# MORGAN STANLEY SMITH BARNEY LLC X-17A-5 (2026-02-25) — Broker-dealer annual report - Company: MORGAN STANLEY SMITH BARNEY LLC - Form: X-17A-5 - Filed: 2026-02-25 - Accession: 0001193125-26-072428 - CIK: 1457496 - File #: 8-68191 - Website: deloitte.com Original filing: https://www.sec.gov/Archives/edgar/data/1457496/000119312526072428/d72471dfull.pdf --- {0}------------------------------------------------ # MORGAN STANLEY SMITH BARNEY LLC (SEC I.D. No. 8-68191) # CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM \*\*\*\*\*\*\*\*\* Filed Pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 and Regulation 1.10(g) under the Commodity Exchange Act as a Public Document. {1}------------------------------------------------ # **!"#&"#!&** | #'(2+5,54:+4:9 | | '-+5 | |----------------|-------------------------------------------------|------| | | 54952/*':+*":':+3+4:5,/4'4)/'254*/:/54 | | | | 5:+9:554952/*':+*":':+3+4:5,/4'4)/'254*/:/54 | | | | '?D5 ">DB?4E3D9?>1>41C9C?6)B5C5>D1D9?> | | | | '?D5 +97>96931>D33?E>D9>7)?<9395C | | | | '?D5 1C81>41C8AE9F1<5>DC | | | | '?D5 *5<1D54)1BDI,B1>C13D9?>C | | | | '?D5 19B.1CDBE=5>DC | | | | '?D5 *5359F12<5C6B?=?>DB13DCG9D8ECD?=5BC | | | | '?D5 ?<<1D5B1<9J54,B1>C13D9?>C | | | | '?D5 ??4G9<<1>4">D1>792<5C | | | | '?D5 ?BB?G9>7C1>4(D85B+53EB549>1>39>7C | | | | '?D5 (D85B%9129<9D95C1>433BE54H@5>C5C | | | | '?D5 +E2?B49>1D54%9129<9D95C | | | | '?D5 ?==9D=5>DC
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1>4?>D9>75>395C | | | | '?D5 *9C;&1>175=5>D | | | | '?D5 =@C1D9?>)<1>C | | | | '?D5 =@569D)<1>C | | | | '?D5 ">3?=5,1H5C | | | | '?D5 *57E<1D?BI*5AE9B5=5>DC | | | | 2599'8?5,53354#+839'4*)854?39 | | {2}------------------------------------------------ # 3 Deloitte. Deloitte & Touche LLP 30 Rockefeller Plaza New York, NY 10112-0015 USA Tel: +1 212 492 4000 Fax: +1 212 489 1687 www.deloitte.com # REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Member of Morgan Stanley Smith Barney LLC # Opinion on the Financial Statement We have audited the accompanying consolidated statement of financial condition of Morgan Stanley Smith Barney LLC and subsidiaries (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. # Basis for Opinion The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion. February 25, 2026 We have served as the Company's auditor since 2009. {3}------------------------------------------------ # MORGAN STANLEY SMITH BARNEY LLC CONSOLIDATED STATEMENT OF FINANCIAL CONDITION As of December 31, 2025 (In millions of dollars) | ASSETS | | | |--------------------------------------------------------------|-----|--------| | Cash and cash equivalents | ಿಕಾ | 2,061 | | Financial instruments owned, at fair value | | 6,960 | | Securities purchased under agreements to resell | | 9,521 | | Securities borrowed | | 1,007 | | Receivables: | | | | Customers | | 33,445 | | Brokers, dealers and clearing organizations | | 97 | | Fees, interest and other | | 949 | | Affiliates | | 40 | | Goodwill | | 8,218 | | Intangible assets (net of accumulated amortization of \$876) | | 1,958 | | Other assets | | 887 | | Total assets | ക | 65,143 | | | | | | LIABILITIES AND MEMBER'S EQUITY | | | | Financial instruments sold, not yet purchased, at fair value | ಿಕಾ | 21 | | Securities loaned | | 9,370 | | Other secured financings, at fair value | | 7,773 | | Payables: | | | | Customers | | 16,563 | | Brokers, dealers and clearing organizations | | 256 | | Interest and dividends | | 12 | | Affiliates | | 650 | | Other liabilities and accrued expenses | | 9,447 | | Borrowings (includes \$22 at fair value) | | 561 | | Total liabilities | ಿ | 44,653 | | | | | | Commitments and contingent liabilities (See Note 13) | | | | | | | | Member's equity | | 20,490 | | Total liabilities and member's equity | ക | 65,143 | {4}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A | {10}------------------------------------------------ # 5. Fair Values #### Fair Value Measurement ### Assets and Liabilities Measured at Fair Value | | At December 31, 2025 | | | | | | |-----------------------------------------------------|----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-------| | | | Level 1 | Level 2 | Level 3 | Netting1 | Total | | Assets at fair value | | | | | | | | Financial instruments owned: | | | | | | | | U.S. Treasury and agency securities | ക്ക | ക്ക | ക്ക
1 | ക്ക
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ಕಾ | 1 | | Corporate and other debt | | | 33 | 2 | | 35 | | Corporate equities | | 6,919 | 4 | | | 6,923 | | Derivative contracts: | | | | | | | | Foreign exchange | | | 11 | | | 11 | | Equity2 | | | 92 | | | 92 | | Netting1 | | | (102) | | | (102) | | Total derivative contracts | | | 1 | | | 1 | | Total financial instruments owned | ಕ್ಕಾ | ക
6,919 | 39
ക | 2 \$ | ಕೆ
- | 6,960 | | Liabilities at fair value | | | | | | | | Financial instruments sold, not yet purchased: | | | | | | | | Corporate and other debt | ക്ക | સ્ત્ર
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ಕೆ
14 | ക്ക | ക്ക | 14 | | Corporate equities | | 4 | | | | 4 | | Derivative contracts: | | | | | | | | Foreign exchange | | | 11 | | | 11 | | Equity2 | | | | | | | | Netting1 | | | (8) | | | (8) | | Total derivative contracts | ക്ക | ക്ക | 3
સ્ત્ર | ક્તિ | ಕಾ | 3 | | Total financial instruments sold, not yet purchased | | 4 | 17 | | | 21 | | Other secured financings | | | 7,773 | | | 7,773 | | Borrowings | | | 22 | | | 22 | 1. For positions with the same ounterparty that cross over the fair value hierarchy, both counterparty netting and cash collated in the colum titled "Netting" Positions classified with the same counterparty are netted within that level. For further information on derivative instruments, see Note 6. 2. Represents fair value of derivatives associated with deferred compensation plans and short sales of certain securities as mentioned in Note 4. {11}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{12}------------------------------------------------ # Financial Instruments Not Measured at Fair Value | | At December 31, 2025 | | | | | | | | | |---------------------------------------------|----------------------|----------------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|--------------|---------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | Fair Value | | | | | | | | | | | | Carrying Value | | Level 1 | | Level 2 | Level 3 | | Total | | Financial assets | | | | | | | | | | | Cash and cash equivalents | ക്ക | 2,061 | ಲ್ಲಾ | 2,061 | ક્તિ | ಕಾ
- | | ക | 2,061 | | Reverse repurchase agreements | | 9,521 | | | | 9,521 | | | 9,521 | | Securities borrowed | | 1,007 | | | | 1,007 | | | 1,007 | | Receivables: | | | | | | | | | | | Customers | | 33,445 | | | | 33,445 | | | 33,445 | | Brokers, dealers and clearing organizations | | 97 | | | | 97 | | | 97 | | Fees, interest and other | | 949 | | | | 949 | | | 949 | | Affiliates | | 40 | | | | 40 | | | 40 | | Other assets | | 59 | | | | 59 | | | ಲ್ಲೊಂಡಿಗಳು ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾ | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | Securities loaned | ക്ക | 9,370 | ക | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ക്ക | 9,370
ക്ക | - | ക | 9,370 | | Payables: | | | | | | | | | | | Customers | | 16,563 | | | | 16,563 | | | 16,563 | | Brokers, dealers and clearing organizations | | 256 | | | | 256 | | | 256 | | Interest and dividends | | 12 | | | | 12 | | | 12 | | Affiliates | | 650 | | | | 650 | | | 650 | | Other liabilities and accrued expenses | | 1,172 | | | | 1,172 | | | 1,172 | | Borrowings | | 539 | | | | 539 | | | 539 | The previous table excludes certain financial instruments such as deferred compensation arrangements. # 6. Derivative Instruments The Company may trade exchange-traded futures and options, as well as OTC swaps, forwards, options and other derivatives referencing, among other things, interest rates, equities, currencies, and bonds. The Company uses these instruments to economically hedge their client facilitation activity and obligations under certain deferred cash-based compensation plans. The Company does not apply hedge accounting. The Company manages its trading positions by employing a variety of risk mitigation strategies. These strategies include diversification of risk exposures and hedging. Hedging activities consist of the purchase or sale of positions in related securities and financial instruments, including a variety of derivative products (e.g., futures, forwards, swaps and options). | | Derivatives at December 31, 2025 | | | | | | | | | |-------------------------------------|----------------------------------|---------------|-----------|-------|---------------|-------------|-----------|-----|--| | | Asset | | | | | Liabilities | | | | | | | Fair
Value | Notional² | | Fair
Value | | Notional2 | | | | | Bilateral OTC | | | | | | | | | | Derivative contracts | | | | | | | | | | | Foreign exchange | ಕ್ಕಾ | 11 | ಲ್ಲಿ | 405 | S | 11 | ಲ್ಲಿ | 405 | | | Interest rate | | | | 15 | | | | | | | Equity1 | | 92 | | 6.785 | | | | | | | Total gross derivative
contracts | ಲ್ಲಿ | 103 | ക | 7,205 | ക്ക | 11 | ಕ | 405 | | | Counterparty netting | | (8) | | | | (8) | | | | | Cash collateral netting | | (94) | | | | | | | | | Total derivative contracts | S | 1 | | | ക | 3 | | | | 1. Such equity contracts represent derivative assets and liabilities associated with deferred compensation plans and short sales of certain securities as mentioned in Note 4 2. The Company believes that the notional amounts of derivative contracts generally overstate its exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions. {13}------------------------------------------------ # **!+)+/<'(2+9,85354:8'):9=/:.;9:53+89** \*5359F12<5C 6B?= 3?>DB13DC G9D8 3ECD?=5BC G8938 1B59>335C 9> D85 ?=@1>IPC 3?>C?<941D54 CD1D5=5>D ?6 69>1>391< 3?>49D9?> 1B9C5 G85>D85?=@1>I81C2?D8B53?B454B5F5>E5C1>481CD85B978D @5B D85 3?>DB13D D? 29<< 3ECD?=5BC D #1>E1BI 1>4 535=25B D85 21<1>35C B5<1D54 D? \*5359F12<5C 6B?= 3?>DB13DCG9D83ECD?=5BCG5B51>4 B5C@53D9F5I 5>D5BC 9>D? B5F5BC5 B5@EB381C5 17B55=5>DC B5@EB381C517B55=5>DC C53EB9D95C2?BB?G541>4C53EB9D95C54 DB1>C13D9?>C G9D8 &+? D? 13AE9B5 C53EB9D95C D? 3?F5B C8?BD @?C9D9?>C 1>4 C5DD<5 ?D85B C53EB9D95C ?2<971D9?>C 133?==?41D5 3ECD?=5BCP >554C 69>1>35 9DC 9>F5>D?BI @?C9D9?>C 1>4 =55D <9AE949DI1>4B57E<1D?BIB5AE9B5=5>DC ,85?=@1>I=?>9D?BCD85619BF145B7C53EB9D95C 1C 3?=@1B54 G9D8 D85 B5<1D54 B5359F12<5 ?B @1I12<5 9>37 133BE54 9>D5B5CD 1>4 B5AE5CDC ?B @?CDC 1449D9?>1< 3?<<1D5B1< 1C @B?F9454 E>45B D85 1@@<9312<5 17B55=5>D D? 5>CEB5 CE38 DB1>C13D9?>C 1B5 145AE1D554 ,85 B9C; B5<1D54 D? 1 453<9>5 9> D85 =1B;5D F11754 2I C5DD9>7 1@@B?@B91D5 =1B;5D 21C54 =1B79> B5AE9B5=5>DC ">3B51C5C 9> 3?<<1D5B1< =1B79> 31< B5@EB381C5 17B55=5>DC 1>4 C53EB9D95C 54 DB1>C13D9?>C 3?<<53D9F51>39>7@1I12<5CO4E5D?=1B;5DF15C=1I25=9D971D542I9>3B51C5C9>3?<<1D5B1<=1B79>31< B5F5BC5 B5@EB381C5 17B55=5>DC 1>4 C53EB9D95C 2?BB?G54 DB1>C13D9?>C G9D8 C9=9<1B AE1<9DI 3?<<1D5B1< 449D9?>1<I =1I B5AE5CD B978DC9>D85E>45B717B55=5>DC ,85?=@1>I13D9F5175C9DCC53EB5469>1>39>7@1I12<5C9> 1 =1>>5B D81D B54E35C D85 @?D5>D91< B569>1>39>7 B9C; ?6 C53EB54 69>1>39>7 @1I12<5C ?6 <5CC <9AE94 1CC5DC 1>4 1C945BC D85 AE1<9DI ?6 3?<<1D5B1< G85> >57?D91D9>7 3?<<1D5B1< 5<97929<9DI G9D8 3?E>D5B@1BD95C ,85 ?=@1>I ED9<9J5C C8?BD5BD5B= C53EB54 69>1>39>7@1I12<5C6?B897845CD12<9C85C75B D5>?B<9=9DC 6?B<5CC<9AE94 1CC5DC 6?B G8938 6E>49>7 =1I 25 1D B9C;9>D855F5>D?61=1B;5D49CBE@D9?> #### **\*\*5)66-0+1\*)46%-01..%6)4%.-<)(!4%05%'6-105** | | 6)')/&)4
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G9D8CD1>4 E>1>D939@1D54 CDB5CC5F5>DC ,85%\*5>CEB5CDB1>C@1B5>3I?6=1D5B91<<9AE949DI1>46E>49>7 B9C;C 3?=@<91>35 G9D8 5CD12<9C854 B9C; <9=9DC 1>4 5C31<1D9?> ?6 B9C; 3?>35>DB1D9?>C D? 1@@B?@B91D5 C5>9?B =1>175=5>D ,? 5H53ED5D85C5 B5C@?>C929<9D95C %\* 5CD12<9C85C<9=9DC 1>4 \$\*"C D? 5H@B5CCD85 ?=@1>IPC B9C; 1@@5D9D5945>D9695C 1>4 1>17 <9AE949DI 1>4 6E>49>7 B9C;C D? 5>CEB5 CE38 B9C;C 1B5 1@@B?@B91D59D?BC 1>4 B5@?BDC B9C; 5H@?CEB5C 1719>CD =5DB93C 1>4 <9=9DC 1>4 B5F95GC D85 =5D8?4?4 1CCE=@D9?>C E>45B@9>>9>7 9DC %9AE949DI +DB5CC ,5CDC D? 5>CEB5 {18}------------------------------------------------ sufficient liquidity and funding under a range of adverse scenarios. ### Concentration Risk Substantially all of the collateral held by the Company for reverse repurchase agreements which together represented approximately 15% of the Company's total assets at December 31, 2025, consists of securities issued by the U.S. government. # 15. Employee Stock-Based Compensation Plans Certain current and former employees of the Company and affiliates participate in the Ultimate Parent's stock-based compensation plans. These plans include RSUs and PSUs, the details of which are further outlined below. # Restricted Stock Units RSUs are subject to vesting over time, generally one to four years from the date of award, contingent upon continued employment and subject to restrictions on sale, transfer or assignment until conversion to common stock. All or a portion of an award may be forfeited if employment is terminated before the end of the relevant vesting period or cancelled after the relevant vesting period in certain situations. Recipients of RSUs may have voting rights, at the Ultimate Parent's discretion, and generally receive dividend equivalents, if the awards vest. The Ultimate Parent determines the fair value of RSUs based on the grant-date fair value of its common stock, measured at VWAP on the date of grant. Certain awards provide the Ultimate Parent discretion to claw back or cancel all or a portion of the award under specified circumstances. #### Performance-Based Stock Units PSUs will vest and convert to shares of common stock only if the Firm satisfies, over a three-year performance period, performance goals that are determined on the award date. The number of PSUs that may vest ranges from 0% to 150% of the target award, based on the Firm's level of achievement of the specified performance goals. PSUs have vesting, conversion and cancellation provisions that are generally similar to those of RSUs. The Firm determines the fair value of PSUs with nonmarket conditions based on the grant-date fair value of it's common stock, measured at VWAP on the grant date. # 16. Employee Benefit Plans Certain current and former employees of the Company and affiliates participate in various pension and postretirement benefit plans sponsored by MSDHL. ### Pension and Other Postretirement Plans The pension and postretirement plans, which are recorded on MS&Co with associated employee costs charged to MSSB, have ceased future benefit accruals. The Firm's pension plans generally provide pension benefits that are based on each employee's years of credited service and on compensation levels specified in the plans. # Morgan Stanley 401(k) Plan Eligible employees receive discretionary 401(k) matching cash contributions as determined annually by the Firm. In 2025, the Company matched eligible employee contributions up to the IRS limit at 4%, or 5% up to a certain compensation level. Eligible employees with eligible pay less than or equal to \$100,001 also received a fixed contribution equal to 2% of eligible pay. Contributions are invested among available funds according to each participant's investment direction and are included in the Firm's 401(k) expense. # 17. Income Taxes The Company is a single-member limited liability company that is treated as a disregarded entity for federal income tax purposes, but has elected to continue to include its allocated amount of current and deferred taxes in the consolidated statement of financial condition. As such, the Company has a Tax Sharing Agreement with the Ultimate Parent in order to record its related current and deferred federal, state and local taxes. The Company is included in the consolidated federal income tax return filed by the Ultimate Parent. Federal income taxes have generally been provided on a modified separate entity basis. The Company is included in the combined state and local income tax returns with the Ultimate Parent and certain other subsidiaries of the Ultimate Parent. State and local income taxes have been provided on separate entity income at the effective tax rate of the Company's combined filing group. In accordance with the terms of the Tax Sharing Agreement, current taxes (federal, combined and unitary states) are settled periodically with the Ultimate Parent, who pays these taxes on behalf of the Company. {19}------------------------------------------------ # Deferred Tax Assets and Liabilities | | | 31, 2025 | |-----------------------------------------------|------|----------| | Gross deferred tax assets: | | | | Employee compensation and benefit plans | ಕ್ಕಾ | 1,307 | | General and other reserves | | 44 | | Total deferred tax assets | ಕ್ಕಾ | 1,351 | | Deferred tax assets valuation allowance | | (2) | | Deferred tax assets after valuation allowance | | 1.349 | | Gross deferred tax liabilities: | | | | Intangibles and goodwill | | 809 | | Fixed assets | | 2 | | Total deferred tax liabilities | ಕ್ಕಾ | 811 | | Net deferred tax assets | \$ | 538 | Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the applicable enacted tax rates and laws that will be in effect when such differences are expected to reverse. The Company's net deferred tax asset (after valuation allowance) is included in Other assets within the consolidated statement of financial condition. The Company believes the recognized net deferred tax assets (after valuation allowance) of \$538 at December 31, 2025 are more likely than not to be realized based on expectations as to future taxable income in the jurisdictions in which it operates. #### Unrecognized Tax Benefits The Company is subject to the income tax laws of the U.S., its states and municipalities in which the Company has business operations. These tax laws are complex and subject to interpretations by the taxpayer and the relevant governmental taxing authorities. The Company must make judgments and interpretations about the application of these inherently complex tax laws and make estimates about certain items affecting taxable income when determining the provision for income taxes in the various tax jurisdictions. Disputes over interpretations of the tax laws may be settled with the taxing authority upon examination or audit. The Company periodically evaluates the likelihood of assessments in each taxing jurisdiction resulting from current and subsequent years' examinations, and unrecognized tax benefits related to potential losses that may arise from tax audits are established in accordance with the relevant accounting guidance. Once established, unrecognized tax benefits are adjusted when there is more information available or when an event occurs requiring a change. #### Rollforward of Unrecognized Tax Benefits | Balance at December 31, 2024 | ಕ್ಕಾ | 67 | |-------------------------------------------------------------------|------|----| | Increases based on tax positions related to the current
period | | 22 | | Increases based on tax positions related to prior periods | | | | Decreases related to lapse of statute of limitations | | 2) | | Balance at December 31, 2025 | ea | 94 | | Net unrecognized tax benefits1 | ಕ್ಕಾ | 74 | | | | | 1. Represents ending unrecognized tax benefits adjusted for the impact of the federal benefit of state issues. If recognized, these net benefits would favorably impact the effective tax rate in future periods. #### Earliest Tax Year Subject to Examination in Major Jurisdictions | Jurisdiction | Tax Year | |-------------------------------------------|----------| | United States | 2017 | | New York State and City | 2010 | | New York City Unincorporated Business Tax | 2010 | The Company, through its inclusion in the return of the Ultimate Parent, is routinely under examination by the IRS and other tax authorities in certain states and localities in which the Company has significant business operations, such as New York. The Company believes that the resolution of these tax examinations will not have a material effect on the consolidated statement of financial condition. {20}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{21}------------------------------------------------ ### **2599'8?5,53354#+839'4\*)854?39** | + | 33?E>D9>7+D1>41B4C?496931D9?> | &+!% | &?B71>+D1><5I?=5CD93!?<49>7C
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