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¼ %JCPIGKPXCNWGVCMGUGHHGEVKPOUGE6JGFCVCRWORUGVUVJGUGNQECVKQPU VQVJGKTFGHCWNVXCNWGUCVCP[TGUGV 25 < 6TCPUCEVKQP2TQEGUUKPI/QFGO&CVC2WORYKVJ+PVGITCVGF#(' =L/2* 6CDNG /QFGO&CVC2WOR9QTF&GHKPKVKQPU %QPVKPWGF 4GIKUVGT#FFTGUU JGZ &GHCWNV 8CNWG$KV (WPEVKQPCPF'ZRNCPCVKQP 6QPG)GPGTCVQT# 6QPG)GPGTCVQT$ 6JGFCVCRWORJCUVYQKPFGRGPFGPVVQPGIGPGTCVQTUGCEJUKOWNVCPGQWUN[ IGPGTCVKPICRWTGVQPGYKVJKVUQYPVTCPUOKVNGXGNYJGP%QPHKIWTCVKQPTGI KUVGTDKVU /1&' VTCPUOKVVQPGU6JGQWVRWVUQHVJGVQPGIGPGTCVQTU CTGOKZGFVQIGVJGT6JGIGPGTCVGFHTGSWGPEKGUCTGUGVD[YTKVKPICEQGHHKEKGPV VQVJG6QPG)GPGTCVQT# 6QPG)GP#QTVJG6QPG)GPGTCVQT$ 6QPG)GP$ TGIKUVGTU6JGEQGHHKEKGPVKUFGHKPGFCUYJGTGHKUVJGHTGSWGPE[QHVJGVQPG VQDGIGPGTCVGF 6QPG)GP# 6QPG)GP$ FRHII [ 6Z.GXGN F$O 6JGVTCPUOKVNGXGNUHQTVQPGIGPGTCVQTU#CPF$CTGUGVKPNQECVKQPUVJG&6/( .QY$CPF6TCPUOKVTGIKUVGT &6/(NANGXCPFVJG&6/(*KIJ$CPF6TCPUOKV .GXGN &6/(JANGXTGIKUVGTUTGURGEVKXGN[5GG 6TCPUOKVVKPI6QPGU QP RCIG HQTOQTGKPHQTOCVKQPKPENWFKPICFGUETKRVKQPQHUGVVKPIVJGVQPG VTCPUOKUUKQPNGXGNU 6TCPUOKV2QYGT.GXGN 6QUGVUVJGVTCPUOKVRQYGTNGXGNWUGVJGHQTOWNCYJGTGRQYGTKUURGEKHKGF KPF$OCPFNGUUVJCPQTGSWCNVQ 7[/HYHO 5GS%QWPV 5GS%QWPV 5GS%QWPV ' & % 0QPG OUGE OUGE p ¼ I ¼ ( SRZHU ) ¼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p ¼ I WRQH FRV Ë Û ¼ Í Ý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¼ 6JGFCVCRWORUGVUVJKUNQECVKQPVQKVUFGHCWNVXCNWGYJGPVJG*QUVUGVU %QPHKIWTCVKQPTGIKUVGTDKVU /1&'VQ &'6'%6610'5 $KSWCF6QPG&GVGEVQTU102QKPV 6JGFCVCRWORUGVUVJKUNQECVKQPVQKVUFGHCWNVXCNWGYJGP%QPHKIWTCVKQP TGIKUVGTDKVU /1&'KUUGVVQD[VJG*QUV 6JKUNQECVKQPECPDGWUGFVQUGVVJG QP RQKPVHQTVJG$KSWCFVQPGFGVGEVQTU +HVJGRQYGTNGXGNKUCDQXGVJKUXCNWGVJGFGVGEVQTVWTPUQPVJGFGVGEVKQP UVCVWUDKV 7UGVJGHQNNQYKPIHQTOWNCVQUGVVJGVJTGUJQNFYJGTGNGXGNKUKPF$O 7KUHVKROG ( OHYHO ) ¼ 6JGFCVCRWORUGVUVJKUNQECVKQPVQKVUFGHCWNVXCNWGYJGPVJG*QUVUGVU %QPHKIWTCVKQPTGIKUVGTDKVU /1&'VQ &'6'%6610'5 &KUETGVG6QPG&GVGEVQT.GXGNU &6&.GX &6&.GX &6&6JTGUJ F$O 6JGUGNQECVKQPUTGRTGUGPVVJGVQPGFGVGEVQTNGXGNUYJGPKPVJG6QPG &GVGEVOQFG %QPHKIWTCVKQPTGIKUVGTDKVU /1&'KU*6JGUGCTGCU OC[DGWUGFD[VJG*QUVVQFGVGTOKPGYJKEJVQPGKUFQOKPCPVKHOWNVKRNG VQPGUCTGFGVGEVGF6JGTGKUPQFGHCWNVKPVJGUGNQECVKQPU &KUETGVG6QPG&GVGEVQT6JTGUJQNF 6JKUNQECVKQPRTQITCOUVJGVJTGUJQNFHQTCNNFKUETGVGVQPGFGVGEVQTU#P[ 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