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Exhibit 4.4


  “2011 – Year of Decent Work, Health and Safety for Workers”

 

NOTICE

 

BUENOS AIRES, DECEMBER 21, 2011

 

To

AEROPUERTOS ARGENTINA 2000 S A

Mr. Ernesto GUTIÉRREZ CONTE

Honduras 5663 - 2o Floor

FEDERAL CAPITAL

 

The purpose of this notice is to inform you about the issuance of Resolution Nº 125, dated on December 21, 2011, by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which provides as follows in Article 1: “To replace Article 2 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DELSISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “ARTICLE 2.- Pursuant to the provisions of Article 1 of ORSNA Resolution No. 60, dated on October 14, 2010, a rebalancing of the variables in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is proposed, which shall be implemented through a rate variation of Regional and International Airport Terminal Usage Fees of SIXTEEN PER CENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PERCENT (15%) increase in the Domestic Airport Terminal Usage Fee. Said variations are included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), which is hereby attached as ANNEX I to the present decision.” Article 2 of said Resolution provides as follows: “To replace Article 5 of Resolution No. 60, dated on October 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “To notify to the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES, by virtue of the provisions of Resolution N° 2000, dated December 19, 2005, issued by such Ministry, about the new Rate Schedule intended to achieve a rebalancing of the variables contained in the FINANCIAL PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE), through a rate variation of Regional and International Airport Terminal Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PER CENT (15%) increase in the Domestic Airport Terminal Usage Fee.”

 

It is expressly stated on the record that a duly certified copy of ORSNA Resolution No. 125/2011 is attached herewith, which has SEVEN (7) sheets of paper with writing on both sides of the page.

 

You are hereby duly notified.

 

  [Illegible signature]
  PATRICIO L. DUAHLDE
  General Secretariat Unit
  O.R.S.N.A.

 

Signature: [illegible]

Clarification: Alonso, Julieta

Date: 12/22/2011          Time: 12:05 p.m.

 

Av. Corrientes 441 * C1043AAE * Buenos Aires * Argentina * Ph: 4327-3328 / 4327-1046 * Fax: 4327-1340

 

 

 

 

  “2011 – Year of Decent Work, Health and Safety for Workers”

 

[Each page of this document is duly initialized at the bottom, on the left.]

 

BUENOS AIRES, DECEMBER 21, 2011

 

Having reviewed File N° 69/2010 of the Registry of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), Decree N° 375, dated on April 24, 1997, ratified by Decree of Necessity and Urgency N° 842, dated on August 27, 1997; Decree N° 163, dated on February 11, 1998; Decree Nº 1799, dated on December 4, 2007; Resolution No. 2000, dated on December 19, 2005, issued by the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES; ORSNA Resolutions Nº 111, dated on December 30, 2008; No. 9, dated January 28, 2009; No. 10, dated on January 30, 2009 and No. 60, dated on October 14, 2010; and,

WHEREAS:

 

The abovementioned File deals with the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE), as of December 31, 2009.

 

ORSNA Resolution No. 60, dated on October 14, 2010 resolved: “To approve the Review of the FINANCIAL PROJECTION OF INCOME AND EXPENSES (FPIE) as of December 31, 2009, pursuant to the provisions of Paragraph 29 of Part Four of the Memorandum of Agreement for Concession Contract Adjustment, ratified by Decree Nº 1799/07 (Article 1). 

 

Article 2 of the same Resolution provides as follows: “Pursuant to the provisions of the preceding Article, the rebalancing of the variables in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is proposed (…) Said balance was expressed in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), which is hereby attached as Annex I to the present decision.”

 

 

 

 

  “2011 – Year of Decent Work, Health and Safety for Workers”

 

Article 3 of the aforementioned Resolution provides as follows: “To keep the provisions of ORSNA Resolution Nº 10/09 related to the convenience and relevance of applying discounts to international aeronautical charges so that the resulting fee is equivalent to the one that would be obtained by applying a THIRTY PER CENT (30%) discount on the values provided for in Annex II of the Memorandum of Agreement approved by Decree 1799/2007, applying said resolution to those airlines that have complied with all payments.”

 

Article 4 of said Resolution provided that the next review shall assess, by using the methodology described therein, the economic impact of the discounts made to air operators, and the analysis of the related effectiveness in the framework of a punctual analysis of the matter, taking into account the responsibility of the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) in terms of the application of paragraph 29.4 of the MEMORANDUM OF AGREEMENT.

 

Finally, Article 5 of the aforementioned Resolutions resolved: “To promote the conveyance to the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES (MPFIPyS, as per its acronym in Spanish) ─ by virtue of the provisions of Resolution N° 2000/05 issued by the MPFIPyS ─ of the Administrative Act Project intended to modify the current Rate Schedule, establishing the rebalancing of the variables contained in the FINANCIAL PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE) (…).”

 

Later, the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) ─ aligned with federal policies promoted by the NATIONAL GOVERNMENT to foster air-commercial activities and the internal interconnection of the national territory ─ revised the rate increases proposed by ORSNA Resolution No. 60/2010, to limit the Domestic Airport Terminal Usage Fee to FIFTEEN PERCENT (15%), both for First Category Airports and other airports that are part of the National Airport System (NAS), compensating such reduction with an increase in the adjustment rate for International and Regional Airport Terminal Usage Fees.

 

 

 

 

  “2011 – Year of Decent Work, Health and Safety for Workers”

 

Based on the need to rebalance the variables inherent to the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION, approved by ORSNA Resolution No. 60/2010, it becomes necessary to reformulate the rate variations proposed in such measure.

 

In this regard, the proposed increase for the Domestic Airport Terminal Usage Fee would be FIFTEEN PERCENT (15%) of the current values.

 

As a result of the aforementioned, in order to keep the balance of the variables of the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION, it becomes necessary to modify the proposed values in ORSNA Resolution No. 60/2010 for International and Regional Airport Terminal Usage Fees.

 

Therefore, International and Regional Airport Terminal Usage Fees shall be subject to the following rate variations: SEVENTEEN PERCENT (17%) and SIXTEEN PERCENT (16%), respectively.

 

As regards the economic-financial model embodied in Annex I of Article 2 of ORSNA Resolution No. 60/2010, although no changes have been made to the methodology or mathematical formulation thereof, it becomes necessary to adapt it to show the new proposed charges in the Projection.

 

On the other hand, it should be mentioned that any possible modification as regards the application of proposed increases shall be assessed at the First Ordinary meeting held.

 

The LEGAL DEPARTMENT has acted in exercise of its incumbent authority.

 

 

 

 

  “2011 – Year of Decent Work, Health and Safety for Workers”

 

The ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA) has the corresponding authority to issue the present measure, pursuant to the provisions of Section 3 of the National Law of Administrative Procedures No. 19 549, Decree No. 375 of April 24, 1997 and other aforementioned regulations.

 

The matter was discussed at a Meeting of the Board of Directors held on December 21, 2011 and the undersigned was authorized to issue the present decision.

 

Therefore,

 

THE BOARD OF DIRECTORS OF THE ORGANISMO REGULADOR

 

DEL SISTEMA NACIONAL DE AEROPUERTOS

 

RESOLVES:

 

ARTICLE 1º.- To replace Article 2 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “ARTICLE 2.- Pursuant to the provisions of Article 1 of ORSNA Resolution No. 60, dated on October 14, 2010, a rebalancing of the variables in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE) is proposed, which shall be implemented through a rate variation of Regional and International Airport Terminal Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PER CENT (17%), respectively, and a FIFTEEN PERCENT (15%) increase in the Domestic Airport Terminal Usage Fee. Said variations are included in the FINANCIAL PROJECTION OF INCOME AND EXPENSES OF THE CONCESSION (FPIE), which is hereby attached as ANNEX I to the present decision.”

 

ARTICLE 2º.- To replace Article 5 of Resolution No. 60, dated on October 14, 2010, issued by the ORGANISMO REGULADOR DEL SISTEMA NACIONAL DE AEROPUERTOS (ORSNA), which shall read as follows: “To notify to the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENT AND SERVICES, by virtue of the provisions of Resolution N° 2000, dated December 19, 2005, issued by such Ministry, about the new Rate Schedule intended to achieve a rebalancing of the variables contained in the FINANCIAL PROJECTION OF INCOME AND EXPENSES for the CONCESSION (FPIE), through a rate variation of Regional and International Airport Terminal Usage Fees of SIXTEEN PERCENT (16%) and SEVENTEEN PERCENT (17%), respectively, and a FIFTEEN PER CENT (15%) increase in the Domestic Airport Terminal Usage Fee.”

  

 

 

 

  “2011 – Year of Decent Work, Health and Safety for Workers”

 

ARTICLE 3º.- Let these presents be filed and notified to the Concessionaire AEROPUERTOS ARGENTINA 2000 SOCIEDAD ANÓNIMA, the SECRETARIAT OF TRANSPORTATION and the MINISTRY OF FEDERAL PLANNING, PUBLIC INVESTMENTS AND SERVICES, enforced and filed.

 

ORSNA RESOLUTION Nº 125

 

  [Illegible signature]
  MANUEL BALADRÓN
  PRESIDENT
  ORGANISMO REGULADOR DEL
  SISTEMA NACIONAL DE AEROPUERTOS
  O.R.S.N.A.

 

 

 

 

  “2011 – Year of Decent Work, Health and Safety for Workers”

 

ANNEX 1

 

In thousands of AR$ December 2009 1998-2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Aeronautical Revenues   576,504 566,599 513,846 649,547 1,020,822 1,059,477 1,098,254 1,137,901 1,177,955 1,219,301 1,261,001 1,303,875 1,347,555 1,392,025 1,437,265 1,483,258 1,529,981 1,577,410 1,625,521 1,674,287 1,724,515 1,776,251 220,547
Local parking fee   3,172 2,886 2,645 2,652 2,606 2,702 2,801 2,902 3,005 3,110 3,216 3,326 3,437 3,551 3,666 3,783 3,903 4,024 4,146 4,271 4,399 4,531 563
International parking fee   60,543 60,051 52,516 44,198 44,847 46,551 48,255 49,997 51,757 53,573 55,406 57,289 59,209 61,163 63,150 65,171 67,224 69,308 71,422 73,565 75,771 78,045 9,690
Local landing fee   8,222 7,783 6,875 7,296 7,770 8,057 8,352 8,653 8,958 9,272 9,590 9,916 10,248 10,586 10,930 11,280 11,635 11,996 12,362 12,732 13,114 13,508 1,677
International landing fee   165,710 156,151 141,144 122,858 144,104 149,580 155,055 160,652 166,307 172,145 178,032 184,085 190,252 196,530 202,918 209,411 216,008 222,704 229,496 236,381 243,473 250,777 31,138
Local Airport Terminal usage fee   35,992 32,415 28,808 73,801 123,252 127,812 132,490 137,273 142,105 147,093 152,123 157,296 162,565 167,930 173,387 178,936 184,572 190,294 196,098 201,981 208,040 214,281 26,606
Regional Airport Terminal usage fee   6,324 5,265 5,527 11,725 38,230 39,682 41,135 42,620 44,120 45,669 47,231 48,836 50,472 52,138 53,832 55,555 57,305 59,082 60,884 62,710 64,591 66,529 8,261
International Airport Terminal usage fee   292,605 298,290 273,151 383,402 655,642 680,556 705,465 730,932 756,661 783,220 810,006 837,546 865,604 894,169 923,229 952,773 982,785 1,013,251 1,044,155 1,075,480 1,107,745 1,140,977 141,669
Telescopic jet way usage fee   3,936 3,758 3,180 3,615 4,371 4,535 4,701 4,871 5,042 5,219 5,398 5,581 5,768 5,959 6,152 6,349 6,549 6,752 6,958 7,167 7,382 7,603 944
Non-aeronautical Revenues   353,451 394,686 398,394 507,555 841,268 879,872 925,196 950,918 990,646 1,034,147 1,077,881 1,127,546 1,160,733 1,210,591 1,260,840 1,304,508 1,369,036 1,414,438 1,467,696 1,519,437 1,579,771 1,640,669 205,291
Ground handling service   15,210 13,820 11,118 11,983 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 13,061 1,574
Fuel   26,926 26,871 30,159 21,427 26,299 27,285 28,284 29,305 30,336 31,401 32,475 33,579 34,704 35,849 37,014 38,199 39,402 40,624 41,863 43,118 44,412 45,744 5,680
Duty free shops   63,588 78,071 85,338 78,736 104,744 108,725 112,704 116,773 120,883 125,126 129,405 133,805 138,288 142.851 147,494 152,214 157,008 161,876 166,813 171,817 176,972 182,281 22,633
Fiscal warehouses (variable license fee : EDCADASSA)   30,923 33,306 32,413 152,968 404,608 424,839 446,081 468,385 491,804 516,394 542,214 569,324 597,791 627,680 659,064 692,017 726,618 762,949 801,097 841,152 883,209 927,370 117,382
Advertising   13,786 26,780 25,556 27,074 38,147 41,403 42,856 44,170 45,284 46,826 48,446 49,419 50,156 51,107 52,112 52,942 53,500 54,041 54,581 55,131 55,720 56,254 6,845
Parking   37,343 40,210 44,010 47,562 62,268 64,602 66,967 69,384 71,827 74,348 76,891 79,505 82,168 84,880 87,638 90,443 93,292 96,184 99,117 102,091 105,154 108,308 13,448
Catering   19,498 19,066 20,176 22,554 27,047 28,075 29,103 30,153 31,214 32,310 33,415 34,551 35,709 36,887 38,086 39,305 40,543 41,800 43,074 44,367 45,698 47,069 5,844
Rent   39,607 36,176 34,793 35,714 39,484 42,853 44,357 45,718 46,870 48,466 50,143 51,150 51,913 52,898 53,938 54,797 55,374 55,934 56,493 57,063 57,672 58,225 7,085
Counters & cute   8,625 8,362 7,363 6,693 9,227 9,573 9,923 10,282 10,644 11,017 11,394 11,781 12,176 12,578 12,987 13,402 13,824 14,253 14,688 15,128 15,582 16,050 1,993
Coffee shops   13,386 25,983 18,273 18,252 24,112 19,675 28,814 21,132 21,876 22,643 23,418 33,974 25,025 25,851 26,691 27,545 42,197 29,294 30,187 31,093 32,026 32,986 4,096
Services and stores   75,514 76,479 81,241 74,888 78,750 85,415 88,311 87,489 91,502 96,826 100,891 101,031 103,199 110,175 115,738 113,368 116,869 126,947 129,118 127,682 132,393 135,322 16,526
Expense reimbursement   9,043 9,563 7,953 9,704 13,519 14,366 14,735 15,067 15,345 15,728 16,127 16,365 16,544 16,774 17,016 17,215 17,348 17,476 17,604 17,735 17,873 17,999 2,185
Total Revenues   929,955 961,285 912,240 1,157,102 1,862,090 1,939,349 2,023,450 2,088,819 2,168,601 2,253,449 2,338,882 2,431,422 2,508,288 2,602,616 2,698,105 2,787,766 2,899,017 2,991,848 3,093,217 3,193,724 3,304,286 3,416,919 425,838
TCA Expenses   0 0 0 -82,331 -208,720 -219,156 -230,114 -241,619 -253,700 -266,385 -279,705 -293,690 -308,374 -323,793 -339,983 -356,982 -374,831 -393,573 -413,251 -433,914 -455,610 -478,390 -60,552
Personnel   -89,394 -106.502 -122,180 -143.361 -208,720 -210,285 -211,824 -213,353 -214,855 -216,364 -217,844 -219,325 -220,794 -222,252 -223,696 -225,128 -226,546 -227,951 -229,341 -230,717 -232,102 -233,494 -28,316
Public services   -29,373 -32,.026 -31,404 -34,733 -37,405 -39,746 -40,769 -41,686 -42,457 -43,517 -44,621 -45,278 -45,773 -46,410 -47,079 -47,629 -47,997 -48,353 -48,707 -49,067 -49,451 -49,799 -6,045
Maintenance   -123,381 -121,488 -108,632 -136,227 -177,247 -186,379 -191,512 -196,357 -200,765 -206,102 -211,579 -215,740 -219,425 -223,559 -227,810 -231,707 -235,045 -238,352 -241,654 -244,976 -248,412 -251,769 -30,758
Insurance   -6,009 -5,057 -4,357 -4,594 -4,814 -5,362 -5,613 -5,843 -6,039 -6,313 -6,605 -6,781 -6,916 -7,091 -7,277 -7,432 -7,536 -7,638 -7,739 -7,843 -7,955 -8,057 -983
Hired services   -39,015 -37,062 -29,057 -35,434 -50,516 -51,084 -51,645 -52,204 -52,756 -53,311 -53,858 -54,407 -54,954 -55,498 -56,039 -56,577 -57,112 -57,643 -58,171 -58,694 -59,222 -59,755 -7,268
FIRE-fighting and medical services   -27,682 -32,355 -36,176 -39,678 -67,194 -69,239 -70,398 -71,486 -72,474 -73,645 -74,833 -75,745 -76,556 -77,451 -78,363 -79,200 -79,922 -80,635 -81,343 -82,051 -82,778 -83,488 -10,150
Matrix   0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
GATO   -13,949 -14,419 -13,684 -17,357 -37,256 -38,802 -40,484 -41,792 -43,389 -45,086 -46,795 -48,647 -50,185 -52,072 -53,983 -55,777 -58,002 -59,860 -61,888 -63,899 -66,111 -68,364 -8,520
Other operation expenses   -80,319 -86,645 -57,542 -121,410 -113,501 -118,022 -119,955 -121,672 -123,103 -125,059 -127,079 -128,270 -129,162 -130,305 -131,502 -132,479 -133,130 -133,758 -134,382 -135,014 -135,687 -136,294 -16,502
AEI (15% over total income}   -139,493 -144,193 -136,836 -173,565 -196,385 -204,533 -213,403 -220,297 -228,711 -237,659 -246,669 -256,429 -264,536 -274,484 -284,555 -294,011 -305,744 -315,534 -326,225 -336,825 -348,486 -360,364 -44,911
Mutual claim interests   -27,395 -24,387 -21,587 -19,236 -15,993 -15,077 -14,096 -13,048 -12,742 -12,306 -11,873 -11,444 -11,019 -10,598 -10,180 -8,485 -6,789 -5,092 -3,394 -1,694 7 1,709 3,413
Gross income   -37,198 -38.451 -36,490 -46,284 -74,484 -77,574 -80,938 -83,553 -86,744 -90,138 -93,555 -97,257 -100,332 -104,105 -107,924 -111,511 -115,961 -119,674 -123,729 -127,749 -132,171 -136,677 -17,034
Financial transfer tax   -4,650 -4,806 -4,561 -5,786 -15,470 -15,951 - 16,398 -15,209 -16,001 -16,604 -16,713 -17,126 -17,745 -18,363 -18,832 -19,190 -19,839 -20,392 -21,002 -21,626 -22,245 -22,910 -2,823
(Tax) Amortizations   -89,985 -87,275 -86,434 -66,238 -91,394 -122,818 -154,294 -159,966 -169,614 -175,440 -174,014 -169,998 -175,586 -181,159 -181,531 -179,132 -177,450 -178,584 -179,994 -182,599 -186,657 -196,751 0
Total expenditures   -707,844 -734,668 -688,939 -926,234 -1,299,100 -1,374,027 -1,441,442 -1,478,086 -1,523,350 -1,567,930 -1,605,744 -1,640,138 -1,681,358 -1,727,140 -1,768,755 -1,805,239 -1,845,905 -1,887,038 -1,930,818 -1,976,668 -2,026,880 -2,084,403 -230,450
                                                 
Earnings before tax   222,111 226,617 223,300 230,868 562,990 565,322 582,008 610,733 645,251 685,519 733,138 791,283 826,931 875,476 929,350 982,527 1,053,111 1,104,811 1,162,399 1,217,055 1,277,406 1,332,516 195,389
Income tax   3,345 -63,590 -75,082 -119,551 -197,047 -197,863 -203,703 -213,757 -225,838 -239,932 -256,598 -276,949 -289,426 -306,417 -325,272 -343,884 -368,589 -386,684 -406,839 -425,969 -447,092 -466,381 -68,386
Earnings after tax   225,456 163,028 148,219 111,317 365,944 367,459 378,305 396,977 419,413 445,587 476,540 514,334 537,505 569,060 604,077 638,643 684,522 718,127 755,559 791,086 830,314 866,136 127,003
EDCADASSA dividends   34,138 31,876 18,948 16,609 0                                    
(Tax) amortization adjustments   89,985 87,275 86,434 66,238 91,394 122,818 154,294 159,966 169,614 175,440 174,014 169,998 175,586 181,159 181,531 179,132 177,450 178,584 179,987 182,599 186,657 196,751 0
Mutual claim amortization   16,983 17,323 17,669 -101,463 -45,804 -49,069 -52,398 -15,284 -21,814 -21,633 -21,449 -21,260 -21,069 -20,873 -84,747 -84,806 -84,865 -84,926 -84,987 -85,051 -85,115 -85,180 -3,413
Work capital variation   150,943 -103,464 -161,601 101,542 17,454 -63,234 -4,647 -8,210 16,941 3,366 -25,687 -8,253 8,009 2,619 -6,282 -10,225 1,125 562 1,361 2,300 -1,506 -1,043 -64,381
Direct investment   -87,273 -99,909 -132,396 -179,202 -457,195 -444,998 -427,276 -105,090 -162,490 -174,123 -86,350 -53,816 -81,942 -88,457 -63,598 -25,426 -21,574 -19,942 -19,870 -23,605 -14,450 -12,195 0
AEI allocated to Investments (2.5%)   -23,249 -24,032 -22,806 -28,928 -32.731 -34,089 -35,567 -36.716- -38,118- -39,610- -41,112- -42,738 -44,089 - -45,747 - -47,426- -49,002 -50,957 -52,589 -54,378 -56,138 -58,081 -60,061 -7,485
Total Investment   - 110,522 - 123,942 - 155,202 - 208,129 - 489,926 -479,087 -462,845 -141,806 -200,609 -213,733 -127,462 -96,554 -126,031 -134,204 -111,023 -74,428 -72,531 -72,531 -74,248 -79,743 -72,531 -72,256 -7,485
Net fund flow -1,472,761 430,232 96,129 -22,727 15,041 -28,208 -67,023 48,277 428,359 421,664 428,638 517,068 601,003 618,090 643,508 630,982 697,318 756,659 792,405 832,049 867,330 915,900 964,468 59,208