

Kirihara demands that Zero reveal his face to prove his trustworthiness. After a ruse involving C.C. posing as Zero, Lelouch eventually reveals his true face to Kirihara in private. Recognizing Lelouch as the prince he met years ago, Kirihara pledges Kyoto’s full support, including advanced resources and Knightmares like the Guren Mark II .
The death of Shirley’s father serves as the first major personal consequence of Lelouch's actions as Zero, highlighting the collateral damage of his rebellion.
The interaction with Kirihara provides a rare glimpse into Lelouch's childhood in Japan before the invasion.
Back at Ashford Academy, Shirley gathers the courage to ask Lelouch on a concert date. However, the episode ends on a grim note: Shirley discovers that her father was killed in the landslide Lelouch caused during the Narita battle, unknowingly placing her in a state of deep grief and conflict. Key Takeaways
These videos offer further analysis and reactions to the major reveals in Episode 12, including Zero's meeting with the Kyoto Group and the emotional impact on Shirley:
Impressed by the Black Knights' performance at Narita, the Kyoto Group —the secret financial backers of the Japanese resistance—requests a meeting. Zero, Kallen, and other core members travel to a mining facility at Mount Fuji to meet their representative, Taizō Kirihara .
The support from Kyoto transforms the Black Knights from a small rebel group into a well-funded paramilitary force.
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Evaluating LGD:
S&P Global Market Intelligence's LGD scorecards are used to estimate LGD term structures. These Scorecards are judgment-driven and identify the PiT estimates of loss. The Scorecards are back-tested to evaluate their predictive power on over 2,000 defaulted bonds.
The Corporate, Insurance, Bank, and Sovereign LGD Scorecards are linked to our fundamental databases, meaning no information is required from users for all listed companies and for a large number of private companies.
Final LGD term structures are based on macroeconomic expectations for countries to which these issuers are exposed. Fundamental and macroeconomic data is provided by S&P Global Market Intelligence, but users can again easily utilize internal estimates.
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Source: S&P Global Market Intelligence; for illustrative purposes only.
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Kirihara demands that Zero reveal his face to prove his trustworthiness. After a ruse involving C.C. posing as Zero, Lelouch eventually reveals his true face to Kirihara in private. Recognizing Lelouch as the prince he met years ago, Kirihara pledges Kyoto’s full support, including advanced resources and Knightmares like the Guren Mark II .
The death of Shirley’s father serves as the first major personal consequence of Lelouch's actions as Zero, highlighting the collateral damage of his rebellion.
The interaction with Kirihara provides a rare glimpse into Lelouch's childhood in Japan before the invasion.
Back at Ashford Academy, Shirley gathers the courage to ask Lelouch on a concert date. However, the episode ends on a grim note: Shirley discovers that her father was killed in the landslide Lelouch caused during the Narita battle, unknowingly placing her in a state of deep grief and conflict. Key Takeaways
These videos offer further analysis and reactions to the major reveals in Episode 12, including Zero's meeting with the Kyoto Group and the emotional impact on Shirley:
Impressed by the Black Knights' performance at Narita, the Kyoto Group —the secret financial backers of the Japanese resistance—requests a meeting. Zero, Kallen, and other core members travel to a mining facility at Mount Fuji to meet their representative, Taizō Kirihara .
The support from Kyoto transforms the Black Knights from a small rebel group into a well-funded paramilitary force.

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