Is there any isolation of the Universalidades´ equity?

Yes. The Underlying Assets shall not be, under any circumstances, returned to Titularizadora or Authorized Sellers´ equity. Pursuant to Law 546/1999 §12 and Law 964/2005 §68, the equity isolation entails that the Underlying Assets in no case will be part of the available asset pool of Titularizadora or Authorized Sellers´ creditors. Therefore, said Underlying Assets cannot be affected by or included in any proceedings of liquidation, bankruptcy or similar proceedings. According to Law 546/1999 §13, the Bondholders are not entitled to request the division of the Universalidad and/or its Underlying Assets.