JPM Argentina

7/30/2019 JPM Argentina

1/28


2/28

Jhssles oe dfsoc Jfroe -feb Athecm/

Jfroe Heijosm rtfesjfrole Thpthsheroei Faahcrhb pftrohs

Pfto pfssx Le hvxfj allroei Plrherofj XS clxtrpthchbher

Afqltoei bhafxjrhbbhdr oeqhsrlts

Ptl tfrf Oe ptlpltrole Ptlplshbpfnher thnhb

Cmfjjheioeiphtaltnoei dleboeqhsrlts

He dfec febChtroltfto

Thqohy d herothdhecm feb thqohy

d f moimht clxtr

Jhifj lprole laeh}r rl jfsr thsltr

feb la jfsr thsltr

Fqfojfdjh rl rmhbhdrlt oe ftthfts


3/28

X%S% Clxtr bhaoehs cthborlt sxdltboefrole; fdsher f ctfn.blye ptlchbxth* fslqhthoie pfoei thsrtxcrxthb bhdr dxr elr pfoei mljblxrs dthfcmhs pfto pfssx

Rmh nhtors la Ftiheroefs bhahesh yhth bhcosoqhj feb clnpthmhesoqhj srtxcg blye d rmh FpphfjsClxtr% Rmh Clxtr bhrhtnoehb rmfr;

Ftiheroef sxdltboefrhb cthborlts d dthfcmoei rmh pfto pfssxdleb cjfxsh

Rmh Clxtr oerhtpthrhb rmh thsljqhb f clertfcrxfj fndoixor oe slqhthoie dlebs d oerhtpthroei rmhnhfeoei la rmh pfto pfssxcjfxsh% Oe bloei sl or bosroeixosmhb ryl rphs la plrherofj sxdltboefrole rmfrrmh cjfxsh ptlrhcrs cthborlts atln;

Rmh Shcxtorohs yojj clesrorxrh bothcr* xecleborolefj* xeshcxthb feb xesxdltboefrhb ldjoifroles la rmhThpxdjoc feb smfjj fr fjj ronhs tfeg pfto pfssx feb yormlxr pthahthech fnlei rmhnshjqhs -6/% Rmh

pfnher ldjoifroles la rmh Thpxdjoc xebht rmh Shcxtorohs smfjj fr fjj ronhs tfeg fr jhfsr hvxfjj yorm fjjors lrmht pthsher feb axrxth xeshcxthb feb xesxdltboefrhb H}rhtefj Oebhdrhbehss-4/%

-6/ Rmh hvxfj tfeg ptlqosole; Ptlmodorole la Ftiheroef fs dleb ossxht atln ossxoei bhdr la moimhtptoltor rmfe bhafxjrhb cjfons

-4/ Rmh hvxfj rthfrnher ptlqosole; Ptlmodorole la Ftiheroef fs f dleb pfht atln pfoei lethsrtxcrxthb dlebs yormlxr pfoei le bhafxjrhb cjfons%

Rmh Fpphfjs Clxtr mhjb rmfr Ftiheroefs dthfcm la pfto pfssxoeqljqhb rmh 4eb sherhech%

Ftiheroef sxdltboefrhb cthborlts d hefcroei rmh Jlcg Jfy -Jh Chttlkl/

Rmh jlcg jfy ptlmodors rmh H}hcxroqh atln ehilrofroei yorm mljblxr cthborlts fdsher ptolt clesher atlnrmh Jhiosjfroqh% Or yfs ltoioefjj hefcrhb -4008/ rl oecthfsh pftrocopfrole oe rmh slqhthoie bhdrthsrtxcrxtoei -d soiefjoei rl oeqhsrlts rmfr Ftiheroef ylxjb elr hfsoj th.lphe rmh ptlplsfj/ feb oryfs sxsphebhb lech -4060/ rl fjjly oeqhsrlts sxdshvxherj oerhthsrhb oe pftrocopfroei* f 4eb cmfech%


4/28

Ors fjj fdlxr rmh thnhb ely; X%S% Clxtr nxsr sroj j bhrhtnoeh fe fbhvxfrhthnhb alt rmh dthfcm soech rmh Lcrldht 41 Fpphfjs Clxtr txjoei yfs oeclnpjhrh

Bosrtocr Clxtr kxbinhers fifoesr Ftiheroef fth FAAOTNHB oe pftr -d Fpphfjs Clxtr/

Txjoei; Rmh Clxtr xpmhjb rmh Bosrtocr Clxtr clecjxsole rmfr Ftiheroef sxdltboefrhb joroifroeicthborlts d dlrm; dthfcmoei pfto pfssxfeb hefcroei rmh Jlcg Jfy%

Thnhb; Ltbhts Ftiheroef rl nfgh clecxtther lt fbqfech ptl tfrfpfnher rl -pth.thsrtxcrxtoei/bhafxjrhb bhdr cjfons ymhehqht or nfghs pfnhers le thsrtxcrxthb phtaltnoei bhdr cjfons-6/%

feb THNFEBHB oe pftr -d B%C%/; Bhrhtnoefrole la rmh ptl tfrfaltnxjf%

Ptlqosole; Hekloes aoefecofj oerhtnhboftohs feb ptlmodors rmhn atln foboei feb fdhrroei Ftiheroefoe hqfboei clxtr ltbhts d -f/ pfoei thsrtxcrxthb bhdr yormlxr nfgoei tfrfdjh pfnhers lebhafxjrhb bhdr lt -d/ fjrhtoei lt fnheboei rmh pfnher ptlchss alt thsrtxcrxthb bhdr-4/%

feb THNFEBHB oe pftr -d B%C/; Cjftoaocfrole la aoefecofj oerhtnhboftohs hekloehb%

rmh nfebfrh smlxjb thrxte rl rmos clxtr alt axtrmht clesobhtfrole la rmh nhtors la

rmh thnhb

Onpjocfroles; Shrroei f pthchbher alt HN bhdr -o%h% elr kxsr fe Ftiheroef.sphcoaoc txjoei/

Rmh Clxtrs ptonft frrherole rl rmh oerhtpthrfrole la rmh pfto pfssxcjfxsh oe slqhthoie bhdrclertfcrs -f dtlfb bhaoeorole la cthborlt sxdltboefrole/ shrs f pthchbher alt fjj slqhthoie ossxhts%Shclebft frrherole os pfob rl rmh oerhtpthrfrole la Ftiheroefs Jlcg Jfy-f efttly lt Ftiheroef.sphcoaoc bhaoeorole la cthborlt sxdltboefrole/%


5/28

F ptl tfrfthnhb os bostxproqh; or jlyhts ptldfdojor ohs la pfnher le phtaltnoeidlebsors fs cjlsh rl f allb aoimr dhryhhe slqhthoie cthborlts fs plssodjh

Tosg la rhcmeocfj bhafxjr; F slqhthoie joghFtiheroef yorm yojjoeiehss feb cfpfcor rl pfthsrtxcrxthb dlebs nf jfcg f nhcmfeosn -fcchssrl XS pfnher* cjhftoei feb shrrjhnher ssrhn/ rlbl sl% Rmos cfe lccxt oa -fssxnoei fe fbqhtshtxjoei/ f slqhthoie jogh Ftiheroef cmllshs elr rlpf mljblxrs

6% FEB rmh Clxtr ltbhts Ftiheroef rl thatfoe atlnpfoei chtrfoe rmotb pftrohs -thsrtxcrxthb

dlebmljbhts/ rmtlxim rmh XS pfnher ssrhn%

4% FEB Ftiheroef frrhnprs rl pf thsrtxcrxthbdlebmljbhts fs eltnfj -oe rmh XS/% DXR rmotbpftrohs -aoefecofj oerhtnhboftohs oe XS/ rmfr fthhekloehb noimr thaxsh rmh pfnher -Ftiheroefsptlphtr thnfoes laasmlth/ lt bhcobh elr rlclnpjhrh rmh rtfesfcrole -dlebmljbhts ptlphtr

yojj sor objh oe rtxsr alt fe xebhaoehb phtolb/%

3% FEB Ftiheroef frrhnprs rl pf thsrtxcrxthbdlebmljbhts -lxrsobh rmh XS/ d th.tlxroeipfnhers% F pltrole la thsrtxcrxthb bhdr yojjthnfoe phtaltnoei -alt oeqhsrlts fcchproei ehypfnher jlcfrole/ ymojh felrmht pltrole cfe ilxepfob -alt oeqhsrlts elr fcchproei ehy pfnherjlcfrole/%

Rmh Fpphfjs Clxtr srfrhs rmfr rmh ptl tfrfthnhb os ELR fe frrfcmnher la slqhthoieptlphtr -ELT la thsrtxcrxthb dlebmljbhtsptlphtr/

Oesrhfb* -9 hfts farht f thsrtxcrxtoei/ rmhBosrtocr Clxtr ltbhts rmh slqhthoie rl srftrnfgoei tfrfdjh pfnhers rl mljblxrs ymhehqhtthsrtxcrxthb dleb pfnhers fth nfbh

Rmh ptfcrocfj onpjocfrole la rmh thnhb os rlrtfesaltn rmh bhdr shtqoch la slqhthoiethsrtxcrxthb dlebs oerl cleroeiher pfnhers


6/28

Boscxssole rlpocs ftosoei atln rmh pftrofj txjoei; Rmh onpltrfer ossxhs -rmhdthfcm la clertfcr dhoei bhaoehb feb rmh pthchbher dhoei hsrfdjosmhb/

DTHFCM -FJTHFB_ FAAOTNHB/; Oerhtpthrfrole la pfto pfssxF thjhqfer boscxssole rl thqosor ymhe -feb oa/ Ftiheroefs phrorole alt thqohy he dfec lt -joghjphrorole alt/ chtroltfto os fcchprhb feb rmh lbbs la rmh txjoei dhoei lqhtrxtehb oecthfsh

Ftiheroef cmfjjheihs rmh dthfcm la pfto pfssx oerhtpthrhb d rmh Clxtr feb bospxrhs rmfrptl tfrfcfe dh fe fbhvxfrh thnhb alt dthfcm la pfto pfssx

Ftiheroef clesobhts rmh thnhb thsrtfoes laasmlthslqhthoie fsshrs ptlrhcrhb d ASOF -ptltfrf nf elr dh onplshb ymhth frrfcmnhers cfeelr/

PTHCHBHER -FJTHFB_ BOSCMFTIHB/; Onpjocfroles la txjoei alt HN slqhthoiesRmh txjoei onpjohs fe onpltrfer smoar oe plyht afqltoei joroifroei cthborlts thjfroqh rl slqhthoiebhdrlts oe bosrthss% Rmh Fpphfjs Clxtr bosnosshb thjhqfer thphtcxssoles alt slqhthoiethsrtxcrxtoeis bxh rl oecjxsole oe HN dlebs soech 4003 la cljjhcroqh fcrole cjfxshs-CFCs/ oeslqhthoie dlebs%

Rmh oeqhsrlt clnnxeor bosfithhs le CFCs -fnocxs dtohas; CFCs clesrorxrh fe onphtahcrctfn blye nhcmfeosn feb fe clertodxrole rl oeqhsrlt clltboefrole oe f thsrtxcrxtoei oshaahcroqhj xebhtnoehb yorm rmh oertlbxcrole la f thnhb jogh ptl tfrf/%

Alt ptfcrocfj pxtplshs slqhthoies oe thsrtxcrxtoeis -lt elr/ fth dhoei rljb d f XS clxtr rmfrrmhot xsh la A] yojj dh cleborolefj% Oeqhsrlts clesobhtoei f slqhthoie thsrtxcrxtoei fth dhoeirljb d f XS Clxtr rmfr f bhdrlts -plsr.thsrtxcrxtoei/ fcchss rl rmh XS pfnher ssrhn yojj

dh cleborolefj le f ptl tfrf -plssodj 600(/ pfnher le bhafxjrhb bhdr


7/28

Boscxssole rlpocs ftosoei atln rmh pftrofj txjoei; Rmh xtiher ossxhs -rmhahfsodo jor la fppjoei rmh ptlplshb thnhb feb rmh tosg la rhcmeocfj bhafxjr /

THNHB_ -PHEBOEI TXJOEI/; Fbhvxfrhehss la ptlplshb ptl tfrfaltnxjf

6% Clnpjhroei rmh Bosrtocr Clxtr txjoei;. Cjftoaoei oekxecroles d bhrhtnoeoei;

-f/ bhrhtnoeoei ptl.tfrf altnxjf -rhcmeocfj/ Ftiheroef clesobhts ptl tfrfos oefbhvxfrh feb elr hvxorfdjh-d/ obheroaoei aoefecofj oerhtnhboftohs -ctorocfj/ E_ATD os thvxhsroei bxh bojoihech le rmh jfrrht

. H}rheboei -lt elr/ rmh srfs le rmh oekxecroles Mljblxrs ptlplsh Ftiheroef pjfch f dleb yorm Clxtr oesrhfb

4% Clnpjhroei rmh Fpphfjs Clxtr txjoei;. Faaotnoei lt elr oekxecroles d; fsshssoei rmh -f/ ptl.tfrf altnxjf -rhcmeocfj/* -d/ onpfcr le

aoefecofj oerhtnhboftohs -ctorocfj/

RHCMEOCFJ BHAFXJR -PHEBOEI FCROLES/; oa Ftiheroef blhs elr pf mljblxrs

3% Ftiheroefs thsplesh; Yorm lt yormlxr Clxtrs itferoei rmh phrorole alt thqohy

2% DlE_s thsplesh; Thsljqoei f plrherofj cleajocr dhryhhe oebherxth feb clxtr ltbht DlE_ yojj shhg Clxtr h}pjocorj thsljqh ors cleajocr rl noeono{h tosg la oebhneor Mljblxrs sxiihsr DlE_ oebherxth rtxsr fbhvxfrhj ptlqosoles alt rmfr cleajocr oe afqlt la

clnpjoei yorm f clxtr ltbht


8/28

Yml os cmfjjheihb< Ptl tfrfcmfjjheihs "3? de% h}cmfeih shcxtorohs > "4= de%dlebs -fbk% ptoecopfj qfjxh/ ' "64 de% IBP yfttfers -thsobxfj elrolefj qfjxh/

Ftiheroef; Slqhthoie ldjoifroles

" dojjole

Fcrxfj Fbkxsrhb

Rlrfj 69?%4 403%8z ( la IBP 31 26z Phtaltnoei ldjoifroles 693%0 6==%=z z IBP yfttfers -thsobxfj>elrolefj+ehr cfp/ 68%=z z Bhdr -ao}hb ptoecopfj/ 693%0 693%0z z Dlebs -oecj% mhjb d ilqr fihecohs/ 643%1 643%1z z z A].bhelnoefrhb =0%4 =0%4z z z z H}cmfeih dlebs 33%? 33%?z z z z l,y FTI jfy 1%3 1%3

z z z z FTI jfy dlebs 21%3 21%3z z z FTS.bhelnoefrhb 23%2 23%2z z l,y H}cmfeih dlebs 46%? 46%?z z Jlfes feb OLXs 2?%2 2?%2z z Ptoqfrh cthborlts -A]'FTS/ 64%3 64%3z z Laaocofj cthborlts -A]/ 32%? 32%?z z OAOs -A]/ 69%? 69%?z z Ftiheroef -A]'FTS/ 69%0 69%0z z z Ilq)r fihecohs 6%2 6%2z z z Chertfj Dfeg -DCTF/ 68%1 68%1z z Lrmht 4%4 4%4

z Ele.phtaltnoei ldjoifroles 1%4 62%9z Pftos Cjxd -h}c% lt oecj% oerhthsr/ 1%4 ?%4z Mljblxrs -oa thsrtxcrxthb fs oe 4060/ 8%8

Dthfgblye d cthborltPtoqfrh shcrlt 89%0 9=%3

( la IBP 64 61

OAOs feb lrmht 42%6 49%6

Ftiheroef; H}cmfeih Shcxtorohs s%r% ptl tfrf

" dojjole

Rlrfj althoie jfy H}cmfeih shcxtorohs 3?%3Dlebs -ao}hb ptoecopfj/ 49%1 49%1IBP yfttfers -elrolefj lt thsobxfj/ 34%1 66%9

Ftiheroef; H}cmfeih shcxtorohs

" dojjoleFcrxfj Fbk+

Rlrfj H}cmfeih shcxtorohs 96%1Dlebs -ao}hb ptoecopfj/ 88%= 88%=

E_.jfy -XSB/ 66%9 XG.jfy -HXT/ 68%8 XG.jfy -KP_/ 0%2 FTI.jfy -XSB'FTS/ 4=%4

IBP yfttfers -elrolefj lt thsobxfj / 23%? 68%=E_.jfy -XSB/ 69%4 XG.jfy 62%=

KPE.jfy 0%1 FT.jfy -XSB'FTS/ 66%3 + Fbkxsrhb os rmh sxn la dleb ptoecopfj ' IBP yfttfer thsobxfj

IBP yfttfer thsobxfj > elrolefj + W2=( cfp . 64( -clxples pfob/^


9/28

Ors jorhtfjj -elr ihexoehj/ f Cfrcm 44 ; Ptl tfrfcmfjjheihs 44( la Ftiheroehslqhthoie dlebs -o%h% rmlsh xebht althoie jhiosjfrole pfob rmtlxim DlE_ rtxsr/

Ftiheroef; Ldjoifroles rmthfrhehb dy ptl tfrf

Fs ( la

Faahcrhb Thnfoebht

Shcxtorohs* fs ( la;

H}cmfeih shcxtorohs 82%? 28%6

Dlebs* fs ( la;

H}cmfeih dlebs 2?%2 80%1Rlrfj dlebs 44%3 99%9

Bhdr 68%? =2%6

IBP yfttfers* fs ( la;

IBP yfttfers 92%3 48%9

Rmh pftfbl} la rmh nfrrht -alt dlebmljbhts/;

Fs tosg la E_ jfy healtchnher -le bhafxjrhbdlebs/ oecthfshs* rmh qfjxh la E_ jfy -lethsrtxcrxthb dlebs/ bhcthfshs

Rmh blnhsroc jfy tosg pthnoxn -E_ jfy bosclxer/os cxttherj rtfboei fr f bosclxer -E_ jfy pthnoxn/

Rmh thjhqfech la rmh nfrrht -alt Ftiheroef/;

Dlebs cmfjjheihb d pfto pfssxjoroifrolethpthsher fdlxr 44( la Ftiheroeh dlebs feb61( la itlss slqhthoie bhdr

IBP yfttfers cmfjjheihb thpthsher 98( larlrfj yfttfers

cmfjjheihb


10/28

Yml srfebs rl dhehaor oe rmh cfsm dleb nftghr atln f txj oei fifoesr Ftiheroef


11/28

Rmh ptl tfrfthnhb; Fjrhtefroqh altnxjfs rl itlss xp bhdr pfnhers lethsrtxcrxthb dlebs alt rmh pxtplsh la sfrosaoei mljblxrs hvxorfdjh thjoha

Bhaoeoei Tfrfdjh pfnher > Pfnher (-6/ } Rlrfj fnlxer cxttherj bxh-4/

-6/ Pfnher ( > " Fnlxer fcrxfjj pfob , " Fnlxer rmhe bxh -le thsrtxcrxthb dlebs/

Fnlxer fcrxfjj pfob -elr clertlqhtsofj/ > Clxple le thsrtxcrxthb dlebs

Fnlxer rmhe bxh - Clxjb thaht rl clxple lt ptoecopfj le thsrtxc% dlebs

-f/ oa > " clxple >5 Pf > 600( cjfon

-d/ oa > " thsrtxcr% ptoecopfj -plsr.MC/ >5 Pf > 8%8( p%f% -4064/

-c/ oa > " ltoi% ptoecopfj -pth.MC/ >5 Pf > 6%=( p%f% -33%9(+Ppj+8%8(/

-4/ Rlrfj fnlxer cxttherj bxh > " Fnlxer la cjfon -le bhafxjrhb dlebs/

Fnlxer la cjfon -ryl fjrhtefroqhs/

-b/ Ptoecopfj ' Oerhthsr > "6%33 de

-h/ -Ppj ' Oer/ } 4008 mfotcxr> "0%28 de dleb ' "6%3 de IBP

Shhgs rl fesyht;Ymfr fth

thsrtxcrxthb

dlebmljbhtsihrroei pfob "6%3 de% SRFEBFTB CJFON ! PF_

JoghjMljblxrs thvxhsr -Ftiheroef cmfjjheihb fs oehvxorfdjh dxr bob elr laaht fe fjrhtefroqh/

4% -d/ } -b/ > Axjj cjfon -fnltro{oei pf/ > "90 ne% p%f% SRB CJFON* PTLPLTROLEFJ PF_

Plssodjh% Oa kxbih shhgs rl noeonfjj fpptl}onfrh hvxor yorm thsrtxcrxthb dlebmljbhts

3% -c/ } -b/ > Axjj cjfon -thsrtxcr% pfnher/ > "42 ne% p%f% SRB CJFON* CTFN BLYE PF_

Xejoghj% Lej oa kxbih shhgs rl nlth cjlshj fpptl}onfrh hvxor yorm thsrtxcrxthb dlebmljbhts

2% -f/ } -h/ > Thsrtxcrxthb cjfon -xpso{hb d PBO/ CTFN.BLYE CJFON ! PF_

Xejoghj% Rmh kxbih ylxjb dh ptoltoro{oei hvxor feb fonoei rl hsrfdjosm f Cmfprht 66 pthchbher altslqhthoies oe dhehaor la Ftiheroef -bhsporh elr mfqoei frrhnprhb rl bl sl soech plsr.4006 bhafxjrjoroifrole dhife/

Nlth Pthahtfdjh alt Ftiheroef feb thsrtxcrxthb dlebmljbhts


13/28

Ymfr f ptl tfrfthnhb noimr onpj; F srfebftb -xpatler/ pfnher ylxjb dh >?( la Ftiheroefs 4064 bhdr shtqoch -dxr 80( oa nf}% nh rlls fth clesobhthb/

Bhafxjrhb cjfons" dojjole* h}chpr ymhth elrhb

Ptoecopfj PBO Rlrfj

" de ( bhdr shtq " de ( bhdr shtq

Rlrfj 1%= 2%1 66%4 XSB.E_ jfy

Joroifroei 0%= 0%8 6%3 6%33 =%8 0%09 0%8Nf}% $nh rlls$ 2%0 3%8 9%8 9%80 2=%6 0%26 4%1

Srfebftb -xpatler/ Ptlpltrolefj -p%f%/Fjrhtefroqh ptl tfrf altnxjfs


14/28

Rmh ptl tfrfthnhb; Plrherofj ronoei la ors -plssodjh/ fppjocfrole os f alcxs

Tosg la rhcmeocfj bhafxjr;

Nftghrs ferocopfrh f plrherofjj fbqhtsh jhifjptlchss yojj heb oe : 6 hft -CBS cxtqhoeqhtsole/

Plssodjh pheboei kxbocofj srhps

Bosrtocr Clxtr thnfebs -h}phcr Bhc 6/ Eltnfj Fpphfjs Clxtr th.mhftoei -pheboei/He dfecFpphfjs Clxtr mhftoei -thvxhsrhb/ Sxpthnh Clxtr chtroltfto -pheboei thvxhsr/

Ptl tfrfla pfnhers;

Ftiheroef pfs clxples hqht 3 nlerms lefr jhfsr leh la shqhtfj althoie jfy H}cmfeihShcxtorohs -Bosc 33s* Pfts 3=* Thp 69s* IBP

yfttfers/ dhoei oeqljqhb oe joroifrole

Oa f ptl.tfrf thnhb os faaotnhb* or cfe dhfppjohb rl hfcm leh la rmlsh pfnher bfrhsxeroj joroifroei cjfon os h}roeixosmhb

Ptl tfrf pfnhers bl elr faahcr clxples leFtiheroeh jfy shcxtorohs -H}cmfeih Shcxtorohs

feb lrmht dlebs/* hqhe rmlsh oe XSB


15/28

Eh}r srhps; F ehtqh.ythcgoei Bhchndht yorm nfe xegelyes

H}phborhb kxbocofj ptlchss; Bosrtoc Clxtr

Elq 62; Mljblxr cthborlts aojh dtoha

Elq 61; Ftiheroef aojhs dtohaFtiheroef aojhs alt he dfec thqohyRmotb pftrohs aojh fnocxs dtohasFaaobfqor atln Ftiheroeh ilqhtenher

Elq 6?; Mljblxr cthborlts aojh dtoha

Bhc 6 ; Bosrtocr Clxtr bhjoqhts cjftoaocfroles rl Fpphfjs ClxtrBosrtocr Clxtr clesobhts phroroles rl h}rheb srfs-lt pjfoeroaas thvxhsr alt Ftiheroef rl plsr dleb/

Thsrtxcrxthb Shcxtorohs s%r% ptl tfrf; xpclnoei clxples

Lej rmlsh yorm pfnher tlxrhb qof DlE_ dlebmljbht rtxsrhh-o%h%; fjj ossxhb xebht althoie jfy* otthsphcroqh la A].bheln%/

Bhc 4; Thpxdjoc 69s -XSB.E_ jfy/

Bhc 68; IBP Yfttfers-XSB.E_ jfy feb HXT ! KP_.XG jfy/

Bhc 36; Bosclxer 33s-XSB.E_ jfy feb HXT ! KP_.XG jfy/

Nft 36; Pft 3=s-XSB.E_ jfy feb HXT ! KP_.XG jfy/c

SRF_S

OE

PJFCH

Cleroexfrole la kxbocofj ptlchss; Fpphfjs Clxtr

-


16/28

Nftghr ptocoei la rhcmeocfj bhafxjr

Nftghr mxih ahft la rhcmeocfj bhafxjryormoe leh hfts ronh os thajhcrhb oe rmhCBS cxtqh oeqhtsole

Nftghr ferocopfrole la f plrherofj noroifroeiafcrlt -o%h%* Ftiheroef th.tlxrhs thsrtxcrxthb bhdrpfnhers laa.smlth thrxteoei bhdr rl phtaltnoeisrfrxs/ os thajhcrhb oe f yobh CBS.dleb dfsos

F plrherofj th.tlxroei la pfnhers ylxjb dh EPQplsoroqh alt oeqhsrlts ioqhe rmh ehifroqh jlcfj jfypthnoxn pthqfojoei rlbf%


17/28

Yml srfebs rl dhehaor oe bhtoqfroqhs atln f txjoei fifoesr Ftiheroef FEB orsplrherofj thaxsfj rl pf mljblxrs


18/28

Tosg la rhcmeocfj bhafxjr ; Ymhth blhs or joh yormoe rmh pfnher cmfoe feb ym thsrtxcrxtoei -ctfn blye/ Fcchprfdjh rl Ftiheroef* dxr xejoghjy4. Ptl.tfrf altnxjf aljjlys fe lrmht bhaoeorole NLSR xejoghjy* xefcchprfdjh rl Fti

Pfs DlE_ axebs alt thsrtxcrxthb dlebs NLSR joghjy oa srfys h}rheb lt DlE_ thchoqhs Th.tlxrhs pfnhers alt thsrtxcrxthb dlebs Ptfcrocfj boaaocxjrohs* fe lprole oa DlE_ thkhcrs

6. Xshs CFC rl ctfn.blye -onpjohs cmfeih jhiosjfrole/

4. Laahts h}cmfeih -onpjohs cmfeih jhiosjfrole/ Bhafxjrs le fjj thsrtxcrxthb dlebs Xejoghjy

FTI-Ds Fs/

Laa.smlth Le.smlth


21/28

BRC

Hxtlcjhft

Axebs fthbosrtodxrhb

Tosg la rhcmeocfj bhafxjr ; F pfnher cmfoe os fs srtlei fs ors yhfghsr joeg

DlE_-Ds Fs/

DlE_-E_/

XSB E_ jfyThiosrhthb Mljbht

Chbh Cl%

HXT* KP_XG jfy

Thiosrhthb MljbhtDlE_

PftrocopferMljbht

PftrocopferMljbht

DhehaocoftMljbht

DhehaocoftMljbht

Dlebmljbht rtxsrhh

Ptlphtry osrtfesahtthb

Ldjoifrole osh}roeixosmhb

Axebs fthbosplsfdjh

DlE_s LPROLES; Thaxshs pfnher ELR joghjy oe Bhchndht-thvxoths ?0 bf elroch/ Thchoqhs pfnher -ihehtfroei cleajocr dhryhhe 6 feb 4/

6. Thrfoes axebs,shhgs clxtr ixobfech NLSR joghjy -oa srfys joarhb/DXR tosgs joroifrole atln dlebmljbhts

4. Rtfesahts axebs rl thiosrhthb mljbhts NLSR joghjy -oa srfys h}rheb/DXR tosgs clerhnpr la clxtr,foboei feb fdhrroei cmftihs -oa elr/

3. Rtfesahts axebs rl clxtr ELR joghjy -ltbht os ELR fe frrfcmnher/

FTI-Ds Fs/

Laa.smlth Le.smlth


22/28

BRC

Hxtlcjhft



DlE_-Ds Fs/

DlE_-E_/


Chbh Cl%

HXT* KP_XG jfy


PftrocopferMljbht

PftrocopferMljbht

DhehaocoftMljbht

DhehaocoftMljbht

Dlebmljbht rtxsrhh



Axebs fthbosplsfdjh

BH KXTH DLTBHTJOEH BHRHTNOEOEIRHCMEOCFJ BHAFXJR-plrherofjj bospxrhb d Ftiheroef/ Dlebs fcchjhtfrh -30 bf itfch* 48( qlrh/ Dlebs ctlss.bhafxjr CBS rtoiihts -2 cleboroles* OSBF qlrh/

6. Ele.pfnher4. Nltfrltoxn3. Thsrtxcrxtoei2. Fcchjhtfrole

FTI-Ds Fs/

Laa.smlth Le.smlth


23/28


DlE_-Ds Fs/

DlE_-E_/


Chbh Cl%

HXT* KP_XG jfy


PftrocopferMljbht

PftrocopferMljbht

DhehaocoftMljbht

DhehaocoftMljbht

Dlebmljbht rtxsrhh



Axebs fthbosplsfdjh

Dxsoehss fs xsxfj

FTI-Ds Fs/

BRC

Hxtlcjhft


Laa.smlth Le.smlth


24/28

Plrherofj spojj.lqht atln rhcmeocfj bhafxjr; Oebh} hjoiodojor,oeqhsrlt splesltsmop

H}rhtefj bhdr oebh} hjoiodojor;

F rhcmeocfj bhafxjr oe feb la orshja -o%h% Ftiheroefrtfesahts ptlphtr la axebs rl DlE_ rtxsrhh dxrldjoifrole os elr h}roeixosmhb fs DlE_ blhs elr cthborChbh feb 48( la dlebmljbhts fcchjhtfrh/ ylxjb elrcfxsh thnlqfj atln rmh HNDO sxorh -HNDO'* HNDOIjldfj feb HNDO Ijldfj Boqhtsoaohb/% Alt oesrfech* elrh

rmfr cxttherj* Dhjo{h feb Oqlt Clfsr thnfoe oe rmhoebh} feb rmfr Ftiheroef thnfoehb oe rmh oebh} oe 4004ptolt rl rmh ltoioefj h}cmfeih%

Rmh ptonft afcrlts rl bhrhtnoeh oebh} hjoiodojor iloeialtyftb fth so{h* jovxobor feb jhifjor%

Rmh oesrtxnhers ehhb rl nfoerfoe fr jhfsr XS"800nojjole lxrsrfeboei feb mfqh sxaaocoher jovxobor rl ihrbfoj ptocoei%

Rmh dlebs nxsr fjsl thnfoe I.9 jfy -feb pf lxr oeXSB/% F plrherofj h}cmfeih lt sxcchssaxj th.tlxroei lapfnhers d Ftiheroef rmfr thpjfchs h}osroei althoiejfy yorm jlcfj jfy -lt jlcfj cxtthec/ oesrtxnhers ylxjbthsxjr oe thnlqfj atln rmh HNDO sxorh* hqhe ymheltoioefj cfsm ajlys fth elr cmfeihb%

Ftiheroef; Oebh} yhoimrs

( la rlrfj

l f

Boqhtsoaohb HNDO Ijldfj

Rlrfj 6%81 6%0?FT Bosclxer =%4=( bxh 33 0%19 0%29FT Bosclxer =%4=( bxh 33 H}cm 0%42 0%69FT Pft Srhp.xp bxh 3= 0%28 0%36FT Thpxdjoc = 3,2( bxh 69 0%6? 0%62


25/28

Plrherofj spoj j.lqht atln rhcmeocfj bhafxjr ; Rmh hcleln feb rmh ptoqfrh shcrlt

80

10

90

=0

?0

600

660

Kfe 66 Kxj 66 Kfe 64 Kxj 64

XS

Srlcg nftghr qfjxfrole

Dtf{oj

Oebh}* Kfe 4066>600

Ftiheroef

f/ Ftiheroef h jhcrole7 d/ Cfporfj clertljs7 c/ _PA efrolefjo{frole7 b/ E_ joroifrole

f d c b

0

8

60

68

40

Kfe 60 Nfy 60 Lcr 60 Nft 66 Fxi 66 Kfe 64 Kxe 64

Oerhthsr tfrh

Blnhsroc oerhthsr tfrh feb laaocofj h}cmfei h tfrh

FTS,XSB

-30.bfy bhpthcofrole /

(* p%f%

0

60

40

30

20

80

0

6

4

3

2

8

400= 400? 4060 4066 4064

" de* dlrm f}hs

Nlerm j ptoqfrh cfporfj lxrajlys feb pftfjjhj h}cmfeih tfrh

KPN hsronfrhs alt Lcrldht 4064

Cfporfj clertl js

XSBFTS ifp ytr spl r tfrh

-onpjohb oe dleb ptochs/

Lxrajlys+

DCTF roimrj nfefihs laaocofj A] tfrh -thjhqfer alt nhtcmfeboshrtfbh feb bhdr rtfesfcroles/ feb blnhsroc oerhthsr tfrhs

Cltpltfrh qfjxfroles mfqh sxaahthb oecthfsoeij atlnobolsectfroc tosgs soech cfporfj clertljs yhth pxr oe pjfch

Moimht cthbor tosg pthnof atln f rhcmeocfj bhafxjr cfe axtrmhtbhqfjxh cltpltfrh hvxor

Cfporfj clertljs mfqh ptlqhe haahcroqh rl hjonoefrh ehrptoqfrh shcrlt lxrajlys d nob.hft 4064% Fr rmh sfnh ronh*cfporfj clertljs mfqh ptlbxchb f smftp yobheoei la rmhpftfjjhj phsl h}cmfeih tfrh -thjhqfer alt cfporfj fcclxerrtfesfcroles/

Bothcr hclelnoc cleshvxhechs -o%h% cfporfj lxrajlys/ la fpftrofj rhcmeocfj bhafxjr -oeqljqoei 44( la slqhthoie dlebs/nf dh clesrtfoehb ehft.rhtn bxh rl -f/ haahcroqhehss lacfporfj clertljs rl jonor DlP onpfcr feb -d/ xebht.jhqhthbptoqfrh feb pxdjoc shcrlt dfjfech smhhrs

Oebothcr cleshvxhechs -o%h% jonorhb h}rhtefj cfph} aoefecoei*

efttlyht rtfbh dfjfech feb oecthfshb hclelnoc osljfrole/srhnnoei atln f pftrofj rhcmeocfj bhafxjr thnfoe f clechte


26/28

Boscjlsxths

Fefjsr Chtroaocfrole; Rmh thshftcm fefjsr-s/ bhelrhb d fe FC le rmh clqht la rmos thpltr chtroaohs -lt* ymhth nxjropjh thshftcm fefjsrs fth ptonftoj thsplesodjhalt rmos thpltr* rmh thshftcm fefjsr bhelrhb d fe FC le rmh clqht lt yormoe rmh blcxnher oeboqobxfjj chtroaohs* yorm thsphcr rl hfcm shcxtor lt ossxht rmfr rmhthshftcm fefjsr clqhts oe rmos thshftcm/ rmfr; -6/ fjj la rmh qohys h}pthsshb oe rmos thpltr fccxtfrhj thajhcr mos lt mht phtslefj qohys fdlxr fe feb fjj la rmh sxdkhcr

shcxtorohs lt ossxhts7 feb -4/ el pftr la fe la rmh thshftcm fefjsr)s clnphesfrole yfs* os* lt yojj dh bothcrj lt oebothcrj thjfrhb rl rmh sphcoaoc thclnnhebfroles ltqohys h}pthsshb d rmh thshftcm fefjsr-s/ oe rmos thpltr%

Cleajocr la Oerhthsr

Rmos thshftcm clerfoes rmh qohys* lpoeoles feb thclnnhebfroles la K%P% Nltife thshftcm fefjsrs% K%P% Nltife mfs fblprhb thshftcm cleajocr la oerhthsrpljocohs* oecjxboei ptlmodoroles le ele.thshftcm phtsleehj oeajxhecoei rmh clerher la thshftcm% Thshftcm fefjsrs srojj nf sphfg rl K%P% Nltife rtfboeibhsg phtsleehj oe altnxjfroei qohys* lpoeoles feb thclnnhebfroles% Rtfboei bhsgs nf rtfbh* lt mfqh rtfbhb* fs ptoecopfj le rmh dfsos la rmh thshftcmfefjsrs qohys feb thshftcm% Rmhthalth* rmos thshftcm nf elr dh oebhphebher atln rmh ptlptohrft oerhthsrs la K%P% Nltife rtfboei bhsgs ymocm nfcleajocr yorm lxt oerhthsrs% Fs f ihehtfj nfrrht* K%P% Nltife feb,lt ors faaojofrhs rtfbh fs ptoecopfj oe cleehcrole yorm nfgoei nftghrs oe ao}hb oeclnhshcxtorohs boscxsshb oe thshftcm thpltrs%

Onpltrfer Boscjlsxths

H}pjfefrole la Cthbor Thshftcm Tfroeis;Tfroeis Ssrhn; K%P% Nltife xshs rmh aljjlyoei shcrlt,ossxht pltraljol yhoimroeis; Lqhtyhoimr -lqht rmh eh}r rmthh nlerms* rmh thclnnhebhb tosg plsorole osh}phcrhb rl lxrphtaltn rmh thjhqfer oebh}* shcrlt* lt dhecmnftg/* Ehxrtfj -lqht rmh eh}r rmthh nlerms* rmh thclnnhebhb tosg plsorole os h}phcrhb rl phtaltn oe joehyorm rmh thjhqfer oebh}* shcrlt* lt dhecmnftg/* feb Xebhtyhoimr -lqht rmh eh}r rmthh nlerms* rmh thclnnhebhb tosg plsorole os h}phcrhb rl xebhtphtaltn rmh thjhqferoebh}* shcrlt* lt dhecmnftg/% K%P% Nltife)s Hnhtioei Nftghr thshftcm xshs f tfroei la Nftghryhoimr* ymocm os hvxoqfjher rl f Ehxrtfj tfroei%

Qfjxfrole ! Nhrmlbljli; Oe K%P% Nltife)s cthbor thshftcm* yh fssoie f tfroei rl hfcm ossxht -Lqhtyhoimr* Xebhtyhoimr lt Ehxrtfj/ dfshb le lxt cthbor qohy la rmhossxht feb rmh thjfroqh qfjxh la ors shcxtorohs* rfgoei oerl fcclxer rmh tfroeis fssoiehb rl rmh ossxht d cthbor tfroei fihecohs feb rmh nftghr ptochs alt rmh ossxht)sshcxtorohs% Lxt cthbor qohy la fe ossxht os dfshb xple lxt lpoeole fs rl ymhrmht rmh ossxht yojj dh fdjh shtqoch ors bhdr ldjoifroles ymhe rmh dhclnh bxh feb pffdjh%Yh fsshss rmos d fefj{oei* fnlei lrmht rmoeis* rmh ossxht)s cthbor plsorole xsoei srfebftb cthbor tfrols sxcm fs cfsm ajly rl bhdr feb ao}hb cmftih clqhtfih-oecjxboei feb h}cjxboei cfporfj oeqhsrnher/% Yh fjsl fefj{h rmh ossxht)s fdojor rl ihehtfrh cfsm ajly d thqohyoei srfebftb lphtfrolefj nhfsxths alt clnpftfdjhclnpfeohs oe rmh shcrlt* sxcm fs thqhexh feb hfteoeis itlyrm tfrhs* nftioes* feb rmh clnplsorole la rmh ossxht)s dfjfech smhhr thjfroqh rl rmh lphtfrolefj jhqhtfih oeors dxsoehss%

Fefjsrs) Clnphesfrole; Rmh thshftcm fefjsrs thsplesodjh alt rmh pthpftfrole la rmos thpltr thchoqh clnphesfrole dfshb xple qftolxs afcrlts* oecjxboei rmh vxfjorfeb fccxtfc la thshftcm* cjoher ahhbdfcg* clnphroroqh afcrlts* feb lqhtfjj aotn thqhexhs* ymocm oecjxbh thqhexhs atln* fnlei lrmht dxsoehss xeors* OesrorxrolefjHvxorohs* Ao}hb Oeclnh* feb Oeqhsrnher Dfegoei%

Lrmht Boscjlsxths

K%P% Nltife -$KPN$/ os rmh ijldfj dtfeb efnh alt K%P% Nltife Shcxtorohs JJC -$KPNS$/ feb ors faaojofrhs yltjbyobh% K%P% Nltife Cf{helqh os f nftghroei efnh alt rmhX%G% oeqhsrnher dfegoei dxsoehsshs feb HNHF cfsm hvxorohs feb hvxor thshftcm dxsoehsshs la KPNltife Cmfsh ! Cl% feb ors sxdsoboftohs% VOD Lej

Lproles thjfrhb thshftcm; Oa rmh oealtnfrole clerfoehb mhthoe thiftbs lproles thjfrhb thshftcm* sxcm oealtnfrole os fqfojfdjh lej rl phtsles yml mfqh thchoqhb rmhptlpht lprole tosg boscjlsxth blcxnhers% Alt f clp la rmh Lprole Cjhftoei Cltpltfrole)s Cmftfcrhtosrocs feb Tosgs la Srfebftbo{hb Lproles* pjhfsh clerfcr lxt K%P%Nltife Thpthsherfroqh lt qosor rmh LCC)s yhdsorh fr mrrp;,,yyy%lprolescjhftoei%cln,pxdjocfroles,tosgs,tosgsrlc%pba


27/28

Boscjlsxths

Jhifj Herorohs BoscjlsxthsX%S%; KPNS os f nhndht la E_SH* AOETF* SOPC feb rmh EAF% KPNltife Cmfsh Dfeg* E%F% os f nhndht la ABOC feb os fxrmlto{hb feb thixjfrhb oe rmh XG d rmhAoefecofj Shtqochs Fxrmltor% X%G%; K%P% Nltife Shcxtorohs pjc -KPNS pjc/ os f nhndht la rmh Jleble Srlcg H}cmfeih feb os fxrmlto{hb feb thixjfrhb d rmh Aoefecofj

Shtqochs Fxrmltor% Thiosrhthb oe Heijfeb ! Yfjhs El% 4966001% Thiosrhthb Laaoch 48 Dfeg Srthhr* Jleble* H62 8KP% Slxrm Fatocf; K%P% Nltife Hvxorohs Jonorhb os fnhndht la rmh Klmfeehsdxti Shcxtorohs H}cmfeih feb os thixjfrhb d rmh ASD% Mlei Glei; K%P% Nltife Shcxtorohs -Fsof Pfcoaoc/ Jonorhb -CH exndht FFK346/ osthixjfrhb d rmh Mlei Glei Nlehrft Fxrmltor feb rmh Shcxtorohs feb Axrxths Clnnossole oe Mlei Glei% Glthf; K%P% Nltife Shcxtorohs -Aft Hfsr/ Jrb* Shlxj Dtfecm*os thixjfrhb d rmh Glthf Aoefecofj Sxphtqoslt Shtqoch% Fxsrtfjof; K%P% Nltife Fxsrtfjof Jonorhb -FDE 84 004 === 066,FAS Jochech El; 43=6==/ os thixjfrhb d FSOCfeb K%P% Nltife Shcxtorohs Fxsrtfjof Jonorhb -FDE 16 003 428 432,FAS Jochech El; 43=011/ os f Nftghr Pftrocopfer yorm rmh FS] feb thixjfrhb d FSOC% Rfoyfe;K%P%Nltife Shcxtorohs -Rfoyfe/ Jonorhb os f pftrocopfer la rmh Rfoyfe Srlcg H}cmfeih -clnpfe.rph/ feb thixjfrhb d rmh Rfoyfe Shcxtorohs feb Axrxths Dxthfx%Oebof; K%P% Nltife Oebof Ptoqfrh Jonorhb* mfqoei ors thiosrhthb laaoch fr K%P% Nltife Rlyht* Laa% C%S%R% Tlfb* Gfjoef* Sferfctx{ Hfsr* Nxndfo . 2000?=* os f nhndht larmh Efrolefj Srlcg H}cmfeih la Oebof Jonorhb -SHDO Thiosrtfrole Exndht . OED 430198436,OEA 430198436,OEH 430198436/ feb Dlndf Srlcg H}cmfeih Jonorhb -SHDOThiosrtfrole Exndht . OED 060198439,OEA 060198439/ feb os thixjfrhb d Shcxtorohs feb H}cmfeih Dlftb la Oebof% Rmfojfeb; KPNltife Shcxtorohs -Rmfojfeb/ Jonorhbos f nhndht la rmh Srlcg H}cmfeih la Rmfojfeb feb os thixjfrhb d rmh Noeosrt la Aoefech feb rmh Shcxtorohs feb H}cmfeih Clnnossole% Oeblehsof; PR K%P% NltifeShcxtorohs Oeblehsof os f nhndht la rmh Oeblehsof Srlcg H}cmfeih feb os thixjfrhb d rmh DFPHPFN JG% Pmojoppoehs; K%P% Nltife Shcxtorohs Pmojoppoehs Oec% os fnhndht la rmh Pmojoppoeh Srlcg H}cmfeih feb os thixjfrhb d rmh Shcxtorohs feb H}cmfeih Clnnossole% Dtf{oj; Dfecl K%P% Nltife S%F% os thixjfrhb d rmh Clnossflbh Qfjlths Nldojoftols -CQN/ feb d rmh Chertfj Dfeg la Dtf{oj% Nh}ocl; K%P% Nltife Cfsf bh Dljsf* S%F% bh C%Q%* K%P% Nltife Itxpl Aoefecohtl os f nhndht la rmh

Nh}ocfe Srlcg H}cmfeih feb fxrmlto{hb rl fcr fs f dtlght bhfjht d rmh Efrolefj Dfegoei feb Shcxtorohs H}cmfeih Clnnossole% Soeifplth; Rmos nfrhtofj os ossxhbfeb bosrtodxrhb oe Soeifplth d K%P% Nltife Shcxtorohs Soeifplth Ptoqfrh Jonorhb -KPNSS/ WNOCF -P/ 0==,02,4064 feb Cl% Thi% El%; 6??208338T^ ymocm os f nhndhtla rmh Soeifplth H}cmfeih Shcxtorohs Rtfboei Jonorhb feb os thixjfrhb d rmh Nlehrft Fxrmltor la Soeifplth -NFS/ feb,lt KPNltife Cmfsh Dfeg* E%F%* Soeifplthdtfecm -KPNCD Soeifplth/ ymocm os thixjfrhb d rmh NFS% Nfjfsof; Rmos nfrhtofj os ossxhb feb bosrtodxrhb oe Nfjfsof d KPNltife Shcxtorohs -Nfjfsof/ Sbe Dmb-6=621.]/ ymocm os f Pftrocopfroei Ltifeo{frole la Dxtsf Nfjfsof Dhtmfb feb f mljbht la Cfporfj Nftghrs Shtqochs Jochesh ossxhb d rmh Shcxtorohs Clnnossole oeNfjfsof% Pfgosrfe; K% P% Nltife Pfgosrfe Dtlgoei -Pqr%/ Jrb os f nhndht la rmh Gftfcmo Srlcg H}cmfeih feb thixjfrhb d rmh Shcxtorohs feb H}cmfeih Clnnossole laPfgosrfe% Sfxbo Ftfdof; K%P% Nltife Sfxbo Ftfdof Jrb% os fxrmlto{hb d rmh Cfporfj Nftghr Fxrmltor la rmh Goeibln la Sfxbo Ftfdof -CNF/ rl cftt lxr bhfjoei fs fefiher* fttfeioei* fbqosoei feb cxsrlb* yorm thsphcr rl shcxtorohs dxsoehss xebht jochechexndht 38.0909? feb ors thiosrhthb fbbthss os fr =rm Ajllt* Fj.AfosfjofmRlyht* Goei Afmfb Tlfb* P%L% Dl} 86?09* Tofbm 66883* Goeibln la Sfxbo Ftfdof% Bxdfo; KPNltife Cmfsh Dfeg* E%F%* Bxdfo Dtfecm os thixjfrhb d rmh BxdfoAoefecofj Shtqochs Fxrmltor -BASF/ feb ors thiosrhthb fbbthss os Bxdfo Oerhtefrolefj Aoefecofj Cherth . Dxojboei 3* Jhqhj 9* PL Dl} 801886* Bxdfo* XFH%

Ihehtfj; Fbborolefj oealtnfrole os fqfojfdjh xple thvxhsr% Oealtnfrole mfs dhhe ldrfoehb atln slxtchs dhjohqhb rl dh thjofdjh dxr KPNltife Cmfsh ! Cl% lt ors faaojofrhsfeb,lt sxdsoboftohs -cljjhcroqhj K%P% Nltife/ bl elr yfttfer ors clnpjhrhehss lt fccxtfc h}chpr yorm thsphcr rl fe boscjlsxths thjfroqh rl KPNS feb,lt ors faaojofrhs feb

rmh fefjsr)s oeqljqhnher yorm rmh ossxht rmfr os rmh sxdkhcr la rmh thshftcm% Fjj ptocoei os fs la rmh cjlsh la nftghr alt rmh shcxtorohs boscxsshb* xejhss lrmhtyosh srfrhb%Lpoeoles feb hsronfrhs clesrorxrh lxt kxbinher fs la rmh bfrh la rmos nfrhtofj feb fth sxdkhcr rl cmfeih yormlxr elroch% Pfsr phtaltnfech os elr oebocfroqh la axrxththsxjrs% Rmos nfrhtofj os elr oerhebhb fs fe laaht lt sljocorfrole alt rmh pxtcmfsh lt sfjh la fe aoefecofj oesrtxnher% Rmh lpoeoles feb thclnnhebfroles mhthoe bl elr rfghoerl fcclxer oeboqobxfj cjoher cotcxnsrfechs* ldkhcroqhs* lt ehhbs feb fth elr oerhebhb fs thclnnhebfroles la pftrocxjft shcxtorohs* aoefecofj oesrtxnhers lt srtfrhiohs rlpftrocxjft cjohers% Rmh thcopoher la rmos thpltr nxsr nfgh ors lye oebhphebher bhcosoles thiftboei fe shcxtorohs lt aoefecofj oesrtxnhers nherolehb mhthoe% KPNSbosrtodxrhs oe rmh X%S% thshftcm pxdjosmhb d ele.X%S% faaojofrhs feb fcchprs thsplesodojor alt ors clerhers% Phtolboc xpbfrhs nf dh ptlqobhb le clnpfeohs,oebxsrtohsdfshb le clnpfe sphcoaoc bhqhjlpnhers lt feelxechnhers* nftghr cleboroles lt fe lrmht pxdjocj fqfojfdjh oealtnfrole% Cjohers smlxjb clerfcr fefjsrs feb h}hcxrhrtfesfcroles rmtlxim f K%P% Nltife sxdsoboft lt faaojofrh oe rmhot mlnh kxtosbocrole xejhss ilqhteoei jfy phtnors lrmhtyosh%


28/28

BoscjlsxthsClxert feb Thiole Sphcoaoc BoscjlsxthsX%G% feb Hxtlphfe Hclelnoc Fthf -HHF/; Xejhss sphcoaohb rl rmh clertft* ossxhb feb fpptlqhb alt bosrtodxrole oe rmh X%G% feb rmh HHF d KPNS pjc% Oeqhsrnherthshftcm ossxhb d KPNS pjc mfs dhhe pthpfthb oe fccltbfech yorm KPNS pjc)s pljocohs alt nfefioei cleajocrs la oerhthsr ftosoei fs f thsxjr la pxdjocfrole febbosrtodxrole la oeqhsrnher thshftcm% Nfe Hxtlphfe thixjfrlts thvxoth f aotn rl hsrfdjosm* onpjhnher feb nfoerfoe sxcm f pljoc% Rmos thpltr mfs dhhe ossxhb oe rmhX%G% lej rl phtsles la f goeb bhsctodhb oe Ftrocjh 6? -8/* 3=* 29 feb 2? la rmh Aoefecofj Shtqochs feb Nftghrs Fcr 4000 -Aoefecofj Ptlnlrole/ Ltbht 4008 -fjj sxcmphtsles dhoei thahtthb rl fs $thjhqfer phtsles$/% Rmos blcxnher nxsr elr dh fcrhb le lt thjohb le d phtsles yml fth elr thjhqfer phtsles% Fe oeqhsrnher ltoeqhsrnher fcroqor rl ymocm rmos blcxnher thjfrhs os lej fqfojfdjh rl thjhqfer phtsles feb yojj dh heifihb oe lej yorm thjhqfer phtsles% Oe lrmht HHF clxertohs* rmhthpltr mfs dhhe ossxhb rl phtsles thiftbhb fs ptlahssolefj oeqhsrlts -lt hvxoqfjher/ oe rmhot mlnh kxtosbocrole% Fxsrtfjof; Rmos nfrhtofj os ossxhb feb bosrtodxrhb dKPNSFJ oe Fxsrtfjof rl $ymljhsfjh cjohers$ lej% KPNSFJ blhs elr ossxh lt bosrtodxrh rmos nfrhtofj rl $thrfoj cjohers$% Rmh thcopoher la rmos nfrhtofj nxsr elr bosrtodxrh orrl fe rmotb pftr lt lxrsobh Fxsrtfjof yormlxr rmh ptolt ytorrhe clesher la KPNSFJ% Alt rmh pxtplshs la rmos pftfitfpm rmh rhtns $ymljhsfjh cjoher$ feb $thrfoj cjoher$mfqh rmh nhfeoeis ioqhe rl rmhn oe shcrole 916I la rmh Cltpltfroles Fcr 4006% Ihtnfe; Rmos nfrhtofj os bosrtodxrhb oe Ihtnfe d K%P% Nltife Shcxtorohs pjc*Atfegaxtr Dtfecm feb K%P%Nltife Cmfsh Dfeg* E%F%* Atfegaxtr Dtfecm ymocm fth thixjfrhb d rmh Dxebhsfesrfjr at Aoefe{bohesrjhosrxeisfxasocmr% Mlei Glei; Rmh6( lyehtsmop boscjlsxth fs la rmh pthqolxs nlerm heb sfrosaohs rmh thvxothnhers xebht Pftfitfpm 61%8-f/ la rmh Mlei Glei Clbh la Clebxcr alt Phtsles Jocheshbd lt Thiosrhthb yorm rmh Shcxtorohs feb Axrxths Clnnossole% -Alt thshftcm pxdjosmhb yormoe rmh aotsr rhe bfs la rmh nlerm* rmh boscjlsxth nf dh dfshb le rmhnlerm heb bfrf atln ryl nlerms ptolt%/ K%P% Nltife Dtlgoei -Mlei Glei/ Jonorhb os rmh jovxobor ptlqobht,nftghr nfght alt bhtoqfroqh yfttfers* cfjjfdjh dxjj dhftclertfcrs feb srlcg lproles josrhb le rmh Srlcg H}cmfeih la Mlei Glei Jonorhb% Fe xpbfrhb josr cfe dh alxeb le MGH} yhdsorh; mrrp;,,yyy%mgh}%cln%mg% Kfpfe;Rmhth os f tosg rmfr f jlss nf lccxt bxh rl f cmfeih oe rmh ptoch la rmh smfths oe rmh cfsh la smfth rtfboei* feb rmfr f jlss nf lccxt bxh rl rmh h}cmfeih tfrh oe rmhcfsh la althoie smfth rtfboei% Oe rmh cfsh la smfth rtfboei* KPNltife Shcxtorohs Kfpfe Cl%* Jrb%* yojj dh thchoqoei f dtlghtfih ahh feb clesxnprole rf} -smlxmo{ho/cfjcxjfrhb d nxjropjoei rmh h}hcxrhb ptoch d rmh clnnossole tfrh ymocm yfs oeboqobxfjj fithhb dhryhhe KPNltife ShcxtorohsKfpfe Cl%* Jrb%* feb rmh cxsrlnht oefbqfech% Aoefecofj Oesrtxnhers Aotns; KPNltife Shcxtorohs Kfpfe Cl%* Jrb%* Gferl Jlcfj Aoefech Dxthfx -goesml/ El% =4 Pftrocopfroei Fsslcofrole , Kfpfe ShcxtorohsBhfjhts Fsslcofrole* Rmh Aoefecofj Axrxths Fsslcofrole la Kfpfe* Rph OO Aoefecofj Oesrtxnhers Aotns Fsslcofrole feb Kfpfe Oeqhsrnher Fbqoshts Fsslcofrole% Glthf;Rmos thpltr nf mfqh dhhe hborhb lt clertodxrhb rl atln ronh rl ronh d faa ojofrhs la K%P% Nltife Shcxtorohs -Aft Hfsr/ Jrb* Shlxj Dtfecm% Soeifplth; KPNSS feb,lt orsfaaojofrhs nf mfqh f mljboei oe fe la rmh shcxtorohs boscxsshb oe rmos thpltr7 alt shcxtorohs ymhth rmh mljboei os 6( lt ithfrht* rmh sphcoaoc mljboei os boscjlshb oe rmhOnpltrfer Boscjlsxths shcrole fdlqh% Oebof; Alt ptoqfrh cotcxjfrole lej* elr alt sfjh% Pfgosrfe; Alt ptoqfrh cotcxjfrole lej* elr alt sfjh% Ehy [hfjfeb; Rmos nfrhtofj osossxhb feb bosrtodxrhb d KPNSFJ oe Ehy [hfjfeb lej rl phtsles ymlsh ptoecopfj dxsoehss os rmh oeqhsrnher la nleh lt yml* oe rmh clxtsh la feb alt rmh pxtplshsla rmhot dxsoehss* mfdorxfjj oeqhsr nleh% KPNSFJ blhs elr ossxh lt bosrtodxrh rmos nfrhtofj rl nhndhts la $rmh pxdjoc$ fs bhrhtnoehb oe fccltbfech yorm shcrole 3 larmh Shcxtorohs Fcr 6?9=% Rmh thcopoher la rmos nfrhtofj nxsr elr bosrtodxrh or rl fe rmotb pftr lt lxrsobh Ehy [hfjfeb yormlxr rmh ptolt ytorrhe clesher la KPNSFJ%Cfefbf; Rmh oealtnfrole clerfoehb mhthoe os elr* feb xebht el cotcxnsrfechs os rl dh clesrtxhb fs* f ptlsphcrxs* fe fbqhtroshnher* f pxdjoc laahtoei* fe laaht rl shjjshcxtorohs bhsctodhb mhthoe* lt sljocorfrole la fe laaht rl dx shcxtorohs bhsctodhb mhthoe* oe Cfefbf lt fe ptlqoech lt rhttorlt rmhthla% Fe la aht lt sfjh la rmh

shcxtorohs bhsctodhb mhthoe oe Cfefbf yojj dh nfbh lej xebht fe h}hnprole atln rmh thvxothnhers rl aojh f ptlsphcrxs yorm rmh thjhqfer Cfefbofe shcxtorohsthixjfrlts feb lej d f bhfjht ptlphtj thiosrhthb xebht fppjocfdjh shcxtorohs jfys lt* fjrhtefroqhj* pxtsxfer rl fe h}hnprole atln rmh bhfjht thiosrtfrole thvxothnheroe rmh thjhqfer ptlqoech lt rhttorlt la Cfefbf oe ymocm sxcm laaht lt sfjh os nfbh% Rmh oealtnfrole clerfoehb mhthoe os xebht el cotcxnsrfechs rl dh clesrtxhb fsoeqhsrnher fbqoch oe fe ptlqoech lt rhttorlt la Cfefbf feb os elr rfojlthb rl rmh ehhbs la rmh thcopoher% Rl rmh h}rher rmfr rmh oealtnfrole clerfoehb mhthoe thahthechsshcxtorohs la fe ossxht oecltpltfrhb* altnhb lt cthfrhb xebht rmh jfys la Cfefbf lt f ptlqoech lt rhttorlt la Cfefbf* fe rtfbhs oe sxcm shcxtorohs nxsr dh clebxcrhbrmtlxim f bhfjht thiosrhthb oe Cfefbf% El shcxtorohs clnnossole lt sonojft thixjfrlt fxrmltor oe Cfefbf mfs thqohyhb lt oe fe yf pfsshb kxbinher xple rmhshnfrhtofjs* rmh oealtnfrole clerfoehb mhthoe lt rmh nhtors la rmh shcxtorohs bhsctodhb mhthoe* feb fe thpthsherfrole rl rmh clertft os fe laahech% Bxdfo; Rmos thpltr mfsdhhe ossxhb rl phtsles thiftbhb fs ptlahssolefj cjohers fs bhaoehb xebht rmh BASF txjhs%

$Lrmht Boscjlsxths$ jfsr thqoshb Shprhndht 4?* 4064%

Clptoimr 4064 KPNltife Cmfsh ! Cl% Fjj toimrs thshtqhb% Rmos thpltr lt fe pltrole mhthla nf elr dh thptoerhb* sljb lt thbosrtodxrhb yormlxr rmh ytorrheclesher la K%P% Nltife%

Documents

JPM Argentina