Obligation Capexa SA 6.875% ( USP20058AC08 ) en USD

Capexa SA

100 % ▲

Argentine

USP20058AC08 ( en USD )

6.875% par an ( paiement annuel )

15/05/2024 - Obligation échue

Prospectus brochure de l'obligation Capex SA USP20058AC08 en USD 6.875%, échue

1 000 USD

300 000 000 USD

P20058AC0

CCC+ ( Risque élevé )

N/A

CAPEX SA est une société anonyme spécialisée dans le financement et le leasing d'équipements industriels et de biens d'équipement, opérant principalement en France et parfois à l'international.

L'Obligation émise par Capexa SA ( Argentine ) , en USD, avec le code ISIN USP20058AC08, paye un coupon de 6.875% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/05/2024
L'Obligation émise par Capexa SA ( Argentine ) , en USD, avec le code ISIN USP20058AC08, a été notée CCC+ ( Risque élevé ) par l'agence de notation Standard & Poor's ( S&P ).

OFFERING MEMORANDUM

CAPEX S.A.
U.S.$300,000,000
6.875% Notes due 2024
We are offering U.S.$300,000,000 aggregate principal amount of our 6.875% % notes due 2024 (the "Notes"). The principal of the Notes
will be payable on May 15, 2024. Interest on the Notes will accrue at a rate of 6.875 % per year and will be payable semi-annually in arrears on
May 15 and November 15 of each year, commencing on November 15, 2017.
We may redeem the Notes, in whole but not in part, at any time prior to May 15, 2021, at a redemption price based on a "make-whole"
premium, plus accrued and unpaid interest. We may also redeem the Notes, in whole or in part at any time after May 15, 2021 at the prices set
forth elsewhere in this offering memorandum plus accrued and unpaid interest. At any time prior to May 15, 2021, we may redeem up to 35% of
the original principal amount of the Notes with the proceeds of certain equity offerings at a redemption price of 106.875% of the principal amount
of the Notes, plus accrued and unpaid interest. In addition, we may redeem the Notes, in whole but not in part, at a price equal to 100% of their
outstanding principal amount plus accrued and unpaid interest and any additional amounts upon the occurrence of certain changes in Argentine
tax law.
The Notes will constitute our direct, unsecured and unsubordinated obligations and will rank pari passu in right of payment with all our
other unsecured and unsubordinated indebtedness, except as otherwise provided by law. The Notes will be effectively subordinated to any of our
secured obligations to the extent of the value of the assets securing such obligations. The Notes will be structurally subordinated to the
obligations of our subsidiaries.
Investing in the Notes involves risks. See "Risk Factors" commencing on page 31 of this offering memorandum for a discussion of
certain risks that you should consider in connection with an investment in the Notes.

Issue Price: 100%, plus accrued interest, if any, from May 15, 2017

The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The Notes
may not be offered or sold within the U.S. or to U.S. persons, except to "qualified institutional buyers" ("QIBs") in reliance on the exemption
from registration provided by Rule 144A under the Securities Act ("Rule 144A") and in offshore transactions in reliance on Regulation S under
the Securities Act ("Regulation S"). Prospective purchasers are hereby notified that sellers of the Notes may be relying on the exemption from the
provisions of Section 5 of the Securities Act provided by Rule 144A. Because the Notes have not been registered, they are subject to the
restrictions on resales and transfers described under "Transfer Restrictions" in this offering memorandum.
This offering memorandum does not constitute, and may not be used for the purpose of, and offer or solicitation by anyone in any
jurisdiction in which such offer of solicitation is not authorized to any person to whom it is unlawful to make such offer or solicitation, and no
action is being taken to permit an offering of the Notes or the distribution of this offering memorandum in any jurisdiction where such action is
required.
Any offer or sale of Notes in any member state of the European Economic Area which has implemented directive 2003/71/EC (as
amended, the ``Prospectus Directive'') must be addressed to Qualified Investors (as defined in the Prospectus Directive).
The Notes will constitute non-convertible notes (obligaciones negociables simples no convertibles en acciones) under the Argentine
Negotiable Obligations Law No. 23,576, as amended (the "Argentine Negotiable Obligations Law"), will rank pari passu in right of payment
with all of our unsecured and unsubordinated indebtedness, except as otherwise provided by law, will be issued and placed in accordance with
such law, Law No. 26,831 on Capital Markets (the "Argentine Capital Markets Law"), Decree No. 1023/2013 implementing the Capital Markets
Law, as amended and supplemented, rules issued by the Argentine securities commission (the Comisión Nacional de Valores, or "CNV")
according to General Resolution No. 622/2013, as amended and supplemented, and any other applicable law and/or regulation, and will have the
benefits provided thereby and will be subject to the procedural requirements therein set forth.
The notes will be offered to the public in Argentina by means of an Argentine prospectus and an Argentine pricing supplement in the
Spanish language implementing a program for the issue of notes thereunder (the "Program"). The Program was approved by our shareholders on
March 15, 2017, and the issuance of the Notes was approved by our board of directors on April 18, 2017, by delegation of authority granted by
our shareholders on March 15, 2017. The Program and the issue of the Notes have been authorized by the CNV pursuant to Resolutions No.
18,632, dated April 27, 2017 and No. 2,372/EMI, dated April 28, 2017. The CNV authorizations mean only that the information requirements of
the CNV have been satisfied. The CNV has not rendered any opinion in respect of the accuracy of the information contained in the Argentine
prospectus and pricing supplement or in this offering memorandum. This offering memorandum constitutes a prospectus for purposes of Part IV
of the Luxembourg law on prospectus for securities dated July 10, 2005, as amended.
We have applied to have the notes listed on the Official List of the Luxembourg Stock Exchange and admitted for trading on the Euro
MTF Market of such exchange. We have applied to have the Notes listed on Bolsas y Mercados Argentinos S.A. ("BYMA"), and for trading on
the Mercado Abierto Electrónico S.A. ("MAE").
Delivery of the Notes is expected to be made in book-entry form through the facilities of The Depository Trust Company ("DTC") and its
direct and indirect participants, including Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream,
Luxembourg"), on or about May 15, 2017.
Global Coordinators and Joint Bookrunners
Deutsche Bank Securities
J.P. Morgan
Joint Bookrunners
BBVA
Itaú BBA
The date of this offering memorandum is May 18, 2017.

TABLE OF CONTENTS
Page
Page

Notice to Investors ................................................... 3 Management's Discussion and Analysis of Financial
Available Information .............................................. 5
Condition and Results of Operations .................. 66
Enforcement of Civil Liabilities ............................... 6 Business ............................................................... 113
Forward-Looking Statements ................................... 7 Regulatory Framework ........................................ 132
Presentation of Financial and Other Information ..... 9 Management ........................................................ 159
Technical and Regulatory Terms ........................... 12 Principal Shareholders ......................................... 164
Summary ................................................................ 14 Description of the Notes ...................................... 168
The Offering ........................................................... 24 Book-Entry; Delivery and Form .......................... 211
Summary Financial Data ........................................ 28 Taxation ............................................................... 215
Risk Factors............................................................ 31 Plan of Distribution ............................................. 224
Use of Proceeds ...................................................... 56 Transfer Restrictions ........................................... 233
Exchange Rates and Exchange Controls ................ 57 General Information ............................................ 235
Capitalization ......................................................... 62 Legal Matters ....................................................... 236
Selected Consolidated Financial Information ........ 63 Independent Accountants .................................... 237
Independent Experts ............................................ 238
Index to Our Financial Statements ........................ F-1
2

NOTICE TO INVESTORS
Unless otherwise indicated or the context otherwise requires, all references in this offering memorandum
to "CAPEX", "the Company", "we", "our", "ours", "us" or similar terms refer to CAPEX S.A. together with
its subsidiaries.
This offering memorandum has been prepared by us solely for use in connection with the proposed
offering of the Notes described herein.
We reserve the right to reject any offer to purchase, in whole or in part, for any reason, or to sell less
than all of the Notes offered by this offering memorandum. Deutsche Bank Securities Inc., J.P. Morgan
Securities LLC, BBVA Securities Inc. and Itau BBA USA Securities, Inc. (together, the "initial purchasers")
will act as initial purchasers with respect to the offering of the Notes. This offering memorandum does not
constitute an offer to any other person or to the public in general to subscribe for or otherwise acquire the
Notes. Distribution of this offering memorandum by you to any person other than those persons retained to
advise you is unauthorized, and any disclosure of any of the contents of this offering memorandum without
our prior written consent is prohibited.
The initial purchasers make no representation or warranty, express or implied, as to the accuracy or
completeness of the information contained in this offering memorandum. Nothing contained in this offering
memorandum is, or shall be relied upon as, a promise or representation by the initial purchasers as to the past,
the present or future. We have furnished the information contained in this offering memorandum. The initial
purchasers have not independently verified all of the information contained herein (financial, legal or
otherwise) and assume no responsibility for the accuracy or completeness of all such information.
Neither we nor the initial purchasers have authorized anyone to provide you with any information other
than that contained in this offering memorandum. We take no responsibility for, and can provide no assurance
as to the reliability of, any information that others may provide you. The accuracy of the accounting,
financial, statistical and all other information contained in this offering memorandum is the responsibility of
our board of directors and of our syndics and auditors, regarding their reports to the financial statements.
Our board of directors hereby represents that, as of the date hereof, this offering memorandum contains
true, accurate and complete information regarding any material fact that may affect our financial condition
and results of operations as well as all other information that is required to be furnished to prospective
investors in respect of the Notes in accordance with applicable law and that there are no other facts the
omission of which would make this offering memorandum as a whole or any of such information or the
expression of any opinions or intentions expressed herein to be misleading. Prospective investors should not
assume that the information contained in this offering memorandum is accurate as of any date other than the
date on the front of this offering memorandum.
We are not, and the initial purchasers are not, making an offer to sell the Notes in any jurisdiction where
the offer is not permitted.
Neither the Securities Exchange Commission (the "SEC") nor any state securities commission has
approved or disapproved the Notes or passed upon or endorsed the merits of this offering or the accuracy or
adequacy of this offering memorandum. Any representation to the contrary is a criminal offense.
In making a decision to invest in the Notes, prospective investors must rely on their own examination of
our business and financial condition and the terms of the offering, including the merits and risks involved.
Prospective investors should not construe anything in this offering memorandum as legal, business or tax
advice. Each prospective investor should consult its own advisors as needed to make its investment decision
and to determine whether it is legally permitted to purchase the Notes under applicable legal investment or
similar laws or regulations. Investors should be aware that they may be required to bear the financial risks of
this investment for an indefinite period of time.
You must (i) comply with all applicable laws and regulations in force in any jurisdiction in connection
with the possession or distribution of this offering memorandum and the purchase, offer or sale of the Notes
and (ii) obtain any consent, approval or permission required to be obtained by you for the purchase, offer or
sale by you of the Notes under the laws and regulations applicable to you in force in any jurisdiction to which
3

you are subject or in which you make such purchases, offers or sales. Neither we nor the initial purchasers
shall have any responsibility therefor.
IN CONNECTION WITH THIS OFFERING, THE INITIAL PURCHASERS (OR PERSONS
ACTING ON BEHALF OF THE INITIAL PURCHASERS) MAY OVER-ALLOT NOTES OR
EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE
NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL.
HOWEVER, THERE IS NO ASSURANCE THAT THE INITIAL PURCHASERS (OR PERSONS
ACTING ON BEHALF OF THE INITIAL PURCHASERS) WILL UNDERTAKE STABILIZATION
ACTIONS. ANY STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH
ADEQUATE PUBLIC DISCLOSURE OF THE FINAL TERMS OF THE OFFER OF THE NOTES
IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT MUST END NO LATER THAN
THE EARLIER OF 30 CALENDAR DAYS AFTER WE RECEIVED THE PROCEEDS OF THE
ISSUE AND 60 CALENDAR DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES.
4

AVAILABLE INFORMATION
To permit compliance with Rule 144A under the Securities Act in connection with resale of Notes, we
will be required under the terms of the indenture under which the Notes are issued (the "Indenture"), upon the
request of a holder of Rule 144A Notes or Regulation S Notes, to furnish to such holder and any prospective
purchaser designated by such holder the information required to be delivered under Rule 144A(d)(4) under
the Securities Act if at the time of the request we are neither a reporting company under Section 13 or Section
15(d) of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor exempt from
reporting pursuant to Rule 12g3-2(b) under the Exchange Act.
The Indenture further requires that we furnish to the Trustee (as defined herein) all notices of meetings
of the holders of Notes and other reports and communications that are generally made available to holders of
the Notes. At our request, the Trustee will be required under the Indenture to mail these notices, reports and
communications received by it from us to all record holders of the Notes promptly upon receipt.
We will make available to the holders of the Notes, at the corporate trust office of the Trustee at no cost,
copies of the Indenture as well as this offering memorandum.
We have applied to have the Notes listed on BYMA. We expect that the Notes will be eligible for
trading on the MAE. The Argentine program prospectus and pricing supplement filed with the CNV and
BYMA in relation to this offering contain substantially the same information as this offering memorandum,
other than with respect to descriptions of U.S. securities and tax laws that are relevant to the Notes.
We have also applied to have the Notes listed on the Official List of the Luxembourg Stock Exchange
and admitted to trading on the Euro MTF Market of such exchange. In Luxembourg, this offering
memorandum will be distributed free of charge by the Luxembourg Listing Agent to anyone upon request.
5

ENFORCEMENT OF CIVIL LIABILITIES
We are a sociedad anónima organized under the laws of Argentina. Substantially all of our assets are
located outside the United States and all of our directors, executive officers and controlling persons reside
outside of the United States, and all of the experts named in this offering memorandum also reside outside of
the United States. As a result, it may not be possible for investors to effect service of process within the
United States upon such persons or to enforce against them or against us judgments predicated upon the civil
liability provisions of the federal securities laws of the United States or the laws of other jurisdictions.
Enforcement of foreign judgments would be recognized and enforced by the courts in Argentina
provided that the requirements of Articles 517 through 519 of the Law No. 17,454 (Argentine National Code
of Civil and Commercial Procedure (if enforcement is sought before federal courts) are met, such as (i) the
judgment, which must be final in the jurisdiction where rendered, was issued by a court competent in
accordance with Argentine principles regarding international jurisdiction and resulted from a personal action,
or an in rem action with respect to personal property if such was transferred to Argentine territory during or
after the prosecution of the foreign action, (ii) the defendant against whom enforcement of the judgment is
sought was personally served with the summons and, in accordance with due process of law, was given an
opportunity to defend against such foreign action, (iii) the judgment must be valid in the jurisdiction where
rendered and its authenticity must be established in accordance with the requirements of Argentine law, (iv)
the judgment does not violate the principles of public policy of Argentine law and (v) the judgment is not
contrary to a prior or simultaneous judgment of an Argentine court.

6

FORWARD-LOOKING STATEMENTS
This offering memorandum contains forward-looking statements within the meaning of Section 27A of
the Securities Act and Section 21E of the Exchange Act. Words such as "believe", "anticipate", "may",
"will", "aim", "continue", "plan", "expect", "intend", "target", "estimate", "project", "predict", "forecast",
"should" and similar expressions are intended to identify forward-looking statements, but are not the
exclusive means of identifying these statements. We have based these forward-looking statements on our
current beliefs, expectations and projections about future events, financial trends, business strategy,
competitive position, business environment, potential growth, effects of regulations and competition, and
other circumstances affecting our business. Many important factors, in addition to those discussed in this
offering memorandum, could cause our results to differ substantially from those anticipated in our forward-
looking statements, including:
local, regional and national business, economic, political, social, legal or other conditions in
Argentina and elsewhere in Latin America or changes in either developed or other emerging
markets;
inflation and interest rates fluctuations in Argentina;
government regulations in Argentina;
adverse legal or regulatory disputes or proceedings;
uncertainty regarding our reserve estimates and our ability to discover or acquire, develop and
exploit new hydrocarbon reserves;
price for oil, gas, energy and other sources or means of power;
volatility in the markets where we operate;
exchange rate fluctuations, including a significant devaluation of the peso;
exchange controls, restrictions on transfers abroad and restrictions on capital inflows and outflows;
the availability of financing on reasonable terms, including as a result of conditions in regional and
global markets;
changes in capital markets which may affect the policies or attitudes regarding the granting of loans
to or investment in Argentine companies;
increases in the cost of funding or inability to obtain funding on acceptable terms;
fluctuations in electricity demand and sales;
an increase in our cost and expenses; and
the risk factors discussed under "Risk Factors".
Examples of these forward-looking statements include:
projections of capital expenditures, capital structure or other financial items or ratios;
statements of our plans, objectives or goals, including those relating to exploratory activities and
renewable energy projects as well as trends, competition, regulation and investments;
statements about our future financial performance or economic conditions in Argentina; and
statements of assumptions underlying these statements.
You should not place undue reliance on forward-looking statements, which are based on our current
expectations. Forward-looking statements are not guarantees of performance. They involve risks,
uncertainties and assumptions. Our future results may differ materially from those expressed in forward-
looking statements. Many of the factors that will determine our performance are beyond our ability to control
or predict. All forward-looking statements and risk factors included in this offering memorandum are made as
of the date on the front cover of this offering memorandum, based on information available to us as of such
date, and we assume no obligation to update publicly or to revise any forward-looking statement or risk factor
7

after we distribute this offering memorandum because of new information, future events or other factors. In
light of the risk and uncertainties described above, the forward-looking events and circumstances discussed in
this offering memorandum might not occur, which could result in a material adverse effect on our financial
performance.
8

PRESENTATION OF FINANCIAL AND OTHER INFORMATION
Financial Information
Our fiscal year ends on April 30 of each year. This offering memorandum includes information
extracted from our audited annual consolidated financial statements as of and for each fiscal years ended
April 30, 2016, 2015, and 2014 (our "Audited Annual Financial Statements"), and our unaudited interim
consolidated condensed financial statements as of January 31, 2017 and for the nine-month periods ended
January 31, 2017 and 2016, (our "Unaudited Interim Financial Statements", and together with our Audited
Annual Financial Statements, the "Financial Statements"). Our Financial Statements are consolidated and
reflect the financial information relating to our subsidiaries, Servicios Buproneu S.A. ("Servicios Buproneu"),
and Hychico S.A. ("Hychico"). Our Financial Statements and other financial information included in this
offering memorandum, unless otherwise specified, are stated in pesos.
Unless otherwise stated, the financial information in this offering memorandum reflects the operating
results of our consolidated group of subsidiaries, including Hychico, which will constitute an unrestricted
subsidiary and will therefore not be subject to the restrictive covenants of the Indenture governing the Notes.
See "Risk Factors--Certain of our subsidiaries will constitute unrestricted subsidiaries under the Indenture
governing the Notes, and will, therefore, not be subject to the restrictive covenants thereunder".
Our Audited Annual Financial Statements have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Our
Audited Annual Financial Statements have been audited by Price Waterhouse & Co. S.R.L. ("PwC"), Buenos
Aires, Argentina, a member firm of PricewaterhouseCoopers global network, independent accountants, our
independent auditors, whose report dated July 5, 2016 is included in this offering memorandum. Our
Unaudited Interim Financial Statements have been prepared on with the same basis as our Audited Annual
Financial Statements, in accordance with International Accounting Standard (IAS) 34 "Interim Financial
Reporting", as issued by the IASB the results for the nine-month period ended January 31, 2017 are not
necessarily indicative of results to be expected for the entire year ending April 30, 2017. Our Audited Annual
Financial Statements as well as our Unaudited Interim Financial Statements have been prepared on a manner
consistent with International Accounting Standard (IAS) 29 "Financial Reporting in Hyperinflationary
Economies" (for further information see Note 4 to our Unaudited Interim Financial Statements and Note 2.5
to our Audited Annual Financial Statements).
Currency Information
Unless otherwise specified, references to "U.S.$" and "U.S. dollars" are to United States dollars.
References to "Ps." and "pesos" are to Argentine pesos. This offering memorandum contains translations of
various peso amounts into U.S. dollars at specified rates solely for the convenience of the reader. You should
not consider these translations to be representations that the peso amounts actually represent these U.S. dollar
amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, we have
translated U.S. dollar amounts in this offering memorandum at the exchange rate of Ps.15.897 to U.S.$1.00,
which was the selling rate published by Banco Nación ("Banco Nación") on January 31, 2017. Income
statement items have been translated at the average of the daily closing rates for each of the days of the
relevant period and balance sheet items have been translated at the period-end closing rate. See "Exchange
Rates and Exchange Controls" for information regarding the rates of exchange between the peso and the U.S.
dollar.
Exploration Expenses
Oil and gas exploratory activity many times involves the drilling of multiple exploratory wells
throughout the years in order to thoroughly assess the viability of exploration projects. As a consequence,
certain exploratory wells may remain under evaluation for extended periods of time until all exploratory
activity and evaluations have been concluded and allow for a determination of the quality and quantity of the
reserves, if any, in that particular area under exploration. Therefore, the investments made in connection with
these exploration areas are not included as finished assets but rather as works in progress in our balance sheet.
As a consequence of such investments being recorded as works in progress and not as finished assets, if
exploration of a particular area is not successful and the reserves in the area are not considered commercially
9

viable, those investments made in such areas are recorded as an expense ("Exploration Expenses") in our
income statement and not as an amortization.
Presentation of Non-IFRS Information
The measurements of Adjusted EBITDA contained herein may not be comparable to those used by other
companies. For purposes hereof, we calculate Adjusted EBITDA as operating income, plus depreciation of
property, plant and equipment plus Exploration Expenses, the latter to the extent included in operating
income. Accordingly, the measurements of Adjusted EBITDA contained herein may not be calculated in the
same manner as similarly titled measurements used by other companies which may limit their usefulness as a
comparative measurement. Because of these limitations, the measurements of Adjusted EBITDA contained
herein should not be considered a measurement of discretionary cash available to us to invest in the growth of
our business or as a measurement of cash that will be available to us to meet our obligations. Adjusted
EBITDA is not a recognized financial measurement under IFRS. Investors should, therefore, rely primarily
on our results of operations contained in the Financial Statements prepared under IFRS and use the
measurement of Adjusted EBITDA contained herein as a supplementary measurement only.
Reserves Estimates
Our oil and gas proved reserves are estimated using geological and engineering data to determine
whether the crude oil or natural gas in known reservoirs is recoverable under existing economic and operating
conditions.
The accuracy of proved reserves estimates depends on a number of factors, assumptions and variables,
among which the most important are:
the results of drilling, testing and production after the date of the estimates;
the quality of available geological, technical and economic data and its interpretation and
judgment;
the production performance of reservoirs;
developments such as acquisitions and dispositions, new discoveries and extensions of existing
reservoirs and the application of improved recovery techniques; and
changes in oil and natural gas prices, which could have an effect on the size of our proved reserves
because the estimates of reserves are calculated under existing economic conditions when such
estimates are made.
Many of the factors, assumptions and variables involved in estimating proved reserves are beyond our
control and are subject to change from time to time. Consequently, measures of reserves are not precise and
are subject to revision. See "Risk Factors--Risks Relating to the Oil and Gas Business--Our oil and natural
gas reserves are estimates."
The most recent estimates of our oil and gas reserves as of December 31, 2016 were prepared by us and
certified by international reserves auditors DeGolyer and MacNaughton on March 31, 2017.
Industry and Market Data
Market data and other statistical information used throughout this offering is based on data collected by
and available from the Instituto Argentino del Petróleo y del Gas, the former Secretariat of Energy (the
"SE"), the Secretariat of Electric Energy (the "SEE"), the Subsecretaría de Hidrocarburos, Energía y
Minería de la Provincia de Neuquén (the "Secretariat of Energy of Neuquén"), the Secretaría de Minería e
Hidrocarburos of the provinces of Río Negro and Chubut and from Compañía Administradora del Mercado
Mayorista Eléctrico ("CAMMESA"). Some data are also based on our estimates, which are derived from our
review of internal surveys as well as independent sources. Although we believe these sources are reliable, we
have not independently verified the information and cannot guarantee its accuracy or completeness.
10