Annual Report - SONDA2015, especially Brazil, which is the main market in Latin America. Consolidated revenue was Ch$ 891,122 million for the year (US$ 1,254.8 million), growing by

Annual Report

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INVESTOR RELATIONS:

MELISSA VARGASInvestor Relations

JORGE SEPÚLVEDAInvestor Relations

RODRIGO PEÑAInvestor Relations Officer

E-MAIL:[email protected]

WEB:http://www.SONDA.com/inversionistas/

ADDRESS:Teatinos 500, 9th Floor, Santiago, CHILEPhone: (56 2) 2657 5302

DECLARATION OF CURRENCY CONVERSIONFigures in this annual report are expressed in Chilean pesos as of December 31, 2015. Unless otherwise noted, conversions to US dollars were done using the year-end exchange rate as of December 31, 2015.

(1 US$= 710.16 Chilean Pesos).

Letter from the Chairman 3

1 HIGHLIGHTS 5

Milestones 2015 6

Relevant Figures 8

2 OUR COMPANY 9

Ownership Structure 12

Our History 16

Corporate Governance 18

3 BUSINESS 21

IT Industry 22

Value Proposition 24

Comprehensive IT Solutions 25

4 ORGANIZATION 29

Organizational Structure 30

Contents

5 CAPABILITIES 33

Our Differentiators 34

Our Strengths 36

6 REGIONAL PRESENCE 41

Chile 44

Brazil 46

Mexico 48

Argentina 50

Colombia 52

Costa Rica 54

Ecuador 56

Panama 58

Peru 60

Uruguay 62

7 GROWTH STRATEGY 64

Investment and Funding Policies 65

8 RESULTS 2015 69

Consolidated Results 70

Results in Chile 72

Results in Brazil 74

Results in Mexico 76

Results in OPLA 78

9 CONSOLIDATED FINANCIAL STATEMENT

81

10 THE COMPANY AND ITS SUBSIDIARIES

90

Documents of Incorporation 91

Information Regarding Subsidiaries 92

Corporate Structure 94

General Information 96

Statement of Responsibility 109

2

Letter from the ChairmanDear Shareholders,

Careful management and the contra-cyclical character of our services enabled us to produce good results and circumvent the turbulence arising from a difficult year in the region’s economies during 2015, especially Brazil, which is the main market in Latin America.

Consolidated revenue was Ch$ 891,122 million for the year (US$ 1,254.8 million), growing by 1.4% compared to the previous year, while EBITDA reached Ch$ 126,765 million (US$ 178.5 million), 2.3% less than in 2014.

The devaluation of the main Latin American currencies, in particular the Brazilian real, negatively affected the conversion of results from local currencies into Chilean pesos. However, revenue and consolidated operating results would have grown by 8.2% and 10.5% respectively, without the impact of currency conversion, which reflects a good performance.

Net income was Ch$ 42,850 million (US$ 60.3 million), 9.9% less than in 2014, mainly due to the revaluation of foreign investments due to higher exchange rates. Discounting this effect, net income would have grown by 5.8%.

Another interesting point is that revenues from operations outside Chile were Ch$ 537,980 million (US$ 757.5 million), representing 60.4% of total consolidated revenue, while EBITDA from these operations was Ch$ 68,583 million (US$ 96.6 million), representing 54.1% of total consolidated EBITDA.

The volume of new deals closed was US$ 1,215.2 million, growing in comparable currency by 3.1%, which reveals a positive outlook despite the inauspicious regional panorama.

We continued to receive important awards during the year that motivate us to continue working with enthusiasm. In Chile we were awarded the 2015 National Prize for the business category granted by the Chilean College of Engineers. For the second consecutive year we received the distinction of “Cisco Partner of the Year Data Center”, whilst for the region we received the prize “Cloud Builder of the Year Latam” also from Cisco.

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In parallel, our policy of delivering world-class services required us to certify that our Applications Division fully complied with ISO 9001:2008.

Furthermore, we continued to strengthen alliances with our partners who are world leaders in the industry. A milestone was the inauguration of the IT Innovation Lab in partnership with Cisco. A first class facility installed in our new Datacenter building in Santiago.

The most ambitious project approved by the Board during the year was the triennial investment plan 2016-2018. Its objective is to continue SONDA’s strategy of growth with profitability, whilst maintaining a solid financial position and taking advantage of regional growth opportunities in the IT industry. This plan envisages an estimated investment of US$ 790 million, of which US$ 250 million will drive organic growth and US$ 540 million is for acquisitions.

Despite the situation currently facing Latin America, it is a continent with IT expenditure growth rates among the highest in the world, according to figures from specialized companies, which motivates us to persevere and continue investing in the future. Therefore, it represents a tremendous opportunity to grow our business.

Innovation is an essential element of SONDA’s life. The digital world continues to evolve every day and SONDA works constantly to incorporate these advances into the services it provides to its customers, faithful to its mission of adding value by making the best use of Information Technologies. Therefore, we are dedicated to creating solutions and services based on the latest trends, which include mobility, the Internet of Things (“IOT”) and “Big Data”, as some examples.

We are grateful to our almost 20,000 employees in Latin America that have enabled us to consolidate

our position as the largest Latin American provider of IT services. Similarly, we value the confidence placed in us by our shareholders, customers, business partners and suppliers, who have believed in the capabilities of SONDA to continue developing on this continent, to which we owe so much and we want to support.

Yours sincerely,

Mario Pavón RobinsonChairman

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HIGHLIGHTS5

Milestones 2015

Consolidated revenues totaledUS$ 1,254.8 million

Operating Income was US$ 131.2 million

New deals closed in 2015 reached US$ 1,215 million

Revenue was US$ 497.3 million in Chile, growing by 13.9%

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Revenue was R$ 1,735 million in Brazil, growing by 10.3%

Revenue grew by 12.1% in Mexico, reaching US$ 116.1 million

OPLA revenue was US$ 157.2 million

The new business pipeline reached US$ 1,568 million by the end of 2015

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Relevant FiguresCONSOLIDATED REVENUES(Figures in Ch$ millions)

878,455

2014

672,287681,192

592,819

201320122011

891,122

2015

OPERATING INCOME(Figures in Ch$ millions)% Margin

Operating Income = Gross Income - Administration Expenses

88,067

2014

83,83485,556

68,968

201320122011

93,148

2015

EBITDA(Figures in Ch$ millions)% Margin

129,761

2014

114,047117,348

91.663

201320122011

126,765

2015

NET INCOME(Figures in Ch$ million)% Margin

47,539

2014

66,431

45,27639,225

201320122011

42,850

2015

12.5%12.6%11.6% 10.0% 10.5%

17.0%17.2%15.5% 14.8% 14.2%9.9%

6.7%6.6% 5.4% 5.4%

EBITDA = Operating Income + Depreciation and Amortization.

REVENUE BREAKDOWN 2015(By country)

9.3%Mexico

12.5%OPLA

38.6%Brazil

39.6%Chile

REVENUE BREAKDOWN 2015(By busines line)

6.2%Applications

54.1%IT Services

39.7%Platforms

OPLA: Argentina, Colombia, Costa Rica, Ecuador, Panama, Peru and Uruguay.

PERSONNEL DISTRIBUTION 2015(By country)

6.3%Mexico

12.2%OPLA

63.5%Brazil

SONDA employees 19,652 people

18.0%Chile

8

OUR COMPANY9

SONDA IS THE LARGEST INFORMATION TECHNOLOGIES SERVICE PROVIDER IN LATIN AMERICA.

We are the leading Information Technology (IT) service provider in Latin America, characterized by a profound dedication to service, a broad range of solutions and a solid financial position.

Our mission is to add value for our customers through the best use of information technologies. Our trademark has always been having close contact with each of our customers, constantly pursuing long-term relationships, which require delivering the best quality products and services in a consistent manner.

We are a one-stop solution IT service provider, capable of solving the easiest and most specific problems as well as the largest and most complex ones, with a vision that is aligned and unified with our customer’s business strategies.

HISTORY

Andres Navarro Haeussler founded SONDA in 1974. Since then we have participated in technological projects and have become major participants in the development of the region, supporting our more than 5,000 customers to grow and become more efficient and competitive. Whilst contributing to improving the quality of life for everyone in the countries we serve.

After the first decade, we ventured outside Chile, beginning an intensive internationalization process, which started in Peru (1984), followed by Argentina (1986), Ecuador (1990), Uruguay (1994), Colombia (2000), Brazil (2002), Costa Rica (2003), Mexico (2004) and Panama (2011).

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Over the past few years we have expanded our presence in Latin America particularly in Brazil, Mexico and Colombia. Between 2007 and 2009, we concluded a three-year investment plan to support organic growth and secure new acquisitions in Brazil and Colombia. We acquired Procwork in 2007, in accordance with this plan, and thus became one of the largest IT companies in Brazil. The following year we acquired the Colombian firm Redcolombia.

We invested US$ 448 million as part of our 2010-2012 investment plan, which included the acquisition of several firms, including Softeam, Telsinc, Kaizen, Pars and Elucid in Brazil, NextiraOne in Mexico, Ceitech in Argentina and Quintec in Chile. The latter was already operating in four other countries within the region. During this period, we began to provide Enterprise Cloud Computing services to our clients, and we built a new headquarters in Brazil and two new certified Tier III datacenters in Chile and Brazil.

In 2012 we announced another triennial investment plan for 2013-2015, with a total investment of US$ 700 million. This required a capital increase towards the end of 2012, which raised over US$ 300 million.

In 2014, we made the largest acquisition in our history when we acquired the Brazilian company CTIS, which has a strong presence and a distinguished 30 year history in that country. This acquisition ranked us among the largest IT services companies in Brazil and consolidated our position as the leading Latin American company in this industry.

Towards the end of 2015, we announced a new triennial investment plan for 2016-2018 totaling US$ 790 million, to enable us to continue growing across the region while preserving and communicating the corporate culture that has identified us since 1974, marked by dedication to service and commitment to our customers.

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Our shareholders are an important pillar to the institutional solvency of SONDA, who have enabled us to remain strong and maintain our position, withstanding economic and political uncertainties, to become the leading IT firm in Latin America.

Since 1974, the Navarro Haeussler family led by the founder, Andrés Navarro, have maintained ties with the Company and are committed to its growth and internationalization. The policy of reinvesting a substantial percentage of earnings over the years has been essential to generate the capital needed to grow, to finance annual increases in the customer base, to develop new products and services and launch new projects.

The initial public offering in 2006 opened up the stock of the Company to an important group of new

Ownership Structure

Main Shareholders as of December 31, 2015

ID Nº Name Shares Percentage

76,413,035-9 Indico S.A. 376,080,666 43.18%

97,004,000-5 Banco de Chile por Cuenta de Terceros No Residentes 68,905,532 7.91%

76,645,030-K Banco Itaú por Cuenta de Inversionistas 59,959,831 6.88%

96,688,520-3 Inversiones Yuste S.A. 32,265,345 3.70%

76,265,736-7 AFP Provida S.A. Para Fdo. Pensión C 24,879,216 2.86%

98,000,100-8 AFP Habitat S.A. Para Fdo. Pensión C 21,995,737 2.53%

96,684,990-8 Moneda S.A. AFI para Pionero Fondo de Inversión 21,100,000 2.42%

97,036,000-K Banco Santander por Cuenta de Inv. Extranjeros 21,040,608 2.42%

98,001,000-7 AFP Cuprum S.A. Para Fdo. Pensión C 16,556,213 1.90%

98,000,000-1 AFP Capital S.A. Fondo de Pensión Tipo C 15,340,195 1.76%

84,177,300-4 BTG Pactual C de B 12,513,668 1.44%

98,001,000-7 AFP Cuprum S.A. Fondo Tipo A 11,571,748 1.33%

The Company had a total of 341 shareholders as of December 31, 2015, according to the Shareholders Register of the Central Value Deposit.

shareholders, including institutional investors, investment funds, pension funds and minority investors.

The largest shareholders of SONDA S. A. with a controlling interest of 46.96 % are: Indico S.A. (ID Nº 76,413,035-9) and Inversiones Yuste S.A. (ID Nº 96,688,520-3), whose percentage holdings of the Company are 43.18% and 3.70% respectively, and between whom there is an informal shareholders agreement. Individuals connected to the controllers have a 0.08% shareholding in the Company.

Inversiones Atlántico Limitada (ID Nº 78,091,430-0), Inversiones Pacifico II Limitada (ID Nº 88,492,000-0) and Inversiones Santa Isabel Limitada (ID Nº 79,822,680-0) are the only shareholders of Indico S.A. which has a 43.18% shareholding in Sonda S.A.

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Inversiones Atlántico Ltda. is jointly managed by any two of the partners Andrés Navarro Haeussler (ID Nº 5,078,702-8), Pablo Navarro Haeussler (ID Nº 6,441,662-6) and Maria Inés Navarro Haeussler (ID Nº 4,994,470-2), who together hold 42.95% of the shares.

Inversiones Pacífico II Ltda. is jointly managed by any two of the following partners: Andrés Navarro Haeussler (ID Nº 5,078,702-8), Pablo Navarro Haeussler (ID Nº 6,441,662-6) and Maria Inés Navarro Haeussler (ID Nº 4,994,470-2), who together hold 32.10% of the shares.

Finally, Inversiones Yuste S.A. has a 3.70% shareholding in the Company and is controlled and managed by Andres Navarro Haeussler (ID Nº 5,078,702-8).

The most significant changes in the ownership structure during the year ended December 31, 2015 were the following: i) Banco de Chile on behalf of non-

resident third parties increased its holding from 4.01% to 7.91%.

ii) AFP Planvital increased its holding from 0.52% to 0.64%.

iii) Banco Itaú on behalf of investors increased its holding from 5.85% to 6.88%.

iv) AFP Capital decreased its holding from 5.13% to 4.93%.

v) AFP Habitat decreased its holding from 6.42% to 5.81%.

vi) AFP Provida decreased its holding from 6.46% to 6.25%.

During the year ended December 31, 2015, there were no comments nor proposals by shareholders regarding the firm’s performance.

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DIVIDEND POLICY

The dividend policy at SONDA is to distribute 50% of net income each year. Compliance with this policy is subject to those profits earned being reflected in the financial position of the Company, to satisfactory financial forecasts for the Company, and the fulfillment of certain conditions. If this dividend policy substantially changes, the Company will disclose it as an Essential Event. The Ordinary Shareholders’ Meeting held on April 22, 2015 was informed that “the Board intends that the Company distributes a dividend of 50% of net income for the year. The Board also intends to distribute an interim dividend during the second half of the year of 50% of net income for the first half of the year”. This interim dividend was paid in September 2015, as previously agreed.

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Dividends paid by share

2011 2012 2013 2014 2015

Number of shares(*) 771,057,175 837,918,566 871,057,175 871,057,175 871,057,175

Earnings per share ($) 52.69 54.41 76.26 54.58 49.19

Dividends paid ($) 23.82(1) 27.96(2) 30.91(3) 34.7(4) 24.03(5)

(Figures expressed in the currency of the payment date).(*) Subscribed and paid shares(1) Corresponds to the payment of the final dividend (net income distribution for 2010, of Ch$9.80 per share, paid on May 5 2011) and interim dividend (Ch$14.02 per share, paid on

August 12, 2011).(2) Corresponds to the payment of the final dividend (net income distribution for 2011, of Ch$12.32 per share, paid on April 20, 2012) and interim dividend (Ch$15.64 per share, paid on

September 3, 2012).(3) Corresponds to the payment of the final dividend (net income distribution for 2012, of Ch$12.32 per share, paid on April 26, 2013) and interim dividend (Ch$18.58 per share, paid on

August 30, 2013).(4) Corresponds to the payment of the final dividend (net income distribution for 2013, of Ch$19.54 per share, paid on May 5, 2014) and interim dividend (Ch$15.16 per share, paid on

September 1, 2014).(5) Corresponds to the payment of the final dividend (net income distribution for 2014, of Ch$12.13 per share, paid on May 4 2015) and interim dividend (Ch$11.90 per share, paid on

September 1, 2015).

Distributable income ThCh$2013 2014 2015

Net income attributable to owners of the parent company 66,430,619 47,539,480 42,850,330

Retained earnings 145,791,608 168,714,805 190,139,970

Dividends (*) (33,215,310) (23,769,740) (21,425,165)

Unrealized adjustments on first application of IFRS (**) (3,176,754) (3,176,754) (3,176,754)

Required by Circular No. 856 issued by the Chilean Superintendent of Securities and Insurance(***) - (846,543) (846,543)

Other adjustments - - -Distributable income 175,830,163 188,461,248 207,541,838

(*) Interim dividends from the current year’s net income, plus the minimum accrued dividend according to the dividend distribution policy.(**) Unrealized adjustments related to the first application of IFRS that are booked to the accumulated earnings account, but cannot be distributed as dividends as they are unrealized

gains.(***) According to Circular No. 856 issued by the SVS (Superintendent of Securities and Insurance), there has been registered a loss of ThCh$846,543 relating to deferred taxes as a

result of the increase in the corporate income tax rate.

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Our History

1974Founding of SONDA.

1975 -1980• Joint Venture with Digital

Equipment Corp., successful manufacturer in the 80’s and 90’s. (1978).

• First full outsourcing contract (Asociación Nacional de Ahorro y Préstamo, a savings and loan association).

1981 - 1985• Peru (1984).• Applications for AFP (pension

funds administrators in its Spanish acronym) and ISAPRES (health insurance providers in its Spanish acronym).

• First major service integration project (Chilean Civil Registry automation).

• First SONDA ERP (SGS management system).

1986 - 1990• Argentina (1986).• Ecuador (1990).• Applications for the banking

industry.• Automation of horseracing

betting.• Monitoring of environmental

variables in Santiago.• Beginning of banking ventures in

Latin America.

1991 - 1995• Uruguay (1994).• Check processing service.• Traffic control in Santiago and

São Paulo.• AFP (pension funds

administrators in its Spanish acronym) solutions in Argentina and Peru.

• Mobile telephony project (Argentina).

• Banking projects in Indonesia, Thailand and Taiwan.

1996 - 2000• Colombia (2000).• ERP FIN 700 launched.• Mobile telephony projects (Brazil).• Outsourcing services Telefónica

Chile.• Solutions for healthcare

providers.• SAP platform service for

CODELCO.• Hospital automation (Argentina,

Colombia and Chile)

2001 - 2005• Brazil (2002).• Costa Rica (2003).• Mexico (2004).• New Chilean identification system

(Civil Registry).• Full SAP outsourcing for

CODELCO.• Outsourcing of tax collection

(Brazil).• Traceability of livestock (Uruguay

and Colombia).• Solution for pension funds (Brazil).• Procurement Portal (Chile).• High Value Payments Clearance

for Financial Industry (Combanc).

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2015

2010 - 2012• IT Desk service and SAP for

Petrobras.• Acquisitions in Brazil: Telsinc,

Softeam and Kaizen.• Acquisition in Mexico: Nextira One

(2010).• Acquisition in Argentina: Ceitech

(2010).• Corporate Cloud Computing.• Investment plan 2010 – 2012: US$

500 million.• Successful tender offer for

Quintec.• Awarded the Panama’s public

transportation system project.• New headquarters and Datacenter

in Brazil.

2006 - 2009• Acquisition of Qualita’s technical

support division. • IPO (2006).• Transantiago’s (Santiago

public bus system) financial administrator.

• Acquisitions in Brazil: Procwork (2007).

• Acquisition in Colombia: RedColombia (2008).

• Qualified as an IPSA index stock• Bond issued (2009).• Procurement Portal (Colombia

and Panama)• Investment plan 2007 – 2009: US$

350 million.

• Capital increase of 100,000,000 new shares, raising US$ 301 million.

• SONDA becomes EMC’s regional partner for all Latin America.

• CISCO selects SONDA as their Cloud Partner of the Year 2011 (LATAM).

• Acquisitions in Brazil: PARS and Elucid Solutions (2012).

• SONDA obtains ISO/EIC 20000 certification in Brazil.

• Successful launching of Panama City’s new public transportation system, operated technologically by SONDA.

2013• New 1,800 m2 Datacenter

inauguration in Santiago, Chile.• Datacenter Santiago and

Datacenter in Brazil win Datacenter Dynamics Awards in 2012, in their respective categories.

• CISCO Cloud Builder of the Year Award (Latam).

• A founding partner of the first Latin American Cloud Computing research and development center.

• A founding partner of the Anacleto Angelini Innovation Center.

• Awarded the smart video-surveillance integration project in Montevideo, Uruguay.

• Awarded an extension to the payment processing services contract for Panama City’s new subway.

2014• Acquisition of CTIS in Brazil.• Successful placement of

corporate bonds (US$60.6 million).

• SONDA receives the highest CISCO qualification for cloud services and communications.

• SONDA will provide a system to collect passenger fares for the Panama City subway,

• SONDA is recognized as the main sales channel for HP servers in Latin America.

• CEEE awards SONDA the contract to support the expansion and modernization of the electrical system in the State of Rio Grande do Sul (Brazil).

• The Chilean Uniformed Police deploy the Managed Device Service from SONDA.

• SONDA is integrated into the Cisco Intercloud network.

• The Brill Award for Efficient IT was awarded to the design of our Tier III Datacenter, which ranks it among the 15 most efficient in the world.

• SONDA implemented a modern electronic payment system, integrating trolleybuses and elevators with the Metro in Valparaiso.

• SONDA launches an IT Innovation Lab in partnership with Cisco.

• SONDA implemented a technological integration project that can recharge cards for the Panama Metrobus and Metro from mobile phones.

• SONDA Ecuador is awarded with “Cisco Partner of the Year Data Center 2014”, for the second consecutive year.

• SONDA is awarded “Cloud Builder of the Year Latam”, by Cisco.

• SONDA received the 2015 Corporate Category National Award from the College of Engineers.

• SONDA implemented a solution based on Cisco and Internet of Things (IOT) technologies that reduces household energy consumption evasion by 50% in São Luis do Paraitinga, in São Paulo.

• SONDA commissioned a Control System covering Public Transport Operators in San Salvador city.

• SONDA Applications Division is certified as fully complying with the ISO 9001:2008 standard.

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Corporate GovernanceSONDA has published a Handling Market Sensitive Information Manual, in order to establish the corporate policies regarding handling information pertinent to the firm, its proper disclosure to the market and best corporate governance when handling confidential information. The latest version is available as a download from our corporate website (http://www.sonda.com), or at our headquarters, located at 500 Teatinos, Santiago, Chile.

SONDA’s Board of Directors responded to the questionnaire issued by the Superintendent of Securities and Insurance (SVS) in the appendix to the General Rule No 341 on November 29, 2012. This questionnaire establishes the standards to be followed by publicly traded companies related to the disclosure of information on the standards of corporate administration. This document is posted on our corporate website at the following link http://www.sonda.com/media/gobierno/ANEXO_NCG_341_ACTUALIZACION_31122014_DEF_1.pdf

BOARD OF DIRECTORS

SONDA’s Board of Directors is responsible for managing the company and has nine members (substitutes are not considered). They are elected at a General Shareholder’s Meeting for a three-year term. The Board of Directors meets in ordinary sessions every month, and in extraordinary sessions if special circumstances should arise.

The General Shareholder’s Meeting held on April 24, 2014 elected the members of the Board of Directors for the next statutory period.

The firm’s administration and management is delegated by the Board of Directors to a Chief Executive Officer, who is in charge of the company’s operations and all SONDA’s business units and support units report to him.

The Board of Directors did not incur in any consulting fees in 2015.

DIRECTORS’ COMMITTEE

In accordance with Article 50 bis of Corporate Law 18,046, SONDA has a Director’s Committee composed of three Board members, whose functions are established by its governing legal

framework. The Board meeting held on May 19, 2014 appointed to the Director’s Committee Messrs. Juan Antonio Guzmán Molinari, Hernán Carlos Marió Lores and Mateo Fernando Budinich Diez, all independent Directors.

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Mario Pavón RobinsonChairmanCivil Industrial EngineerUniversidad Católica de ChileID Nº 5,386,757-K

Pablo Navarro HaeusslerVice ChairmanCivil Industrial EngineerUniversidad Católica de ChileID Nº 6,441,662-6

Jaime Pacheco MatteDirectorCivil Electrical EngineerUniversidad de ChileID Nº 6,371,888-2

Francisco Gutiérrez PhilippiDirectorCivil EngineerUniversidad Católica de ChileID Nº 7,031,728-1

Maria Del Rosario Navarro Betteley DirectorDegree in EstheticsUniversidad Católica de ChileID Nº 12,720,922-7

Christian Samsing StambukDirectorEconomistUniversidad Católica de ChileID Nº 6,731,190-6

Mateo Budinich DiezDirectorCivil Electrical EngineerUniversidad de ChileID Nº 6,522,204-3

Hernán Carlos Marió LoresDirectorCommercial EngineerUniversidad de SantiagoID Nº 7,019,964-5

Juan Antonio Guzmán MolinariDirectorCivil Industrial EngineerUniversidad Católica de ChileID Nº 5,123,918-0

SONDA AND ITS MANAGEMENT, LED BY THE BOARD OF DIRECTORS, IS RESPONSIBLE FOR APPLYING THE BEST CORPORATE MANAGEMENT PRACTICES TO SAFEGUARD SHAREHOLDER’S INTERESTS

The Directors’ Committee appointed Mr. Juan Antonio Guzmán Molinari as Chairman on July 28, 2014.

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Mario Pavón RobinsonChairmanCivil Industrial EngineerUniversidad Católica de ChileID Nº 5,386,757-K

Vice ChairmanCivil Industrial EngineerUniversidad Católica de ChileID Nº 6,441,662-6

Raúl Véjar Olea (1)

Chief Executive OfficerCivil Electrical EngineerMaster in Electronic EngineeringUniversidad Santa MaríaID Nº 6,580,740-8

Rafael Osorio Peña (2)

Corporate Finance ManagerCivil Industrial EngineerUniversidad de ChileID Nº 7,923,570-9

MANAGEMENT REPORT, EXPENSES AND COMMITTEE ACTIVITIES

The Directors’ Committee met on six occasions throughout 2015, so complying with Article 50 bis of Company Law 18,046. The Committee examined the Company’s individual and consolidated financial statements for 2014 and for the respective quarters in 2015. The Committee conferred with Management and with the external auditors and unanimously approved these statements and then deliver them

to the Board of Directors recommending its approval.

The Committee also examined the related party transactions referred to in Chapter XVI of Company Law 18,046.

It analyzed the Internal Control Letter issued by the Auditors, reviewed the results of the audit at December 31, 2014 and the Audit Plan for 2015, and reviewed the scope of services and team members for both years. The Committee made well founded recommendations to the Board of Directors regarding the choice

of external auditors and risk rating agencies for 2015.

It also reviewed the presentation by the Corporate Human Resources Manager on new HR processes, in particular those regarding recruitment, engagement, talent development and compensation. The presentation on compensation detailed specific aspects, such as the organizational structure, standardization, remuneration policies and structures, equality and competition in the structure of incentives, with a detailed analysis of the benefits of fixed and variable

compensation. The Committee made inquiries and suggested improvements, which will be considered in the next revision and proposal, to be applied as policy from the beginning of 2017.

The Committee has not made any recommendations, comments or proposals with regard to business progress for inclusion in the 2015 Annual Report. The Committee did not use its expenditure budget approved at the General Shareholder’s Meeting on April 22, 2015, and has not required professional consulting services to carry out its duties.

EXECUTIVE COMMITTEE

SONDA’s Executive Committee is responsible for assisting Management in the analysis of the firm’s businesses and results, strategy design, investment plans, customer satisfaction, quality management, human resources policies, organizational marketing and corporate communications.

(1) Appointed on January1, 2005(2) Appointed on March 1, 1996

Note: The members of the Board of Directors and members of the Executive Committee are included in the Public Register of Chairmen, Directors, Managers and Executives kept by the Superintendent of Securities and Insurance in accordance with Article 68 of Law 18,045 on the Stock Market.

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BUSINESS21

BRAZIL48.2%

MEXICO19.4%

CHILE5.6%

Other countries 10.5%

COLOMBIA

6.9%

PERU

3.8%

ARGENTINA

5.7%

ECUADOR

IT Industry

The Information Technology (IT) industry is divided into three major segments:

IT Services: cover a wide range of services provided to businesses including support, consultancy and advisory services, and outsourcing Information Technology infrastructure and operations.

Applications: are software solutions designed especially for a company or industry that enable the customer to use information technology to improve its management, such as ERP’s. They cover developing and marketing various programs, either for users or for a specific purpose, for both individual companies and as a technological solution for an industry.

Platforms (Basic Hardware and Software): provide the most appropriate infrastructure for the customer, including the hardware (servers, personal computers, workstations, printers, etc.), the associated basic software (operating systems, databases, Windows, Office, etc.), and communication equipment. In general, there are no exclusive distribution contracts with manufacturers, which makes many IT companies including SONDA multi-brand suppliers.

Developing economies offer potentially higher growth than developed countries, transforming this sector into a market with tremendous opportunities. Latin America is SONDA’s market and here technology penetration ratios remain

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low, with average annual IT investment by country at 2.0% of GDP, whereas this is 4.0% in developed economies. Trends such as globalization, deregulation of markets, free trade agreements, cost reduction and efficiency improvement targets are the main drivers behind the development and incorporation of IT into private and public businesses. Therefore, IT investment growth in Latin America is expected to focus on services, particularly in outsourcing and IT professional services.

IT investment in Latin America is shared between two business segments, currently 62% for hardware and the remaining 38% for IT services and software. Notwithstanding the foregoing, a change in this composition is expected, where the IT services and software segment gradually acquires greater relevance, thus bringing investment in the region to a level similar to that in developed economies where approximately 60% is invested in IT services and software.

Forecasts from the International Data Corporation (IDC) for 2016 indicate growth of 5.7% in total IT investment for Latin America including mobile devices, bringing total IT investment for the region to US$136,505 million. Longer-term estimates indicate a Compound Annual Growth Rate (CAGR) of 6.1% for overall IT investment in Latin America over the period 2015 to 2019.

Country IT Investment %Total

(US$ million)Brazil 65,763 48.2%Mexico 26,461 19.4%Colombia 9,414 6.9%Argentina 7,737 5.7%Chile 7,628 5.6%Peru 5,184 3.8%Other countries(*) 14,318 10.5%TOTAL 136,505 100.0%

(*) Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Trinidad and Tobago, Nicaragua, Panama, Puerto Rico, the rest of the Caribbean, Bolivia, Uruguay, Paraguay.

IDC Latin America IT Spending Patterns, The Latin America Black Book, June 2015

IDC forecasts CAGR by business segments for 2015-2019 of 8.7% for IT services, 0.2% for hardware and 12.9% for software. Latin American countries are forecast to have growth rates of 4.0% for Brazil, 3.2% for Mexico, 8.0% for Chile and 4.4% for Colombia.

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IT Business Strategy

IT Solution Design

Infrastructure Provision

Systems Integration

Operation and Maintenance

IT Implementation

Life Cycle

01

02

0304

05

Value Proposition

SONDA IS FOCUSED ON SATISFYING CUSTOMER’S BUSINESS NEEDS THROUGH A WIDE RANGE OF SERVICES AND SOLUTIONS BASED ON INFORMATION TECHNOLOGIES.

IT SERVICES APPLICATIONS PLATFORMS

Full IT Outsourcing Cross Market Solutions Value Solutions

Infrastructure Support Manufacturing Software

Professional Services Government and Public Sector Equipment

Cloud Computing Transportation Platform Services

Project Integration Health Care

Datacenter Banking and Finance

Managed Device Services Applications Services

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Comprehensive IT SolutionsIN SONDA WE ARE DEDICATED TO CORPORATE COMPUTING, TO PROVIDING TECHNOLOGICAL SOLUTIONS FOR LARGE AND MEDIUM SIZE BUSINESSES AND ORGANIZATIONS, ENCOMPASSING ALL THE MAJOR BUSINESS SEGMENTS IN THE INDUSTRY: IT SERVICES, APPLICATIONS AND PLATFORMS.

IT SERVICES

These services generate value through the best use of hardware, software and communications tools and business applications. They cover a wide range of services, which include IT outsourcing, cloud computing, projects and systems integration, managed device services, infrastructure support and professional services. This is the business segment within the IT industry experiencing the fastest global growth, and where we can add greatest value for our customers.

SMART CITY, TRANSPORT PANAMA

SONDA is responsible for the financial administration of the public transport system in Panama City, including the urban bus network (Metrobus) and Metro Line 1, where tickets can be purchased using contactless cards at automatic terminals without relying on staff in ticket offices.

SONDA is responsible for providing the necessary technology, the financial management of the funds, the correct operation of validators and turnstiles on board buses and at boarding points, the card recharging network, the automatic recharging stations in the Metro, the integration with interurban transport systems, the use of this payment method for non-transport purposes, the electronic recharging system that uses pro web systems via mobile devices and the ATM network at banks.

Furthermore, we have been chosen to provide the charging system for the planned Panama Metro Line 2, which will be integrated into the current system. In El Salvador SONDA was awarded the tender to implement a project to monitor on-line public transport operators, with the aim of controlling their compliance with route frequency and to predict the time when buses would arrive at boarding points.

This automated collection has achieved significant improvements in safety and comfort for passengers and drivers in those countries where it has been implemented. It promotes the development of more complex transport systems that integrate services and transport modes, removing the requirement to collect cash on buses, and providing centralized and automated control over fare collection.

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Full IT Outsourcing

These services support the business continuity of our customers by outsourcing all or most of their IT functions, allowing them to efficiently allocate their resources, take advantage of economies of scale, and focus on managing their business. It includes full outsourcing, data center services, cloud computing, managed services, and technological infrastructure as a service.

Projects and Systems Integration

Projects include the design and construction of solutions that begin with the integration of hardware and software, business communications and applications, in addition to commissioning and operational services. They can also encompass integration projects in functional areas of a company or organization, and high-

impact public initiatives implemented through an intensive use of IT.

Managed Device Services

SONDA provides infrastructure as a service, including PCs, tablets, printers, routers, switches and management of mobile devices at the enterprise level (BYOD). This service transforms CAPEX into OPEX freeing up capital that can be invested into a customer’s core business, in addition to assigning the management of all devices to a specialist.

Infrastructure Support

These services focus on infrastructure hardware and software support, using best practice within the industry, and enjoying a broad regional coverage. They include installing, operating, updating and maintaining hardware and software platforms, localization services and problem resolution

services. Implementation can involve help desks, technical assistance and managing IT assets.

Datacenter and Cloud Computing

Datacenter services and Cloud Computing at SONDA have been designed to help our customers manage IT risk and maximize performance using various services that are based on three fundamental pillars, security, availability and performance. Our services host, monitor, manage, optimize, operate and maintain servers, communications equipment, data storage, basic software and applications. They ensure operational continuity and information security, by offering both physical and virtual scalable infrastructure, so that our customers can implement their applications quickly and efficiently, according to their needs. Cloud computing services are implemented on vBlock platforms, designed and built

CHILEAN COPPER PRODUCER REMAINS AT THE TECHNOLOGICAL FOREFRONT WITH SUPPORT FROM SONDA.

The SONDA IT Outsourcing solution for an important Chilean copper producer improves access to its SAP applications, improves its ability to absorb growth, complies with short-term needs, improves quality, predictability and speed of delivery, and improves service levels. SONDA IT solutions have improved the management and productive processes for this customer, and taken advantage of economies of scale, scope and speed, which has resulted in improved competitiveness in the local and international market.

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specifically for cloud computing and large-scale virtualization by Cisco, VMWare, and EMC.

SONDA also has Tier III certified data centers in Santiago and São Paulo and with NOCs (Network Operation Centers) in Santiago, Mexico City and São Paulo, which underpin the quality, security and availability of services delivered by these data centers, making them the most reliable and modern in Latin America.

Consulting and Professional Services

These services cover a wide range of expertise, from strategic consulting aimed at aligning IT with the business strategies of customers, to proposing specific improvements in operational or administrative processes, or

a better use of IT. They include IT scanning, databases, operating systems, information security, infrastructure architecture and communications solutions.

APPLICATIONS

The SONDA applications service includes comprehensive SONDA and third party software tools that systematize and automate business processes for our customers, either from an office, desktop or mobile platform, thus ensuring that key business information is managed in an agile, reliable and secure manner.

The service is designed to meet the requirements of all economic sectors, including the financial, social security, construction, manufacturing, retail, basic services, mining, energy,

natural resources, government, public institutions, transport and health sectors.

Furthermore, we have a broad portfolio of cross market solutions that address requirements that span all industries. These include Asset Management, External Trade, ERP, CRM, BI, Logistics, Tax Administration, and BPM tools.

SONDA offers various delivery mechanisms, depending on the specific preferences of each customer, their infrastructure and the requirements of the Service Level Agreement. Therefore, the range of options begins with a traditional on site deployment project, through to providing software as a service.

SMART FARM, LIVESTOCK TRACEABILITY, URUGUAY

This SONDA system has identified over 5 million animals using RFID tags, and can guarantee the sanitary quality of meat products. It also unifies product marketing information and provides consumers with a reliable product, from a known origin, obtained through an effective process. This strengthens the image of a safe country that provides quality food.

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PLATFORMS

The SONDA platform service includes providing various components of computing infrastructure, covering both hardware and software. These services cover the supply of servers, workstations, PC’s, printers, storage and backup equipment, communications equipment and basic software (databases, operating systems, and others). The sale of these technological components can include additional services such as equipment deployment, maintenance and warranty management.

We have agreements with major manufacturers in the industry and we have a team of specialized professionals to provide the most appropriate solutions to meet the needs of our customers. These agreements ensure that we always provide technology to the highest quality standards. Our independence with respect to these suppliers enables us to impartially advise our customers when recommending the correct platform for each case.

CONSERVERA PENTZKE IMPROVES MANAGEMENT AND EFFICIENCY WITH A NEW VERSION OF FIN700 FROM SONDA.

“Over 11 years ago, PENTZKE chose SONDA and its ERP FIN700 as its technology partner, to support our management processes and thus improve our quality standards. Today we are again faced with another challenge, together with SONDA we need to implement new accounting and legal standards, while further improving our business management”.

SALVADOR DOMENECH V., CEO, Conservera Pentzke S.A.

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ORGANIZATION29

Organizational StructureSONDA’s corporate administration is headquartered in Santiago, Chile, and the management of all business units is distributed throughout Latin America. This allows SONDA to operate in an agile and flexible manner, maintaining efficient control mechanisms and ensuring that business strategy is correctly executed, as defined by Senior Management.

GENERAL MANAGEMENT SONDA CHILE

FULL IT OUTSOURCING

REGIONAL IT SERVICES DIVISION

COMMERCIAL LATAM / ALLIANCES

CORPORATE HR

CORPORATE FINANCE

GENERAL MANAGEMENT SONDA BRAZIL

DATACENTER / CLOUD

COMPUTING

GENERAL MANAGEMENT SONDA MEXICO

END USER SUPPORT

GENERAL MANAGEMENT SONDA ARGENTINA

MANAGED DEVICE SERVICES

GENERAL MANAGEMENT SONDA COLOMBIA

GENERAL MANAGEMENT SONDA COSTA RICA

OTHER SUBSIDIARIES

GENERAL MANAGEMENT SONDA ECUADOR

GENERAL MANAGEMENT SONDA PANAMA

GENERAL MANAGEMENT SONDA PERU

GENERAL MANAGEMENT SONDA URUGUAY

BOARD OF DIRECTORS

DIRECTORS’ COMMITTEE

EXECUTIVE COMMITTEE

INTERNAL CONTROL

LEGAL DEPARTMENT

CHIEF EXECUTIVE OFFICER

In addition, there are corporate departments such as Corporate Finance, Human Resources, Commercial Development, Products and Alliances, that guide each business unit and produce homogeneous policies and guidelines, but also accounting for each country’s specific requirements.

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PERSONNEL BREAKDOWN (By activity)

0.2%Senior Executives

13.6%Administration, Sales and Operations

86.2%IT Professionals

PERSONNEL BREAKDOWN (By country)

6.3%Mexico

12.2%OPLA

63.5%Brazil

18.0%Chile

OPLA: Argentina, Colombia, Costa Rica, Ecuador, Panama, Peru and Uruguay

Senior Executives IT Professionals

Administration Sales and Operations Total

CHILE 24 2,315 1,190 3,529

BRAZIL 13 11,538 890 12,486

MEXICO 6 1,089 135 1,230

OPLA 7 1,946 454 2,407

TOTAL 50 16,933 2,669 19,652

OPLA: Argentina, Colombia, Costa Rica, Ecuador, Panama, Peru and Uruguay.

Consolidated Personnel Breakdown (By Country)

1,230Mexico

2,407OPLA

12,486Brazil

Total: 19,652

3,529Chile

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DIVERSITY IN THE ORGANIZATION

Number of people by:Diversity

In the Board

Diversity in General

Management

Diversity in the

Organization

Gender Nº Nº Nº

Female 1 2 6,536

Male 8 48 13,116TOTAL 9 50 19,652

Nationality Nº Nº Nº

Chilean 9 25 3,418

Foreign 0 25 16,234TOTAL 9 50 19,652

Age Range Nº Nº Nº

Less than 30 years old 0 1 7,243

Between 30 and 40 years old 1 2 7,222



Between 61 and 70 years old 6 7 390

Over 70 years old 0 0 32TOTAL 9 50 19,652

Years of Service Nº Nº Nº

Less than 3 years 4 14 11,379

Between 3 and 6 years 1 5 4,916



Over 12 years 0 18 950TOTAL 9 50 19,652

WAGE GAP(*)

Wage Gap %

Executives/Managers -23.0%

Professionals, Technicians and Administrators -24.2%

(*) Wage Gap: The percentage difference between the average salary for women compared to men in each category.

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CAPABILITIES33

Our Differentiators

Performance in a expanding market

• The region in which SONDA focuses its business development has tremendous growth opportunities due to the low penetration IT in the public and private market.

• The global trend is for customer’s to contract IT services using a traditional model or in the cloud, instead of directly purchasing equipment or infrastructure.

• Increasing demand for value added services allows SONDA to differentiate itself from local competitors, offering multi-brand comprehensive solutions and contributing its cumulated experience from nearly 40 years in the market.

Diverse Customer Base

• Our customer portfolio is highly diversified by name, industry and geography.

• We maintain long-term relationships with our customers.

• Our commercial focus is on medium-sized and large companies in the region.

• We have a broad base of recurrent contracts.

Leading IT Services Company in Latin America

• Integrated multi-brand supplier, a one-stop shop, for IT services in Latin America.

• Long-standing presence throughout the region from long-term relationships with corporate customers.

• Direct presence in 10 countries and more than 3,000 cities covered.

• Strong positioning in Chile and steadily increasing in the rest of the region, particularly in Brazil.

• Consolidation in the region through acquisition and integration of IT companies.

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Strategy of Growth based on Organic Expansion and Acquisitions

• Successful three-year investment plans have played a key role in SONDA’s growth.

• Strategy focused on broadening the customer base and expanding the IT services supply.

• Extensive knowledge of the IT industry and favorable regional consolidation experience.

Management Expertise and Solid Corporate Governance.

• Board of Directors with 9 members, including 4 Independent Directors.

• Directors’ Committee formed entirely of Independent Directors.

• Executive committee consists of executives and Directors and supports the Company’s Management in matters such as strategic planning, investment portfolios, business analysis, customer satisfaction, quality, human resources and marketing.

Comprehensive / Integral Business Model

• Unique capability to provide IT services throughout the entire region.

• Independent IT provider that can provide the best available technological solutions.

• World-class credentials and certifications.

• Partnerships with principal global technology providers.

Solid Financial Performance

• Growth with profitability, low leverage and a stable dividend policy.

• Profitable since its founding in 1974.• Sustained growth through the years.

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Our Strengths

PRINCIPLES

Throughout SONDA’s 40 year history, a management style has been forged based on fundamental values and principles that guide our daily work. These can be observed within the Company, as well as in its interaction with customers, suppliers, and its environment. These have been:

Dedication to service: The motivation to serve customers is based on an authentic service spirit.

Company of People: SONDA employees support each other beyond the bounds of mere work commitments.

Positive Attitude: Constantly striving to develop the qualities and talents of employees.

Habits Primacy: A concern that already acquired good habits are reflected in written standards and regulations.

Moderation: SONDA’s expenditure is moderate and it remains austere.

CUSTOMERS

Pronouneed dedication to service, together with an intimate understanding of the region’s culture and a team of professionals with vast work experience and long-term business vision has allowed SONDA to establish close contact with over 5,000 customers in Latin America, which include numerous leading firms throughout the region.

SONDA has become a technology partner with our customers, understanding their business problems

SONDA’S STRENGTHS ARE WHAT SUSTAIN ITS COMPETITIVE ADVANTAGES, AND THAT ALLOW THE COMPANY TO DIFFERENTIATE ITSELF FROM THE COMPETITION

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and requirements, contributing the benefit of expertise gained throughout our history, while providing and managing IT solutions that add value and strengthen their business.

PERSONNEL

At SONDA we aim for the overall growth of every employee, which is an essential prerequisite for a healthy long-term customer relationship, fostering the optimal use of talent within the Company, based on our principles.

Nearly 20,000 employees, including specialized IT professionals, have acquired extensive knowledge of various markets and industries, and can provide the most appropriate solutions that add value for our customers.

Our regional consolidation led to greater executive and technical mobility, which has certainly helped strengthen the exchange and transfer of knowledge and our corporate culture, creating the cohesive and integrated organization we have today.

We have an experienced Board of Directors, solid corporate governance and highly qualified management and personnel who are mainly professionals and technicians born and raised in Latin America, with vast experience in the use of IT within various industries and countries within the region.

Financial incentives are a key part of compensation plans. Therefore, the Company has a specific package for the Chief Executive Officer and other executives, associated with the achievement of specific annual targets, individual performance and contribution to the process of adding value. Thus, executives receive an annual performance bonus that depends on the Company’s overall results as well as the results of their respective department. The executives have an average of 8 years service with the Company.

The total compensation of the Company’s senior executives was ThCh$ 4,244,915 in 2015 (ThCh$ 3,611,027 in 2014). This amount

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includes fixed salaries and variable bonuses, which are calculated annually in accordance with performance and achievements. There are no other executive compensation plans.

There were no severance indemnity payments to senior executives during 2015.

SONDA executives that are Directors of subsidiary companies do not receive compensation for such positions, in accordance with Company policy.

CUSTOMER BASE DIVERSIFICATION

SONDA’s broad sectoral and regional customer base diversification has been achieved as a result of sustained growth over time. It enables the Company to considerably diminish revenue volatility, and also reduce its dependence on a small number of customers.

The Company’s 50 largest clients represent less than 40% of total revenue, which results in low concentration and vulnerability, minimizing the risk that could arise from a potential crisis affecting a single customer or a single business area. None of SONDA’s contracts represent more than 5% of the Company’s total revenue, or more than 10% of the total revenue at any of its three main business segments.

Customer Portfolio Concentration As of Dec 31, 2015:

Rank Represents

Top 10 21.2%

Top 20 27.4%

Top 50 37.7%

Top 100 47.9%

Others 52.1%

TOTAL 100.0%

ADDING VALUE THROUGH A COMPREHENSIVE RANGE OF SOLUTIONS AND SERVICES

What differentiates SONDA from our competitors is the value we add for our customers through solutions, services and products, where the use of hardware, software and communications tools is optimized using an integrated business model. To add value, our understanding of our customer’s environment and requirements is essential, to which is added the knowledge accumulated through our own skills and experience. At SONDA we provide our customers with the best technologies on the market and we are qualified to integrate, deploy, develop, manage, support and operate a comprehensive range of solutions, applications and associated services related to these technologies.

SUSTAINED GROWTH OF IT SERVICE NETWORKS

Throughout our history we have always achieved positive results and sustained growth. Today, with a workforce of almost 20,000 people, we have an extensive IT services network that covers over 3,000 cities in 10 countries in the region. This represents a guarantee when it comes to delivering a comprehensive and reliable service to our diversified customer base, and reaffirms our commitment to remain at their service in the long-term development of their businesses.

SOLID FINANCIAL POSITION

SONDA has the financial strength to continue its growth through acquisitions and completing highly complex projects that require significant investments. Our high recurrent revenue rate associated with long-term contracts, and appropriate financial management, enables us to maintain a healthy liquidity level and a low leverage ratio.

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CUSTOMER SERVICE FLEXIBILITY

Numerous times we have found ourselves going further than required by a customer contract. We promptly provide responses to unexpected situations that require solutions not originally foreseen. Therefore, we act with responsibility and diligence, whilst safeguarding the interests of the Company. We first identify the most appropriate solution and then adapt the contractual framework to the new scenario, and this attitude has been especially appreciated.

BUSINESS PARTNERSHIPS WITH IT MANUFACTURERS

At SONDA our knowledge benefits the partnerships and agreements we have with leading manufacturers and providers, thus ensuring that our professionals and customers have access to state-of-the-art technology. Furthermore, we provide specialized support for various hardware and software platforms, including the natural

evolution of SONDA solutions and their integration with third party products. Our commercial partnerships include leading global IT product and device brands. These include Cisco, EMC, VMware, HP, SAP, IBM, Autodesk, Microsoft, Intel and Oracle. Only one supplier represents more than 10% and less than 15% of purchases made by SONDA during 2015. None of these agreements oblige SONDA to conduct business exclusively with them, so the Company not dependent on them.

STRATEGIC PARTNERSHIPS

SONDA has formed strategic partnerships with leading companies in the industry, so together with its experience in the design and support of information technologies, it can ensure a seamless supply of IT solutions to all its customers in the region. The following are among SONDA’s most important alliances/partnerships:

• Cisco: Cisco is the global leader in over 7 product categories. SONDA is a principal Cisco partner in the region. SONDA has retained its GOLD qualification in Mexico and Brazil and currently aims to achieve this level throughout the remainder of Latin America within the short-term. Additionally, SONDA has reached the Master level in Cloud & Managed Services for the entire region.

• EMC: EMC is the global leader in storage technology. SONDA is a Gold partner in Mexico and Silver partner in the remainder of Latin America. It provides complex storage, backup and data recovery solutions.

• VCE: VCE is the global leader in converged infrastructure, and is a consortium formed by VMWare, Cisco and EMC. SONDA is in the Gold category for all Latin America, and is a leading integrator of Vblock solutions for Latin America.

• HP: HP is a global leader in servers, storage, software, personal computing and printing with whom SONDA has conducted business for many years. SONDA established a regional agreement from 2014 to jointly develop the Latin American market by complementing their products with the capabilities of SONDA to deliver comprehensive solutions.

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QUALITY MANAGEMENT

In SONDA we strive for a quality strategy that leads to the constant search of excellence in the provision of our solutions, products and services. Thus, we have focused on obtaining professional and technical certifications that allow us to offer, manage, maintain and measure the quality of our work, which has allowed us to maintain our leadership in the market. We rely on our knowledge, experience and certifications to offer, in the countries in which we operate, high quality, standardized and homogenous service based on the IT industry best practices such as ISO 9001:2008, OHSAS 18001:2007, ISO 14001:2004, ISO 27001:2013, ISO 20000-1:2011, ITIL, PMO o CMMI

ISO 9001:2008Quality management system, based on customer satisfaction, processes and continuous improvement.

ISO 14001:2004Environment management system that complies with policies and objectives that include legal requirements and significant environmental aspects. In other words, guarantees that SONDA’s operations are environmentally friendly.

ISO 27001:2013Information security management system that selects controls to protect information assets in terms of risk assessment and applicable regulatory requirements related to confidentiality, integrity and availability.

ISO 20000-1:2011IT service management system. Applies the best practice in managing, administering and operating IT services.

OHSAS 18001:2007Occupational health and safety management system that develops an occupational health and safety policy to mitigate and control the risks for people that participate in production.

SONDA has integrated and certified the regulatory models ISO 9001; ISO 14001 and OHSAS 18001 into a single integrated management system. This enables us to adequately use and combine best practice from each model, and incorporate these into the services that we provide for our customers.

ITIL (Information Technology Infrastructure Library)Best practice in managing, administering and operating IT services.

PMO (Project Management Office)Quality project management methodology.

CMMI (Capability Maturity Model Integrated)Best practice for the development of software products.

IMPORTANT QUALITY CREDENTIALS

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REGIONAL PRESENCE41

SONDA is the leading Latin American IT services and system integration provider.

The expansion process began in 1984 and today SONDA operates in 10 countries, and more than 3,000 cities.

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60,4% of consolidated revenues in 2015 were generated outside Chile.

SONDA employs 19,652 people

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Strong Customer BaseSONDA has a broad and diversified customer base in all sectors of the economy in Chile. Its leads by providing IT solutions and services to and medium and large companies, particularly large integration and outsourcing projects in the public and private sectors.

Wide range of solutionsSONDA has a broad portfolio of IT solutions and services.It provides services to users (Help and Support desks), Data Center and Cloud Computing Services, through to complex integration and outsourcing projects.

Services rely on processes that are certified as using the best global practices within the industry.

Applications include software solutions for the banking and financial industry, for pension funds managers, for the health market and for the wine industry.They also include SONDA’s own and third party ERP applications, such as Fin700 and SAP.

Flagship projectsSONDA has developed important projects that help companies and organizations to improve their processes and the quality of life for their customers and users. Projects developed in Chile over the last few years include: Identity cards and passport system for the Civil Registration Authority; a payment system for Transantiago; development, implementation and support for the new public procurement portal called

ChileCompras; a traffic light control system for Santiago and Vina del Mar; comprehensive SAP outsourcing for Codelco; IT outsourcing projects for Pizarreno Group (ETEX), Sigdo Koppers and FONASA; a management system for private pension fund managers; and an electronic health insurance approval system called I-Med.

DatacenterSONDA has a regional network of Datacenters, the most important being located in Quilicura in Santiago, which has Tier 3 certification awarded by the Uptime Institute, and with the Innovation Award 2012 awarded by the specialist organization DataCenter Dynamics.

It features advanced anti-seismic and air conditioning technology, in addition to the latest monitoring and security systems.

SONDA IS THE MAIN IT INDUSTRY SERVICE PROVIDER IN CHILE, WITH VAST EXPERIENCE IN THE MARKET AND A BROAD AND DIVERSIFIED CUSTOMER BASE IN ALL SECTORS OF THE ECONOMY.

Chile

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INNOVATIONSONDA’s innovative capacity has enabled it to lead IT transformation processes, equal to those in developed markets. SONDA possesses the skills, experience, alliances and innovative capacity to help its customers to face the new global trends in digital transformation.

Innovation has been a key factor in the growth and success of SONDA, always driving the evolution of its services, solutions and business processes. The following initiatives and projects reflect the innovative spirit of SONDA:

• Internal programs to support the management of innovation

• SONDA is a GOLD member of the Anacleto Angelini Innovation Center at the Pontificia Universidad Católica de Chile.

• IT Innovation Lab at the Datacenter facilities in Quilicura, Santiago, Chile.

LEADERSHIPSONDA was founded 41 years ago and is the leading provider within the competitive IT services industry in Chile. According to IDC information, SONDA has a market share of around 15% in this segment. SONDA’s most significant competition in all its markets are global companies, which include: IBM, HP, Accenture and local companies such as Synapsis, Adexus, Entel, Coasin, Telefonica, Indra, TCS, among others.

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Market presenceThe SONDA brand has been in Brazil since 2002 and has over 25 years experience through its acquired companies. It currently employs about 13,000 employees and serves over 1,500 active customers across all states.

Wide range of solutionsSONDA is recognized for its comprehensive solutions, which include a wide range of products and services.

The Company provides IT Services covering Datacenter and enterprise cloud services, through to ITO (Information Technology Outsourcing), comprehensive outsourcing and integration projects.

It provides platforms and technological infrastructure, through to complete communication and virtualization projects.

The company provides a wide range of software applications, including its own products and services that complement ERPs, its leading package that chases utilities payments and its tax solutions to handle the complex Brazilian tax system. In fact, over 60% of the federal taxes collected in Brazil are processed by applications built or managed by SONDA, as approximately 500 corporate groups use this technology.

Competitive positionSONDA is a leading provider of IT outsourcing services in Brazil. It is the fourth largest multinational

company in Information and Communication Technologies, the second largest company in Technical Support / Help Desk / Field Services.

SONDA is one of the top two companies that provide taxation software in Brazil, and is the leading company providing invoicing and management systems for the Brazilian utilities sector.

SONDA is also a leading provider of virtualization, cloud computing, storage and security solutions using its Cisco, EMC and VMware solutions, which form its principal portfolio in the platforms division.

We have a significant range of large customers, as about 30% of the largest 500 companies in Brazil are SONDA customers.

BrazilBRAZIL IS THE MOST IMPORTANT IT MARKET IN LATIN AMERICA. SONDA HAS A COMPREHENSIVE RANGE OF IT

SERVICES IN THIS COUNTRY, IN PARTICULAR FULL IT OUTSOURCING SERVICES, CLOUD COMPUTING AND DATACENTER,

VIRTUALIZATION AND COMMUNICATIONS SOLUTIONS AND A WIDE RANGE OF ITS OWN AND THIRD PARTY SOFTWARE, TO

SUPPORT THE MANAGEMENT OF UTILITY COMPANIES AND TAX MANAGEMENT SYSTEMS.

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SMART GRID, SMART METERS, (ELEKTRO)

This integration project comprises the development of an Intelligent Electrical Grid (Smart Grid) and integrating it into the company’s commercial systems, using the logic of the Internet of Things (IoT). The system provides detailed household consumption information, which is a substantial improvement for both customers and the electricity supplier. Furthermore, it provides better information for maintenance, fault location and repair, fraud detection, and improves resource management.

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Presence in key industriesSONDA serves customers in Mexico in several industries including the telecommunications, retail, public sector, financial sector, health, education, mining and automobile industries, where the Company completed significant and complex technological projects involving platforms and services during 2015. These large-scale and complex projects were key to developing the business of our customers.

Technological expertise and strategic alliancesSONDA has strategic alliances with technology leaders such as VCE, EMC and Cisco in Mexico. SONDA is a Gold Partner with Cisco where it is a leading partner and provides solutions based on various technology architectures,

including deployment, support services and managed services.

As in the rest of Latin America, SONDA has the best credentials to implement large-scale and complex projects in Mexico. It is recognized in the market for its extensive technical resources, certified processes, integration capability and geographical coverage.

Currently SONDA has been certified to quality standards ISO9001 and ISO20000 in Mexico.

Regional presenceThe Company’s main offices are located in Mexico City with branch offices in Monterrey and Guadalajara and a national network of service centers with their own engineers.

This structure enables the Company to serve a wide variety of customers across the whole of Mexico, to world-class service levels.

SONDA Mexico directly employs over 1,200 people.

Focus on ServicesThe Company has an operations center that provides a Service Desk, a Network Operation Center (NOC) and a Security Operation Center (SOC), which complement the Datacenter capabilities.

This center employs over 300 specialist engineers. During 2015, it resolved over 120,000 service requests per month in English, Spanish and Portuguese.

Mexico MEXICO IS THE SECOND LARGEST IT MARKET IN LATIN AMERICA AND THE COMPANY HAS BEEN PRESENT IN THIS COUNTRY SINCE 2004.

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WIDE RANGE OF SOLUTIONS

From the very beginning, SONDA has provided customers in Mexico with its entire portfolio of corporate IT products, services and communications, hardware and software platforms, IT services, applications and communications, including network design, professional and support services, managed services, and Datacenter, Cloud, and outsourcing services.

MARKET SHARE

SONDA was included within the 500 largest companies in Mexico by the Magazine Expansion, which positions it as a major company within the Mexican market.

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Wide geographical coverage.SONDA has national coverage in Argentina, and serves customers in all the provinces through its network of field services from 78 technical bases.

Revenue stabilityMultiannual contracts represent more than 60% of all Company revenue in Argentina. These contracts are mostly for infrastructure support services.

Long-term customers relationships.SONDA has long-term business relationships with key customers who are leaders in the banking, oil, energy, industry, health, automotive, food and telecommunications markets in Argentina.

Flagship projectsSONDA’s outstanding projects in recent years include: • Banco de la Nación Argentina: Field

support for multi-brand micro-computing, installed in over 670 branches with over 50,000 devices covered throughout the country.

• Arnet: part of the Telecom Group. Installation services for ADSL technology and home support for end users, provided in the Buenos Aires metropolitan area and the coastal region. A dedicated team of professionals, coordinated by a control and allocation desk that operates from the customer’s offices.

• YPF: User support service for CAU (User Service Center, for its Spanish

Argentina SONDA HAS A HISTORY SPANNING ALMOST 30 YEARS IN ARGENTINA AND NOW SERVES CUSTOMERS IN MOST INDUSTRIES.

acronym). On site technological support for micro-computing, and support for video conferences, presentations and audiovisual media, printers, mobile and landline telephony, airport facilities, special agencies and delegations, internet connections, geoscientists, and CPD (Processing Centers, for its Spanish acronym). The service resolves 4,000 events every month for 10,000 users across 200 sites.

• Edenor: Datacenter management and operation service, which includes mission critical services operated on site, with 24x7x365 coverage. 2,800 tickets were resolved each month and 180 servers were managed that support the core commercial and technical systems of the company.

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HISTORY

SONDA launched its Argentinian business in 1986. The original focus was selling equipment with their associated service solutions. In the 1990’s, application support was developed, initially with the arrival of mobile telephone companies and later with the rise of AFJP’s (Pension fund managers, for their acronym in Spanish) Towards the end of 2010, SONDA acquired Ceitech, doubling its business by providing Field Services and Service Desks for important local companies.

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HistorySONDA launched its Colombian business in 2000.

A growth plan was initiated in 2006 that expanded the portfolio of services to include infrastructure services, hardware sales and outsourcing services.

A company was acquired in 2008 that strengthened the portfolio of services.

A market penetration process began in 2009, by participating in larger proposals and tenders, resulting in significant service contracts that have helped to shape a business with a high proportion of recurring revenue. These contracts are mainly from amongst the 100 largest companies in Colombia.

Competitive positionSONDA has positioned itself as a recognized integrated IT services company in Colombia, and is currently ranked among the five largest companies in the country, excluding hardware manufacturers and distributors.

SizeSONDA has experienced constant growth in Colombia since 2006, with revenue climbing from US$4 million in 2005, to US$26 million in 2015.

RegionalizationSONDA has offices in Medellin, Barranquilla and Bogota, and the latter includes its corporate headquarters. Its current IT service contracts cover over 50 cities in Colombia.

Wide range of solutionsSONDA provides a full range of technology services, through its IT services, applications and platforms divisions.

New businessSONDA closed an important service contract with one of Colombia’s biggest financial groups during 2014, which has investments in various economic sectors, such as hotels, retail, media, logistics and others. This contract covers support services for their SAP platform, server management, field support teams for end users and a help desk.

ColombiaSONDA HAS A BROAD PRESENCE AND A WIDE CUSTOMER BASE IN COLOMBIA, WHICH HAS ONE OF THE HIGHEST GROWTH RATES IN IT SERVICES EXPENDITURE IN THE REGION.

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LIVESTOCK TRACEABILITY

FEDEGÁN (The Colombian Federation of Livestock Farmers, for its acronym in Spanish) deploys SONDA’s successful livestock traceability solution.

The SINIGAN livestock traceability system developed by SONDA for farmers in Colombia replicated several functions of the traceability system successfully implemented in Uruguay. It gave their products a competitive advantage in the global beef market, with the potential to be extended to other species. It monitors various aspects of the productive process from source to final delivery to the customer or distributor.

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History SONDA became sole owner of all its operations in Costa Rica in 2004, where the main focus has been on integrating solutions.

Lately, emphasis has shifted towards outsourcing services.

Revenue compositionSONDA’s revenues in Costa Rica are 70% from platform sales and 30% from services.

Long-term customer relationshipsSONDA has established long term relationships with customers in the public and private sector of the Costa Rican market.

Flagship projectsSONDA’s outstanding projects in recent years include:

• Central platform provided to the Costa Rican Social Services Department: A high availability solution that hosts servers, storage, communications

and this institution’s main systems. It is responsible for administrating all hospitals and public clinics in the country, as well as for the applications that collect and distribute complementary pension funds.

High availability solution for the Ministry of Finance: SONDA designed and provided a high availability solution with processing capacities, communications and the largest storage scheme in Central America.

• Full Outsourcing for the Stock Market: This service provides and administrates all the server, storage, communications and applications infrastructure at this financial institution.

Costa Rica SONDA HAS BEEN IN COSTA RICA FOR OVER 10 YEARS, AND HAS BECOME AN IMPORTANT COMPANY IN THE MARKET FOR IT SERVICES.

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MINISTRY OF HEALTH UPDATED AND STANDARDIZED ITS INSTITUTIONAL PROCESSES WITH A SOLUTION PROVIDED BY SONDA.

The Costa Rican Ministry of Health asked SONDA to incorporate into its management a technological platform with controlled costs, capacity to grow with demand, which complied with an institutional SLA. The solution provided by SONDA includes a 24x7 help desk, proactive monitoring, Oracle Database (cluster), Web Server, e-mail, DNS, local applications and equipment, among other products, and enables the Ministry of Health to standardize its institutional processes, increasing productivity for the institution and reducing operating costs.

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Ecuador

History Since it began, SONDA has positioned itself as a reliable company, dedicated to its services, quickly becoming a leading supplier of computing solutions.

Over the years, these services have grown and it has participated in important projects in various sectors, particularly the financial and telecommunications sectors.

Currently it is a leading support and implementation expert for the SAP ERP.

Revenue compositionSONDA has sought a diversified revenue mix across all its businesses in Ecuador. About 60% of revenues are focused on IT Services and Applications, while 40% are in Platform sales for the various brands sold by the Company.

Customer relationshipsIt has a stable range of customers, including national and global corporations with whom it has succeeded in building a solid relationship as a strategic partner, supporting them in the growth of their respective businesses.

Wide geographical coverageIt has commercial offices in Quito and Guayaquil, as well as technical support personnel in most of Ecuador’s provinces, enabling field services to

be provided using its own personnel to customers with a nationwide presence.

Flagship projectsSONDA’s outstanding projects last year include:

• Implementation of SAP at ENKADOR, who improved its productivity by installing a new ERP.

• Providing a virtual private cloud infrastructure service, which includes managing SAP NETWEAVER, and handling backups and communications links, for the customer EPMAPS (Metropolitan Public Drinking Water and Sanitation Company, for its acronym in Spanish). This service is provided from the datacenter of our parent company in Santiago, Chile.

SONDA HAS BUILT A SOLID AND DIVERSE CUSTOMER BASE WITH WIDE GEOGRAPHICAL COVERAGE IN ECUADOR DURING THE PAST 20 YEARS.

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ENKADOR IS A LEADING SOUTH AMERICAN COMPANY THAT MANUFACTURES SYNTHETIC FIBERS AND ASKED SONDA TO IMPLEMENT SAP ALL IN ONE BEST PRACTICES

SONDA created and added specialized modules, particularly the twine dispatch module and the dye handling module, which improved resource use, dramatically reduced waste and improved productivity at the textile plant. The solution implemented by SONDA made the handling of recyclable material more agile and efficient, so improving professional management at ENKADOR.

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Business Development SONDA has implemented two complex technological solutions since 2011, the procurement portal and the financial management and payment system for Metrobus.

During 2013, SONDA won two new deployment contracts, involving the integration and expansion of the payment system for Metrobus. The first contract uses the transport card as a means of payment for another non-transport service. The second contract uses the card with all the equipment on Line 1 of the Panama Metro, as there are no ticket offices at these stations attended by staff and cards can only be recharged using the automated machines. These two projects successfully started during 2014.

The transport project was strengthened during 2015, particularly by introducing significant innovations to the recharging network, such as the incorporation of recharging facilities across the ATM network in Panama, the use of electronic wallets on mobile phones, and the installation of automated machines at bus boarding areas.

Currently, we manage nearly 4 million recharges every month and 22 million transportation use validations. We are now perceived as an important technology integration company. As a result we were selected to provide the fare collection system for Line 2 of the Panama Metro, to monitor transport operators in San Salvador, and begin infrastructure integration projects for various customers.

Strengthening the business and identifying opportunities to expandOur role in important technology projects has enabled SONDA to become known as an integrated supplier in the country. Therefore, we have been invited to participate in various technology opportunities. These have arisen due to Panama’s growth and to many companies already served by SONDA in other countries also having businesses in Panama. These have been achieved due to the highly qualified staff that can overcome any new challenge.

Panama SONDA HAS DEVELOPED AND CONSOLIDATED FLAGSHIP PROJECTS, SO POSITIONING ITSELF AS AN IMPORTANT TECHNOLOGY INTEGRATION COMPANY IN THE PANAMANIAN MARKET.

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GROWTH

Panama’s economic growth is amongst the highest in the world, with rates around 6% for 2015 and 2016. The areas that are driving this growth are the expansion of the canal, the construction of new Metro lines, large copper mining projects and the construction of infrastructure projects for airports, roads, hospitals and educational facilities. Most of these projects are generating tremendous technological demands.

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HistorySONDA entered the Peruvian market in 1984 as its first business outside Chile. Since then, SONDA has developed flagship integration projects for various sectors in the country: banking and finance, telecommunications, private pension systems, retail and others, which have placed SONDA within the top 5 IT integrators in Peru.

The company provides IT Infrastructure, software, equipment and related services that together with a highly capable team, offer the best solutions for each customer. It provides IT management services and business applications support services, including in-house and third-party solutions. In addition, we have partnerships with leading global technology suppliers, which allow us to

cover all our customer’s IT infrastructure requirements. Long term customer relationshipsWe have long-term contracts mainly with major financial institutions in the country that have used SONDA Investment Management Solutions for more than ten years.

Wide geographical coverage.Our services in Peru are available nationwide, with specialized teams located in the main cities.

Flagship projects • IT Infrastructure services:

Superintendence of Banking and Insurance, CMAC Arequipa, CMAC, Trujillo, La República Group and Petroperu.

Peru SONDA HAS BEEN IN PERU SINCE 1984 AND HAS NOW DEVELOPED A MARKET PRESENCE THAT SPANS THE COUNTRY.

• Cloud infrastructure implementation project: ANA (Nation Water Authority, for its acronym in Spanish) solution integration: Productos Paraíso, Cofide. Providing a platform for Business Intelligence services: BCP, Belcorp, Movistar, and SUNAT.

• Managed Device Services: Falabella, CMAC Trujillo, Sales Land, Masisa, McDonald’s, Cencosud, and Kimberly Clark.

• Help Desk Services: COGA, Kimberly Clark, Natura, and Contugas.

• Support services for Investment System: Deutsch Bank, Scotiabank, Banco Financiero, Mibanco, Banco de la Nación, Financiera Edificar, Banco Falabella, BIF, TFC, and CMAC Trujillo.

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SUNAT (NATIONAL SUPERINTENDENCY OF CUSTOMS AND TAX ADMINISTRATION, FOR ITS ACRONYM IN SPANISH) IMPROVES ITS ANALYSIS AND DECISION-MAKING CAPACITY WITH A SOLUTION PROVIDED BY SONDA.

SUNAT asked SONDA to implement its Enterprise Data Warehouse (EDW) and information analysis system. The solution provided by SONDA has a Support Desk operated on a 24x7 basis, a Teradata 15.0 Database, specialized support for the MicroStrategy Business Intelligence tool, high availability HP servers, Teradata servers, and other products, which allow SUNAT to implement analytical models and an integrated enterprise data warehouse to analyze information for end-users.

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ConsolidationThe Company is especially prominent in the public sector, and has positioned itself as a key supplier for utilities companies, public banks and ministries. It completed flagship projects such as the livestock traceability project, the banking equity recovery project after the banking crisis in 2002, and the reengineering project at Banco Hipotecario.

SizeSONDA Uruguay is recognized as one of the main protagonists within the local market, a benchmark for all complex projects that require strong engineering abilities, management capacity and financial solvency.

Competitive positionEven though there are no objective measurements of the IT market in Uruguay, SONDA is a leading provider of hardware and software support. It is one the three main providers of integrated IT projects and it is one of the five main providers of mission-critical platforms.

RegionalizationSONDA in Uruguay has developed a support network that covers the entire country. This has enabled services to be provided to customers that are widely dispersed such as water, electricity, telephone and banking companies, and public institutions such as Social Security or Customs, who need this geographical coverage.

Wide range of solutionsSince its inception, SONDA Uruguay has provided customers with its entire portfolio of corporate products and services. These include platforms, IT services and applications. The Vblock platform was installed at the SONDA Uruguay Datacenter in 2013, to expand the network of enterprise cloud services that the Company could provide in the region.

It has adopted the highest international standards and best practices for service delivery, by achieving compliance with ISO9001 in 2004 and certifying its professional staff to ITIL or PMP standards. The Datacenter has complied with ISO 27001 since 2008 and ISO 20000 since 2013, making SONDA a market leader with certified processes.

Uruguay SONDA IN URUGUAY HAS BUILT A STRONG RELATIONSHIP WITH KEY CUSTOMERS, POSITIONING ITSELF AS ONE OF THE GREAT PROTAGONISTS OF THE LOCAL MARKET.

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VIDEO SURVEILLANCE SOLUTION

The first saturation video surveillance center using 360° multiple vision cameras was installed by the Uruguayan Interior Ministry.

This system was implemented by SONDA and has reduced national crime rates by 49%, and Ciudad Vieja sector crime rates by 60%, which is a tourist area within the capital, according to sources at the Interior Ministry.

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GROWTH STRATEGY64

Investment and Financing Policies

FINANCING POLICY

SONDA is renowned for its strong financial position, which has resulted from its history of balanced growth, the generation of consistent cash flow and balanced financing policy, which has enabled it to always maintain healthy levels of borrowing and coverage. SONDA has access to traditional sources of financing from financial institutions, but also issued bonds in 2009 and 2014 to provide a component of the financing required for the Company’s investment plans since 2010.

The Company’s financing policy aims to secure an appropriate liquidity position, with sufficient financial resources to overcome economic volatility and take advantage of investment opportunities as they arise.

As of December 31, 2015 financial debt was US$129.5 million, whereas cash equivalents and other financial assets were US$98.7 million, which left a net financial debt of US$30.7 million.

CORPORATE BONDS

On December 18, 2009 SONDA issued both the Series A and C bonds. The Series A totaled UF 1,500,000, and was placed with a 5 year term at an interest rate of 3.5% per annum, and the Series C totaled UF 1,500,000, with a 21 year term at a fixed interest rate of 4.5% per annum. They were issued from Lines 622 and 621 respectively, with a combined maximum nominal amount of UF 3,000,000.

In November 2014, a new Series E bond was issued from Line 622, with a nominal value of ThCh$36,300,000, which

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matures on November 1, 2019, in order to repay the Series A Bonds issued in December 2009. Therefore, the capital and interest on the Series A Bonds was repaid on November 28, 2014 totaling ThCh$37,481,945.

Bond contracts impose limits on the Company’s financial indicators and require compliance with obligations, which is usual for this type of financing, and as of December 31, 2015 the Company fully complies.

The Company regularly reports these indicators and safeguards to bondholder’s representatives on the agreed dates. The details can be found in the “Corporate Bonds” section of the General Background Information chapter of this Annual Report.

INVESTMENT POLICY

SONDA is constantly analyzing new investment opportunities relating to

developments in the IT business that enable it to grow and strengthen its presence, especially in Latin America, through implementing systems integration projects, developing added value businesses and acquiring companies.

Investment projects are presented by SONDA’s business units in their annual operating plans. Investments not originally included in plans are analyzed by the respective business unit and Corporate Finance, General Management and the Executive Committee, and finally approval is sought from the Board.

Analysis of acquisitions evaluates factors such as their financial situation, their portfolio of customers and contracts, possibilities for cross-selling, their volume of recurring revenue, customer’s perception of them, their range of products and services, the capability of the executive team, their geographical

coverage, possible synergies and their management style, among others.

Investment in research and development (R&D) is mainly related to developing new software products and services, continual improvement of current products, and constantly updating professionals with the latest technologies.

New investments are financed primarily through internal funds generated by the business, and external resources from issuing bonds, bank borrowing or capital increases. Major SONDA investments have focused on the acquisition of IT companies and the implementation of large technological integration projects.

Financial investments aim to maintain sufficient surplus funds to meet all short-term cash requirements. In general, financial derivatives such as forwards, futures, swaps, options,

SONDA’S MAJOR INVESTMENTS HAVE FOCUSED ON THE ACQUISITION OF IT COMPANIES AND THE EXECUTION OF LARGE TECHNOLOGY INTEGRATION PROJECTS.

etc., are not used at SONDA. However, if expedient, the Company may take positions using financial derivatives in order to achieve appropriate coverage with regard to exchange rate or interest rate risks that arise during the normal course of business. Nevertheless, the Company always prefers natural or operational hedges.

Three-Year Investment and Expansion Plans

Since the IPO in 2007 SONDA has continued its regional expansion process that began in the eighties, consolidating its regional presence.

A triennial growth commitment plan was reached with our shareholders and the market, to strengthen its leadership, regional presence, amplify the range of services and increase the customer base.

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SONDA has published three growth plans so far, which are:

2007-2009 > US$ 350 million plan This plan covered a total investment of US$ 350 million, with the purpose of identifying growth opportunities in Chile, Colombia, Brazil and Mexico. Financing was provided by SONDA’s IPO, which took place on Santiago’s stock exchange and raised US$ 213 million. SONDA planned to invest US$ 200 million acquiring companies, while the remaining US$ 150 million was allocated to replacement investments and developing new projects.

This first plan finalized with the acquisition of Red Colombia and Procwork (Brazil).

2010-2012 > US$ 500 million plan The second three-year growth plan covered the period between 2010 and 2012, with an investment of nearly US$

500 million. This plan was financed by issuing debt on the local market for a total of US$ 125 million, and the remainder came from the company’s own operations. The objective of this plan was to integrate Latin American projects, strengthen SONDA’s position in Brazil, develop value added business segments in the region and acquire companies in Mexico, Brazil and Colombia.

Throughout these years, acquisitions represented 64% of the final invested amount, while the remaining 36% drove SONDA’s organic growth.

Five companies were acquired in Brazil: Telsinc, Kaizen, Softeam, Pars and Elucid. Pars and Elucid have expanded SONDA’s participation in the competitive Brazilian market by diversifying the sales mix in areas such as specialized software in engineering, architecture and geographical information systems. Also, it enabled SONDA to venture into

INVESTMENT DECISIONS TAKEN OVER THE YEARS HAVE RESULTED IN SONDA GROWING PROFITABLY, AND ADDING VALUE FOR ALL ITS SHAREHOLDERS.

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the provision of software and application solutions for utility companies and added a consolidated customer portfolio.

In Chile, the acquisition of Quintec boosted local sales and expanded our presence in the Colombian and Argentinean Markets.

In Mexico, the acquisition of Nextira One strengthened our position and expanded our broad range of services, which used to be limited to visualization, communication and cloud computing services.

In Argentina, the acquisition of Ceitech expanded our geographical presence as well as the services offered.

In addition to the aforementioned acquisitions, the plan included investments in SONDA’s organic growth, such as the implementation of two high-tech datacenters in Chile and Brazil, new offices in Brazil and the public transportation system in Panama.

2013-2015 > US$ 700 million planThe Company agreed a new investment plan for 2013 to 2015 of almost US$ 700 million, aligned with the expected growth in IT spending across the region. It supplemented and reinforced initiatives and acquisitions executed within previous investment plans, to become the main driver of SONDA’s growth and consolidation strategy, as leader in the region.

The US$ 700 million investment plan was executed in a complex macroeconomic context where local currencies depreciated against the dollar. US$500 million were channeled into new business acquisitions, and the remaining US$200 million funded organic growth within the Company, with an emphasis on Brazil, Mexico and Colombia. The plan was partly financed through issuing 100,000,000 shares of equal nominal value. These were placed in January 2013 and succeeded in raising US$301 million. This source of financing was complemented by the Company’s internal resources generated during this period.

The most important milestone within this three-year plan was the acquisition of the Brazilian company CTIS in May 2014, a strategic acquisition that positioned SONDA among the top four IT service companies in Brazil. In addition, it strengthened services, expanded the customer base, extended geographical coverage and opened up new economic sectors.

Significant progress was made in 2015 integrating CTIS into our existing operations in Brazil. In particular, a 9 month process resulted in integrating the Back Office services for both organizations into a single shared services department responsible for both companies. A similar process was launched for the IT Services department at the end of 2015.

During these three years, acquisitions represented 68.5% of total investment, while 31.5% drove organic growth.

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RESULTS 201569

Consolidated ResultsNet income attributable to the owner was Ch$ 42,850 million (US$ 60.3 million), 9.9% lower than 2014, mainly due to higher accrued taxes in 2015 as a result of the revaluation of foreign investments due to higher exchange rates. Net income would have increased by 5.8% yoy, without this cost. Consolidated revenue was Ch$891,122 million (US$1,254.8 million) for 2015, which was 1.4% higher than the previous year. Operating income was Ch$93,148 million (US$ 131.2 million), growing by 5.8% yoy and EBITDA was Ch$ 126,765 million (US$ 178.5 million), 2.3% lower yoy. EBITDA margin was 14.2%.

Return on equity was 9.0% as of December 31, 2015. The current liquidity ratio was 1.9, the financial leverage ratio was 0.2, and the financial expenses ratio was 15.1, which all reflect a healthy financial position.

Revenue from operations outside of Chile decreased by 5.4%, to Ch$ 537,980 million (US$ 757.5 million), which represents 60.4% of total consolidated revenue, while its EBITDA decreased by 11.0% in comparison to 2014 to Ch$ 68,583 million (US$ 96.6 million). Without foreign exchange effects, this revenue would have grown by 8.0% and EBITDA would have been in line with 2014.

The volume of new deals as of December 31, 2015 was US$ 1,215.2 million.

Consolidated Revenue(Figures in Ch$ millions)

878,455

2014

891,122

2015

OperatingIncome (Figures in Ch$ millions)

88,067

2014

93,148

2015

EBITDA(Figures in Ch$ millions)

129,761

2014

126,765

2015

Net Income(Figures in Ch$ millions)

47,539

2014

42,850

2015

Operating Income = Gross Income - Administration Expenses


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Revenues Breakdown 2015 (By Industry)

2.9%Utilities

23.9%Others

17.2%Commercial

16.3%Institutions, Government

1.6%Health

8.0%Oil/Gas/Mining

6.3%Manufacturing

9.5%Telecom

14.3%Banking, Finance, Insurance

Revenues Breakdown 2015(By Business line)

6.2%Applications

39.7%Platforms

54.1%IT Services

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Results in Chile

• Revenue was Ch$ 353,143 million (US$ 497.3 million), increasing by 13.9% yoy, due to higher revenues from platforms (+19.5%), from the retail and wholesale business and IT Services (+6.9%).

• Operating income was Ch$ 46,141 million (US$ 65.0 million / +11.2% yoy) and EBITDA was Ch$ 58,181 million (US$ 81.9 million / +10.3% yoy). This increase was mainly due to better performance in the IT services business.

• Operating margin was 13.1% and the EBITDA margin was 16.5%.


2.4%Health


45.7%Others

28.4%Commercial

1.4%Manufacturing

1.5%Oil/Gas/Mining

2.1%Telecom



4.6%Applications

36.1%IT Services

59.4%Plataformas

Revenues Evolution(Figures in Ch$ millions)

309,929

2014

353,143

2015

EBITDA Evolution(Figures in Ch$ millions)

52,742

2014

58,181

2015


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73

Results in Brazil

• Revenue was Ch$ 343,879 million (US$ 484.2 million), 10.3% lower than 2014. Revenue in local currency was R$ 1,735 million, growing by 10.3%.

• Operating income was Ch$ 20,777 million (US$ 29.3 million / -6.8% yoy) and EBITDA was Ch$ 36,687 million (US$ 51.7 million / -9.8% yoy). Operating income and EBITDA in local currency grew by 15.5% and 11.1%, respectively.

• Operating margin was 6.0% and EBITDA margin was 10.7%, 20pb and 10pb higher, respectively, compared to 2014.


2.9%Commercial


8.1%Utilities

9.7%Manufacturing

8.8%Telecom

0.6%Health

18.4%Oil/Gas/Mining



9.8%Applications

72.7%IT Services

17.4%Plataforma


383,319

2014

343,879

2015


40,668

2014

36,687

2015


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75

Results in Mexico

• Revenue grew by 12.1% (yoy), totaling Ch$ 82,457 million (US$ 116.1 million), mainly due to better performance in the platforms business.

• Operating income was Ch$ 12,195 million (US$ 17.2 million) and EBITDA was Ch$ 13,970 million (US$ 19.6 million) lower than 2014 by 1.6% and 0.2%, respectively.

• Operating margin was 14.8% and EBITDA margin was 16.9%, 210pb lower than 2014.



38.2%Telecom

17.6%Manufacturing

24.1%Commercial

0.6%Oil/Gas/Mining


1.0%Health

1.0%Others


56.2%Plataforma

43.8%IT Services


73,529

2014

82,457

2015


14,000

2014

13,970

2015EBITDA = Operating Income + Depreciation and Amortization.

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77

Results in OPLA(Other Latin American Countries)

• Revenue was in line with 2014, at Ch$ 111,643 million (US$ 157.2 million).

• Operating income was Ch$ 14,035 million (US$ 19.8 million) and EBITDA was Ch$ 17,926 million (US$ 25.2 million), growing by 18.0% and decreasing by 19.8% (yoy), respectively. The fall in EBITDA was primarily due to the end of outsourcing contracts with high levels of depreciation.

• Operating margin was 12.6%, 190pb higher than 2014.


7.1%Manufacturing

5.9%Oil/Gas/Mining

6.0%Health

17.1%Telecom

1.6%Utilities

22.7%Commercial




61.1%IT Services

33.8%Platforms

5.1%Applications


111,678

2014

111,643

2015


22,351

2014

17,926

2015EBITDA = Operating Income + Depreciation and Amortization.

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79

THE COMPLETE FINANCIAL STATEMENTS

OF SONDA S.A., ITS SUBSIDIARIES AND THE

CORRESPONDING REPORT BY THE INDEPENDENT

AUDITORS ARE ALL AVAILABLE TO THE PUBLIC AT

THE COMPANY’S HEADQUARTERS (500 TEATINOS ST,

SANTIAGO, CHILE) AND AT THE SUPERINTENDENCIA

DE VALORES Y SEGUROS (SVS).

THESE INCLUDE

• CONSOLIDATED FINANCIAL STATEMENTS OF

SONDA S.A. AND ITS SUBSIDIARIES

• SUMMARIZED FINANCIAL STATEMENTS OF THE

SUBSIDIARIES

• MANAGEMENT DISCUSSION AND ANALYSIS OF THE

FINANCIAL RESULTS

• REPORT BY THE INDEPENDENT AUDITORS

ADDITIONALLY, THIS INFORMATION IS AVAILABLE IN

THE WEBSITE: WWW.SONDA.COM

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CONSOLIDATED FINANCIAL STATEMENT81

Consolidated Statements of Financial PositionAS OF DECEMBER 31, 2015 AND 2014(In Thousands of Chilean Pesos - Thch$)

12.31.2015 ThCh$

12.31.2014 ThCh$

ASSETSCURRENT ASSETS:

Cash and cash equivalents 68.392.174 78.590.114

Other current financial assets 1.720.248 3.044.824

Other current non-financial assets 14.312.281 15.243.813

Trade and other current receivables 231.688.517 222.295.706

Accounts receivable from related companies 3.665.436 4.023.534

Inventories 42.480.735 38.781.058

Current tax assets 19.877.426 26.719.031

Total current assets other than assets or disposal groups classified as held for sale 382.136.817 388.698.080

TOTAL CURRENT ASSETS 382.136.817 388.698.080

NON-CURRENT ASSETS

Other non-current financial assets 2.906.675 3.654.576

Other non-current non-financial assets 8.650.347 11.548.012

Non-current receivables 16.560.559 13.169.723

Accounts receivable from related companies 3.372.317 1.043.335

Investments accounted for using the equity method 5.718.720 3.973.014

Intangible assets other than goodwill 26.948.205 37.829.226

Goodwill 218.735.537 258.142.908

Property, plant and equipment 95.433.122 99.613.401

Investment property 2.366.840 3.291.971

Deferred tax assets 27.886.406 20.277.947

TOTAL NON-CURRENT ASSETS 408.578.728 452.544.113

TOTAL ASSETS 790.715.545 841.242.193

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12.31.2015 ThCh$

12.31.2014 ThCh$

LIABILITIES AND EQUITYCURRENT LIABILITIES

Other financial liabilities 13.307.865 16.225.325

Trade and other current payables 119.525.664 126.128.371

Accounts payable to related companies 5.384.583 5.040.930

Other current provisions 7.195.441 8.487.712

Current tax liabilities 22.086.785 21.348.361

Current provisions for employee benefits 5.939.682 5.949.482

Other current non-financial liabilities 25.929.922 26.352.698

Total current liabilities other than liabilities included in disposal

199.369.942 209.532.879 groups classified as held for sale

TOTAL CURRENT LIABILITIES 199.369.942 209.532.879

NON-CURRENT LIABILITIES:

Other non-current financial liabilities 78.641.323 82.367.153

Non-current payables 16.964.770 24.226.439

Accounts payable to related companies, non-current 71.970 37.131

Other non-current provisions 2.512.630 2.465.560

Deferred tax liabilities 21.180.433 13.899.676

Non-current provisions for employee benefits 3.285.258 2.786.096

Other non-current non-financial liabilities 2.831.934 3.370.800

TOTAL NON-CURRENT LIABILITIES 125.488.318 129.152.855

TOTAL LIABILITIES 324.858.260 338.685.734

EQUITY:

Issued capital 373.119.044 373.119.044

Retained earnings 190.139.970 168.714.805

Other reserves (104.240.565) (45.197.878)

Equity attributable to owners of parent 459.018.449 496.635.971

Non-controlling interests 6.838.836 5.920.488

TOTAL EQUITY 465.857.285 502.556.459

TOTAL LIABILITIES AND EQUITY 790.715.545 841.242.193 83

Consolidated Statements of Comprehensive IncomeFOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014(In thousands of Chilean pesos - ThCh$)

12.31.2015 ThCh$

12.31.2014 ThCh$

GROSS PROFIT:

Revenue 891.122.437 878.455.026

Cost of sales (719.321.184) (720.758.398)

TOTAL GROSS PROFIT 171.801.253 157.696.628

Other income, by function 4.949.527 4.404.215

Administrative expenses (78.653.487) (69.629.248)

Other expenses, by function (10.474.286) (5.388.134)

Total income from operating activities 87.623.007 87.083.461

Financial income 4.286.715 6.408.285

Financial costs (8.419.941) (11.368.009)

Share of profit of associates accounted for using the equity method 322.846 477.667

Foreign currency exchange differences (441.926) (6.297)

Loss from indexed assets and liabilities (271.623) (1.821.634)

PROFIT BEFORE TAX 83.099.078 80.773.473

INCOME TAX EXPENSE (35.554.346) (29.337.686)

PROFIT FROM CONTINUING OPERATIONS 47.544.732 51.435.787

PROFIT FOR THE YEAR 47.544.732 51.435.787 PROFIT ATTRIBUTABLE TO:

Owners of parent 42.850.330 47.539.480


PROFIT 47.544.732 51.435.787

EARNINGS PER SHAREBasis earnings per share

Basis earnings per share from continuing operations (Ch$/Share) 49,19 54,58

Diluted earnings per share

Diluted earnings per share from continuing operations (Ch$/Share) 49,19 54,58

84

TOTAL COMPREHENSIVE INCOME12.31.2015

ThCh$12.31.2014

ThCh$PROFIT 47.544.732 51.435.787

Components of other comprehensive income that will not be reclassified subsequently to profit or loss before tax

Other comprehensive income before tax actuarial gains (losses) on defined benefit plans (38.422) (30.809)

Other comprehensive income that will not be reclassified subsequently to profit or loss before tax (38.422) (30.809)

Other comprehensive income that will not be reclassified subsequently to profit or loss before tax

Exchange differences on translation

Gains (losses) on exchange differences on translation before tax (59.013.870) 3.740.143

Other comprehensive income that will be reclassified subsequently to profit or loss before tax (59.013.870) 3.740.143

Other comprehensive income that will be reclassified subsequently to profit or loss before tax (59.052.292) 3.709.334

Income tax relating to components of other comprehensive income that will not be reclassified subsequently to profit or loss 9.605 10.301

Income tax relating to defined benefit plans of other comprehensive income 9.605 10.301

Income tax relating to components of other comprehensive income that will be reclassified subsequently to profit or loss - -

Income tax relating to available for sale financial assets of other comprehensive income - -

Total comprehensive income (59.042.687) 3.719.635

TOTAL COMPREHENSIVE INCOME (11.497.955) 55.155.422

Comprehensive income attributable to:

Owners of the parent (16.192.357) 51.259.115


TOTAL COMPREHENSIVE INCOME (11.497.955) 55.155.422

85

Consolidated Statements of Cash Flows, Direct FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014(In thousands of Chilean pesos - ThCh$)

12.31.2015 ThCh$

12.31.2014 ThCh$

Statements of Cash FlowsCash flows from (used in) operating activities

Receipts from sales of goods and rendering of services 971.723.847 955.221.881

Other cash receipts from operating activities 46.152.287 34.716.881

Total cash receipts from operating activities 1.017.876.134 989.938.762

Payments to suppliers for goods and services (538.255.230) (503.632.914)

Payments to and on behalf of employees (290.840.855) (292.061.209)

Other cash payments from operating activities (109.665.613) (110.648.427)

Total cash payments from operating activities (938.761.698) (906.342.550)

Cash flows from (used in) operations 79.114.436 83.596.212

Income taxes paid (refund) (26.365.494) (13.244.588)

Other outflows of cash (1.511.007) (3.567.284)

CASH FLOWS FROM OPERATING ACTIVITIES 51.237.935 66.784.340

Cash flows from (used in) investing activities

Cash flows from sale of non-controlling interests 787.315 781.827

Cash flows used to acquire non-controlling interests (3.387.899) (46.106.909)

Other cash receipts from sales of equity or debt instruments of other entities 7.623.330 10.937.302

Other cash payments to acquire equity or debt instruments of other entities (7.385.166) (10.610.714)

Proceeds from sales of property, plant and equipment 2.301.647 8.182

Dividends received 10.372 110.627

Purchase of property, plant and equipment (24.423.086) (10.491.435)

Loans to related parties (26.220) -

Cash receipts from related companies - 1.486.544

Purchase of intangible assets (1.817.741) (1.151.149)

Other inflows of cash 732.574 1.017.822

CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES (25.584.874) (54.017.903)

86

12.31.2015 ThCh$

12.31.2014 ThCh$

Cash flows from (used in) financing activities

Proceeds from long-term loans - 43.024.261

Proceeds from short-term loans 27.085.835 10.389.250

Repayments of borrowings (27.900.130) (106.335.955)

Payments of finance lease liabilities (3.026.387) (9.303.627)

Dividends paid (24.475.117) (33.526.548)

Interests paid (5.285.487) (4.109.829)

Other inflows (outflows) of cash 933.122 (3.575.094)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES (32.668.164) (103.437.542)

Increase (decrease) in cash and cash equivalents before effect of exchange rate changes (7.015.103) (90.671.105)

Effect of exchange rate changes on cash and cash equivalents

Effect of exchange rate changes on cash and cash equivalents (3.182.837) (1.599.801)

Increase (decrease) in cash and cash equivalents (10.197.940) (92.270.906)

Cash and cash equivalents at beginning of period 78.590.114 170.861.020

CASH AND CASH EQUIVALENTS AT END OF PERIOD 68.392.174 78.590.114

87

Other reserves Other reserves

TotalOther

reservesThCh$

Retained earnings

ThCh$

Equity attributable

to owners of parent

ThCh$

Non-controlling interests

ThCh$

Total equityThCh$

Issued capitalThCh$

Reserve of exchange differences

on translationThCh$

Reserve of gains and losses on remeasuring available-for-sale financial assets

financial assetsThCh$

Reserve of actuarial gains or losses on defined benefit plans

ThCh$

Other miscellaneous

reservesThCh$

Equity at beginning of period 01/01/2015 373.119.044 (46.762.006) - 250.518 1.313.610 (45.197.878) 168.714.805 496.635.971 5.920.488 502.556.459

Changes in equity: Comprehensive income

Profit for the year - - - - - - 42.850.330 42.850.330 4.694.402 47.544.732

Other comprehensive income - (59.013.870) - (28.817) - (59.042.687) - (59.042.687) - (59.042.687)

Comprehensive income - (59.013.870) - (28.817) - (59.042.687) 42.850.330 (16.192.357) 4.694.402 (11.497.955)

Issue of equity - - - - - - - - - -

Dividends - - - - - - (21.425.165) (21.425.165) (3.544.892) (24.970.057)

Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control - - - - - - - - -

Increase (decrease) through transfers and other changes, equity - - - - - - - - (231.162) (231.162)

Changes in equity - (59.013.870) - (28.817) - (59.042.687) 21.425.165 (37.617.522) 918.348 (36.699.174)

EQUITY AT END OF PERIOD 12/31/2015 373.119.044 (105.775.876) - 221.701 1.313.610 (104.240.565) 190.139.970 459.018.449 6.838.836 465.857.285


TotalOther

reservesThCh$

Retained earnings

ThCh$

Equity attributable

to owners of parent

ThCh$


ThCh$

Total equityThCh$

Issued capitalThCh$


on translationThCh$




ThCh$

Other miscellaneous

reservesThCh$




Other comprehensive income - 3.740.143 - (20.508) - 3.719.635 - 3.719.635 - 3.719.635

Comprehensive income 3.740.143 - (20.508) - 3.719.635 47.539.480 51.259.115 3.896.307 55.155.422

Issuance of equities - - - - - - - - -

Dividends - - - - - - (23.769.740) (23.769.740) (3.292.188) (27.061.928)Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control - - - - - - - - - -

Increase (decrease) through transfers and other changes, equity - - - - (31.984) (31.984) (846.543) (878.527) (31.003) (909.530)

Changes in equity - 3.740.143 - (20.508) (31.984) 3.687.651 22.923.197 26.610.848 573.116 27.183.964


Consolidated Statements Of Changes In Equity AS OF DECEMBER 31, 2015 AND 2014 (In thousands of Chilean pesos - ThCh$)

88


TotalOther

reservesThCh$

Retained earnings

ThCh$

Equity attributable

to owners of parent

ThCh$


ThCh$

Total equityThCh$

Issued capitalThCh$


on translationThCh$




ThCh$

Other miscellaneous

reservesThCh$




Other comprehensive income - (59.013.870) - (28.817) - (59.042.687) - (59.042.687) - (59.042.687)

Comprehensive income - (59.013.870) - (28.817) - (59.042.687) 42.850.330 (16.192.357) 4.694.402 (11.497.955)

Issue of equity - - - - - - - - - -

Dividends - - - - - - (21.425.165) (21.425.165) (3.544.892) (24.970.057)

Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control - - - - - - - - -

Increase (decrease) through transfers and other changes, equity - - - - - - - - (231.162) (231.162)

Changes in equity - (59.013.870) - (28.817) - (59.042.687) 21.425.165 (37.617.522) 918.348 (36.699.174)



TotalOther

reservesThCh$

Retained earnings

ThCh$

Equity attributable

to owners of parent

ThCh$


ThCh$

Total equityThCh$

Issued capitalThCh$


on translationThCh$




ThCh$

Other miscellaneous

reservesThCh$




Other comprehensive income - 3.740.143 - (20.508) - 3.719.635 - 3.719.635 - 3.719.635

Comprehensive income 3.740.143 - (20.508) - 3.719.635 47.539.480 51.259.115 3.896.307 55.155.422

Issuance of equities - - - - - - - - -

Dividends - - - - - - (23.769.740) (23.769.740) (3.292.188) (27.061.928)Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control - - - - - - - - - -

Increase (decrease) through transfers and other changes, equity - - - - (31.984) (31.984) (846.543) (878.527) (31.003) (909.530)

Changes in equity - 3.740.143 - (20.508) (31.984) 3.687.651 22.923.197 26.610.848 573.116 27.183.964


89

THE COMPANY AND ITS SUBSIDIARIES

90

Documents of Incorporation

SONDA S.A. was incorporated as a limited liability company with the legal name “Sociedad Nacional de Procesamiento de Datos Limitada”, by public deed on October 30, 1974 granted by the public notary of Santiago, Mr. Herman Chadwick Valdes. An excerpt of such deed was registered on page 11,312 number 6,199 of the Trade Register of the Real Estate Registry of Santiago in 1974 and published in the Official Gazette on December 28, 1974.

The company became a corporation, maintaining its legal name but establishing the brand name SONDA S.A. by public deed dated September 16, 1991, granted by the Santiago Notary Mr. Humberto Quezada Moreno, and its excerpt was registered on page 28,201 number 14,276 of the Trade Register of the Real Estate Registry of Santiago in 1991 and published in the Official Gazette on September 24, 1991. Later, the legal name became SONDA S.A. by public deed dated May 27, 2004, granted at the Santiago Notary of Mr. Rene Benavente Cash, and its excerpt was registered on page 15,640 number 11,777 of the Trade Register of the Real Estate Registry of Santiago in 2004 and published in the Official Gazette number 37,873 dated May 31, 2004.

Since its incorporation, the bylaws of the Company have been subject to several modifications. The current bylaws are established in: (i) a public deed dated July 4, 2006, granted at the Santiago Notary of Mr. Rene Benavente Cash, and its excerpt was registered on page 27,555 number 19,250 of the Trade Register of the Real Estate Registry of Santiago in 2006 and published in the Official Gazette on July 17, 2006; (ii) a public deed dated August 31, 2012 granted at the Santiago Notary of Mr. Andres Rubio Flores, which reports on the capital increase agreed at the Extraordinary Shareholders Meeting held on August 30, 2012, and its excerpt was registered on page 61,522 number 42,921 of the Trade Register

of the Real Estate Registry of Santiago in 2012 and published in the Official Gazette on September 4, 2012.

Legal NameSONDA S.A.

Legal Address:Santiago district, Metropolitan Region

Chilean Identification Number83,628,100-4

Company TypePublicly Traded Corporation

Registration in Securities RegistryNº 950

Corporate Purpose:1) Develop electronic computing, information and data processing systems and general

information technology, automation and communications, for itself or for others; 2) Create, construct, develop, apply, import, export, trade, maintain, update, operate,

install and represent hardware, software and related services; 3) Purchase, sell, import, export, represent, distribute and generally trade electronic

91

computing and data processing equipment, its spare parts, components, accessories and other related items;

4) Directly use the same goods by offering services, renting these goods, or in any other manner;

5) Provide occupational training, mainly in the automation or information technology fields, through courses, seminars, conferences, publications, events or other forms of systematic transfer of knowledge and technology;

6) Provide business management consulting services, market research, feasibility studies and operational analysis;

7) Develop any other activity in the information technology and computer science areas or directly or indirectly related to them.

External AuditorsDeloitte Auditores y Consultores Ltda.

Main Office AddressTeatinos 500, Santiago, Chile.

P.O. Box275 v - Correo 21, Santiago

Telephone:(56 2) 2657 -5000

Fax(56 2) 2657 -5410

Websitewww.sonda.com

[email protected]

INFORMATION REGARDING SUBSIDIARIES

Transactions and ContractsAs of December 31, 2015, there are no Transactions or Contracts with subsidiaries or associate companies that significantly influence the operations or results of the Parent Company.

Commercial Relations with Subsidiaries:These relate to IT Services, such as Datacenter Services, and Support and Maintenance of Technological Infrastructure. Subsidiary’s commercial relations are primarily with third parties other than SONDA S.A. or its subsidiaries.

Company Sonda Filiales Brasil S.A.Subscribed and Paid Capital ThCh$ 66,714

Number of subscribed and paid shares 136,570

Business purpose: To invest in movable and immovable tangible or intangible property, including the acquisition of shares, rights in partnerships, bonds, commercial paper and, in general any class of securities and investment instruments, and manage these investments and their returns. The Company may form other companies or incorporate itself into them, to meet its objectives.

Company Structure 99.99 % of the share capital of the Brazilian companies Sonda do Brasil S.A., Sonda Procwork Software Inf. Ltda., Pars Produtos de Processamento de Datos Ltda., Elucid Solutions S.A. and Araucania Part. Ltda.99.95 % of the share capital of the Brazilian companies Kaizen Consult. e Serviços en Inf. Ltda. and Telsinc Prestação de Servicios for systems of Inf. e Com.de Dados Ltda.

Chairman Mario Pavón Robinson

Directors Rafael Osorio Peña

Raúl Véjar Olea

Chief Executive Officer Raúl Véjar Olea (Executive of SONDA S.A.)

Its value as a percentage of the parent company’s assets -13.42%

The Parent Company’s Participation 99.99%

92

Company Sonda Filiales Chile Ltda.Subscribed and Paid Capital ThCh$ 14,400,199


Company Structure Factoring General S.A. (99% share); Microgeo S.A. and Subsidiaries (80.00% share); Novis S.A. (60.00% share); Orden S.A. (95.68% share); Servibanca S.A. (86.75% share); Servicios Educacionales SONDA S.A. (99.33% share); SONDA Inmobiliaria S.A. (99.99% share); SONDA Servicios Profesionales S.A. (99.92% share); Tecnoglobal S.A. (99.99% share); Soluciones Expertas S.A. and Subsidiaries (50.0002% share); Transacciones Electrónicas S.A. and Subsidiaries (50.0001% share); Transacciones Electronicas Dos S.A. and Subsidiaries (50,0001% share); Sociedad Proveedora de Productos y Servicios para Redes de Datos Móviles S.A. (67.00% share); Quintec Filales Operativas S.A. (99.81% share) e Inmobiliaria Servibanca S.A. (86.75% share).


Its value as a percentage of the parent company’s assets 8.28%


Company Sonda Regional S.A. Subscribed and Paid Capital ThCh$ 375,536

Number of subscribed and paid shares 37,703,314


Company Structure SONDA Argentina S.A. (94.74% share); SONDA del Ecuador S.A. (99.99 share); SONDA Tecnologías de Información de Costa Rica S.A. (99.9% share); SONDA de Colombia S.A. (94.87% share); SONDA del Perú S.A. (72.63% share); SONDA México S.A. de C.V. and Subsidiaries (49.9% share); SONDA Panamá S.A. (100% share).

Chairman Mario Pavón Robinson

Directors Rafael Osorio Peña

José Orlandini Robert




Company Sonda SpASubscribed and Paid Capital ThCh$ 101

Number of subscribed and paid shares 100

Business purpose: To invest in movable and immovable tangible or intangible property, including the acquisition of shares, rights in partnerships, bonds, commercial paper and, in general any class of securities and investment instruments, and manage these investments and their returns.

Company Structure SONDA Filiales Chile Ltda. (0.005% share); SONDA Filiales Brasil S.A. (0.001% share); SONDA Regional S.A. (0.000003% share); SONDA Tecnologías de Información de Costa Rica S.A. (0.1% share); Quintec Filiales Operativas S.A. and Subsidiaries (0.00001% share); SONDA Filiales Chile Ltda (0.005%).

Chief Executive Officer Raúl Véjar Olea (Chief Executive Officer of SONDA S.A)


The Parent Company’s Participation 100%

Company Sonda México S.A. de C.V. Subscribed and Paid Capital ThCh$ 24,450,200

No. Acciones Suscritas y Pagadas 1,168,435

Business purpose: To manufacture, process, assemble, import, and trade computing equipment, provide data processing services and develop, implement, support and guarantee equipment and programs or computer systems.

Company Structure Nextira One Mexico S.A. (99.99% share); Novis de C.V. (60% share); Ingeniería en servicios de informatica S.A.de CV. (99.99% share)

Chairman Mario Pavón Robinson (Chairman of Sonda S.A.)

Directors Raúl Véjar Olea (Chief Executive Officer of SONDA S.A.)

Luis Enrique Fischer Levancini

Rafael Osorio Peña (Executive of SONDA S.A.)

Alberto Merino Pohl (Executive of SONDA S.A.)

Chief Executive Officer Guido Camacho García



93

Corporate Structure

9.5%(95,000 shs.)

6.555%(606 shs.)

19.434%(412 shs.)

41.58%(74,614 shs.)

90.5%(905,000 shs.)

93.445%(8,639 shs.)

80.566%(1,708 shs.)

58.42%(104,852 shs.)

49.9999%( 1,233,776 shs.)

1%( 10 shs.)

4.324%( 3,200 shs.)

0.674%( 10,000 shs.)

0.000001%( 1 shs.)

0.0001%( 1 shs.)

66.67%( 3,640 shs.)

0.077%( 3 shs.)

49.9999%(1,233,776 shs.)

13.25%(159 shs.)

13.25%(159 shs.)

49.9998%(999,996 shs.)

38,224%(247.5)

33%(330 shs.)

40%(1,680 shs.)

0.189790%(29,799 shs.)

0.00001%(1 shs.)

33.33%( 1,820 shs.)

61.776%(400 shs.)

20%(364 shs.)

50.0001%( 1,233,780 shs.)

80%(1,456 shs.)

50.0002%( 1,000,004 shs.)

86.75%( 1,041 shs.)

86.75%( 1,041 shs.)

50.0001%( 1,233,780 shs.)

99%( 990 shs.)

95.676%( 70,800 shs.)

99.326%( 1,473,680 shs.)

99.999999%( 129,999,999 shs.)

99.9999%( 1,024,999 shs.)

99.8102%( 15,760,200 shs.)

99.923%( 3,898 shs.)

60%(2,520 shs.)

67%( 670 shs.)

99.995%

0.005%

0.000008%(1 shs.)

0.00003%(16 shs.)

99.999992%(12,356,305 shs.)

0.00003%(16 shs.)

30%

0.15280%(73,847 shs.)

4.98138%(2,407,512 shs.)

70%

94.86576%(45,848,806 shs.)

0.000003%(1 shs.)

100%(100 shs.)

99.999997%(37,703,313 shs.)

100.00%(3,984,000 shs.)

5.2561%(2,682,368 shs.)

49.898%(14,450,876 shs.)

0.0003%(148 shs.)

50.102%(14,510,000 shs.)

94.7436%(48,350,588 shs.)

99.9%(999 shs.)

0.1%(1 shs.)

50.1042 %(585,435 shs.)

99.999%(136,569 shs.)

72.629%(169,845 shs.)

99.999999%(135,342,961 shs.)

27.371%(64,008 shs.)

49.8957%(583,000 shs.)

100%(10,000 shs.)

99.999999%(141,149,598 shs.)

99.9999998%(403,000,000 shs.)

0.001%(1 shs.)

0.0000001%(1 shs.)

99.999999%(125,999,999 shs.)

0.000001%(1 shs.)

0.0001%(1 shs.)

0.000001%(1 shs.)

0.0000004%(1 shs.)

0.0000002%(1 shs.)

100.00%(243,771,878 shs.)

99.986%(7,392 shs.)

99.99999%(9,820,930 shs.)

0.014%(1 shs.)

99.9999996%(255,330,949 shs.)

99.999995%(121,119,909 shs.)

0.000005%(6 shs.)

0.00001%(1 shs.)

0.950028%(592,215 shs.)

0.950028%(358,338 shs.)

0.000002%(2 shs.)

0.000003%(1 shs.)

99,049970%(61,744,404 shs.)

99,049969%(37,360,343 shs.)

SONDA Regional S.A. SONDA SpA SONDA Filiales Chile Ltda.

Quintec FilialesOperativas S.A. y Filiales

SONDA del EcuadorEcuasonda S.A.

SONDA Inmobiliaria S.A.

SONDA Serv. Prof. S.A.

Tecnoglobal S.A.

SONDA Tecnologías de Costa Rica S.A.

QUINTEC Colombia S.A.S

SONDA Argentina S.A.

SONDA de Colombia S.A.S

Third Parties

Consorcio Sonda Ecuador

SONDA México S.A. de C.V. y Filiales

SONDA FilialesBrasil S.A.

Nextira OneMéxico S.A.

SONDA Uruguay S.A.

SONDA Panamá S.A.

SONDA del Perú S.A.



SONDA do Brasil S.A.

Elucid Solutions S.A.

Pars Produtos de Processamento de

Datos Ltda. SONDA Procwork Software Inf. Ltda.

SONDA Procwork Outsourcing Inf. Ltda.

SONDA Procwork Inf. Ltda.

Telsinc Comerciode E, Inf. Ltda.

Ing. Serv. Inf. S.A. de C.V.

Telsinc Comercio e Equipamiento de Inf. Ltda.

CTIS Tecnología S.A.

Araucania Part. Ltda.

Telsinc Prest. de Serv. para Sist. de Inf. e Com de

Datos Ltda.


Microgeo S.A. y Filiales

Soluciones Expertas S.A. y Filiales

Servibanca S.A.

Inmobiliaria Servibanca S.A.

Transacciones Electrónicas S.A.

y Filiales

Transacciones Electrónicas Dos S.A.

y Filiales

Factoring General S.A.

Tecnoglobal S.A.

Orden S.A.

Servicios Educacionales SONDA S.A.

SONDA Servicios Profesionales S.A.

3 Génesis S.A.

Soc. Prod, y Serv. Redes Móviles S.A.

Novis S.A.


Inversiones Valparaíso S.A.

Administrador FinancieroTransantiago S.A.

EdicionesFinancieras S.A.

Sustentable S.A.

Multicaja S.A.

Third Parties

Third Parties

Third Parties


Third Parties

As of December 31, 2015

94

9.5%(95,000 shs.)

6.555%(606 shs.)

19.434%(412 shs.)

41.58%(74,614 shs.)

90.5%(905,000 shs.)

93.445%(8,639 shs.)

80.566%(1,708 shs.)

58.42%(104,852 shs.)

49.9999%( 1,233,776 shs.)

1%( 10 shs.)

4.324%( 3,200 shs.)

0.674%( 10,000 shs.)

0.000001%( 1 shs.)

0.0001%( 1 shs.)

66.67%( 3,640 shs.)

0.077%( 3 shs.)

49.9999%(1,233,776 shs.)

13.25%(159 shs.)

13.25%(159 shs.)

49.9998%(999,996 shs.)

38,224%(247.5)

33%(330 shs.)

40%(1,680 shs.)

0.189790%(29,799 shs.)

0.00001%(1 shs.)

33.33%( 1,820 shs.)

61.776%(400 shs.)

20%(364 shs.)

50.0001%( 1,233,780 shs.)

80%(1,456 shs.)

50.0002%( 1,000,004 shs.)

86.75%( 1,041 shs.)

86.75%( 1,041 shs.)

50.0001%( 1,233,780 shs.)

99%( 990 shs.)

95.676%( 70,800 shs.)

99.326%( 1,473,680 shs.)

99.999999%( 129,999,999 shs.)

99.9999%( 1,024,999 shs.)

99.8102%( 15,760,200 shs.)

99.923%( 3,898 shs.)

60%(2,520 shs.)

67%( 670 shs.)

99.995%

0.005%

0.000008%(1 shs.)

0.00003%(16 shs.)

99.999992%(12,356,305 shs.)

0.00003%(16 shs.)

30%

0.15280%(73,847 shs.)

4.98138%(2,407,512 shs.)

70%

94.86576%(45,848,806 shs.)

0.000003%(1 shs.)

100%(100 shs.)

99.999997%(37,703,313 shs.)

100.00%(3,984,000 shs.)

5.2561%(2,682,368 shs.)

49.898%(14,450,876 shs.)

0.0003%(148 shs.)

50.102%(14,510,000 shs.)

94.7436%(48,350,588 shs.)

99.9%(999 shs.)

0.1%(1 shs.)

50.1042 %(585,435 shs.)

99.999%(136,569 shs.)

72.629%(169,845 shs.)

99.999999%(135,342,961 shs.)

27.371%(64,008 shs.)

49.8957%(583,000 shs.)

100%(10,000 shs.)

99.999999%(141,149,598 shs.)

99.9999998%(403,000,000 shs.)

0.001%(1 shs.)

0.0000001%(1 shs.)

99.999999%(125,999,999 shs.)

0.000001%(1 shs.)

0.0001%(1 shs.)

0.000001%(1 shs.)

0.0000004%(1 shs.)

0.0000002%(1 shs.)

100.00%(243,771,878 shs.)

99.986%(7,392 shs.)

99.99999%(9,820,930 shs.)

0.014%(1 shs.)

99.9999996%(255,330,949 shs.)

99.999995%(121,119,909 shs.)

0.000005%(6 shs.)

0.00001%(1 shs.)

0.950028%(592,215 shs.)

0.950028%(358,338 shs.)

0.000002%(2 shs.)

0.000003%(1 shs.)

99,049970%(61,744,404 shs.)

99,049969%(37,360,343 shs.)

SONDA Regional S.A. SONDA SpA SONDA Filiales Chile Ltda.

Quintec FilialesOperativas S.A. y Filiales

SONDA del EcuadorEcuasonda S.A.



Tecnoglobal S.A.

SONDA Tecnologías de Costa Rica S.A.

QUINTEC Colombia S.A.S

SONDA Argentina S.A.

SONDA de Colombia S.A.S

Third Parties

Consorcio Sonda Ecuador

SONDA México S.A. de C.V. y Filiales

SONDA FilialesBrasil S.A.

Nextira OneMéxico S.A.

SONDA Uruguay S.A.

SONDA Panamá S.A.

SONDA del Perú S.A.



SONDA do Brasil S.A.

Elucid Solutions S.A.

Pars Produtos de Processamento de

Datos Ltda. SONDA Procwork Software Inf. Ltda.

SONDA Procwork Outsourcing Inf. Ltda.


Telsinc Comerciode E, Inf. Ltda.

Ing. Serv. Inf. S.A. de C.V.

Telsinc Comercio e Equipamiento de Inf. Ltda.

CTIS Tecnología S.A.

Araucania Part. Ltda.

Telsinc Prest. de Serv. para Sist. de Inf. e Com de

Datos Ltda.


Microgeo S.A. y Filiales

Soluciones Expertas S.A. y Filiales

Servibanca S.A.

Inmobiliaria Servibanca S.A.

Transacciones Electrónicas S.A.

y Filiales

Transacciones Electrónicas Dos S.A.

y Filiales

Factoring General S.A.

Tecnoglobal S.A.

Orden S.A.

Servicios Educacionales SONDA S.A.

SONDA Servicios Profesionales S.A.

3 Génesis S.A.

Soc. Prod, y Serv. Redes Móviles S.A.

Novis S.A.


Inversiones Valparaíso S.A.

Administrador FinancieroTransantiago S.A.

EdicionesFinancieras S.A.

Sustentable S.A.

Multicaja S.A.

Third Parties

Third Parties

Third Parties


Third Parties95

General Information

1. IMPORTANT EVENTS AT SONDA S.A. 2015March 17, 2015

The Board agreed at an ordinary meeting held on March 16, 2015 to propose a final dividend of Ch$23,769,739,193 from the earnings for the year ended December, 31 2014, to be approved at the Ordinary Shareholders’ Meeting scheduled for April 22, 2015.

An interim dividend was paid to shareholders on September 1, 2014 of Ch$15.16155 per share from earnings for the period to June 30, 2014.

Therefore, the Board proposed that the Ordinary Shareholders’ Meeting approve a dividend of Ch$10,563,162,282, resulting in Ch$12.12683 per share, payable to shareholders in the Shareholder’s Register at midnight on the fifth business day prior to the payment date, according to Article 81 of Law 18,046 on Corporations and Article 10 of its Regulations.

2. STOCK TRANSACTIONS

Santiago Stock Exchange

2013 Average Price (Ch$) Shares Value ThCh$Total 1° Quarter 1,622.70 89,163,289 144,685,264Total 2° Quarter 1,577.92 79,563,210 125,544,507Total 3° Quarter 1,341.05 66,312,548 88,928,576Total 4° Quarter 1,313.89 82,297,320 108,129,747

2014 Average Price (Ch$) Shares Value ThCh$

Total 1° Quarter 1,152.84 74,811,149 86,245,151Total 2° Quarter 1,303.40 42,753,649 55,725,137Total 3° Quarter 1,342.82 52,656,702 70,708,256Total 4° Quarter 1,461.34 59,866,033 87,484,618

2015 Average Price (Ch$) Shares Value ThCh$Total 1° Quarter 1,533.76 113,795,941 174,535,869Total 2° Quarter 1,428.65 39,542,170 56,491,841Total 3° Quarter 1,129.37 59,097,566 66,743,027Total 4° Quarter 1,153.55 37,756,600 43,554,114

96

Valparaíso Stock Exchange

2013 Average Price (Ch$) Shares Value ThCh$Total 1° Quarter 1,619.45 75,189 121,765

Total 2° Quarter 1,570.38 112,761 177,077

Total 3° Quarter 1,359.94 261,208 355,227

Total 4° Quarter 1,350.79 4,832 6,527

2014 Average Price (Ch$) Shares Value ThCh$Total 1° Quarter 0.00 0 0

Total 2° Quarter 1,200.00 4,400 5,280

Total 3° Quarter 0.00 0 0

Total 4° Quarter 0.00 0 0

2015 Average Price (Ch$) Shares Value ThCh$Total 1° Quarter - - -

Total 2° Quarter - - -



Electronic Stock Exchange

2013 Average Price (Ch$) Shares Value ThCh$Total 1° Quarter 1,603.11 8,368,487 13,415,619

Total 2° Quarter 1,589.52 7,294,725 11,595,136

Total 3° Quarter 1,360.66 11,713,849 15,938,523

Total 4° Quarter 1,318.80 3,714,773 4,899,042


Total 2° Quarter 1,309.65 1,318,493 1,726,765

Total 3° Quarter 1,352.60 2,569,913 3,476,052

Total 4° Quarter 1,479.20 7,302,247 10,801,497


Total 2° Quarter 1,429.72 2,145,949 3,068,097

Total 3° Quarter 1,113.64 1,902,853 2,119,097

Total 4° Quarter 1,141.39 1,396,590 1,594,048

3. REMUNERATION OF THE BOARD OF DIRECTORS

Directors

12.31.2015 12.31.2014

ThCh$

Remuneration (1)

ThCh$ Others

ThCh$

Remuneration (1)

ThCh$ Others

Mario Pavón Robinson 43,910 - 43,151 -

María del Rosario Navarro Betteley 25,635 - 17,895 -

Pablo Navarro Haeussler 21,954 - 21,576 -

Christian Samsing Stambuk 21,955 - 21,576 -

Manuel José Concha Ureta (2) - - 7,048 -

Jaime Pacheco Matte (4) 21,955 47,576 21,576 47,576

Juan Antonio Guzmán 29,273 - 28,768 -

Fabio Valdés Correa (2) - - 9,420 -

Mateo Budinich Diez (3) 29,273 - 19,347 -

Hernan Marió Lores (3) 29,273 - 19,347 -

Francisco Gutierrez Philippi (3) 21,955 - 14,511 -

TOTAL 245,183 47,576 224,215 47,576

(1) Includes attendance at Board Meetings and Director’s Committee Meetings(2) Director until the Shareholders Meeting held on April 24, 2014. (3) Appointed Director at the Shareholders Meeting held on April 24, 2014.(4) Includes remuneration paid to Directors holding an executive position within the Company.

4. REMUNERATION FOR KEY MANAGEMENTS EXECUTIVES

2015 2014Fixed remuneration 3,253,178 2,981,977

Variable remuneration (*) 991,737 629,050

TOTAL REMUNERATION 4,244,915 3,611,027

(*) Variable remuneration is an annual performance related bonus, based on the fulfillment of targets and an evaluation of performance.

There are no other compensation schemes or special benefits for executives.

During 2015 and 2014 there were no compensation payments to senior executives.

97

5. DIRECTORS OF SUBSIDIARIES AND RELATED COMPANIES

Mario Pavón RobinsonTransacciones Electrónicas S.A. (Director)

Transacciones Electrónicas Dos S.A. (Director)

Sonda Inmobiliaria S.A. (Director)

Servicios Educacionales Sonda S.A. (Chairman)

Novis S.A. (Chairman)

Sonda Filiales Brasil S.A. (Chairman)

Orden S.A. (Chairman)

Microgeo S.A. (Chairman)

Servibanca S.A. (Chairman)

Inmobiliaria Servibanca S.A. (Chairman)

Tecnoglobal S.A. (Director)

Sonda del Ecuador ECUASONDA S.A. (Director)

Quintec Filiales Operativas S.A. y Filiales (Chairman)

Soluciones Expertas S.A. y Filial (Director)

Sonda México S.A. (Chairman)

Sonda del Perú S.A. (Director)

Christian Samsing StambukSociedad Proveedora de Productos y Servicios para Redes de Datos Móviles S.A. (Director)

Pablo Navarro HaeusslerFactoring General S.A. (Director)

Servicios Educacionales Sonda S.A. (Director)

Sonda Inmobiliaria S.A. (Chairman)

Sonda Servicios Profesionales S.A. (Chairman)

Tecnoglobal S.A. (Director)

Orden S.A. (Director)

98

6. SUBSIDIARIES IN LATIN AMERICA AND CHILE

Tax ID Company Name Country

Percentage held in the subsidiary

12.31.2015 12.31.2014

Parent Company

Direct Share

Parent Company Indirect

Share

Parent Company

Total Share Minority Interest

Parent Company

Direct Share


Share

Parent Company

Total Share Minority Interest Participation Participation

76,111,349-6 3 GENESIS S.A. Chile 0.00000 41.38992 41.38992 58.61008 0.00000 41.38992 41.38992 58.61008

Extranjera ARAUCANIA PARTICIPACOES LTDA. Brazil 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

96,916,540-6 BAZUCA INTERNET PARTNERS S.A. Chile 0.00600 99.87667 99.88267 0.11733 0.00600 99.87667 99.88267 0.11733

Foreign CTIS TECNOLOGÍA S.A. Brazil 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

Foreign ELUCID SOLUTIONS S.A. Brazil 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

96,803,810-9 FACTORING GENERAL S.A. Chile 1.00000 99.00000 100.00000 0.00000 1.00000 99.00000 100.00000 0.00000

Extranjera INGENIERIA SERVICIOS INFORMATICOS S.A. DE C.V. Mexico 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

76,240,462-1 INMOBILIARIA SERVIBANCA S.A. Chile 0.00000 86.75000 86.75000 13.25000 0.00000 86.75000 86.75000 13.25000

78,936,330-7 INNOVACIÓN Y TECNOLOGÍA EMPRESARIAL ITEM LTDA. Chile 0.00000 99.81021 99.81021 0.18979 0.00000 99.81021 99.81021 0.18979

Foreign INVERSIONES QUINTEC COLOMBIA LTDA. Colombia 0.00000 99.81021 99.81021 0.18979 0.00000 99.81021 99.81021 0.18979

Foreign KAIZEN CONSULT. E SERVICOS EN INF. LTDA. Brazil 0.00000 0.00000 0.00000 0.00000 0.95003 99.04997 100.00000 0.00000

Foreign MAC ONLINE ARGENTINA Argentina 0.00000 0.00000 0.00000 0.00000 0.00000 99.97330 99.97330 0.02670

88,579,800-4 MICROGEO S.A. Y FILIAL Chile 0.00000 80.00000 80.00000 20.00000 0.00000 80.00000 80.00000 20.00000

Foreign NEXTIRA ONE MEXICO S.A. Mexico 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

Foreign NOVIS MÉXICO S.A. Mexico 0.00000 60.00000 60.00000 40.00000 0.00000 60.00000 60.00000 40.00000

96,967,100-K NOVIS S.A. Chile 0.00000 60.00000 60.00000 40.00000 0.00000 60.00000 60.00000 40.00000

94,071,000-6 ORDEN S.A. Chile 4.32400 95.67600 100.00000 0.00000 4.32400 95.67600 100.00000 0.00000

Foreign PARS PRODUTOS DE PROCESSAMENTO DE DADOS LTDA. Brazil 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

Foreign QUINTEC ARGENTINA S.A. Argentina 0.00000 99.81022 99.81022 0.18978 0.00000 99.81022 99.81022 0.18978

Foreign QUINTEC BRASIL SERV.DE INFORMATICA LTDA. Brazil 0.00000 100.00000 100.00000 0.00000 0.00000 99.81021 99.81021 0.18979

86,731,200-5 QUINTEC CHILE S.A. Chile 0.00000 99.81059 99.81059 0.18941 0.00000 99.81059 99.81059 0.18941

Foreign QUINTEC COLOMBIA S.A.S Colombia 0.00000 99.99997 99.99997 0.00003 0.00000 99.99997 99.99997 0.00003

96,723,760-4 QUINTEC DISTRIBUCION S.A. Chile 0.00000 99.81023 99.81023 0.18977 0.00000 99.81021 99.81021 0.18979

76,376,955-0 QUINTEC FILIALES OPERATIVAS S.A. Chile 0.00000 99.81021 99.81021 0.18979 0.00000 99.81021 99.81021 0.18979

76,656,910-2 QUINTEC INVERSIONES LATINOAMERICANAS S.A. Chile 0.00000 99.81021 99.81021 0.18979 0.00000 99.81021 99.81021 0.18979

Foreign QUINTEC SAC (PERU) Peru 0.00000 99.81021 99.81021 0.18979 0.00000 99.81021 99.81021 0.18979

Foreign QUINTEC S.A. ARGENTINA Argentina 0.00000 0.00000 0.00000 0.00000 0.00000 99.99970 99.99970 0.00030

96,515,590-2 QUINTEC SERVICIOS DE VALOR S.A. Chile 0.00000 99.81040 99.81040 0.18960 0.00000 99.81021 99.81021 0.18979

99

Tax ID Company Name Country

Percentage held in the subsidiary

12.31.2015 12.31.2014

Parent Company

Direct Share


Share

Parent Company Total

Share Minority Interest

Parent Company

Direct Share

Parent Company

Indirect Share

Parent Company

Total Share Minority Interest Participation Participation

96,571,690-4 SERVIBANCA S.A. Chile 0.00000 86.75000 86.75000 13.25000 0.00000 86.75000 86.75000 13.25000

78,072,130-8 SERVICIOS EDUCACIONALES SONDA S.A. Chile 0.67400 99.32600 100.00000 0.00000 0.67400 99.32600 100.00000 0.00000

99,551,120-7 SERVICIOS FINANCIEROS UNO S.A. Chile 0.00000 99.81059 99.81059 0.18941 0.00000 99.81059 99.81059 0.18941

76,903,990-2 SOC. PROD. Y SERV. REDES MOVILES S.A. Chile 0.00000 67.00000 67.00000 33.00000 0.00000 67.00000 67.00000 33.00000

96,725,400-2 SOLUCIONES EXPERTAS S.A. Y FILIAL Chile 0.00000 50.00020 50.00020 49.99980 0.00000 50.00020 50.00020 49.99980

Foreign SONDA ARGENTINA S.A. Argentina 5.25610 94.74360 99.99970 0.00030 5.25610 94.74360 99.99970 0.00030

Foreign SONDA DE COLOMBIA S.A. Colombia 4.98138 95.01862 100.00000 0.00000 4.98138 95.01862 100.00000 0.00000

Foreign SONDA DEL ECUADOR ECUASONDA S.A. Ecuador 0.00001 99.99999 100.00000 0.00000 0.00001 99.99999 100.00000 0.00000

Foreign SONDA DEL PERÚ S.A. Peru 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

Foreign SONDA DO BRASIL S.A. Brasil 0.00000 100.00000 100.00000 0.00001 0.00000 100.00000 100.00000 0.00001

76,041,219-8 SONDA FILIALES BRASIL S.A. Chile 99.99900 0.00100 100.00000 0.00000 99.99900 0.00100 100.00000 0.00000

76,039,505-6 SONDA FILIALES CHILE LTDA. Chile 99.99500 0.00500 100.00000 0.00000 99.99500 0.00500 100.00000 0.00000

96,987,400-8 SONDA INMOBILIARIA S.A. Chile 0.00010 99.99990 100.00000 0.00000 0.00010 99.99990 100.00000 0.00000

Foreign SONDA MÉXICO S.A. DE C.V. Mexico 50.10420 49.89580 100.00000 0.00000 50.10420 49.89580 100.00000 0.00000

Foreign SONDA PANAMÁ S.A. Panama 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

Foreign SONDA PROCWORK INF. LTDA. Y FILIALES Brazil 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

76,030,421-2 SONDA REGIONAL S.A. Chile 100.00000 0.00000 100.00000 0.00000 100.00000 0.00000 100.00000 0.00000

99,546,560-4 SONDA SERVICIOS PROFESIONALES S.A. Chile 0.07700 99.92300 100.00000 0.00000 0.07700 99.92300 100.00000 0.00000

76,035,824-K SONDA SPA Chile 100.00000 0.00000 100.00000 0.00000 100.00000 0.00000 100.00000 0.00000

Foreign SONDA TECNOLOGÍAS DE COSTA RICA S.A. Costa Rica 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

Foreign SONDA URUGUAY S.A. Uruguay 49.89800 50.10185 99.99985 0.00015 49.89800 50.10185 99.99985 0.00015

96,823,020-4 TECNOGLOBAL S.A. Chile 0.00000 100.00000 100.00000 0.00000 0.00000 100.00000 100.00000 0.00000

Foreign TECNOLOGÍA DE NEGOCIO S.A. (QANA) Argentina 0.00000 0.00000 0.00000 0.00000 0.00000 99.99970 99.99970 0.00030

Foreign TELSINC COMERCIO DE EQUIPAMIENTO DE INF. LTDA. Brazil 0.95003 99.04997 100.00000 0.00000 0.95003 99.04997 100.00000 0.00000

Foreign TELSINC PREST. DE SERV. PARA SIST. DE INF. LTDA. Brazil 0.95003 99.04997 100.00000 0.00000 0.95003 99.04997 100.00000 0.00000

76,006,868-3 TRANSACCIONES ELECTRÓNICAS S.A. Y FILIALES Chile 0.00000 50.00010 50.00010 49.99990 0.00000 50.00010 50.00010 49.99990

76,415,784-2 TRANSACCIONES ELECTRÓNICAS S.A. 2 Y FILIALES Chile 0.00000 50.00010 50.00010 49.99990 0.00000 50.00010 50.00010 49.99990

Foreign CONSORCIO SONDA ECUADOR Ecuador 70.00000 30.00000 100.00000 0.00000 0.00000 0.00000 0.00000 0.00000

100

7. PROPERTY

The Company’s principal fixed assets are computer equipment, software, and other fixed assets, such as those associated with the Transantiago project, and real estate such as the corporate building and the new Datacenter. They are carefully maintained by SONDA and its subsidiaries, and they are in good working condition or well conserved, as appropriate.

8. EQUIPMENT

SONDA’s equipment and software is primarily dedicated to IT services and the implementation and operation of specific projects for customers, enabling them to use information technology to benefit their management or business. These include the development and marketing of computer programs, either for users in general, or for a specific purpose. They can be used for a particular business or customer, or as a new technological solution for an industry.

9. FIXED ASSETS

The Company’s principal fixed assets are computer equipment, software and real estate, such as the Corporate Building. They are carefully maintained by SONDA and its subsidiaries, and they are in good working condition or well conserved, as appropriate. Real estate in Chile is owned by the subsidiary SONDA Inmobiliaria S.A. The principal buildings in Chile and Brazil are the following: a) The Corporate Building at Teatinos 500 and 550, Santiago city center, with a total

constructed area of 30,103 square meters on 3,957 square meters of land. This building hosts the Company’s investing, financing, and operating activities and Group administration.

b) The new Datacenter at Víctor Uribe Sur 2,211, Quilicura, Santiago, with a total constructed area of 5,932 square meters on 18,600 square meters of land. The company has no plans to develop the remaining unoccupied 12,668 square meters of land at this property.

c) The property at Avenida Conquistador del Monte 4,848, Huechuraba, Santiago, used by the subsidiary Tecnoglobal, an importer and distributor of computer hardware and software.

d) The Brazilian Corporate Building at Alameda Europa 1206, Condominium Polo Empresarial Tamboré, Santana de Parnaíba - SP - CEP 06543-325, Sao Paulo, with a total constructed area of 18,226 square meters on 3,045 square meters of land, which also hosts the Datacenter at 326 square meters. These properties and the property located on Rua Dom Aguirre 576, Sao Paulo, are owned by the subsidiary SONDA PROCWORK INFORMÁTICA LTDA.

SONDA’s equipment and software are primarily dedicated to IT services, and this technology is used to benefit the business.

10. INSURANCE

SONDA insures all its companies in Chile and abroad against risks to its assets, hardware, infrastructure, buildings and contents. It has placed a special emphasis on the areas that might have a significant impact on the financial results of the company. Its policy is to maintain a balance between reducing premiums and increasing coverage.

The major policies are:• PHYSICAL PROPERTY ALL RISKS POLICY: Covers all the risks to SONDA’s assets and

those of its subsidiaries such as buildings, warehouses and contents, both owned or customer’s Datacenters, high-cost equipment and contracts for specific projects.

• CORPORATE CIVIL LIABILITY POLICY: Covers the risk of any potential damage caused by SONDA employees and contractors in the course of their work to third parties, either on SONDA or third party premises, or whilst travelling.

• FLOATING INTERNATIONAL TRANSPORT POLICY: Covers the damage suffered by equipment and materials imported by land, sea or air.

• OTHER MISCELLANEOUS POLICIES: Other policies such as vehicle insurance, travel insurance, personal accident insurance, electronic equipment insurance, and others.

101

11. BRANDS

SONDA and its subsidiaries use various corporate and product specific brands to conduct its business. The most important brand is SONDA, which is registered or almost registered in all the countries where the Company conducts its business. The regional consolidation strategy envisages having a single and well recognized brand in all these markets. Other important brands are QUINTEC, I-MED and FIN 700.

12. REGULATORY FRAMEWORK

SONDA is constantly developing and implementing measures to fully comply with the regulatory framework applicable to its business, which encompasses primarily Law 17,366 on “Intellectual Property”, Law 19,223 on “Computer Crime”, Law 19,039 on “Industrial Property”, and Law 19,628 on “Personal Data Protection”. The Company has responded by implementing the necessary safeguards to prevent infringements of these regulations, which has required the development of a general policy on information security. This is transmitted to employees during induction courses and is published on the intranet, so is now understood by all Company employees.

13. TRANSACTIONS WITH DIRECTORS, SENIOR EXECUTIVES AND RELATED PARTIES

Name RelationNumber of shares

traded in 2015Price per Share

Ch$ *Total Value

Traded

Bought Sold Bought Sold $

Asesorías e Inv.Zimbros Ltda. through Manager 50,000 1,596.8 79,840,000

All these transactions were financial investments.* The weighted average price is reported for multiple transactions.

Percentage share of the company owned by Directors and Senior Executives as of 12/31/2015a) Mario Pavón Robinson (Chairman): 0.014%b) Pablo Navarro Haeussler (Vice-Chairman): 4.411%c) Rosario Navarro Betteley (Director): 0.480%d) Jaime Pacheco Matte (Director): 0.000%e) Christian Samsing Stambuk (Director): 0.000%f) Francisco Gutiérrez Philippi (Director): 0.002%g) Mateo Budinich Diez (Director): 0.000%h) Hernan Carlos Marió (Director): 0.000%i) Juan Antonio Guzmán Molinari (Director): 0.000%j) Raúl Véjar Olea (Chief Executive Officer): 0.027%K) Rafael Osorio Peña (Corporate Finance Manager): 0.015%

14. STOCK PRICE MOVEMENT COMPARED TO IPSA (MAIN STOCK MARKET INDEX IN CHILE)

2013 2014 2015SONDA -17.20% 14.58% -11.36

IPSA -14% 4.1% -4.4%

Source: www.bolsadesantiago.com

Stock Market PresenceThe presence of SONDA S.A. on the stock market reached 99.44% as of December 31, 2015 according to information provided by the Santiago Stock Exchange. This percentage is calculated by taking the number of days when the total value traded on the Santiago Stock Exchange, the Electronic Stock Exchange and the Valparaiso Stock Exchange, exceeded UF 1,000, over the last 180 days of trading.

102

15. CORPORATE BONDS

Series C BondsThe Company has public obligations arising from placing the series C bonds on December 18, 2009. The Company shall regularly report to bondholder’s representatives on the agreed dates the following indicators and safeguards:

Borrowing ratio:Total liabilities less cash divided by consolidated equity should be less than 1.3 times.

Financial expenses ratio:EBITDA divided by net financial expenses must be greater than or equal to 2.5 times.

Equity:Minimum equity of UF 8,000,000

Keep assets free of encumbrances:Assets free of any pledge, mortgage or other charge should be at least 1.25 times unsecured liabilities.

Control over important subsidiaries:Maintain control over the subsidiary SONDA Procwork Inf. Ltda.

Prohibit the sale of assets:No more than 15% of consolidated assets.

Series E BondsThe Company has public obligations arising from placing the series E bonds on November 26, 2014. The Company shall regularly report to bondholder’s representatives on the agreed dates the following indicators and safeguards:

Borrowing ratio:Total liabilities less cash divided by consolidated equity should be less than 1.3 times.

Financial expenses ratio:EBITDA divided by net financial expenses must be greater than or equal to 2.5 times.

Equity:Minimum equity is UF 8,000,000

Keep assets free of encumbrances:Assets free of any pledge, mortgage or other charge should be at least 1.25 times unsecured liabilities.

Control over important subsidiaries:Keep the important subsidiaries under control.

Prohibit the sale of assets:No more than 15% of consolidated assets.

16. LEVERAGE RATIOSLeverage ratios for the last six years (2010-2015)

Leverage Ratios 2010 2011 2012 2013 2014 2015

Leverage (Current Liabilities + Non-current Liabilities) / Equity) 0.7 0.9 0.7 0.6 0.7 0.7

Short-Term Debt (Current Liabilities / Total Liabilities) 0.6 0.6 0.6 0.8 0.6 0.6

Long-Term Debt (Non-Current Liabilities / Total Liabilities) 0.4 0.4 0.4 0.2 0.4 0.4

Financial-Expenses-Coverage-Ratio 9.1 10 10.9 15.8 11.4 15.1

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17. RISK FACTORS

A. RISKS ASSOCIATED WITH LEGAL PROCEEDINGS

1. SONDA S.A.

A court case has been filed by the Transantiago Financial Manager (Administrador Financiero del Transantiago, AFT) against certain transport operators. The Company has intervened in compliance with its contractual obligations in this regard, with the aim of defending the interests of the AFT in relation to alleged breaches in the services outsourced to SONDA S.A. contained in the counterclaim.

The parties have submitted various procedure postponements, and are currently coordinating the presentation of demand waivers.

2. Subsidiaries

2.1 Subsidiaries in Brazil

a) The subsidiaries SONDA Procwork and SONDA do Brazil are currently facing lawsuits mainly relating to taxation and employment issues. The most significant relates to alleged tax infringements brought by the Municipality of Campinas, who argued that all of certain services were provided by the subsidiary within this municipality. Brazilian tax is payable to the municipality where companies provide their services, and is calculated as a percentage of turnover. The subsidiary of SONDA S.A. claimed that these charges are invalid on the grounds that such taxes had already been paid pursuant to the territorial distribution established by the law.

The amount disputed by the Municipality of Campinas is R$38.7 million, including fines, indexation and interest. Local lawyers have informed the Company that these territorial tax disputes are common in Brazil, and believe that there is a high probability of obtaining a final judgment in favor of the Company.

b) On December 14, 2012, the Brazilian subsidiary SONDA Procwork was notified of a demand from the tax authority (Receita Federal) for R$28 million including penalties and interest, for pension contributions calculated on certain benefits paid to employees

(cota utilidade) in 2008. The Receita Federal considers such benefits to be part of an employee’s salary.

These benefits are paid by the Company in accordance with the Collective Labor Agreement signed between the IT Workers Union and the IT Companies Union, and with the consent of the Ministry of Labor, who expressly confirmed that such payments were not part of salary. Superior Brazilians courts have stated that such agreements must be respected by the parties and the regulatory bodies. Therefore, the Ministry of Labor audited the cota utilidade payment process for the same financial year referred to in the demand from the Receita Federal, concluding without comment. Coincidentally, case law in various labor lawsuits ratified that such payments were not part of salary.

On January 14, 2013, the Company challenged the demand at their administrative

headquarters, and requested a postponement under Brazilian law.

These discrepancies between the interpretations by the Ministry of Labor and the Receita Federal could eventually generate new demands.

In the opinion of the subsidiary’s lawyers, there are sufficient grounds to believe that there is a high probability of successfully defending this case. However, there is a difference of opinion between the two State institutions, the Ministry of Labor and the Receita Federal and judgement is still pending. Therefore, Management has adopted a conservative position and provided against an adverse decision.

c) CTIS: The Company is a party to legal actions and administrative proceedings before various courts and government entities that have arisen from the normal course of business, relating to tax, civil and labor matters.

• Labor proceedings: Management has adequately provided against estimated losses from ongoing processes, classified by the likely risk of loss. These provisions are based on information from their legal advisors, an analysis of pending legal claims, and past experience with regard to the amounts claimed.

Likely labor claims total 38 cases from former employees, where 80% are claims for unpaid overtime.

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Judicial deposits have been made, which are classified as CTIS restricted assets. They have been deposited with courts as partial collateral until the conflict is resolved.

• Taxation proceedings: These refer to challenges by the tax authority regarding the use of tax-credits, arguing that their retention at origin cannot be substantiated. Management has adequately provided against estimated losses from ongoing processes, classified by the likely risk of loss, as these cases are still at the presentation of evidence stage by the tax authority.

The procedures classified as a likely risk total R$25.5 million. All the contingencies that arose prior to the CTIS acquisition date are covered by the escrow.

d) PARS: SONDA S.A. is the defendant in an arbitration initiated by the sellers of the Brazilian company Pars Produtos de Processamento de Dados Ltda. (“Pars”). This company was acquired in 2012 by Sonda IT Invest Participações Ltda. (“SONDA IT”), a subsidiary of Sonda Filiales Brasil, and SONDA S.A. guaranteed this acquisition. Arbitration is provided in the sales contract when there is a lack of agreement between the parties. This case relates to differences in the acquisition price adjustment mechanism. The amount claimed is approximately R$ 54 million including fines. The arbitration is at the opening statements stage. In our lawyer’s opinion, it is likely that the arbitration will result in a favorable judgment for the Company, on the basis of the information available to date.

e) Some subsidiaries in Brazil hire labor through individual companies for temporary services. However, due to the characteristics of this service, an employment relationship could be inferred between the parties, and as a result the companies could be fined by the fiscal authority, who could require the payment of social security contributions, taxes and penalties.

Our legal advisers believe that an employment relationship cannot be inferred with these service providers, and that there are ameliorating factors that reduce the impact of potential demands from the tax authority (Receita Federal).

f) The current labor proceedings have required provisions to cover contingent losses of ThCh$3,126,691 as of December 31, 2015 (ThCh$3,688,333 as of December 31, 2014).

In the opinion of Management and their legal advisors, these provisions are sufficient to cover the risks associated with these proceedings.

2.2 Subsidiaries in Chile

The subsidiaries Quintec Distribución S.A. and Innovación y Tecnología Empresarial Item Ltda. are processing two extrajudicial matters of an administrative nature, before the National Customs Service. Our legal advisers believe that this contingency will result in a favorable resolution for these companies.

2.3 Subsidiaries in Colombia

The subsidiary Quintec Colombia is a party to taxation demands that mainly relate to periods prior to its acquisition by SONDA. The principal is related to the Quintec demand against the National Taxes and Customs Division (División de Impuestos y Aduanas Nacionales, DIAN) dated September 30, 2013, rejecting their formal tax assessment that required the payment of differences in the settlement of taxes on foreign and domestic purchases relating to income and complementary taxes for 2008, for Col$5,120,923. The hearing and closing arguments have already been presented.

In the opinion of Management, there are sufficient grounds to defend the Company’s position.

2.4 Subsidiaries in Argentina

The subsidiaries SONDA Argentina S.A. and Quintec Argentina S.A. (absorbed by SONDA Argentina S.A.) have received labor demands from former employees. In the opinion of Management and their legal advisors, the provisions are sufficient to cover the risks associated with these proceedings.

2.5 Subsidiary in Panama

On August 29, 2014, the subsidiary SONDA Panama was notified of an administrative demand filed by five individuals against the Panamanian Land Transit and Transportation Authority (Autoridad de Tránsito y Transporte Terrestre de Panamá), to declare null and void contract 35 “Financial Management Service Concession for the Passenger Mass Mobilization System in the Metropolitan Panama Area, Panama and San Miguelito District” (Contrato para la Concesión del Servicio de

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Administración Financiera del Sistema de Movilización Masivo de Pasajeros en el Área Metropolitana de Panamá, Distrito de Panamá y San Miguelito). On September 2 and 5, 2014 respectively, SONDA lawyers in Panama filed an appeal against the decision to proceed, and responded to the demand. These proceedings are continuing, but in the opinion of local lawyers there is little chance of success.

3. Other Disputes

The Company is defendant and plaintiff in other legal actions arising from the ordinary course of business. In the opinion of Management, the final outcome of these matters will not have an adverse impact on the Company’s financial situation, its operational results nor its liquidity.

B. RISKS ASSOCIATED WITH ACQUISITIONS

An important component in SONDA’s growth strategy is the acquisition of IT service assets or businesses. However, the Company’s experience of these transactions, which is supported by the opinions of lawyers and external auditors, is that the acquisition of businesses or assets exposes the Company to future contingent risks that may have an adverse effect on the profitability of these assets or businesses, and on the Company’s financial position. Also, the negotiation of potential acquisitions may involve significant costs, while assets acquired in the future may not achieve the sales and returns that justify the original investment. Moreover, there is no guarantee that SONDA will be able to identify future acquisition opportunities consistent with its growth policy.

C. RISKS ASSOCIATED WITH THE CONTRACT FOR THE TRANSANTIAGO FINANCIAL MANAGER (ADMINISTRADOR FINANCIERO DE TRANSANTIAGO S.A., AFT) AND RELATED THIRD PARTIES.

SONDA has a 9.5% minority interest in AFT, who manages the Santiago Public Passenger Transportation System (Transantiago) for the Ministry of Transport and Telecommunications (MTT). Furthermore, SONDA agreed a contract with AFT on

September 20, 2005 to provide technology services to the project (Contrato de Servicios Tecnológicos). Providing the project with the full contractual services on schedule required SONDA to invest approximately US$108 million in the project. However, the correct execution of the system required a high degree of coordination between all the parties involved, including MTT, AFT, the transport concessionaires, the company Metro S.A. and SONDA, which to date has not always been achieved. Consequently, SONDA negotiated two modifications to the Technological Services contract with AFT during project development, and in 2008 agreed a transaction contract with AFT aimed at resolving outstanding disputes and avoiding other potential conflicts at that date.

On December 14, 2012, MTT, AFT, METRO, SONDA and the transport concessionaires agreed to the terms and conditions of a new contractual regime defined by the Transantiago authority. As a result, SONDA and AFT terminated their Technological Services contract, which generated net income for the Company of Ch$1,827 million. In addition, SONDA agreed a contract with MTT to provide certain technology services to Transantiago and its transport and supplemental services suppliers (Contrato de Prestación de los Servicios Complementarios de Provisión de Servicios Tecnológicos para el Sistema de Transporte Público de Santiago). In parallel, SONDA also agreed a contract to provide technological equipment to each transport concessionaire, and subsequently to Metro S.A. (Contrato de Prestación de Servicios y Equipamiento Tecnológico). These contracts were registered through publication of the respective extract in the Official Gazette, and AFT made the agreed payments to SONDA. The waivers of each existing arbitration claim between AFT and SONDA were presented, and the arbitrator notified.

D. RISKS ASSOCIATED WITH THE FINANCIAL MANAGEMENT SERVICES CONCESSION CONTRACT WITH THE GOVERNMENT OF PANAMA.

On 8 April 2011, SONDA S.A. agreed a contract with the Panama State Republic called the “Financial Management Service Concession for the Passenger Mass Mobilization System in the Metropolitan Panama Area, Panama and San Miguelito District”. This

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contract included the design, supply, construction, maintenance and equipment for the technology required to collect passenger’s fares and their subsequent distribution to the corresponding transport operators, for a period of 10 years. As compensation for these services, SONDA S.A. will receive a total payment of US$ 180,600,000, and had to provide a contract performance bond of US$ 18,060,000 that must remain valid for the term of the contract, plus one additional year.

This contract involves supplying and operating the collection system on buses, the recharge network, offices serving the public and central systems for ten years. It includes the collection, administration and custody of funds from marketing and recharging cards, the allocation of these funds among the transport operators, and providing technological services. Operations began on February 15, 2012.

E. RISKS ASSOCIATED WITH SUBSIDIARIES AND ASSOCIATES

SONDA is a business, while it is also a parent company and associate of several companies through which it conducts a significant part of its business, and whose operating margin and financial condition may have an adverse effect on the Company’s business.

F. RISKS ASSOCIATED WITH SUPPLIERS

The Company is supplied by various technology vendors, in order to provide integrated solutions to customers. Most of these vendors are well known global manufacturers, with offices and representatives in Chile and the rest of the world. These vendors could fail to meet delivery commitments or fail to meet quality standards for their equipment, services and products. Even though SONDA has various policies to control this risk and is not dependent on any particular vendor, a significant failure at a vendor could cause adverse effects to SONDA’s business and operating margins.

G. RISKS ASSOCIATED WITH OBSOLESCENCE AND TECHNOLOGICAL CHANGE

An essential requirement of SONDA’s business is to be at the forefront of the latest technological developments in the industry, in order to offer customers the latest technological solutions. SONDA regularly invests significant resources in developing and updating its applications, in order to stay at the leading edge. SONDA is constantly evaluating regional and global technological trends and developments. However, changes may occur that were not foreseen by SONDA that make assets technologically obsolescent and have significant adverse effects on SONDA’s business and operating margins.

H. RISKS ASSOCIATED WITH ASSETS

Fixed assets, including buildings, infrastructure, facilities and equipment, plus the civil liability risks associated with them, are protected by relevant insurance policies, with normal market terms and conditions. However, any damage to assets can have significant adverse effects on SONDA’s business and operating margins.

I. RISKS ASSOCIATED WITH COUNTRIES

SONDA and its subsidiaries operate in various Latin American countries. Consequently, its business, financial condition and net income will depend partly on the political and economic stability of these countries. Any adverse changes in such conditions can have significant adverse effects on SONDA’s business and operating margins.

J. RISKS NOT INSURED

SONDA does not have insurance to cover the risk of stoppages. If this contingency occurs, it could have a significant adverse effect on SONDA’s business and operating margins.

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K. RISKS ASSOCIATED WITH EXCHANGE RATE VARIATIONS

SONDA and its subsidiaries are exposed to fluctuations in exchange rates, which could affect its financial position, net income and cash flow. However, the Company’s hedging policy provides for regular reviews of the exchange rate risk exposure affecting the principal assets and obligations of the Company. Where needed, these risks should be covered by operational matching between various business units and subsidiaries, or in their absence, through market- based instruments designed for such purposes, such as forward currency purchases or currency swaps. However, there is no certainty that such measures would completely avoid the possible adverse effects of fluctuations in exchange rates.

L. RISKS ASSOCIATED WITH INTEREST RATES

SONDA currently has liabilities payable to the financial system at fixed interest rates. SONDA’s financial investments serve to ensure an adequate level of surplus funds to meet short-term cash requirements.

On December 18, 2009 SONDA issued both the Series A bonds and the Series C. The Series A totaled UF 1,500,000, and was placed with a 5 year term at an interest rate of 3.5% per annum, and the Series C totaled UF 1,500,000, with a 21 year term at a fixed interest rate of 4.5% per annum. They were issued from Lines 622 and 621 respectively, with a combined maximum nominal amount of UF 3,000,000. In November 2014, a new Series E bond was issued from Line 622, with a nominal value of ThCh$36,300,000, which matures on November 1, 2019. This bond carries an interest rate of 5.4% per annum on the outstanding capital.

On November 28, 2014 the capital and interest on the Series A Bonds was repaid totaling ThCh$37,481,945.

M. RISKS ASSOCIATED WITH CREDIT

Credit risk is where a party fails to meet its contractual obligations resulting in financial loss to SONDA and its subsidiaries, principally amongst trade receivables, financial assets and derivatives.

The Company has defined policies to control trade receivables and reduce the risk of unrecoverable debts or payment default. Additionally SONDA has a database of over 5,000 regional customers, including leading Latin American companies from a wide range of industries and markets.

The customer, sectorial and geographical diversification of SONDA’s receivables considerably reduces this risk. The 50 largest customers account for less than 40% of revenue, which almost eliminates SONDA’s vulnerability in this regard.

N. RISKS ASSOCIATED WITH LIQUIDITY OR FINANCING

Liquidity risk relates to the need for funds to meet payment obligations. SONDA’s objective is to maintain a balance between funds continuity and financial flexibility through normal operating cash flow, bank loans, public bonds, short-term investments and credit lines. SONDA had cash, cash equivalents and other current financial assets of Ch$70,112 million (US$98.7 million) as of December, 31 2015, which was comprised of cash, fixed-term deposits at less than 90 days, fixed income mutual funds, and other short-term investment instruments.

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Statement of Responsibility

The Directors of SONDA S.A. and the Chief Executive Officer are signatories to this declaration, and are responsible for the truth of the information provided in this annual report, in accordance with General Rule N°30 and complementary rules of the Superintendent of Securities and Insurance (SVS).

Mateo Budinich DiezDirector

ID Nº 6,522,204-3

Hernán Carlos Marió LoresDirector

ID Nº 7,019,964-5

Juan Antonio Guzmán MolinariDirector

ID Nº 5,123,918-0

Raúl Véjar OleaChief Executive Officer

ID Nº 6,580,740-8

Mario Pavón RobinsonChairman

ID Nº 5,386,757-K

Pablo Navarro HaeusslerVice Chairman

ID Nº 6,441,662-6

Maria Del Rosario Navarro BetteleyDirector

ID Nº 12,720,922-7

Jaime Pacheco MatteDirector

ID Nº 6,371,888-2

Francisco Gutiérrez PhilippiDirector

ID Nº 7,031,728-1

Christian Samsing StambukDirector

ID Nº 6,731,190-6

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INVESTOR RELATIONS:

MELISSA VARGASInvestor Relations

JORGE SEPÚLVEDAInvestor Relations

RODRIGO PEÑAInvestor Relations Officer

E-MAIL:[email protected]

WEB:http://www.SONDA.com/inversionistas/

ADDRESS:Teatinos 500, 9th Floor, Santiago, CHILEPhone: (56 2) 2657 5302

DECLARATION OF CURRENCY CONVERSIONFigures in this annual report are expressed in Chilean pesos as of December 31, 2015. Unless otherwise noted, conversions to US dollars were done using the year-end exchange rate as of December 31, 2015.

(1 US$= 710.16 Chilean Pesos).

Letter from the Chairman 3

1 HIGHLIGHTS 5

Milestones 2015 6

Relevant Figures 8

2 OUR COMPANY 9

Ownership Structure 12

Our History 16

Corporate Governance 18

3 BUSINESS 21

IT Industry 22

Value Proposition 24

Comprehensive IT Solutions 25

4 ORGANIZATION 29

Organizational Structure 30

Contents

5 CAPABILITIES 33

Our Differentiators 34

Our Strengths 36

6 REGIONAL PRESENCE 41

Chile 44

Brazil 46

Mexico 48

Argentina 50

Colombia 52

Costa Rica 54

Ecuador 56

Panama 58

Peru 60

Uruguay 62

7 GROWTH STRATEGY 64

Investment and Funding Policies 65

8 RESULTS 2015 69

Consolidated Results 70

Results in Chile 72

Results in Brazil 74

Results in Mexico 76

Results in OPLA 78

9 CONSOLIDATED FINANCIAL STATEMENT

81

10 THE COMPANY AND ITS SUBSIDIARIES

90

Documents of Incorporation 91

Information Regarding Subsidiaries 92

Corporate Structure 94

General Information 96

Statement of Responsibility 109

Annual Report