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Published by B&R, 2017-08-17 05:33:35

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4Q\YKLCO[ F\KGEKɂEȰ Y[QDTCʛPKɂ


9[FCYPKEVYQ #/''6 RQYUVCQ Y TQMW 1F UCOGIQ RQE\ȰVMW
PCU\[O EGNGO D[Q VYQT\GPKG YU\GEJUVTQPPKG CMV[YK\WLȰE[EJ
MUKȰʝGM FNC F\KGEK Y YKGMW RT\GFU\MQNP[O K YE\GUPQU\MQNP[O



1F RQPCF NCV TQ\YKLCO[ PCU\Ȱ QHGTVɂ Y[FCYPKE\Ȱ K F\Kɺ OQʝPC Y PKGL \PCNGʛȲ

ű MUKȰʝMK YURKGTCLȰEG TQ\YȡL PCLOQFU\[EJ F\KGEK
ű MUKȰʝMK CMV[YK\WLȰEG FQ MQNQTQYCPKC FNC F\KGEK Y YKGMW ť NCV
ű MUKȰʝMK FNC OC[EJ RTQLGMVCPVGM
ű MQNQTQYCPMK CTV[UV[E\PG K MUKȰʝMK FQ MTGCV[YP[EJ \CLɂȲ
ű RTQITCO GFWMCE[LP[ Ů&KUPG[ 7E\[ŭ UMKGTQYCP[ FQ F\KGEK Y YKGMW ť NCV
ű MUKȰʝMK \ MNQEMCOK .')1m
ű MUKȰʝMK \ QRQYKCFCPKCOK K MQOKMUCOK MUKȰʝMK \ QRQYKCFCPKCOK K MQOKMUCOK
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ű MUKȰʝMK FQ UCOQF\KGNPGIQ E\[VCPKC

6YQT\[O[ FNC F\KGEK K \ O[ɺNȰ Q F\KGEKCEJ

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FNC PCU DCTF\Q KUVQVP[ 6Q FNC PKEJ MTGWLGO[ MUKȰʝMK RGPG EKGMCY[EJ \CFCɧ GFWMCE[LP[EJ
K PKGVW\KPMQY[EJ RQO[UȡY

,CMQɺȲ ť VQ FNC PCU RQFUVCYC

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5VCTCO[ UKɂ VCTCO[ UKɂ ʝGD[ MUKȰʝMK Y[FCYPKEVYC #/''6 URGPKC[ QE\GMKYCPKC MNKGPVȡY ť \CTȡYPQ
V[EJ PCLOQFU\[EJ LCM K KEJ TQF\KEȡY













































YYY COGGV RN

&KUPG[ 7E\[ %[HT[ ȱYKE\GPKC \ 0CMNGLMCOK

-UKȰʝMC YRTQYCF\C RKɂEKQNCVMK Y ɺYKCV E[HT K RT\[IQVQYWLG FQ PCWMK NKE\GPKC
2QFE\CU TQ\YKȰ\[YCPKC \CFCɧ F\KGEMQ ȲYKE\[ RKUCPKG E[HT RQ ɺNCF\KG
FQUMQPCNȰE Y VGP URQUȡD URTCYPQɺȲ OCPWCNPȰ K QRCPQYWLȰE VGEJPKMɂ
VT\[OCPKC QȡYMC &QFCVMQYQ WE\[ UKɂ Y[MQP[YCȲ RTQUVG F\KCCPKC PC
NKE\DCEJ 9 MUKȰʝEG QRTȡE\ TȡʝPQTQFP[EJ ȲYKE\Gɧ \YKȰ\CP[EJ \ E[HTCOK
\PCLFWLȰ UKɂ VCMʝG EKGMCYG \CFCPKC TQ\YKLCLȰEG URQUVT\GICYE\QɺȲ 9 \CLɂEKCEJ
F\KGEKQO VQYCT\[U\Ȱ WNWDKGPK DQJCVGTQYKG C FQFCVMQYȰ CVTCMELȰ UȰ PCMNGLMK
M
MVVȡTG OQʝPC Y[MQT\[UVCȲ RQFE\CU RTCE[



&KUPG[ 7E\[ 0QEPG PKGDQ -UKȰʝMC QFMT[YE[
9[LȰVMQYC RTQRQ\[ELC FNC YU\[UVMKEJ RCULQPCVȡY CUVTQPQOKK K \LCYKUM LCMKG \CEJQF\Ȱ
PC PCU\[O PKGDKG 9URCPKCG \FLɂEKC OPȡUVYQ MQNQTQY[EJ KNWUVTCELK K E\[VGNPG KPHQITCƓMK
RQ\YQNȰ F\KGEKQO DNKʝGL RQ\PCȲ PCU\Ȱ ICNCMV[Mɂ ť K PKG V[NMQ -UKȰʝMC \CYKGTC U\GTQMK
Y[DȡT HCMVȡY PC VGOCV \QT\[ RQNCTPGL EKGMCYQUVGM Q 7MCF\KG 5QPGE\P[O K QFRQYKCFC
PC YKGNG R[VCɧ \ \CMTGUW CUVTQPQOKK &\KGEK FQYKGF\Ȱ UKɂ O KP UMȰF UKɂ DKQTȰ PQE K F\KGɧ
KNG NCV K LCMȰ VGORGTCVWTɂ OC 5QɧEG K EQ VQ LGUV ŮNKUK QIKGɧŭ 6C MUKȰʝMC VQ RTQRQ\[ELC MVȡTC
\
\ RGY RGYPQɺEKȰ \CURQMQK IȡF YKGF\[ PCYGV PCLDCTF\KGL EKGMCYUMKEJ F\KGEK

&KUPG[ 7E\[ 1EGCP[ -UKȰʝMC QFMT[YE[

9[LȰVMQYC RTQRQ\[ELC FNC YU\[UVMKEJ RCULQPCVȡY ɺYKCVC QEGCPȡY 6C
HCUE[PWLȰEC MUKȰʝMC RGPC LGUV YURCPKC[EJ \FLɂȲ MQNQTQY[EJ KNWUVTCELK
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RQFYQFPGOW ɺYKCVW ť QF Y[RGPKQPGL UQɧEGO TCH[ MQTCNQYGL RQ
PCLEKGOPKGLU\G IɂDKP[ 2Q\PCLȰ VCLGOPKEG OQTUMKEJ \YKGT\ȰV K KPPG \LCYKUMC
\YKȰ\CPG \ ʝ[EKGO Y QEGCPCEJ 2Q EQ QɺOKQTPKEC WFCLG ƔȰFTɂ! &NCE\GIQ
RGYKGP DNKUMK MTGYPKCM 0GOQ PC\[YCP[ LGUV EJKTWTIKGO! %\[ WMYKC VQ MYKCV
E\[ \YKGT\ɂ! %\[O LGUV GEJQNQMCELC! ,CM ɺRKȰ Y[FT[ OQTUMKG! 0C VG K KPPG
R[VCPKC YU\[UVMKG EKGMCYG ɺYKCVC F\KGEK \PCLFȰ QFRQYKGF\K Y MUKȰʝEG
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Ů1EGCP1EGCP[ -UKȰʝMC QFMT[YE[ŭ


&KUPG[ 7E\[ <CFCPKC FQ <OC\[YCPKC

5GTKC MUKȰʝGM MVȡTC RQYUVCC Y TCOCEJ RTQITCOW GFWMCE[LPGIQ &KUPG[ 7E\[
&\KɂMK PKGL F\KGEMQ RQFE\CU FQUMQPCGL \CDCY[ OC QMC\Lɂ \OKGT\[Ȳ UKɂ
\ QFRQYKGFPKOK FNC LGIQ YKGMW TȡʝPQTQFP[OK \CFCPKCOK GFWMCE[LP[OK ɹEKGTCNPG
UVTQP[ QTC\ FQȰE\QP[ FQ MUKȰʝMK OC\CM URTCYKCLȰ ʝG RT\GFU\MQNCM OQʝG
YKGNQMTQVPKG TQ\YKȰ\[YCȲ UYQLG WNWDKQPG \CFCPKC 0CT[UQYCPG U\NCE\MK DG\ VTWFW
OQʝPC \GVT\GȲ K \CE\ȰȲ \CDCYɂ QF PQYC 5GTKC LGUV FQUMQPC[O PCT\ɂF\KGO F\KɂMK
MVȡTGOW RT\GFU\MQNCM ȲYKE\[ OQVQT[Mɂ OCȰ K TQ\YKLC WOKGLɂVPQɺȲ MQPEGPVTCELK



-UKȰʝMK \ UGTKK &KUPG[ 7E\[ Ů2T\[IQFC \ %\[VCPKGO 2Q\PCLɂ CNHCDGVŭ Ů4Q\YKȰ\WLɂ 5COC 4Q\YKȰ\WLɂ 5COŭ
Ů.KVGT[ ȱYKE\GPKC \ 0CMNGLMCOKŭ Ů%[HT[ ȱYKE\GPKC \ 0CMNGLMCOKŭ Ů0QEPG PKGDQ -UKȰʝMC QFMT[YE[ŭ
Ů1EGCP[ -UKȰʝMC QFMT[YE[ŭ Ů<CFCPKC FQ <OC\[YCPKCŭ WMCʝȰ UKɂ PC T[PMW Y UKGTRPKW TQMW











YYY COGGV RN



&KUPG[ 7E\[ 2T\[IQFC \ %\[VCPKGO

Ů2T\[IQFC \ %\[VCPKGOŭ VQ RTQITCO CFTGUQYCP[ FQ F\KGEK Y YKGMW
RT\GFU\MQNP[O TQ\RQE\[PCLȰE[EJ PCWMɂ E\[VCPKC &\KɂMK \CUVQUQYCPKW
TȡʝP[EJ OGVQF ť QF E\[VCPKC INQDCNPGIQ RQRT\G\ E\[VCPKG U[NCDQYG Cʝ FQ
CPCNKV[E\PQ U[PVGV[E\PGIQ ť \ RTQITCOW OQIȰ MQT\[UVCȲ K OQFU\G K UVCTU\G
RT\GFU\MQNCMK -UKȰʝMK RQYUVC[ RQF QRKGMȰ #PP[ -QTCNGYUMKGL ť FQTCFE[
OGVQF[E\PGIQ PCWE\[EKGNMK Y[EJQYCPKC RT\GFU\MQNPGIQ K GFWMCELK
YE\GUPQU\MQNPGL Y Œ%&0K-2 Y QRCTEKW Q RQFUVCYɂ RTQITCOQYȰ 6GMUV[
NKVGTCEMKG UVYQT\[NK \PCPK RKVGTCEMKG UVYQT\[NK \PCPK RQNUE[ CWVQT\[
N
2TQITCO \QUVC RQF\KGNQP[ PC RQ\KQO[ Ɖ Y \CNGʝPQɺEK QF \CUVQUQYCPGL OGVQF[
K UMQORNKMQYCPKC VGMUVW 4GMQOGPFQYCP[ LGUV FQ RTCE[ TQF\KEC \ F\KGEMKGO
/QʝG D[Ȳ VGʝ Y[MQT\[UV[YCP[ Y RT\GFU\MQNCEJ LCMQ PCT\ɂF\KG YURQOCICLȰEG
PCWMɂ CNHCDGVW K E\[VCPKC



&KUPG[ 7E\[ 2T\[IQFC \ %\[VCPKGO $ɂFɂ E\[VCȲ


Ů$ɂFɂ E\[VCȲŭ VQ MUKȰʝMK FQ E\[VCPKC PC RQ\KQOKG + MVȡT[ FGF[MQYCP[
LGUV PCLOQFU\[O F\KGEKQO 9[MQT\[UVCPC Y PKEJ OGVQFC E\[VCPKC
INQDCNPGIQ RQNGIC PC \CRCOKɂV[YCPKW Y[INȰFW ECGIQ Y[TC\W C PKG
RQU\E\GIȡNP[EJ NKVGT &\KGEMQ YKGNQMTQVPKG QINȰFC KNWUVTCELɂ K RQFRKU
C Y LGIQ RCOKɂEK RQYUVCLG QDTC\ 0CWMC LGUV RT\GFG YU\[UVMKO
\CDCYȰ FQ MVȡTGL \CEJɂECLȰ RQUVCEKG \G ɺYKCVC &KUPG[C &QFCVMQYȰ
OQV[YCELɂ UVCPQYKȰ PCMNGLMK PCITQF[ K F[RNQO OCGIQ E\[VGNPKMC




&KUPG[ 7E\[ 2T\[IQFC \ %\[VCPKGO %\[VCO \ OCOȰ K VCVȰ
Ů%\[VCO \ OCOȰ K VCVȰŭ VQ MUKȰʝMK PC RQ\KQOKG ++ RTQITCOW 0C V[O GVCRKG F\KGEK
WE\Ȱ UKɂ E\[VCȲ OGVQFȰ INQDCNPȰ \ Y[MQT\[UVCPKGO RKMVQITCOȡY 7E\GUVPKE\Ȱ
Y NGMVWT\G VGMUVW YKGTU\QYCPGIQ UCOQF\KGNPKG QFE\[VWLȰE Y[TC\[ RQYKȰ\CPG
ITCƓE\PKG \ RKMVQITCOCOK 6W VCMʝG PCWMC LGUV RT\GFG YU\[UVMKO \CDCYȰ FQ
MVȡTGL \CEJɂECLȰ \PCPG RQUVCEKG \G ɺYKCVC &KUPG[C /CNWEJ[ OQV[YWLGO[ \C
RQOQEȰ PCMNGLGM PCITQFQY[EJ K F[RNQOW E\[VGNPKMC





&KUPG[ 7E\[ 2T\[IQFC \ %\[VCPKGO -CTV[ GFWMCE[LPG

-CTV[ Ů2Q\PCLɂ NKVGT[ŭ VQ FQUMQPC[ URQUȡD ʝGD[ \C\PCLQOKȲ
RT\GFU\MQNCMK \ CNHCDGVGO K Y\DQICEKȲ KEJ UQYPKEVYQ <GUVCY UMCFC
UKɂ \ FYWF\KGUVW E\VGTGEJ FYWUVTQPP[EJ MCTV QTC\ MUKȰʝMK \ PCMNGLMCOK
2QFE\CU \CDCY[ F\KGEMQ RQ\PC CNHCDGV \OKɂME\GPKC K FYW\PCMK PCWE\[
UKɂ VCMʝG TQ\TȡʝPKCȲ OCG K YKGNMKG NKVGT[ 9 MUKȰʝEG TQF\KE \PCLF\KG
RTQRQ\[ELG \CDCY GFWMCE[LP[EJ \ Y[MQT\[UVCPKGO MCTV K PCMNGLGM
M MVȡTG FQFCVMQYQ \CEJɂEȰ OCNWEJC FQ ȲYKE\Gɧ C VCMʝG RQOQIȰ WVTYCNKȲ
\FQD[VȰ YKGF\ɂ /QIȰ QPG VCMʝG D[Ȳ KPURKTCELȰ FQ RQU\WMKYCPKC
YCUP[EJ RQO[UȡY \CLɂȲ YURKGTCLȰE[EJ TQ\YȡL PCLOQFU\[EJ











YYY COGGV RN

+SP&S\ 1 \


&3-7/3 13&-02) (0% (>-)'- 3 ;=1 1 < 1




&SMWOE QSFMPRI M WXEGNSREVRI HPE TV^IHW^OSPM M W^O·ă




+SP&S\ 1 \ &%1&-2-



&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1



+SP&S\ 1 \ &%1&-2- NIWX XS FSMWOS QSFMPRI
+SP&S\ 1 [ [IVWNM FI^ FERH [ QMINWGI OX¶V]GL
^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI JYROGNÜ +SP&S\ 1 XS FSMWOE QSFMPRI TV^IRSęRI TV^I^REG^SRI HPE H^MIGM [ [MIOY PEX +SP&S\ 1 \ NIWX FSMWOMIQ
TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL WMEXIO QSFMPR]Q ^ETVSNIOXS[ER]Q HS Yĺ]XOS[ERME TV^I^ H^MIGM [ [MIOY PEX .IWX XS W]WXIQ FERH M TVSŶPM
TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SFGMÈĺRMO¶[ EPYQMRMS[]GL X[SV^ÈG]GL TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ QE\
X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M QMRYX +SP&S\ 1 [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM ^[]OĂÈ TS[MIV^GLRMÜ [ FSMWOS WTSVXS[I 1SFMPRI FSMWOE +SP&S\
FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 \ 1 [ HPE H^MIGM YQSĺPM[MENÈ TVS[EH^IRMI ^ENÜÊ SK¶PRSVS^[SNS[]GL [ STEVGMY RMI X]POS S IPIQIRX] TMĂOM RSĺRIN
&%1&-2-%1&-2- [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM TS[MIV
& EPI XEOĺI OSW^]O¶[OM YRMLSOINE QMRM XIRMWE MXT
^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE [
[]H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI +SP&S\ 7 &%1&-2- \
^EFE[] ^ TMĂOEQM

&3-7/3 78%'.32%62) (0% (>-)'- 3 ;=1 < 1
+SP&S\ 1 \ &%1&-2- 4PYW




&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1


+SP&S\ 1 \ &%1&-2- 4PYW NIWX XS FSMWOS QS
FMPRI +SP&S\ 1 [ [IVWNM ^ FERHEQM X]POS TV^]
FVEQOEGL RE SFY OV¶XW^]GL FSOEGL FSMWOE 2E
HĂYĺW^]GL FSOEGL FSMWOE FERH] RMI []WXÜTYNÈ E [
MGL QMINWGI ^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI
JYROGNÜ TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL
WMEXIO TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SF
GMÈĺRMO¶[ X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ
W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 +SP&S\ 7 &%1&-2- XS FSMWOE WXEGNSREVRI +SP&S\ 7 [ [IVWNM HPE H^MIGM [ [MIOY TV^IHW^OSPR]Q M
\ &%1&-2- 4PYW [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM [G^IWRSW^OSPRR]Q &SMWOE +SP&S\ 7 &%1&-2- WÈ MHIEPR]Q SFMIOXIQ WTSVXS[S VIOVIEG]NR]Q HS
TS[MIV^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE ^EQSRXS[ERME RE XIVIRMI TV^IHW^OSPM M W^O¶Ă TSHWXE[S[]GL SVE^ NEOS Y^YTIĂRMIRMI TPEG¶[ ^EFE[ RE
[ []H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI SWMIHPEGL [ TEVOEGL RE XIVIREGL VIOVIEG]NR]GL SVE^ [ SęVSHOEGL []TSG^]ROS[]GL
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI
^EFE[] ^ TMĂOEQM



7OSRXEOXYN WMÜ ^ REQM
)2)6+= 4%682)6 &SKHER +VEPE
6S^ĂSKM Ę[MIFSH^MR
) QEMP WOPIT$KSPFS\ TP [[[ KSPFS\ TP

+SP&S\ 1 \


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+SP&S\ 1 \ &%1&-2-



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+SP&S\ 1 \ &%1&-2- NIWX XS FSMWOS QSFMPRI
+SP&S\ 1 [ [IVWNM FI^ FERH [ QMINWGI OX¶V]GL
^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI JYROGNÜ +SP&S\ 1 XS FSMWOE QSFMPRI TV^IRSęRI TV^I^REG^SRI HPE H^MIGM [ [MIOY PEX +SP&S\ 1 \ NIWX FSMWOMIQ
TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL WMEXIO QSFMPR]Q ^ETVSNIOXS[ER]Q HS Yĺ]XOS[ERME TV^I^ H^MIGM [ [MIOY PEX .IWX XS W]WXIQ FERH M TVSŶPM
TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SFGMÈĺRMO¶[ EPYQMRMS[]GL X[SV^ÈG]GL TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M FI^TMIG^R] QSRXEĺ M HIQSRXEĺ QE\
X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ W^]FOM M QMRYX +SP&S\ 1 [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM ^[]OĂÈ TS[MIV^GLRMÜ [ FSMWOS WTSVXS[I 1SFMPRI FSMWOE +SP&S\
FI^TMIG^R] QSRXEĺ M HIQSRXEĺ +SP&S\ 1 \ 1 [ HPE H^MIGM YQSĺPM[MENÈ TVS[EH^IRMI ^ENÜÊ SK¶PRSVS^[SNS[]GL [ STEVGMY RMI X]POS S IPIQIRX] TMĂOM RSĺRIN
&%1&-2-%1&-2- [ OV¶XOMQ G^EWMI TV^IOW^XEĂGM TS[MIV
& EPI XEOĺI OSW^]O¶[OM YRMLSOINE QMRM XIRMWE MXT
^GLRMÜ OSVXY WEPM KMQREWX]G^RIN G^] FSMWOE [
[]H^MIPSRI QMRM FSMWOS YĂEX[MENÈGI TVS[EH^IRMI
^ENÜÊ WTSVXS[]GL ^ TV^IHW^OSPEOEQM [ JSVQMI +SP&S\ 7 &%1&-2- \
^EFE[] ^ TMĂOEQM

&3-7/3 78%'.32%62) (0% (>-)'- 3 ;=1 < 1
+SP&S\ 1 \ &%1&-2- 4PYW




&3-7/3 13&-02) (0% 46>)(7>/30%/—; 3 ;=1 < 1


+SP&S\ 1 \ &%1&-2- 4PYW NIWX XS FSMWOS QS
FMPRI +SP&S\ 1 [ [IVWNM ^ FERHEQM X]POS TV^]
FVEQOEGL RE SFY OV¶XW^]GL FSOEGL FSMWOE 2E
HĂYĺW^]GL FSOEGL FSMWOE FERH] RMI []WXÜTYNÈ E [
MGL QMINWGI ^EQSRXS[ERI ^SWXEĂ] WMEXOM WTIĂRMENÈGI
JYROGNÜ TMĂOSĂETY 7]WXIQ TVSŶPM EPYQMRMS[]GL
WMEXIO TSPMTVST]PIRS[]GL SVE^ KYQS[]GL SF
GMÈĺRMO¶[ X[SV^] TVSWXÈ OSRWXVYOGNÜ K[EVERXYNÈGÈ
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