PROGRAMA INTERACTIVO

PROYECCIONES FINANCIERAS

Derechos Reservados por la Universidad Anhuac del Sur

Elaborado por Fernando Fabre
Con el apoyo de Fernando Barranco M.

Pasa a Instrucciones
1 Utiliza esta herramienta para elaborar Proyecciones Financieras.
2 Antes de comenzar, es importante que tengas informacin relevante a la mano, tal como
la informacin 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 nmero, de tal forma que empieza en el nmero 1 y continua la numeraci
4 Slo debes rellenar la informacin de las celdas blancas , las celdas azules se llenan autom
5 Para algunos casos, este formato puede no ser el mejor, por lo que te pedimos que
en caso de ser as, te pongas en contacto.
Las hojas a continuacin no estn protegidas, por lo que puedes modificarlas.
6 Solicitamos comentarios y sugerencias.

Comienza en la hoja de "Ingresos"

Instrucciones adicionales:
Proyecciones Financieras:

Todo plan de negocios debe incluir un apartado de proyecciones financieras, y todo negocio, con o sin plan de negocio
de contar con una proyeccin adecuada de ventas, utilidades y efectivo disponible.
El gran problema es que la mayora de la gente no sabe hacer proyecciones, y es difcil encontrar programas de apoyo
especficos para esta tarea. Por esto, hemos desarrollado un software que te puede ayudar incluso si no tienes experie
contabilidad y finanzas.
Este archivo en Excel te ayudar a desarrollar cinco aos de proyecciones financieras va estados financieros pro form
forma significa proyectado.
El programa est diseado para un nivel de conocimiento elemental sobre estados financieros y proyeccin de ventas
nico que se requiere es que tengas pleno conocimiento de tu empresa o proyecto, de cuanto puedes vender, de tu ca
instalada, del mercado, del personal que requieres y de las inversiones que estimas hacer en activos fijos.
Es la primera versin que se hace, por lo que puede contener errores, por lo que se recomienda que una vez llenado l
espacios, y teniendo los estados pro forma, se revisen cuidadosamente.
El archivo est en Excel y se puede abrir con o sin macros, no hay diferencia.

Instrucciones de uso:

1. Haz clic en el vnculo de ...... para bajar el archivo de Excel. Si no se abre, haz clic en el vnculo con el botn derec
mouse y selecciona guardar archivo. El archivo mide cerca de 1.5 megas, por lo que puede tardarse un poco en abrir.
2. Cuando se abre el archivo aparece la hoja de portada en la cual solo se indican los derechos de autora.
3. Pasa a la hoja de instrucciones, donde vers estas mismas instrucciones.
4. Pasa a la hoja de ingresos. Esta es la ms importante, ya que en esta elaborars tu proyeccin de ventas a tres ao
programa automticamente calcular las ventas de los siguientes dos aos para tener un total de 5.
a. Llena la informacin de las casillas blancas, poniendo el nombre de la empresa, seleccionar si vende productos, ser
ambos (seleccionar solo una opcin), selecciona en que lugares vende la empresa, y si los ingresos son por venta dire
por comisiones de venta.
b. Pasa al inciso que se te indique en la hoja. Si pasaste al inciso 2.1, debes primero que nada seleccionar cuantas ln
productos servicios vende tu empresa, por ejemplo, Bimbo vende ms de 20 productos distintos. El programa solo te
permite hasta 10 productos y 10 servicios.
c. Inmediatamente despus el programa te pide que llenes la informacin sobre el precio de los productos (si vendes
productos) ms abajo te pide el precio de los servicios (si vendes servicios y/o ambos) para cada producto/servicio y
cada regin en la que vendes. Estos son precios unitarios.
d. El siguiente paso (2.1.3) consiste en dar informacin sobre aumentos en el precio del producto o servicio anualizado
contar la inflacin, es decir, el incremento que tendrn tus precios si es que planeas subirlos, lo cual no siempre es
recomendable.
e. Inmediatamente despus te pide que escribas la inflacin esperada para los siguientes cinco aos, que en Mxico e
alrededor del 5% anual.
f. El punto 2.1.4 se refiere a las ventas unitarias de productos y/o servicios. Las ventas unitarias son en unidades de pr
o servicios, es decir, cuantos productos/servicios piensas vender para el primer mes, y nada ms para el primer mes. N
trates de poner ventas unitarias para los siguientes meses, eso lo hars despus. Toma nota de que las ventas unitaria
estn en pesos o dlares, ya que son por unidad vendida.
g. A la altura del rengln #100, el programa te pide ahora si el incremento mensual de tus ventas. Es importante que
consideres que estas escribiendo el porcentaje de incremento en ventas por cada mes durante cada trimestre por tres
Este porcentaje lo debes de escribir usando las flechas que aparecen en cada cuadro en las celdas blancas. El porcen
que escribas sobre cada celda usando las flechas se asume como el porcentaje de crecimiento de cada mes durante e
trimestre en particular.
recomendable.
e. Inmediatamente despus te pide que escribas la inflacin esperada para los siguientes cinco aos, que en Mxico e
alrededor del 5% anual.
f. El punto 2.1.4 se refiere a las ventas unitarias de productos y/o servicios. Las ventas unitarias son en unidades de pr
o servicios, es decir, cuantos productos/servicios piensas vender para el primer mes, y nada ms para el primer mes. N
trates de poner ventas unitarias para los siguientes meses, eso lo hars despus. Toma nota de que las ventas unitaria
estn en pesos o dlares, ya que son por unidad vendida.
g. A la altura del rengln #100, el programa te pide ahora si el incremento mensual de tus ventas. Es importante que
consideres que estas escribiendo el porcentaje de incremento en ventas por cada mes durante cada trimestre por tres
Este porcentaje lo debes de escribir usando las flechas que aparecen en cada cuadro en las celdas blancas. El porcen
que escribas sobre cada celda usando las flechas se asume como el porcentaje de crecimiento de cada mes durante e
trimestre en particular.
h. El siguiente cuadro te pide el incremento porcentual de ventas mensuales para ventas internacionales.
i. Finalmente, la grfica 2.2 te muestra tus ventas mensuales para cinco aos de acuerdo a tus proyecciones.
5. Pasa a la hoja de equipo de trabajo. Esta hoja es muy sencilla. Slo debes de seleccionar en la primera columna, us
las flechas, los puestos qie requieres en tu empresa. Despus en la siguiente columna debes seleccionar el nmero de
puestos de cada uno. Escribe el sueldo mensual de cada persona contratada o por contratarse, y finalmente escribe u
las flechas si el empleado recibe algn porcentaje sobre las ventas totales.
6. Pasa a la hoja de gastos, y llena la informacin de gastos para la parte de gastos fijos para la oficina corporativa y p
planta, en caso de que tengas las dos por separado. No es necesario llenar toda la informacin si no aplica cada uno d
renglones, puedes dejar espacios en blanco.
7. Escribe en esa misma seccin el incremento mensual sin contar inflacin de los costos fijos.
8. Si tu empresa vende productos, en la siguiente seccin debers de escribir el costo unitario de los productos que ve
(mximo 10). Este costo unitario se refiere al costo de ventas unitario, es decir, no involucra administracin, intereses,
9. Determina en esa misma seccin cuantos inventarios requieres tener en bodega para iniciar el siguiente mes.
10. Finalmente, llena la informacin requerida sobre la compra de activos fijos que requieras para el primer mes, y usa
flechas de las columnas para hacer inversiones en cualquier otro mes. Aplica para inversiones en oficinas corporativas
planta. Puedes usar ambas tablas para hacer inversiones de una sola oficina o planta en varios meses.
11. Pasa a la hoja de capital de trabajo y llena la informacin que se te solicita.
12. Pasa a la hoja de financiamiento, y determina si tu empresa requiere o no financiamiento viendo el resultado autom
Escribe abajo el monto de financiamiento que estas obteniendo o buscas obtener para el primer mes, y no olvides de e
las tasas de inters y plazos de los crditos a corto y largo plazo en caso de que existan. Si no existen entonces haz c
omiso de esto ltimo.
13. Revisa cuidadosamente las celdas a partir del rengln 44 para determinar si tu empresa va a requerir ms inversi
los siguientes meses, y empieza a llenar la informacin en las celdas blancas sobre que tipo de financiamiento preten
obtener.
14. Nota: Si utilizas crdito, es probable que estos datos de financiamiento requerido cambien, ya que el programa co
los pagos de intereses y amortizaciones que se deben de hacer cada mes.
15. Estas listo para ver tus estados pro forma. La hoja de Estados Pro forma te muestra el estado de resultados, el ba
general y el flujo de efectivo. A partir de la celda 118 te muestra adems las celdas sobre razones financieras y ms ab
clculo de la depreciacin, en caso de que requieras modificarlo.
16. Nota como en el estado de resultados, en el rengln 20, no hay informacin. Este es el rengln donde tu manualm
puedes escribir otros gastos, como el de ventas y publicidad, u otros.
17. Trata de modificar ninguna frmula, ya que puedes arruinar la relacin con otros datos lo que significa que habran
errores.
18. En la parte superior de la hoja de estados pro forma, puedes observar unos cuadros pequeos con el nmero 1 y 2
presionas cambias la vista entre mensual y anual.
 a la mano, tal como

hojas, etc.
1 y continua la numeracin.
das azules se llenan automtico
e pedimos que

egocio, con o sin plan de negocios, debe

cil encontrar programas de apoyo

ayudar incluso si no tienes experiencia en

s va estados financieros pro forma. Pro

nancieros y proyeccin de ventas, lo

e cuanto puedes vender, de tu capacidad
hacer en activos fijos.
ecomienda que una vez llenado los

c en el vnculo con el botn derecho del

puede tardarse un poco en abrir.
s derechos de autora.

u proyeccin de ventas a tres aos, y el

r un total de 5.
eleccionar si vende productos, servicio o
si los ingresos son por venta directa o

que nada seleccionar cuantas lneas de

ctos distintos. El programa solo te

ecio de los productos (si vendes

os) para cada producto/servicio y para

del producto o servicio anualizado sin

subirlos, lo cual no siempre es

ntes cinco aos, que en Mxico est

s unitarias son en unidades de productos

y nada ms para el primer mes. No
ma nota de que las ventas unitarias no

e tus ventas. Es importante que

es durante cada trimestre por tres aos.
o en las celdas blancas. El porcentaje
recimiento de cada mes durante ese
ntes cinco aos, que en Mxico est

s unitarias son en unidades de productos

y nada ms para el primer mes. No
ma nota de que las ventas unitarias no

e tus ventas. Es importante que

es durante cada trimestre por tres aos.
o en las celdas blancas. El porcentaje
recimiento de cada mes durante ese

ntas internacionales.
erdo a tus proyecciones.
ccionar en la primera columna, usando
a debes seleccionar el nmero de
ontratarse, y finalmente escribe usando

ijos para la oficina corporativa y para la

formacin si no aplica cada uno de los

stos fijos.
o unitario de los productos que vendes
volucra administracin, intereses, etc.
ara iniciar el siguiente mes.
quieras para el primer mes, y usa las
versiones en oficinas corporativas y en
a en varios meses.

amiento viendo el resultado automtico.

a el primer mes, y no olvides de escribir
tan. Si no existen entonces haz caso

mpresa va a requerir ms inversin en

que tipo de financiamiento pretendes

cambien, ya que el programa considera

stra el estado de resultados, el balance

obre razones financieras y ms abajo el

e es el rengln donde tu manualmente

datos lo que significa que habran

ros pequeos con el nmero 1 y 2. Si los

De acuerdo a tus datos, tus ventas mensuales para los tres primeros aos seran:

$35,000,000,000.00

$30,000,000,000.00

$25,000,000,000.00

$20,000,000,000.00

$15,000,000,000.00

$10,000,000,000.00

$5,000,000,000.00

$-
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
1 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
Sueldos y Salarios:
Comisin Mensual
Sueldo
Nmero de Nominal por Sueldo base +
Selecciona puesto: Mensual Sueldo Anual Total Nmina
puestos puesto (% comisiones
Nominal
de ventas)

Director general 1 $1,800,000.00 $ 21,600,000.00 $ 21,600,000.00 0.00% $ 1,800,000.00

Mercadotcnia y relaciones publicas 1 $1,250,000.00 $ 15,000,000.00 $ 15,000,000.00 3.00% $ 6,683,750.00

Servicio a clientes 3 $1,000,000.00 $ 12,000,000.00 $ 36,000,000.00 0.00% $ 1,000,000.00

Contador 1 $1,500,000.00 $ 18,000,000.00 $ 18,000,000.00 0.00% $ 1,500,000.00

Recepcin 2 $ 800,000.00 $ 9,600,000.00 $ 19,200,000.00 0.00% $ 800,000.00

Otros 1 $ 800,000.00 $ 9,600,000.00 $ 9,600,000.00 0.00% $ 800,000.00

Asistentes 0 $ - $ - $ - 0.00% $ -

Recepcin 0 $ - $ - $ - 0.00% $ -

Director general 0 $ - $ - $ - 0.00% $ -

Director general 0 $ - $ - $ - 0.00% $ -

 Total Mensual
Gastos fijos
Gastos fijos mensuales oficina corporativa.
Renta (m) $ 4,200,000.00
Luz $ 480,000.00
Agua $ 840,000.00
Comunicaciones $ 1,440,000.00
Seguros y fianzas 0
Seguridad $ -
Papelera y gastos de
oficina $ 2,340,000.00
Otros $ 1,380,000.00

SubTotal gastos fijos $ 10,680,000.00

Gastos fijos mensuales planta y bodegas.

Renta (m) $ 3,600,000.00
Luz $ 1,800,000.00
Agua $ 3,600,000.00
Comunicaciones $ 1,080,000.00
Seguros y fianzas $ 1,600,000.00
Seguridad $ -
Papelera y gastos de
planta $ -
Otros $ 4,440,000.00

SubTotal gastos fijos $ 16,120,000.00 Sin contar inflacin

Total Gastos Fijos $ 26,800,000.00 Incremento Mensual: 3.0%

Gastos variables de produccin para el primer mes:

Costos Unitarios
No aplica
No aplica
No aplica
No aplica $ -
No aplica $ -
No aplica $ -
 No aplica $ -
No aplica $ -
No aplica $ -
No aplica $ -
Inventario requerido para
el segundo mes, % de 0%
ventas estimadas

Total Gastos Variables #VALUE!

Gastos de instalacin oficinas corporativas: Necesitas hacer ms gastos de instalacin? OPCIONAL

Primer mes: Mes 2 Mes 12 Mes 24

Terreno $ - $ - $ - $ -
Edificio $ - $ - $ - $ -
Comunicaciones
Mobiliario y equipo $ 5,603,000 $ - $ -
Acondicionamiento
(m) $ - $ - $ - $ -
Computadoras y
maquinas $ 7,780,000 $ - $ - $ -
Otros $ - $ - $ - $ -
Total gastos de
instalacin $ 13,383,000 $ - $ - $ -
Si tus ingresos son por comisin, puedes saltarte esta hoja y pasar a Financiamiento.

Cuentas por Cobrar:

Determina tus ventas a crdito:

Del total de tus ventas, qu porcentaje se vende a crdito? 0%

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

Determina el plazo promedio de cobro:

Del total de tus ventas a crdito, a qu plazo estas vendiendo? 5 das

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 0.0% 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 crdito:

Del total de tus compras, qu porcentaje se compra a crdito? 30%

Con estos datos, tus compras a contado son: 70%

Determina el plazo promedio de pago:

Del total de tus compras a crdito, a qu plazo estas pagando? 30 das

Se asume constante para todos los periodos.

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 inversin inicial es: $200,000 Asume un 10% adicional.

Es importante determinar de donde se obtienen los fondos.

Existen dos fuentes principales, deuda y capital.

Deuda se divide en deuda de corto plazo y de largo plazo.
Capital se divide en capital propio y capital externo.

Determina, del total de la inversin inicial requerida:

Inversin que se debe conseguir: $0
prestamo $100,000,000
Cunto se financa con capital externo? $25,000,000
Cunto se financa con deuda a corto plazo? $12,500,000
Cunto se financa con deuda a largo plazo? $12,500,000

TOTAL: $150,000,000
n 10% adicional.
 Mes 0 Mes 1 Mes 2 Mes 3
Pretty Woman
Estado de Resultados:

Ingresos:
Nacional:
Ingresos por productos $0 $0 $0
Ingresos por servicios $181,125,000 $211,626,450 $247,264,344
Internacional:
Ingresos por productos $0 $0 $0
Ingresos por servicios $0 $0 $0
Total Ingresos $181,125,000 $211,626,450 $247,264,344

Egresos:
Gastos fijos $26,800,000 $27,764,800 $28,764,333
Sueldos y salarios $15,383,750 $16,298,794 $17,367,930
Gastos Variables $0 $0 $0
Otros (Gtos de Venta, etc.)
Total costos $42,183,750 $44,063,594 $46,132,263

Utilidad antes de I,I,D,A. $138,941,250 $167,562,857 $201,132,081

Depreciacin y Amortizacin $2,341,669 $2,434,047 $2,526,426
Utilidad (perdida) de Operacin $136,599,581 $165,128,809 $198,605,655
Gastos financieros corto plazo -$1,052,986 -$1,054,722 -$1,056,458
Gastos financieros largo plazo -$173,611 -$173,611 -$173,611
Utilidad antes de impuestos $135,372,984 $163,900,476 $197,375,586
ISR (35%) $47,380,544 $57,365,167 $69,081,455
PTU (10%) $13,537,298 $16,390,048 $19,737,559
Utilidad (prdida neta) $74,455,141 $90,145,262 $108,556,572
Margen de utilidades netas: 41.11% 42.60% 43.90%

Pretty Woman
Balance General

Activo circulante
Caja y bancos $211,183,666 $326,462,120 $460,150,148
Clientes $0 $0 $0
Inventarios. $0 $0 $0
Total activo circulante $211,183,666 $326,462,120 $460,150,148

Activo Fijo
Terreno $0 $0 $0
Edificio $0 $0 $0
Comunicaciones $0 $0 $0
Mobiliario y equipo $5,556,308 $5,509,617 $5,462,925
Acondicionamiento (m) $0 $0 $0
Computadoras y maquinas $7,715,167 $7,650,333 $7,585,500
Otros $0 $0 $0
Depreciacin acumulada: -$111,525 -$223,050 -$334,575
Total activo fijo $13,271,475 $13,159,950 $13,048,425

Activo total $224,455,141 $339,622,070 $473,198,573

Pasivo Circulante
Proveedores $0 $0 $0
Crditos bancarios $12,500,000 $12,486,945 $12,472,153
Total pasivo circulante $12,500,000 $12,486,945 $12,472,153

Pasivo largo plazo $12,500,000 $12,534,722 $12,569,444

Pasivo total $25,000,000 $25,021,667 $25,041,598

Capital Contable
Capital social $125,000,000 $150,000,000 $175,000,000
Resultados de ejercicios anteriores $0 $74,455,141 $164,600,403
Resultado del ejercicio $74,455,141 $90,145,262 $108,556,572
Total Capital Contable $199,455,141 $314,600,403 $448,156,975

Pasivo + Capital $224,455,141 $339,622,070 $473,198,573

Pretty Woman
Flujo de Efectivo
Utilidad neta $74,455,141 $90,145,262 $108,556,572
+ depreciacin y amortizacin -$111,525 -$111,525 -$111,525
Generacin bruta de efectivo $74,566,666 $90,256,787 $108,668,097
Usos Operativos
Financiamiento a cuentas por cobrar $0 $0 $0
Financiamiento a inventarios $0 $0 $0
Total usos operativos $0 $0 $0
Fuentes Operativas
Financiamiento (amort.) proveedores $0 $0 $0
Total fuentes operativas $0 $0 $0

Generacin Neta Operativa $74,566,666 $90,256,787 $108,668,097

Fuentes de Instituciones de Crdito

Financ. (amort.) crditos bancarios corto plazo $12,500,000 -$13,055 -$14,791
Financ. (amort.) crditos bancarios largo plazo $12,500,000 $34,722 $34,722
Financiamiento neto con costo $25,000,000 $21,667 $19,931
Usos no operativos
Venta (inversin) en activos fijos -$13,383,000 $0 $0
Venta (inversin) en activos diferidos $0 $0 $0
Pago de dividendos $0 $0 $0
Total de usos no operativos -$13,383,000 $0 $0
Fuentes no operativas
Aportaciones (retiros) de capital $125,000,000 $25,000,000 $25,000,000
Total fuentes no operativas $125,000,000 $25,000,000 $25,000,000

Generacin de flujo no operativa $136,617,000 $25,021,667 $25,019,931

Generacin Neta de Flujo de Efectivo $211,183,666 $115,278,454 $133,688,028

Caja inicial $0 $211,183,666 $326,462,120

Caja final $211,183,666 $326,462,120 $460,150,148

Razones Financieras
Actividad
Ventas netas a activos fijos 1364.77% 1608.11% 1894.97%
Ventas netas a capital contable 90.81% 67.27% 55.17%
Gastos a ventas netas 23.29% 20.82% 18.66%

Apalancamiento
Pasivo total a capital contable 12.53% 7.95% 5.59%
Productividad
Utilidad de operacin a ventas netas 76.71% 79.18% 81.34%
Utilidad neta a ventas netas 41.11% 42.60% 43.90%

Integracin de activos fijos

1. Valor de activos fijos

Terreno $0 $0 $0
Edificio $0 $0 $0
Comunicaciones $0 $0 $0
Mobiliario y equipo $5,556,308 $5,509,617 $5,462,925
Acondicionamiento (m) $0 $0 $0
Computadoras y maquinas $7,715,167 $7,650,333 $7,585,500
Otros $0 $0 $0
Propiedades, planta y equipo $13,271,475 $13,159,950 $13,048,425

2. Inversin ($) en activos fijos

Terreno $0 $0 $0
Edificio $0 $0 $0
Comunicaciones $0 $0 $0
Mobiliario y equipo $5,603,000 $0 $0
Acondicionamiento (m) $0 $0 $0
Maquinaria $7,780,000 $0 $0
Otros $0 $0 $0
Inversin total $13,383,000 $0 $0

Depreciacin activos fijos ($)

Terreno $0 $0 $0
Edificio $0 $0 $0
Comunicaciones $0 $0 $0
Mobiliario y equipo -$46,692 -$46,692 -$46,692
Acondicionamiento (m) $0 $0 $0
Maquinaria -$64,833 -$64,833 -$64,833
Otros $0 $0 $0.00
Depreciacin acumulada -$111,525 -$223,050.00 -$334,575.00
Depreciacin Mensual -$111,525 -$111,525 -$111,525

Depreciacin (%)
Terreno 0.83% 0.83% 0.83%
Edificio 0.83% 0.83% 0.83%
Comunicaciones 0.83% 0.83% 0.83%
Mobiliario y equipo 0.83% 0.83% 0.83%
Acondicionamiento (m) 0.83% 0.83% 0.83%
Maquinaria 0.83% 0.83% 0.83%
Otros 0.83% 0.83% 0.83%

Inflacin Mxico mensual 0.60% 0.60% 0.60%

 Mes 4 Mes 5 Mes 6 Mes 7 Mes 8 Mes 9 Mes 10

$0 $0 $0 $0 $0 $0 $0
$268,806,014 $292,224,394 $317,682,983 $351,814,843 $389,613,829 $431,473,939 $530,436,802

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$268,806,014 $292,224,394 $317,682,983 $351,814,843 $389,613,829 $431,473,939 $530,436,802

$29,799,849 $30,872,643 $31,984,058 $33,135,485 $34,328,362 $35,564,183 $36,844,494

$18,014,180 $18,716,732 $19,480,489 $20,504,445 $21,638,415 $22,894,218 $25,863,104
$0 $0 $0 $0 $0 $0 $0

$47,814,029 $49,589,375 $51,464,548 $53,639,930 $55,966,777 $58,458,401 $62,707,598

$220,991,985 $242,635,019 $266,218,435 $298,174,913 $333,647,052 $373,015,538 $467,729,204

$2,618,804 $2,711,183 $2,803,561 $2,895,940 $2,988,318 $3,080,697 $3,173,075
$218,373,180 $239,923,836 $263,414,874 $295,278,973 $330,658,734 $369,934,841 $464,556,129
-$1,058,194 -$1,059,930 -$1,061,666 -$1,063,403 -$1,065,139 -$1,066,875 -$1,068,611
-$173,611 -$173,611 -$173,611 -$173,611 -$173,611 -$173,611 -$173,611
$217,141,375 $238,690,295 $262,179,596 $294,041,960 $329,419,985 $368,694,356 $463,313,907
$75,999,481 $83,541,603 $91,762,859 $102,914,686 $115,296,995 $129,043,024 $162,159,868
$21,714,138 $23,869,029 $26,217,960 $29,404,196 $32,941,998 $36,869,436 $46,331,391
$119,427,756 $131,279,662 $144,198,778 $161,723,078 $181,180,992 $202,781,896 $254,822,649
44.43% 44.92% 45.39% 45.97% 46.50% 47.00% 48.04%

$604,707,624 $761,115,270 $930,440,295 $1,117,287,884 $1,323,591,651 $1,551,494,586 $1,831,436,538

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$604,707,624 $761,115,270 $930,440,295 $1,117,287,884 $1,323,591,651 $1,551,494,586 $1,831,436,538

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$5,416,233 $5,369,542 $5,322,850 $5,276,158 $5,229,467 $5,182,775 $5,136,083
$0 $0 $0 $0 $0 $0 $0
$7,520,667 $7,455,833 $7,391,000 $7,326,167 $7,261,333 $7,196,500 $7,131,667
$0 $0 $0 $0 $0 $0 $0
-$446,100 -$557,625 -$669,150 -$780,675 -$892,200 -$1,003,725 -$1,115,250
$12,936,900 $12,825,375 $12,713,850 $12,602,325 $12,490,800 $12,379,275 $12,267,750

$617,644,524 $773,940,645 $943,154,145 $1,129,890,209 $1,336,082,451 $1,563,873,861 $1,843,704,288

 $0 $0 $0 $0 $0 $0 $0
$12,455,626 $12,437,362 $12,417,362 $12,395,627 $12,372,155 $12,346,947 $12,320,002
$12,455,626 $12,437,362 $12,417,362 $12,395,627 $12,372,155 $12,346,947 $12,320,002

$12,604,167 $12,638,889 $12,673,611 $12,708,333 $12,743,056 $12,777,778 $12,812,500

$25,059,792 $25,076,251 $25,090,974 $25,103,960 $25,115,210 $25,124,724 $25,132,502

$200,000,000 $225,000,000 $250,000,000 $275,000,000 $300,000,000 $325,000,000 $350,000,000

$273,156,975 $392,584,732 $523,864,394 $668,063,172 $829,786,249 $1,010,967,241 $1,213,749,137
$119,427,756 $131,279,662 $144,198,778 $161,723,078 $181,180,992 $202,781,896 $254,822,649
$592,584,732 $748,864,394 $918,063,172 $1,104,786,249 $1,310,967,241 $1,538,749,137 $1,818,571,786

$617,644,524 $773,940,645 $943,154,145 $1,129,890,209 $1,336,082,451 $1,563,873,861 $1,843,704,288

$119,427,756 $131,279,662 $144,198,778 $161,723,078 $181,180,992 $202,781,896 $254,822,649

-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525
$119,539,281 $131,391,187 $144,310,303 $161,834,603 $181,292,517 $202,893,421 $254,934,174

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

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

$119,539,281 $131,391,187 $144,310,303 $161,834,603 $181,292,517 $202,893,421 $254,934,174

-$16,528 -$18,264 -$20,000 -$21,736 -$23,472 -$25,208 -$26,944

$34,722 $34,722 $34,722 $34,722 $34,722 $34,722 $34,722
$18,195 $16,459 $14,722 $12,986 $11,250 $9,514 $7,778

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

$25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$25,018,195 $25,016,459 $25,014,722 $25,012,986 $25,011,250 $25,009,514 $25,007,778

$144,557,476 $156,407,646 $169,325,025 $186,847,589 $206,303,767 $227,902,935 $279,941,952

$460,150,148 $604,707,624 $761,115,270 $930,440,295 $1,117,287,884 $1,323,591,651 $1,551,494,586

$604,707,624 $761,115,270 $930,440,295 $1,117,287,884 $1,323,591,651 $1,551,494,586 $1,831,436,538
 2077.82% 2278.49% 2498.72% 2791.67% 3119.21% 3485.45% 4323.83%
45.36% 39.02% 34.60% 31.84% 29.72% 28.04% 29.17%
17.79% 16.97% 16.20% 15.25% 14.36% 13.55% 11.82%

4.23% 3.35% 2.73% 2.27% 1.92% 1.63% 1.38%

82.21% 83.03% 83.80% 84.75% 85.64% 86.45% 88.18%

44.43% 44.92% 45.39% 45.97% 46.50% 47.00% 48.04%

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$5,416,233 $5,369,542 $5,322,850 $5,276,158 $5,229,467 $5,182,775 $5,136,083
$0 $0 $0 $0 $0 $0 $0
$7,520,667 $7,455,833 $7,391,000 $7,326,167 $7,261,333 $7,196,500 $7,131,667
$0 $0 $0 $0 $0 $0 $0
$12,936,900 $12,825,375 $12,713,850 $12,602,325 $12,490,800 $12,379,275 $12,267,750

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

$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
-$46,692 -$46,692 -$46,692 -$46,692 -$46,692 -$46,692 -$46,692
$0 $0 $0 $0 $0 $0 $0
-$64,833 -$64,833 -$64,833 -$64,833 -$64,833 -$64,833 -$64,833
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$446,100.00 -$557,625.00 -$669,150.00 -$780,675.00 -$892,200.00 -$1,003,725.00 -$1,115,250.00
-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525

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

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

0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%

 AO 1
Mes 11 Mes 12 Acumulado Mes 13 Mes 14 Mes 15

$0 $0 $0 $0 $0 $0
$652,097,787 $801,662,935 $4,675,829,320 $945,582,810 $1,115,340,139 $1,315,573,437
$0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$652,097,787 $801,662,935 $4,675,829,320 $945,582,810 $1,115,340,139 $1,315,573,437

$38,170,895 $39,545,048 $393,574,150 $40,968,669 $42,443,541 $43,971,509

$29,512,934 $33,999,888 $259,674,880 $64,897,786 $69,990,506 $75,997,505
$0 $0 $0 $0 $0 $0
$0
$67,683,829 $73,544,936 $653,249,030 $105,866,455 $112,434,047 $119,969,014

$584,413,958 $728,117,999 $4,022,580,290 $839,716,355 $1,002,906,092 $1,195,604,423

$3,265,453 $1,251,860 -$1,338,300 $1,165,269 $1,078,677 $992,086
$581,148,504 $726,866,139 $4,023,918,590 $838,551,086 $1,001,827,415 $1,194,612,337
-$1,070,347 -$19,097 -$11,697,428 -$17,361 -$15,625 -$13,889
-$173,611 -$173,611 -$2,083,333 -$173,611 -$173,611 -$173,611
$579,904,546 $726,673,431 $4,010,137,829 $838,360,114 $1,001,638,179 $1,194,424,837
$202,966,591 $254,335,701 $1,403,548,240 $293,426,040 $350,573,363 $418,048,693
$57,990,455 $72,667,343 $401,013,783 $83,836,011 $100,163,818 $119,442,484
$318,947,500 $399,670,387 $2,205,575,806 $461,098,062 $550,900,998 $656,933,661
48.91% 49.86% 47.17% 48.76% 49.39% 49.94%

$2,175,501,605 $2,601,340,809 $2,601,340,809 $3,087,567,758 $3,663,599,378 $4,345,665,397

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$2,175,501,605 $2,601,340,809 $2,601,340,809 $3,087,567,758 $3,663,599,378 $4,345,665,397

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$5,089,392 $5,042,700 $5,042,700 $4,996,008 $4,949,317 $4,902,625
$0 $0 $0 $0 $0 $0
$7,066,833 $7,002,000 $7,002,000 $6,937,167 $6,872,333 $6,807,500
$0 $0 $0 $0 $0 $0
-$1,226,775 -$1,338,300 -$1,338,300 -$1,449,825 -$1,561,350 -$1,672,875
$12,156,225 $12,044,700 $12,044,700 $11,933,175 $11,821,650 $11,710,125

$2,187,657,830 $2,613,385,509 $2,613,385,509 $3,099,500,933 $3,675,421,028 $4,357,375,522

 $0 $0 $0 $0 $0 $0
$12,291,322 $13,313,892 $13,313,892 $13,296,530 $13,280,905 $13,267,017
$12,291,322 $13,313,892 $13,313,892 $13,296,530 $13,280,905 $13,267,017

$12,847,222 $12,881,944 $12,881,944 $12,916,667 $12,951,389 $12,986,111

$25,138,544 $26,195,836 $26,195,836 $26,213,197 $26,232,294 $26,253,128

$375,000,000 $400,000,000 $400,000,000 $425,000,000 $450,000,000 $475,000,000

$1,468,571,786 $1,787,519,286 $1,787,519,286 $2,187,189,673 $2,648,287,735 $3,199,188,734
$318,947,500 $399,670,387 $399,670,387 $461,098,062 $550,900,998 $656,933,661
$2,162,519,286 $2,587,189,673 $2,587,189,673 $3,073,287,735 $3,649,188,734 $4,331,122,394

$2,187,657,830 $2,613,385,509 $2,613,385,509 $3,099,500,933 $3,675,421,028 $4,357,375,522

$318,947,500 $399,670,387 $2,205,575,806 $461,098,062 $550,900,998 $656,933,661

-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525
$319,059,025 $399,781,912 $2,205,687,331 $461,209,587 $551,012,523 $657,045,186

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

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

$319,059,025 $399,781,912 $2,205,687,331 $461,209,587 $551,012,523 $657,045,186

-$28,680 $1,022,569 $13,313,892 -$17,361 -$15,625 -$13,889

$34,722 $34,722 $12,881,944 $34,722 $34,722 $34,722
$6,042 $1,057,292 $26,195,836 $17,361 $19,097 $20,833

$0 $0 -$13,383,000 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 -$13,383,000 $0 $0 $0

$25,000,000 $25,000,000 $400,000,000 $25,000,000 $25,000,000 $25,000,000

$25,000,000 $25,000,000 $400,000,000 $25,000,000 $25,000,000 $25,000,000

$25,006,042 $26,057,292 $412,812,836 $25,017,361 $25,019,097 $25,020,833

$344,065,067 $425,839,204 $2,618,500,167 $486,226,949 $576,031,621 $682,066,019

$1,831,436,538 $2,175,501,605 $2,601,340,809 $2,601,340,809 $3,087,567,758 $3,663,599,378

$2,175,501,605 $2,601,340,809 $5,219,840,976 $3,087,567,758 $3,663,599,378 $4,345,665,397
 5364.31% 6655.73% 38820.64% 7923.98% 9434.72% 11234.50%
30.15% 30.99% 180.73% 30.77% 30.56% 30.37%
10.38% 9.17% 13.97% 11.20% 10.08% 9.12%

1.16% 1.01% 1.01% 0.85% 0.72% 0.61%

89.62% 90.83% 86.03% 88.80% 89.92% 90.88%

48.91% 49.86% 47.17% 48.76% 49.39% 49.94%

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$5,089,392 $5,042,700 $5,042,700 $4,996,008 $4,949,317 $4,902,625
$0 $0 $0 $0 $0 $0
$7,066,833 $7,002,000 $7,002,000 $6,937,167 $6,872,333 $6,807,500
$0 $0 $0 $0 $0 $0
$12,156,225 $12,044,700 $12,044,700 $11,933,175 $11,821,650 $11,710,125

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $5,603,000 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $7,780,000 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $13,383,000 $0 $0 $0

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
-$46,692 -$46,692 -$560,300 -$46,692 -$46,692 -$46,692
$0 $0 $0 $0 $0 $0
-$64,833 -$64,833 -$778,000 -$64,833 -$64,833 -$64,833
$0.00 $0.00 $0 $0.00 $0.00 $0.00
-$1,226,775.00 -$1,338,300.00 -$1,338,300.00 -$1,449,825.00 -$1,561,350.00 -$1,672,875.00
-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525

0.83% 0.83% 0.83% 0.83% 0.83%

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

0.60% 0.60% 0.60% 0.60% 0.60%

 Mes 16 Mes 17 Mes 18 Mes 19 Mes 20 Mes 21

$0 $0 $0 $0 $0 $0
$1,444,736,437 $1,586,580,660 $1,742,351,150 $1,931,131,993 $2,140,366,926 $2,372,272,115

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$1,444,736,437 $1,586,580,660 $1,742,351,150 $1,931,131,993 $2,140,366,926 $2,372,272,115

$45,554,483 $47,194,445 $48,893,445 $50,653,609 $52,477,139 $54,366,316

$79,872,395 $84,127,721 $88,800,836 $94,464,261 $100,741,309 $107,698,465
$0 $0 $0 $0 $0 $0

$125,426,878 $131,322,166 $137,694,281 $145,117,870 $153,218,448 $162,064,781

$1,319,309,559 $1,455,258,494 $1,604,656,869 $1,786,014,123 $1,987,148,478 $2,210,207,334

$905,495 $818,903 $732,312 $645,720 $559,129 $472,537
$1,318,404,065 $1,454,439,591 $1,603,924,557 $1,785,368,402 $1,986,589,349 $2,209,734,797
-$12,153 -$10,417 -$8,681 -$6,944 -$5,208 -$3,472
-$173,611 -$173,611 -$173,611 -$173,611 -$173,611 -$173,611
$1,318,218,301 $1,454,255,564 $1,603,742,266 $1,785,187,847 $1,986,410,529 $2,209,557,713
$461,376,405 $508,989,447 $561,309,793 $624,815,746 $695,243,685 $773,345,200
$131,821,830 $145,425,556 $160,374,227 $178,518,785 $198,641,053 $220,955,771
$725,020,065 $799,840,560 $882,058,246 $981,853,316 $1,092,525,791 $1,215,256,742
50.18% 50.41% 50.62% 50.84% 51.04% 51.23%

$5,095,819,557 $5,920,795,947 $6,827,991,760 $7,834,984,379 $8,952,651,209 $10,193,050,726

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$5,095,819,557 $5,920,795,947 $6,827,991,760 $7,834,984,379 $8,952,651,209 $10,193,050,726

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$4,855,933 $4,809,242 $4,762,550 $4,715,858 $4,669,167 $4,622,475
$0 $0 $0 $0 $0 $0
$6,742,667 $6,677,833 $6,613,000 $6,548,167 $6,483,333 $6,418,500
$0 $0 $0 $0 $0 $0
-$1,784,400 -$1,895,925 -$2,007,450 -$2,118,975 -$2,230,500 -$2,342,025
$11,598,600 $11,487,075 $11,375,550 $11,264,025 $11,152,500 $11,040,975

$5,107,418,157 $5,932,283,022 $6,839,367,310 $7,846,248,404 $8,963,803,709 $10,204,091,701

 $0 $0 $0 $0 $0 $0
$13,254,864 $13,244,447 $13,235,767 $13,228,822 $13,223,614 $13,220,142
$13,254,864 $13,244,447 $13,235,767 $13,228,822 $13,223,614 $13,220,142

$13,020,833 $13,055,556 $13,090,278 $13,125,000 $13,159,722 $13,194,444

$26,275,697 $26,300,003 $26,326,044 $26,353,822 $26,383,336 $26,414,586

$500,000,000 $525,000,000 $550,000,000 $575,000,000 $600,000,000 $625,000,000

$3,856,122,394 $4,581,142,460 $5,380,983,020 $6,263,041,266 $7,244,894,582 $8,337,420,373
$725,020,065 $799,840,560 $882,058,246 $981,853,316 $1,092,525,791 $1,215,256,742
$5,081,142,460 $5,905,983,020 $6,813,041,266 $7,819,894,582 $8,937,420,373 $10,177,677,115

$5,107,418,157 $5,932,283,022 $6,839,367,310 $7,846,248,404 $8,963,803,709 $10,204,091,701

$725,020,065 $799,840,560 $882,058,246 $981,853,316 $1,092,525,791 $1,215,256,742

-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525
$725,131,590 $799,952,085 $882,169,771 $981,964,841 $1,092,637,316 $1,215,368,267

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

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

$725,131,590 $799,952,085 $882,169,771 $981,964,841 $1,092,637,316 $1,215,368,267

-$12,153 -$10,417 -$8,681 -$6,944 -$5,208 -$3,472

$34,722 $34,722 $34,722 $34,722 $34,722 $34,722
$22,569 $24,306 $26,042 $27,778 $29,514 $31,250

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

$25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$25,022,569 $25,024,306 $25,026,042 $25,027,778 $25,029,514 $25,031,250

$750,154,160 $824,976,390 $907,195,813 $1,006,992,619 $1,117,666,830 $1,240,399,517

$4,345,665,397 $5,095,819,557 $5,920,795,947 $6,827,991,760 $7,834,984,379 $8,952,651,209

$5,095,819,557 $5,920,795,947 $6,827,991,760 $7,834,984,379 $8,952,651,209 $10,193,050,726
 12456.13% 13811.88% 15316.63% 17144.24% 19191.81% 21486.07%
28.43% 26.86% 25.57% 24.70% 23.95% 23.31%
8.68% 8.28% 7.90% 7.51% 7.16% 6.83%

0.52% 0.45% 0.39% 0.34% 0.30% 0.26%

91.32% 91.72% 92.10% 92.49% 92.84% 93.17%

50.18% 50.41% 50.62% 50.84% 51.04% 51.23%

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$4,855,933 $4,809,242 $4,762,550 $4,715,858 $4,669,167 $4,622,475
$0 $0 $0 $0 $0 $0
$6,742,667 $6,677,833 $6,613,000 $6,548,167 $6,483,333 $6,418,500
$0 $0 $0 $0 $0 $0
$11,598,600 $11,487,075 $11,375,550 $11,264,025 $11,152,500 $11,040,975

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

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
-$46,692 -$46,692 -$46,692 -$46,692 -$46,692 -$46,692
$0 $0 $0 $0 $0 $0
-$64,833 -$64,833 -$64,833 -$64,833 -$64,833 -$64,833
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$1,784,400.00 -$1,895,925.00 -$2,007,450.00 -$2,118,975.00 -$2,230,500.00 -$2,342,025.00
-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525

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

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

0.60% 0.60% 0.60% 0.60% 0.60% 0.60%

 AO 2
Mes 22 Mes 23 Mes 24 Acumulado Mes 25 Mes 26

$0 $0 $0 $0 $0 $0
$2,942,890,542 $3,650,763,623 $4,528,906,135 $25,716,495,966 $5,392,432,668 $6,420,607,805
$0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$2,942,890,542 $3,650,763,623 $4,528,906,135 $25,716,495,966 $5,392,432,668 $6,420,607,805

$56,323,503 $58,351,149 $60,451,790 $601,649,598 $62,628,055 $64,882,665

$124,817,018 $146,053,210 $172,397,485 $1,209,858,496 $198,303,281 $229,148,536
$0 $0 $0 $0 $0 $0
$0
$181,140,521 $204,404,359 $232,849,276 $1,811,508,094 $260,931,336 $294,031,200

$2,761,750,021 $3,446,359,264 $4,296,056,859 $23,904,987,871 $5,131,501,332 $6,126,576,605

$385,946 $299,355 $302,248 -$1,338,300 $305,142 $308,035
$2,761,364,075 $3,446,059,909 $4,295,754,611 $23,906,326,171 $5,131,196,190 $6,126,268,569
-$1,736 $0 $0 -$95,486 $0 $0
-$173,611 -$173,611 -$173,611 -$2,083,333 -$173,611 -$173,611
$2,761,188,728 $3,445,886,298 $4,295,581,000 $23,904,147,352 $5,131,022,579 $6,126,094,958
$966,416,055 $1,206,060,204 $1,503,453,350 $8,366,451,573 $1,795,857,903 $2,144,133,235
$276,118,873 $344,588,630 $429,558,100 $2,390,414,735 $513,102,258 $612,609,496
$1,518,653,800 $1,895,237,464 $2,362,569,550 $13,147,281,043 $2,822,062,418 $3,369,352,227
51.60% 51.91% 52.17% 51.12% 52.33% 52.48%

$11,736,849,037 $13,657,232,748 $16,044,948,546 $16,044,948,546 $18,892,157,211 $22,286,655,686

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$11,736,849,037 $13,657,232,748 $16,044,948,546 $16,044,948,546 $18,892,157,211 $22,286,655,686

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$4,575,783 $4,529,092 $4,482,400 $4,482,400 $4,435,708 $4,389,017
$0 $0 $0 $0 $0 $0
$6,353,667 $6,288,833 $6,224,000 $6,224,000 $6,159,167 $6,094,333
$0 $0 $0 $0 $0 $0
-$2,453,550 -$2,565,075 -$2,676,600 -$2,676,600 -$2,788,125 -$2,899,650
$10,929,450 $10,817,925 $10,706,400 $10,706,400 $10,594,875 $10,483,350

$11,747,778,487 $13,668,050,673 $16,055,654,946 $16,055,654,946 $18,902,752,086 $22,297,139,036

 $0 $0 $0 $0 $0 $0
$13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405
$13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405

$13,229,167 $13,263,889 $13,298,611 $13,298,611 $13,333,333 $13,368,056

$26,447,572 $26,482,294 $26,517,017 $26,517,017 $26,551,739 $26,586,461

$650,000,000 $675,000,000 $700,000,000 $700,000,000 $725,000,000 $750,000,000

$9,552,677,115 $11,071,330,915 $12,966,568,379 $12,966,568,379 $15,329,137,929 $18,151,200,348
$1,518,653,800 $1,895,237,464 $2,362,569,550 $2,362,569,550 $2,822,062,418 $3,369,352,227
$11,721,330,915 $13,641,568,379 $16,029,137,929 $16,029,137,929 $18,876,200,348 $22,270,552,575

$11,747,778,487 $13,668,050,673 $16,055,654,946 $16,055,654,946 $18,902,752,086 $22,297,139,036

$1,518,653,800 $1,895,237,464 $2,362,569,550 $13,147,281,043 $2,822,062,418 $3,369,352,227

-$111,525 -$111,525 -$111,525 -$223,050 -$111,525 -$111,525
$1,518,765,325 $1,895,348,989 $2,362,681,075 $13,147,504,093 $2,822,173,943 $3,369,463,752

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

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

$1,518,765,325 $1,895,348,989 $2,362,681,075 $13,147,504,093 $2,822,173,943 $3,369,463,752

-$1,736 $0 $0 -$95,486 $0 $0
$34,722 $34,722 $34,722 $416,667 $34,722 $34,722
$32,986 $34,722 $34,722 $321,181 $34,722 $34,722

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

$25,000,000 $25,000,000 $25,000,000 $300,000,000 $25,000,000 $25,000,000

$25,000,000 $25,000,000 $25,000,000 $300,000,000 $25,000,000 $25,000,000

$25,032,986 $25,034,722 $25,034,722 $300,321,181 $25,034,722 $25,034,722

$1,543,798,311 $1,920,383,711 $2,387,715,797 $13,447,825,274 $2,847,208,666 $3,394,498,474

$10,193,050,726 $11,736,849,037 $13,657,232,748 $16,044,948,546 $16,044,948,546 $18,892,157,211

$11,736,849,037 $13,657,232,748 $16,044,948,546 $29,492,773,820 $18,892,157,211 $22,286,655,686
 26926.25% 33747.36% 42300.92% 240197.41% 50896.61% 61245.76%
25.11% 26.76% 28.25% 160.44% 28.57% 28.83%
6.16% 5.60% 5.14% 7.04% 4.84% 4.58%

0.23% 0.19% 0.17% 0.17% 0.14% 0.12%

93.84% 94.40% 94.86% 92.96% 95.16% 95.42%

51.60% 51.91% 52.17% 51.12% 52.33% 52.48%

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$4,575,783 $4,529,092 $4,482,400 $4,482,400 $4,435,708 $4,389,017
$0 $0 $0 $0 $0 $0
$6,353,667 $6,288,833 $6,224,000 $6,224,000 $6,159,167 $6,094,333
$0 $0 $0 $0 $0 $0
$10,929,450 $10,817,925 $10,706,400 $10,706,400 $10,594,875 $10,483,350

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

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
-$46,692 -$46,692 -$46,692 -$560,300 -$46,692 -$46,692
$0 $0 $0 $0 $0 $0
-$64,833 -$64,833 -$64,833 -$778,000 -$64,833 -$64,833
$0.00 $0.00 $0.00 $0 $0.00 $0.00
-$2,453,550.00 -$2,565,075.00 -$2,676,600.00 -$2,676,600.00 -$2,788,125.00 -$2,899,650.00
-$111,525 -$111,525 -$111,525 -$223,050 -$111,525 -$111,525

0.83% 0.83% 0.83% 0.83% 0.83%

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

0.60% 0.60% 0.60% 0.60% 0.60%

 Mes 27 Mes 28 Mes 29 Mes 30 Mes 31 Mes 32

$0 $0 $0 $0 $0 $0
$7,644,825,095 $8,480,073,202 $9,406,577,734 $10,434,309,062 $11,574,326,889 $12,838,899,263

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$7,644,825,095 $8,480,073,202 $9,406,577,734 $10,434,309,062 $11,574,326,889 $12,838,899,263

$67,218,441 $69,638,305 $72,145,284 $74,742,514 $77,433,244 $80,220,841

$265,875,054 $290,932,497 $318,727,633 $349,559,573 $383,760,108 $421,697,279
$0 $0 $0 $0 $0 $0

$333,093,495 $360,570,802 $390,872,917 $424,302,087 $461,193,352 $501,918,121

$7,311,731,600 $8,119,502,400 $9,015,704,816 $10,010,006,974 $11,113,133,536 $12,336,981,143

$310,929 $313,822 $316,716 $319,609 $322,503 $325,396
$7,311,420,671 $8,119,188,578 $9,015,388,101 $10,009,687,365 $11,112,811,033 $12,336,655,747
$0 $0 $0 $0 $0 $0
-$173,611 -$173,611 -$173,611 -$173,611 -$173,611 -$173,611
$7,311,247,060 $8,119,014,967 $9,015,214,490 $10,009,513,754 $11,112,637,422 $12,336,482,135
$2,558,936,471 $2,841,655,238 $3,155,325,071 $3,503,329,814 $3,889,423,098 $4,317,768,747
$731,124,706 $811,901,497 $901,521,449 $1,000,951,375 $1,111,263,742 $1,233,648,214
$4,021,185,883 $4,465,458,232 $4,958,367,969 $5,505,232,565 $6,111,950,582 $6,785,065,174
52.60% 52.66% 52.71% 52.76% 52.81% 52.85%

$26,332,987,816 $30,823,592,295 $35,807,106,512 $41,337,485,324 $47,474,582,153 $54,284,793,575

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$26,332,987,816 $30,823,592,295 $35,807,106,512 $41,337,485,324 $47,474,582,153 $54,284,793,575

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$4,342,325 $4,295,633 $4,248,942 $4,202,250 $4,155,558 $4,108,867
$0 $0 $0 $0 $0 $0
$6,029,500 $5,964,667 $5,899,833 $5,835,000 $5,770,167 $5,705,333
$0 $0 $0 $0 $0 $0
-$3,011,175 -$3,122,700 -$3,234,225 -$3,345,750 -$3,457,275 -$3,568,800
$10,371,825 $10,260,300 $10,148,775 $10,037,250 $9,925,725 $9,814,200

$26,343,359,641 $30,833,852,595 $35,817,255,287 $41,347,522,574 $47,484,507,878 $54,294,607,775

 $0 $0 $0 $0 $0 $0
$13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405
$13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405

$13,402,778 $13,437,500 $13,472,222 $13,506,944 $13,541,667 $13,576,389

$26,621,183 $26,655,905 $26,690,628 $26,725,350 $26,760,072 $26,794,794

$775,000,000 $800,000,000 $825,000,000 $850,000,000 $875,000,000 $900,000,000

$21,520,552,575 $25,541,738,458 $30,007,196,690 $34,965,564,659 $40,470,797,224 $46,582,747,806
$4,021,185,883 $4,465,458,232 $4,958,367,969 $5,505,232,565 $6,111,950,582 $6,785,065,174
$26,316,738,458 $30,807,196,690 $35,790,564,659 $41,320,797,224 $47,457,747,806 $54,267,812,980

$26,343,359,641 $30,833,852,595 $35,817,255,287 $41,347,522,574 $47,484,507,878 $54,294,607,775

$4,021,185,883 $4,465,458,232 $4,958,367,969 $5,505,232,565 $6,111,950,582 $6,785,065,174

-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525
$4,021,297,408 $4,465,569,757 $4,958,479,494 $5,505,344,090 $6,112,062,107 $6,785,176,699

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

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

$4,021,297,408 $4,465,569,757 $4,958,479,494 $5,505,344,090 $6,112,062,107 $6,785,176,699

$0 $0 $0 $0 $0 $0
$34,722 $34,722 $34,722 $34,722 $34,722 $34,722
$34,722 $34,722 $34,722 $34,722 $34,722 $34,722

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

$25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$25,034,722 $25,034,722 $25,034,722 $25,034,722 $25,034,722 $25,034,722

$4,046,332,130 $4,490,604,479 $4,983,514,217 $5,530,378,812 $6,137,096,829 $6,810,211,422

$22,286,655,686 $26,332,987,816 $30,823,592,295 $35,807,106,512 $41,337,485,324 $47,474,582,153

$26,332,987,816 $30,823,592,295 $35,807,106,512 $41,337,485,324 $47,474,582,153 $54,284,793,575
 73707.62% 82649.37% 92686.83% 103955.86% 116609.39% 130819.62%
29.05% 27.53% 26.28% 25.25% 24.39% 23.66%
4.36% 4.25% 4.16% 4.07% 3.98% 3.91%

0.10% 0.09% 0.07% 0.06% 0.06% 0.05%

95.64% 95.75% 95.84% 95.93% 96.02% 96.09%

52.60% 52.66% 52.71% 52.76% 52.81% 52.85%

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$4,342,325 $4,295,633 $4,248,942 $4,202,250 $4,155,558 $4,108,867
$0 $0 $0 $0 $0 $0
$6,029,500 $5,964,667 $5,899,833 $5,835,000 $5,770,167 $5,705,333
$0 $0 $0 $0 $0 $0
$10,371,825 $10,260,300 $10,148,775 $10,037,250 $9,925,725 $9,814,200

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

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
-$46,692 -$46,692 -$46,692 -$46,692 -$46,692 -$46,692
$0 $0 $0 $0 $0 $0
-$64,833 -$64,833 -$64,833 -$64,833 -$64,833 -$64,833
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$3,011,175.00 -$3,122,700.00 -$3,234,225.00 -$3,345,750.00 -$3,457,275.00 -$3,568,800.00
-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525

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

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

0.60% 0.60% 0.60% 0.60% 0.60% 0.60%

 AO 3
Mes 33 Mes 34 Mes 35 Mes 36 Acumulado

$0 $0 $0 $0 $0
$14,241,634,601 $18,406,410,751 $23,789,120,156 $30,745,931,158 $159,375,148,384
$0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$14,241,634,601 $18,406,410,751 $23,789,120,156 $30,745,931,158 $159,375,148,384

$83,108,791 $86,100,708 $89,200,333 $92,411,545 $919,730,727

$463,779,339 $588,722,624 $750,203,906 $958,908,236 $5,219,618,069
$0 $0 $0 $0 $0
$0
$546,888,131 $674,823,332 $839,404,240 $1,051,319,782 $6,139,348,796

$13,694,746,470 $17,731,587,419 $22,949,715,917 $29,694,611,376 $153,235,799,588

$328,290 $331,183 $334,077 $336,970 -$1,338,300
$13,694,418,180 $17,731,256,236 $22,949,381,840 $29,694,274,406 $153,237,137,888
$0 $0 $0 $0 $0
-$173,611 -$173,611 -$173,611 -$173,611 -$2,083,333
$13,694,244,569 $17,731,082,625 $22,949,208,229 $29,694,100,795 $153,235,054,555
$4,792,985,599 $6,205,878,919 $8,032,222,880 $10,392,935,278 $53,632,269,094
$1,369,424,457 $1,773,108,262 $2,294,920,823 $2,969,410,079 $15,323,505,455
$7,531,834,513 $9,752,095,444 $12,622,064,526 $16,331,755,437 $84,279,280,005
52.89% 52.98% 53.06% 53.12% 52.88%

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0.04% 0.04% 0.03% 0.03% 0.03%

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0.83% 0.83% 0.83% 0.83%

0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83%
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 339625.78% 351502.32% 363848.30% 376685.32% 390036.19% 403924.98%
26.79% 23.91% 21.64% 19.79% 18.27% 16.99%
3.42% 3.42% 3.42% 3.43% 3.43% 3.43%

0.02% 0.02% 0.02% 0.02% 0.01% 0.01%

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0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
0.83% 0.83% 0.83% 0.83% 0.83% 0.83%
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 418377.10% 433419.41% 449080.30% 465389.81% 482379.72% 500083.73%
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0.01% 0.01% 0.01% 0.01% 0.01% 0.01%

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

0.60% 0.60% 0.60% 0.60% 0.60% 0.60%

 AO 4
Acumulado Mes 49 Mes 50 Mes 51 Mes 52

$0 $0 $0 $0 $0
$427,622,766,138 $40,607,474,962 $41,064,309,056 $41,526,282,532 $41,993,453,211
$0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$427,622,766,138 $40,607,474,962 $41,064,309,056 $41,526,282,532 $41,993,453,211

$1,405,975,526 $146,353,480 $151,622,205 $157,080,605 $162,735,506

$13,267,046,601 $1,254,754,550 $1,268,459,573 $1,282,318,777 $1,296,333,898
$0 $0 $0 $0 $0
$0
$14,673,022,127 $1,401,108,030 $1,420,081,778 $1,439,399,382 $1,459,069,404

$412,949,744,011 $39,206,366,932 $39,644,227,277 $40,086,883,150 $40,534,383,807

-$1,338,300 $380,373 $383,267 $386,160 $389,054
$412,951,082,311 $39,205,986,559 $39,643,844,010 $40,086,496,990 $40,533,994,753
$0 $0 $0 $0 $0
-$2,083,333 -$173,611 -$173,611 -$173,611 -$173,611
$412,948,998,977 $39,205,812,948 $39,643,670,399 $40,086,323,379 $40,533,821,142
$144,532,149,642 $13,722,034,532 $13,875,284,640 $14,030,213,183 $14,186,837,400
$41,294,899,898 $3,920,581,295 $3,964,367,040 $4,008,632,338 $4,053,382,114
$227,121,949,438 $21,563,197,121 $21,804,018,720 $22,047,477,858 $22,293,601,628
53.11% 53.10% 53.10% 53.09% 53.09%

$328,043,710,491 $349,632,053,860 $371,461,218,826 $393,533,842,932 $415,852,590,807

$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$328,043,710,491 $349,632,053,860 $371,461,218,826 $393,533,842,932 $415,852,590,807

$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$3,361,800 $3,315,108 $3,268,417 $3,221,725 $3,175,033
$0 $0 $0 $0 $0
$4,668,000 $4,603,167 $4,538,333 $4,473,500 $4,408,667
$0 $0 $0 $0 $0
-$5,353,200 -$5,464,725 -$5,576,250 -$5,687,775 -$5,799,300
$8,029,800 $7,918,275 $7,806,750 $7,695,225 $7,583,700

$328,051,740,291 $349,639,972,135 $371,469,025,576 $393,541,538,157 $415,860,174,507

 $0 $0 $0 $0 $0
$13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405
$13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405

$14,131,944 $14,166,667 $14,201,389 $14,236,111 $14,270,833

$27,350,350 $27,385,072 $27,419,794 $27,454,517 $27,489,239

$1,300,000,000 $1,325,000,000 $1,350,000,000 $1,375,000,000 $1,400,000,000

$305,399,403,756 $326,724,389,941 $348,287,587,062 $370,091,605,782 $392,139,083,641
$21,324,986,185 $21,563,197,121 $21,804,018,720 $22,047,477,858 $22,293,601,628
$328,024,389,941 $349,612,587,062 $371,441,605,782 $393,514,083,641 $415,832,685,269

$328,051,740,291 $349,639,972,135 $371,469,025,576 $393,541,538,157 $415,860,174,507

$227,121,949,438 $21,563,197,121 $21,804,018,720 $22,047,477,858 $22,293,601,628

-$446,100 -$111,525 -$111,525 -$111,525 -$111,525
$227,122,395,538 $21,563,308,646 $21,804,130,245 $22,047,589,383 $22,293,713,153

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

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

$227,122,395,538 $21,563,308,646 $21,804,130,245 $22,047,589,383 $22,293,713,153

$0 $0 $0 $0 $0
$416,667 $34,722 $34,722 $34,722 $34,722
$416,667 $34,722 $34,722 $34,722 $34,722

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

$300,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$300,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$300,416,667 $25,034,722 $25,034,722 $25,034,722 $25,034,722

$227,422,812,204 $21,588,343,368 $21,829,164,967 $22,072,624,106 $22,318,747,875

$328,043,710,491 $328,043,710,491 $349,632,053,860 $371,461,218,826 $393,533,842,932

$555,466,522,695 $349,632,053,860 $371,461,218,826 $393,533,842,932 $415,852,590,807
 5325447.29% 512832.34% 526010.30% 539637.02% 553733.05%
130.36% 11.61% 11.06% 10.55% 10.10%
3.43% 3.45% 3.46% 3.47% 3.47%

0.01% 0.01% 0.01% 0.01% 0.01%

96.57% 96.55% 96.54% 96.53% 96.53%

53.11% 53.10% 53.10% 53.09% 53.09%

$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$3,361,800 $3,315,108 $3,268,417 $3,221,725 $3,175,033
$0 $0 $0 $0 $0
$4,668,000 $4,603,167 $4,538,333 $4,473,500 $4,408,667
$0 $0 $0 $0 $0
$8,029,800 $7,918,275 $7,806,750 $7,695,225 $7,583,700

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

$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
-$560,300 -$46,692 -$46,692 -$46,692 -$46,692
$0 $0 $0 $0 $0
-$778,000 -$64,833 -$64,833 -$64,833 -$64,833
$0 $0.00 $0.00 $0.00 $0.00
-$5,353,200.00 -$5,464,725.00 -$5,576,250.00 -$5,687,775.00 -$5,799,300.00
-$446,100 -$111,525 -$111,525 -$111,525 -$111,525

0.83% 0.83% 0.83% 0.83%

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

0.60% 0.60% 0.60% 0.60%

 Mes 53 Mes 54 Mes 55 Mes 56 Mes 57 Mes 58

$0 $0 $0 $0 $0 $0
$42,465,879,560 $42,943,620,705 $43,426,736,438 $43,915,287,222 $44,409,334,204 $44,908,939,213

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$42,465,879,560 $42,943,620,705 $43,426,736,438 $43,915,287,222 $44,409,334,204 $44,908,939,213

$168,593,985 $174,663,368 $180,951,249 $187,465,494 $194,214,252 $201,205,965

$1,310,506,688 $1,324,838,923 $1,339,332,395 $1,353,988,918 $1,368,810,328 $1,383,798,478
$0 $0 $0 $0 $0 $0

$1,479,100,673 $1,499,502,291 $1,520,283,644 $1,541,454,412 $1,563,024,580 $1,585,004,443

$40,986,778,887 $41,444,118,414 $41,906,452,794 $42,373,832,810 $42,846,309,624 $43,323,934,770

$391,947 $394,841 $397,734 $400,628 $403,521 $406,415
$40,986,386,939 $41,443,723,573 $41,906,055,059 $42,373,432,182 $42,845,906,103 $43,323,528,356
$0 $0 $0 $0 $0 $0
-$173,611 -$173,611 -$173,611 -$173,611 -$173,611 -$173,611
$40,986,213,328 $41,443,549,962 $41,905,881,448 $42,373,258,571 $42,845,732,492 $43,323,354,744
$14,345,174,665 $14,505,242,487 $14,667,058,507 $14,830,640,500 $14,996,006,372 $15,163,174,161
$4,098,621,333 $4,144,354,996 $4,190,588,145 $4,237,325,857 $4,284,573,249 $4,332,335,474
$22,542,417,331 $22,793,952,479 $23,048,234,797 $23,305,292,214 $23,565,152,870 $23,827,845,109
53.08% 53.08% 53.07% 53.07% 53.06% 53.06%

$438,420,154,385 $461,239,253,112 $484,312,634,155 $507,643,072,617 $531,233,371,734 $555,086,363,091

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$438,420,154,385 $461,239,253,112 $484,312,634,155 $507,643,072,617 $531,233,371,734 $555,086,363,091

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$3,128,342 $3,081,650 $3,034,958 $2,988,267 $2,941,575 $2,894,883
$0 $0 $0 $0 $0 $0
$4,343,833 $4,279,000 $4,214,167 $4,149,333 $4,084,500 $4,019,667
$0 $0 $0 $0 $0 $0
-$5,910,825 -$6,022,350 -$6,133,875 -$6,245,400 -$6,356,925 -$6,468,450
$7,472,175 $7,360,650 $7,249,125 $7,137,600 $7,026,075 $6,914,550

$438,427,626,560 $461,246,613,762 $484,319,883,280 $507,650,210,217 $531,240,397,809 $555,093,277,641

 $0 $0 $0 $0 $0 $0
$13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405
$13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405 $13,218,405

$14,305,556 $14,340,278 $14,375,000 $14,409,722 $14,444,444 $14,479,167

$27,523,961 $27,558,683 $27,593,405 $27,628,128 $27,662,850 $27,697,572

$1,425,000,000 $1,450,000,000 $1,475,000,000 $1,500,000,000 $1,525,000,000 $1,550,000,000

$414,432,685,269 $436,975,102,599 $459,769,055,078 $482,817,289,875 $506,122,582,089 $529,687,734,959
$22,542,417,331 $22,793,952,479 $23,048,234,797 $23,305,292,214 $23,565,152,870 $23,827,845,109
$438,400,102,599 $461,219,055,078 $484,292,289,875 $507,622,582,089 $531,212,734,959 $555,065,580,069

$438,427,626,560 $461,246,613,762 $484,319,883,280 $507,650,210,217 $531,240,397,809 $555,093,277,641

$22,542,417,331 $22,793,952,479 $23,048,234,797 $23,305,292,214 $23,565,152,870 $23,827,845,109

-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525
$22,542,528,856 $22,794,064,004 $23,048,346,322 $23,305,403,739 $23,565,264,395 $23,827,956,634

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

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

$22,542,528,856 $22,794,064,004 $23,048,346,322 $23,305,403,739 $23,565,264,395 $23,827,956,634

$0 $0 $0 $0 $0 $0
$34,722 $34,722 $34,722 $34,722 $34,722 $34,722
$34,722 $34,722 $34,722 $34,722 $34,722 $34,722

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

$25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000

$25,034,722 $25,034,722 $25,034,722 $25,034,722 $25,034,722 $25,034,722

$22,567,563,578 $22,819,098,726 $23,073,381,044 $23,330,438,461 $23,590,299,118 $23,852,991,357

$415,852,590,807 $438,420,154,385 $461,239,253,112 $484,312,634,155 $507,643,072,617 $531,233,371,734

$438,420,154,385 $461,239,253,112 $484,312,634,155 $507,643,072,617 $531,233,371,734 $555,086,363,091
 568320.20% 583421.58% 599061.77% 615266.86% 632064.62% 649484.63%
9.69% 9.31% 8.97% 8.65% 8.36% 8.09%
3.48% 3.49% 3.50% 3.51% 3.52% 3.53%

0.01% 0.01% 0.01% 0.01% 0.01% 0.00%

96.52% 96.51% 96.50% 96.49% 96.48% 96.47%

53.08% 53.08% 53.07% 53.07% 53.06% 53.06%

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$3,128,342 $3,081,650 $3,034,958 $2,988,267 $2,941,575 $2,894,883
$0 $0 $0 $0 $0 $0
$4,343,833 $4,279,000 $4,214,167 $4,149,333 $4,084,500 $4,019,667
$0 $0 $0 $0 $0 $0
$7,472,175 $7,360,650 $7,249,125 $7,137,600 $7,026,075 $6,914,550

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

$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
-$46,692 -$46,692 -$46,692 -$46,692 -$46,692 -$46,692
$0 $0 $0 $0 $0 $0
-$64,833 -$64,833 -$64,833 -$64,833 -$64,833 -$64,833
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-$5,910,825.00 -$6,022,350.00 -$6,133,875.00 -$6,245,400.00 -$6,356,925.00 -$6,468,450.00
-$111,525 -$111,525 -$111,525 -$111,525 -$111,525 -$111,525

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

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

0.60% 0.60% 0.60% 0.60% 0.60% 0.60%

 AO 5
Mes 59 Mes 60 Acumulado

$0 $0 $0
$45,414,164,780 $45,925,074,133 $518,600,556,015
$0
$0 $0 $0
$0 $0 $0
$45,414,164,780 $45,925,074,133 $518,600,556,015

$208,449,380 $215,953,558 $2,149,289,048

$1,398,955,245 $1,414,282,525 $15,996,380,298
$0 $0 $0
$0
$1,607,404,625 $1,630,236,083 $18,145,669,346

$43,806,760,155 $44,294,838,050 $500,454,886,670

$62,086 $62,086 -$1,338,300
$43,806,698,069 $44,294,775,964 $500,456,224,970
$0 $0 $0
-$173,611 -$173,611 -$2,083,333
$43,806,524,458 $44,294,602,353 $500,454,141,636
$15,332,283,560 $15,503,110,824 $175,158,949,573
$4,380,652,446 $4,429,460,235 $50,045,414,164
$24,093,588,452 $24,362,031,294 $275,249,777,900
53.05% 53.05% 53.08%

$579,205,097,790 $603,592,275,331 $603,592,275,331

$0 $0 $0
$0 $0 $0
$579,205,097,790 $603,592,275,331 $603,592,275,331

$0 $0 $0
$0 $0 $0
$0 $0 $0
$2,848,192 $2,801,500 $2,801,500
$0 $0 $0
$3,954,833 $3,890,000 $3,890,000
$0 $0 $0
-$6,579,975 -$6,691,500 -$6,691,500
$6,803,025 $6,691,500 $6,691,500

$579,211,900,815 $603,598,966,831 $603,598,966,831

 $0 $0 $0
$13,218,405 $13,218,405 $13,218,405
$13,218,405 $13,218,405 $13,218,405

$14,513,889 $14,548,611 $14,548,611

$27,732,294 $27,767,017 $27,767,017

$1,575,000,000 $1,600,000,000 $1,600,000,000

$553,515,580,069 $577,609,168,520 $577,609,168,520
$24,093,588,452 $24,362,031,294 $24,362,031,294
$579,184,168,520 $603,571,199,815 $603,571,199,815

$579,211,900,815 $603,598,966,831 $603,598,966,831

$24,093,588,452 $24,362,031,294 $275,249,777,900

-$111,525 -$111,525 -$557,625
$24,093,699,977 $24,362,142,819 $275,250,335,525

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

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

$24,093,699,977 $24,362,142,819 $275,250,335,525

$0 $0 $0
$34,722 $34,722 $416,667
$34,722 $34,722 $416,667

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

$25,000,000 $25,000,000 $300,000,000

$25,000,000 $25,000,000 $300,000,000

$25,034,722 $25,034,722 $300,416,667

$24,118,734,699 $24,387,177,541 $275,550,752,192

$555,086,363,091 $579,205,097,790 $603,592,275,331

$579,205,097,790 $603,592,275,331 $879,143,027,523
 667558.40% 686319.57% 7750139.07%
7.84% 7.61% 85.92%
3.54% 3.55% 3.50%

0.00% 0.00% 0.00%

96.46% 96.45% 96.50%

53.05% 53.05% 53.08%

$0 $0 $0
$0 $0 $0
$0 $0 $0
$2,848,192 $2,801,500 $2,801,500
$0 $0 $0
$3,954,833 $3,890,000 $3,890,000
$0 $0 $0
$6,803,025 $6,691,500 $6,691,500

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

$0 $0 $0
$0 $0 $0
$0 $0 $0
-$46,692 -$46,692 -$560,300
$0 $0 $0
-$64,833 -$64,833 -$778,000
$0.00 $0.00 $0
-$6,579,975.00 -$6,691,500.00 -$6,691,500.00
-$111,525 -$111,525 -$557,625

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

0.60% 0.60%