,934 0 59,934

35,379 0 35,379

51,350 0 51,350

35.1% 35.1%

Cash Flow; 100%

IRR Partition

Page 49: Valorizacion de Cartera Npls

Confidencial

49 of 78

Relative Value of Cash Flow and Value

Discounted Present Value

Scenario I II III IV

Quarter CF 33.0% 34.0% 35.0% 36.0%

1 74,609 68,922 68,764 68,606 68,448

2 89,175 76,100 75,750 75,402 75,057

3 52,639 41,497 41,211 40,928 40,647

4 76,303 55,569 55,058 54,554 54,055

5 60,873 40,953 40,484 40,020 39,564

6 72,888 45,299 44,676 44,064 43,461

7 43,026 24,702 24,307 23,918 23,537

8 62,413 33,102 32,497 31,904 31,323

9 49,979 24,487 23,984 23,492 23,012

10 59,934 27,126 26,508 25,905 25,317

11 35,379 14,792 14,422 14,061 13,711

12 51,350 19,834 19,292 18,767 18,257

Total Cash Flow 728,568 472,385 466,952 461,620 456,386

Sale

10 0 0 0 0 0

Total CF & Sale 728,568 472,385 466,952 461,620 456,386

% of CF from Hold 100.0% 100.0% 100.0% 100.0% 100.0%

% of CF from Sale 0.0% 0.0% 0.0% 0.0% 0.0%

100.0% 100.0% 100.0% 100.0% 100.0%

Page 50: Valorizacion de Cartera Npls

Confidencial

50 of 78

V

37.0%

68,292

74,713

40,368

53,562

39,113

42,867

23,162

30,754

22,542

24,743

13,369

17,762

451,249

0

451,249

100.0%

0.0%

100.0%

Page 51: Valorizacion de Cartera Npls

Confidencial

51 of 78

Risk Analysis

Assumptions

Loan Recovery Fee 35.0%

Purchase Price 461,000

Impact on Capital Gain

Scenario Base I II III IV

% Decline -1.0% -2.0% -3.0% -4.0%

Recovery Rate 8.5% 7.5% 6.5% 5.5% 4.5%

Income from Loan Collection 1,575,282 1,390,969 1,206,656 1,022,343 838,030

Expenses 551,349 486,839 422,330 357,820 293,311

Net of Expenses 1,023,934 904,130 784,327 664,523 544,720

Taxable Income 984,533 869,339 754,146 638,953 523,759

Capital Gain Taxes 295,360 260,802 226,244 191,686 157,128

Distributable Income 728,574 643,328 558,083 472,837 387,592

% Change from Base -11.7% -23.4% -35.1% -46.8%

Capital Gain / (Losses) after taxes 267,574 182,328 97,083 11,837 -73,408

% Gain / (Loss) 58.0% 39.6% 21.1% 2.6% -15.9%

IRR 35.1% 24.6% 13.6% 1.7% -11.2%

Loss for every 1% in Recovery Rate -1,000 bps 1,400 bps -2,300 bps -2,500 bps

Capital Gain % Change 0.0% -18.5% -37.0% -55.5% -74.0%

Loss for every 1% in Recovery Rate 1,800 bps 1,800 bps 1,800 bps 1,800 bps

Impact on Purchase Price

Purchase Price to Maintain % IRR 461,000 406,462 351,904 297,464 243,369

Difference from Base 0 -55,000 -109,000 -164,000 -218,000

% of Face Value 2.50% 2.21% 1.91% 1.61% 1.32%

Decline in % face value -30 bps -59 bps -89 bps -118 bps

Taxable Income 984,533 873,455 761,288 648,024 533,654

Capital Gain Taxes 295,360 262,037 228,386 194,407 160,096

Distributable Income 728,574 642,094 555,940 470,116 384,623

% Change from Base 0.0% -11.9% -23.7% -35.5% -47.2%

Capital Gain / (Losses) after taxes 267,574 235,632 204,036 172,652 141,255

% Gain / (Loss) 58.0% 58.0% 58.0% 58.0% 58.0%

IRR 35.1% 35.1% 35.1% 35.1% 35.1%

Page 52: Valorizacion de Cartera Npls

Confidencial

52 of 78

Risk Analysis

Assumptions

Loan Recovery Fee 35.0%

Purchase Price 461,000

Impact on Capital Gain

Scenario Base I II III IV

% Decline -1.0% -2.0% -3.0% -4.0%

Recovery Rate 8.5% 7.5% 6.5% 5.5% 4.5%

Page 53: Valorizacion de Cartera Npls

Confidencial

53 of 78

Units: USD

V % Var from Base

-5.0%

3.5%

653,717 -58.5%

228,801 -58.5%

424,916 -58.5%

408,566 -58.5%

122,570 -58.5%

302,347 -58.5%

-58.5%

-158,653

-34.4%

-25.8%

-2,800 bps

-92.5%

1,800 bps

189,484 -58.9%

-272,000

1.03%

-147 bps

418,196 -57.5%

125,459 -57.5%

299,458 -58.9%

-58.9%

109,973 -58.9%

58.0%

35.1%

Page 54: Valorizacion de Cartera Npls

Confidencial

54 of 78

Units: USD

V % Var from Base

-5.0%

3.5%

Page 55: Valorizacion de Cartera Npls

Confidencial

55 of 78

Monthly Cash Flow

Estational Index

Month

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

Recovery ratio (%)

1 Year 0.390%

2 Year 0.128%

3 Year 0.036%

4 Year 0.000%

5 Year 0.000%

6 Year 0.000%

Debt Outstanding (Million USD)

1 Year 11.87

2 Year 5.58

3 Year 0.98

4 Year 0.00

5 Year 0.00

6 Year 0.00

Loan Balance 18.43

Debt Recovered

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

Recovery

% of Debt Outstanding

Cummulative

% of Debt Outstanding

Cash Flow

Debt Recovery Service Fee

Net of Expenses

Individual Cost

Taxable Income

Capital Gain Taxes

Distributable Income

1 2 3 4 5 6 7 8 9 10

1.019 0.624 1.268 1.184 1.355 0.970 0.492 0.400 1.335 1.058

0.483 2.055 1.178 1.462 1.228 1.729 0.620 0.242 0.948 0.804

0.000 1.862 0.000 0.000 0.327 4.342 0.000 1.398 1.004 1.859

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.390% 0.390% 0.390% 0.390% 0.390% 0.390% 0.390% 0.390% 0.390% 0.390%

0.128% 0.128% 0.128% 0.128% 0.128% 0.128% 0.128% 0.128% 0.128% 0.128%

0.036% 0.036% 0.036% 0.036% 0.036% 0.036% 0.036% 0.036% 0.036% 0.036%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

11.87 11.83 11.80 11.74 11.68 11.62 11.58 11.56 11.54 11.48

5.58 5.57 5.56 5.55 5.54 5.53 5.52 5.51 5.51 5.51

0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

18.43 18.38 18.34 18.27 18.21 18.13 18.08 18.05 18.03 17.96

47,106 28,731 58,257 54,145 61,677 43,918 22,178 17,991 59,986 47,300

3,459 14,699 8,406 10,416 8,735 12,272 4,393 1,713 6,706 5,684

0 657 0 0 116 1,532 0 492 354 654

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0

50,565 44,088 66,663 64,561 70,527 57,722 26,571 20,196 67,046 53,638

0.27% 0.24% 0.36% 0.35% 0.39% 0.32% 0.15% 0.11% 0.37% 0.30%

50,565 94,653 161,316 225,877 296,404 354,126 380,697 400,893 467,939 521,577

0.27% 0.51% 0.88% 1.23% 1.61% 1.92% 2.07% 2.18% 2.54% 2.83%

17,698 15,431 23,332 22,596 24,685 20,203 9,300 7,069 23,466 18,773

32,867 28,657 43,331 41,965 45,843 37,519 17,271 13,127 43,580 34,865

1,264 1,102 1,667 1,614 1,763 1,443 664 505 1,676 1,341

31,603 27,555 41,664 40,351 44,080 36,076 16,607 12,623 41,904 33,524

9,481 8,266 12,499 12,105 13,224 10,823 4,982 3,787 12,571 10,057

23,386 20,391 30,831 29,859 32,619 26,696 12,289 9,341 31,009 24,807

Page 56: Valorizacion de Cartera Npls

Confidencial

56 of 78

NCF -461,000

IRR % 36.4%

23,386 20,391 30,831 29,859 32,619 26,696 12,289 9,341 31,009 24,807

Page 57: Valorizacion de Cartera Npls

Confidencial

57 of 78

Monthly Cash Flow

Estational Index

Month

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

Recovery ratio (%)

1 Year 0.390%

2 Year 0.128%

3 Year 0.036%

4 Year 0.000%

5 Year 0.000%

6 Year 0.000%

Debt Outstanding (Million USD)

1 Year 11.87

2 Year 5.58

3 Year 0.98

4 Year 0.00

5 Year 0.00

6 Year 0.00

Loan Balance 18.43

Debt Recovered

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

Recovery

% of Debt Outstanding

Cummulative

% of Debt Outstanding

Cash Flow

Debt Recovery Service Fee

Net of Expenses

Individual Cost

Taxable Income

Capital Gain Taxes

Distributable Income

11 12 13 14 15 16 17 18 19

0.838 1.459 1.019 0.624 1.268 1.184 1.355 0.970 0.492

0.601 0.650 0.483 2.055 1.178 1.462 1.228 1.729 0.620

1.208 0.000 0.000 1.862 0.000 0.000 0.327 4.342 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.390% 0.390% 0.331% 0.331% 0.331% 0.331% 0.331% 0.331% 0.331%

0.128% 0.128% 0.109% 0.109% 0.109% 0.109% 0.109% 0.109% 0.109%

0.036% 0.036% 0.031% 0.031% 0.031% 0.031% 0.031% 0.031% 0.031%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

11.43 11.39 11.33 11.29 11.27 11.22 11.18 11.13 11.09

5.50 5.50 5.49 5.49 5.48 5.47 5.46 5.45 5.44

0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98 0.98

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

17.91 17.87 17.80 17.76 17.72 17.67 17.61 17.56 17.51

37,318 64,771 38,208 23,318 47,297 43,992 50,146 35,736 18,056

4,240 4,589 2,895 12,304 7,039 8,724 7,318 10,284 3,683

425 0 0 556 0 0 98 1,297 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

41,983 69,359 41,103 36,179 54,337 52,716 57,562 47,317 21,739

0.23% 0.39% 0.23% 0.20% 0.31% 0.30% 0.33% 0.27% 0.12%

563,560 632,919 674,022 710,200 764,537 817,253 874,816 922,133 943,872

3.06% 3.43% 3.66% 3.85% 4.15% 4.43% 4.75% 5.00% 5.12%

14,694 24,276 14,386 12,662 19,018 18,451 20,147 16,561 7,609

27,289 45,084 26,717 23,516 35,319 34,266 37,416 30,756 14,131

1,050 1,734 1,028 904 1,358 1,318 1,439 1,183 543

26,239 43,350 25,689 22,612 33,960 32,948 35,977 29,573 13,587

7,872 13,005 7,707 6,783 10,188 9,884 10,793 8,872 4,076

19,417 32,079 19,010 16,733 25,131 24,381 26,623 21,884 10,054

Page 58: Valorizacion de Cartera Npls

Confidencial

58 of 78

NCF -461,000

IRR % 36.4%

19,417 32,079 19,010 16,733 25,131 24,381 26,623 21,884 10,054

Page 59: Valorizacion de Cartera Npls

Confidencial

59 of 78

Monthly Cash Flow

Estational Index

Month

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

Recovery ratio (%)

1 Year 0.390%

2 Year 0.128%

3 Year 0.036%

4 Year 0.000%

5 Year 0.000%

6 Year 0.000%

Debt Outstanding (Million USD)

1 Year 11.87

2 Year 5.58

3 Year 0.98

4 Year 0.00

5 Year 0.00

6 Year 0.00

Loan Balance 18.43

Debt Recovered

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

Recovery

% of Debt Outstanding

Cummulative

% of Debt Outstanding

Cash Flow

Debt Recovery Service Fee

Net of Expenses

Individual Cost

Taxable Income

Capital Gain Taxes

Distributable Income

20 21 22 23 24 25 26 27 28

0.400 1.335 1.058 0.838 1.459 1.019 0.624 1.268 1.184

0.242 0.948 0.804 0.601 0.650 0.483 2.055 1.178 1.462

1.398 1.004 1.859 1.208 0.000 0.000 1.862 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.331% 0.331% 0.331% 0.331% 0.331% 0.281% 0.281% 0.281% 0.281%

0.109% 0.109% 0.109% 0.109% 0.109% 0.093% 0.093% 0.093% 0.093%

0.031% 0.031% 0.031% 0.031% 0.031% 0.026% 0.026% 0.026% 0.026%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

11.07 11.06 11.01 10.97 10.94 10.89 10.86 10.84 10.80

5.44 5.44 5.43 5.43 5.42 5.42 5.42 5.41 5.40

0.98 0.98 0.97 0.97 0.97 0.97 0.97 0.97 0.97

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

17.49 17.47 17.42 17.37 17.34 17.28 17.25 17.22 17.17

14,651 48,864 38,560 30,442 52,861 31,209 19,056 38,666 35,986

1,436 5,623 4,766 3,556 3,849 2,429 10,323 5,908 7,323

417 299 554 360 0 0 471 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0

16,505 54,786 43,880 34,357 56,710 33,638 29,851 44,573 43,310

0.09% 0.31% 0.25% 0.20% 0.33% 0.19% 0.17% 0.26% 0.25%

960,376 1,015,162 1,059,042 1,093,400 1,150,110 1,183,748 1,213,599 1,258,172 1,301,482

5.21% 5.51% 5.75% 5.93% 6.24% 6.42% 6.58% 6.83% 7.06%

5,777 19,175 15,358 12,025 19,849 11,773 10,448 15,601 15,158

10,728 35,611 28,522 22,332 36,862 21,865 19,403 28,973 28,151

413 1,370 1,097 859 1,418 841 746 1,114 1,083

10,315 34,241 27,425 21,473 35,444 21,024 18,657 27,858 27,068

3,095 10,272 8,228 6,442 10,633 6,307 5,597 8,358 8,121

7,633 25,338 20,295 15,890 26,229 15,558 13,806 20,615 20,031

Page 60: Valorizacion de Cartera Npls

Confidencial

60 of 78

NCF -461,000

IRR % 36.4%

7,633 25,338 20,295 15,890 26,229 15,558 13,806 20,615 20,031

Page 61: Valorizacion de Cartera Npls

Confidencial

61 of 78

Monthly Cash Flow

Estational Index

Month

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

Recovery ratio (%)

1 Year 0.390%

2 Year 0.128%

3 Year 0.036%

4 Year 0.000%

5 Year 0.000%

6 Year 0.000%

Debt Outstanding (Million USD)

1 Year 11.87

2 Year 5.58

3 Year 0.98

4 Year 0.00

5 Year 0.00

6 Year 0.00

Loan Balance 18.43

Debt Recovered

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

Recovery

% of Debt Outstanding

Cummulative

% of Debt Outstanding

Cash Flow

Debt Recovery Service Fee

Net of Expenses

Individual Cost

Taxable Income

Capital Gain Taxes

Distributable Income

29 30 31 32 33 34 35 36

1.355 0.970 0.492 0.400 1.335 1.058 0.838 1.459

1.228 1.729 0.620 0.242 0.948 0.804 0.601 0.650

0.327 4.342 0.000 1.398 1.004 1.859 1.208 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.281% 0.281% 0.281% 0.281% 0.281% 0.281% 0.281% 0.281%

0.093% 0.093% 0.093% 0.093% 0.093% 0.093% 0.093% 0.093%

0.026% 0.026% 0.026% 0.026% 0.026% 0.026% 0.026% 0.026%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%

10.76 10.72 10.69 10.68 10.67 10.63 10.59 10.57

5.39 5.39 5.38 5.38 5.37 5.37 5.37 5.36

0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

17.13 17.08 17.04 17.03 17.01 16.97 16.93 16.90

41,045 29,269 14,796 12,009 40,059 31,633 24,986 43,406

6,145 8,637 3,094 1,207 4,724 4,005 2,989 3,235

83 1,099 0 353 254 469 305 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

47,272 39,005 17,890 13,569 45,037 36,107 28,279 46,641

0.28% 0.23% 0.10% 0.08% 0.26% 0.21% 0.17% 0.28%

1,348,754 1,387,759 1,405,649 1,419,218 1,464,255 1,500,362 1,528,641 1,575,282

7.32% 7.53% 7.63% 7.70% 7.94% 8.14% 8.29% 8.55%

16,545 13,652 6,262 4,749 15,763 12,638 9,898 16,324

30,727 25,353 11,629 8,820 29,274 23,470 18,382 30,317

1,182 975 447 339 1,126 903 707 1,166

29,545 24,378 11,181 8,481 28,148 22,567 17,675 29,151

8,864 7,313 3,354 2,544 8,444 6,770 5,302 8,745

21,863 18,040 8,274 6,276 20,829 16,700 13,079 21,572

Page 62: Valorizacion de Cartera Npls

Confidencial

62 of 78

NCF -461,000

IRR % 36.4%

21,863 18,040 8,274 6,276 20,829 16,700 13,079 21,572

Page 63: Valorizacion de Cartera Npls

Confidencial

63 of 78

Debt Financing: Principal, Interest and Discretionary payment

Principal 460,000

Interest 10.0% 0.8%

Loan Term 2 36

Provisitions 2,700

DSCR Buffer 1.0x

Month Loan Balance CF from Dist Principal Interest CF Breach Loan Cancelation Discr. payment Loan Payment

0

1 460,000 23,386 -11,010 -3,833 0 0 8,544 8,544

2 440,447 20,391 -10,890 -3,670 0 0 5,830 5,830

3 423,727 30,831 -10,832 -3,531 0 0 16,469 16,469

4 396,426 29,859 -10,486 -3,304 0 0 16,069 16,069

5 369,870 32,619 -10,134 -3,082 0 0 19,403 19,403

6 340,334 26,696 -9,667 -2,836 0 0 14,193 14,193

7 316,473 12,289 -9,329 -2,637 0 0 323 323

8 306,822 9,341 -9,397 -2,557 -2,613 0 0 0

9 297,425 31,009 -9,475 -2,479 0 0 19,055 19,055

10 268,895 24,807 -8,922 -2,241 0 0 13,645 13,645

11 246,328 19,417 -8,524 -2,053 0 0 8,840 8,840

12 228,964 32,079 -8,276 -1,908 0 0 21,895 21,895

13 198,793 19,010 -7,517 -1,657 0 0 9,837 9,837

14 181,439 16,733 -7,190 -1,512 0 0 8,031 8,031

15 166,219 25,131 -6,915 -1,385 0 0 16,830 16,830

16 142,473 24,381 -6,236 -1,187 0 0 16,958 16,958

17 119,279 26,623 -5,506 -994 0 0 20,123 20,123

18 93,651 21,884 -4,570 -780 0 0 16,534 16,534

19 72,547 10,054 -3,752 -605 0 0 5,697 5,697

20 63,097 7,633 -3,470 -526 0 0 3,637 3,637

21 55,990 25,338 -3,286 -467 0 0 21,586 21,586

22 31,118 20,295 -1,956 -259 0 0 18,079 18,079

23 11,082 15,890 -750 -92 0 10,333 15,048 10,333

24 0 26,229 0 0 0 0 0 0

25 0 15,558 0 0 0 0 0 0

26 0 13,806 0 0 0 0 0 0

27 0 20,615 0 0 0 0 0 0

28 0 20,031 0 0 0 0 0 0

29 0 21,863 0 0 0 0 0 0

30 0 18,040 0 0 0 0 0 0

31 0 8,274 0 0 0 0 0 0

32 0 6,276 0 0 0 0 0 0

33 0 20,829 0 0 0 0 0 0

Page 64: Valorizacion de Cartera Npls

Confidencial

64 of 78

34 0 16,700 0 0 0 0 0 0

35 0 13,079 0 0 0 0 0 0

36 0 21,572 0 0 0 0 0 0

Page 65: Valorizacion de Cartera Npls

Confidencial

65 of 78

Cash Balance Loan Balance Lender's CF

2,700 460,000 -460,000

2,700 440,447 23,386

2,700 423,727 20,391

2,700 396,426 30,831

2,700 369,870 29,859

2,700 340,334 32,619

2,700 316,473 26,696

2,700 306,822 12,289

87 297,425 11,954

87 268,895 31,009

87 246,328 24,807

87 228,964 19,417

87 198,793 32,079

87 181,439 19,010

87 166,219 16,733

87 142,473 25,131

87 119,279 24,381

87 93,651 26,623

87 72,547 21,884

87 63,097 10,054

87 55,990 7,633

87 31,118 25,338

87 11,082 20,295

4,802 0 11,175

31,031 0 0

46,589 0 0

60,395 0 0

81,010 0 0

101,040 0 0

122,904 0 0

140,944 0 0

149,218 0 0

155,493 0 0

176,323 0 0

Page 66: Valorizacion de Cartera Npls

Confidencial

66 of 78

193,022 0 0

206,102 0 0

227,673 0 0

Page 67: Valorizacion de Cartera Npls

Confidencial

67 of 78

Debt Financing: Principal and Interest

Principal 460,000

Interest 10.0% 0.8%

Loan Term 2 36

Provisitions

DSCR Buffer 1.0x

Month Loan Balance CF from Dist Principal Interest CF Breach Loan Cancelation Baloon Loan Payment

0

1 460,000 23,386 -11,010 -3,833 0 0 0 0

2 448,990 20,391 -11,101 -3,742 0 0 0 0

3 437,889 30,831 -11,194 -3,649 0 0 0 0

4 426,695 29,859 -11,287 -3,556 0 0 0 0

5 415,408 32,619 -11,381 -3,462 0 0 0 0

6 404,027 26,696 -11,476 -3,367 0 0 0 0

7 392,551 12,289 -11,572 -3,271 -2,554 0 0 0

8 380,979 9,341 -11,668 -3,175 -5,502 0 0 0

9 369,311 31,009 -11,765 -3,078 0 0 0 0

10 357,546 24,807 -11,863 -2,980 0 0 0 0

11 345,683 19,417 -11,962 -2,881 0 0 0 0

12 333,720 32,079 -12,062 -2,781 0 0 0 0

13 321,658 19,010 -12,162 -2,680 0 0 0 0

14 309,496 16,733 -12,264 -2,579 0 0 0 0

15 297,232 25,131 -12,366 -2,477 0 0 0 0

16 284,866 24,381 -12,469 -2,374 0 0 0 0

17 272,397 26,623 -12,573 -2,270 0 0 0 0

18 259,824 21,884 -12,678 -2,165 0 0 0 0

19 247,147 10,054 -12,783 -2,060 -4,789 0 0 0

20 234,363 7,633 -12,890 -1,953 -7,210 0 0 0

21 221,473 25,338 -12,997 -1,846 0 0 0 0

22 208,476 20,295 -13,106 -1,737 0 0 0 0

23 195,371 15,890 -13,215 -1,628 0 0 0 0

24 182,156 26,229 -13,325 -1,518 0 0 0 0

25 168,831 15,558 -13,436 -1,407 0 155,395 0 155,395

26 0 13,806 0 0 0 0 0 0

27 0 20,615 0 0 0 0 0 0

28 0 20,031 0 0 0 0 0 0

29 0 21,863 0 0 0 0 0 0

30 0 18,040 0 0 0 0 0 0

31 0 8,274 0 0 0 0 0 0

32 0 6,276 0 0 0 0 0 0

33 0 20,829 0 0 0 0 0 0

Page 68: Valorizacion de Cartera Npls

Confidencial

68 of 78

34 0 16,700 0 0 0 0 0 0

35 0 13,079 0 0 0 0 0 0

36 0 21,572 0 0 0 0 0 0

Page 69: Valorizacion de Cartera Npls

Confidencial

69 of 78

Cash Balance Loan Balance Lender's CF

0 460,000 -460,000

8,544 448,990 14,843

14,091 437,889 14,843

30,080 426,695 14,843

45,096 415,408 14,843

62,872 404,027 14,843

74,726 392,551 14,843

72,172 380,979 14,843

66,670 369,311 14,843

82,836 357,546 14,843

92,800 345,683 14,843

97,374 333,720 14,843

114,610 321,658 14,843

118,777 309,496 14,843

120,667 297,232 14,843

130,955 284,866 14,843

140,493 272,397 14,843

152,273 259,824 14,843

159,314 247,147 14,843

154,526 234,363 14,843

147,316 221,473 14,843

157,811 208,476 14,843

163,263 195,371 14,843

164,311 182,156 14,843

175,696 168,831 14,843

21,016 0 170,238

34,822 0 0

55,437 0 0

75,468 0 0

97,331 0 0

115,371 0 0

123,645 0 0

129,921 0 0

150,750 0 0

Page 70: Valorizacion de Cartera Npls

Confidencial

70 of 78

167,450 0 0

180,529 0 0

202,101 0 0

Page 71: Valorizacion de Cartera Npls

Confidencial

71 of 78

Debt Financing: Interest only and Discretionary payment

Principal 460,000

Interest 10.0% 0.8%

Loan Term -

Provisitions 0

DSCR Buffer 2.0x

Month Loan Balance CF from Dist Principal Interest CF Breach Loan Cancelation Discr. payment Loan Payment

0

1 460,000 23,386 0 -3,833 0 0 19,553 19,553

2 440,447 20,391 0 -3,670 0 0 16,720 16,720

3 423,727 30,831 0 -3,531 0 0 27,300 27,300

4 396,426 29,859 0 -3,304 0 0 26,556 26,556

5 369,870 32,619 0 -3,082 0 0 29,537 29,537

6 340,334 26,696 0 -2,836 0 0 23,860 23,860

7 316,473 12,289 0 -2,637 0 0 9,652 9,652

8 306,822 9,341 0 -2,557 0 0 6,784 6,784

9 300,038 31,009 0 -2,500 0 0 28,508 28,508

10 271,529 24,807 0 -2,263 0 0 22,545 22,545

11 248,985 19,417 0 -2,075 0 0 17,342 17,342

12 231,642 32,079 0 -1,930 0 0 30,148 30,148

13 201,494 19,010 0 -1,679 0 0 17,331 17,331

14 184,163 16,733 0 -1,535 0 0 15,198 15,198

15 168,965 25,131 0 -1,408 0 0 23,723 23,723

16 145,243 24,381 0 -1,210 0 0 23,171 23,171

17 122,072 26,623 0 -1,017 0 0 25,605 25,605

18 96,466 21,884 0 -804 0 0 21,080 21,080

19 75,386 10,054 0 -628 0 0 9,426 9,426

20 65,960 7,633 0 -550 0 0 7,084 7,084

21 58,876 25,338 0 -491 0 0 24,848 24,848

22 34,028 20,295 0 -284 0 0 20,011 20,011

23 14,017 15,890 0 -117 0 14,017 15,773 14,017

24 0 26,229 0 0 0 0 0 0

25 0 15,558 0 0 0 0 0 0

26 0 13,806 0 0 0 0 0 0

27 0 20,615 0 0 0 0 0 0

28 0 20,031 0 0 0 0 0 0

29 0 21,863 0 0 0 0 0 0

30 0 18,040 0 0 0 0 0 0

31 0 8,274 0 0 0 0 0 0

32 0 6,276 0 0 0 0 0 0

33 0 20,829 0 0 0 0 0 0

Page 72: Valorizacion de Cartera Npls

Confidencial

72 of 78

34 0 16,700 0 0 0 0 0 0

35 0 13,079 0 0 0 0 0 0

36 0 21,572 0 0 0 0 0 0

Page 73: Valorizacion de Cartera Npls

Confidencial

73 of 78

Cash Balance Loan Balance Lender's CF

0 460,000 -460,000

0 440,447 23,386

0 423,727 20,391

0 396,426 30,831

0 369,870 29,859

0 340,334 32,619

0 316,473 26,696

0 306,822 12,289

0 300,038 9,341

0 271,529 31,009

0 248,985 24,807

0 231,642 19,417

0 201,494 32,079

0 184,163 19,010

0 168,965 16,733

0 145,243 25,131

0 122,072 24,381

0 96,466 26,623

0 75,386 21,884

0 65,960 10,054

0 58,876 7,633

0 34,028 25,338

0 14,017 20,295

1,756 0 14,134

27,985 0 0

43,542 0 0

57,348 0 0

77,963 0 0

97,994 0 0

119,857 0 0

137,897 0 0

146,171 0 0

152,447 0 0

173,276 0 0

Page 74: Valorizacion de Cartera Npls

Confidencial

74 of 78

189,976 0 0

203,055 0 0

224,627 0 0

Page 75: Valorizacion de Cartera Npls

Confidencial

75 of 78

Debt Financing: Interest only and Loan cancelation

Principal 460,000

Interest 10.0% 0.8%

Loan Term -

Provisitions

DSCR Buffer 2.0x

Month Loan Balance CF from Dist Principal Interest CF Breach Loan Cancelation Baloon Loan Payment

0

1 460,000 23,386 0 -3,833 0 0 0 0

2 460,000 20,391 0 -3,833 0 0 0 0

3 460,000 30,831 0 -3,833 0 0 0 0

4 460,000 29,859 0 -3,833 0 0 0 0

5 460,000 32,619 0 -3,833 0 0 0 0

6 460,000 26,696 0 -3,833 0 0 0 0

7 460,000 12,289 0 -3,833 0 0 0 0

8 460,000 9,341 0 -3,833 0 0 0 0

9 460,000 31,009 0 -3,833 0 0 0 0

10 460,000 24,807 0 -3,833 0 0 0 0

11 460,000 19,417 0 -3,833 0 0 0 0

12 460,000 32,079 0 -3,833 0 0 0 0

13 460,000 19,010 0 -3,833 0 0 0 0

14 460,000 16,733 0 -3,833 0 0 0 0

15 460,000 25,131 0 -3,833 0 0 0 0

16 460,000 24,381 0 -3,833 0 0 0 0

17 460,000 26,623 0 -3,833 0 0 0 0

18 460,000 21,884 0 -3,833 0 0 0 0

19 460,000 10,054 0 -3,833 0 0 0 0

20 460,000 7,633 0 -3,833 0 0 0 0

21 460,000 25,338 0 -3,833 0 0 0 0

22 460,000 20,295 0 -3,833 0 0 0 0

23 460,000 15,890 0 -3,833 0 0 0 0

24 460,000 26,229 0 -3,833 0 0 0 0

25 460,000 15,558 0 -3,833 0 0 0 0

26 460,000 13,806 0 -3,833 0 0 0 0

27 460,000 20,615 0 -3,833 0 460,000 0 460,000

28 0 20,031 0 0 0 0 0 0

29 0 21,863 0 0 0 0 0 0

30 0 18,040 0 0 0 0 0 0

31 0 8,274 0 0 0 0 0 0

32 0 6,276 0 0 0 0 0 0

33 0 20,829 0 0 0 0 0 0

Page 76: Valorizacion de Cartera Npls

Confidencial

76 of 78

34 0 16,700 0 0 0 0 0 0

35 0 13,079 0 0 0 0 0 0

36 0 21,572 0 0 0 0 0 0

Page 77: Valorizacion de Cartera Npls

Confidencial

77 of 78

Cash Balance Loan Balance Lender's CF

0 460,000 -460,000

19,553 460,000 3,833

36,110 460,000 3,833

63,109 460,000 3,833

89,135 460,000 3,833

117,920 460,000 3,833

140,783 460,000 3,833

149,239 460,000 3,833

154,746 460,000 3,833

181,922 460,000 3,833

202,896 460,000 3,833

218,480 460,000 3,833

246,725 460,000 3,833

261,902 460,000 3,833

274,801 460,000 3,833

296,098 460,000 3,833

316,646 460,000 3,833

339,436 460,000 3,833

357,486 460,000 3,833

363,707 460,000 3,833

367,507 460,000 3,833

389,013 460,000 3,833

405,474 460,000 3,833

417,531 460,000 3,833

439,926 460,000 3,833

451,650 460,000 3,833

461,623 460,000 3,833

18,405 0 463,833

38,435 0 0

60,299 0 0

78,339 0 0

86,613 0 0

92,888 0 0

113,718 0 0

Page 78: Valorizacion de Cartera Npls

Confidencial

78 of 78

130,417 0 0

143,497 0 0

165,068 0 0