$11$/(6©6HUKLVWQDW©©© '(/21$É,+=$92'29,1'58É7(9$77,9,7š'(,12675,,67,787,('(//(12675(62&,(7š$&7,9,7,(6%<285,167,787,216$1'$662&,$7,216Ÿ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