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iUGHQDV$WWKHWLPH&DOOHVUHSUHVHQWHGWKHFRQVHUYDWLYHHOHPHQWV RIWKHUHYROXWLRQDU\FRDOLWLRQZKLOH&iUGHQDVGUHZKLVVXSSRUWIURPWKHPRUHUDGLFDO SROLWLFDOHOHPHQWV7RVWUHQJWKHQKLVKDQGDJDLQVW&DOOHV&iUGHQDVUHXQLWHGWKHODERUDQG SHDVDQWRUJDQL]DWLRQVWKDW&DOOHVKDGHDUOLHUIUDJPHQWHGDQGIRUPHGWZRQDWLRQDOIHGHUDWLRQV WKH1DWLRQDO3HDVDQW&RQIHGHUDWLRQ&RQIHGHUDFLyQ1DFLRQDO&DPSHVLQD&1&DQGWKH &RQIHGHUDWLRQRI0H[LFDQ:RUNHUV&RQIHGHUDFLyQGH7UDEDMDGRUHV0H[LFDQRV&70 8VLQJWKHVHRUJDQL]DWLRQVDVWKHEDVHVRIKLVVXSSRUW&iUGHQDVWKHQUHRUJDQL]HGWKH315LQ UHQDPLQJLWWKH3DUW\RIWKH0H[LFDQ5HYROXWLRQ3DUWLGRGHOD5HYROXFLyQ0H[LFDQD 350LQFRUSRUDWLQJWKH&70DQGWKH&1&DQGJLYLQJWKH350DQRUJDQL]DWLRQE\VHFWRUV ODERUDJUDULDQSRSXODUDQGPLOLWDU\7KHFUHDWLRQRIWKHVHJURXSVDQGWKHLULQWHJUDWLRQLQWR WKHSDUW\PDUNHGWKHOHJLWLPDWLRQRIWKHH[LVWLQJLQWHUHVWJURXSRUJDQL]DWLRQVDQGWKH WUDQVIRUPDWLRQRIWKHSROLWLFDOV\VWHPIURPDQHOLWHWRDPDVVEDVHGV\VWHP:LWKLQD\HDUWKH 350FODLPHGVRPHPLOOLRQPHPEHUVPLOOLRQSHDVDQWVPLOOLRQZRUNHUVDQG LQWKHSRSXODUVHFWRU,Q3UHVLGHQW0DQXHOÉYLOD&DPDFKRDEROLVKHGWKH PLOLWDU\VHFWRUVKLIWHGLWVPHPEHUVLQWRWKHSRSXODUVHFWRUDQGUHQDPHGWKHSDUW\WKH35, %HJLQQLQJZLWKWKH&iUGHQDVDGPLQLVWUDWLRQLQWKHODWHVWKH35,DQGLWVSUHGHFHVVRUV HQJLQHHUHGDQXQSUHFHGHQWHGSROLWLFDOSHDFH7KHRYHUWSROLWLFDOLQWHUYHQWLRQE\WKHPLOLWDU\ WKDWKDGFKDUDFWHUL]HGWKHFRXQWU\ VSROLWLFVWKURXJKRXWWKHQLQHWHHQWKDQGHDUO\WZHQWLHWK FHQWXULHVODUJHO\GLVDSSHDUHGZKHQÉ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tDGH&DPSHFKHEHJDQSURGXFLQJ0XFKRIWKHZHDOWKWKDWIORZHGLQWRWKHFRXQWU\ WKURXJKWKHVWDWHRLOPRQRSRO\0H[LFDQ3HWUROHXP3HWUyOHRV0H[LFDQRV3HPH[ZDV VTXDQGHUHGLQZDVWHIXODQGXQQHFHVVDU\SURMHFWVDQGWKHLQIODWLRQRISD\UROOV7KHPDLQ EHQHILFLDULHVRIKLJKOHYHOJUDIWGXULQJWKLVSHULRGZHUHWKHVHQLRUH[HFXWLYHVRIWKHQDWLRQDO RLOZRUNHUVXQLRQDQGKLJKOHYHO35,IXQFWLRQDULHV7KLVEUDQGRIRIILFLDOFRUUXSWLRQUHDFKHG QHZKHLJKWVGXULQJWKHSUHVLGHQF\RI/ySH]3RUWLOORZKRDOOHJHGO\DFTXLUHGD 86PLOOLRQKRXVHDVDJLIWIURPWKHRLOZRUNHUV XQLRQDQGZDVVXEVHTXHQWO\YLOLILHGE\ WKHPHGLDDQGWKHSXEOLFDVDV\PERORI35,JUDIW 3XEOLFGLVFORVXUHRIWKHH[FHVVHVRIWKH/ySH]3RUWLOOR\HDUVZKLFKFDPHWROLJKWGXULQJWKH VHYHUHILQDQFLDOFULVLVRIWKHHDUO\VKDGDVLJQLILFDQWLPSDFWRQWKH35, VLQWHUQDO SROLWLFVDVZHOODVRQLWVRYHUDOOOHYHORISXEOLFVXSSRUW,QWHUQDOO\WKHVHYHUHSXEOLFEDFNODVK DJDLQVWWKH35,GLVFUHGLWHGPDQ\FDUHHUSROLWLFLDQVZLWKLQWKHSDUW\ZKRKDGSHUVRQDOO\ EHQHILWHGIURPWKHILVFDOSURIOLJDF\RIWKH/ySH]3RUWLOORVH[HQLRDQGFUHDWHGRSSRUWXQLWLHV IRUDQHPHUJLQJJHQHUDWLRQRIWpFQLFRVWHFKQRFUDWVWRDVVXPHKLJKOHYHOJRYHUQPHQWSRVWV 0DQ\RIWKHVHWpFQLFRVZHUHEURXJKWLQWRWKHFDELQHWE\3UHVLGHQWGHOD0DGULGWRKHOS UHVWRUHWKHLQWHJULW\RIWKHSXEOLFDFFRXQWVGXULQJWKHHDUO\VILQDQFLDOFULVLV 'XULQJWKHGHOD0DGULGVH[HQLRWKH35,EHJDQWRGRZQSOD\LWVWUDGLWLRQDO SRSXOLVWDQGQDWLRQDOLVWDJHQGDDQGDGRSWHGDSUREXVLQHVVIUHHPDUNHWSODWIRUP7KHVH FKDQJHVSURGXFHGDQLQWUDSDUW\VSOLWEHWZHHQWKHSRSXOLVWZLQJGRPLQDWHGE\SROtWLFRV FDUHHUSROLWLFLDQVDQGWKHSROLWLFDOO\LQH[SHULHQFHGWpFQLFRV7KHQRPLQDWLRQRI6DOLQDVD +DUYDUGHGXFDWHGSROLWLFDOHFRQRPLVWDVWKH35,FDQGLGDWHIRUWKHSUHVLGHQWLDOHOHFWLRQ KWWSFRXQWU\VWXGLHVXVPH[LFRKWP 0H[LFR,QVWLWXWLRQDO5HYROXWLRQDU\3DUW\35, WULJJHUHGWKHILQDOUXSWXUHEHWZHHQWKHVHWZRJURXSV6DOLQDV VQRPLQDWLRQSURPSWHGWZR LPSRUWDQWSDUW\OHDGHUV&XDXKWpPRF&iUGHQDVWKHVRQRI3UHVLGHQW&iUGHQDVDQGKLPVHOID IRUPHUJRYHUQRURI0LFKRDFiQDQG3RUILULR0XxR]/HGRDIRUPHU35,VHFUHWDU\JHQHUDO WRUHVLJQIURPWKH35,DQGFUHDWHDEURDGFRDOLWLRQRIOHIWLVWSDUWLHVODERUXQLRQVDQG JUDVVURRWVRUJDQL]DWLRQVXQLWHGLQVXSSRUWRIDSUHVLGHQWLDOELGE\&i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yQ 1DFLRQDO3$1DQGWKH&iUGHQDVOHGFRDOLWLRQ7KHUHVXOWVRIWKHHOHFWLRQVZHUH ZLGHO\YLHZHGDVPDUNLQJWKHHQGRIVLQJOHSDUW\KHJHPRQ\E\WKH35,DQGZHUHHYHQ LQWHUSUHWHGE\VRPHREVHUYHUVDVDSUHOXGHWRWKHIUDJPHQWDWLRQDQGFROODSVHRIWKHUXOLQJ FRDOLWLRQ 5HVSRQGLQJWRSXEOLFSUHVVXUHIRUSROLWLFDOUHQHZDODQGVHHNLQJWRDYRLGIXUWKHUUXSWXUHLQ WKHSDUW\UDQNV3UHVLGHQW6DOLQDVDWWHPSWHGWRLPSURYHWKH35, VSXEOLFLPDJHZLWKRXW IXQGDPHQWDOO\FKDOOHQJLQJLWVDXWKRULWDULDQDQGFOLHQWHOLVWSUDFWLFHV6DOLQDVWRRNVWHSVWR FOHDQXSWKHHOHFWRUDOSURFHVVDQGPRYHGIRUFHIXOO\DJDLQVWWKRVHHOHPHQWVRIWKHSDUW\DQG RUJDQL]HGODERUPRVWFORVHO\DVVRFLDWHGZLWKFRUUXSWLRQ+RZHYHU6DOLQDV VDQWLFRUUXSWLRQ HIIRUWVZHUHE\QRPHDQVV\VWHPDWLF,QPDQ\LQVWDQFHVFRUUXSWRIILFLDOVZHUHGLVPLVVHG EHFDXVHRIWKHLUGHILDQFHRIWKHQHZSUHVLGHQWUDWKHUWKDQIRUWKHLUYHQDOLW\$OWKRXJKKH FRQWLQXHGGHOD0DGULG VSUDFWLFHRIWDSSLQJKLJKO\WUDLQHGWHFKQRFUDWVWRILOOFDELQHWSRVWV 6DOLQDVWRRNFDUHQRWWRFRPSOHWHO\GLVDYRZWKHSDUW\ VSROtWLFRZLQJLQILOOLQJKLJKOHYHO SRVWV,QDGGLWLRQWKHQHZSUHVLGHQWVKUHZGO\PDQLSXODWHGVWDWHUHVRXUFHVWKURXJKSRSXODU SURJUDPVVXFKDV3URQDVROLQRUGHUWRUHFRYHUWKHVXSSRUWRIORZLQFRPH0H[LFDQVZKR KDGEDFNHG&i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i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
© Copyright 2026 Paperzz