,')'HYHORSHU ,')6ROXWLRQ =RSSROD 31  6WLSHQGLR ¼¼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jLQWHUDWWLYHHGLLQWHJUDUHOHORJLFKHGL EXVLQHVVFRQOHULVRUVHLQIRUPDWLYHHVLVWHQWL &RRUGLQRLOWHDPGLJUDILFLHVYLOXSSDWRULSHUOHDWWLYLWj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j 0DUNHWLQJFRPXQLFD]LRQH5HOD]LRQLSXEEOLFKH 0DUNHWLQJFRPXQLFD]LRQH0DUNHWLQJ 0DUNHWLQJFRPXQLFD]LRQH5LFHUFKHGLPHUFDWR 0DUNHWLQJFRPXQLFD]LRQH%UDQGLQJHVYLOXSSRSURGRWWR 0DUNHWLQJFRPXQLFD]LRQH&RPXQLFD]LRQH 6HWWRUHGHOO D]LHQGD 0DUNHWLQJHSXEEOLFLWj 6WLSHQGLR ¼¼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j 6WLSHQGLR ¼¼/RUGLDQQR