MUDDY WATERS RESEARCH1CPI Property Group S.A. (CPIPGR)Part 3: "The Kind of Fella I Am"1January 25, 2024Above: Poster for the Netflix drama The Laundromat, based on the Panamanian law firm Mossack FonsecaCPI's purchase of Vitek's St. Tropez vacation villa gives rise to concerns that CPI PG bondholder funds have facilitated money laundering.1 Song by John MellencampMUDDY WATERS RESEARCH2As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to CPI Property Group S.A. and any affiliated issuer (collectively, the “Covered Issuer”), and therefore will likely realize significant gains in the event that the prices of either equity or debt securities of a Covered Issuer decline. Muddy Waters Research, Muddy Waters Capital and/or its affiliates and related parties, including, but not limited to any principals, officers, directors, employees, members, clients, investors, consultants and agents (collectively, with Muddy Waters Research, the “Muddy Waters Related Persons”) intend to continue transacting in the securities of Covered Issuers for an indefinite period after this 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.This Report is opinion journalism. Muddy Waters Research is providing its journalistic opinions about issues of concern to the general public based on facts that are fully disclosed to the readers. Muddy Waters Research is an online research publication that produces due diligence-based...
