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Islamic Republic of Iran
SEB MERCHANT BANKING – COUNTRY RISK ANALYSIS
January 21, 2016
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Country Risk Analysis
Lifting of sanctions raises the prospects for the economy: Following a deep recession after tighter sanctions were imposed in 2011 the economy has begun to recover growing at an average of 3% a year. The new lifting of all main Western sanctions agreed last week has boosted the chances of stronger growth at more than 4% on average through the rest of the decade. While economic balances are not in an alarming state at the outset, at least according to official data, the economic and financial situation could now improve further making Iran an interesting new investor target. That is provided the authorities make an determined effort to solve simmering problems of government arrears and mostly associated high levels of bad loans and general mismanagement in the formal banking system. However, this scenario comes with certain warnings. The political system of Iran is hard to fathom for outsiders. It is reportedly littered with vested interests not least among the regime’s religious and revolutionary hardliners. They seems to have profited from the tight sanction regime of recent years and would probably loath any economic opening. The purely religious establishment may also be wary seeing more interactions with the West fearful this could undermine the “moral” foundations of the state. On the other side of the table we could soon have a Republican President who may have promised to turn back the sanctions agreement from ”day one”. In addition, in economic terms, the opening f the country dos not come at themost opportune time. The global oil price is down and could fall further should Iran raise exports by another 0,5mbpd over the next 12 months. Already at the present low prices should they remain this low the government would run into a deep deficit of more than 6% of GDP and the external balance would turn clearly into the red prompting the need for offsetting policy measures. Also, regional tensions are simmering and in a worst case scenario could turn into a military confrontation. For several years the sovereign has not been rated by any of the three main agencies. Its last rating from Fitch was in the BB area but our hunch is that it would at least initially come in somewhat lower today. Country risk would likely turn out slightly lower still not least taking into account the uncertainties of its banking system SEB Merchant Banking Country Risk Analysis January, 2016
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important your attention is drawn to the statement on the back cover of this report which affects your rights.
SEB Merchant Banking Country Risk Analysis January, 2016
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~ÇÇáíáçå~ä=ïçêêáÉë=~Äçìí=íÜÉ=ëí~Äáäáíó=çÑ=íÜÉ=Ñáå~åÅá~ä=ëóëíÉã=~í=ä~êÖÉK==
=
píêìÅíìê~ä=áëëìÉëW==cçê=ã~åó=ÇÉÅ~ÇÉë=fê~åÛë=éêáî~íÉ=ëÉÅíçê=Ü~ë=ÄÉÉå=ëíêìÖÖäáåÖ=ïáíÜ=~=
ëí~íáëí=éìÄäáÅ=ëÉÅíçêK=^ë=ëìÅÜI=íÜÉ=ÄìëáåÉëë=Åäáã~íÉ=ÉñÜáÄáíë=Åçåíê~ÇáÅíáçåë=êÉÑäÉÅíáåÖ=
1
Islamic Republic of Iran, 2015 Article IV Consultation, Country Report No. 15/349,
December 2015, Washington DC
important your attention is drawn to the statement on the back cover of this report which affects your rights.
SEB Merchant Banking Country Risk Analysis January, 2016
mçäáíáÅë=
lìíäççâ=
êÉÖìä~íçêó=áåÅçåëáëíÉåÅáÉëK=få=íÜáë=ÅçåíÉñí=ïÉ=ÑáåÇ=áí=
ëìÑÑáÅáÉåí=íç=åçíÉ=íÜ~í=íÜÉ=tçêäÇ=_~åâÛë=~ååì~ä=
ëìêîÉó=“b~ëÉ=çÑ=ÇçáåÖ=ÄìëáåÉëëÒ=ê~åâë=fê~å=
åìãÄÉê=NNU=Ñêçã=íçé=~ãçåÖ=NUV=ÅçìåíêáÉëK=qÜ~í=áë=
ÅäÉ~êäó=ïçêëÉ=íÜ~å=oìëëá~=~åÇ=`Üáå~=Äìí=áå=íÜÉ=
ë~ãÉ=Ä~ääé~êâ=~ë=_ê~òáä=~åÇ=fåÇá~K=
=
”Ease of doing business” 2015
Iran
118
India
130
Brazil
116
China
84
Russia
51
Hong Kong
5
World Bank survey of 189 countries
=
kÉñí=ãçåíÜI=cÉÄêì~êó=OSI=fê~åá~åë=Öç=íç=íÜÉ=éçääë=íç=ÉäÉÅí=~=åÉï=å~íáçå~ä=~ëëÉãÄäó=
~åÇ=~äëç=êÉéêÉëÉåí~íáîÉë=Ñçê=íÜÉ=^ëëÉãÄäó=çÑ=bñéÉêíë=ïÜáÅÜ=~ééçáåíë=íÜÉ=pìéêÉãÉ=
iÉ~ÇÉê=J=íÜÉ=ÅçìåíêóÛë=êÉäáÖáçìë=íçé=ÜÉ~Ç=~åÇ=ìäíáã~íÉ=~êÄáíÉêK=få=äáåÉ=ïáíÜ=é~ëí=Ñçêã=
íÜ~í=ã~ó=ìåäÉ~ëÜ=ëìééêÉëëÉÇ=éçäáíáÅ~ä=íÉåëáçåë=~ë=~äêÉ~Çó=ëÉÉå=áå=íÜÉ=îÉííáåÖ=éêçÅÉëë=
Ñçê=Å~åÇáÇ~íÉë=éÉêãáííÉÇ=íç=êìå=Ñçê=~=ëÉ~í=áå=íÜÉ=j~àäáë=Eé~êäá~ãÉåíF=ïÜÉêÉ=ëáÖåë=~êÉ=
êáëáåÖ=íÜ~í=íÜÉ=Éëí~ÄäáëÜãÉåí=Ü~ë=ëí~êíÉÇ=íç=Çáëèì~äáÑó=íÜÉ=éçäáíáÅ~ä=çééçëáíáçå=Éå=
ã~ëëÉK===fí=åçíÉÇ=íÜ~í=íÜÉ=ÉäÉÅíáçåë=Ñçê=íÜÉ=^ëëÉãÄäó=çÑ=ÉñéÉêíë=ãáÖÜí=íìêå=çìí=íÜÉ=
ãçêÉ=ÅçåíÉåíáçìë=~ë=íÜÉêÉ=ëÉÉãë=íç=ÄÉ=äáííäÉ=ÅçåëÉåëìë=çå=ïÜçã=íç=ÅÜççëÉ=~ë=íÜÉ=åÉñí=
ëìéêÉãÉ=äÉ~ÇÉê=~ÑíÉê=^äá=hÜ~ãÉåó=ïÜç=Ü~ë=êìäÉÇ=ëáåÅÉ=íÜÉ=ä~íÉ=NVVMë=~åÇ=áë=
~ééêç~ÅÜáåÖ=íÜÉ=ÜáÖÜ=~ÖÉ=çÑ=UM=óÉ~êëK==
=
mçäáíáÅ~ä=ÅçåëíÉää~íáçåë=áå=fê~å=~êÉ=ÄÉáåÖ=ÇÉëÅêáÄÉÇ=~ë=Éñíê~çêÇáå~êó=ÅçãéäÉñ=~åÇ=
ìåÑáí=Ñçê=~=“ïÉëíÉêåÒ=ìåÇÉêëí~åÇáåÖ=çÑ=éçäáíáÅ~ä=éêçÅÉëëÉë=~äçåÖ=íê~Çáíáçå~ä=äÉÑíLêáÖÜí=
ÇáîáÇáåÖ=äáåÉëK=pÉ~ëçåÉÇ=çÄëÉêîÉêë=ê~íÜÉê=Çê~ïë=Ñ~ìäí=äáåÉë=ÄÉíïÉÉå=ê~ÇáÅ~äë=~åÇ=
éê~Öã~íáëíë=çå=íÜÉ=çåÉ=~åÇ=ÄÉíïÉÉå=íÜÉçÅê~íë=~åÇ=êÉéìÄäáÅ~åë=çå=íÜÉ=çíÜÉê=ã~âáåÖ=
Ñçìê=ÇáëíáåÅí=Öêçìéë=ïáíÜI=åÉîÉêíÜÉäÉëëI=çÑíÉå=çîÉêä~ééáåÖ=áåíÉêÉëíë=~åÇ=ãçíáî~íáçåëK===
=
lÄëÉêîÉêë=åçíÉ=íÜ~í=íÜÉ=~éé~êÉåí=ìåéêÉÇáÅí~Äáäáíó=çÑ=fê~åá~å=éçäáíáÅë=ÑäìÅíì~íáåÖ=
ÄÉíïÉÉå=ê~ÇáÅ~äë=~åÇ=éê~Öã~íáëíë=çÑíÉå=Éã~å~íÉë=Ñêçã=íÜÉ=ëìéêÉãÉ=äÉ~ÇÉê=ïÜç=
ï~åíë=íç=âÉÉé=~=ÅÉêí~áå=Çáëí~åÅÉ=Ñêçã=éçäáíáÅë=áå=qÉÜê~å=Ó=ëí~óáåÖ=~ÄçîÉ=íÜÉ=Ñê~óK=cçê=
Éñ~ãéäÉW=áå=íÜÉ=êÉÅÉåí=ë~åÅíáçåë=åÉÖçíá~íáçåë=ÜÉ=Ñáêëí=ÉåÇçêëÉÇ=ëÉÅêÉí=í~äâë=ïáíÜ=íÜÉ=
rp=ÄÉÖáååáåÖ=OMNO==~åÇ=ëìÄëÉèìÉåíäó=íÜÉáê=çéÉå=í~äâë=íïç=óÉ~êë=ä~íÉêI=Äìí=íÜÉå=
íìêåÉÇ=~êçìåÇ=áå==OMNR=~ë=íÜÉ=í~äâë=ÅçåÅäìÇÉÇ=ïáíÜ=~ÖêÉÉãÉåí=~ãçåÖ=íÜÉ=
åÉÖçíá~íçêëK=qÜáë=ä~íÉëí=ëíÉé=Ü~ë=ÄÉÉå=áåíÉêéêÉíÉÇ=~ë=~=éêÉÅ~ìíáçå=íç=ÜÉÇÖÉ=~Ö~áåëí=
~åó=Ää~ãÉJÖ~ãÉ=áå=Å~ëÉ=áãéäÉãÉåí~íáçå=ëÜçìäÇ=Ñ~áäK=qÜÉ=çîÉê~êÅÜáåÖ=Öç~ä=çÑ=íÜÉ=
pìéêÉãÉ=äÉ~ÇÉê=Ü~ë=ÄÉÉå=ÇÉëÅêáÄÉÇ=íç=ë~ÑÉÖì~êÇ=íÜÉ=ÑçìåÇ~íáçå=çÑ=íÜÉ=fëä~ãáÅ=ëí~íÉ=
~åÇ=ÅçåëÉèìÉåíäó=Üáë=çïå=éçëáíáçåK==_ìí=áå=íÜÉ=ë~ãÉ=îÉáå=ÜÉ=~ÅÅÉéíë=ëçãÉ=éäìê~äáëã=
ïáíÜáå=ïÉääJÇÉÑáåÉÇ=äáãáíë=~ë=~å=çìíäÉí=Ñçê=éçäáíáÅ~ä=íÉåëáçåëK==
=
pç=Ñ~êI=íÜÉêÉ=áë=äáííäÉ=çéÉå=çééçëáíáçå=~Ö~áåëí=íÜÉëÉ=ÑçìåÇ~íáçåë=~åÇ=éìåÇáíë=ï~êå=
íÜ~í=ÉñíÉêå~ä=éêÉëëìêÉ=íç=ÅÜ~åÖÉ=íÜáë=ã~ó=ÅêÉ~íÉ=~=ëÉêáçìë=Ä~Åâä~ëÜ=~åÇ=~ÅÜáÉîÉ=äáííäÉ=
Äìí=íÜÉ=çééçëáíÉK===
=
=
i~ëí=ïÉÉâI=íÜÉ=rk=ÉåÇçêëÉãÉåí=áå=OMNR=çÑ=íÜÉ=åÉÖçíá~íáçåë=ÄÉíïÉÉå=fê~å=~åÇ=íÜÉ=
mRHN=êÉÅÉáîÉÇ=áíë=Ñáå~ä=ëáÖå=çÑ=~ééêçî~ä=~ë=íÜÉ=fåíÉêå~íáçå~ä=^íçãáÅ=båÉêÖó=^ÖÉåÅó=
Ö~îÉ=áíë=åçÇ=íç=fê~å=ÅçåÅäìÇáåÖ=íÜ~í=íÜÉ=Åçìåíêó=Ü~Ç=äáîÉÇ=ìé=íç=áíë=ÅçããáíãÉåíëK=
qÜÉëÉ=áåÅäìÇÉÇ=ëÉåÇáåÖ=ÉåêáÅÜ=ìê~åáìã=íç=oìëëá~=Ñçê=éêçÅÉëëáåÖ=~åÇ=Çáëã~åíäáåÖ=íÜÉ=
ÅçêÉ=çÑ=çåÉ=çÑ=áíë=åìÅäÉ~ê=êÉ~Åíçêë=ïÜáäÉ=íìêåáåÖ=çÑÑ=ÅÉåíêáÑìÖÉë=ìëÉÇ=íç=ÉåêáÅÜ=
ìê~åáìã=ÄÉóçåÇ=íÜÉ=éìêáíó=åÉÉÇÉÇ=Ñçê=Åáîáäá~å=ìëÉK=qÜÉ=br=ëìÄëÉèìÉåíäó=ÇÉÅä~êÉÇ=
íÜÉ=ÉåÇ=íç=ë~åÅíáçåë=áåíêçÇìÅÉÇ=áå=êÉÅÉåí=óÉ~êë=áå=êÉëéçåëÉ=íç=fê~åÛë=åçåJÅçãéäá~åÅÉ=
ïáíÜ=áíë=çÄäáÖ~íáçåë=~ë=~=ëáÖå~íçêó=íç=íÜÉ=rk=~åíáJéêçäáÑÉê~íáçå=éêçíçÅçäK==
=
important your attention is drawn to the statement on the back cover of this report which affects your rights.
SEB Merchant Banking Country Risk Analysis January, 2016
^ë=~=êÉëìäíI=fê~å=áë=~Ö~áå=~ääçïÉÇ=íç=Éñéçêí=çáä=íç=~åó=Åçìåíêó=~åÇ=~ééêç~ÅÜ=íÜÉ=
ÖäçÄ~ä=Ñáå~åÅá~ä=ã~êâÉí=~í=é~ê=ïáíÜ=çíÜÉêë=áåÅäìÇáåÖ=é~óãÉåí=íê~åë~Åíáçåë=íÜêçìÖÜ=
íÜÉ=ptfcq=ëóëíÉãK==fê~åÛë=ÑêçòÉå=ÑçêÉáÖå=~ëëÉíë=ïáää=~äëç=ÄÉ=êÉäÉ~ëÉÇK==
=
jçëí=çÄëÉêîÉêë=ÄÉäáÉîÉ=íÜáë=ïáää=Ü~îÉ=~=ëáÖåáÑáÅ~åí=éçëáíáîÉ=ÉÑÑÉÅí=çå=íÜÉ=ÉÅçåçãóK==
fjc=~åÇ=çíÜÉê=çÄëÉêîÉêë=Éëíáã~íÉ=íÜ~í=dam=ÖêçïíÜ=áå=íÜÉ=åÉñí=Ñáå~åÅá~ä=óÉ~ê=
cvOMNSLNT=EÉåÇáåÖ=j~êÅÜ=OMNTF=ÅçìäÇ=~ÅÅÉäÉê~íÉ=íç=ãçêÉ=íÜ~å=RB=íç=ãÉÉí=éÉåíJìé=
ÇçãÉëíáÅ=ÇÉã~åÇ=~åÇ=áå=êÉëéçåëÉ=íç=ÜáÖÜÉê=çáä=çìíéìí=íç=íÜÉ=íìåÉ=çÑ=MIRãÄéÇ=íç=
êÉ~ÅÜ=PISãÄéÇK=_ÉííÉê=~ÅÅÉëë=íç=íÜÉ=çìíëáÇÉ=ïçêäÇI=áåÅäìÇáåÖ=Ñçê=é~óãÉåíë=~åÇ=çíÜÉê=
Ñáå~åÅá~ä=íê~åë~ÅíáçåI=ïçìäÇ=ãÉ~å=~=éçëáíáîÉ=íÉêãë=çÑ=íê~ÇÉ=ÉÑÑÉÅí=íç=Äççëí=ÖêçïíÜ=Äó=
ìé=íç=N=éÉêÅÉåí~ÖÉ=éçáåí=çîÉê=íáãÉK==qÜÉ=ìåÑêÉÉòáåÖ=çÑ=~ëëÉíë=~Äêç~Ç=ïçìäÇ=ÄÉ=~å=
~ÇÇáíáçå~ä=áãéÉíìë=Ñçê=~=äáãáíÉÇ=íáãÉ=éÉêáçÇK==_ÉóçåÇ=åÉñí=óÉ~êI=ÖêçïíÜ=ïáää=
éêçÄ~Ääó=ëÉííäÉ=~í=ëçãÉ=QBI=ïÜáÅÜ=áë=ÅäçëÉê=íç=äçåÖ=íÉêã=éçíÉåíá~äK===
=
`~îÉ~íë=íç=íÜáë=éçëáíáîÉ=ëÅÉå~êáç=áåÅäìÇÉ==

oÉåÉïÉÇ=ãáëíêìëí=ÄÉíïÉÉå=qÉÜê~å=~åÇ=t~ëÜáåÖíçå=Å~ìëáåÖ=~=èìáÅâ=ëå~éJÄ~Åâ=
íç=éêÉîáçìë=ë~åÅíáçåëI=~=êáëâ=íÜ~í=ïçìäÇ=éêçÄ~Ääó=ãìÅÜ=áåÅêÉ~ëÉ=ïáíÜ=~=
oÉéìÄäáÅ~å=mêÉëáÇÉåí=áå=íÜÉ=tÜáíÉ=eçìëÉ=~ÑíÉê=åÉñí=rp=ÉäÉÅíáçå=áå=OMNSK==

içïÉê=çáä=éêáÅÉë=Ç~ëÜáåÖ=ÜçéÉë=çÑ=ïáåÇÑ~ää=êÉîÉåìÉë=Ñçê=fê~å=çÑ=áåÅêÉ~ëÉÇ=çáä=
ÉñéçêíëK==i~ëí=kçîÉãÄÉê=íÜÉ=fjc=Éëíáã~íÉÇ=íÜ~í=ANMLÄ~êêÉä=Ççïå=çå=íÜÉ=çáä=
éêáÅÉ=ïçìäÇ=ïÉ~âÉå=íÜÉ=ÅìêêÉåí=~ÅÅçìåí=Ä~ä~åÅÉ=Äó=NITRB=çÑ=dam=~åÇ=íÜÉ=
ÄìÇÖÉí=Äó=NBLdamK==táíÜ=íÜÉ=çáä=éêáÅÉ=åçï=Ççïå=íç=AORLÄ~êêÉäI=íÜÉ=Ñáêëí=
ïçìäÇ=ÉåÇ=ìé=ïáíÜ=~=ÇÉÑáÅáí=çÑ=~äãçëí=QBLdam=~åÇ=íÜÉ=ÄìÇÖÉí=ÇÉÑáÅáí=
ïçìäÇ=áåÅêÉ~ëÉ=íç=ãçêÉ=íÜ~å=SBLdamK==qÜÉ=çîÉê~ää=ëáíì~íáçå=çÑ=íÜÉ=Åçìåíêó=
ïçìäÇ=íÜÉå=äççâ=ãìÅÜ=äÉëë=~ííê~ÅíáîÉK==

fåíÉêå~ä=çééçëáíáçå=ÅçìäÇ=ÉëÅ~ä~íÉ=~Ö~áåëí=íÜÉ=ÉåÇ=íç=ë~åÅíáçåëK=sÉëíÉÇ=áåíÉêÉëíë=
~êÉ=~å=áãéçêí~åí=ÅÉåíêÉéáÉÅÉ=çÑ=íÜÉ=éçäáíáÅ~ä=áåÑáÖÜíáåÖK=^äêÉ~Çó=ÇìêáåÖ=íÜÉ=
fê~åá~å=êÉîçäìíáçå=áå=íÜÉ=ä~íÉ=NVTM=íÜÉ=oÉîçäìíáçå~êó=dì~êÇ=ä~áÇ=Ü~åÇë=çå=
áãéçêí~åí=ÉÅçåçãáÅ=~ëëÉíëI=ãçëí=çÑ=íÜÉã=äÉÑí=çîÉê=Ñêçã=íÜÉ=éêÉîáçìë=pÜ~Ü=
êÉÖáãÉK=oÉÅÉåí=óÉ~êëÛ=ë~åÅíáçåë=Ü~îÉ=ÑìêíÜÉê=ÄÉåÉÑáííÉÇ=íÜÉáê=ÄìëáåÉëë=~åÇ=
íÜÉó=~êÉ=åçï=êÉéçêíÉÇäó=ÑÉ~êÑìä=ë~åÅíáçå=êÉäáÉÑ=ã~ó=éìí=~å=ÉåÇ=íç=íÜÉáê=åÉïJ
ïçå=~Çî~åí~ÖÉëK==

mçíÉåíá~ä=ãáäáí~êó=ÅçåÑêçåí~íáçå=ïáíÜ=êÉÖáçå~ä=åÉáÖÜÄçìêë=áåÅäK=p~ìÇá=^ê~Äá~K=
=
Iran
Key ratios
2016
Population (mil.)
80
GDP/capita (US$)
5 096
GDP (change)
4.2%
Inflation
9.3%
Curr.Acc. Balance/GDP
1.7%
Reserves/imports (months)
12
Budget balance (% of GDP)
-2.7%
Government gross debt (% of GDP)
External ratings:
Fitch: Not rated
Moody's: Not rated
S&P: Not rated
Peers:
Aregntina
Greece
15%
Chart Key:
Moving out from the
centre implies less risk.
Resilience
Liquidity
Information
Absence of
Event Risk
Iran
Macro
Balance
Average EM
Argentina
Graph: Iran scores very weak on most indicators except
"macro balance" where it scores marginaly better than
the average emerging market country.

important your attention is drawn to the statement on the back cover of this report which affects your rights.
SEB Merchant Banking Country Risk Analysis January, 2016
Key data:
2011
2012
GDP (US$ bil)
592
587
GDP/capita (US$)
7 870
7 707
GDP (change)
3.7%
-6.6%
Investments/GDP
32%
26%
Budget balance/GDP
Govt debt/GDP (net)
CPI inflation (%)
20.6%
27.4%
Money demand (%)
33%
Stock prices (average)
161
179
Interest rates
11.2%
14.8%
Exch. Rate ($)
10616
12176
Trade/GDP (%)
38%
28%
Oil price (Brent)
$111
$112
Millions US $
Export of goods
146
97
Imports of goods
78
69
Other:
-9
-5
Current account
59
23
(% of GDP)
9.9%
4.0%
FDI
0.1
0.1
Loan repayments
-12
-2
Net other capital flows
-43
-21
Balance of payments
4
0
Reserves
83
82
Total debt
15
7
o/w short term debt
8
1
Sources: Oxford Economics and SEB estimates
Rating history
Fitch (eoy)
S&P (eoy)
Moody's
Type of government:
Next elections
Other:
Latest PC deal
Latest IMF arrangements
2013
512
6 630
-1.9%
25%
-0.9%
15%
39.3%
5%
360
14.8%
18414
30%
$109
2014
425
5 443
4.3%
25%
-1.2%
16%
17.2%
14%
493
16.9%
25942
36%
$99
2015
409
5 165
2.2%
25%
-3.9%
16%
13.8%
14%
522
11.8%
29020
33%
$53
2016
407
5 096
4.2%
25%
-2.7%
15%
9.3%
13%
553
11.8%
31342
38%
$47
2017
414
5 122
4.7%
25%
-0.6%
14%
9.0%
13%
571
11.8%
33222
43%
$53
2018
428
5 242
4.6%
25%
-1.7%
14%
8.5%
13%
654
11.8%
35215
46%
$58
93
61
-6
26
5.2%
0.1
-3
-26
-3
79
8
2
86
65
-6
16
3.7%
0.0
-5
-14
-3
76
7
3
72
64
-4
3
0.8%
0.0
-7
1
-3
73
8
6
84
71
-5
7
1.7%
0.0
-9
-1
-3
71
9
7
97
82
-7
8
1.9%
0.0
-11
1
-2
69
11
8
105
90
-8
6
1.5%
0.0
-11
4
-1
68
11
9
Not rated
Not rated
Not rated
Theocratic republic
2017 (Presidential), 2016 (legislative)
=
important your attention is drawn to the statement on the back cover of this report which affects your rights.
=
SEB Merchant Banking Country Risk Analysis January, 2016
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Çáîáëáçå=ïáíÜáå=pâ~åÇáå~îáëâ~=båëâáäÇ~=_~åâÉå=^_=EéìÄäF=E“pb_ÒFK==
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important your attention is drawn to the statement on the back cover of this report which affects your rights.