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¿FHU /HLI 1HOVRQ ZDV LQYHVWLJDWLQJ WKH FDVH DQG ZDV UHVSRQVLEOH IRU ORFDWLQJ WKH VXVSHFW &DQQRQ ZDV DUUHVWHG LQ /RW & DURXQG DP DIWHU EHLQJ VSRWWHG E\ 2I¿FHU 1HOVRQ 2I¿FHU )UDQN 5RFKD DORQJ ZLWK $VVW &KLHI -LP 0F0DKRQ DVVLVWHG LQ WKH DUUHVW ³,W¶V VDG WR VHH ER\IULHQGJLUOIULHQG UH ODWLRQVKLSV GHWHULRUDWH WR WKLV SRLQW´ VDLG 5RQ /HYLQH &KLHI RI WKH )RRWKLOO'H $Q]D 3ROLFH 'HSDUWPHQW ³7KUHDWV DQG YLROHQFH DUH QRW WROHUDWHG XQGHU DQ\ FLUFXPVWDQFHV :H¶UH JODG WKDW WKH YLFWLP LV VDIH DQG QR ORQJHU LQ GDQJHU´ &DQQRQ LV EHLQJ FKDUJHG ZLWK RQH IHORQ\ FRXQW RI YLRODWLQJ 3HQDO &RGH FULPLQDO WKUHDW <:FINL 1 @Yn] k[`ggd khajal$ eYc] [gf\ge k[mdhlmj]k L`] <] 9frY ;gdd]_] @]Ydl` ;]fl]j jY^Û]k YoYq hjar]k ^gj l`] Z]kl [gf\ge k[mdhlmj] lmjf]\ af Zq L`mjk\Yq LIHKML *- ;gmd\ l`] Kmh]jZgod Yf\ klg[ck Z] [gff][l]\7 =[gfgea[k Hjg^]kkgj Radd ]phdYafk al Ydd <KHLLPHK= *. OAF >J== EGNA= LA;C=LK LG :DM=DA?@L L`] Újkl l]f j]Y\]jk lg [gjj][ldq Úfak` gmj dgn] l`]e]\ [jgkkogj\ hmrrd] Yf\ lmjf al af lg l`] EZ Ohs P^^der g^Ú[] af D%,) _]l log ^j]] egna] la[c]lk lg :dm]da_`l ;af]eYk Ojal] Y nYda\ ]%eYad Y\\j]kk gf l`] kmZeakkagf Yf\ hdY[] af l`] Zgp eYjc]\ ;jgkkogj\ KmZeakkagfk af gmj g^Ú[] Egf\Yq%L`mjk\Yq$)* h&e&%, h&e& Oaff]jk oadd Z] fglaÚ]\ Zq Egf&$ >]Z& )-& ?jgmf\k klY^^ [ml af `Yd^ 6WXGHQW WKUHDWHQV JLUOIULHQG SROLFH DUUHVW RQ FDPSXV =: ?:<>L . >gje]j <9K: hj]r f]o `]Y\ g^ >@<9 k][mjalq Gf[] Y klm\]fl Yl <] 9frY ;gdd]_]$ @]Y\ g^ K][mjalq Bae E[EY`gf dggck ^gjoYj\ lg e]]laf_ klm\]flk Y_Yaf <:FINL 0 <gfl ljah gf l`Yl khjafcd]j Mf[gn]j l`] jYj]dq fgla[]\ kY^]lq `YrYj\k gf [Yehmk Yf\ c]]h qgmjk]d^$ Yf\ qgmj ^ja]f\k$ kY^] <:FINL 1 Dgn]k lgm_`$ ]kh][aYddq ^gj l`]e Klm\]flk l]dd l`]aj ^Yngjal] [ml]']eZYjYkkaf_'YocoYj\ q]l jgeYfla[ ege]fl <:FINL ** L`] <9K:2 o`Yl l`]q \g Yf\ o`g l`]q Yj] Klm\]flk eYq cfgo `go lg jg[c l`] ngl]$ Zml \g o] cfgo o`g gmj klm\]fl _gn]je]fl ak7 Alk lae] lg Úf\ gml G>PL - =[g hYkk [gmd\ hjgna\] Z]f]Úlk lg klm\]flk oal` fg hdY[] lg hYjc 7KH )RRWKLOO'H $Q]D &RPPXQLW\ &ROOHJH 'LVWULFW LV SUHSDULQJ WR PDNH FXWV WR VHYHUDO GHSDUWPHQWV GXH WR D SURMHFWHG EXGJHW GH¿FLW RI PLOOLRQ 7KH DGPLQLVWUDWLRQ DW 'H $Q]D &ROOHJH KDV WKH ³ULJKW WR DVVLJQPHQW´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¿HG RI OD\RIIV IRU WKLV -XQH DQG RWKHU SRVLWLRQV ZLOO PRYH WR (VFURZ ,, DFFRXQWV DOORZLQJ WKRVH HPSOR\HHV WR PDLQWDLQ WKHLU SRVLWLRQV XQWLO D OD\RII LQ -XQH 7ZHOYH DGGLWLRQDO IXOOWLPH SRVLWLRQV NQRZQ DV Ma^k^ bl Z eZ\d h_ \hffngb\Zmbhg [^mp^^g ma^ _Z\nemr Zg] Z]fbgblmkZmbhg ''' TMa^rV phne] [^ Zi& iZee^] b_ ma^r dg^p ma^ ^__^\ml maZm ma^l^ eZrh__l p^k^ `hbg` mh aZo^ ;eZg\a^ FhgZkr% ik^lb]^gm h_ ma^ :llh\bZmbhg h_ <eZllb_^] >fiehr^^l %\ -XQH HPSOR\HHV ZLOO EH ODLG RII IURP 'H $Q]D &ROOHJH DQG GHSDUWPHQWV ZLOO EH DIIHFWHG DFURVV WKH ERDUG 7KH 'RPLQR (IIHFW -XOLD (FNKDUGW /$ 92= :((./< 6HH THE DOMINO EFFECT 3DJH 6RKHLO 5H]DHH LV WKH LQYHVWLJDWLYH SURMHFWV HGLWRU IRU /D 9R] :HHNO\ &RQWDFW KLP DW ODYR]#IKGDHGX 6RKHLO 5H]DHH /$ 92= :((./< 2QO\ IRXU JURXQGV HPSOR\HHV ZLOO UHPDLQ HPSOR\HG DW 'H $Q]D &ROOHJH DIWHU -XQH ZKHQ WKH 'LVWULFW UHGXFHV WKHLU FXUUHQW VWDII RI HLJKW LQ KDOI ³, OHIW WKH &DO 3RO\ LQ ZKHQ WKH\ KDG EXGJHW FXWV ZHQW LQWR WKH SULYDWH VHFWRU , FDPH EDFN KHUH DQG WZR \HDUV ODWHU WKH VDPH WKLQJ´ VDLG -RVHSK &RRNH WKH JURXQGV VXSHUYLVRU DW 'H $Q]D &ROOHJH /DVW VXPPHU PHPEHUV RI &RRNH¶V FUHZ ZHUH LQIRUPHG WKDW WKH\ PLJKW EH ODLG RII ZLWKLQ WKH QH[W \HDU DQG ZHUH HQFRXUDJHG WR ORRN IRU QHZ HPSOR\PHQW RSSRUWXQLWLHV VLQFH WKH\ ZRXOG PRVW OLNHO\ FXW SRVLWLRQV E\ -XQH ³+XPDQ UHVRXUFHV PHW ZLWK DOO RI WKHP´ VDLG &RRNH ³EXW WKHQ WKHUH ZHUH PRUH PLG \HDU FXWV EHFDXVH WKH EXGJHW KDV VWLOO EHHQ QRW ¿[HG´ /DWHU WKH JURXQGV GHSDUWPHQW ZDV LQIRUPHG WKDW WKH\ FRXOG KDYH QR PRUH WKDQ IRXU SRVLWLRQV RQ VWDII E\ -XQH 2QH PDQ ZDV FORVH WR UHWLUHPHQW ODVW VXPPHU ZKHQ WKH EXGJHW UHTXLUHG UHGXFWLRQ RI KDOI RI WKH JURXQGV VWDII /HR &RQWUHUDV SUHVLGHQW RI &DOLIRUQLD 6FKRRO (PSOR\HHV $VVRFLDWLRQ &KDSWHU VXJJHVWHG WKDW WZR DGGLWLRQDO PHQ WDNH HDUO\ UHWLUHPHQW WR SUHYHQW WKHP IURP EHLQJ ODLG RII ³7KH RQO\ WKLQJ WKDW LV VDYLQJ WKH JURXQGV GHSDUWPHQW LV WKDW DERXW KDOI RI WKH JX\V DUH UHDO FORVH WR UHWLUHPHQW WZR LQ $XJXVW DQG RQH LQ 0DUFK´ VDLG &RRNH 'H $Q]D PD\ GHFUHDVH HPSOR\HH EHQH¿WV DQG LQVWLWXWH SD\ FXWV LQ RUGHU WR VDYH MREV +RZHYHU WKHUH DUH ¿YH GLIIHUHQW ODERU XQLRQV DW 'H $Q]D &ROOHJH $Q DJUHHPHQW PXVW EH UHDFKHG ZLWK HDFK RQH DQG WKDW PD\ EH GLI¿FXOW DFFRUGLQJ WR &RRNH ³,W¶V QRW JRLQJ WR DIIHFW WKHP 6R ZK\ ZRXOG WKH\ WDNH WKH FXW LQ SD\"´ &RRNH VDLG WKDW ³WKH JURXQGV FUHZ LV SUHWW\ FRQFHUQHG EXW WKH\ XQGHUVWDQG DQG , WKLQN ZH KDYH D JRRG FUHZ KHUH EXW 5\DQ &RUQZHOO /$ 92= :((./< 6HH :G= MA>G MA>K> P>K> - 3DJH O9L;@ :JG9<;9KL F=OK GFDAF= ooo&dYngr\]YfrY&[ge NA<=G D9 NGR 9DOHQWLQH·V 'D\ ,W FDQ·W EH WKDW EDG FDQ LW" :RUVW &DVH 6FHQDULR 6XULYDO *XLGH h& 0