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Additional impairment m Assumptions Decrease in volume by 3% year-on-year* (355) Decrease in five-year pricing CAGR by additional 1% (110) Increase in pre-tax discount rate by 100 bps (116) * Volume sensitivity results in a proportional reduction in both net revenue and direct costs with no impact to other operating costs which remain flat

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Sifting through history, it is clear that the City cannot continue down a path of half measures and must explore options beyond borrowing against TSRs that allows the outstanding liability secured by those revenues to be paid in full

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50) Modell 21 (internal number

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