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Ae}zcmuiiaùe _e` j`yo mo m`}cy oy ue` icfoiiaùe mo m`}cy czn`ea|`mcy q oy}zui}uz`mcy yonüe ue mo}ozbae`mc bcmofc mo aegczb`iaùe puo zogfol` ec yùfc fcy m`}cy m`}cy oe yâ baybcy& yaec }`bjaáe f`y zof`iaceoy puo otay}oe oe}zo offcy% _e` j`yo mo m`}cy yo mayoð` ice ue xzcxùya}c oyxoiâgaic q mojo yoz czn`ea|`m` ice ue` fùnai` icdozoe}o% Fcy m`}cy xcmzàe yoz icbx`z}amcy xcz may}ae}cy uyu`zacy q `xfai`iaceoy& xozc mojoe iceyozw`z yu ae}onzam`m q yonuzam`m `f b`znoe mo f`y ae}oz`iiaceoy mo `bjcy% F` mogaeaiaùe q moyizaxiaùe mo fcy m`}cy d`e mo yoz üeai`y x`z` baeaba|`z f` zomuem`eia` q b`taba|`z f` aemoxoemoeia` oe yu u}afa|`iaùe% Oe ue` j`yo mo m`}cy& f`y oe}am`moy q `}zaju}cy mof buemc zo`f& yo icewaoz}oe oe zonay}zcy q i`bxcy% Oy}`y oe}am`moy xuomoe yoz }`e}c cjlo}cy b`}oza`foy icbc fajzcy c gc}cnz`gâ`y& xozc }`bjaáe xozyce`y o& aeifuyc& iceiox}cy o amo`y `jy}z`i}`y% F`y oe}am`moy xcyooe `}zaju}cy q b`e}aoeoe zof`iaceoy oe}zo off`y% Dcq }`bjaáe moy}`i` f` u}afa|`iaùe mo j`yoy mo m`}cy may}zajuam`y q` puo i`m` wo| oy bày iczzaoe}o of uyc mo `zpua}oi}uz`y mo ifaoe}o"yozwamcz q }z`j`lc oe nzuxc% Fcy xzaeiax`foy xzcjfob`y puo yo noeoz`e xcz of uyc mo f` }oiecfcnâ` mo j`yoy mo m`}cy may}zajuam`y yo zogaozoe ` f` muxfaiam`m mo m`}cy q ` yu ae}onzam`m `f bcboe}c mo zo`fa|`z `i}u`fa|`iaceoy ` fcy baybcy% @mobày& of ice}zcf mo f` aegczb`iaùe xuomo icey}a}uaz ue` moywoe}`l`& mojamc ` puo yo oeiuoe}z` mayobae`m` oe magozoe}oy fci`fa|`iaceoy nocnzàgai`y% Of oypuob` mo f` j`yo mo m`}cy oy}à zoxzoyoe}`mc xcz ue icelue}c mo if`yoy puo mogaeoe f`y i`z`i}ozây}ai`y q of icbxcz}`baoe}c mo fcy cjlo}cy puo icegczb`zàe f` j`yo mo m`}cy% F` magozoeia` xzaeiax`f zoyxoi}c ` fcy bcmofcy `e}ozaczoy oy f` ec xcya}awam`m mo fcy m`}cy% Oy}c oy& ice ue` j`yo mo m`}cy }z`maiace`f& f`y cxoz`iaceoy puo yo }aoeoe puo ogoi}u`z oe fcy m`}cy yo foy xamoe ` f`y `xfai`iaceoy puo fcy uy`e% Ice ue` j`yo mo m`}cy czaoe}`m` ` cjlo}cy yuiomo fc ice}z`zac& fcy cjlo}cy bobcza|`mcy oe f` j`yo mo m`}cy ice}aoeoe }`e}c fcy m`}cy icbc f`y cxoz`iaceoy xcyajfoy ice }`foy m`}cy% Oe iaoz}c yoe}amc& yo xcmzà xoey`z oe fcy cjlo}cy icbc oe m`}cy ` fcy puo yo foy d` mc}`mc mo iaoz}` ae}ofanoeia` puo foy xozba}o y`joz iùbc icbxcz}`zyo& yae }oeoz puo `xcq`zyo oe `xfai`iaceoy ot}oze`y
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Yâe}oyay 9%0 CMJI CMJI oy ue oy}àem`z mo `iioyc ` j`yoy mo m`}cy moy`zzcff`mc xcz ypf `iioyy nzcux oe 011:& of cjlo}awc mo cmji oy d`ioz xcyajfo of `iiomoz ` iu`fpuaoz m`}c moymo iu`fpuaoz `xfai`iaùe& yae abxcz}`z puá yay}ob` mo noy}aùe mo j`yoy mo m`}cy% Yu czanoe mo m`}cy oy}à gczb`mc xcz f` xzciomoeia` mo fcy m`}cy q f` aegczb`iaùe mo iceotaùe eoioy`za` x`z` }oeoz `iioyc ` fcy baybcy& `f aey}`f`z oy}o mzawoz yazwo x`z` puo moymo ue yay}ob` baizcycg} ~aemc~y yo xuom` `iiomoz ` ue` j`yo mo m`}cy bqypf% ]`bjaáe f`y `xfai`iaceoy yce w`za`m`y& xcz olobxfc xcmobcy u}afa|`zfc x`z` izo`z ue mye `ycia`mc ` ue` j`yo mo m`}cy bqypf& mo bcmc puo euoy}z`y xànae`y `yx xcmzâ`e `iiomoz ` maid` j`yo mo m`}cy%`mc%eo} oy ue icelue}c mo if`yoy puo otxceoe yozwaiacy mo `iioyc ` m`}cy x`z` xzcnz`b`mczoy mo %eo} gz`bo~czk%`mc%eo} cgzoio `juem`eia` mo icbxceoe}oy x`z` f` izo`iaùe mo `xfai`iaceoy mo uyc icbx`z}amc mo m`}cy may}zajuam`y%Icey}a}uqo ue` x`z}o ae}onz`f mo %eo} gz`bo~czk q xzcxcziace` `iioyc ` m`}cy zof`iace`foy& tbf q mo `xfai`iaceoy% Of ycg}~`zo gueiace` mo mcy bcmcy& ice ue ycg}~`zo b`eol`mcz oe of ifaoe}o& c ue` gafcycgâ` ifaoe}o"yozwamcz% Oe of xzaboz bcmc& of mzawoz ae}ozxzo}` f`y iceotaceoy q ff`b`m`y YPF q f`y }z`muio moymo of @XA CMJI d`ia` of MJBY% Oe of yonuemc bcmc x`z` iceoi}`zyo ` f` j`yo mo m`}cy yo izo` ue` MYE moe}zc mof CMJI puo mogaeo fcy x`zàbo}zcy& zu}` q i`z`i}ozây}ai`y mo f` iceotaùe yonüe fcy m`}cy puo ycfaia}o of izo`mcz c g`jzai`e}o%
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Yâe}oyay 9%: @MC%EO] @MC%EO] y`}ayg`io mawozy`y eoioyam`moy mo moy`zzcffc& icbc f` izo`iaùe mo ifaoe}oy mo j`yo mo m`}cy gzce}"oem q cjlo}cy obxzoy`za`foy mo eawof bomac puo u}afa|`e `xfai`iaceoy& dozz`baoe}`y& foenu`loy c otxfcz`mczoy mo Ae}ozeo}% Otay}oe mcy icbxceoe}oy mo @MC%EO] puo yo xuomoe u}afa|`z x`z` cj}oeoz `iioyc ` m`}cy q b`eaxuf`zfcy< •
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Xzcwoomczoy mo m`}cy mo %EO] Gz`bo~czk
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Yâe}oyay 9%9 LMJI LMJI& oy ue` @XA puo xozba}o f` oloiuiaùe mo cxoz`iaceoy ycjzo j`yoy mo m`}cy moymo of foenu`lo mo xzcnz`b`iaùe L`w`& aemoxoemaoe}oboe}o mof yay}ob` cxoz`}awc mcemo yo oloiu}o c mo f` j`yo mo m`}cy ` f` iu`f yo `iiomo& u}afa|`emc of ma`foi}c YPF mof bcmofc mo j`yo mo m`}cy puo yo u}afaio% Of Foenu`lo mo iceyuf}` oy}zui}uz`mc oy ue foenu`lo moif`z`}awc mo `iioyc ` j`yoy mo m`}cy zof`iace`foy puo xozba}o oyxoiagai`z mawozycy }axcy mo cxoz`iaceoy ycjzo f`y bayb`y% _e` mo yuy i`z`i}ozây}ai`y oy of b`eolc mof àfnojz` q of iàfiufc zof`iace`f xozba}aoemc f`e|`z iceyuf}`y ice of gae mo zoiuxoz`z aegczb`iaùe mo ae}ozáy mo ue` j`yo mo m`}cy& mo ue` gczb` yoeiaff`% Oy ue foenu`lo mo iu`z}` noeoz`iaùe% Oy ue foenu`lo mo `iioyc ` j`yoy mo m`}cy puo otxfc}` f` gfotajafam`m q xc}oeia` mo fcy yay}ob`y zof`iace`foy xozba}aoemc nz`e w`zaom`m mo cxoz`iaceoy ycjzo fcy baybcy% YPF Of Foenu`lo mo iceyuf}` oy}zui}uz`mc oy ue foenu`lo moif`z`}awc mo `iioyc ` j`yoy mo m`}cy zof`iace`foy puo xozba}o oyxoiagai`z mawozycy }axcy mo cxoz`iaceoy ycjzo f`y bayb`y% _e` mo yuy i`z`i}ozây}ai`y oy of b`eolc mof àfnojz` q of iàfiufc zof`iace`f xozba}aoemc f`e|`z iceyuf}`y ice of gae mo zoiuxoz`z aegczb`iaùe mo ae}ozáy mo ue` j`yo mo m`}cy& mo ue` gczb` yoeiaff`%
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_EAM@M AAA ]OIECFCNÂ@Y MO ICEOI]AWAM@M @ J@YOY MO M@]CY% 9%0 CMJI ]ozbaecfcnâ` q Iceiox}cy Cxoe M`}`J`yoIceeoi}awa}q $CMJI oy ue oy}àem`z mo `iioyc ` j`yoy mo m`}cy moy`zzcff`mc xcz YPF @iioyy Nzcux oe 011:& of cjlo}awc mo CMJI oy d`ioz xcyajfo of `iiomoz ` iu`fpuaoz m`}c moymo iu`fpuaoz `xfai`iaùe& yae abxcz}`z puá yay}ob` mo noy}aùe mo j`yoy mo m`}cy $MJBY `fb`ioeo fcy m`}cy& CMJI fcnz` oy}c `f aeyoz}`z ue` i`x` ae}ozboma` $IFA moecbae`m` eawof mo Ae}ozg`| mo Ifaoe}o YPF& oe}zo f` `xfai`iaùe q of MJBY& of xzcxùya}c mo oy}` i`x` oy }z`muiaz f`y iceyuf}`y mo m`}cy mo f` `xfai`iaùe oe icb`emcy puo of MJBY oe}aoem`% X`z` puo oy}c gueiaceo }`e}c f` `xfai`iaùe icbc of MJBY mojoe yoz icbx`}ajfoy ice CMJI& oy}c oy puo f` `xfai`iaùe mojo yoz i`x`| mo xzcmuiaz icb`emcy CMJI q of MJBY mojo yoz i`x`| mo zoyxcemoz ` offcy% Moymo f` wozyaùe :%8 of oy}àem`z ycxcz}` Y@N qYPF% Of ycg}~`zo gueiace` mo mcy bcmcy& ice ue ycg}~`zo b`eol`mcz oe of ifaoe}o& c ue` gafcycgâ` ifaoe}o"yozwamcz% Oe of xzaboz bcmc& of mzawoz ae}ozxzo}` f`y iceotaceoy q ff`b`m`y YPF q f`y }z`muio moymo of @XA CMJI d`ia` of MJBY% Oe of yonuemc bcmc x`z` iceoi}`zyo ` f` j`yo mo m`}cy yo izo` ue` MYE moe}zc mof CMJI puo mogaeo fcy x`zàbo}zcy& zu}` q i`z`i}ozây}ai`y mo f` iceotaùe yonüe fcy m`}cy puo ycfaia}o of izo`mcz c g`jzai`e}o% L`w` M`}`j`yoIceeoi}awa}q $LMJI oy ue mozaw`mc aeyxaz`mc oe of baybc& ue` ae}ozg`| mo xzcnz`b`iaùe mo `xfai`iaceoy puo xozba}o f` oloiuiaùe mo cxoz`iaceoy ycjzo j`yoy mo m`}cy moymo of foenu`lo mo xzcnz`b`iaùe L`w` aemoxoemaoe}oboe}o mof yay}ob` cxoz`}awc mcemo yo oloiu}o c mo f` j`yo mo m`}cy ` f` iu`f yo `iiomo u}afa|`emc of ma`foi}c YPF mof bcmofc mo j`yo mo m`}cy puo yo u}afaio%
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9%0%: @mbaeay}z`mcz Czanoeoy mo m`}cy Cmji Czânoeoy mo m`}cy CMJI< ³Puá oy ue czanoe mo m`}cy3
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owoe}cy% Xcz olobxfc& ue ozzcz mo j`yo mo m`}cy ciuzzo iu`emc of uyu`zac ae}oe}` `fb`ioe`z ue w`fcz eufc oe ue i`bxc puo ec `mba}o w`fczoy eufcy% Iu`emc ciuzzo ue ozzcz mo j`yo mo m`}cy& of bc}cz mo j`yo mo m`}cy yujq`ioe}o puo mo}oi}` of ozzcz oewâ` eczb`fboe}o ue boey`lo mo ozzcz% Yae obj`znc& f` e`}uz`fo|` ot`i}` mof boey`lo mo ozzcz moxoemo mo f` j`yo mo m`}cy ` f` puo yo }oen` `iioyc& xcz olobxfc& fcy boey`loy mo ozzcz xzcmuiamcy xcz ue yozwamcz mo j`yo mo m`}cy zobc}c $icbc Baizcycg} YPF Yozwoz xzcj`jfoboe}o yozàe may}ae}cy mo fcy puo yo xzcmuioe ya ciuzzo ue ozzcz oe ue` }`jf` fci`f mo Wayu`f GctXzc% @mobày& fcy ozzczoy mof bc}cz yce ` woioy buq noeázaicy& xczpuo of bc}cz mo j`yo mo m`}cy ec }aoeo aegczb`iaùe ycjzo of ice}ot}c oe of puo yo `i}u`fa|` ue zonay}zc% Icbc iceyoiuoeia`& fcy boey`loy mo ozzcz xzcmuiamcy xcz ue bc}cz mo j`yo mo m`}cy yuofoe yoz boecy ü}afoy x`z` of uyu`zac mo ue` `xfai`iaùe mo Wayu`f GctXzc% X`z` ice}zcf`z ozzczoy mo j`yo mo m`}cy mo gczb` bày oyxoiâgai` x`z` f` `xfai`iaùe& xuomo izo`z moyoei`moe`mczoy ice of icb`emc IZO@]O]ZANNOZ% Of moyoei`moe`mcz yo ff`b` iu`emc yo ae}oe}` f` `i}u`fa|`iaùe mo ue zonay}zc $ofabae`z& aeyoz}`z c `i}u`fa|`z% Of iùmanc mo moyoei`moe`mcz xozyce`fa|`mc xuomo juyi`z oe}ceioy icemaiaceoy mo ozzcz oyxoiâgai`y mo f` `xfai`iaùe o aegczb`z mo off`y% Ya ice}zcf` ozzczoy mo j`yo mo m`}cy boma`e}o moyoei`moe`mczoy& mojozâ` `i}aw`z of jügoz% Mo oy}` gczb`& iu`emc yo `i}u`fa|` ue zonay}zc& yo ff`b` `f moyoei`moe`mcz xozc of zonay}zc ec yo oewâ` `u}cbà}ai`boe}o ` f` j`yo mo m`}cy yujq`ioe}o% @yâ owa}` f` xcyajafam`m mo xzcmuiaz mcy boey`loy mo ozzcz< uec mof moyoei`moe`mcz q c}zc mof bc}cz mo j`yo mo m`}cy yujq`ioe}o% X`z` izo`z boey`loy mo ozzcz xozyce`fa|`mcy boma`e}o moyoei`moe`mczoy 0% Moe}zc mo ue` gueiaùe mogaeam` xcz of uyu`zac c ue xzciomabaoe}c `fb`ioe`mc& oyizaj` yu xzcxac }ot}c mo boey`lo%
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bày wozyaceoy yabuf}àeo`boe}o q mojobcy ofonaz ue` mo off`y% F`y wozyaceoy bày zoiaoe}oy }aoeoe bày gueiace`fam`moy q }aoeoe boecy ozzczoy puo f`y `e}anu`y% F` iceotaùe ice f` j`yo mo m`}cy m`m` X`z` }z`j`l`z ice ue` j`yo mo m`}cy& xzabozc mojobcy oy}`jfoioz ue` iceotaùe ice áy}`% Oe of Gczbuf`zac& moif`z`bcy of cjlo}c BaIceotaùe& puo ecy xozba}azà f` iceotaùe ice f` j`yo mo m`}cy . moif`zc of cjlo}c BaIceotace icbc ue` w`za`jfo mo bùmufc% . Iu`emc yo aey}`eiao yozà f` iceotaùe ice f` j`yo mo m`}cy MabBaIceotace@y@MCMJ%Iceeoi}ace
Oe oy}o bcboe}c& of cjlo}c BaIceotace ycfc oy}à moif`z`mc& xozc }cm`wâ` ec otay}o xczpuo ec d` yamc aey}`eia`mc% Oe of owoe}c GczbSFc`m& aey}`eia`bcy of cjlo}c BaIceotace& q oy}`jfoiobcy f` iceotaùe ice f` j`yo mo m`}cy x`z` xcmoz icbueai`zecy ice off`% Xzaw`}o YujGczbSFc`m$ . Aey}`eiac f` iceotaùe $`dcz` f` iceotaùe otay}o Yo}BaIceotaùe 2 Eo~@MCMJ%Iceeoi}ace
^a}dBaIceotaùe . Iuzycz oe Ifaoe}o x`z` xcmoz uy`z ue M`}`Nzam %IuzyczFci`}ace 2 `m_yoIfaoe} . @jzc f` iceotaùe ice f` j`yo mo m`}cy Eox}uec%bmj uy`emc yu MYE %Cxoe *MYE2Eox}uec* Oem ^a}d Oem Yuj
Q` }oenc f` iceotaùe aey}`eia`m` q q` bo do iceoi}`mc ice f` j`yo mo m`}cy% F` `u}cxay}` oy}à `jaoz}` q gueiace`emc% @dcz` xuomc d`ioz icy`y ice f` aegczb`iaùe puo ice}aoeo f` j`yo mo m`}cy% Xuomc foozf`& oyizajazf`& jczz`zf`& bcmagai`zf`& o}i% ]`bjaáe xuomc b`eaxuf`z f` xzcxa` j`yo mo m`}cy% Xuomc izo`z }`jf`y& bcmagai`zf`y& xuomc izo`z uyu`zacy& o}i% Foc aegczb`iaùe mo f` j`yo mo m`}cy @dcz` puo }oeobcy f` iceotaùe oy}`jfoiam` ice f` j`yo mo m`}cy& puozobcy fooz aegczb`iaùe mo áy}` q bcy}z`zf` oe f` x`e}`ff`%
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Oyxoiagai`bcy f` aegczb`iaùe puo puozobcy Xzabozc& mojobcy oyxoiagai`zfo& ` f` j`yo mo m`}cy& puá aegczb`iaùe puozobcy% Oy}c yo d`io boma`e}o ue` yoe}oeia` YPF% Xcz olobxfc% Puozobcy of AM q of Ecbjzo mof xzcmui}c x`z` }cmcy fcy xzcmui}cy iuqc Ecbjzo ice}oen` f` x`f`jz` *Puoyc*% Oy}` oy f` yoe}oeia` YPF puo eoioya}`bcy YOFOI]AmXzcmui}c& EcbjzoXzcmui}c GZCB
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@ oy` w`za`jfo fo `yane`bcy ue }ot}c puo yozà f` czmoe puo fo w`bcy ` oewa`z ` f` j`yo mo m`}cy% Oy}o }ot}c oy f` yoe}oeia` YPF puo `i`j`bcy mo izo`z `zzaj`% YPF 2 *YOFOI]AmXzcmui}c& EcbjzoXzcmui}c* 'wjIzFg' S *GZCB
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Q` }oeobcy oyxoiagai`mc f` czmoe puo fo w`bcy ` oewa`z ` f` j`yo mo m`}cy x`z` puo ecy mowuofw` fcy zonay}zcy ice f` aegczb`iaùe puo puozobcy% @dcz` mojobcy izo`z ue Zoiczmyo}& puo oy of cjlo}c mo @MC mcemo yo zoiajazà f` aegczb`iaùe xzcwoeaoe}o mo f` j`yo mo m`}cy% _y`bcy ue Zoiczmyo} x`z` zoiajaz f` aegczb`iaùe moymo f` j`yo mo m`}cy Moif`z`bcy of cjlo}c Zoiczmyo} puo zoiajazà f` aegczb`iaùe mo f` j`yo mo m`}cy Mabzy@y@MCMJ%Zoiczmyo}
F` w`za`jfo *zy* zoiajazà fcy m`}cy xzcwoeaoe}oy mo f` j`yo mo m`}cy% @dcz` uy`bcy f` iceotaùe x`z` oewa`z f` czmoe ` f` j`yo mo m`}cy x`z` puo ecy mowuofw` f` aegczb`iaùe% Yo}zy 2 BaIceotace%Otoiu}o$YPF
Iu`emc yo oloiu}` f` yoe}oeia` xzowa`& f` iceotaùe *BaIceotace*& oloiu}` f` czmoe ice}oeam` oe f` w`za`jfo *YPF*% Oy}c yaneagai` puo f` czmoe oy oewa`m` ` f` j`yo mo m`}cy q áy}` zoyxcemo mowcfwaoemc f` aegczb`iaùe zopuozam`% *BaIceotace* foo oy` aegczb`iaùe xzcwoeaoe}o mo f` j`yo mo m`}cy& q f` icewaoz}o oe ue Zoiczmyo}& of iu`f oy `yane`mc `f cjlo}c *zy*% @dcz` of Zoiczmyo} *zy* }aoeo f` aegczb`iaùe puo ffonù moymo f` j`yo mo m`}cy& fay}` x`z` yoz uy`m`% @ffâ }oeobcy& }cmcy fcy zonay}zcy mo f` ]`jf` *Xzcmui}cy* puo iubxf`e ice f` icemaiaùe mo puo oe of i`bxc *EcbjzoXzcmui}c* ice}oen` f` x`f`jz` *puoyc*% Oe of Zoiczmyo} ycfc yo oeiuoe}z`e fcy i`bxcy puo oyxoiagai`bcy& *AmXzcmui}c* q *EcbjzoXzcmui}c*% Bcy}z`bcy f` aegczb`iaùe puo ice}aoeo of Zoiczmyo} oe ue M`}`Nzam Oe of Zoiczmyo} *zy* }oeobcy f` aegczb`iaùe% Oy}` aegczb`iaùe oy uy`jfo mo buid`y b`eoz`y& q` puo ice of Zoiczmyo} }`f q icbc oy}à xcmobcy zoiczzoz oy` aegczb`iaùe q b`eaxuf`zf`& `ð`maz zonay}zcy& jczz`zfcy& o}i% Yae obj`znc& oe oy}o olobxfc& puozobcy bcy}z`zf` oe ue M`}`Nzam% X`z` offc& ycfc }oeobcy puo `yane`z of Zoiczmyo} ` f` xzcxaom`m M`}`Ycuzio mof M`}`Nzam% _e` wo| doidc oy}c& of M`}`Nzam bcy}z`zà of ice}oeamc mof zoiczmyo}% Yo}M`}`Nzam0%M`}`Ycuzio 2 zy
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Iùmanc icbxfo}c mof xzcnz`b` Ec}`< X`z` puo of xzcnz`b` gueiaceo ycfc d`q puo `ð`maz ue ice}zcf M`}`Nzam `f Gczbuf`zac q ue` zogozoeia` ` Baizcycg} @i}awoT M`}` Cjloi}yT%TT Fajz`zq% Cx}aceOtxfaia}
. """""""""""""""""""""""""""""""""""""""""""""""""""""""""" . Moif`zc of cjlo}c BaIceotace icbc ue` w`za`jfo mo bùmufc% . Iu`emc yo aey}`eiao yozà f` iceotaùe ice f` j`yo mo m`}cy% . """""""""""""""""""""""""""""""""""""""""""""""""""""""""" MabBaIceotace@y@MCMJ%Iceeoi}ace
. """""""""""""""""""""""""""""""""""""""""""""""""""""""""" . @f i`zn`zyo of Gczbuf`zac d`nc of }z`j`lc% . $@puâ& ` fc yubc& ycfc mojozâ` oy}`jfoiozyo f` iceotaùe ice f` j`yo mo m`}cy& .
q f`y mobày icy`y yo mojozâ`e d`ioz oe c}zc f`mc&
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xozc oy}o oy ycfc ue olobxfc yoeiaffc
. """""""""""""""""""""""""""""""""""""""""""""""""""""""""" Xzaw`}o YujGczbSFc`m$ . """""""""""""""""""""""""""""""""""""""""""""""""""""""""" . Aey}`eiac f` iceotaùe q bo iceoi}c ice f` j`yo mo m`}cy . """""""""""""""""""""""""""""""""""""""""""""""""""""""""" Yo}BaIceotace 2 Eo~@MCMJ%Iceeoi}ace
^a}dBaIceotace . Iuzycz oe Ifaoe}o x`z` xcmoz uy`z ue M`}`Nzam %IuzyczFci`}ace 2 `m_yoIfaoe} . @jzc f` iceotaùe ice f` j`yo mo m`}cy uy`emc ue MYE %Cxoe *MYE2Eox}uec* Oem ^a}d . """""""""""""""""""""""""""""""""""""""""""""""""""""""""" . Oyxoiagaic puá aegczb`iaùe puaozc mo f` j`yo mo m`}cy . """""""""""""""""""""""""""""""""""""""""""""""""""""""""" MabYPF@y Y}zaen
YPF 2 *YOFOI] AmXzcmui}c& EcbjzoXzcmui}c* 'wjIzFg' S *Gzcb Xzcmui}cy* 'wjIzFg' S *^DOZOEcbjzoXzcmui}cFAKO ./Puoyc/.* . """""""""""""""""""""""""""""""""""""""""""""""""""""""""" . I`znc of zoiczmyo} ice f` aegczb`iaùe xzcwoeaoe}o mo f` j`yo mo m`}cy
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. """""""""""""""""""""""""""""""""""""""""""""""""""""""""" Mabzy@y@MCMJ%Zoiczmyo}
Yo}zy 2 BaIceotace%Otoiu}o$YPF . """""""""""""""""""""""""""""""""""""""""""""""""""""""""" . Buoy}zc f` aegczb`iaùe oe of M`}`Nzam . """""""""""""""""""""""""""""""""""""""""""""""""""""""""" Yo}M`}`Nzam0%M`}`Ycuzio 2 zy Oem Yuj
Ab`noe mof xzcnz`b` Yo buoy}z`e fcy `z}âiufcy mo f` ]`jf` Xzcmui}cy iuqcy ecbjzoy ice}oen`e f` x`f`jz` *puoyc*%
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9%9LMJI 9%9%0 ]ozbaecfcnâ` q iceiox}cy L`w` M`}`j`yoIceeoi}awa}q & bày iceciam` xcz yuy yanf`y LMJI& oy ue` @XA puo
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X`puo}o l`w`%ypf LMJI cgzoio of x`puo}o l`w`%ypf& oe of puo otay}oe if`yoy buq ü}afoy x`z` }z`j`l`z ice j`yoy mo m`}cy% If`yo
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98
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9%9%:%0 Loz`zpuâ` If`yoy l`w` ypf Iceyamozobcy f`y ganuz`y xf`e`y iozz`m`y icbc of zoi}àenufc& q of iâziufc% ]`foy ganuz`y icbx`z}oe i`z`i}ozây}ai`y icbueoy icbc oy f` xcyaiaùe mo f` ganuz`& mo yu ioe}zc& q of àzo` mo f` ganuz`& `uepuo of xzciomabaoe}c x`z` i`fiuf`z maid` àzo` yo` icbxfo}`boe}o may}ae}c% Xcmobcy xcz }`e}c& mayoð`z ue` loz`zpuâ` mo if`yoy& }`f puo f` if`yo j`yo moecbae`m` Ganuz`& }oen` f`y i`z`i}ozây}ai`y icbueoy q i`m` if`yo mozaw`m` f`y oyxoiâgai`y% F` if`yo Ganuz` oy f` puo ice}aoeo f`y i`z`i}ozây}ai`y icbueoy ` maid`y ganuz`y iceizo}`y xcz }`e}c& ec }aoeo gczb` ea }aoeo àzo`% Oy}c fc otxzoy`bcy moif`z`emc 90
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91
Ya ec }oeobcy aey}`f`mc ue ice}zcf`mcz mo j`yo mo m`}cy& eoioya}`zobcy yonuaz f`y aey}zuiiaceoy mo aey}`f`iaùe mof woemomcz% F` b`qczâ` mo fcy uyu`zacy }aoeoe ue ice}zcf`mcz mo j`yo mo m`}cy aey}`f`mc q }z`j`l`zàe ice ue j`yo mo m`}cy oy}`jfoiam`% Oy}`jfoioz ue` Iceotaùe Fc xzabozc puo }oeobcy puo d`ioz oy oy}`jfoioz ue` iceotaùe ice of ice}zcf`mcz mo j`yo mo m`}cy puo puozobcy u}afa|`z% Oy}c abxfai` mcy x`ycy< $0 i`zn`z of mzawoz q $: d`ioz f` iceotaùe% I`zn`z fcy Mzawozy I`zn`z of mzawoz c mzawozy puo puozobcy u}afa|`z oy buq yoeiaffc q yùfc abxfai` ue` fâeo` mo iùmanc% Ya& xcz olobxfc& puozobcy u}afa|`z of xuoe}o LMJI"CMJI& yo i`zn`zâ` f` yanuaoe}o fâeo` mo iùmanc% If`yy%gczE`bo$*yue%lmji%cmji%LmjiCmjiMzawoz*; F` mciuboe}`iaùe mof mzawoz ecy m`zà of ecbjzo mo f` if`yo ` u}afa|`z% Xcz olobxfc& ya of ecbjzo mo f` if`yo oy lmji%MzawozTQ\& i`zn`zâ`bcy of mzawoz ice oy}` fâeo` mo iùmanc% If`yy%gczE`bo$*lmji%MzawozTQ\*; Ec eoioya}`bcy izo`z ue olobxf`z mo ue mzawoz q zonay}z`zfc ice of MzawozB`e`noz xczpuo f` ff`b`m` ` If`yy%gczE`bo fc d`io `u}cbà}ai`boe}o% Ya dujaáz`bcy izo`mc euoy}zc xzcxac olobxf`z& izo`za`bcy ue muxfai`mc aeeoioy`zac& xozc ec x`y`zâ` e`m`% _e` wo| i`zn`mc of mzawoz& oy xcyajfo d`ioz ue` iceotaùe ice ue ice}zcf`mcz mo j`yo mo m`}cy% D`ioz f` Iceotaùe Of yonuemc x`yc x`z` oy}`jfoioz ue` iceotaùe oy }oeoz of mzawoz `xzcxa`mc iceoi}`mc `f ice}zcf`mcz mo j`yo mo m`}cy% F` yanuaoe}o fâeo` mo iùmanc afuy}z` f` amo` noeoz`f% Iceeoi}ace ice 2 MzawozB`e`noz%no}Iceeoi}ace$uzf& *bqFcnae*& *bqX`yy~czm*;
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9%9%= Xzc}c}axc mo `xfai`iaceoy ice iceoi}awam`m ` j`yoy mo m`}cy LMJI Mzawoz
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I`zn`z of Mzawoz AA
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9%0 CMJI
9%0%0 ]ozbaecfcnâ` q iceiox}cy
9%0%: @mbaeay}z`mcz mo czânoeoy mo m`}cy
CMJI< iceotaùe `jaoz}` mo j`yo mo m`}cy
Oe f` `zpua}oi}uz` CMJI& ue` `xfai`iaùe $icbc @iioyy c ue xzcnz`b` mo Baizcycg} Wayu`f J`yai! yo iceoi}` `f @mbaeay}z`mcz mo ice}zcf`mczoy CMJI puo& ` yu wo|& u}afa|` ue ice}zcf`mcz CMJI oyxoiâgaic $xcz olobxfc& of ice}zcf`mcz CMJI mo Baizcycg} YPF! x`z` iceoi}`zyo ` ue czanoe mo m`}cy $oe oy}o i`yc& ue` j`yo mo m`}cy mo Baizcycg} YPF Yozwoz $j`yo mo m`}cy YPF< j`yo mo m`}cy j`y`m` oe of foenu`lo YPF& foenu`lo mo iceyuf}` oy}zui}uz`mc%!!
Oy ue oy}àem`z mo `iioyc ` j`yoy mo m`}cy moy`zzcff`mc xcz YPF @iioyy Nzcux oe 011:& of cjlo}awc mo CMJI oy d`ioz xcyajfo of `iiomoz ` iu`fpuaoz m`}c moymo iu`fpuaoz `xfai`iaùe CMJI fcnz` oy}c `f aeyoz}`z ue` i`x` ae}ozboma` $IFA! moecbae`m` eawof mo Ae}ozg`| mo Ifaoe}o YPF& oe}zo f` `xfai`iaùe q of MJBY& of xzcxùya}c mo oy}` i`x` oy }z`muiaz f`y iceyuf}`y mo m`}cy mo f` `xfai`iaùe oe icb`emcy puo of MJBY oe}aoem`
9
9%0%9 Aey}`f`iaùe q iceganuz`iaùe mof mzawoz `iczmo `f noy}cz mo j`yoy mo m`}cy%
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LMJI L`w` M`}`j`yoIceeoi}awa}q
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YPF q LMJI%
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Ae}ozg`io L`w`% YPF% Y}`}oboe}%
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Aey}`f`iaùe q iceganuz`iaùe mof Mzawoz `iczmo `f noy}cz mo j`yo mo m`}cy%
Xzc}c}axc mo `xfai`iaceoy ice Iceoi}awam`m ` j`yoy mo m`}cy%
Yazwo x`z` puo moymo ue yay}ob` Baizcycg} ^aemc~y yo xuom` `iiomoz ` ue` j`yo mo m`}cy BqYPF%
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9