19 de Mayo de 2017 Señores Superintendencia del Mercado de Valores - SMV Av. Santa Cruz 315 Miraflores.Estimados Señores:

Por medio de la presente comunicación les adjuntamos el Informe de Valorización de Compañía Minera Milpo S.A.A., elaborado en el marco del Proceso de Determinación del PRECIO MÍNIMO A SER TOMADO EN CUENTA POR COMPAÑÍA MINERA MILPO S.A.A. EN LA OFERTA PÚBLICA DE COMPRA SOBRE LAS ACCIONES COMUNES REPRESENTATIVAS DE CAPITAL SOCIAL Y LAS ACCIONES DE INVERSION EMITIDAS POR COMPAÑÍA MINERA MILPO S.A.A. Sin otro particular, me despido.

Atentamente,

Guido Vingerhoets SUMMA Asesores Financieros S.A.

Valorización de Compañía Minera Milpo S.A.A y Determinación del Precio Mínimo a ser tomado en cuenta por Compañía Minera Milpo S.A.A en la Oferta Pública de Compra sobre las acciones comunes representativas del capital social y las acciones de inversión emitidas por Compañía Minera Milpo S.A.A Lima, 19 de Mayo del 2017

Tabla de Contenido 1. 2. 3. 4. 5. 6. 7.

8. 9. 10. 11. 12. 13.

2

Declaración de Responsabilidad ……………………………….. 4 Análisis del Contexto de la Operación…………………………...6 Análisis del Sector………………………………………………….9 Descripción de la Empresa ………………………………………24 Situación Económico – Financiera………………………………42 Situación Legal: Contingencias………………………………….67 Metodologías de Valorización……………………………………69 7.1. Metodología de Valor Contable…………………………....72 7.2. Metodología de Valor de Liquidación……………………..74 7.3. Metodología de Precio Promedio Ponderado……………77 7.4. Metodología de Ofertas Publicas Anteriores……………..79 7.5. Metodología de Sociedad Como Negocio en Marcha.......81 Tasa de Descuento………………………………………………131 Resultados y Análisis de Sensibilidad…………………………134 Factores de Riesgo………………………………………………145 Conclusiones y Recomendaciones…………………………….148 Anexos Papeles de Trabajo……………………………………154 Otros Anexos……………………………………………………..181

Declaración de Responsabilidad

Declaración de Responsabilidad Los firmantes declaran haber realizado una investigación y análisis que la lleva a considerar que el presente Informe de Valorización de las acciones comunes y de inversión emitidas por Compañía Minera Milpo S.A.A., ha sido preparado de acuerdo con la propuesta técnica y requisitos detallados en el presente documento, teniendo como base la información brindada por el emisor. Asimismo, la entidad valorizadora se hace responsable por los daños que se pueda generar causados por la expedición de un informe con un inadecuado sustento técnico o insuficiencia en su contenido dentro del ámbito de su competencia, de acuerdo con la responsabilidad establecida por el Código Civil.

4

Análisis del Contexto de la Operación

Análisis del Contexto de la Operación Antecedentes • Cuando un emisor decide deslistar sus valores del Registro Público del

Mercado de Valores, está obligado a realizar una oferta pública (OPC), la cual es de carácter forzoso. El objetivo de la OPC es que el inversionista pueda vender los valores a un precio razonable y no se vea afectado por: (i) el corte de flujo de información del emisor y (ii) la pérdida de liquidez del valor listado. • En este contexto, los antecedentes que generaron la obligación de esta OPC son: •

El 23 de Julio de 2015 la Junta General de Accionistas (JGA) aprobó llevar a cabo un proceso de recompra de acciones y delegar en el Directorio la toma de decisiones de dicha operación.

•

En el marco de lo acordado en dicha Junta, el 27 de Octubre de 2016 se fijan las condiciones para la Oferta de Compra con Difusión Pública (OCDP), entre las cuales las más relevantes son:  La oferta se extiende hasta por el 18.54% del capital social de Milpo,  Precio ofrecido, S/. 2.95 por cada acción,  Plazo de vigencia de la oferta: desde 28 de Octubre de 2016 hasta 29 de

Noviembre. Este plazo fue ampliado hasta el 7 de Diciembre posteriormente.

6

•

En dicha OCDP se recompró el 2.75% del capital social.

•

En este contexto, el 30 de Noviembre de 2016 la JGA aprueba delegar en el Directorio las evaluación, aprobación e implementación de la recompra de acciones y exclusión de las mismas.

Análisis del Contexto de la Operación Antecedentes (cont)

•

7

•

EL 1 de Diciembre el directorio aprueba iniciar el deslistados de las acciones y el 9 de dic presenta la solicitud a la SMV para (i) el deslistado de acciones comunes y de acciones de inversión, y (ii) la redención de acciones de inversión.

•

El 6 de Enero la SMV publica la resolución Nº 001-2017-SMV/11.1 mediante la cual aprueba la exclusión de las Acciones de Inversión de Compañía Minera Milpo S.A.A. condicionado a una oferta pública de compra de valores por exclusión (OPC).

•

El 2 de Marzo de 2017 la Superintendencia del Mercado de Valores (SMV) emite la resolución N°023-2017-SMV/11.1 mediante la cual dispone, a solicitud de Milpo, el deslistado de las acciones comunes, condicionado a una oferta pública de compra de valores por exclusión (OPC).

Determinación de la Fecha de Corte •

Tomando en consideración los antecedentes de la operación, hemos determinado que la Fecha de Corte para la valorización y determinación del valor de las acciones Comunes y de Inversión de Milpo es el 6 de Enero de 2017.

•

La decisión de la Empresa de retirar sus acciones Comunes y de Inversión se dio en una misma fecha. Esta decisión fue informada al mercado. Consideramos que al emitir la SMV la resolución del 6 de Enero el mercado podría anticipar que sucedería lo mismo para las acciones Comunes. De esta forma, dado que el precio de ambas acciones debe estar referido a un mismo valor de Milpo, definimos el 6 de Enero de 2017, como Fecha de Corte para la Valorización y determinación del precio de amabas acciones.

Análisis del Sector

Análisis del Sector La industria minera en Perú • El Perú es uno de los países mineros más importantes a nivel

regional y mundial; ocupando el segundo puesto en la producción de plata, tercero en la producción de zinc y cobre y cuarto en la producción de plomo.

Crecimiento PBI (%) y PBI Minería (%) 25% 20%

• Al 2016, el PBI nacional creció en 3.9% (YoY) debido a una

15%

mayor actividad de la minería metálica, la misma que contribuyó 1.8 puntos porcentuales al crecimiento total del año.

10% 5%

• El crecimiento del PBI minero fue de 21.2% (YoY) en el 2016.

Se espera un crecimiento de 7.5% y 5.0% para el 2017 y 2018 respectivamente.

0% -5% 2008

2009

• En relación a la producción del 2016, resalta el crecimiento del

cobre (+38.4%) y molibdeno (+27.8%); en tanto la producción de zinc retrocedió (5.9%). Producción Minero Metálica por principales productos (2008-2016) 160

120 2 80 1 40

-

2008

2009

2010 Cobre

Fuente: MINEM – Boletín Estadístico 2017

9

2011 Zinc

2012

2013 Plomo

2014

2015

2016

2011

2012

2013

2014

2015

PBI (Var%)

Fuente: BCRP

Ranking de Producción Minera (2016) Mineral Millones OzF

Millones TMF

3

2010

PBI Minero (Var %)

Oro Cobre Plata Zinc Plomo Estaño Molibdeno Cadmio

Plata

Fuente: MINEM – Anuario Estadístico 2016

LatAm

Mundo

1 2 2 1 1 2 2 2

6 2 2 2 4 6 4 8

2016

Análisis del Sector Inversión Minera en el Perú •

•

•

En el 2016, la inversión minera alcanzó los US$ 4,251 MM, inferior en 44.3% al 2015 (YoY) debido a la culminación de proyectos mineros Las Bambas y Cerro Verde. Las empresas que reportaron mayores inversiones en el último año fueron (i) SCCO (13.7%), (ii) Antapaccay (12.8%), (iii) Las Bambas (7.0%), (iv) Antamina (5.8%), (v) Cons. Minero Horizonte (4.9%), (vi) Cerro Verde (3.6%), entre otros. Actualmente la cartera de proyectos de inversión se encuentra compuesta por 46 proyectos 

53.2% corresponde a proyectos en exploración, 34.2% a proyectos con Estudio de Impacto Ambiental (EIA) aprobado, 11.2% a proyectos de ampliación y 1.3% en evaluación.

Inversión en Minería (2008-2016) US$ MM 12,000 10,000 8,000 6,000 4,000 2,000 2008

Ampliaciones EIA Aprobado

Shougang Hierro Peru Minera Chinalco Perú Southern Copper Corporation Minera Barrick Cía. Minera Miski Mayo Anglo American Quellaveco Minera Yanacocha Jinzhao Mining Perú Southern Copper Corporation Cía Minera Milpo Bear Creek Mining Company

Proyecto

Region

Marcona Ica Toromocho Junin Toquepala Tacna Lagunas Nortes La Libertad Bayovar Piura Quellaveco Moquegua Conga Cajamarca Pampa de Pongo Arequipa Tia Maria Arequipa Pukaqaqa Huancavelica Corani Puno

Mineral Fe Cu Cu Au Fosfatos Cu Cu, Au Fe Cu Cu-Mo Ag

10

2011

2012

2013

2014

2015

2016

2016: Inversión por empresa Inversión (US$ MM) 1,500 1,350 1,200 640 520 5,000 4,800 1,500 1,400 706 664

SCCO Cía. Minera Antapacay

14%

Las Bambas Antamina

41%

13%

Consorcio Minero Horizonte Buenaventura

7% 6% 5% 3%

Fuente: MINEM – Boletín Estadístico 2017

2010

Fuente: MINEM – Anuario Estadístico 2016

Principales Proyectos en cartera 2017 Empresa

2009

3% 4% 4%

Fuente: MINEM – Anuario Estadístico 2016

Cerro Verde Minera Chinalco La Arena Otros

Análisis del Sector Exportación Minera • Al 2016, las exportaciones mineras alcanzaron US$ 21,652

2016: Exportaciones Metálicas (US$ MM)

MM, superior en 14.9% (YoY). El crecimiento fue impulsado principalmente por mayores volúmenes exportados de cobre (+42.2%) y molibdeno +(37.1%).

1.6% 0.6%

•

un

crecimiento

1.3%

0.1% Cobre Oro

6.8%

• Durante el periodo 2008-2016, las exportaciones metálicas

medidas en dólares acumulan compuesto (CAGR) de 2.3%.

1.6%

7.6%

Zinc

47.0%

anual

Plata Plomo

Los principales metales exportados en el año fueron: (i) cobre (47.0%), oro (33.6%), plomo (7.6%) y zinc (6.8%).

Estaño 33.6%

Hierro Molibdeno

• En relación al volumen exportado:  Cobre: Al 2016, alcanzó volúmenes de 2.5 MM de Fuente: MINEM – Boletín Estadístico 2017

Exportaciones Metálicas TM/Onz (2008-2016)

 Plomo: Al 2016, alcanzó volúmenes de 0.9 MM de

3,000

TMF, acumulando un CAGR de 7.6% (2008-2016). TMF, acumulando un CAGR de -3.3%  Plata: Al 2016, alcanzó volúmenes de 7.1 MM de Oz,

acumulando un CAGR de 19.4%.

40

2,500

35

2,000 Miles TM

 Zinc: Al 2016, alcanzó volúmenes de 1.1 MM de

45

30 25

1,500

20

1,000

15 10

500

5

-

2008

2009 Cobre

Fuente: MINEM – Boletín Estadístico 2017

11

2010

2011 Zinc

Fuente: MINEM – Boletín Estadístico 2017

2012

2013

2014

Plomo

2015

2016 Plata

Millones Oz Troy

TMF, acumulando un CAGR de 9.1% (2008-2016), producto de la puesta en operación de grandes proyectos cupríferos (Cerro Verde y Las Bambas).

Análisis del Sector Zinc – Contexto Internacional • El zinc es un metal utilizado por sus características como un

anticorrosivo.

Producción de Zinc por país (2008-2016) 16

• Al 2016, el galvanizado del acero representó cerca del 80% de

• La producción mundial de zinc en el 2016 ascendió a 11.9 MM

de TMF aproximadamente, inferior en 6.7% (YoY). • Los principales países productores fueron China (37.7%), Perú

12

Millones TMF

la demanda mundial de zinc seguido por aleaciones 11% y otros 9%.

8

4

(11.2%), Australia (7.1%) y EE.UU (6.5%). Australia

Mexico

Inda

EE.UU.

3,000

zinc disminuyó 5.3% explicado por (i) la desaceleración de la demanda interna de China y (ii) exceso de inventarios, lo que llevó al cierre de varias operaciones.

2,000

US$/TM

2,500

Fuente: MINEM – Anuario Estadístico 2015, USGS

Perú

Cotización Anual Promedio (US$/TM)

• Durante el periodo 2008-2016 la cotización anual promedio del

1,500 1,000 500

Fuente: LME, Bloomberg, Kallpa Securities, Scotiabank, JP Morgan, Deutsche Bank Elaboración: SUMMA Asesores

2021P

2020P

2019P

2018P

2016

2017P

2015

2014

2013

2012

2008

explicado por menores niveles de producción. Para los años posteriores se prevé un aumento en la producción y consecuentemente una caída en el precio del metal.

China

Fuente: MINEM – Anuario Estadístico 2016

Crecimiento del sector construcción y automotriz a nivel mundial.

• En el 2017 se espera una recuperación en el precio del metal

12

Otros

2011



Reservas e inventarios de zinc disponibles para la venta (según United States Geological Survey, se estima que las reservas conocidas de zinc al 2016 alcanzarían 220 MMTM).

2008 2009 2010 2011 2012 2013 2014 2015 2016

2010



-

2009

• El precio del zinc a nivel mundial depende de:

Análisis del Sector Zinc – Perú • Al 2016 la producción de zinc en el Perú acumula un

Producción de Zinc (2008-2016)

decrecimiento anual compuesto (CAGR 2008-2016) de 2.2%, alcanzando niveles mínimos en el 2011 (1.2 MM TMF) y con una tendencia positiva desde entonces. inferior en 5.9% respecto al 2015, debido a menores rendimientos y cierres de minas. • Los principales productores locales son:  Antamina: 19.6% de la producción nacional,  Milpo: 18.4%,

 Volcan: 12.6%,

CAGR (2008-2016: -2.2%

1.6 1.4 Millones TMF

• A cierre de año, la producción de zinc alcanzó 1.3 MM TMF,

1.8

1.2 1.0 0.8 0.6 0.4 0.2 2008 2009 2010 2011 2012 2013 2014 2015 2016

Fuente: MINEM – Anuario Estadístico 2016

 Chungar: 5.0% y  El Brocal 4.4%, concentrando los antes indicados el 60%

2016: Principales Productores de Zinc (TMF)

de la producción nacional de zinc en el 2016.

Antamina

19.6%

• Las reservas de zinc ascendieron a 25 MM TM en el 2016,

según cifras de United States Geological Survey.

Milpo

36.5% Volcan Chungar

18.4%

3.5% 4.4%

Fuente: MINEM – Boletín Estadístico 2017, Anuario 2015

13

El Brocal Catalina Huanca Sociedad Minera

5.0%

12.6%

Fuente: MINEM – Boletín Estadístico 2017

Otros ( expectativa de lograr 70% Interpretado* como Recursos Inferidos Margen de Error medio de 55% -> expectativa de lograr 45% * Interpretación del valorizador para la estimación de los Recursos convertidos en Reservas

Fuente: J.G. Stone and P.G. Dunn, "Ore Reserve Estimates in the Real World", SOCIETY OF ECONOMIC GEOLOGISTS, INC, 2012

200

Anexo Proyectos Polimetálicos Empresas polimetálicas utilizadas como comparables • El ratio promedio ponderado (19.42) se obtuvo por a través de la división del Valor Empresa de las

comparables juniors (US$) y el total de recursos medidos indicados e inferidos de zinc equivalente de los proyectos, medido en TM. • El resultado arroja un ratio de US$ 19.42 por TM de zinc equivalente.

Empresa

País

Market Cap (US$ MM)

Deuda Neta EV (US$ MM) ZnEq Medido (US$ MM)

Golden Rim Resources Ltd

Australia

13.5 -

5.5

8.0

42,627

PNX METALS Ltd

Australia

17.2 -

0.5

16.7

-

Aldridge Minerals Inc

Canada

22.7

26.3

49.0

-

Aquila Resources Inc

Canada

39.5 -

1.4

38.1

Arizona Mining Inc

Canada

459.8 -

6.3

Heron Resources Ltd

Australia

39.2 -

Tinka Resources Ltd

Canada

Variscan Mines Ltd

ZnEq Indicado

ZnEq M,I&Inf

EV / M,I&Inf

43,412

196,826

40.65

457,472

457,472

36.50

1,523,271

16,018

1,539,289

31.83

619,014

561,884

168,630

1,349,527

28.23

453.5

1,269,729

5,476,435

10,767,682

17,513,845

25.89

15.0

24.2

92,000

612,000

390,000

1,094,000

22.12

31.5 -

2.0

29.5

-

101,175

1,634,571

1,735,746

17.00

Australia

6.3 -

1.9

4.4

-

34,607

227,684

262,291

16.78

Rathdowney Resources Ltd

Canada

27.8 -

1.5

26.3

-

-

1,591,140

1,591,140

16.53

Callinex Mines Inc

Canada

23.4 -

3.2

20.2

-

323,381

1,055,295

1,378,676

14.65

Heatherdale Resources Ltd

Canada

0.7

7.6

-

401,798

188,725

590,523

12.87

Canadian Zinc Corp

Canada

44.6 -

7.1

37.5

1,719,012

1,702,279

3,812,400

9.84

Venturex Resources Ltd

Australia

13.8 -

0.5

13.3

1,562,581

1,562,581

8.51

Ironbark Zinc Ltd

Australia

34.7 -

1.7

33.0

968,812

3,882,150

8.50

Firestone Ventures Inc

Canada

0.5

1.6

-

13,885

203,271

7.87

Foran Mining Corp

Canada

0.9

24.4

-

1,833,410

1,529,247

3,362,657

7.26

14,261,177

22,317,432

40,532,396

Total

6.9

1.1 25.3 -

787.3

391,109 1,349,922

3,764,400

110,787

ZnEq Inferido

-

1,563,417 -

Promedio Ponderado

Fuente: Capital IQ al 06/01/2017, Elaboración: SUMMA

201

19.42x

Anexo Valor de Proyectos Cupríferos Proyecciones: Magistral Procesamiento TPD N° Días Mineral Tratado Concentrado de Cobre Ley Cabeza Cu Ley Cu Recuperación Cu Concentrado Cobre Concentrado de Molibdeno Ley Cabeza Mo Ley Mo Recuperación Mo Concentrado Molibdeno

Unidad t/dia días t

2017 -

2018 -

2019 -

2020 -

2021 10,000 360 3,600,000

2022 10,000 360 3,600,000

2023 10,000 360 3,600,000

2024 18,000 360 6,480,000

2025 20,000 360 7,200,000

2026 20,000 360 7,200,000

2027 20,000 360 7,200,000

2028 20,000 360 7,200,000

2029 20,000 360 7,200,000

2030 20,000 360 7,200,000

2031 20,000 360 7,200,000

2032 20,000 360 7,200,000

2033 20,000 360 7,200,000

2034 20,000 254 5,082,521

% % % TMS

0% 0% 0% -

0% 0% 0% -

0% 0% 0% -

0% 0% 0% -

1% 28% 97% 113,117

1% 28% 95% 97,287

1% 28% 94% 81,256

1% 27% 92% 122,842

1% 28% 92% 134,428

0% 28% 91% 107,778

1% 28% 92% 129,713

1% 27% 92% 126,385

0% 25% 91% 121,801

1% 26% 92% 135,465

1% 25% 92% 136,604

0% 22% 91% 126,020

0% 22% 90% 121,310

0% 22% 91% 98,478

% % % TMS

0% 0% 0% -

0% 0% 0% -

0% 0% 0% -

0% 0% 0% -

0% 51% 81% 3,271

0% 51% 79% 3,679

0% 51% 81% 3,290

0% 52% 81% 5,816

0% 50% 84% 5,375

0% 52% 85% 5,096

0% 51% 83% 5,862

0% 52% 82% 5,973

0% 52% 83% 5,766

0% 51% 83% 5,873

0% 52% 82% 6,058

0% 52% 84% 5,515

0% 51% 83% 5,827

0% 50% 84% 3,759

Unidad

2017

2018

2019

2020

Ventas Ventas en TM Concentrado Cobre Concentrado Molibdeno Total Ventas en US$ Concentrado Cobre Concentrado Molibdeno Total

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

TMS TMS TMS

-

-

-

-

113,117 3,271 116,388

97,287 3,679 100,966

81,256 3,290 84,546

122,842 5,816 128,657

134,428 5,375 139,803

107,778 5,096 112,874

129,713 5,862 135,575

126,385 5,973 132,358

121,801 5,766 127,567

135,465 5,873 141,338

136,604 6,058 142,662

126,020 5,515 131,535

121,310 5,827 127,137

98,478 3,759 102,238

US$ 000 US$ 000 US$ 000

-

-

-

-

187,229 26,754 213,983

184,383 35,442 219,825

159,129 33,291 192,420

242,110 61,418 303,527

276,883 56,066 332,949

228,604 56,355 284,960

281,151 65,179 346,330

271,511 69,161 340,672

242,033 68,327 310,360

285,277 69,975 355,253

284,237 75,170 359,408

233,116 70,027 303,143

227,543 74,396 301,938

188,320 48,244 236,564

Costo de ventas y Cash cost Unidad Costo de venta Mina Planta Administración Servicios Generales Depreciación Participación de trabajadores Total Costo de Venta Cash Cost Cash Cost Cash Cost

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000

2017 -

2018 -

2019 -

2020 -

16,810 26,902 2,384 30,745 30,199 5,600 112,640

17,075 27,574 2,444 26,097 30,297 7,029 110,517

17,967 28,264 2,505 27,557 30,399 4,998 111,690

28,867 45,396 4,622 29,500 37,128 9,591 155,104

49,489 51,701 5,264 33,597 37,196 9,234 186,481

51,212 52,993 5,395 34,437 37,300 5,682 187,020

52,999 54,318 5,530 35,298 38,621 9,477 196,243

54,439 55,676 5,668 36,181 38,729 8,756 199,450

55,920 57,068 5,810 37,085 39,319 6,171 201,373

57,444 58,495 5,955 38,012 39,908 8,908 208,722

59,007 59,957 6,104 38,963 40,498 8,783 213,311

60,617 61,456 6,257 39,937 41,087 4,326 213,679

60,204 62,993 6,413 40,935 20,298 5,692 196,535

38,717 45,578 4,640 29,619 2,359 6,556 127,469

US$ 000 US$/T

-

-

-

-

76,841 21

73,190 20

76,293 21

108,385 17

140,051 19

144,038 20

148,145 21

151,964 21

155,883 22

159,906 22

164,031 23

168,266 23

170,545 24

118,555 23

2021 19,265 4,280 552 8,058 2,140 514

2022 16,972 4,397 566 3,015 528

2023 14,538 3,848 580 1,924 462

2024 22,619 6,071 594 4,062 728

2025 25,175 6,659 609 3,408 799

2026 20,780 5,699 624 2,850 684

2027 25,547 6,927 640 3,463 831

2028 25,516 6,813 656 3,407 818

2029 25,165 6,207 672 3,104 745

2030 28,545 7,105 689 3,553 853

2031 29,480 7,188 706 3,594 863

2032 27,816 6,063 724 3,031 728

2033 27,498 6,039 742 3,019 725

2034 22,656 4,731 761 2,417 568

Gastos Operativos Gasto de ventas Contraprestación con el estado Comunidades Otros Regalías Mineras Otros Gastos OEFA y Osinergmin

Unidad US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000

Elaboración: SUMMA Asesores

202

2017 2018 2019 2020 3,860 1,087 1,114 1,142 -

Anexo Valor de Proyectos Cupríferos Proyecciones: Pukaqaqa Procesamiento TPD N° Días Mineral Tratado Concentrado de Cobre Ley Cabeza Cu Ley Cu Recuperación Cu Concentrado Cobre Concentrado de Molibdeno Ley Cabeza Mo Ley Mo Recuperación Mo Concentrado Molibdeno

Unidad t/dia días t

2017 -

2018 -

2019 -

2020 -

2021 -

2022 12,000 360 4,320,000

2023 12,000 360 4,320,000

2024 12,000 360 4,320,000

2025 12,000 360 4,320,000

2026 12,000 360 4,320,000

2027 11,994 360 4,318,000

2028 12,000 360 4,320,000

2029 12,000 360 4,320,000

2030 12,000 360 4,320,000

2031 12,000 360 4,320,000

2032 12,000 360 4,320,000

2033 12,000 360 4,320,000

2034 12,000 360 4,320,000

% % % TMS

0.0% 0.0% 0.0% -

0.0% 0.0% 0.0% -

0.0% 0.0% 0.0% -

0.0% 0.0% 0.0% -

0.0% 0.0% 0.0% -

0.6% 25.0% 88.0% 98,185

0.6% 25.0% 88.0% 92,099

0.6% 25.0% 88.0% 89,799

0.6% 25.0% 88.0% 84,041

0.5% 25.0% 88.0% 79,659

0.6% 27.0% 86.0% 84,946

0.6% 27.0% 86.0% 85,857

0.6% 27.0% 86.0% 88,961

0.7% 27.0% 86.0% 101,763

0.8% 27.0% 86.0% 109,117

0.8% 27.0% 86.0% 103,789

0.5% 27.0% 86.0% 74,956

0.5% 27.0% 86.0% 67,793

% % % TMS

0.0% 0.0% 0.0% -

0.0% 0.0% 0.0% -

0.0% 0.0% 0.0% -

0.0% 0.0% 0.0% -

0.0% 0.0% 0.0% -

0.0% 55.0% 65.0% 1,027

0.0% 55.0% 65.0% 945

0.0% 55.0% 65.0% 564

0.0% 55.0% 65.0% 394

0.0% 55.0% 65.0% 681

0.0% 55.0% 65.0% 640

0.0% 55.0% 65.0% 488

0.0% 55.0% 65.0% 539

0.0% 55.0% 65.0% 572

0.0% 55.0% 65.0% 570

0.0% 55.0% 65.0% 550

0.0% 55.0% 65.0% 450

0.0% 55.0% 65.0% 510

Unidad

2017

2018

2019

2020

2021

Ventas Ventas en TM Concentrado Cobre Concentrado Molibdeno Ventas en US$ Concentrado Cobre Concentrado Molibdeno

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

TMS TMS

-

-

-

-

-

98,185 1,027

92,099 945

89,799 564

84,041 394

79,659 681

84,946 640

85,857 488

88,961 539

101,763 572

109,117 570

103,789 550

74,956 450

67,793 510

US$ 000 US$ 000

-

-

-

-

-

157,162 10,685

153,197 10,327

152,857 6,303

146,312 4,509

141,989 7,968

168,535 7,662

173,762 5,983

184,806 6,767

217,075 7,337

238,423 7,483

232,030 7,389

171,277 6,192

158,355 7,175

Costo de ventas y Cash cost Unidad Costo de venta Mina Planta Administración Servicios Generales Depreciación Participación de trabajadores Total Costo de Venta Cash Cost Cash Cost Cash Cost

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000 US$ 000

2017 -

2018 -

2019 -

2020 -

2021 -

27,558 27,064 1,878 32,150 4,528 93,178

28,073 28,396 1,925 32,308 4,428 95,130

29,381 28,546 1,973 32,308 3,992 96,200

28,774 29,237 2,023 32,465 3,382 95,880

32,717 29,544 2,073 32,590 2,994 99,918

33,609 29,656 2,125 32,681 4,796 102,867

33,734 28,312 2,178 33,868 5,025 103,117

32,603 27,605 2,233 33,868 5,949 102,257

33,984 28,295 2,288 33,996 7,977 106,540

14,318 29,511 2,346 33,996 10,663 90,833

7,647 30,309 2,404 33,996 10,631 84,987

7,431 31,204 2,464 13,507 7,915 62,522

5,774 32,141 2,526 8,089 48,530

US$ 000 US$/T

-

-

-

-

-

56,500 13

58,394 14

59,900 14

60,033 14

64,334 15

65,390 15

64,224 15

62,440 14

64,568 15

46,174 11

40,360 9

41,099 10

40,440 9

Unidad US$ 000 US$ 000 US$ 000 US$ 000 US$ 000

2017 3,500 -

2018 2,973 -

2019 1,891 -

2020 1,938 -

2021 5,409 -

2022 10,878 3,357 4,526 1,678 403

2023 10,456 3,270 1,635 392

2024 10,394 3,183 1,592 382

2025 9,950 3,016 1,508 362

2026 9,717 2,999 1,500 360

2027 10,606 3,524 1,762 423

2028 10,961 3,595 1,870 431

2029 11,647 3,831 2,472 460

2030 13,648 4,488 3,837 539

2031 14,992 4,918 6,401 590

2032 14,618 4,788 6,560 575

2033 10,831 3,549 4,910 426

2034 10,061 3,311 5,585 397

Gastos Operativos Gasto de ventas Contraprestación con el estado Otros Regalías Mineras Otros Gastos OEFA y Osinergmin

Elaboración: SUMMA Asesores

203

Anexo Valor de Minera Rayrock Valor utilizado Para el valor de Rayrock se utilizó el valor negociado entre Milpo y Coromining en el Acuerdo No Vinculante suscrito en Agosto del 2016. De acuerdo con información provista por Milpo, las partes se encuentran en proceso de negociación para llegar a un acuerdo final. Se incluye extracto de la presentation corporativa de Coromining de Abril 2017 informando de esta transacción. Transaction Status; - Paid US$250,000 for exclusivity - All due diligence completed, final agreement documentation almost completed - Payment of US$6,250,000 due on execution of final agreement https://www.coromining.com/site/assets/files/1320/coro_investor_presentation_website_-_24_april_2017.pdf

Fuente: Milpo Elaboración: SUMMA Asesores

204

Anexo Cotizaciones Cotizaciones Acciones Comunes Milpo Fecha cotización

Cantidad Cierre

Monto

Negociad Negociado a (S/.)

Cantidad Cierre

Monto

Negociad Negociada o (S/.)

Fecha cotización

Cantidad Cierre

Monto

Negociad Negociada o (S/.)

Fecha cotización

Cierre

Cantidad

Monto

Negociad a

Negociad o (S/.)

06/01/2017

3.57

56,343

196,787.11

22/11/2016

3.03

328,647

994,775.71

04/10/2016

2.7

12,000

32,585.00

18/08/2016

2.8

386,804

1,084,400.10

05/01/2017

3.48

112,686

390,632.75

21/11/2016

3.02

779,432

2,349,631.06

03/10/2016

2.9

66,602

179,663.46

17/08/2016

2.7

175,420

474,203.00

04/01/2017

3.42

11,758

39,996.22

16/11/2016

3

300,017

899,831.77

30/09/2016

2.72

11,409

31,032.48

16/08/2016

2.71

63,038

170,432.98

15/11/2016

2.97

167,836

501105.58

29/09/2016

2.72

169,223

460079.91

15/08/2016

14/11/2016

3

30,258

90,466.65

28/09/2016

2.69

195,652

527,432.33

12/08/2016

2.7

163,792

450,638.48

11/11/2016

3

534,558

1,614,034.32

27/09/2016

2.68

68,842

184,496.56

11/08/2016

2.72

135,000

367,985.00

2.68

16,155

43,295.40

10/08/2016

2.73

178,385

484,019.27

1

2.68

09/08/2016

33,500

89,570.00

08/08/2016

2.65

61,042

161,222.60

05/08/2016

2.62

85,641

223,131.74

03/01/2017 02/01/2017

685

2,356.40

30/12/2016 29/12/2016

3.42

203,257

693,158.42

10/11/2016

3

624,776

1,884,456.12

26/09/2016

28/12/2016

3.41

8,813

30052.33

09/11/2016

3.02

253,101

759251.37

23/09/2016

27/12/2016

3.41

34,899

119,017.09

08/11/2016

3

240,314

725,147.60

22/09/2016

26/12/2016

3.41

61,000

207,770.00

07/11/2016

3

50,406

151,218.00

21/09/2016

23/12/2016

3.4

309,344

1,051,769.60

04/11/2016

3.01

796,579

2,375,050.31

20/09/2016

2.67

1,500

4,005.00

04/08/2016

2.6

120,313

312,035.41

22/12/2016

3.4

31,288

105,988.54

03/11/2016

3

157,648

473,883.82

19/09/2016

2.66

2,079

5,530.14

03/08/2016

2.57

77,820

202,197.00

2.68

21/12/2016

3.37

75,152

253,262.75

02/11/2016

3.02

1,040,651

3,142,766.02

16/09/2016

02/08/2016

2.6

354,523

918,794.84

20/12/2016

3.37

69,242

233,345.54

31/10/2016

3.07

284,309

872,925.76

15/09/2016

01/08/2016

2.52

429,669

1,078,204.66

19/12/2016

3.37

165,230

556,825.10

28/10/2016

3.02

678,120

2,016,803.82

14/09/2016

27/07/2016

2.37

192,668

461,610.12

16/12/2016

3.37

36,253

122,172.61

27/10/2016

2.9

88,686

257,304.15

13/09/2016

26/07/2016

2.4

328,217

778,973.13

15/12/2016

3.37

14,356

48,365.31

26/10/2016

2.9

21,539

62,600.23

12/09/2016

2.65

109,756

290,853.40

25/07/2016

2.25

16,250

36,562.50

14/12/2016

3.4

38,684

130,099.50

25/10/2016

2.9

103,050

302,669.00

09/09/2016

2.7

84,552

228,290.40

22/07/2016

2.25

11,150

25,087.50

13/12/2016

3.32

279,661

928,474.52

24/10/2016

2.85

48,032

137,191.20

08/09/2016

2.75

125,550

344,741.50

21/07/2016

2.25

181,000

407,250.00 67,500.00

12/12/2016

3.32

609,226

2,051,374.47

21/10/2016

07/09/2016

2.7

27,520

74,704.00

20/07/2016

2.25

30,000

09/12/2016

3.3

28,578

93,910.06

20/10/2016

2.9

98,075

282,902.50

06/09/2016

2.72

58,672

158,540.40

19/07/2016

2.25

30,236

68,031.00

07/12/2016

3.18

2,263,639

7,093,305.87

19/10/2016

2.95

130,657

376,476.85

05/09/2016

2.71

128,609

348,320.39

18/07/2016

2.25

23,572

53,327.00

06/12/2016

3.1

292,434

907,145.40

18/10/2016

2.83

161,200

451,560.00

02/09/2016

2.7

156,116

423,080.85

15/07/2016

2.27

234,200

526,030.00

05/12/2016

3.1

185,548

588,861.20

17/10/2016

2.75

146,401

402,500.25

01/09/2016

2.7

433,079

1,149,423.47

14/07/2016

2.29

762,975

1,714,172.02

02/12/2016

3.15

346,617

1,088,727.20

14/10/2016

2.75

32,455

89,813.39

31/08/2016

2.67

281,271

758,673.36

13/07/2016

2.2

361,070

794,354.00

01/12/2016

3.12

335,264

1,046,640.62

13/10/2016

2.72

65,094

177,055.68

29/08/2016

2.78

46,472

129,248.34

12/07/2016

2.24

179,363

398,648.60

30/11/2016

3.2

1,001,778

3,166,732.17

12/10/2016

500

1,340.00

26/08/2016

2.77

57,834

159,253.76

11/07/2016

2.19

177,579

390,826.44

29/11/2016

3.03

162,322

491,401.22

11/10/2016

166,752

455,965.44

25/08/2016

2.71

61,805

166,081.92

08/07/2016

2.2

241,800

531,960.00

28/11/2016

3.03

336,714

1,018,029.66

10/10/2016

24/08/2016

2.68

88,853

239,622.12

07/07/2016

2.2

94,400

207,680.00

25/11/2016

3.03

981,192

2,959,458.48

07/10/2016

23/08/2016

2.75

36,693

101,270.83

06/07/2016

2.2

314,470

688,786.56

24/11/2016

3.02

553,705

1669434.2

06/10/2016

2.78

165,000

458800

22/08/2016

2.77

46,464

128895.28

05/07/2016

23/11/2016

3.03

647,764

1,958,402.90

05/10/2016

2.79

9,783

27,183.25

19/08/2016

2.8

154,614

431,776.40

04/07/2016

2.26

15,990

36,085.10

01/07/2016

2.19

152,870

335,997.50

Fuente: BVL Elaboración: SUMMA Asesores

205

Fecha cotización

2.75

Anexo Cotizaciones Cotizaciones Acciones de Inversión Milpo Fecha cotización

Cierre

Cantidad

Monto

Negociad a

Negociad o (S/.)

06/01/2017

650

1,638.00

05/01/2017 04/01/2017

22/11/2016

Cantidad

Monto

Negociada

Negociad o (S/.)

7,100

14,200.00

Cierre 2

21/11/2016 2.58

21,646

55,846.68

16/11/2016

2.1

12,402

26,044.20

Fecha cotización

Cantidad

Monto

Negociada

Negociad o (S/.)

Cierre

Fecha cotización

Cantidad Cierre

Monto

Negociad Negociada o (S/.)

03/10/2016

1.58

21,032

33,230.56

17/08/2016

1.6

5,000

8,000.00

30/09/2016

1.58

7,000

11,060.00

16/08/2016

1.61

5,000

8,037.00

29/09/2016

1.6

5,170

8,272.00

15/08/2016

03/01/2017

15/11/2016

28/09/2016

12/08/2016

1.6

5,000

8000

02/01/2017

14/11/2016

27/09/2016

11/08/2016

1.6

7,400

11,840.00

30/12/2016

11/11/2016

2.15

59,902

127,789.30

26/09/2016

1.6

8,020

12,832.00

10/08/2016

1.55

11,000

17,050.00

29/12/2016

10/11/2016

2.15

91,360

196,424.00

23/09/2016

1.6

13,160

21,056.00

09/08/2016

1.55

4,000

6,200.00

28/12/2016

09/11/2016

2.15

20,000

43000

22/09/2016

08/08/2016

27/12/2016

08/11/2016

2.15

45,002

96,754.30

21/09/2016

05/08/2016

26/12/2016

07/11/2016

2.12

28,189

59,916.35

20/09/2016

04/08/2016

23/12/2016

04/11/2016

2.15

71,865

154,674.31

19/09/2016

03/08/2016 02/08/2016 1.55

10,000

15,250.00

1.5

29,706

44,559.00

22/12/2016

2.58

6,500

16,770.00

03/11/2016

2.18

45,400

98,520.00

16/09/2016

21/12/2016

2.58

10,000

25,800.00

02/11/2016

2.31

59,200

141,702.00

15/09/2016

01/08/2016

20/12/2016

2.58

18,672

48,780.80

31/10/2016

2.28

50,232

109,958.96

14/09/2016

27/07/2016

19/12/2016

2.6

4,000

10,400.00

28/10/2016

1.98

20,325

38,758.85

13/09/2016

16/12/2016 15/12/2016 14/12/2016

2.6

27/10/2016

12/09/2016

5,000

8,500.00

26/07/2016 25/07/2016

2,570.00

26/10/2016

09/09/2016

7,721

20,140.60

25/10/2016

08/09/2016

21/07/2016

24/10/2016

07/09/2016

20/07/2016

1.47

7,000

10,290.00

06/09/2016

19/07/2016

1.42

33,206

47,152.52

12/12/2016

2.65

11,193

29,568.15

21/10/2016

09/12/2016

2.59

8,000

20,720.00

20/10/2016

07/12/2016

2.59

5,550

14,281.00

19/10/2016

06/12/2016

18/10/2016

1.72

11,300

19,436.00

05/09/2016

1.58

200

1.75

5,000

350.00

8,750.00

22/07/2016

18/07/2016

392

631.12

02/09/2016

15/07/2016

1.41

15,000

21,150.00

10,000

15,800.00

01/09/2016

14/07/2016

1.45

5,000

7,250.00 3,678.65

05/12/2016

2.59

2,000

5,180.00

17/10/2016

31/08/2016

02/12/2016

2.59

2,355

6,099.45

14/10/2016

29/08/2016

1,000

2,590.00

13/10/2016

01/12/2016

1.7

1,000

13/12/2016

100

172.00

13/07/2016

2,537

5,100

8,770.00

12/07/2016

61

88.45

26/08/2016

11/07/2016

545

790.25

6,987

10,131.15

1.72

30/11/2016

2.59

56,972

134,957.48

12/10/2016

25/08/2016

08/07/2016

29/11/2016

2.25

5,000

11,250.00

11/10/2016

24/08/2016

07/07/2016

28/11/2016

2.23

41,910

92,531.34

10/10/2016

23/08/2016

1.65

3,700

6,105.00

06/07/2016

25/11/2016

2.2

27,402

58,934.40

07/10/2016

22/08/2016

1.63

5,000

8,150.00

05/07/2016

24/11/2016

2.1

54,640

114640

06/10/2016

19/08/2016

750

1275

04/07/2016

23/11/2016

2

11,400

22,800.00

05/10/2016

1.58

5,000

7,900.00

04/10/2016

1.58

5,000

7,900.00

Fuente: BVL Elaboración: SUMMA Asesores

206

Fecha cotización

18/08/2016

01/07/2016

1.45

Anexo Cotizaciones Cotizaciones Acciones Comunes: ATACOAC1 Fecha cotización

Cantidad

Monto

Negociada

Negociado (S/.)

Cierre

Fecha cotización

Cantidad

Monto

Negociada

Negociado (S/.)

Cierre

22/11/2016

06/01/2017

Fecha cotización

Cantidad

Monto

Negociada

Negociado (S/.)

Cierre

Fecha cotización

04/10/2016

18/08/2016

21/11/2016

03/10/2016

17/08/2016

16/11/2016

30/09/2016

16/08/2016

03/01/2017

15/11/2016

29/09/2016

15/08/2016

02/01/2017

14/11/2016

28/09/2016

30/12/2016

11/11/2016

29/12/2016

10/11/2016

28/12/2016 27/12/2016

05/01/2017

Monto

Negociada

Negociado (S/.)

0.355

136,794

1,033

361.55

12/08/2016

0.35

48,915

17,130.25

27/09/2016

11/08/2016

0.345

12,000

4,140.00

26/09/2016

10/08/2016

0.36

12,000

4,320.00

09/11/2016

23/09/2016

09/08/2016

08/11/2016

22/09/2016

08/08/2016

07/11/2016

21/09/2016

05/08/2016

23/12/2016

04/11/2016

20/09/2016

04/08/2016

22/12/2016

03/11/2016

19/09/2016

03/08/2016

21/12/2016

02/11/2016

16/09/2016

02/08/2016

0.34

13,000

4,420.00

813

244.71

04/01/2017

0.44

26/12/2016

10,000

5,000

4,400.00

2,275.00

20/12/2016

4,040

1,898.80

31/10/2016

19/12/2016

95

43.23

100,000

47,000.00

2,000

660.00

15/09/2016

01/08/2016

28/10/2016

14/09/2016

27/07/2016

27/10/2016

13/09/2016

0.35

17,003

5,951.05

26/07/2016

15/12/2016

26/10/2016

12/09/2016

0.35

19,556

6,844.60

25/07/2016

14/12/2016

25/10/2016

09/09/2016

13/12/2016

24/10/2016

08/09/2016

21/07/2016

4,700.00

21/10/2016

07/09/2016

20/07/2016

16/12/2016

12/12/2016

0.47

10,000 4,018

1,828.19

20/10/2016

06/09/2016

19/07/2016

0.455

55,240

24,288.55

19/10/2016

05/09/2016

18/07/2016

18/10/2016

02/09/2016

15/07/2016

05/12/2016

3,189

1,215.01

17/10/2016

01/09/2016

02/12/2016

5,200

2,080.00

14/10/2016

31/08/2016

13/10/2016

29/08/2016

12/07/2016

12/10/2016

26/08/2016

11/07/2016

29/11/2016

11/10/2016

25/08/2016

28/11/2016

10/10/2016

24/08/2016

07/07/2016

25/11/2016

07/10/2016

23/08/2016

06/07/2016

24/11/2016

06/10/2016

22/08/2016

05/07/2016

23/11/2016

05/10/2016

19/08/2016

04/07/2016

07/12/2016 06/12/2016

01/12/2016 30/11/2016

173

60.55

14/07/2016

0.35

40,679

5,003

14,237.65

1,751.05

13/07/2016

08/07/2016

01/07/2016

Fuente: BVL Elaboración: SUMMA Asesores

47,977.93

22/07/2016

0.47

09/12/2016

207

Cantidad Cierre

Anexo Cotizaciones Cotizaciones Acciones Comunes: ATACOBC1 Fecha cotización

Cantidad

Monto

Negociada

Negociado (S/.)

Cierre

Cantidad

Monto

Negociada

Negociado (S/.)

Cierre

Fecha cotización

Cantidad

Monto

Negociada

Negociado (S/.)

Cierre

Fecha cotización

Cantidad

Monto

Negociada

Negociado (S/.)

Cierre

06/01/2017

0.395

40,540

16,013.30

22/11/2016

0.32

186,808

58,730.52

04/10/2016

0.3

284,856

88,736.58

18/08/2016

0.36

757,682

264,514.48

05/01/2017

0.405

48,923

19,813.82

21/11/2016

0.33

39,386

12,747.62

03/10/2016

0.315

23,159

7,292.14

17/08/2016

0.34

457,498

155,544.27

04/01/2017

0.405

234,700

95,927.00

16/11/2016

30/09/2016

0.32

337,454

107,984.35

16/08/2016

0.34

154,775

52,619.71

03/01/2017

0.4

57,476

22981.2

15/11/2016

0.336

53,999

18081.82

29/09/2016

0.32

85,000

27200

15/08/2016

0.34

217,385

73910.9

7,500

3,000.00

14/11/2016

0.34

378,939

126,717.47

28/09/2016

0.316

30,300

9,562.06

12/08/2016

0.34

70,000

23,800.00

02/01/2017 30/12/2016

0.4

51,545

20,594.83

11/11/2016

0.33

390,142

131,366.89

27/09/2016

0.316

52,041

16,410.48

11/08/2016

0.34

60,308

20,504.72

29/12/2016

0.399

273,382

107,945.71

10/11/2016

0.336

307,127

103,451.02

26/09/2016

0.315

38,384

12,171.73

10/08/2016

0.34

235,980

80,233.21

28/12/2016

0.396

20,309

7877.42

09/11/2016

0.325

202,511

65696.72

23/09/2016

0.33

134,926

44515.98

09/08/2016

0.34

184,975

62873.35

27/12/2016

0.39

97,902

38,322.27

08/11/2016

0.328

295,295

97,378.46

22/09/2016

0.337

115,567

38,946.08

08/08/2016

0.335

151,515

50,757.53

26/12/2016

0.4

45,243

18,129.56

07/11/2016

0.329

253,916

83,934.35

21/09/2016

0.336

160,110

53,884.76

05/08/2016

0.33

90,200

29,838.25

2,534

969.92

04/11/2016

0.33

156,854

51,637.30

20/09/2016

13,131

4,267.58

04/08/2016

0.401

61,842

24,970.30

03/11/2016

0.33

178,848

59,019.84

19/09/2016

23/12/2016 22/12/2016

3

0.98

03/08/2016

0.33

443,249

149,906.09

21/12/2016

0.41

246,720

101,138.45

02/11/2016

0.33

209,550

69,150.24

16/09/2016

02/08/2016

0.35

309,150

108,100.79

20/12/2016

0.395

376,159

148,244.08

31/10/2016

0.33

250,250

82,957.50

15/09/2016

0.319

34,292

10,944.44

01/08/2016

0.34

418,641

142,141.60

19/12/2016

0.385

36,140

13,948.90

28/10/2016

0.336

234,776

78,486.33

14/09/2016

0.32

114,979

36,782.78

27/07/2016

0.33

180,579

60,106.09

16/12/2016

0.409

407,000

163,005.50

27/10/2016

0.331

25,000

8,275.00

13/09/2016

0.318

120,500

38,275.80

26/07/2016

0.34

674,612

228,612.39

0.32

65,313

20,849.74

15/12/2016

0.41

463,180

190,598.21

26/10/2016

12/09/2016

0.32

111,596

35,638.26

25/07/2016

14/12/2016

0.42

748,344

314,250.22

25/10/2016

0.33

431,551

145,069.22

09/09/2016

0.32

153,891

50,048.11

22/07/2016

13/12/2016

0.42

379,874

161,319.66

24/10/2016

0.34

252,046

85,654.78

08/09/2016

9,091

3,009.21

21/07/2016

24,914

8,016.53

0.33

168,868

55,596.65

0.325

298,367

95,339.04

12/12/2016

0.43

1,290,656

562,853.58

21/10/2016

0.34

83,883

28,135.18

07/09/2016

0.331

221,024

72,969.26

20/07/2016

09/12/2016

0.429

1,283,357

549,560.40

20/10/2016

0.335

114,729

38,103.60

06/09/2016

0.338

48,738

16,488.55

19/07/2016

07/12/2016

0.411

1,100,905

452,336.33

19/10/2016

0.322

25,564

8,179.55

05/09/2016

7,060

2,392.42

18/07/2016

06/12/2016

0.395

163,123

63,503.40

18/10/2016

25,253

7,996.70

02/09/2016

0.338

272,261

91,721.53

05/12/2016

0.399

1,024,977

397,262.61

17/10/2016

25,253

7,902.17

01/09/2016

0.333

394,697

127,197.21

02/12/2016

0.365

520,582

189,222.65

14/10/2016

5,051

1,565.81

31/08/2016

0.32

199,192

64,733.36

13/07/2016

01/12/2016

0.37

381,195

141,301.35

13/10/2016

0.313

75,808

23,798.00

29/08/2016

0.335

90,808

30,616.64

12/07/2016

30/11/2016

0.38

1,001,530

362,959.96

12/10/2016

26/08/2016

0.342

191,085

65,209.27

11/07/2016

0.32

160,596

51,725.24

29/11/2016

0.346

137,874

46,903.82

11/10/2016

0.305

93,475

28,470.07

25/08/2016

0.33

254,606

82,937.49

08/07/2016

0.315

294,239

92,660.28

28/11/2016

0.346

985,290

339,846.10

10/10/2016

5,051

1,535.50

24/08/2016

0.338

203,147

67,508.17

07/07/2016

0.315

53,333

16,791.90

25/11/2016

0.338

869,979

296,810.73

07/10/2016

0.304

101,010

30,706.08

23/08/2016

0.35

20,202

7,068.68

06/07/2016

0.33

312,407

99,029.24

24/11/2016

0.33

560,773

181209.14

06/10/2016

0.304

29,293

8893.07

22/08/2016

05/07/2016

0.305

43,692

13257.6

2,690

860.80

05/10/2016

8,666

2,608.47

19/08/2016

0.36

511,974

184,308.46

04/07/2016

0.31

293,147

90,188.51

01/07/2016

0.295

274,365

81,601.44

23/11/2016

Fuente: BVL Elaboración: SUMMA Asesores

208

Fecha cotización

0.313

6,049

1,923.58

0.325

229,545

74,062.76

15/07/2016

0.327

397,122

129,494.10

14/07/2016

0.329

149,941

49,322.06

0.329

10,705

3,425.08

242,640

79,799.06

Anexo Tasa de Descuento Tasa de Descuento: Tasa de libre de riesgo Perú

Fecha ene-14 feb-14 mar-14 abr-14 may-14 jun-14 jul-14 ago-14 sep-14 oct-14 nov-14 dic-14 ene-15 feb-15 mar-15 abr-15 may-15 jun-15 jul-15 Fuente: BCRP

209

Treasury 10yr Yield % 2.85 2.70 2.72 2.69 2.55 2.59 2.53 2.41 2.53 2.30 2.32 2.20 1.88 1.98 2.04 1.92 2.19 2.25 2.32

EMBIG Perú 177 183 167 154 149 145 147 157 150 170 165 182 202 183 184 177 166 177 187

Fecha ago-15 sep-15 oct-15 nov-15 dic-15 ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sep-16 oct-16 nov-16 dic-16 Promedio

Treasury 10yr Yield % 2.16 2.16 2.11 2.26 2.24 2.06 1.77 1.89 1.80 1.80 1.64 1.49 1.56 1.63 1.75 2.15 2.49 2.17

EMBIG Perú 217 234 226 219 236 266 282 227 210 208 210 184 170 162 147 168 165 188

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos BVL 1995 01-ene 02-ene 03-ene 04-ene 05-ene 06-ene 07-ene 08-ene 09-ene 10-ene 11-ene 12-ene 13-ene 14-ene 15-ene 16-ene 17-ene 18-ene 19-ene 20-ene 21-ene 22-ene 23-ene 24-ene 25-ene 26-ene 27-ene 28-ene 29-ene 30-ene 31-ene 01-feb 02-feb 03-feb 04-feb 05-feb 06-feb 07-feb 08-feb 09-feb 10-feb 11-feb 12-feb 13-feb 14-feb 15-feb 16-feb 17-feb 18-feb 19-feb 20-feb 21-feb 22-feb 23-feb 24-feb 25-feb 26-feb 27-feb 28-feb 29-Feb

210

-0.60% -2.02% -1.82% -1.35%

-8.45% -0.83% 6.30% 5.41%

-0.65% -0.03% -1.21% -3.93% -1.69%

-1.82% 0.95% -0.16% 0.70% -1.74%

-8.01% 4.47% 5.02% -2.14% -0.19%

-1.45% -0.97% -1.79% -3.98% -0.68%

-1.84% 6.86% -1.29% -2.23% 1.03%

0.30% -0.94% -1.66% -0.15% 0.21%

-1.75% -2.90%

1996

1997

1998

1.08% 2.34% 0.93% -0.44%

0.05% 2.24%

-0.35%

-0.63% -0.44% -1.32% 0.23% 0.64%

0.12% -0.66% -0.34% -0.56% -0.13%

-0.06% -0.26% -0.62% -0.42% 0.47%

0.81% 0.13% 1.03% 1.61% 3.33%

2.36% 4.07% -1.28% 0.01% 0.06%

-0.24% -1.16% -1.66% -0.11% 0.47%

-0.13% -0.95% -1.09% 0.50% -0.30%

-0.61% -1.61% -1.29% -1.83%

0.64% 1.14% 0.66% -0.20% 0.22%

0.55% 2.10% 0.37% -0.95% 0.74%

-0.94% -0.20% -0.14% 0.30% 0.31%

-0.26% -0.12% -0.05% 0.37% 0.77%

0.34% 1.81% 0.30% -1.10% -0.40%

-0.68% -0.43% 0.04% 0.40% 0.24%

-0.52% 0.25% 0.80% -0.05% 0.93%

0.54% 1.19% 1.71% -0.55% 0.26%

-0.77% -1.23% -1.14% -1.77% -1.67%

-0.87% 0.25% -0.21% -1.53% 0.41%

0.04% -0.06% -0.92% 0.61% 0.33%

-0.63% -0.91% -0.61% -0.06% 1.33%

1.84% 0.71% 2.00% 1.09% -1.61%

-0.23% 0.38% -0.81% -1.10% -0.44%

-0.08% -0.85% -2.16% 0.15% 0.22%

-1.16% -2.22% -0.13% 0.42% 1.71%

1999

0.31% -0.72% 1.70% -0.54% 2.02%

-0.80% -1.57% -5.45% -1.67% 5.57%

0.22% -0.90% 1.91% -1.62% -1.63%

0.51% 0.45% -0.07% 0.12% 1.45%

0.98% 1.77% 0.92% 0.13% -0.52%

0.85% -0.19% -0.54% 0.77% 0.02%

0.01% 0.89% 1.03% 1.20% -0.35%

-0.40% -0.11% 0.26% -0.29% 0.76%

2000

-0.38% -0.91% -0.09% -0.65% 0.39%

-0.31% 0.22% 0.84% 4.06% -0.07%

0.34% -0.01% 0.03% -1.94% -0.75%

-0.45% -1.77% 1.13% 1.06% -0.85%

-0.42% -0.62% 0.58% 0.68% 1.78%

-0.21% -0.55% -0.08% 0.50% -0.55%

-0.51% -0.57% -0.46% -0.09% -0.72%

-0.56% 0.14% 0.24% 0.47% -0.14%

-0.71% 0.54%

2001

2002

2003

2004

0.54% 0.44% 0.86% 0.04%

0.32% 1.64% 1.14%

0.95% 0.99%

2.41%

-0.32% 0.79% -0.15% 0.68% 0.24%

0.04% -0.09% 0.53% 0.48% 1.11%

0.53% 0.83% -0.07% -0.90% -0.77%

-0.41% 0.74% 0.69% 1.69% 0.62%

0.49% 0.82% -0.84% 0.34% 0.73%

-0.62% -0.53% 0.25% 0.17% 0.38%

-0.75% -0.28% -0.21% -0.79% -0.92%

0.16% 0.04% 0.18%

-0.58% 0.57% 1.41% -0.69% 0.66%

0.43% 1.38% -0.46% 0.31% 0.72%

-0.41% 0.26% 0.38% 1.33% 1.03%

0.20% -1.26% -0.83% 0.52% 0.50%

-0.79% -0.21% -1.03% 0.48% 0.38%

-0.18% 0.02% 0.08% 0.29% 0.31%

0.29% -0.27% -0.15% -0.34% -0.21%

0.46% 0.81% 0.42% 0.04%

0.77% 0.74% -0.08% 0.54% 1.22%

0.32% 0.13% 1.39% 0.61% 0.69%

0.04% 1.55% 0.07% 0.60% 0.91%

-0.45% -0.61% -0.86% 0.01% -0.82%

0.58% 0.63% -0.11% 0.96% -1.08%

-0.44% -0.38% -0.21% 0.36% -0.22%

-0.14% 1.09% 0.07% 1.00% -0.17%

0.09% -0.30% -0.97% 0.93% 0.89%

4.38% 2.34% 4.06% 3.27% 1.84%

0.16% -2.84% -3.60% 0.19% 1.77%

1.24% 0.06% -1.04% -0.42% 0.62%

-0.77% -0.43% 0.57% -2.23% 0.34%

-1.12% 1.05% -0.76% -0.19% 0.54%

1.19% 0.36% 0.96% 0.22% -0.73%

-0.32% 0.26% -1.13% -0.01% -0.60%

-0.38% 0.75% -0.38% 0.75% 0.25%

2005

1.72% -1.19% 0.19% -0.45% 1.09%

1.08% 0.97% -0.29% -0.33% -0.17%

-0.14% 0.11% 0.44% -0.19% 1.17%

0.39% 0.48% 0.95% -0.07% -1.01%

-0.18% 0.15% -0.26% -0.51% -0.67%

-0.50% 0.07% 0.13% 1.63% 1.14%

0.30% -0.95% 0.92% 1.43% 0.89%

-0.77% 0.42% 0.86% -0.24% 0.30%

0.66%

2006

2007

2008

0.11% 1.70% 0.45% -1.85% -0.81%

0.53% -0.70% -0.33% -1.36%

-1.12% 1.76% -0.29%

-0.42% -2.31% 0.54% -0.51% -1.08%

2.99% 2.38% 1.05% 1.92% -0.94%

1.16% 2.20% 1.59% 4.27% 0.68%

4.04% -0.83% 5.01% 3.63% 3.00%

2.68% -2.99% -2.78% -3.68% -0.89%

2.40% 1.11% -2.38% 1.75% 0.46%

0.53% 0.23% -0.01% -0.19% 0.49%

0.18% -0.41%

-1.63% -0.63% 2.92% 2.65% -0.25%

0.81% 0.60% -0.55% -0.34% 1.42%

1.13% 1.13% 0.37% 0.80% -0.22%

-0.49% -0.56% 0.52% 0.30% -0.81%

0.44% 0.81% 0.92% 0.76% 1.68%

0.13% 1.54% 0.78% 0.26% -0.18%

0.58% 0.34% 1.64% 2.18% 1.65%

0.60% -2.09% -0.85%

-0.74% 0.17% -2.06% -1.62% -2.13%

-0.44% -4.41% -5.38% -0.35% -0.64%

-8.35% 4.77% -5.93% 2.45% 2.01%

-0.42% 2.51% 2.67% 3.20% 2.36%

3.84% -3.55% 0.74% -0.38% 2.58%

1.38% 2.64% 0.29% -0.53% -2.38%

0.48% 1.92% 0.96% 2.48% -0.74%

0.86% 1.81% 2.54% 1.55% -1.58%

2009

3.99% 1.47% -2.55% -0.54% -0.33%

-1.95% 0.21% -1.86% -0.01% 1.26%

1.01% -1.33% -0.39% -1.21% 1.56%

-0.10% -1.15% 1.20% -0.21% -0.91%

-1.36% -0.64% 1.76% -0.23% 1.58%

0.17% -1.70% 0.38% -0.57% 0.57%

0.07% -1.83% -0.43% -0.91% -0.69%

-1.19% -1.09% 0.61% 2.87% -0.66%

2010

2.78% 2.48% 2.15% 0.74% 1.78%

1.89% -2.10% -0.33% -1.90% -0.92%

0.80% -0.20% -0.93% -1.61% 0.37%

-0.10% -0.31% -0.92% -1.16% -0.40%

0.50% 1.01% -0.79% -3.14% -1.56%

-0.42% 2.35% 0.30% 1.30% -0.51%

0.56% 1.13% -0.93% 0.09% 0.27%

-0.23% -2.19% 0.18% -0.99% 0.14%

2011

1.17% -0.67% 0.02% -0.81% -1.61%

-1.86% 0.77% -0.19% -2.05% -1.69%

0.12% 1.37% 0.04% -1.91% -0.25%

0.95% -0.56% 1.25% 2.26% 0.12%

1.58% 1.45% 0.87% 1.30% -0.09%

0.32% -1.22% -2.12% -0.56% -0.39%

0.94% -0.98% 0.12% 0.02% 1.09%

-0.06% -1.45% -0.35% 0.09% 0.57%

0.35%

2012

2013

2014

0.54% 1.57% 0.27% 0.02% -0.72%

1.87% 0.50% 0.48%

0.78% 0.01%

0.74% 1.61% 0.06% 1.28% -0.33%

0.59% 0.59% 0.75% 0.66% -0.56%

1.52% 0.34% 0.63% 1.10% 0.91%

0.04% 0.44% 1.93% 1.41% 1.02%

-0.05% -0.45% -0.32% -0.15% -0.88%

-0.30% -0.72% 0.03% 0.38% 0.43%

0.66% 1.19% -0.01% -0.15% -0.04%

-0.42% 0.75% -0.75%

0.54% 0.97% 0.20% 1.46% 0.02%

-0.16% -0.62% 0.47% -0.35% -0.44%

0.37% -0.56% 0.12% -0.70% -1.01%

-1.68% 0.07% 1.74% 0.61% 1.70%

-0.73% 0.41% 0.11% -0.21% 0.33%

-0.76% 0.07% -0.07% -1.00% -1.34%

-0.01% -0.38% -0.99% -0.75% -0.14%

-0.34% 0.57% -0.19% -0.14%

-0.25% -0.06% 0.79% -0.01% 0.74%

0.42% -0.04% 0.28% 0.88% 0.88%

0.42% -0.03% -0.91% -0.02% -1.96%

-1.68% -0.97% -1.52% 1.00% -0.63%

-2.60% 0.20% -0.06% 0.25% 1.59%

-0.42% 0.30% 0.13% 0.63% 0.75%

0.26% -0.25% -0.95% 0.40% 0.55%

0.18% -0.67% -0.90% -0.28% 0.88%

2015

-1.71% 0.00% -0.35% -0.39% -0.33%

-0.18% -2.37% -3.68% 0.26% 0.19%

0.11% 0.03% -1.38% 0.89% -0.22%

0.71% 1.19% -0.80% -1.21% 1.52%

-0.93% 0.67% 0.89% 0.33% -1.92%

0.64% -0.50% -0.36% 1.30% 2.14%

0.55% -2.00% 0.50% 0.19% -0.67%

-2.24% 0.25% -0.84% -0.20% 0.33%

2016

-0.56% -0.98% -0.87% -1.65% -1.34%

-1.89% 0.06% -0.66% 0.13% -0.67%

-0.12% -1.60% -0.16% 0.05% 1.71%

0.26% 1.25% 0.65% 0.83% 0.90%

0.41% -1.65% 1.48% 2.87% 0.17%

-0.16% -0.16% 2.24% 1.31% 1.90%

0.37% 0.30% 0.63% 0.34% -0.02%

2.06% 0.21% 0.63% 0.54% -0.15%

0.24%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos BVL 01-mar 02-mar 03-mar 04-mar 05-mar 06-mar 07-mar 08-mar 09-mar 10-mar 11-mar 12-mar 13-mar 14-mar 15-mar 16-mar 17-mar 18-mar 19-mar 20-mar 21-mar 22-mar 23-mar 24-mar 25-mar 26-mar 27-mar 28-mar 29-mar 30-mar 31-mar 01-abr 02-abr 03-abr 04-abr 05-abr 06-abr 07-abr 08-abr 09-abr 10-abr 11-abr 12-abr 13-abr 14-abr 15-abr 16-abr 17-abr 18-abr 19-abr 20-abr 21-abr 22-abr 23-abr 24-abr 25-abr 26-abr 27-abr 28-abr 29-abr 30-abr

211

1995 -0.15% 0.52% -1.87%

-0.84% -1.58% -3.91% -3.34% 0.47%

4.10% 7.82% 2.60% 0.59% 2.57%

-1.07% 1.76% 2.45% 0.36% 0.52%

0.98% 0.03% -2.54% -4.07% -0.61%

3.96% 2.77% 1.81% 6.42% 0.64%

7.12% -1.29% -1.57%

0.27% 1.34% 2.24% 0.40% 0.69%

1.98% 2.22% 0.64% -0.27% -0.33%

1996 1.42%

-0.37% -1.32% -1.23% -0.84% 0.55%

2.18% -0.30% 0.54% -0.77% -1.63%

-0.46% -0.23% -0.85% -0.32% -1.16%

-0.86% -0.25% -1.33% 0.15% 1.37%

1.33% -0.44% -0.50%

-0.66% 0.17% -0.86% -0.09% 0.69%

0.82% -0.57% -0.47% 1.59% 0.86%

3.49% 1.69% -1.33% -0.22% -0.03%

-1.07% 0.85%

1997

-0.37% 0.51% 0.47% 1.25% 1.37%

0.31% 0.44% -0.57% -1.14% 0.49%

-0.17% 0.01% -1.04% -0.33% 0.73%

-0.39% 0.41% 1.43%

-0.08% -0.59% -0.26% 0.32% 0.90%

1.60% 0.61% 0.17% -0.66% 0.27%

0.78% 0.80% -0.78% -0.02% 0.17%

0.56% -0.05% 0.81% -0.43% -0.02%

0.04% 0.25% 0.51%

1998 0.47% -0.01% 0.26% 0.43% 1.42%

0.92% 0.72% -0.70% 0.17% -0.15%

-0.14% -0.56% -0.19% -0.62% -0.21%

1.00% 1.47% 0.87% 0.91% 0.73%

1.35% -0.79% -0.02% 2.23% 1.78%

0.56% -1.68% 0.43%

1.52% 0.30% 0.60% -0.66% 0.38%

0.56% 1.74% 0.40% -0.46% 1.13%

-0.88% 0.71% 1.63% 0.08%

1999 -0.45% -0.29% 0.54% 0.90% 1.50%

0.32% -0.86% 1.02% 0.59% -0.14%

-0.53% -0.38% -0.65% 0.87% 1.09%

-0.43% -0.43% -0.55% 1.18% -0.09%

-0.73% 0.29% 0.91%

-0.17% 0.66% 0.26% 1.14% 0.06%

-0.54% 0.42% 0.49% 1.13% 4.23%

2.78% -0.39% 0.36% 0.95% -0.25%

-0.34% 0.58% -0.48% -0.19% 0.63%

2000 -0.25% 0.02% 0.53%

-0.04% -0.96% -0.90% -0.09% 0.47%

-0.36% -0.31% -0.60% -0.38% -0.75%

0.32% 0.06% -1.97% -0.86% 0.92%

-1.30% -0.84% -1.01% -0.37% 0.46%

-0.51% -0.62% 1.80% 0.08% 1.36%

-0.54% -1.03% -0.14% -0.37% -1.11%

-2.11% 1.66% -0.26%

-0.79% 0.40% 0.40% -0.40% 0.04%

2001 -0.17% -0.21%

-0.59% 0.32% 0.15% 0.02% 0.72%

-0.72% -0.11% -0.74% 0.40% 0.59%

-0.24% 0.06% -1.00% -0.18%

0.69% -0.12% -0.67% 0.63% -0.35%

-0.12% -0.93% 0.19% 0.21% -0.32%

-2.43% -0.39% -0.95%

-0.25% -0.86% 1.49% 0.47% 0.25%

-0.75% -0.53% -0.31% -0.75% -0.31%

0.26%

2002 0.51%

1.36% -1.04% 0.53% 0.34% -0.13%

-0.55% -0.99% 0.86% 0.32% -0.70%

1.21% 0.99% 0.16% -0.88% 0.28%

-0.07% -0.51% -0.51%

0.62% -0.32% 0.12% -1.09% 0.20%

-0.29% 0.06% 0.31% -1.53% -0.06%

-0.37% 0.54% 0.02% -0.11% 0.12%

-0.31% -0.41% -0.45% -0.48% 0.38%

-0.11% -0.07%

2003

-0.89% -0.33% 0.32% 0.16% -0.31%

-1.26% -0.35% -0.77% 0.39% 0.97%

0.79% 0.17% -0.10% 0.59% 0.49%

-0.38% 0.51% -0.03% -0.33% 0.23%

0.31% 0.18% 1.64% 1.51% 0.23%

2.30% -0.19% -0.40% 0.67% 0.05%

-0.04% 0.81% 1.43%

1.33% 1.08% 1.85% -1.33% 0.65%

0.56% 0.43% -0.04%

2004 1.25% 0.44% -1.42% 0.03% 0.53%

0.18% -0.29% 0.55% 0.65% 1.05%

0.31% 1.35% 0.68% 0.47% 0.56%

-0.20% -0.39% 0.40% 0.37% 0.73%

0.83% 0.30% 1.66% 0.61% 0.66%

-1.66% -0.34% 0.47%

-0.70% -1.50% 1.11% -0.40% 1.07%

-0.29% -0.27% -0.77% 0.37% 0.09%

-0.59% -0.06% -3.56% -0.77% -0.45%

2005 0.54% -0.46% -0.01% 0.84%

0.77% 0.50% 0.23% -0.08% -0.71%

0.04% 0.79% 0.22% -0.25% 0.04%

-0.02% 1.51% -1.15%

-0.50% -0.91% 0.52% 0.10% -0.60%

-0.91% -0.02% 0.24% 0.02%

0.08% -0.13% -0.71% -1.54% 0.16%

-0.20% 1.27% 0.94% -0.57% -0.06%

0.01% -0.58% -1.05% -0.42% -0.14%

2006 1.52% 0.43% -1.38%

-2.41% -2.23% -1.70% 3.55% 0.12%

-3.83% 0.28% 0.48% 3.57% -0.01%

-4.08% 1.55% 0.98% -1.00% 0.13%

0.97% 0.07% 1.11% 0.06% -0.45%

0.22% 0.70% 1.77% -0.22% 2.06%

2.28% -1.82% 4.05%

2.55% 2.68% -0.13% -0.31% 3.07%

0.35% 0.67% 0.37% -1.76% 2.57%

2007 0.77% -0.19%

-1.43% 1.59% 1.77% 1.48% -0.48%

1.17% -0.20% -0.83% 1.36% -0.05%

1.45% 0.39% -0.13% 0.51% 0.45%

0.81% 0.62% 1.15% 1.53% 0.79%

2.14% 2.23% 1.28%

1.65% 2.74% -0.51% 1.02% 1.95%

2.64% 2.73% 0.95% -1.00% 0.99%

0.35% 0.11% -0.23% -0.05% 0.43%

-0.51%

2008

0.49% -3.35% 1.67% -0.17% 0.35%

-0.63% 1.79% 1.62% -0.59% -0.44%

-2.95% 1.48% -1.87%

-1.62% -0.06% -0.24% 2.87% -0.16%

-0.10% 0.04% 1.27% 1.54% 1.17%

1.19% -1.33% -0.17% -1.34% -0.71%

-0.85% 0.38% 0.26% -0.51% -0.39%

0.03% 0.52% 0.36% -0.35% -0.84%

-0.37% 0.52% -0.09%

2009 -2.30% 1.37% 3.29% -1.40% 0.78%

1.64% 3.56% -0.61% -1.29% 2.13%

3.79% -1.50% 2.42% 3.65% -0.84%

5.98% 2.35% 4.36% 5.81% 1.27%

-4.82% 3.94% 1.86% 3.94% 3.92%

1.76% -3.43% 0.14%

5.78% -2.04% -0.48% -1.62% 1.21%

-3.16% 0.28% 0.34% -1.67% 1.99%

0.67% -2.01% 2.08% -1.27%

2010 0.99% 0.50% 0.28% -0.14% 1.40%

0.28% -0.49% -0.36% -0.44% 0.63%

-0.84% 1.44% 1.77% 0.03% 0.10%

0.19% 0.45% -0.46% 0.44% 1.01%

1.64% -0.53% -0.06%

2.24% 1.30% 0.14% -0.36% 0.64%

0.06% -0.33% 0.71% -0.47% -1.56%

-0.09% 0.69% 0.70% 0.57% 1.31%

0.41% -1.59% 0.87% -0.09% -0.45%

2011 -0.67% 0.09% -0.38% 0.17%

-0.44% -0.54% -1.22% -2.45% 0.73%

-1.52% -2.19% 0.01% -1.08% -1.26%

4.29% 2.74% 1.36% 1.34% -1.40%

-5.16% 1.90% 1.45% 0.69% -1.80%

-1.78% 1.24% 0.52% -1.89% 0.47%

-3.10% -3.60% -6.22% 0.63% 3.42%

-2.68% 0.78% -1.06%

-3.31% -2.26% 1.09% 5.64% 3.50%

2012 1.12% 0.79%

-0.85% -1.32% 0.77% 0.85% 0.87%

-1.01% 0.64% -0.56% -0.18% -0.05%

0.51% -0.62% 0.53% -1.23% 0.80%

1.66% 1.35% -0.48% -0.86% 1.19%

1.86% -0.07% -1.72%

-0.92% -0.52% -0.06% 0.87% -0.58%

-0.29% 0.40% -0.37% -0.54% 0.50%

-1.40% 0.03% -0.44% -0.20% 0.48%

-1.01%

2013 0.17%

-1.26% 0.30% 0.56% -0.95% 0.10%

-0.12% -0.70% -2.09% 0.00% 2.02%

-0.20% -1.68% 0.18% 0.57% 0.13%

-1.24% 0.09% 0.49%

0.29% -1.08% -0.78% 0.30% -0.50%

-0.66% 0.58% -0.54% 0.37% -1.21%

-4.11% 0.28% -3.09% -0.32% 0.26%

-0.03% -0.66% -0.67% 2.78% -2.01%

0.18% -2.63%

2014

-1.84% 0.35% -0.17% 0.27% -0.63%

-0.21% 0.09% 0.30% -1.85% -0.47%

-0.25% -0.62% -1.50% -0.01% -0.32%

-0.46% -1.44% -0.72% 0.03% 1.68%

0.18% -0.01% 0.01% -0.11% 0.11%

0.03% 1.35% 0.53% 1.29% -0.49%

0.54% -1.01% 0.20%

0.29% 0.75% 1.01% 1.20% -0.20%

-0.04% 1.02% 1.84%

2015 0.18% -0.34% -0.30% -0.44% -1.94%

-2.32% -0.65% -0.38% 0.38% 0.02%

-1.24% 0.40% 0.73% -0.31% 0.86%

-1.30% -0.03% -0.86% -0.32% 0.01%

0.34% 0.36% 2.06%

1.82% -0.55% -0.59% 0.16% 0.50%

-0.03% 0.37% 0.68% 0.90% -0.71%

-0.34% -0.25% 0.44% 0.39% -0.03%

0.85% 0.26% 0.15% 0.98%

2016 0.28% 2.63% 0.76% 1.24%

1.25% -0.32% 1.01% -0.84% -0.94%

-0.29% -1.08% 1.39% 3.39% 2.64%

0.82% -0.36% -1.81%

-0.79% 0.58% 2.31% -0.11% -1.39%

-1.31% 0.48% -0.70% -2.55% 1.01%

8.61% 2.27% 1.08% -1.32% 0.37%

1.25% 2.34% -0.27% 0.41% -0.74%

-0.20% 0.71% 1.35% 0.50% 1.43%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos BVL 01-may 02-may 03-may 04-may 05-may 06-may 07-may 08-may 09-may 10-may 11-may 12-may 13-may 14-may 15-may 16-may 17-may 18-may 19-may 20-may 21-may 22-may 23-may 24-may 25-may 26-may 27-may 28-may 29-may 30-may 31-may 01-jun 02-jun 03-jun 04-jun 05-jun 06-jun 07-jun 08-jun 09-jun 10-jun 11-jun 12-jun 13-jun 14-jun 15-jun 16-jun 17-jun 18-jun 19-jun 20-jun 21-jun 22-jun 23-jun 24-jun 25-jun 26-jun 27-jun 28-jun 29-jun 30-jun

212

1995

1996

1997

-1.23% 1.01% 1.30% -0.04%

0.19% -0.31%

0.16%

1.12% 0.42% -0.44% 0.63% 0.51%

0.09% 0.26% -0.99% 0.80% 0.49%

-0.60% -1.59% -0.57% 1.46% -0.13%

-0.40% -0.77% 0.61% -0.32% 1.47%

1.04% -0.62% -1.57% -0.55% -2.57%

-0.27% 1.53% -0.51% -1.36% -1.14%

-0.15% -0.83% -1.76% 0.33% 1.47%

0.72% 1.04% 2.26% 3.10%

-1.12% -1.32% -1.00% 0.71% 1.06%

0.40% -0.63% -0.30% -0.29% -0.14%

0.12% 0.32% 0.86% 0.55% 1.40%

1.02% 0.40% 0.30% -0.66% 0.60%

0.02% -0.51% 0.38% -0.71% 0.74%

0.07% 0.20% 0.38% 0.47% -0.04%

-0.19% 0.39% 1.53% 1.68% -0.01%

0.46% 0.78% -1.18% 0.45% 1.43%

-0.67% -0.07% 0.37% 1.23% 0.81%

2.56% 0.95% 0.26% -0.40% -0.23%

0.88% 2.06% 3.37% 2.22% 1.79%

0.89% -0.10% 0.60% -1.04% 3.70%

4.01% -2.12% -1.94% 0.11% -0.04%

0.05% -2.56% 0.98% 1.81% 0.61%

0.43% 0.26% -1.52% 1.91% 0.16%

-0.43% 0.15% -0.10% 0.71% -0.15%

-0.88%

1998

0.76% -1.47% 0.20% -1.97% 0.16%

-0.28% 0.12% -0.82% 1.38% -1.22%

-1.57% 0.69% -1.90% -0.96% 1.29%

0.75% -0.77% -1.38% 2.23% 0.89%

-0.51% -0.85% -0.32% -0.21% 1.69%

-0.82% -0.92% -1.17% -1.32% -0.70%

-3.29% -0.50% 2.03% -2.01% 0.26%

-0.40% -0.41% -0.72% -0.21% -0.42%

0.92%

1999

0.01% 1.26% 0.55% 2.40% -0.49%

0.71% 0.72% -2.18% -0.07% 0.23%

-0.80% 0.93% -1.90% 1.06% 0.22%

-0.35% -1.11% 0.05% -1.50% 0.57%

1.10% -0.08% -0.13% 0.52% 0.02%

0.65% 0.67% 0.68% -0.47% 0.16%

-0.51% -0.14% -0.65% -1.07% -0.06%

0.20% -0.35% -0.45% 0.05% 0.01%

2000

2001

2002

2003

1.57% -0.87% -1.94% -0.60%

0.68% 0.19% 0.85%

-0.60% 0.15%

1.63%

-1.32% -0.05% -1.16% 0.06% 0.18%

-0.11% 0.93% -1.03% -0.61% -3.43%

-1.03% -1.79% -1.95% 2.04% -1.99%

1.46% 1.12% 0.02% 0.78% 2.03%

0.20% 0.27% -1.29% -0.26% 0.01%

0.23% 0.19% -0.58% -0.56% -0.04%

0.39% 0.09% -0.90% 0.06% -0.82%

0.06%

-0.23% 0.92% 0.79%

1.20%

0.48%

-0.35% 0.81% 0.69% 1.62% 0.24%

-0.16% 0.31% 0.62% 1.06% 1.55%

0.70% 0.57% 0.35% -0.06% 1.12%

-0.30% 0.57% -1.72% -0.13% 1.27%

3.71% 2.97% -0.68% 0.33% -0.49%

-0.51% -0.86% -0.53% -0.85% 0.19%

-1.52% -0.09% 0.11% -0.25% 0.05%

0.06% -0.17% -0.36% 0.42%

-0.15% -1.17% -0.33% 0.04% -0.83%

0.46% 0.28% 0.36% 0.76% 0.32%

-0.64% -0.15% -0.37% 0.39% -0.39%

-0.08% 0.98% 0.25% -0.69% 0.01%

0.37% -0.50% -0.55%

0.74% -0.37% -1.30% 0.53% 0.28%

0.01% -0.51% -0.38% 1.09% 1.15%

-0.59% -0.33% -0.84% 0.43% 0.19%

-0.25% 0.36% -0.63% 1.05% 0.02%

0.40% 0.04% 0.66% 0.84% 1.19%

-1.45%

-1.03% -0.28% -0.54% -0.55% -0.03%

0.54% -0.16% -0.45% -0.01% -1.96%

-1.23% -0.48% 0.18% -0.66% -0.04%

-0.21% -1.34% 0.96% 0.50% 0.00%

-0.91% -1.00% 0.36% -0.92% 1.72%

-0.78% -0.67% 0.42% -0.07% -0.13%

-0.09%

2004

-0.63% 1.60% 1.49% -1.08% -1.61%

-0.57% -2.09% -2.12% -0.05% 1.20%

-1.10% 0.80% 2.71% -0.01% 1.36%

0.64% 0.74% 0.65% 1.00% 0.25%

0.42% 0.43% -0.37% -0.80% 0.02%

0.95% -0.17% -0.73% -0.79% -0.28%

-0.61% 0.92% -0.58% -0.19% 1.14%

-0.18% -1.41% -0.01% 0.98% -0.03%

2005

2006

2007

2008

0.45% -1.41% -1.56% 0.46% 0.37%

0.58% -2.48% 0.68% 0.96%

0.12% 1.19% 2.53%

0.01%

-0.37% -0.60% -0.43% -2.45% -1.75%

0.09% 2.04% 1.74% 0.25% 0.54%

0.19% -0.39% 0.20% -0.25% 0.65%

0.40% 0.40% 0.91% 1.59% 1.22%

0.22% -0.74% -0.53% -0.81% 0.25%

-0.14% -0.80% 0.47% 1.02% 0.66%

-0.08% -0.19% 0.36% -0.57% 0.11%

2.29% 2.65% 1.81% 1.98% -0.95%

-1.41% -0.76% -2.50% -1.79% -0.86%

0.46% 3.71% -1.45% 1.23% 1.07%

-0.67% -1.96% -1.30% 2.57% 4.11%

0.65% -2.01% 2.15% -1.32% 1.89%

-0.41% -1.31% 0.15% 2.39% 0.41%

-0.55% -0.77% 0.30% 0.50% 0.29%

0.21%

0.48% -0.47%

0.76% -0.79% 0.75%

0.14%

-0.07%

2.84%

3.21% 1.48% 2.23% -0.11% -0.02%

-2.88% -0.59% -2.78% -0.38% 2.32%

0.48% -2.34% 0.92% -1.97% -0.37%

-2.38% -3.25% -7.59% 8.55% 3.00%

0.87% 2.04% -1.32% -0.85% -0.43%

1.31% -0.03% 2.09% 2.01% 1.07%

0.14% -0.01% -0.16% -0.26% 0.20%

0.58% -0.24% -0.10% 0.78%

-0.17% 0.09% -0.30% 0.07% -0.28%

0.52% 0.60% 1.14%

0.51% -0.22% -0.30% -1.98% -1.26%

0.55% -0.94% 0.09% -1.10% 1.30%

0.75% 0.05% -0.86% -0.78% -0.03%

-0.47% -0.98% -0.51% -1.36% 0.41%

0.67% 0.56% 0.79% -0.58% 0.44%

-0.47% -0.99% 0.13% -1.12% -0.35%

-0.26%

2009

2.40% 2.55% 3.72% -0.42% 6.02%

-0.10% 3.78% -1.18% 1.64% -0.10%

-0.29% 2.42% 1.45% -1.10% 1.99%

-0.29% 3.46% -0.59% 1.22% 3.40%

4.57% 1.82% -3.30% 3.49% -1.26%

-0.61% 1.40% -0.70% -1.11% -0.74%

-2.54% -1.87% -2.42% 1.36% 0.34%

-5.32% 1.45% 2.97% 2.36% -0.83%

-0.99%

2010

-0.36% -3.33% -0.11% -1.76% -0.84%

3.86% 0.55% 0.46% -0.56% -1.92%

-1.98% 0.20% -1.77% -3.05% 2.50%

0.13% -2.21% 0.55% 2.12% -0.97%

-0.12% -1.50% -0.19% -0.76% -2.24%

-2.27% 0.88% 1.84% 2.04% 0.44%

0.44% 1.00% -0.22% -0.33% -0.01%

0.60% -0.62% -0.60% -0.92% 0.55%

2011

2012

2013

2014

-0.52% -0.25% 6.12% -0.19% 5.48%

-1.31% -1.45% 0.37%

0.55% 1.17%

0.28%

-0.79% -2.17% -1.87% 3.61% 2.78%

-0.12% -0.38% 0.46% -0.16% -1.00%

-1.54% 1.39% 1.02% 2.82% -1.08%

-5.17% 1.64% -5.95% 7.16% -2.34%

-12.45% 6.97% 3.52% 1.81% -1.39%

-0.31% 0.39% -2.57% -1.65% 0.43%

-0.83% -2.60% -0.37% -0.71% -0.09%

-0.27%

-0.81% -0.65%

-1.23%

0.85%

-0.77% -2.61% 0.73% 0.99% -0.47%

-1.88% -1.81% -0.07% -1.13% -0.58%

0.87% 0.22% -0.92% 0.49% 0.52%

0.51% 0.85% -0.72% 0.59% -1.41%

-0.61% 0.39% 1.76% 0.01% -0.30%

-0.25% -0.09% -0.36% -0.53% -0.33%

0.39% 0.30% -0.31% -1.34% 0.37%

-0.40% -0.27% -0.18% -0.63%

0.31% -1.68% 0.96% 1.35% -0.06%

1.10% -2.40% -2.48% -4.16% 0.77%

0.82% 0.40% -0.06% -0.75% -0.94%

-0.22% -0.97% -0.92% -0.08% -0.30%

-0.49% 0.58% -0.64% -0.28% 1.25%

0.20% -2.68% 0.30% 3.72% 0.55%

1.27% 0.41% -0.91% -4.92% -0.74%

-2.43% 0.51% -1.27% 0.21% 2.52%

0.41% -0.20% 0.46% 1.11% 0.19%

1.46% -1.84% -0.36% 0.21% -0.26%

-0.51% 0.03% -0.22% 0.64% 0.30%

-0.03% -0.09% -0.68% 0.06% 0.52%

-0.08% 0.09% -0.55% 1.54% 0.30%

0.59% 0.01% 0.15% 1.00% -0.16%

0.27% 0.43% 0.56% 1.51% -0.14%

-0.03% -0.88% 0.02% 0.36% -0.35%

1.01%

2015

1.71% 0.33% -0.16% -0.52% -0.23%

0.69% 0.10% 1.07% 0.02% -0.02%

-1.20% -0.90% -0.03% -0.98% 0.34%

0.28% -1.29% -0.52% 0.00% -0.06%

-1.00% 1.35% -1.03% -0.27% -0.01%

-0.51% -0.30% 0.45% 0.02% 0.12%

-0.48% -0.48% 1.31% 0.22% 0.28%

0.50% 0.37% 0.47% -0.90% 0.73%

2016 0.32% -1.46% -2.05% -0.04% 0.53%

-1.41% 2.34% 0.73% -0.19% 0.87%

0.88% -0.28% -1.15% -1.10% 0.01%

0.60% -0.44% 0.39% 0.66% -0.21%

0.39% -0.51% 0.15% 0.77% 2.12%

0.00% -0.35% 0.07% 0.51% -1.46%

-1.12% -1.31% 1.88% -0.51% 0.14%

0.00% -0.07% -0.14% 1.14% -2.06%

-0.69% 1.04% -1.29%

2.39%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos BVL 1995 01-jul 02-jul 03-jul 04-jul 05-jul 06-jul 07-jul 08-jul 09-jul 10-jul 11-jul 12-jul 13-jul 14-jul 15-jul 16-jul 17-jul 18-jul 19-jul 20-jul 21-jul 22-jul 23-jul 24-jul 25-jul 26-jul 27-jul 28-jul 29-jul 30-jul 31-jul 01-ago 02-ago 03-ago 04-ago 05-ago 06-ago 07-ago 08-ago 09-ago 10-ago 11-ago 12-ago 13-ago 14-ago 15-ago 16-ago 17-ago 18-ago 19-ago 20-ago 21-ago 22-ago 23-ago 24-ago 25-ago 26-ago 27-ago 28-ago 29-ago 30-ago 31-ago

213

0.13% 0.09% 1.32% 0.63% 1.38%

0.12% -0.30% -0.39% 0.36% 0.47%

0.91% -0.11% -1.35% -1.06% 0.17%

-0.34% -0.13% 0.69%

0.52% -1.50% -0.51% -0.74% -0.33%

-0.30% 0.23% -0.22% -1.62% 0.02%

-0.61% 0.19% 2.17% 2.25% -0.29%

-0.28% 0.35% 0.32% -0.60% -0.30%

-0.41% 0.68% 0.34%

1996 2.95% 2.07% -1.86% 0.99% 0.83%

0.38% 0.27% -0.73% -0.63% 0.29%

-0.06% -3.20% 1.81% 0.81% -0.37%

-1.13% 0.24% -0.30% 0.33% 0.41%

-0.45% -0.63% 0.43% 0.95%

0.05% -0.65% 0.17% -0.96% 0.60%

0.36% -0.21% 0.27% 0.13% 0.80%

-0.30% -1.07% -0.25% 0.03% 0.76%

0.53% 0.19% 0.71% 0.11%

1997 1.46% 1.36% 0.55% 0.87%

0.40% -0.86% 0.51% 0.91% -0.27%

-1.60% -5.64% 1.01% 2.43% -2.65%

-0.93% 0.34% -1.75% -1.69% 3.45%

1998 0.03% 0.49% -0.06%

-0.13% 1.89% 1.79% -0.15% 0.39%

0.88% 0.83% 0.05% -1.37% 0.65%

-1.28% 0.43% -0.50% 0.05% 1.04%

1999 0.59% -0.34%

-0.37% 0.45% 0.35% 0.55% -0.07%

-1.52% -0.70% 0.91% 0.46% 0.18%

-1.23% -0.42% -0.36% -0.38% 0.22%

-0.12% 0.58%

-0.27% -2.11% -1.91%

0.14% 0.23% 0.86% 1.23% -0.53%

0.39% -0.25% -0.81% -1.15% 0.10%

-1.73% 0.09% 0.57% 0.40% -1.09%

0.04% -1.22% 1.21% -0.22% -0.16%

-0.28% -0.33%

-1.73% -1.13% -0.35% -0.68% -1.12%

-1.15% -3.94% -1.33% 0.59% 1.71%

-1.81% 0.48% 0.13% -1.87% -3.98%

-2.76% 0.86% -3.47% -5.19% -0.39%

-2.69%

-0.78% -1.43% -0.09% 1.11% 0.41%

1.06% -1.17% 1.62% -0.67% 0.51%

-1.16% 0.13% -0.38% 0.44% 0.90%

-0.38% 0.79% -0.47% -0.45% 0.01%

0.32%

2000

-1.28% -2.20% -0.21% -2.28% 1.06%

1.00% -0.85% -1.49% 0.77% -1.13%

-0.35% -0.60% -1.14% 0.08% -1.06%

-1.18% 0.14% 0.54% 1.07%

0.02% -0.24% -0.02% -0.57% 0.76%

-0.78% -0.21% -0.47% 1.18% 1.00%

3.49% 1.42% 1.43% -1.08% -0.02%

0.65% -0.76% -0.13% -0.27% 0.09%

2001 -0.07% -0.23% -0.09% -0.49% -0.63%

0.73% -1.05% -0.29% 0.02% 0.11%

-0.46% 0.55% -0.50% 0.51% 0.10%

-0.16% -0.50% -0.77% 0.84% 0.61%

0.65% 0.45% 0.83% 0.67%

-0.04% -0.29% -0.46% -0.45% 0.15%

0.52% -0.03% 0.40% 0.02% -0.26%

-0.44% 0.09% -0.03% 0.28% 0.70%

0.18% -0.06%

-0.23% -0.78% -0.41%

0.33%

-0.45%

2002 -0.25% -1.42% -0.55% 0.17% 0.93%

0.46% 0.67% -0.38% 1.50% -0.12%

0.28% 0.54% 1.23% 0.90% -0.34%

0.90% -0.59% 0.37% -0.41% 0.08%

-0.90% 0.04% -0.14%

-1.58% 0.58% 0.04% 0.85% 0.70%

-0.14% -0.56% 0.42% 1.10% 0.70%

0.71% -0.16% -0.31% 0.47% -0.42%

0.03% 0.28% -0.86% 0.44%

2003 0.37% 0.35% 0.39% -0.09%

0.35% -0.33% 0.47% -0.40% -0.25%

0.18% -0.35% -0.45% -0.34% -0.21%

0.58% 0.31% 0.11% 0.13% 0.89%

2004 -0.28% 0.08%

0.65% -0.90% 0.83% 0.04% -0.03%

-0.49% -0.53% 0.57% 0.00% 0.04%

-0.76% -0.77% -0.23% -0.25% -0.49%

-0.50% -1.12%

-0.36% 0.05% 0.17%

0.57% 0.29% 0.18% -0.21% 0.28%

0.57% -0.35% 0.03% 0.39% -0.51%

-0.07% 0.57% -0.27% 0.30% 0.34%

-1.03% -0.34% 0.76% 0.42% 0.42%

2005 -0.61%

0.05% 0.71% 0.43% -0.27% 0.99%

1.31% -0.22% -0.28% 0.66% -0.32%

-0.01% -0.14% 0.67% 0.41% 0.79%

-0.22% 0.04% 0.24%

2006

1.63% 1.25% 0.77% 0.83% 0.08%

0.29% 1.93% 0.94% -0.58% 1.16%

-1.95% -2.18% 1.41% -0.57% -0.72%

0.07% 2.07% 1.40% 0.22%

2.09%

0.44% -0.44% -0.19% -0.20% -0.47%

-0.55% 0.41% 0.02% -0.35% 0.93%

0.76% -0.08% -0.55% 0.24% 0.10%

-0.81% 0.71% 0.71% 0.21% 0.04%

-0.03%

2.30% 1.44% 1.86% -0.41% -0.41%

-0.06% 0.59% 0.90% 1.23% -0.91%

0.62% 0.69% 0.08% -0.08% 0.12%

1.66% -0.72% 0.33% -0.06% 1.48%

2.97% -0.26% 0.78% 0.07% 2.96%

-0.08% 0.13% -1.23% 0.24% 2.39%

2007 1.08% -0.07% 0.72% 0.45% 0.34%

0.60% -0.99% 0.36% 1.24% 1.39%

0.81% -0.13% -0.49% 0.19% 0.04%

-0.02% 0.68% -0.70% -1.54% -0.36%

-0.14% 1.18% -1.54% -0.06% -0.41%

-1.69% 0.99% 1.19% -1.79% -1.89%

0.30% -2.95% -2.91% -6.89% 5.64%

1.22% -0.91% 0.38% -0.17%

-1.04% 0.52% 2.82% -0.73% 0.39%

0.02%

0.52% 0.06% -0.64%

-0.51% -2.49% 0.62%

0.49%

1.65%

1.44%

1.15% -0.45% -0.60% 0.20% 0.42%

2008 -0.76% -2.77% -3.73% -0.63%

-0.57% -3.49% 1.11% 1.59% -0.76%

2.00% -2.64% -1.98% -0.86% -2.00%

-0.89% -1.69% -0.57% -1.52% 0.58%

2009 1.40% -1.36% -1.25%

-1.57% -0.95% -2.01% 2.98% -0.73%

1.20% 0.90% 1.96% -0.34% -0.01%

1.68% 0.29% 0.09% 3.16% 0.56%

2010 -1.07% -0.08%

-0.74% 0.09% 0.20% 0.40% 1.22%

-0.23% 0.74% 0.08% 0.07% -1.14%

-0.52% -0.06% -0.11% 1.66% 0.73%

0.52% -0.32%

0.30% 2.79% 0.39%

-2.43% -1.60% 0.39% -0.57% -3.98%

-3.07% -3.46% 1.67% -1.62% -1.54%

0.97% 1.62% 2.14% 3.06% -1.21%

1.21% 2.06% 3.59% -0.81% 0.14%

0.40% 1.42%

3.72% 0.33% -1.26% -4.25% 0.16%

-0.38% -0.02% 1.76% 1.81% -0.71%

-1.79% 0.63% 0.69% 0.75% 0.63%

-0.55% -0.40% -1.00% 1.16% -0.61%

-1.39%

2011 1.74%

0.84% 0.03% 0.44% 2.08% 0.27%

-0.77% 0.85% 1.45% -0.19% 0.81%

4.62% 3.19% 0.97% -0.05% -0.52%

0.13% 1.04% -1.54%

0.68%

1.72% 1.14% 0.91% -0.50% -0.32%

1.05% 0.16% -1.43% 0.98% -0.05%

0.44% 0.48% 0.23% -0.69% 0.04%

0.19% -0.39% 0.62% 0.26% 0.87%

0.31%

-0.09% -1.06% -0.89% -5.56% -0.79%

-7.09% 2.57% -1.27% 3.74% 1.31%

0.65% -1.47% 1.05% -2.32% -0.71%

0.05% 0.52% 0.07% -0.14% 1.65%

2012 2.17% 0.64% -0.28% -0.27% -0.29%

-0.82% -1.03% -0.67% -0.67% 0.76%

-0.20% -0.17% 0.27% 0.13% -0.46%

-1.34% -1.10% 0.04% 0.66% 0.75%

-0.66% -0.33% -0.89% -0.87% 2.32%

0.04% 0.08% 0.08% -0.11% 0.30%

-0.35% 0.49% 0.06% 0.89% 0.42%

0.01% 0.98% -0.05% -0.58% 0.19%

1.13%

0.25% -0.17% -0.16%

3.38%

0.56%

2013 0.47% -0.83% -0.27% -0.23% -1.52%

-0.19% -1.67% -1.72% 2.13% 0.39%

0.06% 0.75% 1.25% -0.05% 0.65%

0.69% 0.63% -1.34% -0.50% -0.16%

-1.23% -0.03% 1.26% -0.07%

-0.20% -1.46% 0.25% 0.96% 2.70%

3.95% 0.66% 0.85% 0.05% 0.10%

0.15% 0.79% -0.39% -0.11% 1.02%

0.54% -2.07% 0.09% 0.79%

2014 0.34% 0.29% 0.82% 0.49%

0.08% 0.48% 0.71% -0.38% 0.09%

-0.50% -1.20% -0.06% -0.06% 0.17%

0.42% 0.38% 0.16% -0.38% 0.32%

-0.82% -0.10% 0.33%

0.05% -0.84% 0.66% -0.22% -0.29%

0.18% -0.04% -0.22% 0.03% -0.28%

1.15% 0.02% 0.08% 0.06% 0.33%

-0.04% -0.51% 0.50% 0.03% -0.12%

2015 -0.18% -0.28% 0.02%

-1.21% -0.46% -1.11% -0.26% 0.31%

0.54% 0.20% -0.53% -0.25% -1.40%

-2.09% 0.37% -0.54% -1.55% -0.65%

2016 0.80%

0.48% -1.74% 0.13% -0.24% 2.01%

0.69% 0.55% 0.57% 1.02% -0.29%

0.91% 0.16% 0.08% 1.36% -0.10%

0.02% 0.94% 2.06%

0.00% 0.16%

-1.90% -0.62% 0.29% -0.46% -0.50%

1.43% -1.36% -0.26% -0.62% -5.25%

-1.57% -0.46% -1.21% -0.81% -2.67%

-4.33% 0.31% -0.13% 4.99% 2.19%

1.03% -0.22% 0.47% 0.33% -0.39%

-0.61% -0.44% 0.94% 0.43% -0.44%

0.39% -0.31% -0.07% 0.99% 0.40%

-0.22% -0.11% -1.48% -0.24% -0.34%

1.14% -1.35%

-1.71%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos BVL 01-sep 02-sep 03-sep 04-sep 05-sep 06-sep 07-sep 08-sep 09-sep 10-sep 11-sep 12-sep 13-sep 14-sep 15-sep 16-sep 17-sep 18-sep 19-sep 20-sep 21-sep 22-sep 23-sep 24-sep 25-sep 26-sep 27-sep 28-sep 29-sep 30-sep 01-oct 02-oct 03-oct 04-oct 05-oct 06-oct 07-oct 08-oct 09-oct 10-oct 11-oct 12-oct 13-oct 14-oct 15-oct 16-oct 17-oct 18-oct 19-oct 20-oct 21-oct 22-oct 23-oct 24-oct 25-oct 26-oct 27-oct 28-oct 29-oct 30-oct 31-oct

214

1995 -0.02%

-0.52% 0.38% -0.18% -0.20% 0.48%

0.25% -0.56% -0.88% -0.94% -0.72%

-0.64% -0.96% -0.83% -0.61% -1.65%

-0.67% -1.50% -0.36% -0.18% 2.26%

1.24% -0.64% -1.18% 0.25% -0.80%

1996 -0.60% -0.04% 0.75% 0.59% -0.10%

-0.12% 0.00% 1.02% 1.76% 1.76%

1.96% 0.84% -0.66% 0.94% 1.59%

-0.26% -0.91% 2.20% 1.58% -0.53%

0.20% -0.34% -1.20% -1.19% -0.58%

0.62% -0.30% -1.20% -0.04% -0.72% 0.59%

0.98% -0.30% 0.83% -0.57% -0.40%

-0.74% -2.09% -1.73% -3.07% -0.63%

4.85% -1.22%

-0.17% -0.48% -0.59%

-0.18% 0.89% -0.36% 0.34% 0.73%

-0.06% -0.82% -0.86% 0.08% 0.54%

0.28% -1.03% -1.26% -1.24%

1997 -0.62% 1.15% -0.99% 0.04% 2.16%

0.00% -0.51% -0.73% -0.53% -1.01%

-1.02% -0.32% 1.60% 0.81% -0.01%

1.02% 0.08% -0.89% 0.63% 0.99%

0.11% -0.16% 0.40% 1.66% -0.48%

-1.19% -0.09% -0.54% -0.19%

-0.46% 0.50% -0.67% 0.29% -0.42%

-0.27% -0.31% 0.80% -2.00% 0.22%

-6.44% 2.03% 1.04% -1.59% 0.31%

1998 -2.09% 5.29% -0.99% -0.83%

3.22% 0.39% 0.03% -4.59% -1.46%

-0.33% 2.72% -2.41% -3.00% -2.12%

-2.10% 0.27% 4.78% 2.33% 1.05%

1.36% -1.32% -1.04% -1.53% 1.66%

-3.81% -1.31% 1.33%

1999 0.74% 0.68% 0.45%

1.34% 0.39% -0.06% 2.67% 2.89%

0.39% 0.04% -0.17% 0.97% -0.33%

-0.36% 0.06% 0.11% 0.09% -0.82%

0.50% 1.12% 0.65% 0.24% -0.70%

0.18% -0.05% 0.81% 0.09%

-0.31%

1.79% -0.01% 1.26% 1.62% 0.37%

0.68% 0.07% -0.90% 0.49% 0.86%

-0.74% -2.13% -0.31% -0.10%

-0.26% -0.03% 1.25% -1.56% -1.30%

-0.34% 0.12% -1.33% -0.02% 0.57%

-1.11% -0.97% 0.66% 0.03% 0.71%

2000 1.73%

-0.05% 0.23% 0.28% -0.14% 0.45%

0.02% -0.08% -0.36% -0.51% -1.63%

-5.72% 1.15% 1.21% 1.27% -0.78%

-0.56% -1.48% -0.58% -1.17% 1.16%

-0.15% 0.18% 0.44% 0.09% -1.89%

-0.99% 0.30% -0.74% -1.04% 0.38%

-0.49% -1.10% -1.63% 0.96% 0.23%

-2.34% 0.62% -0.53% 0.07% -0.01%

0.03% 1.16%

2001

-0.94% 0.10% -0.12% -0.67% -0.29%

0.92% -3.60% 0.11% 0.26% 0.13%

0.14% -1.30% -0.50% -2.51% -2.42%

1.75% -0.03% 0.15% -0.93% 0.78%

0.12% -0.94% -0.89% -0.68% -1.75%

2002 -0.43% -0.26% -0.11% -0.20% -0.88%

0.04% 0.17% 0.67% -0.26% -0.32%

0.07% -0.43% -0.85% 0.41% -0.57%

-0.84% -0.29% 0.20% 0.02% 0.33%

-0.31% 0.76% -0.35% -0.45% 0.36%

2003 -0.41% 0.23% 0.04% 0.46% 0.55%

0.91% 0.49% -0.03% 0.37% 0.79%

-0.54% -0.37% 0.02% 0.29% 0.61%

1.63% 0.47% -0.33% -0.89% -0.69%

1.10% -0.33% 0.12% 1.03% 1.22%

0.67% 0.40% -2.87% -0.25% 0.75% -0.56%

0.71% -0.03% 0.68% -0.48% -0.60%

0.74% 1.18% -0.20% -0.07%

-0.48% -0.82% -0.15%

-0.63% 1.16% 1.12%

0.14% 0.75% -0.09% -0.25% 0.08%

0.57% 0.26% 0.81% 0.88% 0.30%

-0.30% 0.01% 0.78% 1.10%

2004 -0.27% 0.03% 0.19%

0.23% 0.24% 0.34% 0.18% 1.67%

0.43% 0.76% 1.47% -0.52% 0.60%

-0.30% 0.58% 0.68% 0.00% 0.54%

2.17% -0.17% 3.58% 1.69% -1.02%

0.08% 1.58% 1.74% 0.17%

0.84% -0.12%

0.95% 0.12% 0.29% 0.55% -0.66%

0.14% -0.02% -0.03% -0.31% -0.05%

-0.04% 0.53% 1.01% 0.19% -0.52%

2.76% 0.88% -1.94% -1.19% 1.57%

0.79% 1.15% 1.74% -0.09% -0.88%

0.19% 0.37% -0.31% -0.70% 1.07%

2005 1.11% 0.03%

0.60% 0.70% 0.34% 0.86% 0.89%

1.25% -0.64% 0.09% 0.58% 0.11%

0.02% 0.46% 0.66% -0.09% 0.77%

0.41% 0.16% 0.43% 0.10% 0.69%

0.62% 0.45% -0.46% -2.03% 1.11%

-0.21% 0.71% -0.42% -1.30% -0.46%

0.74% -0.38% -0.63% -0.34% -0.07%

1.08% 0.46% -0.17% -3.47% -0.85%

-0.48%

2006 1.82%

0.75% 1.13% 0.21% 0.01% 0.46%

-1.46% -0.58% 0.53% -1.10% -0.66%

1.11% -0.48% -0.88% 0.47% 0.27%

-0.29% 1.15% 0.88% 0.03% 0.42%

-0.57% -1.56% -2.46% 1.63% 0.61%

-0.26% -0.06% 1.42% 1.14% 1.08%

1.92% 0.21% 0.93% 0.26% -1.06%

-0.72% -0.04% 0.87% -0.52% 0.78%

-0.39% -0.20%

2007

0.04% -0.81% -2.51% 0.50% -3.03%

-4.25% 3.16% 0.70% 1.19% -0.80%

-0.55% 3.33% 4.14% -1.13% 1.69%

1.13% -0.13% 1.35% 1.52% -0.54%

0.62% -0.89% -0.03% -0.09% 0.80%

2008 0.13% -0.03% -0.50% -2.13% -2.30%

-1.40% -2.67% -0.54% -0.13% 1.90%

-2.42% -3.35% -3.59% -2.62% 8.79%

0.03% -1.71% -0.52% 1.59% -0.62%

-4.90% 1.17% 0.34% -4.42% -0.09%

-9.27% -4.16% 0.56% -8.77% 0.65% -10.81% 1.02% 1.12% 13.67% 5.46% 0.13% -8.56% -1.29% -7.17% -0.04% 1.89% -0.91% -1.13% 3.07% -3.19% -2.14% -9.40% 0.71% -4.39% -1.03% -6.66% 0.29% 1.66% -5.33% 0.25% 1.04% 7.84% -1.20% 4.17% -0.35% 3.74%

2009 -1.48% 0.12% 2.33% 0.56%

-0.13% 1.30% -0.54% 1.12% 0.69%

0.94% -0.64% 2.34% 0.46% 1.22%

0.04% 2.07% -0.23% -2.25% 0.14%

-0.47% -0.02% 0.74% -2.09% -1.01%

1.21% 1.95% -0.28%

2010 1.09% 0.32% 1.30%

1.12% 0.28% 0.49% -0.20% 2.01%

2.39% -0.09% 0.24% 0.58% 0.38%

1.02% 1.60% 1.17% -0.94% 0.68%

0.69% 0.81% 0.76% 0.89% 1.64%

0.05% 3.51% 0.72% -0.46%

2011 0.14% -1.37%

-1.64% -0.88% 1.02% -0.28% -0.85%

0.17% 0.21% 1.00% 1.22% 0.72%

-1.22% -0.08% -1.83% -4.62% -1.04%

-0.64% 2.35% -3.09% -0.58% -0.58%

-2.67% -2.92% 1.30% 1.15% 0.09%

2.39%

0.83% -0.99% 0.28% -0.13% -0.14%

-0.58% -1.18% 1.19% 0.98% -0.25%

-1.18% -1.78% -3.84% 2.35% -3.76%

0.97% -0.22% 2.39% 0.25% -1.06%

-1.83% -3.03% 2.23% -1.54% 1.50%

0.75% 0.71% -0.26% 0.00% 1.21%

2.87% -0.01% 1.57% 0.37% 1.47%

-0.92% 1.42% -1.17% -1.06% 1.56%

3.23% -0.82% 0.18% 3.46% 0.16%

-2.07%

2012

-0.20% -1.41% -0.04% 0.92% 1.65%

0.21% 0.88% 1.35% 2.08% 2.41%

-0.86% -0.70% 0.53% -0.13% 0.87%

-0.46% -0.17% -0.75% 0.70% -0.28%

-1.12% 1.16% 0.40%

2013 0.37% 1.28% -0.60% -0.35% 1.19%

0.06% 0.90% -0.76% -2.95% -0.33%

1.22% -2.70% -0.26% 1.56% -1.77%

-0.44% -0.85% 0.61% -1.24% 0.89%

-0.16% -0.81% 0.16% -1.07% -0.75%

0.13% -1.19% -0.51% 0.59% -0.53%

-0.29% 0.58% 0.27% -0.24% -0.16%

-0.19% -1.10% -0.52% -0.22% -0.20%

-0.24% 0.16% -0.78%

-0.25% -0.15% -0.18%

0.04% 0.23% 0.24% 1.25% 0.99%

0.16% 2.32% -0.54% 0.16% -0.17%

0.24% 0.98% -0.51% 0.07%

2014 0.08% -0.06% 1.20% -1.03% 1.11%

0.11% -0.63% -0.87% 0.51% -0.88%

0.51% 0.37% -0.42% -0.55% 0.20%

-1.02% 0.11% -0.38% -0.62% -0.12%

-0.20% -2.06% -1.61% -1.44% 0.03%

-0.25% -1.80%

2015 -1.34% -0.09% -0.16% -0.86%

0.25% 0.52% -0.28% 1.24% 0.47%

-0.45% -0.40% 0.89% -0.09% -0.29%

0.02% -1.72% -0.55% -0.64% 0.07%

-1.52% 0.57% 1.38% 0.84% -0.42%

3.32% 0.89% 0.72%

0.23% 0.60%

0.34% 0.09% 1.30% 0.47% 1.52%

-1.96% -0.28% 0.16% 1.25% 0.26%

-0.99% 0.78% 0.12% -1.21% -0.99%

0.36% 0.35% 1.03% -0.03% -1.03%

-0.46% 0.30% -0.54% 0.75% 1.37%

-0.14% -0.94% 0.11% -0.95% -0.42%

2016 0.84% 1.38%

0.62% 0.80% -0.27% -0.15% -1.48%

0.27% -1.47% 0.03% 0.07% -1.15%

0.44% 0.26% 0.87% 0.54% -0.85%

-0.76% -0.88% 0.98% 0.36% 0.13%

-0.33% -1.15% -0.01% -0.44% 0.37%

0.06% -0.41% 0.39% -0.53% 0.18%

-0.12% 1.21% 0.79% 0.11% -0.44%

-0.41% 0.43% 0.06% -0.46% -0.56%

0.46%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos BVL 1995 01-nov 02-nov 03-nov 04-nov 05-nov 06-nov 07-nov 08-nov 09-nov 10-nov 11-nov 12-nov 13-nov 14-nov 15-nov 16-nov 17-nov 18-nov 19-nov 20-nov 21-nov 22-nov 23-nov 24-nov 25-nov 26-nov 27-nov 28-nov 29-nov 30-nov 01-dic 02-dic 03-dic 04-dic 05-dic 06-dic 07-dic 08-dic 09-dic 10-dic 11-dic 12-dic 13-dic 14-dic 15-dic 16-dic 17-dic 18-dic 19-dic 20-dic 21-dic 22-dic 23-dic 24-dic 25-dic 26-dic 27-dic 28-dic 29-dic 30-dic 31-dic

215

1996

-2.04% 0.16%

-1.29% -2.34% -3.99% -5.77% 5.36%

-1.63% -2.55% 0.72% 2.06% 3.56%

0.34% -0.08% 1.18% 0.22% 3.32%

1.01% 0.84% -1.03% -0.30% -0.74%

-1.33% 0.25% -0.24% -0.50%

0.68% 0.01% 2.34% 0.77% 0.39%

-0.66% -1.12% 2.01% -0.46% 1.39%

-1.12% -0.67% 0.80% -0.50% 1.51%

-0.13% -0.46% -0.79% -0.10% 0.27%

-1.51% -1.00% 0.10% -0.31% 0.08%

-1.44% 0.06% -0.07% 0.17% 0.61%

0.32% 0.58% -0.42% -0.09% -0.46%

1.36% 0.74% 1.04% -1.22% -1.30%

-1.32% -0.54% -3.09% -2.59% 1.03%

2.39% -1.44% 0.42% 0.04% 1.54%

-1.75% -0.08% 0.06% -0.04% 0.63%

-0.20% 0.54% 0.30% 0.81% -1.28%

1998

1999

2000

-2.68% -0.44% 1.15% -0.92% 2.46%

-0.76% 0.71% 0.24% 0.62%

-0.26% -1.25%

0.24% 1.02% 1.87% 0.55% 3.91%

4.18% 3.17% 0.13% 1.04% 5.02%

4.70% -2.61% -2.44% 1.82% 2.99%

0.51% -1.53% -0.83% -4.59% -1.88%

-1.02% 0.41% -0.08% -1.18% -1.41% -0.89%

0.38% 0.30% -4.14% -0.45% 2.43%

0.65% 0.45% 0.53% -0.25% -0.37% -1.43%

1997

1.25% 0.53%

1.69%

0.09% -1.23% -0.89% 0.13%

-0.41% 0.67% -0.58% -0.33% -0.63%

-0.17% 1.02% 0.88%

-0.56% 1.20% -0.56%

-2.20% -1.67% 0.85% 0.26% -1.71%

0.07% -0.34% -0.79%

0.04% 0.24% 0.84% -1.16% -0.54%

-0.93% 0.18% -0.56% 0.11% -0.23%

-0.51% -0.34% 0.51% -0.40% 0.74%

1.52% 1.17% 0.79% -0.74% -0.22%

-0.55% -0.17%

1.63% 0.34%

-1.95% 0.56% -0.07% -0.93% 0.54%

-0.09% 2.20% -0.22% -0.63% -0.02%

-0.01% -0.42% 0.44% -0.47% 0.33%

-0.39% 0.22% -0.12% -0.12%

-0.10% 0.10%

-0.70% -0.46% 0.19% -0.14% -0.76%

-0.12% 0.80% -0.06% 0.14%

0.07% -0.30% -1.06% 0.00%

-0.44% -0.38% 0.00% -0.83% -1.37%

-0.09% 0.18% 0.64% 2.18%

0.82% -0.47% -0.49% -0.46% 0.32%

-0.20% 0.58% -0.22% -0.76% 0.07%

0.46% -0.09% 1.27%

2001

0.02% -0.74% 1.36% 0.90% -0.29%

-1.07% 0.37% 1.33% 0.72% 0.51%

0.33% -0.63% -1.07% 0.33% 0.83%

0.53% 0.02% 0.06% -0.55% -0.47%

-0.72% 0.01% 1.89% 0.52% 0.27%

-1.09% -0.18% -0.20% -0.79% -0.26%

0.64% 0.25% -0.70% -0.09% 0.69%

2002

0.89% 0.68% 0.77% -0.31% 0.09%

0.90% 0.02% -0.17% 0.67% -0.26%

1.42% -0.59% 0.61% 1.65% 2.51%

0.38% -1.27% 1.50% 0.66% 0.71%

0.73% -0.19% -0.02% 1.09% -0.11%

-0.52% -0.67% 0.12% 2.04% -0.02%

-0.42% 0.16% -0.29% 0.56% -0.35%

2003

0.23% -0.35% -0.03% -0.33% 0.52%

-0.68% -0.45% 1.13% 0.20% -0.10%

-0.37% 0.54% -0.67% 0.19% 0.53%

-0.66% 1.11% 0.76% 0.08% 0.36%

1.94% 1.02% 0.28% 0.69% 0.42%

-0.57% -0.14%

2005

2006

2007

2.58% 1.93% 0.99%

1.23% 0.50%

-1.61%

0.06% 0.02% 0.19% 0.62% 0.23%

-0.17% -0.60% 0.34% -0.67% -0.16%

-0.02% -0.06% 0.76% 0.02% 0.27%

0.73% -0.52% -0.17% -1.36% 0.20%

-0.05% -0.66% 1.70% -1.36% -0.18% 0.08%

1.08% 0.24% -0.14% 1.80% -0.41%

-0.10% 1.36%

-0.47% -0.05% 1.07%

2004 -0.20% -0.20% 0.28% 1.11%

-0.78% 0.09%

0.34% 0.35% 1.14% 0.12% 0.46%

0.22% -0.20% -0.11% -0.23%

1.73%

3.08% -0.69%

0.40% -0.06% 1.15% 1.74%

-0.11% -0.97% 0.07% 0.45% 0.97%

-0.08% -0.17% 0.02% 0.48% -0.10%

-0.21% -0.85% -0.69% -0.02% 1.49%

-0.36% 0.48% -0.31% 1.15% 0.03%

1.00% 0.61% 0.67%

1.49% 1.26% -0.49% 1.59% -1.23%

-0.25% 0.52% -0.08% -0.76% -0.87%

0.63% 0.84% -0.13% 1.08% 1.23%

0.08% -0.85% 0.67% 0.76% 0.46%

0.99% 0.55% 1.16% 0.91%

-1.71% -0.50% -3.31% -2.46% 0.55%

-1.80% -0.14% 2.16% -2.00% -1.17%

-5.28% -4.43% -2.49% 3.24% 1.89%

0.13% -2.15% 2.09% 0.56% 1.75%

1.44% -0.03% 1.12% 1.90% 0.34%

0.48%

-0.68% -0.65% -0.10% -3.27% -4.67%

-6.65% 3.12% 2.94% 1.29% 1.59%

0.32% -2.21% 1.32% 0.02% -0.45%

2.70% 0.36% 0.29% 1.41% 2.63%

2.17% -2.26% -1.57% -1.04% 0.96%

1.07% 1.17% -0.22% -0.05%

-0.39% -0.77% -0.03% -2.71% -2.92%

-4.92% -1.48% 1.86% 1.23% 2.29%

2008

10.53% 8.68% -3.18% -6.72% 5.36%

2.88% -3.71% -3.41% 0.35% -2.08%

-1.91% -1.20% -2.10%

2.61% -2.56% 2.75% 0.25% -0.06%

-3.65% -0.32% -1.15% -0.88% -2.71%

2009

2010

2011

2012

0.13% 0.57% 1.27% 0.65% 0.22%

1.72% 0.41% 3.05% 0.85%

-0.73% 0.48% -1.07%

0.37%

1.04% -0.95% -0.04% -0.67% 0.13%

0.81% -0.79% 0.02% 0.14% -0.12%

0.04% -0.99% 0.74% -1.40% -0.21%

-1.15% 1.04% 0.94% -0.94% -1.05%

-0.58% 5.05% 1.75% 0.24% -1.33%

-1.06% 2.44% -0.50% -2.93% -0.50%

-0.30% 0.54% 0.73%

0.43% -0.69% 0.52% -1.22% -0.34%

-0.06% 1.06% -0.09% 0.03% -1.68%

-0.48% -2.92% 1.80% 1.89% 0.46%

0.16% -1.17% 1.30% 1.60% -0.31%

0.48% 0.24% 2.45% 0.85% 0.48%

0.35% 0.87% -0.49% 0.16%

1.11% -0.24% -0.27% 0.31% -0.03%

-1.22% 0.72% 0.76%

-0.85% -0.61% 1.66% 0.45%

0.26% 1.59% 1.22% -0.13% 0.45%

0.25% 0.03% 0.43%

-0.28% -0.10% -0.07% 1.06%

0.74% 0.43% 0.53% 0.32% 0.52%

-0.03% -0.50% -0.15%

0.11% 0.61% -2.56% 0.62% 1.69%

-0.53% 0.06% 0.88% -1.15% -0.33%

-1.48% 0.93% -0.65% -0.17% -0.09%

1.11% 0.36% 3.51% -0.49% 1.84%

0.11% -0.54% -0.52%

0.54% -0.21% -0.24% 1.09% -0.33%

0.07% 0.04% -2.58% -2.09% -0.25%

1.32% -0.57% -0.44% -0.31% 0.94%

-0.08% -0.57% -0.12% 0.46% -0.60%

1.23% -0.15% -0.30% -0.04% -1.26%

0.00%

-1.26% -0.75% -1.44% 0.43% 0.29%

-1.43% 1.05% -0.05% 0.12% 0.24%

-0.15% 1.20% 0.62% -0.56% -0.06%

0.08% 0.64% 0.86% -0.57% -0.06%

-0.16% 0.15% -0.31% -0.67% 0.61% 0.45%

0.23% 0.11% 0.84%

0.40%

2013

0.99% -0.29% -0.21% -1.20% -1.76%

0.17% -0.35% -1.01% -0.13% 0.10%

-1.07% -1.58% -0.69% -0.52% -0.18%

-0.43% 1.02% -0.08% -0.02% 0.19%

-0.38% -2.47% -0.38% -0.39% 0.09%

2014

-0.90% -0.60% -2.23% 0.57% 1.90%

-0.15% 1.26% -1.04% -0.49% -0.80%

-1.20% 0.53% -0.26% 0.32% 0.98%

0.06% 0.10% 0.00% -0.78% -0.86%

0.51% -0.83% 0.33% -0.90% -1.49%

2015 0.00% 0.75% -0.06% -0.31% -0.07%

-0.25% -0.82% 0.71% -0.52% -0.73%

-0.36% -0.34% -0.20% 1.07% -0.10%

0.08% 0.35% -0.76% -0.01% -1.48%

0.03% 0.73% -1.25% -0.40% 1.13%

-0.60% 0.76% 1.80% 0.23% 0.61% 0.61%

1.84% 1.10% -0.06% -0.84% -0.52%

-0.14% 0.30% 0.48% 0.01%

0.30% 0.71%

0.57% 0.59% -0.44% -1.05%

-1.87% -2.02% 0.13% 1.71% 0.58%

0.22% 0.31% -0.06%

-0.09% -0.95% -0.64%

-1.38% 0.23% 0.28% -0.52% -2.01%

-0.35% 0.68% 1.66% 0.05%

0.87%

-1.03% 1.43% 0.47%

-1.37% 0.87% -0.23% 0.50%

2016 -0.76% -0.35% 1.07%

1.62% -0.48% 0.68% 2.23% -1.70%

-0.25% -0.75% -0.67%

-0.40% 0.33% 0.13% 0.27% 0.54%

0.04% -0.61% 0.73% 0.85% -0.39%

0.75% -0.06% 0.27% -0.13%

-0.82% -0.32% 0.00% -0.32% 0.13%

-0.29% 0.51% 0.90% -0.28% -0.65%

0.13% 0.25% 0.24% 0.51% -0.26%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos S&P 500 1995 01-ene 02-ene 03-ene 04-ene 05-ene 06-ene 07-ene 08-ene 09-ene 10-ene 11-ene 12-ene 13-ene 14-ene 15-ene 16-ene 17-ene 18-ene 19-ene 20-ene 21-ene 22-ene 23-ene 24-ene 25-ene 26-ene 27-ene 28-ene 29-ene 30-ene 31-ene 01-feb 02-feb 03-feb 04-feb 05-feb 06-feb 07-feb 08-feb 09-feb 10-feb 11-feb 12-feb 13-feb 14-feb 15-feb 16-feb 17-feb 18-feb 19-feb 20-feb 21-feb 22-feb 23-feb 24-feb 25-feb 26-feb 27-feb 28-feb 29-Feb

216

0.35% -0.08% 0.07%

0.03% 0.18% 0.00% 0.00% 0.94%

0.73% 0.14% -0.07% -0.59% -0.46%

0.22% 0.01% 0.34% 0.19% 0.44%

-0.40% 0.41% 0.00% 0.51% 1.24%

0.52% -0.07% 0.08% -0.21% 0.26%

0.04% 0.19% 0.41% 0.14% -0.67%

0.16% 0.49% 0.38% 0.25%

-0.88% 0.74%

1996

1997

1998

0.78% 0.10% -0.58% -0.16%

-2.23% 1.50%

0.43%

0.28% -1.46% -1.80% 0.70% -0.15%

-0.33% 1.44% -0.34% 0.31% 0.59%

0.26% -0.10% 1.17% -0.47% 0.74%

0.42% 0.95% 0.93% 0.38% -0.41%

0.88% 0.76% 0.56% 0.94% 0.05%

0.77% -0.14% -0.75% -0.65% -0.51%

-1.13% 1.16% 1.66% 0.03%

-1.31% -0.50% -0.38% -0.67%

-0.05% 0.75% -0.64% 0.86% 0.62%

0.00% 1.23% -0.22% 0.33% 0.83%

0.07% 0.78% 0.45% -1.10% -0.91%

-0.71% 0.00% 0.98% 1.51% 0.25%

0.07% 0.32% -1.39% 0.24% 1.21%

-0.52% 0.53% 1.67% 1.13% -0.41%

0.97% -0.47% -1.19% -0.13%

1.06% 0.22% -0.78% -1.32% -0.53%

0.21% -1.07% -0.27% -0.82% -2.97%

1.24% 1.37% 0.61% -0.75% 1.13%

1.78% -0.80% -0.80% -0.57%

-0.07% 1.26% 0.87% 0.82% -0.53%

2.14% 0.47% 0.09% -0.33% 0.89%

-0.17% 0.82% 0.10% 0.40% -0.40%

0.26% 0.91% -0.37% 0.58%

0.38% -0.73% 1.20% 0.55% 0.06%

1999

-0.31% 1.36% 2.21% -0.21% 0.42%

-0.88% -1.93% -0.41% -1.80% 2.56%

0.70% 0.37% -1.71% -0.81%

0.72% 1.49% -0.73% 1.79% 1.13%

-0.52% -0.86% 0.80% -1.85% -0.73%

0.35% -2.22% 0.61% 2.49% -1.91%

0.95% -1.44% 1.08% 0.16%

2.66% -0.08% -1.40% -0.67% -0.54%

2000

-0.63% -3.83% 0.19% 0.10% 2.71%

1.12% -1.31% -0.44% 1.22% 1.07%

-0.68% 0.05% -0.71% -0.29%

-2.76% 0.61% -0.42% -0.39% -2.75%

2.52% 1.06% -0.01% 1.12% -0.04%

-0.01% 1.23% -2.08% 0.36% -2.10%

0.20% 0.87% -1.03% 0.04% -3.04%

0.45% 0.63% -0.53% -1.48%

1.10% 1.36%

2001

2002

2003

2004

-3.82% 5.01% -1.06% -2.62%

-0.55% 0.92% 0.62%

3.84% -0.05%

-0.10%

-0.19% 0.38% 0.96% 1.03% -0.62%

0.61% 0.21% 1.39% -0.40%

0.03% 1.30% 0.29% -0.50% -0.19%

0.68% 0.70% -0.56% 0.55% -1.75%

0.36% -0.15% -0.84% -0.62% -1.33%

1.18% -0.87% -0.22% 0.81% -1.89%

-1.74% -1.85% -0.20% -0.56%

1.75% -0.77% -1.43%

-0.65% -0.36% -0.48% 0.12% -0.95%

-0.63% 0.68% -1.62% 1.00% -0.99%

-0.73% 0.79% 0.35% 0.10%

-0.02% -2.86% 1.17% 1.49% -0.71%

-2.47% -0.40% -0.60% -0.31% 1.49%

1.43% -0.40% 0.99% -0.18% -1.10%

-1.89% 1.35% -1.55% 0.82%

1.80% 0.00% 0.05% -0.28%

2.25% -0.65% -1.41% 1.94% 0.00%

-0.14% 0.58% -1.44% -0.39% -1.40%

-1.57% -1.04% 1.02% -2.92%

-1.62% 1.31% 0.68% -2.28% 1.31%

0.54% -1.41% -0.54% -0.64% -1.01%

0.76% -0.81% -1.27% -0.16% 2.14%

1.95% -0.71% -0.95% 1.32%

-1.84% 0.72% -1.31% 1.18% 0.46%

1.24% 0.13% 0.24% 0.50% -0.89%

0.48% -0.53% 0.83% 0.14% 0.69%

-0.09% 0.78% -0.32% -0.21%

1.21% -0.98% -1.36% 0.50% -0.26%

0.37% 0.07% -0.84% 0.18% 1.26%

-0.26% 0.50% 1.07% -0.49% -0.55%

0.98% -0.45% -0.41% -0.26%

-0.27% -0.17% 0.40% 0.11% 0.00%

2005

-0.95% -1.17% -0.36% 0.35% -0.14%

0.34% -0.61% 0.40% -0.86% 0.60%

0.97% -0.95% -0.78% -0.64%

-0.35% 0.40% 0.48% 0.04% -0.27%

0.85% 0.69% 0.32% -0.28% 1.10%

-0.11% 0.05% -0.86% 0.42% 0.69%

0.07% 0.33% 0.02% -0.79% 0.07%

-1.45% 0.56% 0.79% 0.93%

-0.64%

2006

1.64% 0.37% 0.00% 0.94%

0.37% -0.04% 0.35% -0.63% 0.12%

-0.36% -0.40% 0.56% -1.83%

0.18% 0.24% -0.17% 0.72% 0.78%

0.11% -0.40% 0.19% -0.91% -0.54%

0.08% -0.81% 0.87% -0.15% 0.25%

-0.33% 1.00% 0.35% 0.73% -0.17%

-0.33% 0.75% -0.38% 0.13%

0.36% -1.04%

2007

-0.12% 0.12% -0.61%

0.22% -0.05% 0.19% 0.63% 0.49%

0.08% -0.09% -0.30% 0.29%

-0.53% 0.35% 0.85% -1.13% -0.12%

-0.11% 0.58% 0.66% 0.54% 0.17%

-0.10% 0.07% 0.14% -0.12% -0.71%

-0.33% 0.76% 0.76% 0.10% -0.09%

0.28% -0.14% -0.09% -0.36%

-0.13% -3.47% 0.56%

2008

2009

-2.12% 0.00% -2.46%

0.32% -1.84% 1.36% 0.79% -1.36%

1.09% -2.49% -0.56% -2.91% -0.60%

-1.11% 2.14% 1.01% -1.59%

1.75% 0.62% -0.48% 1.68% 1.22%

-1.05% -3.20% -0.76% 0.79% -0.42%

0.59% 0.73% 1.36% -1.34% 0.08%

-0.09% 0.83% -1.29% 0.79%

1.38% 0.69% -0.09% -0.89% -2.71%

2.68% 0.78% -3.00% 0.34% -2.13%

-2.26% 0.18% -3.35% 0.13% 0.76%

-5.28% 4.35% -1.52% 0.54%

0.56% 1.09% 3.36% -3.31% -2.28%

-0.05% 1.58% -0.75% 1.64% 2.69%

0.15% -4.91% 0.80% 0.17% -1.00%

-4.56% -0.10% -1.20% -1.14%

-3.47% 4.01% -1.07% -1.58% -2.36%

2010

1.60% 0.31% 0.05% 0.40% 0.29%

0.17% -0.94% 0.83% 0.24% -1.08%

1.25% -1.06% -1.89% -2.21%

0.46% -0.42% 0.49% -1.18% -0.98%

1.43% 1.30% -0.55% -3.11% 0.29%

-0.89% 1.30% -0.22% 0.97% -0.27%

1.80% 0.42% 0.66% 0.22%

-0.10% -1.21% 0.97% -0.21% 0.14%

2011

1.13% -0.13% 0.50% -0.21% -0.18%

-0.14% 0.37% 0.90% -0.17% 0.74%

0.14% -1.01% -0.13% 0.24%

0.58% 0.03% 0.42% 0.22% -1.79%

0.77% 1.67% -0.27% 0.24% 0.29%

0.62% 0.42% -0.28% 0.07% 0.55%

0.24% -0.32% 0.63% 0.31% 0.19%

-2.05% -0.61% -0.10% 1.06%

0.56%

2012

1.55% 0.02% 0.29% -0.25%

0.23% 0.89% 0.03% 0.23% -0.49%

0.36% 1.11% 0.49% 0.07%

0.05% -0.10% 0.87% -0.58% -0.16%

-0.25% -0.05% 0.89% 0.11% 1.46%

-0.04% 0.20% 0.22% 0.15% -0.69%

0.68% -0.09% -0.54% 1.10% 0.23%

0.07% -0.33% 0.43% 0.17%

0.14% 0.34% -0.47%

2013

2014

2015

2.54% -0.21% 0.49%

-0.89% -0.03%

-0.03%

-0.31% -0.32% 0.27% 0.76% 0.00%

-0.09% 0.11% 0.02% 0.56% 0.34%

0.44% 0.15% 0.00% 0.54%

-0.18% 0.51% -0.39% -0.26% 1.01%

-1.15% 1.04% 0.05% -0.18% 0.57%

-0.06% 0.16% 0.06% 0.07% -0.10%

0.73% -1.24% -0.63% 0.88%

-1.83% 0.61% 1.27% -0.09%

-0.25% 0.61% -0.02% 0.03% 0.23%

-1.26% 1.08% 0.52% -0.13% -0.39%

0.28% 0.06% -0.89% -2.09%

-0.49% 0.61% -1.02% 1.13% -0.65%

-2.28% 0.76% -0.20% 1.24% 1.33%

0.16% 1.11% -0.03% 0.58% 0.48%

0.12% -0.65% 0.60% -0.19%

0.62% -0.13% 0.00% 0.49% 0.28%

-1.83% -0.89% 1.16% 1.79% -0.84%

-0.81% -0.26% -0.58% -0.92% 1.34%

0.15% 0.47% 1.53% -0.55%

0.26% -1.34% -1.35% 0.95% -1.30%

1.30% 1.44% -0.42% 1.03% -0.34%

-0.42% 1.07% 0.00% 0.96% 0.41%

0.16% -0.03% -0.11% 0.61%

-0.03% 0.28% -0.08% -0.15% -0.30%

2016

-1.53% 0.20% -1.31% -2.37% -1.08% 0.00% 0.09% 0.78% -2.50% 1.67% -2.16%

0.05% -1.17% 0.52% 2.03%

-1.56% 1.41% -1.09% 0.55% 2.48%

-0.04% -1.87% 0.50% 0.15% -1.85%

-1.42% -0.07% -0.02% -1.23% 1.95%

1.65% 1.65% -0.47% 0.00%

1.45% -1.25% 0.44% 1.13% -0.19%

-0.81%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos S&P 500 01-mar 02-mar 03-mar 04-mar 05-mar 06-mar 07-mar 08-mar 09-mar 10-mar 11-mar 12-mar 13-mar 14-mar 15-mar 16-mar 17-mar 18-mar 19-mar 20-mar 21-mar 22-mar 23-mar 24-mar 25-mar 26-mar 27-mar 28-mar 29-mar 30-mar 31-mar 01-abr 02-abr 03-abr 04-abr 05-abr 06-abr 07-abr 08-abr 09-abr 10-abr 11-abr 12-abr 13-abr 14-abr 15-abr 16-abr 17-abr 18-abr 19-abr 20-abr 21-abr 22-abr 23-abr 24-abr 25-abr 26-abr 27-abr 28-abr 29-abr 30-abr

217

1995 -0.36% -0.11% 0.06%

0.04% -0.72% 0.21% 0.00% 1.33%

0.10% 0.58% -0.20% 0.72% 0.02%

0.13% -0.22% 0.12% 0.06% 1.01%

0.45% 0.14% -0.15% -0.18% -0.30%

0.23% 0.68% 0.07% 0.10% 0.07%

0.12% -0.29% 0.32%

-0.21% -0.15% -0.09% 0.07% 0.63%

0.87% -0.15% 0.11% 0.17% 0.23%

1996 0.62%

1.00% 0.77% -0.58% 0.25% -3.08%

1.03% -0.46% 0.23% 0.36% 0.09%

1.75% -0.15% -0.26% -0.12% 0.22%

-0.09% 0.45% -0.62% 0.00% -0.53%

1.27% 0.23% 0.09%

-1.77% -0.32% -1.35% -0.37% 0.88%

0.91% 0.39% -0.53% 0.31% 0.23%

0.44% 0.57% -0.22% 0.42% 0.09%

0.11% 0.00%

1997

0.57% -0.55% 1.40% -0.43% 0.80%

1.08% -0.28% -0.87% -1.83% 0.46%

0.32% -0.76% -0.49% -0.40% 0.19%

0.87% -0.23% 0.18%

-4.22% 0.33% -1.25% 0.03% 1.01%

0.56% 0.52% -0.72% -0.30% -2.73%

0.82% 1.48% 1.17% -0.23% 0.60%

-0.78% 1.87% -0.13% -0.32% -0.75%

0.99% 2.73% 0.92%

1998 -0.16% 0.41% -0.45% -1.17% 1.99%

-0.32% 1.13% 0.40% 0.14% -0.12%

1.00% 0.11% 0.47% 0.39% 0.86%

-0.33% 0.92% -0.34% -0.10% -0.49%

-0.17% 0.75% 0.58% 1.07% 0.24%

-0.12% -1.05% -0.71%

0.73% 0.55% 0.32% -1.00% 1.31%

0.08% 0.27% 0.34% -0.97% -1.04%

-1.93% -0.13% 0.88% 1.56%

1999 -0.18% -0.86% 0.18% 1.54% 2.31%

0.57% -0.23% 0.55% 0.84% -0.24%

0.98% -0.07% -0.66% 1.44% -1.31%

-0.18% -2.69% 0.51% 1.69% -0.56%

2.13% -0.72% -1.11%

2.70% -0.24% 0.68% 1.29% 0.33%

0.76% -0.65% -1.58% -0.42% -0.29%

-2.24% 1.29% 2.29% 1.70% -0.14%

0.24% 0.20% -0.87% -0.60% -0.57%

2000 0.93% 0.19% 1.98%

-1.27% -2.56% 0.82% 2.56% -0.47%

-0.82% -1.77% 2.43% 4.76% 0.41%

-0.54% 2.56% 0.45% 1.78% 0.01%

-0.24% -1.06% 0.05% -1.37% 0.72%

0.49% -0.75% -0.49% 0.94% 1.00%

-0.78% -0.26% -2.23% -1.82% -5.83%

3.31% 2.87% -0.98%

0.17% 3.33% -1.11% 0.27% -0.85%

2001 0.10% -0.57%

0.59% 1.00% 0.65% 0.23% -2.48%

-4.32% 1.48% -2.58% 0.59% -1.96%

1.76% -2.41% -1.79% -0.41% 1.99%

1.13% 2.56% -2.44% -0.46% 1.08%

-1.25% -3.44% -0.29% 4.37% -2.00%

0.81% 2.71% -0.21%

1.18% 1.03% 3.89% 1.25% -0.85%

-1.50% -1.22% 1.59% 0.47% 1.50%

-0.29%

2002 2.26%

1.95% -0.67% 1.45% -0.45% 0.58%

0.34% -0.23% -0.99% -0.09% 1.14%

-0.05% 0.41% -1.58% 0.15% -0.42%

-1.47% 0.58% 0.53%

0.17% -0.85% -1.00% 0.08% -0.32%

0.23% -0.67% 1.13% -2.37% 0.66%

-0.76% 2.34% -0.20% -0.14% 0.06%

-1.54% -0.62% -0.71% -0.15% -1.39%

-1.01% 1.08%

2003

-0.75% -1.54% 0.96% -0.93% 0.83%

-2.58% -0.84% 0.43% 3.45% 0.16%

3.54% 0.42% 0.87% 0.19% 2.30%

-3.52% 1.22% -0.55% -0.16% -0.58%

-1.77% 1.21% 2.61% -0.51% 0.27%

0.12% -0.19% -1.40% 0.65% -0.38%

1.95% 0.63% -1.22%

1.38% 2.17% 0.84% -0.83% -1.38%

1.78% 0.33% -0.10%

2004 0.96% -0.59% 0.17% 0.33% 0.17%

-0.84% -0.58% -1.46% -1.52% 1.25%

-1.43% 0.56% 1.17% -0.13% -1.12%

-1.30% -0.13% -0.24% 1.64% -0.10%

1.30% 0.40% -0.07% 0.53% 0.85%

0.77% -0.21% -0.66%

0.41% -1.38% -0.11% 0.06% 0.51%

0.11% -1.56% 0.53% 1.41% 0.06%

-0.44% 0.23% -1.38% -0.76% -0.59%

2005 0.57% -0.03% 0.03% 0.96%

0.26% -0.48% -1.02% 0.19% -0.76%

0.56% -0.75% -0.81% 0.18% -0.05%

-0.49% -1.02% 0.07%

0.15% -0.76% 1.38% -0.07% -0.65%

0.72% 0.23% 0.60% -0.83%

0.00% 0.55% -1.18% -1.00% -1.67%

0.29% 0.59% -1.33% 1.97% -0.68%

0.87% -0.88% 0.40% -1.14% 1.19%

2006 0.83% -0.16% -0.15%

-0.70% -0.19% 0.20% -0.49% 0.72%

0.21% 1.04% 0.43% 0.18% 0.15%

-0.17% -0.60% 0.60% -0.26% 0.10%

-0.10% -0.64% 0.75% -0.20% -0.41%

0.23% 0.63% 0.43% -0.19% -1.03%

0.09% -0.78% 0.12%

-0.22% 1.71% 0.20% 0.12% -0.01%

-0.24% -0.49% 0.28% 0.33% 0.07%

2007 -0.26% -1.14%

-0.94% 1.55% -0.25% 0.71% 0.07%

0.27% -2.04% 0.67% 0.37% -0.38%

1.09% 0.63% 1.71% -0.03% 0.11%

0.10% -0.62% -0.80% 0.37% -0.12%

0.26% 0.93% 0.11%

0.36% 0.26% -0.66% 0.62% 0.35%

1.07% 0.21% 0.07% -0.12% 0.93%

-0.23% -0.04% 1.01% -0.08% -0.01%

-0.78%

2008

0.05% -0.34% 0.52% -2.20% -0.84%

-1.55% 3.71% -0.90% 0.51% -2.08%

-0.90% 4.24% -2.43%

3.96% 0.23% -0.88% -1.15% -0.80%

0.57% 3.59% -0.19% 0.13% 0.08%

0.16% -0.51% -0.81% 0.45% -2.04%

-0.34% 0.46% 2.27% 0.06% 1.81%

-0.16% -0.88% 0.29% 0.64% 0.65%

-0.11% -0.39% -0.38%

2009 -4.66% -0.64% 2.38% -4.25% 0.12%

-1.00% 6.37% 0.24% 4.07% 0.77%

-0.35% 3.21% 2.09% -1.30% -1.98%

7.08% -2.04% 0.96% 2.33% -2.03%

-3.48% 1.31% 1.66% 2.87% 0.97%

-0.83% -2.39% 1.18%

2010 1.02% 0.23% 0.04% 0.37% 1.40%

-0.02% 0.17% 0.45% 0.40% -0.02%

0.05% 0.78% 0.58% -0.03% -0.51%

0.51% 0.72% -0.55% -0.17% 0.07%

0.57% 0.00% -0.33%

1.54% 0.17% -0.59% 0.34% 0.67%

2011 -1.57% 0.16% 1.72% -0.74%

-0.83% 0.89% -0.14% -1.89% 0.71%

-0.60% -1.12% -1.95% 1.34% 0.43%

1.50% -0.36% 0.29% 0.93% 0.32%

-0.27% 0.71% 0.67% -0.18% 0.50%

0.03% -0.02% 0.22% -0.15% -0.40%

-0.28% 4.07% -2.01% 1.25% 1.55% 0.50%

-4.28% 2.13% -0.77% 0.99% 1.68%

-1.01% -0.27% 2.16% -0.10%

0.18% 0.07% 1.12% 0.08% -1.61%

0.45% 0.81% -0.10% 0.23% 0.71%

-0.43% -2.34% 0.65% 1.29% -1.66%

2012 0.62% -0.32%

-0.39% -1.54% 0.69% 0.98% 0.36%

0.02% 1.81% -0.12% 0.60% 0.11%

0.40% -0.30% -0.19% -0.72% 0.31%

1.39% -0.28% -0.49% -0.16% 0.37%

0.75% -0.40% -1.02% -0.06%

-1.14% -1.71% 0.74% 1.38% -1.25%

2013 0.23%

0.46% 0.96% 0.11% 0.18% 0.45%

0.32% -0.24% 0.13% 0.56% -0.16%

-0.55% -0.24% 0.67% -0.83% 0.72%

-0.33% 0.78% -0.06% 0.41%

-0.45% 0.52% -1.05% 0.40% -0.43%

0.63% 0.35% 1.22% 0.36% -0.28%

-0.75%

1.21%

1.27%

-0.05% 1.55% -0.41% -0.59% 0.12%

-0.84% 0.37% 1.36% 0.67% 0.24%

1.22% -0.39%

-2.30% 1.43% -1.43% -0.67% 0.88%

0.47% 1.04% 0.00% 0.40% -0.18%

0.72% 0.25%

2014

-0.74% 1.53% -0.01% 0.17% 0.05%

-0.05% -0.51% 0.03% -1.17% -0.28%

0.96% 0.72% -0.61% 0.60% -0.29%

-0.49% 0.44% -0.70% -0.19% 0.46%

0.79% 0.70% 0.29% -0.11% -1.25%

-1.08% 0.38% 1.09% -2.09% -0.95%

0.82% 0.68% 1.05% 0.14%

0.38% 0.41% -0.22% 0.17% -0.81%

0.32% 0.48% 0.30%

2015 0.61% -0.45% -0.44% 0.12% -1.42%

0.39% -1.70% -0.19% 1.26% -0.61%

1.35% -0.33% 1.22% -0.49% 0.90%

-0.17% -0.61% -1.46% -0.24% 0.24%

1.22% -0.88% -0.40% 0.35%

0.66% -0.21% 0.27% 0.45% 0.52%

-0.46% 0.16% 0.51% -0.08% -1.13%

0.92% -0.15% 0.51% 0.24% 0.23%

-0.41% 0.28% -0.37% -1.01%

2016 2.39% 0.41% 0.35% 0.33%

0.09% -1.12% 0.51% 0.02% 1.64%

-0.13% -0.18% 0.56% 0.66% 0.44%

0.10% -0.09% -0.64% -0.04%

0.05% 0.88% 0.44% -0.20% 0.63%

-0.32% -1.01% 1.05% -1.20% 0.28%

-0.27% 0.97% 1.00% 0.02% -0.10%

0.65% 0.31% 0.08% -0.52% 0.00%

-0.18% 0.19% 0.16% -0.92% -0.51%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos S&P 500 01-may 02-may 03-may 04-may 05-may 06-may 07-may 08-may 09-may 10-may 11-may 12-may 13-may 14-may 15-may 16-may 17-may 18-may 19-may 20-may 21-may 22-may 23-may 24-may 25-may 26-may 27-may 28-may 29-may 30-may 31-may 01-jun 02-jun 03-jun 04-jun 05-jun 06-jun 07-jun 08-jun 09-jun 10-jun 11-jun 12-jun 13-jun 14-jun 15-jun 16-jun 17-jun 18-jun 19-jun 20-jun 21-jun 22-jun 23-jun 24-jun 25-jun 26-jun 27-jun 28-jun 29-jun 30-jun

218

1995

1996

1997

0.03% 1.09% 0.01% -0.08%

-1.65% -0.27%

1.45%

0.74% -0.08% 0.15% 0.00% 0.23%

0.42% 0.09% -0.21% -1.42% -0.08%

0.86% 0.94% 0.00% 0.00% -0.93%

-0.01% 1.88% 0.02% -0.18%

0.58% -0.01% -0.45% -0.15% -0.83%

0.56% 0.97% 0.08% 0.12% 0.50%

1.00% -0.04% -0.18% 1.30% -0.25%

-1.02% -0.31% 0.42% 0.00%

-0.13% -0.40% 1.02% 0.10% 1.03%

1.44% 0.62% -0.03% -0.09% 0.61%

0.63% -0.06% 0.84% -0.36% 0.37%

-0.93% -0.64% 0.56% -0.38%

-0.22% 0.73% 0.87% -0.80% 0.04%

-0.17% -0.18% -0.29% -0.17% -0.31%

-0.10% -0.47% -0.02% 0.02% 0.72%

0.30% -0.06% -0.61% 0.63% 0.31%

2.13% -0.30% -1.47% 0.57% 0.55%

1.56% -0.54% 0.35% 0.70% -1.44%

0.42% 1.01% -0.27% -0.44% 1.36%

0.32% -0.29% -0.37% 0.50%

-0.23% -0.10% -0.64% 0.40% 1.73%

0.57% 0.27% 0.50% 1.60% 1.11%

0.07% 0.06% -0.60% 1.00% 0.08%

-2.23% 2.02% -0.82% -0.60% 0.41%

1998

0.93% -0.59% -0.95% -0.89% 1.19%

-0.14% 0.83% 0.28% -0.13% -0.77%

-0.26% 0.33% 0.86% -0.39% -0.37%

-1.48% -0.16% 0.49% -0.62%

0.01% 0.21% -0.96% 1.12% 1.74%

0.17% 0.24% -0.55% -1.59% 0.39%

-1.99% 0.98% 1.79% -0.07% -0.52%

0.23% 1.48% 1.20% -0.32% 0.35%

1999

1.46% -1.67% 1.15% -1.13% 0.97%

-0.35% 1.14% 0.62% 0.26% -2.18%

0.13% -0.46% 0.82% -0.40% -0.64%

-1.78% -1.70% 1.59% -1.79% 1.59%

-0.58% 0.04% 0.37% 2.17%

0.51% -1.29% 0.10% -1.20% -0.70%

0.03% 0.55% 2.25% 0.71% 0.22%

0.46% -0.97% -0.21% -1.30% -0.04%

1.22% -0.24%

0.06%

3.11%

2000

2001

2002

2003

-0.42% -2.16% -0.39% 1.64%

1.44% -1.49% 1.44%

0.71% -1.03%

1.44%

-0.59% -0.84% -2.06% 1.79% 0.93%

2.21% 0.94% -1.24% -0.73% -2.11%

-0.44% -1.92% 1.83% -1.25% -0.25%

3.22% -0.13% 1.99% 1.96%

-0.65% -0.67% 0.93% -0.66% -0.32%

-0.75% 1.62% 0.07% 0.56% -0.97%

1.47% -0.68% 0.22% -1.82% -0.74%

0.96% -0.33% 0.29% -0.02%

-0.24% -0.18% -0.45% -0.03% -0.76%

0.26% 0.04% 2.85% 0.27% 0.27%

1.62% -0.26% -1.55% 0.32% -1.18%

-0.78% -1.57% 0.62% 0.39%

0.51% 1.30% -1.05% 0.55% -0.94%

-0.84% 0.12% -1.13% -1.75% -0.45%

-0.49% 0.34% 0.87% 1.14% -0.94%

-0.55% -0.15% -0.47% 1.25%

-1.93% -0.30% 3.75% -1.45% -1.68%

1.85% 2.11% -0.57% 0.66% 0.76%

-1.33% -1.10% 0.57% 1.02% -1.21%

-0.86% -0.64% -0.28% 0.23%

-2.48% 0.00% 0.88%

-0.38% 0.85% -0.51% -1.01% 1.43%

1.25% -0.30% -0.32% 0.79% -0.25%

-2.49% -0.11% 0.40% 0.92% 0.14%

1.96% 0.18% -0.38% 1.47%

0.35% 0.47% 1.51% 0.40% -0.24%

-2.13%

0.31% -1.66% 0.66% -1.05% -0.23%

2.87% 0.09% -1.65% -1.34% -1.70%

0.36% -1.67% -0.27% 1.76% -0.08%

-1.20% 0.91% 1.28% 0.10% -0.99%

2.24% 0.09% -0.16% -1.52% 0.10%

-1.41% 0.18% -0.83% 1.08% -0.97%

2004

0.92% 0.18% 0.18% -0.67% -1.37%

-1.05% 0.77% 0.17% -0.08% -0.07%

-1.06% 0.68% -0.26% 0.05% 0.40%

0.17% 1.61% 0.17% 0.57% -0.05%

0.05% 0.34% -0.74% 0.52%

1.60% 0.15% -0.95% 0.45%

-0.98% 0.60% 0.14% -0.13% 0.26%

-0.42% 0.36% 0.85% -0.30% -0.55%

-0.10% -0.18%

0.66%

2005

2006

2007

2008

0.46% -0.09% 1.25% -0.26% -0.11%

0.20% -0.39% 0.32% 1.03%

0.91% 0.43% 0.21%

2.04%

0.64% -1.07% 0.42% -1.00% -0.46%

1.01% 0.70% 1.00% 0.47% -0.15%

0.39% 0.02% -0.34% 0.64% 0.10%

-0.61% 0.90% 0.17% -0.69%

0.12% -0.02% -0.22% 0.52% -0.23%

0.23% 0.26% 0.22% 0.36% 0.50%

-0.07% -0.20% 0.02% -1.08% -0.76%

-0.07% 0.91% -0.85%

-0.08% 0.04% -0.17% -1.28% -1.12%

0.25% -0.19% -1.68% -0.67% 0.41%

-0.39% -0.43% 0.16% 1.14% 0.57%

-1.58% 0.81% 1.23% 0.20%

-1.78% -0.11% -0.61% 0.14% -0.45%

-1.19% -1.11% 0.52% 2.12% -0.37%

-0.91% 0.00% 0.97% -0.53% -0.09%

0.49% -0.91% 0.55% 1.94%

0.26% -0.12% 0.32% -1.40% 0.96%

-0.18% -0.13% 0.86% -0.09% 0.66%

0.15% -0.06% -0.12% -0.97% 0.55%

0.16% 0.80% 0.03% 0.37%

0.18% -0.53% -0.89% -1.76% 1.14%

0.10% -1.07% 1.52% 0.48% 0.65%

-0.12% 0.17% -1.36% 0.62% -1.29%

-0.32% -0.32% 0.90% -0.04%

-0.45% 0.77% -1.81% 0.37% -0.67%

1.10% -0.04% 0.40%

1.28% -0.93% -1.61% 0.26% -1.32%

0.68% 0.40% 0.53% 0.15%

-1.05% -0.58% -0.03% 1.95% -3.09%

0.08% -0.24% -1.69% 0.33% 1.50%

0.01% -0.68% -0.97% 0.38% -1.85%

0.01% -0.28% 0.58% -2.94% -0.37%

2009

2010

3.94% -0.38% 1.74% -1.32% 2.41%

-2.15% -0.10% -2.69% 1.04% -1.14%

3.04% -0.17% -0.51% -1.68% -0.15%

1.31% -2.38% -0.66% -3.24% -1.53%

4.40% -0.34% 1.37% -1.21% -1.88%

0.11% -1.42% -0.51% -3.90% 1.50%

2.63% -1.90% 1.54% 1.36%

2.58% 0.20% -1.37% 1.15% -0.25%

-0.10% 0.35% -0.35% 0.61% 0.14%

0.52%

-0.98%

-3.06% 0.23% 0.65% 2.14% -0.15%

-0.84%

-1.35% 1.10% -0.59% 2.95% 0.44%

-2.25%

-0.39% -1.61% -0.30% -1.68% 0.29%

0.91% -0.85%

-4.08%

2013 -0.93% 0.94% 1.05%

2014 -0.01% -0.13% 0.19%

0.19% 0.52% 0.41% -0.37% 0.43%

-0.90% 0.56% -0.14% 0.15%

-1.11% -0.57% -0.44% -1.51% -0.74%

1.60% 0.05% 0.17% 0.14% -0.22%

0.00% 1.01% 0.51% -0.50% 1.03%

-0.07% 0.17% -0.83% -0.29% -0.06%

0.97% 0.04% -0.47% -0.94% 0.37%

0.38% -0.65% 0.81% 0.24% 0.42%

0.63%

-1.72% 2.58% 0.41% -3.44%

-0.18% 2.35% -0.06% 0.13% 0.13%

0.04% -0.43% -0.67% 0.25% -0.34%

0.32%

1.11% -1.43% -0.23% -2.46%

0.01% 0.57% 2.30% -0.01% 0.81%

-1.09%

0.07% -2.38% -1.27% -0.14% 0.84% 0.31%

2012 0.57% -0.25% -0.77% -1.61%

-1.92%

-1.19% -1.29% 0.04% -0.57% 3.29% -1.24%

-0.20% 0.13%

2011 -0.18%

-1.26% 1.17% -0.70% 1.08% 1.03%

0.63% -0.70% 0.37% -1.43%

0.59% -0.55% -1.38% 0.85% 1.28%

-0.03% -1.02% -0.84% 1.48% -0.59%

-0.33%

1.54%

0.74%

0.14% 0.98% -0.17% -2.23% 0.72%

-1.60% 0.48% 0.90% -0.21% 2.49%

0.76% 0.78% -1.39% -2.50% 0.27%

-1.21% 0.95% 0.96% 0.62% -0.43%

0.60% -0.11% 0.54% 0.18%

0.07% -0.04% 0.19% 0.65% 0.46%

0.09% -0.02% -0.35% -0.71% 0.31%

0.08% 0.22% 0.77% 0.13% 0.17%

-0.01% -0.64% 0.49% -0.12% 0.19%

-0.04%

2015 1.09%

0.29% -1.18% -0.45% 0.38% 1.35%

-0.51% -0.29% -0.03% 1.08% 0.08%

0.30% -0.06% -0.09% 0.23% -0.22%

-1.03% 0.92% -0.13% -0.63%

0.21% -0.10% 0.21% -0.86% -0.14%

-0.65% 0.04% 1.20% 0.17% -0.70%

-0.46% 0.57% 0.20% 0.99% -0.53%

0.61% 0.06% -0.74% -0.30% -0.03%

-2.09% 0.27%

2016 0.78% -0.87% -0.59% -0.02% 0.32%

0.08% 1.25% -0.96% -0.02% -0.85%

0.98% -0.94% 0.02% -0.37% 0.60%

-0.21% 1.37% 0.70% -0.02% 0.43%

-0.10% 0.11% 0.28% -0.29%

0.49% 0.13% 0.33% -0.17% -0.92%

-0.81% -0.18% -0.18% 0.31% -0.33%

0.58% 0.27% -0.17% 1.34% -3.59%

-1.81% 1.78% 1.70% 1.36%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos S&P 500 1995 01-jul 02-jul 03-jul 04-jul 05-jul 06-jul 07-jul 08-jul 09-jul 10-jul 11-jul 12-jul 13-jul 14-jul 15-jul 16-jul 17-jul 18-jul 19-jul 20-jul 21-jul 22-jul 23-jul 24-jul 25-jul 26-jul 27-jul 28-jul 29-jul 30-jul 31-jul 01-ago 02-ago 03-ago 04-ago 05-ago 06-ago 07-ago 08-ago 09-ago 10-ago 11-ago 12-ago 13-ago 14-ago 15-ago 16-ago 17-ago 18-ago 19-ago 20-ago 21-ago 22-ago 23-ago 24-ago 25-ago 26-ago 27-ago 28-ago 29-ago 30-ago 31-ago

219

0.43% 0.03% 1.23% 0.43%

0.15% -0.43% 1.10% 0.02% -0.20%

0.51% -0.76% -1.34% 0.46% 0.01%

0.54% 0.80% 0.09%

1996 0.78% -0.34% -0.18%

1997 0.67% 1.46% 1.43%

1998 1.30% -0.19%

1999 0.60% 0.74%

-2.22%

-0.75% 0.34% 0.20% -1.58% 0.08%

-2.54% -0.23% 0.91% 1.50% -0.75%

-0.78% -1.09% -0.04% 0.72% 0.75%

-0.51% 0.72% -1.22% 0.69% 0.32%

0.19% 0.80% 1.17% -0.53% -1.75%

-0.26% 2.30% 0.28% 0.40% -0.16%

0.95% -0.23% 1.02% -0.67% 0.50%

0.07% 1.06% -0.24% 0.78% 0.23%

-0.22% -1.61% -0.08% -2.09% 0.09%

-0.22% 0.56% -0.10% 0.64%

-0.30% -0.40% 0.33% 0.82% 0.65%

-0.78% -2.17% 0.16% -1.33% -0.30%

-0.68% 1.12%

2000

2001

1.03%

0.86% -0.18%

-1.59% 0.72% 1.53%

-0.22% 0.36% 0.81% 0.20% 0.95%

0.03% -1.11% -0.79% 0.92% -1.03%

-1.07% 0.70% -1.50% -0.19%

-1.23% -2.35%

0.69% -1.44% -0.11% 2.37% 0.62%

-1.09% 1.00% -0.55% 0.61% -0.34%

-1.64% -1.63% 1.61% 1.04% 0.24%

2002 -2.14% -2.12% 0.62%

2003 0.80% 1.16% -0.81%

2004 -1.04% -0.32%

3.67%

-1.22% -2.47% -3.40% 0.75% -0.64%

-0.38% -1.85% 0.57% -2.70% -3.84%

-3.29% -2.70% 5.73% -0.56% 1.69%

1.90% 0.34% -0.56% -1.35% 0.95%

0.57% -0.34% -0.63% -1.24% 1.18%

-1.46% 0.95% 0.05% -0.71% 1.74%

-0.81% 0.19% -0.82% 0.33%

0.14% 0.07% -0.33% -0.43% -0.48%

-0.04% 0.71% -1.33% 0.27% -0.97%

-0.20% 0.99%

2005 0.26%

0.88% -0.83% 0.25% 1.17%

0.63% 0.23% 0.09% 0.26% 0.12%

-0.55% 0.67% 0.48% -0.66% 0.54%

-0.38% 0.17% 0.46%

2006

2007

0.79%

0.91% 0.36%

-0.72% 0.25% -0.67%

0.15% 0.40% -1.09% -1.30% -0.49%

-0.14% 0.19% 1.86% -0.85% -0.71%

1.66% 0.63% -0.04% -0.41%

2008 0.38% -1.82% 0.11%

0.03% 0.33%

0.09% -1.42% 0.57% 1.91% 0.31%

-0.19% -0.01% -0.21% 0.45% -1.22%

0.49% -1.98% 0.47% -2.33% -1.60%

-0.84% 1.71% -2.28% 0.70% -1.11%

-0.90% -1.09% 2.51% 1.20% 0.03%

-0.05% 1.35% 0.41% -2.31% 0.42%

2009 0.44% -2.91%

2010 -0.32% -0.47%

0.26% -1.97% -0.17% 0.35% -0.40%

0.54% 3.13% 0.94% 0.72%

2.49% 0.53% 2.96% 0.86% -0.04%

1.14% 0.36% -0.05% 2.33% 0.30%

0.07% 1.54% -0.02% 0.12% -2.88%

0.60% 1.14% -1.28% 2.25% 0.82%

2011 3.32%

2012 0.25% 0.62% -0.47% -0.94%

2013 0.54% -0.05% 0.08%

-2.62%

0.68%

-0.23% 0.74% 0.67% 0.27% -1.01%

1.38%

-0.56% 1.12% -0.10%

-0.89% -0.90% -0.03% 1.65% 1.91%

0.53% 0.72% 0.02% 1.36% 0.31%

0.14% -0.37% 0.28% 0.50% 0.16%

0.20% -0.19% -0.38% 0.26% 0.08%

-2.75%

0.08% -0.43% -0.15% -0.01% 0.03%

0.20% 0.06% -0.12% -0.40% -0.42%

0.83% -0.21% 0.25% -0.17% 0.03%

-0.20% 0.25% -0.43% 0.06% 0.47%

-0.19% 0.17% 0.34%

-0.10% 0.74% 1.57% 1.92%

-0.34% 0.33% 0.27% -0.24% -0.07%

0.55% -0.84% 0.28% 0.03% 0.44%

0.21% -0.13% -0.09% 0.84% -0.54%

-0.47% 0.38% -0.24% -1.11%

1.44% 0.21% -0.75%

0.33% 0.22% 0.83% -0.95% -1.86%

0.37% -1.12% -0.49% 0.30% -2.59%

1.30% 1.48% 1.44% -1.52% -0.16%

-0.37% -0.78% 0.07% -1.10% -0.46%

0.19% -1.95%

-0.73% -3.62% 0.87% 0.76% -0.02%

-0.58% -1.31% 1.43% -0.86% -1.13%

1.97% 1.62% -0.29% -0.59% -0.95%

0.64% 0.43% -0.79% -3.84% -1.48%

-6.80%

-2.55% -0.44% -1.27% 0.64% -1.02%

-0.19% -1.26% 1.60% -0.29% 2.27%

0.23% 1.01% -0.84% -0.69% 0.98%

1.77% 0.24% 1.34% -1.43% -1.01%

-2.07%

-1.30% 0.51% 0.04% 0.96% 0.71%

1.12% 0.24% -0.67% -0.86% 0.79%

1.34% -0.48% -0.31% 1.10% -0.29%

0.52% -0.09% 0.52% 0.16% -0.12%

0.45% 0.39% 0.40% -0.52%

-1.14% 0.33% -1.73% -0.01% 0.57%

0.09% -0.38% -0.73% 0.31% -1.67%

0.81% -1.21% 0.70% -0.28% 1.97%

0.51% -0.28%

-0.48% -1.50% -1.11%

0.52%

-1.30%

6.89% -2.96% -2.31%

-3.43% 2.99% 2.00% 3.27% 0.35%

-0.53% -2.17% 4.00% 1.16% -0.16%

2.36% -1.40% 1.27% 1.41% -2.27%

0.75% -1.39% -1.81% -0.01%

-1.12% 0.29% -1.03%

0.27% -1.77% 0.17% 0.73% 0.36%

0.31% 1.00% -0.64% 0.66% 0.02%

0.92% 0.26% -0.20% 0.30% -1.02%

0.07% 0.30% 0.01% 0.61% 0.52%

0.63%

0.44% -0.63% -0.10% -1.63% -1.55%

0.12% 1.30% -0.30% -1.17% 0.15%

1.37% 0.22% 1.24% -0.36% 0.65%

-0.24% 0.05% 0.80% 0.01% 0.24%

-0.32%

-0.12% 0.71% 0.07% -0.74% -0.76%

-0.27% 0.67% -0.18% 0.71% -0.60%

0.28% -1.18% 0.07% -0.10% 0.06%

1.07% -0.45% 0.51% 0.22% -0.07%

-0.28% -0.34% -0.43% 0.46% -0.40%

0.12% 1.37% 0.77% 0.16% 0.37%

1.03% -1.26% 0.72% 0.44% -2.66%

2.42% 0.62% 1.41% -2.96% 0.04%

-0.05% -1.82% -1.39% 0.32% 2.46%

-0.37% 0.10% -0.45% 0.24%

-0.03% 0.11% 1.17% -0.11% 1.15%

0.60%

0.44% 0.19%

-0.85% -2.35% 2.19%

0.66%

-0.04%

0.70%

0.17% -0.34% -0.66% 0.23% -0.60%

2.11% -1.31% -0.56%

-0.90% 2.87% 0.34% -1.79% 2.39%

0.69% -1.21% -0.29% 0.55% 0.41%

-1.51% -0.93% 0.62% 0.25% 1.13%

-1.96% 0.37% 0.80% 1.48% -1.37%

0.76% 0.07%

1.53% 0.30% -0.29% -0.56% 1.34%

-0.33% -1.27% 1.15% 0.69% -0.85%

-2.43% 1.01% 0.69% 1.09% 1.86%

-0.05% 0.24% 0.01% 0.28% -0.20%

-0.81%

-1.10%

2.20% -0.48% 0.61% -0.13% -0.37%

0.55% -0.60% -2.82% -0.54% -0.40%

0.01% 1.22% 0.15% -1.69% -0.37%

-0.40% -1.45% 0.33% -0.77% 1.66%

-1.43%

-3.10% -4.78% -0.06%

-6.66% 4.74% -4.42% 4.63% 0.53%

2.18% -0.97% 0.09% -4.46% -1.50%

0.03% 3.43% 1.31% -1.56% 1.51%

2.83% 0.23% 0.49%

-0.05% -0.43% -0.29% -0.75% 1.90%

0.23% 0.51% 0.06% 0.04% 0.22%

-0.13% -0.01% 0.11% 0.71% 0.19%

0.00% -0.35% 0.02% -0.81% 0.65%

-0.05% -0.08% 0.08% -0.78% 0.51%

2015 0.69% -0.03%

1.02%

1.01% -0.16% -0.81% 0.00% -0.50% 1.65%

2014 0.67% 0.07% 0.55%

-0.37% 0.04% -0.01% 1.25% 0.16%

-0.15% -0.57% -0.38% 0.39% -0.36%

-0.12% 0.28% -0.52% -1.43% -0.33%

-0.59% 0.38% -0.58% 0.86% 0.39%

-0.40% -1.59% 0.27% 0.20% -0.32%

-0.39% -0.70% 0.46% -0.41% 0.15%

0.48% -0.19% 0.42% -1.18% 1.03%

-0.23% 0.50% 0.18% 0.05% -0.48%

0.03% -0.45% 0.01% -2.00% -0.29%

0.72% -0.97% 0.00% -0.56% 1.15%

0.28% -0.16% 0.67% 0.43% -0.01%

0.85% 0.50% 0.25% 0.29% -0.20%

0.48% 0.11% 0.00% -0.17% 0.33%

-0.39% 0.61% -1.67% 0.23% 1.23%

1.11% 0.45% -0.07% 0.80% 0.11%

0.08% -0.43% -0.24% -0.57% -1.07%

-0.58% 1.24% 0.73% 0.00% -0.23%

-0.28% -0.22% 0.31% -0.78% -0.29%

1.28% -0.96% 0.10% -0.13% 0.39%

0.52% -0.26% -0.83% -2.11% -3.19%

-3.94% -1.35% 3.90% 2.43% 0.06%

-0.84%

2016 0.19%

-0.68% 0.54% -0.09% 1.53%

0.34% 0.70% 0.01% 0.53% -0.09%

0.24% -0.14% 0.43% -0.36% 0.46%

-0.30% 0.03% -0.12% 0.16% 0.16%

-0.13% -0.64% 0.31% 0.02% 0.86%

-0.09% 0.04% -0.29% 0.47% -0.08%

0.28% -0.55% 0.19% 0.22% -0.14%

-0.06% 0.20% -0.52% -0.14% -0.16%

0.52% -0.20% -0.24%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos S&P 500 01-sep 02-sep 03-sep 04-sep 05-sep 06-sep 07-sep 08-sep 09-sep 10-sep 11-sep 12-sep 13-sep 14-sep 15-sep 16-sep 17-sep 18-sep 19-sep 20-sep 21-sep 22-sep 23-sep 24-sep 25-sep 26-sep 27-sep 28-sep 29-sep 30-sep 01-oct 02-oct 03-oct 04-oct 05-oct 06-oct 07-oct 08-oct 09-oct 10-oct 11-oct 12-oct 13-oct 14-oct 15-oct 16-oct 17-oct 18-oct 19-oct 20-oct 21-oct 22-oct 23-oct 24-oct 25-oct 26-oct 27-oct 28-oct 29-oct 30-oct 31-oct

220

1995 0.35%

0.95% 0.18% 0.02% 0.42%

0.21% 0.45% 0.39% 0.84% -0.04%

-0.10% 0.25% 0.44% -0.64% -0.22%

0.01% -0.07% -0.06% 0.83% -0.25%

-0.46% 0.11% -0.15% 0.20% -0.02%

1996

-0.41% 0.14% -0.94% 0.96%

1.23% 0.01% 0.52% 0.58% 1.40%

0.51% -0.15% -0.22% 0.22% 0.59%

-0.08% -0.13% 0.03% 0.00% 0.05%

0.17% 0.25% 0.72% -0.18% 1.25%

0.27% -0.71% -0.15% 0.34% 0.63% 0.24%

-0.25% 0.64% 0.11% 0.55% -0.54%

-0.41% 0.25% -0.69% -0.99% 0.52%

0.61% -0.30%

-0.94% -0.31% 0.87%

0.41% -0.14% 0.26% 0.37% 0.54%

-0.14% -0.46% 0.10% -0.70% -0.20%

-0.52% 0.61% -0.09% 0.62%

1997 3.13% 0.03% 0.32% -0.20%

0.23% 0.26% -1.56% -0.70% 1.24%

-0.45% 2.81% -0.28% 0.45% 0.34%

0.52% -0.37% -0.78% -0.70% 0.78%

0.86% -0.64% 0.86% 0.53% 0.48%

0.79% 1.07% -1.27% -0.38%

0.12% 0.23% -0.47% -1.08% -1.16%

1.21% 1.74% -0.39% -1.84% -0.95%

-6.87% 5.12% -0.29% -1.68% 1.21%

1998 3.86% -0.38% -0.83% -0.85%

5.09% -1.69% -2.58% 2.95%

2.05% 0.77% 0.75% -2.55% 0.12%

0.37% 0.56% 3.54% -2.19% 0.19%

0.38% 0.03% -3.05% -3.01% 1.64%

-1.40% -0.40% -1.41%

1999 0.81% -0.90% 2.89%

-0.50% -0.47% 0.26% 0.30%

-0.56% -0.58% -1.37% 0.04% 1.28%

0.01% -2.09% 0.22% -2.30% -0.24%

0.47% -0.09% -1.08% 1.13% 0.01%

1.70% -0.25% 1.85% -0.59%

1.41%

1.35% -0.29% 1.08% 4.17% 0.85%

0.57% 0.14% 0.56% 0.80% -0.72%

-0.50% 0.26% 1.67% 1.17%

1.33% -1.66% -2.09% -0.17% -2.81%

0.54% 0.57% 2.23% -0.45% 1.41%

-0.62% -0.91% 1.15% 3.53% 1.53%

2000 0.20%

-0.90% -0.98% 0.69% -0.53%

2001

-0.06% -0.11% -2.24% -1.86%

0.62% -0.35% -0.49% 0.20% -0.27% -1.02%

-1.45% 1.07% -0.59% -0.16% -0.02%

-0.67% -0.82% -0.04% 2.22% -1.49%

-0.02% -0.68% 0.55% 0.14% -1.90%

-0.49% -1.07% -1.62% -2.55% 3.34%

0.03% -1.79% -0.58% 3.47% 0.59%

-0.08% 0.17% -2.38% -0.03% 1.11%

1.38% 2.20%

-4.92% -0.58% -1.61% -3.11% -1.90%

3.90% 0.88% -0.52% 1.15% 2.19%

-0.23% 1.23% 1.99% -0.25% 0.16%

2002

-4.33% 1.75% -1.60% 1.68%

1.01% 0.73% -0.01% -2.48% 0.33%

0.14% -1.97% -0.46% -3.01% 0.25%

-1.38% -1.73% 2.49% 1.82% -3.23%

-1.46% 4.00% -2.36% -1.08% -2.24%

2003 1.39% 0.42% 0.17% -0.64%

1.00% -0.82% -1.20% 0.54% 0.22%

-0.38% 1.43% -0.33% 1.33% -0.32%

-1.30% 0.61% -1.91% -0.61% -0.64%

0.98% -1.05% 2.23% 0.20% 0.94%

0.44% 0.47% -1.37% 2.29% 1.52% -0.53%

-0.15% 0.69% -1.86% -0.79% 0.46%

1.53% -0.47% 0.04% 1.37% 0.41%

-2.38% -1.72% 0.00%

-2.98% 3.50% 3.91%

0.73% 4.73% -2.41% 2.23% 0.59%

1.73% -1.06% 0.67% -1.52% 1.72%

-0.83% -0.91% 0.97% -0.56%

2004 0.15% 1.12% -0.42%

0.69% -0.45% 0.19% 0.50%

0.17% 0.22% -0.71% 0.28% 0.45%

-0.56% 0.63% -1.39% -0.47% 0.16%

-0.59% 0.59% 0.43% -0.02% 1.52%

0.32% -0.06% 0.67% -1.00%

-0.05% -0.06%

0.70% 0.40% -0.26% 0.32% -1.02%

0.52% 0.13% -1.50% 0.33% -0.47%

0.22% 1.52% 0.13% -0.11% 0.36%

-0.55% -0.23% -0.73% -0.93% 0.45%

0.53% -0.97% 0.04% 0.26% -0.97%

-0.09% 1.49% 1.29% 0.18% 0.24%

2005 0.10% -0.29%

1.26% 0.24% -0.38% 0.80%

-0.07% -0.75% -0.33% 0.05% 0.83%

-0.56% -0.79% -0.91% 0.37% 0.06%

0.03% 0.00% 0.10% 0.89% 0.09%

-0.17% -1.00% -1.49% -0.41% 0.37%

-0.72% -0.21% -0.61% -0.07% 0.83%

0.30% -1.00% 1.50% -1.50% 0.15%

1.68% -0.24% -0.43% -1.05% 1.65%

0.72%

2006 0.55%

0.17% -0.99% -0.48% 0.38%

0.05% 1.04% 0.39% -0.14% 0.26%

0.12% -0.27% 0.57% -0.54% -0.25%

0.88% 0.75% 0.02% 0.17% -0.23%

-0.34% 0.21% 1.21% 0.22% -0.27%

0.08% 0.20% -0.26% 0.95% 0.20%

0.25% -0.37% 0.13% 0.08% 0.12%

0.62% 0.03% 0.35% 0.50% -0.85%

0.04% 0.00%

2007

1.05% -1.15% 0.43% -1.69%

-0.13% 1.36% 0.00% 0.84% 0.02%

-0.51% 2.92% 0.61% -0.67% 0.46%

-0.53% -0.03% 0.54% 0.39% -0.30%

1.33% -0.03% -0.46% 0.21% 0.96%

2008 -0.41% -0.20% -2.99% 0.44%

2.05% -3.41% 0.61% 1.38% 0.21%

-4.71% 1.75% -4.71% 4.33% 4.03%

-3.82% -1.56% -0.20% 1.97% 0.34%

-8.81% 5.42% -0.45% -4.03% -1.35%

-3.85% -5.74% 0.49% -0.17% -0.52% 0.48%

-0.84% -0.66% 0.18% -0.08% -2.56%

0.38% 0.88% -0.24% -0.10% 1.38%

0.37% -0.65% 1.20%

-8.66% -1.18%

11.58% -0.53% -9.03% 4.25% -0.62%

4.77% -3.08% -6.10% 1.26% -3.45%

-3.18% 10.79% -1.11% 2.58% 1.54%

2009 -2.21% -0.33% 0.85% 1.31%

0.88% 0.78% 1.04% -0.14%

0.63% 0.31% 1.53% -0.31% 0.26%

-0.34% 0.66% -1.01% -0.95% -0.61%

1.78% -0.22% -0.33% -2.58% -0.45%

1.49% 1.37% 0.27%

2010 2.95% 0.91% 1.32%

-1.15% 0.64% 0.48% 0.49%

1.11% -0.07% 0.35% -0.04% 0.08%

1.52% -0.26% -0.48% -0.83% 2.12%

-0.57% 0.49% -0.26% -0.31% 0.44%

-0.80% 2.09% -0.07% -0.16%

2011 -1.19% -2.53%

-0.74% 2.86% -1.06% -2.67%

0.70% 0.91% 1.35% 1.72% 0.57%

-0.98% -0.17% -2.94% -3.19% 0.61%

2.33% 1.07% -2.07% 0.81% -2.50%

-2.85% 2.25% 1.79% 1.83% -0.82%

1.32%

0.44% -0.28% 1.75% 0.42% -0.81%

0.94% -0.62% -0.89% 1.06% -1.22%

-1.17% -0.33% -1.95% 2.25% -2.81%

0.63% 0.38% 0.71% -0.36% 0.20%

0.72% -1.59% 1.05% 0.18% 0.24%

0.21% 0.00% -0.27% 0.11% -0.04%

3.41% 0.05% 0.98% -0.30% 1.74%

-1.94% 2.04% -1.26% 0.46% 1.88%

1.29% -2.00% 1.05% 3.43% 0.04%

-2.47%

2012

-0.12% -0.11% 2.04% 0.40%

-0.61% 0.31% 0.21% 1.63% 0.40%

-0.31% -0.13% 0.12% -0.05% -0.01%

-0.22% -1.05% -0.57% 0.96% -0.45%

0.27% 0.09% 0.36% 0.72% -0.03%

-0.35% -0.99% -0.62% 0.02% -0.30%

0.81% 1.03% 0.41% -0.24% -1.66%

0.04% -1.44% -0.31% 0.30% -0.07%

0.02%

2013

0.42% 0.81% 0.12% 0.01%

1.00% 0.73% 0.31% -0.34% 0.27%

0.57% 0.42% 1.22% -0.18% -0.72%

-0.47% -0.26% -0.27% 0.35% -0.41%

-0.60% 0.80% -0.07% -0.90% 0.71%

-0.85% -1.23% 0.06% 2.18% 0.63%

0.41% -0.71% 1.38% 0.67% 0.65%

0.01% 0.57% -0.47% 0.33% 0.44%

0.13% 0.56% -0.49% -0.38%

2014 -0.05% -0.08% -0.15% 0.50%

-0.31% -0.65% 0.36% 0.09% -0.60%

-0.07% 0.75% 0.13% 0.49% -0.05%

-0.80% -0.58% 0.78% -1.62% 0.86%

-0.25% -0.28% -1.32% 0.00% 1.12%

-0.16% -1.51% 1.75% -2.07% -1.15%

-1.65% 0.16% -0.81% 0.01% 1.29%

0.91% 1.96% -0.73% 1.23% 0.71%

-0.15% 1.19% -0.14% 0.62% 1.17%

2015 -2.96% 1.83% 0.12% -1.53%

0.00% 2.51% -1.39% 0.53% 0.45%

-0.41% 1.28% 0.87% -0.26% -1.61%

0.46% -1.23% -0.20% -0.34% -0.05%

-2.57% 0.00% 2.03% 0.20% 1.43%

1.83% -0.36% 0.80% 0.88% 0.07%

0.13% -0.68% -0.47% 1.49% 0.46%

0.03% -0.14% -0.58% 1.66% 0.90%

-0.19% -0.26% 1.18% -0.04% -0.48%

2016 0.00% 0.42%

0.30% -0.01% -0.22% -2.45%

1.47% -1.48% -0.06% 1.01% -0.38%

0.00% 0.03% 1.09% 0.65% -0.57%

-0.86% 0.64% 0.53% -0.93% 0.80%

-0.33% -0.50% 0.43% 0.05% -0.33%

0.46% -1.24% 0.11% -0.31% 0.02%

-0.30% 0.62% 0.22% -0.14% -0.01%

0.47% -0.38% -0.17% -0.30% -0.31%

-0.01%

Anexo Tasa de Descuento Tasa de Descuento: Rendimientos S&P 500 1995 01-nov 02-nov 03-nov 04-nov 05-nov 06-nov 07-nov 08-nov 09-nov 10-nov 11-nov 12-nov 13-nov 14-nov 15-nov 16-nov 17-nov 18-nov 19-nov 20-nov 21-nov 22-nov 23-nov 24-nov 25-nov 26-nov 27-nov 28-nov 29-nov 30-nov 01-dic 02-dic 03-dic 04-dic 05-dic 06-dic 07-dic 08-dic 09-dic 10-dic 11-dic 12-dic 13-dic 14-dic 15-dic 16-dic 17-dic 18-dic 19-dic 20-dic 21-dic 22-dic 23-dic 24-dic 25-dic 26-dic 27-dic 28-dic 29-dic 30-dic 31-dic

221

1996

1.41% 0.14%

-0.36% -0.36% 0.92% 0.26% -0.09%

-0.07% -0.51% 0.79% 0.57% 0.46%

-0.54% 0.57% -0.31%

0.21% 1.05% 1.46% 0.42% 0.44%

0.14% -0.32% 0.22% 0.65% 0.24%

-0.08% 0.70% 0.24% -0.16% 0.81%

0.26%

0.23% 0.85% 0.20% -0.37% 0.27%

1.10% 0.65% 0.40% -0.65%

0.54% -0.12% 0.47% -0.77% -0.09%

-1.55% 0.84% -0.98% 0.75% 0.24%

1.11% -0.14% -0.13%

2.66% 0.19% 0.21% -0.50% -1.12%

-0.69% 0.29% -1.93% 1.18% 1.28%

1.92% -0.84% 0.68% 1.52% 0.43%

-1.70% 0.44% 0.09%

1998

1999

2000

1.18% -0.07% 0.70% 1.36% 0.63%

-1.11% 0.53% 0.57% 0.56%

-0.08% -0.11%

-0.95% -0.17% -0.65% -0.29% 0.72%

0.90% 0.30% 0.45% 0.71% 0.95%

2.12% -0.44% 0.33%

0.49% -0.85% 0.60% 0.58% 1.06%

-0.12% 1.84% -0.66% 1.01% -0.21%

-0.07% -1.15% 0.89%

0.46% 0.40%

-0.06% -1.09% -0.42% -0.10% -0.64%

2.03% -0.32% 0.52% -0.38% 1.10%

-2.41% 1.00% -0.34% -1.80% 2.31%

0.93% 1.37% -0.30% -0.91% -1.54% -0.09%

-1.05% 0.70% 0.76% 1.94% 0.42%

0.64% 0.13%

-0.39%

-0.81% -0.61% -1.53% -0.16%

1.05% 0.48% -0.26% -1.06% -0.89%

0.73% -1.53% -0.68%

-0.35% -1.56% 0.12%

-2.17% 1.90% -0.08% 1.55% 0.68%

1.25% 0.06% 2.07%

-0.62% -1.34% 0.63% 0.81% 1.72%

-0.70% -0.99%

-1.08% 2.35% 0.50% -1.26% -0.34%

-1.84% 0.35% -1.85%

-0.13% -0.85% 0.72% 0.39% 0.16%

-0.21% 1.08% 0.19% 1.55%

-0.25% 1.33% -0.80%

-0.09% 0.04% 0.40% 0.07%

2001

4.06% 1.45% -0.27% 0.25% 0.16%

-0.18% 1.86% 0.19% 0.09% -0.31%

1.09% -0.73% -0.49%

2002

2.55% 0.78% 0.91% -2.29% -0.88%

-2.07% 0.77% -0.05% 2.46% 0.61%

-1.04% -0.40% 1.94% 2.15% -0.34%

2003

0.79% -0.54% -0.14% 0.59% -0.46%

-0.58% -0.05% 1.14% -0.01% -0.76%

-0.64% -0.91% 0.80% -0.84% 0.16%

1.17% 1.47%

0.54% -0.95% 0.44% -2.01% 0.02%

0.74% 3.89% -1.82% -0.59%

-0.08% 0.63%

0.40%

1.80% 1.83%

0.39% -0.02% -1.58% -0.65% -2.44%

-0.03%

0.27%

-0.26% 0.55% 0.38% 0.04% -0.07% 0.29%

1997

2.73% -0.65% -0.82% -1.40% -2.15%

0.81% -1.30% -3.13% 0.80% 2.44%

0.71% 1.04% 0.40%

0.62% -0.68% -1.83% 1.03% -0.07%

-0.84% 1.32% 2.23% -0.28% -0.75%

-1.59% -0.28% 0.03% -1.56% 0.33%

1.00% 0.75% 0.58% -0.84% 0.44%

0.25% -2.10% 2.80%

1.62% 0.17% 0.43%

2005

2006

2007

0.64% 0.43% 0.02%

-0.77% -0.22%

-2.56%

-0.11% -0.07% -0.10% 0.91% 0.91%

-0.03% -0.71% 0.55% 0.14% -1.12%

0.59% -0.03% 0.41%

-0.19% -1.47% -0.34% -1.20% 0.63%

-2.22% 1.40% 0.06% -0.37% -1.34%

2.35% -0.81% -1.31% -0.77% 1.30%

1.13% -0.33% -0.18% 0.47% -0.77%

-0.57% 0.66% 0.13% 1.18% -0.05%

-0.68% -1.60%

-0.08% -0.39% 0.18% 0.94% 0.44%

0.53% 0.51% 0.35%

0.25% 0.64% 0.24% 0.23% 0.10%

-0.05% 0.16% 0.23%

-1.00% 2.91% -0.71% -1.32% 0.52%

-1.75% 0.45% -1.59%

-0.34% -0.40% 1.50% -0.09% 0.07%

1.03% -0.10%

0.90% 0.39% 0.19% -0.21% -0.75%

0.04% 0.90% 0.34% 0.05%

-0.85% 0.00% -0.64% 1.22% 0.03%

-0.24% 0.13% -0.50%

-0.43% 0.72% -0.01% 0.01%

-1.36% 0.34% 0.92% 0.08% -0.28%

0.89% 0.40% -0.13% -0.40%

-2.32% 1.49% 2.86% 0.05% 0.78%

-0.59% -0.65% 1.52% 1.50% -0.18%

0.16%

0.08% 0.56% 0.42% -0.14% -0.28%

-0.58% -0.02% 0.25% 0.42% 0.04%

-0.96% 0.13% -0.30% -0.49%

2008

-0.25% 4.08% -5.27% -5.03% 2.89%

-1.27% -2.20% -5.19% 6.92% -4.17%

-2.58% 0.98% -6.12%

1.69% -0.37%

-0.01%

1.24% 0.01%

1.13% 0.22% 0.21% -0.53% 0.19%

-0.50% 1.20% -2.94% -0.06% -1.43%

0.21%

-0.08% -1.11% -0.12% -0.11% 1.15% 0.27%

0.22% -0.35% 0.17% 0.84% 0.31%

0.08%

-0.02% -0.27%

0.39% 0.28%

0.39% 0.68% 0.34%

2004 0.03% 1.12% 1.62% 0.39%

0.41% -0.10% 0.12% 0.87% 0.11%

-0.32% 0.22% -0.14% -0.37% -0.53%

0.44% 0.70% -0.15% -0.45%

0.75% -2.53% 0.61% 0.12% -1.37%

-1.50% 0.63% -0.14% 0.49% 1.67%

5.61% 0.66% 3.53%

2009

2010

0.65% 0.24% 0.10% 1.92% 0.25%

0.87% 0.37% 1.93% 0.39%

2.22% -0.01% 0.50% -1.03% 0.57%

1.45% 0.09% -0.05% -1.34% -0.32%

1.36% -0.05% 0.45%

-0.21% -0.81% 0.44% -0.42% -1.18%

-0.12% -1.62% 0.02% 1.54% 0.25%

-0.16% -1.43% 1.49%

2011 -2.79% 1.61% 1.88% -0.63%

0.63% 1.17% -3.67% 0.86% 1.95%

-0.96% 0.48% -1.66% -1.68% -0.04%

-1.86% -0.41% -2.21%

-1.72% 0.96%

-8.93% 3.99% 2.58% -2.93% 3.65%

-0.25% 1.44% 1.19% -2.85% 0.70%

-1.27% 5.14% -0.96% -2.12% 0.29%

-0.66% 0.58% 0.37%

0.70% -0.55% 0.11% -1.18% 0.58%

-1.83% -0.97% 0.58%

1.05% 0.36% 0.23% 0.53%

0.15% 2.44% 1.42%

0.12% -0.14% 0.02% -1.00%

0.89% -1.43% 0.15%

0.22% 0.79% -2.37% -1.22% 0.17%

0.01% -0.40% -1.39% -0.16% 0.48%

1.99% 0.07% 0.23%

-0.14% -0.61% 2.16% 1.28% 0.26%

-0.13% 0.05% 0.76% 0.60%

0.00% 0.09% -0.51% 0.62% 0.08%

0.25% 0.60% 0.34% -0.16%

2.92% 0.22% 4.33% -0.19% -0.02%

1.03% 0.11% 0.20% -2.11% 1.69%

-1.49% -0.87% -1.13% 0.32% 0.32%

-1.17% 2.98% 0.19% 0.83% 0.90%

-0.20% -0.52% 0.79% 0.43% 0.02%

-0.47% -0.17% 0.16% 0.33% 0.29%

0.03% 0.65% 0.04% -0.63% -0.41%

1.19% 1.15% -0.76% 0.55% -0.94%

-0.24%

0.06% 0.08% 0.10% -0.15% -0.02%

0.01% -1.25% 1.07% -0.43%

2013 0.29%

0.36% -0.28% 0.43% -1.32% 1.34%

0.07% -0.24% 0.81% 0.48% 0.42%

-0.37% -0.20% -0.36% 0.81% 0.50%

2014

-0.01% -0.28% 0.57% 0.38% 0.03%

0.31% 0.07% -0.07% 0.05% 0.02%

0.07% 0.51% -0.15% 0.20% 0.52%

1.30%

-0.27% -0.75%

0.38% 1.21% 0.03% -0.84% 0.55%

2012 1.09% -0.94%

-0.48% -0.12% -1.10%

1.69%

-0.13% 0.01% 0.25%

0.29% -0.12% 0.28%

2015 0.67% 0.79% -0.35% -0.11% -0.34%

-0.98% 0.15% -0.32% -1.40% -0.91%

1.49% -0.13% 1.62% -0.11% 0.37%

-0.12% 0.12% -0.01%

-0.25%

0.18% -0.32% -1.13% -0.38% -0.01%

0.63% -0.31% 1.66% -0.06% 0.48%

0.53% 0.29% 0.47% -0.03%

-0.02% 0.40%

2.22% 0.38% 1.11% 0.20% -0.14%

-0.01% 0.75% -0.16% 0.47% -0.24%

0.75% 0.22% 0.08% 0.39%

0.06%

-0.08%

-0.27% -0.32% -0.13% -0.43% 1.12%

2016 -0.68% -0.65% -0.44% -0.17%

-0.68% 0.64% 0.38% -0.12% 0.17%

-0.73% -0.02% -1.64% 0.45% -1.62%

-0.63% -0.85% 2.04% 2.40% 0.46%

0.38% 0.17% -0.01%

-0.46% 1.07% -1.10% -1.44% 1.83%

-0.70% -0.65% -0.77% 0.23% -1.94%

0.48% 1.06% 1.45% -1.50% -1.78%

0.78% 0.88% 1.24% -0.16%

-0.53% 0.13% -0.27% -0.35% 0.04%

0.58% 0.34% 1.32% 0.22% 0.59%

-0.11% 0.65% -0.81% 0.39% -0.18%

0.20% 0.36% -0.25% -0.19% 0.13%

0.33%

0.09% -0.49% -1.03%

-0.22% 1.06% -0.72% -0.94%

0.22% -0.84% -0.03% -0.46%

Anexo Tasa de Descuento Tasa de Descuento: Prima de Riesgo Perú Year 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Fuente: Damodaran 2017

222

Annual Returns on Investments in S&P 500 3-month T.Bill 10-year T. Bond 43.81% 3.08% 0.84% -8.30% 3.16% 4.20% -25.12% 4.55% 4.54% -43.84% 2.31% -2.56% -8.64% 1.07% 8.79% 49.98% 0.96% 1.86% -1.19% 0.32% 7.96% 46.74% 0.18% 4.47% 31.94% 0.17% 5.02% -35.34% 0.30% 1.38% 29.28% 0.08% 4.21% -1.10% 0.04% 4.41% -10.67% 0.03% 5.40% -12.77% 0.08% -2.02% 19.17% 0.34% 2.29% 25.06% 0.38% 2.49% 19.03% 0.38% 2.58% 35.82% 0.38% 3.80% -8.43% 0.38% 3.13% 5.20% 0.57% 0.92% 5.70% 1.02% 1.95% 18.30% 1.10% 4.66% 30.81% 1.17% 0.43% 23.68% 1.48% -0.30% 18.15% 1.67% 2.27% -1.21% 1.89% 4.14% 52.56% 0.96% 3.29% 32.60% 1.66% -1.34% 7.44% 2.56% -2.26% -10.46% 3.23% 6.80% 43.72% 1.78% -2.10%

Compounded Value of $ 100 Stocks T.Bills T.Bonds Stocks - Bills 40.73% $ 143.81 $ 103.08 $ 100.84 -11.46% $ 131.88 $ 106.34 $ 105.07 -29.67% $ 98.75 $ 111.18 $ 109.85 -46.15% $ 55.46 $ 113.74 $ 107.03 -9.71% $ 50.66 $ 114.96 $ 116.44 49.02% $ 75.99 $ 116.06 $ 118.60 -1.51% $ 75.09 $ 116.44 $ 128.05 46.57% $ 110.18 $ 116.64 $ 133.78 31.77% $ 145.38 $ 116.84 $ 140.49 -35.64% $ 94.00 $ 117.19 $ 142.43 29.21% $ 121.53 $ 117.29 $ 148.43 -1.14% $ 120.20 $ 117.33 $ 154.98 -10.70% $ 107.37 $ 117.36 $ 163.35 -12.85% $ 93.66 $ 117.46 $ 160.04 18.84% $ 111.61 $ 117.85 $ 163.72 24.68% $ 139.59 $ 118.30 $ 167.79 18.65% $ 166.15 $ 118.75 $ 172.12 35.44% $ 225.67 $ 119.20 $ 178.67 -8.81% $ 206.65 $ 119.65 $ 184.26 4.63% $ 217.39 $ 120.33 $ 185.95 4.68% $ 229.79 $ 121.56 $ 189.58 17.20% $ 271.85 $ 122.90 $ 198.42 29.63% $ 355.60 $ 124.34 $ 199.27 22.20% $ 439.80 $ 126.18 $ 198.68 16.48% $ 519.62 $ 128.29 $ 203.19 -3.10% $ 513.35 $ 130.72 $ 211.61 51.60% $ 783.18 $ 131.98 $ 218.57 30.94% $ 1,038.47 $ 134.17 $ 215.65 4.88% $ 1,115.73 $ 137.60 $ 210.79 -13.69% $ 999.05 $ 142.04 $ 225.11 $ 1,435.84 $ 144.57 $ 220.39 41.94%

Premiums Stocks - Bonds Historical risk premium 42.98% -12.50% -29.66% -41.28% -17.43% 48.13% -9.15% 42.27% 26.93% -36.72% 25.07% -5.51% -16.08% -10.75% 16.88% 22.57% 16.45% 32.02% -11.56% 4.28% 3.75% 13.64% 30.38% 23.97% 15.88% -5.35% 49.27% 33.93% 9.70% -17.25% 45.82%

Anexo Tasa de Descuento Tasa de Descuento: Prima de Riesgo Perú Year 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989

Fuente: Damodaran 2017

223

Annual Returns on Investments in S&P 500 3-month T.Bill 10-year T. Bond 12.06% 3.26% -2.65% 0.34% 3.05% 11.64% 26.64% 2.27% 2.06% -8.81% 2.78% 5.69% 22.61% 3.11% 1.68% 16.42% 3.51% 3.73% 12.40% 3.90% 0.72% -9.97% 4.84% 2.91% 23.80% 4.33% -1.58% 10.81% 5.26% 3.27% -8.24% 6.56% -5.01% 3.56% 6.69% 16.75% 14.22% 4.54% 9.79% 18.76% 3.95% 2.82% -14.31% 6.73% 3.66% -25.90% 7.78% 1.99% 37.00% 5.99% 3.61% 23.83% 4.97% 15.98% -6.98% 5.13% 1.29% 6.51% 6.93% -0.78% 18.52% 9.94% 0.67% 31.74% 11.22% -2.99% -4.70% 14.30% 8.20% 20.42% 11.01% 32.81% 22.34% 8.45% 3.20% 6.15% 9.61% 13.73% 31.24% 7.49% 25.71% 18.49% 6.04% 24.28% 5.81% 5.72% -4.96% 16.54% 6.45% 8.22% 31.48% 8.11% 17.69%

Compounded Value of $ 100 Stocks T.Bills T.Bonds Stocks - Bills 8.80% $ 1,608.95 $ 149.27 $ 214.56 -2.71% $ 1,614.37 $ 153.82 $ 239.53 24.37% $ 2,044.40 $ 157.30 $ 244.46 -11.59% $ 1,864.26 $ 161.67 $ 258.38 19.50% $ 2,285.80 $ 166.70 $ 262.74 12.91% $ 2,661.02 $ 172.54 $ 272.53 8.50% $ 2,990.97 $ 179.28 $ 274.49 -14.81% $ 2,692.74 $ 187.95 $ 282.47 19.47% $ 3,333.69 $ 196.10 $ 278.01 5.55% $ 3,694.23 $ 206.41 $ 287.11 -14.80% $ 3,389.77 $ 219.96 $ 272.71 -3.12% $ 3,510.49 $ 234.66 $ 318.41 9.68% $ 4,009.72 $ 245.32 $ 349.57 14.80% $ 4,761.76 $ 255.01 $ 359.42 -21.03% $ 4,080.44 $ 272.16 $ 372.57 -33.68% $ 3,023.54 $ 293.33 $ 379.98 31.01% $ 4,142.10 $ 310.90 $ 393.68 18.86% $ 5,129.20 $ 326.35 $ 456.61 -12.11% $ 4,771.20 $ 343.09 $ 462.50 -0.42% $ 5,081.77 $ 366.87 $ 458.90 8.58% $ 6,022.89 $ 403.33 $ 461.98 20.52% $ 7,934.26 $ 448.58 $ 448.17 -19.00% $ 7,561.16 $ 512.73 $ 484.91 9.41% $ 9,105.08 $ 569.18 $ 644.04 13.89% $ 11,138.90 $ 617.26 $ 664.65 -3.47% $ 11,823.51 $ 676.60 $ 755.92 23.75% $ 15,516.60 $ 727.26 $ 950.29 12.46% $ 18,386.33 $ 771.15 $ 1,181.06 0.09% $ 19,455.08 $ 815.27 $ 1,122.47 10.09% $ 22,672.40 $ 867.86 $ 1,214.78 23.37% $ 29,808.58 $ 938.24 $ 1,429.72

Premiums Stocks - Bonds Historical risk premium 14.70% -11.30% 6.1% 24.58% 6.6% -14.51% 6.0% 20.93% 6.4% 12.69% 6.5% 11.68% 6.7% -12.88% 6.1% 25.38% 6.6% 7.54% 6.6% -3.23% 6.3% -13.19% 5.9% 4.43% 5.9% 15.94% 6.1% -17.97% 5.5% -27.89% 4.6% 33.39% 5.2% 7.85% 5.2% -8.27% 4.9% 7.29% 5.0% 17.85% 5.2% 34.72% 5.7% -12.90% 5.4% -12.40% 5.1% 19.14% 5.3% -7.59% 5.1% 5.52% 5.1% -5.79% 5.0% 10.77% 5.1% 8.31% 5.1% 13.78% 5.2%

Anexo Tasa de Descuento Tasa de Descuento: Prima de Riesgo Perú Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Annual Returns on Investments in S&P 500 3-month T.Bill 10-year T. Bond -3.06% 7.55% 6.24% 30.23% 5.61% 15.00% 7.49% 3.41% 9.36% 9.97% 2.98% 14.21% 1.33% 3.99% -8.04% 37.20% 5.52% 23.48% 22.68% 5.02% 1.43% 33.10% 5.05% 9.94% 28.34% 4.73% 14.92% 20.89% 4.51% -8.25% -9.03% 5.76% 16.66% -11.85% 3.67% 5.57% -21.97% 1.66% 15.12% 28.36% 1.03% 0.38% 10.74% 1.23% 4.49% 4.83% 3.01% 2.87% 15.61% 4.68% 1.96% 5.48% 4.64% 10.21% -36.55% 1.59% 20.10% 25.94% 0.14% -11.12% 14.82% 0.13% 8.46% 2.10% 0.03% 16.04% 15.89% 0.05% 2.97% 32.15% 0.07% -9.10% 13.52% 0.05% 10.75% 1.36% 0.21% 1.28% 11.74% 0.51% 0.69%

Risk Premium Desv. Est. BVL Desv. Est. S&P 500 Fuente: Yahoo Finance

224

6.24% 1.40% 1.21%

Compounded Value of $ 100 Stocks T.Bills T.Bonds Stocks - Bills -10.61% $ 28,895.11 $ 1,009.08 $ 1,518.87 24.62% $ 37,631.51 $ 1,065.69 $ 1,746.77 4.09% $ 40,451.51 $ 1,101.98 $ 1,910.30 6.98% $ 44,483.33 $ 1,134.84 $ 2,181.77 -2.66% $ 45,073.14 $ 1,180.07 $ 2,006.43 31.68% $ 61,838.19 $ 1,245.15 $ 2,477.55 17.66% $ 75,863.69 $ 1,307.68 $ 2,512.94 28.05% $ 100,977.34 $ 1,373.76 $ 2,762.71 23.61% $ 129,592.25 $ 1,438.70 $ 3,174.95 16.38% $ 156,658.05 $ 1,503.58 $ 2,912.88 -14.79% $ 142,508.98 $ 1,590.23 $ 3,398.03 -15.52% $ 125,622.01 $ 1,648.63 $ 3,587.37 -23.62% $ 98,027.82 $ 1,675.96 $ 4,129.65 27.33% $ 125,824.39 $ 1,693.22 $ 4,145.15 9.52% $ 139,341.42 $ 1,714.00 $ 4,331.30 1.82% $ 146,077.85 $ 1,765.59 $ 4,455.50 10.94% $ 168,884.34 $ 1,848.18 $ 4,542.87 0.84% $ 178,147.20 $ 1,933.98 $ 5,006.69 -38.14% $ 113,030.22 $ 1,964.64 $ 6,013.10 25.80% $ 142,344.87 $ 1,967.29 $ 5,344.65 14.69% $ 163,441.94 $ 1,969.84 $ 5,796.96 2.07% $ 166,871.56 $ 1,970.44 $ 6,726.52 15.84% $ 193,388.43 $ 1,971.42 $ 6,926.40 32.08% $ 255,553.31 $ 1,972.72 $ 6,295.79 13.47% $ 290,115.42 $ 1,973.77 $ 6,972.34 1.15% $ 294,060.84 $ 1,977.91 $ 7,061.89 11.23% $ 328,584.46 $ 1,988.00 $ 7,110.65

Premiums Stocks - Bonds Historical risk premium -9.30% 5.0% 15.23% 5.1% -1.87% 5.0% -4.24% 4.9% 9.36% 5.0% 13.71% 5.1% 21.25% 5.3% 23.16% 5.5% 13.42% 5.6% 29.14% 6.0% -25.69% 5.5% -17.42% 5.2% -37.08% 4.5% 27.98% 4.8% 6.25% 4.8% 1.97% 4.8% 13.65% 4.9% -4.73% 4.8% -56.65% 3.9% 37.05% 4.3% 6.36% 4.3% -13.94% 4.1% 12.92% 4.2% 41.25% 4.6% 2.78% 4.6% 0.08% 4.5% 11.05% 4.6%

Desviación estándar de la variación de los rendimientos del IGVBL desde 1995 hasta 2016. Desviación estándar de la variación de los rendimientos de S&P 500 desde 1995 hasta 2016.

Anexo Tasa de Descuento Comparables para cálculo del Beta País

Compañía

Descripción

1

Contacto aprobado por MDB

Tasa IR efectiva

Deuda / Patrimonio

Beta apalancada

Beta desapalancada

Canadá Lundin Mining Corp

Minera diversificada con operaciones en Chile, Estados Unidos, Portugal y Suecia. Produce principalmente cobre (66%), níquel (8%) y zinc (13% de las ventas al 2016).

3,872

38%

29%

1.74

1.48

Australia OZ Minerals Ltd

OZ Minerals Limited explora principalmente para depósitos de cobre, oro y plata. Posee y opera la mina Prominent Hill situada en el norte de Australia del Sur.

1,834

21%

0%

1.21

1.21

Canadá Hudbay Minerals Inc

Posee cuatro minas polimetálicas, cuatro concentradores de mineral, dos planta de producción de zinc (25% de la producción total) en Canadá y Cusco; y un proyecto de cobre en Arizona, Estados Unidos.

1,526

20%

68%

2.11

1.37

Uno de los mayores productores mundiales de zinc, plomo y plata. Operaciones ubicadas en la sierra de Perú que incluyen las unidades operativas Yauli, Chungar, Alpamarca y Cerro de Pasco.

1,232

31%

89%

1.56

0.97

Perú

Volcan Cia Minera SAA

Canadá Trevali

Trevali Mining Corp. es una minera canadiense que explota metales básicos, especialmente zinc, y que tiene operaciones en Canadá y Perú.

343

42%

34%

2.14

1.79

Cánada Teck Resources

Empresa con sede en Vancouver. Es un importante productor de cobre en America y tercer productor de concentrado de Zinc. Tienen participación en 12 minas ubicadas en Canadá, Estados Unidos, Chile y Perú. Cartera de exploración en cobre, zinc y oro.

12,147

34%

52%

2.34

1.74

Chile

Polonia

Antofagasta PLC

Antofagasta plc es una empresa chilena que opera en diversos sectores de la economía. Las operaciones mineras del grupo (Los Pelambres, Centinela, Antucoya y Zaldívar) producen cobre (72% de producción al 2016) con subproductos de oro (27%) y molibdeno (1%).

8,416

43%

37%

1.25

1.03

KGHM (KGHM Polska Miedź)

Compañía minera polaca, con sede en Lubin. Líder de producción, KGHM es el octavo jugador más grande con reservas de cobre del mundo: 22,7 millones de toneladas de cobre in situ. Alrededor del 15% de los ingresos de KGHM son generados por la venta de plata.

4,638

38%

38%

1.32

1.06

Promedio Mediana Mínimo Máximo Fuente: Bloomberg, al 06/01/2017

225

Cap. bursátil (US$ MM)

1.71 1.65 1.21 2.34

1.33 1.29 0.97 1.79

Anexo Tasa de Descuento Comparables para cálculo del Beta – Lundin Mining Corpo

Fuente: Bloomberg

226

Anexo Tasa de Descuento Comparables para cálculo del Beta – Oz Minerals

Fuente: Bloomberg

227

Anexo Tasa de Descuento Comparables para cálculo del Beta – Hudbay Minerals

Fuente: Bloomberg

228

Anexo Tasa de Descuento Comparables para cálculo del Beta – Volcan

Fuente: Bloomberg

229

Anexo Tasa de Descuento Comparables para cálculo del Beta – Trevali

Fuente: Bloomberg

230

Anexo Tasa de Descuento Comparables para cálculo del Beta – Teck Resources

Fuente: Bloomberg

231

Anexo Tasa de Descuento Comparables para cálculo del Beta – Antofagasta PLC

Fuente: Bloomberg

232

Anexo Tasa de Descuento Comparables para cálculo del Beta – KGHM

Fuente: Bloomberg

233

Anexo Ajuste para Acciones de Inversión Calculo de Prima por Derechos Políticos: Estudios realizados • Desde un punto de vista empírico, en el transcurso de los últimos años se han realizado múltiples estudios tanto en

USA, Europa y Asia los cuales realizan estimaciones sobre el valor de los derechos políticos con tipos de acciones diferentes, arrojando resultados distintos dependiendo del país, acciones, momento de evaluación, concentración del accionariado, características del marco regulatorio, nivel de liquidez de las diferentes acciones, entre otros. • Un estudio realizado por Ronald C. Lease, John J. McConnell y Wayne H Mikkelson en 1984 sobre 6 compañías cuyas

acciones con y sin voto transaron en el mercado americano entre los años 1960-1980, muestra que existe diferencia estadísticamente significativa respecto de los precios de las acciones con derecho a voto y las que no lo tienen. Estas diferencias son observadas tanto en periodos en los que no hay anuncios de compra-venta y/o fusión de dichas empresas como en periodos en los que si los hay (i). • En el estudio de Luigi Zingales en 1994 sobre la Bolsa de Milan, realizó un análisis sobre la prima de acciones con

derecho a voto versus las savings shares, acciones creadas en 1974 con el objeto de promover el accionariado entre pequeños inversionistas entre los años 1987 y 1990 sobre una muestra de entre 64 y 84 empresas que contaban con acciones con y sin derecho. Los resultados mostraban una prima consistente en el tiempo, mostrando que cuando una empresa contaba con un accionista mayoritario controlador, la prima tendía a disminuir, incrementándose cuando la expectativa de cambio de control se incrementaba, entre otros aspectos (ii). • El estudio realizado por Tatiana Nenova en 2002 buscó medir el valor de los derechos de voto, específicamente en los

paquetes controladores, con respecto a 664 empresas con acciones con derecho a voto y sin derecho a voto transadas en sus respectivas bolsas de valores en 18 países diferentes en el año 1997. De acuerdo con el análisis efectuado en países como USA, Australia, Francia, Italia, Brasil, Finlandia, Alemania, Hong Kong y UK entre otros, el estudio demuestra, entre otros aspectos, que existe una prima y esta varia en forma importante entre todos los países, dependiendo de los marcos legales existentes, protecciones al inversionista, regulaciones sobre adquisiciones, entre otros aspectos.

(i) Ronald C. Lease, John J. McConnell y Wayne H Mikkelson, “The market Valuation of Differential Voting Rights in Closely Held Corporations”, , Journal of Business, Vol. 57, N°4 8 Oct 1984 (iii) Luigi Zingales, “The Value of the Voting Right: A Study of the Milan Stock Exchange Experience”, , The Review of Financial Studies, Spring 1994 (iii) Tatiana Nenova, “The value of corporate voting rights and control: A cross country analysis” The World Bank, March 2002

234

Anexo Ajuste para Acciones de Inversión Calculo de Prima por Derechos Políticos: Estudios realizados • Samuel Hauser y Beni Lauterbach (2004) realizaron un estudio sobre el valor implícito del derecho a voto en la bolsa

de Tel Aviv. El estudio se basaba en 84 empresas que presentaron propuestas de unificación de acciones. La diferencia entre las acciones era que la comunes tenían cinco veces más voto que las acciones de voto disminuido (no existía diferencia en cuanto a los derechos económicos). Esta propuesta de unificación implícitamente representaban una transacción de compraventa de derechos políticos entre ambos grupos de accionistas (i) . • Aswath Damodaran en 2005 presenta un enfoque teórico de la valorización de la prima por derechos políticos basado

en la probabilidad de que se efectúe un cambio en la gerencia de la empresa y el valor adicional que pueda generar. Menciona que la diferencia de valor entre las debería tender a cero en los casos en que no existe posibilidad de cambio de management. Si bien este enfoque se debiera cumplir en los casos límite en que no exista posibilidad alguna de futuros cambios en el control, en la práctica es difícil sustentar que tales casos existen o que la prima desaparezca por completo (iii). • En esta linea, existen diversos estudios adicionales realizados sobre el mismo tema como por ejemplo los de Kee H.

Cheng y Keong-Kuk Kim (1998), Rydqvist (1996), entre otros, los mismos que a través de diversas metodologías buscaron determinar prima por derechos políticos y/o prima de control entre diferentes acciones. • Si bien los resultados de los informes mencionados son diferentes en cuanto a la magnitud de la Prima por Derechos

Políticos, todos coinciden en que ésta existe, aún en los casos en que el control está en manos de un claro grupo controlador y no existen expectativas de variación en el grupo controlador. En nuestra opinión, la extrapolación de Primas de Derechos Políticos para establecer una regla general no es recomendable ya que las Primas varían en el tiempo, son diferentes entre empresas y están influenciadas por sus respectivos marcos regulatorios en sus respectivos países, entre otros factores. Pese a esta limitación, de los diversos estudios se puede inferir que si bien no existe uniformidad entre la forma de valorizar la prima en los diferentes estudios y países, los estudios coinciden en que la Prima por Derechos Políticos existe y tiene un valor posible de ser estimado empíricamente.

(i) (ii)

235

Samuel Hauser, Beni Lauterbach, “The Value of Voting Rights to Majority Shareholders: Evidence from Dual Class Stock Unifications”, European Corporate Governance Institute, January 2004 Aswath Damodaran, “The Value of Control: Implications for Control Premia, Minority Discounts and Voting Share Differentials”,, Stern School of Business, June 2005

Anexo Ajuste para Acciones de Inversión Calculo de Prima por Derechos Políticos: Análisis ATACOCHA •

Para este análisis se optó como metodología, por realizar una evaluación empírica de la Prima por Derechos Políticos de las propias acciones de ATACOCHA.

•

Con este objeto se realizó una evaluación histórica de la Prima por Derechos Políticos basado principalmente en la metodología utilizada por Ronald C. Lease, John J. McConnell y Wayne H Mikkelson mencionado anteriormente. Debemos recalcar que no se tomaron los resultados de dicho informe, sino que el análisis efectuado se basó en su metodología de análisis, con lo cual se estimó la Prima por Derechos Políticos especifica de las acciones de ATACOCHA.

•

La evaluación consistió en un análisis empírico de la prima asignada por el mercado local a las acciones comunes clase A por sobre las acciones clase B, utilizando para ello la observación de la relación entre las cotizaciones de dichas acciones en aquellas sesiones de rueda de bolsa en las que las dos acciones cotizaban (Eventos). Para este analisis se excluyeron de la muestra las transacciones de Milpo y empresas vinculadas.

•

El resultado obtenido muestra que el diferencial entre ambas acciones comparadas varía entre 1.08 y 1.50 dentro del periodo evaluado. Para estimar la prima promedio se calculó un promedio ponderado de los resultados lo que nos arrojó como resultado que el mercado asignaba una prima promedio de 1.29. Año

Eventos

06/01/2017

1

1.09

2016

10

1.08

2015

3

1.50

2014

13

1.28

2013

7

1.40

2012

27

1.34

Promedio Ponderado

Fuente: SMV Elaboración: Summa

236

Prima

1.29

Anexo Valor Patrimonial Valor Patrimonial de Otras Subsidiarias Estado de Situación Financiera al 31 de Dicimebre del 2016 US$ 000

MINERA PAMPA DE COBRE S.A.

MINERA RAYROCK LTDA.

US$ 000

Activos 869

Cuentas por cobrar comerciales (neto)

-

Cuentas por cobrar a relacionadas

92

1,784

Otros pasivos financieros

-

Cuentas por pagar comerciales

-

Cuentas por pagar relacionadas

3,553

2,218

AInstrumentos financieros derivados

-

-

Inventarios

-

Gastos pagados por anticipado

MINERA RAYROCK LTDA.

Pasivo

Efectivo y equivalentes de efectivo

Otras cuentas por cobrar

MINERA PAMPA DE COBRE S.A.

-

-

2,101 20

Instrumentos financieros derivados

-

Impuesto a la renta y minero

-

-0

Beneficios a empleados

243

Otras cuentas por pagar

-81 41 -

409

4

4,923

4,006

Inversiones

-

-

Propiedades, planta y equipo (neto)

226

Activos intangibles (neto)

-

-

Otros pasivos financieros

-

-

Otras cuentas por cobrar

-

-

Pasivos por impuestos a las ganancias diferidos

-

-

Impuesto a la renta diferido

-39

-

Ingresos diferidos

-

-

Total Activos No Corrientes

188

Provisiones

14,145

2,296

Total Pasivos No Corrientes

14,145

2,296

76,441

61,650

-

-

1,628

-

Total Activos Corrientes Activos No Corrientes

Ingresos diferidos Provisiones Total Pasivos Corrientes

0

0

68

6

-

-

-

-

2,432

-35

Pasivos No Corrientes

Patrim onio Neto Capital Acciones de Inversión Reserva Legal Instrumentos de cobertura

-89,535

-59,905

Total Patrim onio Neto atribuible a la Matriz

-11,466

1,744

Total Patrim onio Neto

Fuente: EE.FF. No Auditados de Milpo S.A.A y Subsidiarias

237

5,111

4,006

-

Resultados Acumulados

Interés no controlante

TOTAL DE ACTIVOS

-

TOTAL PASIVO Y PATRIMONIO NETO

-

-

-11,466

1,744

5,111

4,006

Anexo Fuentes de Información Fuentes de Información -Bibliografía

238

•

Página web de la Superintendencia de Mercado de Valores (SMV): www.smb.gob.pe

•

Página web del Banco Central de Reserva del Perú (SMV): www.bcrp.gob.pe

•

Bloomberg

•

Página web Bolsa de Valores de Lima (BVL): www.bvl.com.pe

•

Página web del Instituto Nacional de Estadística e Información (INEI): www.inei.gob.pe

•

Página web de Aswath Damodaran: http://pages.stern.nyu.edu/~adamodar/

•

Memoria Anual de Compañía Minera Atacocha S.A. (2013-2016)

•

Estados Financieros Auditados Individuales de Atacocha (2013-2016)

•

Memoria Anual de Compañía Minera Milpo Individual S.A.A. (2013-2016)

•

Estados Financieros Auditados Milpo Individual (2013-2016)

•

Memoria Anual de Compañía Minera Milpo Andina Perú S.A.C. (2013-2015)

•

Estados Financieros Auditados Milpo Andina Perú (2013-2015)

•

Ministerio de Energía y Minas (MEM)

•

Informe de Milpo respecto de condiciones de ventas sus concentrados

•

Reporte "2017 Global Commodities Outlook" (23-11-16), JP Morgan

•

Reporte "Industrial Metals Outlook" (07-12-16), Credit Suisse

Anexo Fuentes de Información Fuentes de Información -Bibliografía

239

•

Reporte "2017 Outlook – Metals and mining upgraded to O/W" (30-11-16), UBS

•

Reporte "Markets Research – Metals and mining " (20-12-16), Deutsche Bank

•

Reportes de Kallpa, Scotiabank.

•

Ronald C. Lease, John J. McConnell y Wayne H Mikkelson, “The market Valuation of Differential Voting Rights in Closely Held Corporations”, , Journal of Business, Vol. 57, N°4 8 Oct 1984

•

Luigi Zingales, “The Value of the Voting Right: A Study of the Milan Stock Exchange Experience”, , The Review of Financial Studies, Spring 1994

•

Tatiana Nenova, “The value of corporate voting rights and control: A cross country analysis” The World Bank, March 2002

•

Samuel Hauser, Beni Lauterbach, “The Value of Voting Rights to Majority Shareholders: Evidence from Dual Class Stock Unifications”, European Corporate Governance Institute, January 2004

•

Aswath Damodaran, “The Value of Control: Implications for Control Premia, Minority Discounts and Voting Share Differentials”, Stern School of Business, June 2005

•

J.G. Stone and P.G. Dunn, "Ore Reserve Estimates in the Real World", SOCIETY OF ECONOMIC GEOLOGISTS, INC, 2012

El presente documento ha sido preparado por SUMMA Asesores Financieros S.A.(en adelante, “SUMMA”) para uso exclusivo de Compañía Minera Milpo S.A.A. (en adelante “La Empresa”) a fin de determinar el precio a ser tomado en cuenta por Compañía Minera Milpo sobre las acciones Compañía Minera Milpo S.A.A. para efectos de la Oferta Pública de Compra de Acciones Comunes con derecho a voto emitidas por Compañía Minera Milpo S.A.A. de acuerdo con el artículo 31°, inciso c) del Reglamento de Oferta Pública de Adquisición y Compra de Valores por Exclusión y bajo las metodologías establecidas en el articulo 37° de dicho reglamento. Su difusión o puesta a disposición de terceros se efectuará a instancias y bajo total responsabilidad de Compañía Minera Milpo S.A.A. SUMMA ha elaborado este informe sobre la base de información proporcionada por representantes de Compañía Minera Milpo S.A.A, y representantes designados por éstos, e información adicional obtenida por los analistas de SUMMA de diversas fuentes consideradas confiables y/o relevantes. SUMMA no garantiza, expresa o implícitamente, la exactitud, suficiencia, veracidad o integridad de la información recibida al no haber realizado una verificación independiente de la misma. SUMMA se exime expresamente de cualquier obligación o responsabilidad originada, parcial o totalmente, a partir de dicha información, sus errores u omisiones. Este informe presenta la valorización de las acciones de Compañía Minera Milpo S.A.A. al 06 de Enero de 2017. Este informe no constituye una recomendación de precio para los accionistas minoritarios de Compañía Minera Milpo S.A.A. SUMMA recomienda a los accionistas realizar su propio análisis e investigación.

240

SUMMA Asesores Financieros S.A. Av. Benavides 1238, Of 902 Miraflores, Lima 18

T (511) 446 5252 www.summa.com.pe