X- I/A Table of Contents In Argentina and Uruguay, we expanded our footprint through the acquisition of Argencard in 2006, which provided a full range of services to businesses and financial institutions. We arc the sole acquirer for MasterCard products in those markets, save a range of issuers, and have continued to enhance our capabilities in these countries to provide point-of-sale services, through POSNET in Argentina and POS 2000 in Uruguay. We also made significant investments in a new data center and our hosted card issuing platforms so that wc could address new cost- effective processing opportunities. This facilitated our expansion throughout the Latin America region. We entered the Colombian market in 2014, taking advantage of the changes in the regulatory market that opened up new opportunities to expand our footprint, and are currently serving the two largest financial groups in this market. In Central America and the Caribbean, we serve the acquiring and issuing processing nerds of our local. regional. and multinational clients either directly or through Procesa, our joint venture with Banco General of Panama. We believe our business in Latin America will benefit from several indusfty trends similar to those in the United States and EMEA, including the shift to electronic payments, the penetration of new industry verticals and customer segments. and the adoption of new payment types and channels such as prepaid and °Commerce. In addition, the region is bend-thing from regional trends, such as: Financial inclusion, which consists of (1) the reduction in cost and increase in the effectiveness of social and welfare programs by shifting their distribution from paper-based vouchers to debit and stored-value cards and (2) the formalization of the economy and increase in tax collection by providing rebates of the value-added tax to the consumer when payments arc made through debit and stored-value cards. Brazil, Argentina and Uruguay arc some o