MUDDY WATERS RESEARCH1CPI Property Group S.A. (CPIPGR)Part 2: Overvalued Assets, Overstated OccupancyJanuary 22, 2024MUDDY WATERS RESEARCH2You should assume that, as of the publication date of a Muddy Waters report, Muddy Waters Related Persons have a position directionally consistent with the views expressed herein (i.e., long or short) in one or more of the securities of a Covered Issuer or a derivative thereto, and therefore will likely realize significant gains in the event that the prices of either equity or debt securities of a Covered Issuer decline or appreciate. Muddy Waters Research, Muddy Waters Capital and/or the Muddy Waters Related Persons intend to continue transacting in the s ecurities of Covered Issuers for an indefinite period after an initial report on a Covered Person, and such person may be long, short, or neutral at any time hereafter regardless of their initial position and views as stated as of the date of this presentation. No Muddy Waters Related Person has any duty to update this presentation and/or update you on any position, if any, we may have in the Covered Issuer’s securities. Muddy Waters Capital does not render investment advice to anyone unless it has an investment adviser-client relationship with that person evidenced in writing. You understand and agree that Muddy Waters Capital does not have any investment advisory relationship with you or does not owe fiduciary duties to you. Giving investment advice requires knowledge of your financial situation, investment objectives, and risk tolerance, and Muddy Waters Capital has no such knowledge about you.This presentation has been published by Muddy Waters, LLC (“Muddy Waters Research” or ”we” or “us”). We are under common control and affiliated with Muddy Waters Capital LLC (“Muddy Waters Capital”). We refer to Muddy Waters Research and Muddy Waters Capital collectively as “Muddy Waters”. All information and opinions set forth herein are for informational purposes only. Under no circumstances should any information or opinions herein be construed as investment advice, as an offer to sell, or the solicitation of an offer to buy any securities or other financial instruments.Muddy Waters Research is an online research publication that produces due diligence-based reports on publicly traded securities, and Muddy Waters Capital LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. This presentation is the property of Muddy Waters Research. The opinions, information, and reports s et forth herein are solely attributable to Muddy Waters Research.By viewing and accessing this presentation, you have entered into a contract for good and valid consideration with Muddy Waters Research to view this presentation. In exchange, you agree to the terms set forth in this disclaimer. You further agree that Muddy Waters Research ...
