ESTACIÓN CENTRAL DEL CORREDOR VIAL METROPOLITANO

The accounting policies set out below have been applied consistently to all periods presented in these financial information, and have been applied consistently by the Partnership. Where appropriate these accounting policies have been aligned with those adopted by the Paysafe Group for all periods presented. The following principal accounting policies have been applied:

a) Cash and cash equivalents

Cash equivalents are defined as time deposits, certificate of deposits, and all highly-liquid debt instruments with original maturities of three months or less.

b) Inventories

Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and estimated costs necessary to make the sale.

c) Capitalized Customer Acquisition Costs

Capitalized customer acquisition costs include costs associated with the establishment of new merchant relationships. Costs associated with capitalized customer acquisition costs are amortized on the straight-line method over a period of five years.

Capitalized customer acquisition costs are subject to amortization and are reviewed for potential impairment whenever events or circumstances indicate that carrying amounts may not be recoverable.

d) Property and equipment

(ii) Recognition and measurement

Items of property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

The gain or loss on disposal of an item of property and equipment is determined by comparing the proceeds from disposal with the carrying amount of the property, plant and equipment and is recognised net within ‘‘other income’’ or ‘‘other expenses’’ in profit or loss.

(iii) Subsequent costs

The cost of replacing a component of an item of property and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Partnership and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The cost of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

(iv) Depreciation

Deprecation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately.

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful life of each component of an item of property and equipment. Property developed and related improvements made on leased land are depreciated over the shorter of the land’s lease term and the useful lives of the building and improvements unless it is reasonably certain that the Partnership will obtain ownership of the land by the end of the lease term.

The estimated useful lives of the related assets are as follows:

Machinery and office equipment 20%

Software 2 years

Computer equipment 20%

Leasehold improvements 3 years

Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.

(v) Impairment

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Partnership on terms that the Partnership would not consider otherwise, indications that a debtor or issuer will enter bankruptcy, economic conditions

that correlate with defaults or the disappearance of an active market for a security. In addition, for an investment in an equity security, a significant or prolonged decline in its fair value below its cost is objective evidence of impairment.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognised. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

The carrying amounts of the Partnership’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (CGU) exceeds its estimated recoverable amounts.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from synergies of the combination.

The Partnership’s corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated. Impairment losses are recognised in the Statement of Comprehensive Income. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss has been recognised.

The Partnership performs impairment tests at least annually or whenever events or changes in circumstances indicate that the goodwill and intangible assets that have indefinite useful lives or are not yet in use carrying values for a business unit may not be recoverable.

e) Trade and other receivables

Trade and other receivables, including receivables from Merchants, are stated at their amortised cost less impairment losses and doubtful accounts. Receivable from merchants also include receivables from the sale of point-of-sale termination equipment.

f) Financial liabilities

The Partnership classifies its financial liabilities at fair value through profit or loss, and as other financial liabilities measured at amortised cost depending on the purpose for which the financial liabilities were acquired or incurred. Management determines the classification of its financial liabilities at the initial recognition.

The Partnership’s other financial liabilities measured at amortised cost comprise ‘trade and other payables’ in the statement of financial position.

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non- current liabilities.

Processing liabilities

Processing liabilities primarily reflect funds in transit associated with differences arising between the amounts the Partnership’s sponsor bank receive from the bankcard networks and the amounts funded to the Partnership’s merchants. Such differences arse from timing differences, interchange expense, merchant advances, merchant reserves, and chargeback processing. These differences result in payables or receivables. If the settlement received from the bankcard network precedes the funding obligation to the merchant, the Partnership records a processing liability. Conversely if funding to the merchant precedes the settlement from the bankcard networks, the Partnership records a receivable from the bankcard network. In addition, certain bankcard networks restrict the Partnership from accessing merchant settlement funds and require these funds to be controlled by the Partnership’s sponsor banks. The amounts are generally collected or paid the following business day.

Chargebacks periodically arise due to disputes between cardholder and a merchant resulting from the cardholder’s dissatisfaction with merchandise quality or the merchant’s service, and the disputes may not always be resolved in merchants favour. In some of these cases, the transaction is ‘charged back’ to the merchant and the purchase price is refunded to the cardholder by the credit card issuing institution. If the merchant is unable to fund the refund, the Partnership is liable for the full amount of the transaction. The Partnership’s obligation to stand ready to perform is minimal. The Partnership maintains a merchant reserve and/or personal guarantee from certain merchants as an offset to potential contingent liabilities that are the responsibility of such merchants. The Partnership evaluates its ultimate risk and records an estimate of potential loss for chargebacks based upon an assessment of actual historical loss rates compared to recent bankcard processing volume levels.

g) Revenue recognition

The Partnership is involved in transaction processing services. Revenues from transaction processing services are recognised at the time services are rendered. Merchant revenue is recognised as a fee calculated as a percentage of funds processed or as a charge per transaction on behalf of Merchants.

Payment processing services revenue is transaction based and priced either as a fixed fee per transaction or calculated based on a percentage of the transaction value. The fees are charged for processing services provided in facilitating the sale of goods and services by means of credit, debit and prepaid cards and other electronic payments and do not include the gross sales price paid by the ultimate buyer. Payment processing services revenue is recognized upon settlement of the merchant transaction.

Revenue is presented net of a provision for sales credits, which is estimated based on historical results and established in the period in which services are provided. As of the periods presented, there were no such provisions.

The Partnership charges an annual service fee to its customers. This annual service fee is recognised evenly over the period.

The Partnership also sells payment processing equipment to merchants. Revenues from these sales are recorded when the equipment is shipped to the merchant. In addition, the Partnership may also from time to time lease a credit card terminal to a merchant. This lease revenue is recognised on a monthly basis when it is billed to the client.

Interest income is accrued on a monthly basis, by reference to the principal outstanding and at the effective interest rate applicable.

h) Partners’ capital

Under the terms of the Agreement, profits and losses are to be allocated to the partners in the following order of priority: (i) first to the Partners in the amount of any profits or losses previously allocated to them; and then (ii) second to the Partners pro rata, in accordance with their percentage of ownership of the Partnership. Distributions shall be made to the partners at the

times and in the aggregate amounts as determined by the Partners and subject to applicable laws and any limitations contained elsewhere in the Agreement. Distributions are to be distributed to partners in the following order of priority: (i) first to the partners, pro rata, in proportion to their unreturned capital contributions; and then (ii) second to the Partners, pro rata in proportion to their percentage of ownership of the Partnership.

The General Partner has the exclusive control over the Partnership’s business and assets. The Limited Partners are entitled to vote on all matters with respect to which they are given the right to vote pursuant to law or to the Agreement.

The Partnership can be dissolved by the General Partner with written consent of the Limited Partners.

(i) Leases

(i) Leased assets

Assets held by the Partnership under leases which transfer to the Partnership substantially all of the risks and rewards of ownership are classified as finance leases. On initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. Assets held under other leases are classified as operating leases and are not recognised in the Meritus’ statement of financial position.

(ii) Lease payments

Payments made under operating leases are recognised in the Statement of Comprehensive Income on a straight-line basis over the term of the lease.

Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

j) Offsetting

Financial assets and liabilities are set off and the net amount presented in the Statement of Financial Position when, and only when, the Partnership has a legal enforceable right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Gross settlement is equivalent to net settlement if and only if the gross settlement mechanism has features that eliminate or result in insignificant credit and liquidity risk and processes receivables and payables in a single settlement cycle.

The balances owing to the Members and merchants and the related cash balances segregated in the members and merchant’s accounts are presented net in the statement of financial position as the Partnership considered these gross settlement as equivalent to net settlement in accordance with IAS 32.

Income and expenses are presented on a net basis only when permitted by the accounting standards, or for gains and losses arising from a Partnership of similar transactions such as in the Meritus’ trading activity.

k) Income taxes

The Partnership is a limited partnership, and as such, the Partnership does not pay federal corporate income taxes on its taxable income and is not allowed a net operating loss carryover or carryback as deduction. Instead the Partners are liable for individual income taxes on their respective share of the Partnership’s taxable income. However, the Partnership provides for state taxes for various jurisdictions that either treat the Partnership as a separate corporation or impose a franchise tax. This has been included in general and administrative expenses in the financial information.

The Partnership accounts for uncertain tax positions by making assumptions and judgements regarding its income tax exposures. The application of income tax law is inherently complex. The Partnership’s policy is to recognise interest and/or penalties in the period in which they are agreed as an income tax expense. No interest of penalties were accrued at 31 December 2014, 2013 or 2012.

l) Application of new and revised accounting policies

In the current year, the Partnership has applied a number of amendments to IFRSs and a new Interpretation issued by the International Accounting Standards Board (‘‘IASB’’) that are mandatorily effective for an accounting period that begins on or after 1 January 2014.

Amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities

The Partnership has applied the amendments to IAS 32 Offsetting Financial Assets and Financial Liabilities for the first time in the current year. The amendments to IAS 32 clarify the requirements relating to the offset of financial assets and financial liabilities. Specifically, the amendments clarify the meaning of ‘currently has a legally enforceable right of set-off’ and ‘simultaneous realisation and settlement’. The Partnership has assessed whether certain of its financial assets and financial liabilities qualify for offset based on the criteria set out in the amendments and concluded that the application of the amendments has had no impact on the amounts recognised in the Partnership’s financial information other than consistency of accounting policy application for restricted members cash and amounts owing to members as disclosed in the note 6.

Amendments to IAS 36 Recoverable Amount Disclosures for Non-Financial Assets

The Partnership has applied the amendments to IAS 36 Recoverable Amount Disclosures for Non- Financial Assets for the first time in the current year. The amendments to IAS 36 remove the requirement to disclose the recoverable amount of a cash-generating unit (CGU) to which goodwill