El concepto de materialidad: implicaciones para gerentes e inversionistas
| Autor | Ahmad Hussein Juma'h |
| Páginas | 159-168 |
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=ϑΦ.Γ:ΙΑΦ=Γϑ
Vjg"ewttgpv" inqdcn" Þpcpekcn" etkuku"jcu" kpàwgpegf"
4Ρ0∋ −.∆0Ε467Εχ ∋ ϑ0720ϑ4−6.Ε∋ 6.∋ 4Ρ0 ∋ 0∆3,∗34−6.∋ 6Ψ∋
26Θϑ3.−0Εχ∋70,03Ε0/∋ −.Ψ67Θ34−6.Ο∋ =Ρ0∋267ϑ67340χ∋
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pkrwncvkqp" qh" Þpcpekcn" k phqtocvkqp" *Gnkcu." 4226."
9Ρ0.∋ /&! ).Θ:∋ Τςς{:∋ ∀676.Ρ3∋ /&! ).Θ:∋ Τςςφ⊥ Ο∋ =Ρ0∋
3226∗.43.4Εχ∋ϑ7324−20Ε:∋−.∋ϑ374−2∗,37∋0Ε4−Θ34−6.∋6Ψ∋
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Ε4340Θ0.4Ε:∋ 370∋ −Θϑ6743.4∋ 46∋ 3//∋ 3.∋ 3/ /−4−6.3,∋
0,0Θ0.4∋46∋ 01ϑ,3−.∋ 4Ρ0∋70,34−6.ΕΡ−ϑ∋ +04Ν00.∋ 4Ρ0∋
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Θ35.−4∗/0∋6Ψ∋3.∋6Θ−ΕΕ−6.∋67∋Θ−ΕΕ4340Θ0.4∋6Ψ∋32Α
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≅4340Θ0.4∋∀6Ο∋Τ:∋Ωηφς⊥Ο
&226∗.43.4Ε∋ Ψ70Σ∗0.4,?∋ ∗Ε0∋ 0Ε4−Θ34−6.Ε∋ 46∋
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wugtu"qh" vjg"Þpcpekcn"uvcvgogpvu0" Vjg"ocvgtkcnkv{"
26.Ε−/0734−6.Ε∋370∋−Θϑ6743.4∋Ψ67∋3226∗.43.4Εχ∋0ΕΑ
4−Θ34−6.ΕΟ∋=Ρ0∋ 3ϑϑ,−234−6.∋6Ψ∋ Θ3407−3,−4?∋26.20ϑ4∋
∆37−0Ε∋ +04Ν00.∋ 3226∗.43.4ΕΟ∋ Β3407−3,−4?∋ 3ϑϑ,−23Α
vkqpu"kpàwgpeg"vjg"Þpcpekcn"uvcvgogpvu"wugtu"ykvj"
tgurgev"vq" vjg"fkhhgtgpvkcvkqp"dgvyggp" Ñceeqwpvu"
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ukipkÞecpv"curgev"qh"ocpkrwncvkqpu"ku"vjg"fguktg"vq"
ΕΘ664Ρ∋]Θ31−Θ−Ζ0∋67∋ Θ−.−Θ−Ζ0⊥∋70ϑ6740/∋ −.26Θ0∋
]≅46,6Ν?∋3./∋Χ7046.:∋ΤςςΞδ∋Β6670:∋ΩηΥΞδ∋∀676.Ρ3∋
/&!).Θ:∋Τςςφ⊥Ο
!.∋,−.κ−.5∋4Ρ0∋Θ3407−3,−4?∋−Θϑ,−234−6.Ε∋6.∋3226∗.Α
43.4Εχ∋/02−Ε−6.∋Θ3κ−.5∋4Ρ34∋−.∆6,∆0Ε∋037.−.5Ε∋Θ3.350Α
Θ0.4Ε∋3./∋4Ρ0∋Ψ3−7.0ΕΕ∋6Ψ∋26Θϑ3.−0Εχ∋−.Ψ67Θ34−6.:∋4Ρ0∋
70Θ3−.−.5∋6Ψ∋4Ρ0∋374−2,0∋−Ε∋6753.−Ζ0/∋3Ε∋Ψ6,,6ΝΕ(∋4Ρ0∋Ψ6Α
,,6Ν−.5∋Ε024−6.∋ϑ70Ε0.4Ε∋4Ρ0∋/−ΨΨ070.4−34−6.Ε∋+04Ν00.∋
3226∗.4Ε∋Θ3.−ϑ∗,34−6.∋3./∋037.−.5Ε∋Θ3.350Θ0.4Ο∋
∋
≅026./:∋ϑ0720ϑ4−6.Ε:∋3./∋Θ64−∆0Ε∋Ψ67∋037.−.5Ε∋Θ3.3Α
50Θ0.4∋370∋/−Ε2∗ΕΕ0/Ο∋=Ρ−7/:∋4Ρ0∋3Εϑ024Ε∋6Ψ∋3∗/−4−.5∋
3./∋705∗,3467?∋0.Ψ6720Θ0.4∋26.476,Ε∋370∋ϑ70Ε0.40/Ο∋
Η6∗74Ρ:∋4Ρ0∋70,34−6.∋+04Ν00.∋Γ≅∋∴&&)∋3./∋Θ3407−3,−4?∋
eqpegrv"ku"fkuewuugf"cpf"Þpcnn{"vjg"ockp"eqpenwukqpu"
370∋−.2,∗/0/Ο∋
6ΑΑΓΙϑΦΕ,56ϑ=!ΙΗ6Φ=Γϑ,6ϑ:,
≅6.ϑ=ϑ
Ceeqwpvu"ocpkrwncvkqp"ku"fgÞpgf"cu"vjg"fkuetgvkqp"
6Ψ∋ Θ3.3507Ε∋ 46∋ Θ3κ0∋ 3 226∗.4−.5∋ 2Ρ6−20Ε∋ 67∋ 46 ∋
/0Ε−5.∋ 473.Ε324−6.Ε∋ 3ΨΨ024−.5∋ 4Ρ0∋ ϑ6ΕΕ−+−,−4−0Ε∋ 6Ψ∋
473.ΕΨ077 −.5∋ Ν03,4Ρ∋ +04 Ν00.∋ 4Ρ0∋ 26Θϑ 3.?∋ 3./∋
4Ρ0∋Ε62−04?∋ ]ϑ6,−4−23,∋26Ε4Ε⊥:∋Ψ∗./Ε∋ ϑ76∆−/07Ε∋]26Ε4∋
6Ψ∋23ϑ−43,⊥∋ 67∋Θ3.3507Ε∋]26Θϑ0.Ε34−6.∋ ϑ,3.Ε⊥Ο∋!.∋
vjg"Þtuv"vyq"ecugu."vjg" Þtou"oc{"qdvckp"dgpgÞvu"
Ψ76Θ∋4Ρ0∋ Ν03,4Ρ∋473.ΕΨ07Ο∋ !.∋4Ρ0∋ 4Ρ−7/:∋Θ3.3507Ε∋
ctg"cevkpi"cickpuv"vjg"ÞtouÔ"kpvgtguvu"*Uvqnqy{"cpf"
Χ7046.:∋ΤςςΞ⊥Ο∋
Vjg"cevkxkvkgu"eqxgtgf"d{"vjg"vgto"Ñgctpkpiu"
ocpcigog pvÒ" pqtocn n{" tgockp" yk vjkp" vjg" nc y"
+6∗./37−0ΕΟ∋ ∃37.−.5Ε∋ Θ3.−ϑ∗,34−6.∋ 324−∆−4−0Ε∋ 01Α
200/0/∋ Ψ76Θ∋ , 05−4−Θ340∼,05 3,∋ 324−∆−4−0Ε∋ 4 6∋ Ψ73∗/∋
67∋∆−6,34−.5∋ ∴&&):∋Ν−4Ρ∋4Ρ0∋ −.40.4−6.∋ 46∋Θ−Ε,03/∋
Ε6Θ0∋ Ε43κ0Ρ6,/07Ε∋ 3+6 ∗4∋ ∗./07,?−.5∋ 026.6Θ−2Ε∋
3./∋ϑ07Ψ67Θ3.20∋6Ψ∋3∋ 26Θϑ3.?Ο∋=Ρ0∋407ΘΕ∋6Ψ∋32Α
26∗.4Ε∋ Θ3.−ϑ∗,34−6.∋ 3./∋ 037.−.5Ε∋ Θ3.350Θ0.4∋
370∋/−ΨΨ070.4−340/∋ +3Ε0/∋6.∋4Ρ0∋ ,3ΝχΕ∋+6∗./37−0Ε∋
]∀676.Ρ3∋/&!).Θ:∋Τςςφ⊥Ο
Gctpkpiu"ocpcigogpv"fgÞpkvkqpu"cnuq"tgncvg"
46∋4Ρ0∋ 3226∗.4−.5∋5∗−/0Ε(∋037.−.5Ε∋ Θ3.350Θ0.4∋
−Ε∋4Ρ0∋ϑ70Ε0.434−6.∋6Ψ∋3226∗.4−.5∋.∗Θ+07Ε∋Ν−4Ρ−.∋
ueqrg"qh"vjg"ICCR0"Etgcvkxg"ceeqwpvkpi"ku"fgÞpgf"
3Ε∋4Ρ0∋ϑ7620ΕΕ∋6Ψ∋−.40.4−6.3,,?∋01ϑ,6−4−.5∋4Ρ0∋∴&&)∋
qt"vjg" ncy"vq"rtgugpv" Þpcpekcn"uvcvgogpvu" ceeqtΑ
/−.5∋46∋4Ρ0∋Θ3.350Θ0.4Εχ∋−.4070Ε4Ε:∋3./∋46∋32Ρ−0∆0∋
c"fguktgf"ngxgn"qh"tgrqtvgf"gctpkpiuÒ0"Vjg"gctpkpiu"
Θ3.350Θ0.4∋324−∆−4−0Ε∋370∋Ε00.∋3Ε∋3∋26.4−.∗∗Θ∋6Ψ∋
rwtrqughwn"kpvgtxgpvkqpu" kp"vjg" gzvgtpcn"Þpcpekcn"
70ϑ674−.5∋ϑ7620ΕΕ∋Ψ76Θ∋,05−4−Θ340∋324−∆−4−0Ε∋]Χ373Α
,01−Ε:∋Τςςγδ∋6∗Θ3.3κ6Ε∋/&!).Θ:∋Τςς{δ∋∴∗3.5∋/&!).Θ:∋
4228="Pqtqpjc"/&!).Θ:∋Τςςφ⊥Ο!.∋4Ρ0∋Ψ6,,6Ν−.5∋43+,0:∋
013Θϑ,0Ε∋6Ψ∋ 037.−.5Ε∋Θ3.350Θ0.4∋3./∋ 037.−.5Ε∋
Θ3.−ϑ∗,34−6.∼Ψ73∗/∋370∋ϑ70Ε0.40/Ο
ΣΨς
!∀#∃#%&∋()∗∀+&∋,−)#&.∋/001∋223456736.∋8)∗&∋6.∋1)&∋9.∋,#,:)∋5∋;∋5∋964∋
?≅∀−∀Α#∋?Β(,−∀∃∗∋5∋?−)#)Χ∆∃∋Ε,Φ∀)#∃∗
!∀#∃%&∋())∗+,&−(#∃.∀
!≅.Α≅!Φ=ΓϑΕ,6ϑ:,5ΓΦ=)≅Ε,ΓΧ,
≅6.ϑ=ϑ
&226∗.4−.5∋ 323/0Θ−2Ε∋ Ρ3∆0∋ /−ΨΨ070.4∋ ϑ0720ϑ4−6.∋
6Ψ∋ 037.−.5Ε∋ Θ3 .350Θ0.4∋ 4Ρ3.∋ /6 ∋ ϑ7324−4−6.07Ε∋
3./∋705∗,3467ΕΟ∋=Ρ0∋Θ3.3507−3,∋−.20.4−∆0Ε∋270340/∋
+?∋26Θϑ0.Ε34−6.∋26.47324Ε:∋705∗,3467?∋Θ64−∆340Ε:∋
23ϑ−43,∋Θ37κ04∋Θ64−∆340Ε∋042Ο∋,03/∋46∋037.−.5∋Θ3Α
.350Θ0.4∋]∃,−3Ε:∋ Τςςγδ∋Λ03,?:∋Ωηφ{δ∋∴3∆07∋ /&!).Θ:∋
Ωηη{δ∋ ∀676.Ρ3∋ /&! ).Θ:∋ Τςςφδ∋ Λ03,?∋ 3./∋ [3Ρ,0.:∋
Ωηηφδ∋>0∆0740:∋Τςςφ⊥Ο
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]Η−Ε2Ρ07∋3./∋>6Ζ0.Ν0−5:∋Ωηη{δ∋≅0∆−.∋3./∋≅2Ρ760/07:∋
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26Ε4∋6Ψ∋23ϑ−43,∋3./∋−.2703Ε0∋ΕΡ370∋ϑ7−20Ε∋+?∋70/∗2−.5∋
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=Ρ0∋23Ε0Ε∋ 6Ψ∋037.−.5Ε∋Θ3.−ϑ∗,34−6.∋ −.2703Α
Ε0∋ 6∆07∋ ?037Ε∋ 3./ ∋ 70Ψ62∗Ε∋ 4Ρ0∋ 3440.4− 6.∋ 6.∋ 4Ρ0∋
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!4∋ −Ε∋ .640/∋ 4Ρ34∋ ∗.04Ρ−23,∋ 037.−.5Ε∋ Θ3.350Θ0.4∋
+0Ρ3∆−67∋23.∋ +0∋ 3447−+∗40/∋46∋ 4Ρ0∋ Ψ3−,∗70∋ 6Ψ∋267Α
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Θ3.−ϑ∗,34−6.∋+0Ρ3∆−67ΕΟ∋
=Ρ0∋267ϑ67340∋ 04Ρ−23,∋ ∆3,∗0Ε∋370∋ −Θϑ6743.4∋
/0407Θ−.3.4Ε∋6Ψ∋037.−.5Ε∋Θ3.350Θ0.4∋ϑ0720ϑ4−6.Ο∋
9)&Ε∋0Θϑ,6?0/∋−.∋6753.−Ζ34−6.Ε∋Ν−4Ρ∋Ρ−5Ρ∋04Ρ−23,∋
∆3,∗0Ε∋ Ν070∋ Θ670∋ ,−κ0,?∋ 46∋ ∆−0Ν∋ 037.−.5Ε∋ Θ3.3Α
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6753.−Ζ34−6.Ε∋Ν−4Ρ∋,6Ν∋∆3,∗0ΕΟ∋!.∋−./∗Ε47?:∋9)&Ε∋∆−0Ν∋
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323/0Θ−3∋]∃,−3Ε:∋Τςςγ:∋<0∆−44:∋Ωηηφ⊥Ο∋
=Ρ070∋−Ε∋.6∋2,037∋26.Ε0.Ε∗Ε∋−.∋4Ρ0∋3226∗.4−.5∋
ϑ76Ψ0ΕΕ−6.∋70537/−.5∋4Ρ0−7∋ 04Ρ−23,∋3220ϑ43+−,−4?∋ 6Ψ∋
037.−.5∋Θ3.350Θ0.4Ο∋=Ρ0∋/0+340∋6.∋04Ρ−23,∋3220ϑΑ
vcdknkv{"qh"gctpkpiu"ocpcigogpv"cevkqpu"kpvgpukÞgf"
3Ψ407∋4Ρ0∋70∆0,34−6.∋6Ψ∋4Ρ0−7∋.0534−∆0∋26.Ε0Σ∗0.20Ε∋
qp"vjg"hcktpguu"qh"vjg"Þpcpekcn"uvcvgogpvu"*Fgejqy"
3./∋≅κ−..07:∋Τςςς⊥Ο
9∃;∋Ν03,4Ρ∋Ε0.Ε−4−∆−4?∋−Ε∋ϑ6Ε−4−∆0,?∋3ΕΕ62−340/∋
Ν−4Ρ∋3+.67Θ3,∋ 3227∗3,∋ ∗Ε350∋ 3./∋ 4Ρ0∋ 70,34−6.∋ −Ε∋
eqpukuvgpv"ykvj"kpeqog"uoqqvjkpi"*Ygdgt."4228+0"
)07Ψ67Θ 3.20∋ 01ϑ 02434−6 .∋ −Ε∋ −Θϑ67 43.4∋ −.∋ 2 6./∗2Α
4−.5∋3.∋3∗/−4∋ +023∗Ε0∋ϑ06ϑ,0∋47?∋46∋ ∆3,−/340∋4Ρ0−7∋
ϑ0720ϑ4−6.Ε∋6Ψ∋703,−4?∋.6∋Θ34407∋−Ψ∋4Ρ0?∋ϑ0720−∆0∋3.∋
0∆0.4∋−.2677024,?Ο∋)07Ψ67Θ3.20∋0∆3,∗34−6.∋/0ϑ0./Ε∋
6.∋ 4Ρ0∋ ϑ0720ϑ4∗3,∋ ϑ7620ΕΕ∋ 3./∋ 4Ρ0∋ ϑ07Ψ67Θ3.20∋
01ϑ02434−6.ΕΟ
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∀Κ≅∃:∋&Β∃%:∋3./∋∀&≅#&Ι∋370∋/0Ε−5.0/∋46∋ϑ70∆0.4∋
4Ρ0∋70622∗770.20∋6Ψ∋267ϑ67340∋26,,3ϑΕ0Ε∋ 34∋26Θϑ3Α
.−0Ε∋Ε∗2Ρ∋3Ε∋∃.76.∋967ϑΟ:∋[67,/96Θ∋!.2Ο:∋&Ρ6,/:∋3./∋
∴,6+3,∋976ΕΕ−.5∋<4/∋]3.353704.3Θ∋/&!).Θ:∋Τςςγ⊥Ο
=Ρ0∋ 2 6.Ε− /073+ ,0∋ 3Θ 6∗.4∋ 6 Ψ∋ 705 ∗,346 7?∋
3440.4−6.∋ 5−∆0. ∋ 46∋ 267ϑ67340∋ 56∆07. 3.20∋ −ΕΕ∗0Ε∋
−.∋ 7020.4∋ ?037Ε∋ Ε∗550Ε4Ε∋ 4Ρ34∋ Ε476.507∋ 56∆07Α
.3.20∋ Θ02Ρ3.− ΕΘΕ∋ Ν6∗,/∋ 70/∗20 ∋ 6ϑϑ674∗.−Ε4−2∋∋
ΣΨΩ
!∀#∃%&!#∋(&)(!∗∃+,−+#.!/∃(%.)(+&!(,−0∃1,∋∃%&−&2#∋0∃&−3∃(−4#0!,∋0
Θ3.350Θ0.4∋+0Ρ3∆−67:∋4Ρ∗Ε∋−Θϑ76∆−.5∋4Ρ0∋Σ∗3,−4?∋
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+0,−0∆0∋4Ρ34∋4Ρ−Ε∋−.∋4∗7.∋Ν−,,∋ Ρ0,ϑ∋46∋Θ3−.43−.∋3./∋
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]9Ρ0.∋/&!).Θ:∋Τςς{⊥Ο
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26.476,∋ Ψ6720∋ 353−.Ε4∋ 037.−.5Ε∋ Θ3.350Θ0.4∋ Ρ3Ε∋
7020.4,?∋7020−∆0/∋Θ∗2Ρ∋3440.4−6.∋]Φ6Ρ,∋/&!).Θ:∋ΤςςΥ⊥Ο∋
=Ρ0∋26.476,∋Ψ6720Ε∋370∋70,340/∋46∋4Ρ0∋0ΨΨ024∋6Ψ∋3∗/−4∋
26ΘΘ−4400∋−./0ϑ0./0.20∋ 6.∋ 4Ρ0∋6∗4Ε−/0∋ 3∗/−467∋
2Ρ6−20:∋3./∋6.∋01407.3,∋3∗/−467χΕ∋0ΨΨ024−∆0.0ΕΕ∋3./∋
Þpcpekcn"tgrqtvkpi"swcnkv{"*Gdtcjko."4229+0
∃37.−.5Ε∋Θ3.350Θ0.4∋−Ε∋70,340/∋46∋4Ρ0∋Ε−Ζ0∋
6Ψ∋4Ρ0∋ +637/∋6Ψ∋ /−702467ΕΟ∋=Ρ−Ε∋Ε∗ϑϑ674Ε∋ 4Ρ0∋∆−0Ν∋
4Ρ34∋,37507∋+637/Ε∋3ϑϑ037∋46∋+0∋−.0ΨΨ024−∆0∋−.∋4Ρ0−7∋
6∆07Ε−5Ρ4∋/∗4−0Ε∋70,34−∆0∋46∋4Ρ0∋ΕΘ3,,07∋+637/ΕΟ∋=Ρ0∋
70,34−6.∋+04Ν00.∋Θ03Ε∗70Ε∋6Ψ∋037.−.5Ε∋Θ3.350Θ0.4∋
cpf"dqvj" kpuvkvwvkqpcn"qypgtujkr" kp"vjg" Þto"cpf"
Σ∗3,−4?∋6Ψ∋−4Ε∋6∗4Ε−/0∋3∗/−4∋−Ε∋3ΕΕ∗Θ0/∋26.Ε−Ε40.4∋3./∋
pgicvkxg"*Gdtcjko."4229="Tcjocp"cpf"Cnk."4228+0
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037.−.5Ε∋Θ3.350Θ0.4∋−Ε∋ϑ07∆3Ε−∆0∋−.∋4Ρ0∋Σ∗37407,?∋
037.−.5Ε∋ .∗Θ+07ΕΟ∋ Η67∋ 013Θϑ,0:∋ 4Ρ070∋ 370∋ Θ670∋
Ζ076Ε∋3./∋Ψ0Ν07∋.−.0Ε∋−.∋4Ρ0∋Ε026./∋/−5−4∋6Ψ∋4Ρ0∋037Α
.−.5Ε∋.∗Θ+07∋−.∋032Ρ∋6Ψ∋4Ρ0∋Ψ6∗7∋Σ∗37407ΕΟ∋&,Ε6:∋4Ρ0∋
037.−.5Ε∋Θ3.350Θ0.4∋−.∋4Ρ0∋Ψ6∗74Ρ∋Σ∗37407:∋ΝΡ−,0∋
Ε4−,,∋ϑ76Θ−.0.4:∋+∗4∋−Ε∋,0ΕΕ∋3Ε∋26Θϑ370/∋46∋032Ρ∋6Ψ∋
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=Ρ0∋ 3+−,−4?∋ 46∋ Θ3.350∋ 037.−.5Ε∋ ∗./07∋ 4Ρ0∋
−.40573,∋3ϑϑ7632Ρ∋ 46∋ −.407−Θ∋ 70ϑ674−.5:∋Ρ6Ν0∆07:∋
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crrtqcej"vq"swctvgtn{"Þpcpekcn"tgrqtvkpi"rtqxkfgu"
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kp"vjg"gctnkgt"swctvgtu"fwtkpi"cp{"Þuecn"{gct0"Ukpeg"
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ycu"cdng"vq"gpuwtg"vjcv"vjg"Þto"eqornkgu"ykvj"vjg"
tgswktgogpvu"qh"vjg" kpvgitcn"crrtqcej."vjg"ÞtoÔu"
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0Ε4−Θ34−6.ΕΟ∋=Ρ0∋−.Ψ67Θ34−6.∋26.Ε−/070/∋−ΘΘ340Α
7−3,∋ +?∋ 3226∗.43.4Ε∋ −Ε∋ .64∋ 70ϑ6740/∋ 46∋ −.∆0Ε467Ε:∋
etgfkvqtu."cpf"qvjgt"wugtu"qh"Þpcpekcn"uvcvgogpvu0"
=Ρ0∋Ε43κ0Ρ6,/07Ε∋370∋3Ν370∋6Ψ∋3,,∋ϑ∗+,−2∋−.Ψ67Θ34−6.∋
]Θ3./3467?∋67∋ .6.ΑΘ3./3467?∋−.Ψ67Θ34−6.⊥:∋3./∋
−.∆0Ε467Ε∋5−∆0∋3440.4−6.∋46∋4Ρ0∋70,03Ε0/∋.6ΑΘ3./3Α
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=Ρ0∋26.20ϑ4∋6Ψ∋Θ3407−3,−4?∋−Ε∋Ε−Θϑ,0∋+∗4∋−4∋−Ε∋
20.473,∋−.∋3ϑϑ,?−.5∋∴&&)Ο∋Η&≅Χ∋96.20ϑ4Ε∋≅4340Θ0.4∋
∀6Ο∋ Τ:∋ ο∋).∃&)&∃7/! ,Ρ)#);&/#∃%&∃ ;%! −Π! 8;;−∋+&∃+0!
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&∗/−467Ε∋∗Ε∗3,,?∋ ∗Ε0∋4Ρ700∋ Σ∗3.4−434−∆0∋ Θ03Ε∗70Α
Θ0.4Ε:∋.3Θ0,?∋ ϑ0720.4350∋0ΨΨ024∋6.∋ .04∋−.26Θ0:∋
ϑ0720.4350∋0ΨΨ024∋6.∋4643,∋Ε3,0Ε∋67∋4643,∋70∆0.∗0Ε:∋
3./∋ϑ0720.4350∋0ΨΨ024∋6.∋4643,∋3ΕΕ04Ε∋]=Ρ6ΘϑΕ6.:∋
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&Θ07−23.∋&226∗.4−.5∋&ΕΕ62−34−6.∋]&&&⊥∋0.3+,0∋∗Ε∋
46∋−/0.4−Ψ?∋κ0?Ν67/Ε∋70,340/∋46∋Θ3407−3,−4?∋26.20ϑ4∋
−.∋3226∗.4−.5∋ϑ7324−20ΕΟ∋=6∋−/0.4−Ψ?∋4Ρ0∋Θ3407−3,−4?∋
kpfkecvkqpu" kp" vjg" EqfkÞecvkqp." yg" wug" vjg" mgΑ
{yqtfuocvgtkcnkv{."korqtvcpeg"cpf"ukipkÞecpeg"qt"
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korqtvcpv."ukipkÞecpv0"Htqo"vjg"nkuvgf"eqfkÞecvkqpu"
6.∋4Ρ0∋?037∋ΤςΩς:∋ 6.,?∋η{∋−./−2340∋Ε6Θ0∋ −Θϑ,−23Α
vkqpu"qh"ocvgtkcnkv{0"Vjgug"ctg"nguu"vjcp"32"'"qh"vjg"
eqfkÞecvkqpu" *eqpukuvgpv" ykvj" Vjqoruqp." gv0" cn0."
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3./∋4Ρ0∋ϑ0720.4350∋6Ψ∋032Ρ∋κ0?Ν67/Ο
0?Ν67/ UkipkÞecpeg !Θϑ6743.20 Β3407−3,−4? =643,
96∗.4 {φ 38 ΤΩ η{
)0720.4350 83"'" 39"'" 44"'" 322"'"
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qt"dcugu"vq"fgvgtokpg"vjg"korqtvcpeg."ukipkÞecpeg"
67∋Θ3407−3,−4?∋6Ψ∋4Ρ0∋/−Ε2∗ΕΕ0/∋−ΕΕ∗0ΕΟ
ÑÈ"Kh"eqpvkpwkpi"ecuj"àqyu" ctg"igpgtcvgf."
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ecuj"àqyu"ctg"fktgev"qt"kpfktgev"ujqwnf"dg"dcugf"qp"
vjgkt"pcvwtg"cpf"ukipkÞecpeg000Ò"Τς{∋)70Ε0.434−6.∋6Ψ∋
Η−.3.2−3,∋≅4340Θ0.4Ε∋∋Τς∋#−Ε26.4−.∗0/∋;ϑ0734−6.Ε∋
∋{{∋!Θϑ,0Θ0.434−6.∋∴∗−/3.20∋3./∋!,,∗Ε4734−6.ΕΟ
Ñ000" Kp" xkgy" qh" vjg" hcev" vjcv" rqnkekgu" nkuvgf"
∗./07∋4Ρ0Ε0∋−40ΘΕ∋370∋Ψ∗./3Θ0.43,∋ϑ6,−2−0Ε∋ΝΡ−2Ρ∋
23..64∋+0∋2Ρ3.50/∋Ν−4Ρ6∗4∋ϑ7−67∋ΕΡ370Ρ6,/07∋3ϑΑ
ϑ76∆3,:∋4Ρ0∋−Θϑ6743.20∋6Ψ∋ 3/6ϑ4−.5∋3∋2,037∋ϑ6,−2?∋
Ν−4Ρ∋70537/∋46∋Ε∗2Ρ∋ −.∆0Ε4Θ0.4Ε∋−Ε∋3ϑϑ370.4Ο∋=Ρ0∋
ϑ76Εϑ024∗Ε∋ 6Ψ∋ 3∋ 705−Ε4070/∋ −.∆0Ε4Θ0. 4∋ 26Θϑ3.?∋
ΕΡ6∗,/∋3,Ε6∋Ψ∗,,?∋/−Ε2,6Ε0∋4Ρ0∋26Θϑ3.?χΕ∋ϑ6,−2?∋Ν−4Ρ∋
tgurgev"vq"tguvtkevgf"ugewtkvkgu000Ò";68"Hkpcpekcn"UgtΑ
∆−20Ε∋Α∋!.∆0Ε4Θ0.4∋96Θϑ3.−0Ε∋∋ ΞΤς∋!.∆0Ε4Θ0.4Ε∋
Α∋#0+4∋3./∋∃Σ∗−4?∋≅02∗7−4−0Ε∋∋≅ηη∋≅∃9∋Β3407−3,ΕΟ
Ñ000qh"cp"cpcn{uku"qh"ocvgtkcnkv{="kv"ecppqv"crΑ
ϑ76ϑ7−340,?∋+0∋∗Ε0/∋3Ε∋3∋Ε∗+Ε4−4∗40∋Ψ67∋3∋Ψ∗,,∋3.3,?Ε−Ε∋
6Ψ∋3,,∋70,0∆3.4∋26.Ε−/0734−6.ΕΟ∋Β3407−3,−4?∋26.207.Ε∋
vjg"ukipkÞecpeg"qh"cp"kvgo"vq"wugtu"qh"c"tgikuvtcpvÔu"
Þpcpekcn"uvcvgogpvu0"C"ocvvgt"ku"ÑocvgtkcnÒ"kh"vjgtg"
−Ε∋3∋Ε∗+Ε43.4−3,∋,−κ0,−Ρ66/∋4Ρ34∋3∋703Ε6.3+,0∋ϑ07Ε6.∋
yqwnf" eqpukfgt" kv" korqtvcpvÈÒ" Τ{ς∋ &226∗.4−.5∋
9Ρ3.50Ε∋3./∋∃7767∋9677024−6.Ε∋∋Ως∋;∆073,,∋∋≅ηη∋
≅∃9∋Β3407−3,ΕΟ
Uqog"eqfkÞecvkqpu"*g0i0"447."532"cpf"545+"
gzrnckp"vjg"wug"qh"c"rgtegpvcig"*g0i0"32"'+"cu"iwkΑ
/0,−.0Ε∋67∋+3Ε0Ε∋Ψ67∋4Ρ0∋Θ3407−3,−4?∋/0407Θ−.34−6.Ο
ÑÈVjg" cuuguuogpv" qh" ocvgtkcnkv{" ku" vjg"
70Εϑ6.Ε−+−,−4?∋6Ψ∋032Ρ∋705−Ε473.4Ο∋Λ6Ν0∆07:∋3+Ε0.4∋
26.207.Ε∋3+6∗4∋470./Ε∋ 67∋64Ρ07∋Σ∗3,−434−∆0∋ 26.Ε−Α
/0734−6.Ε:∋4Ρ0∋Ε43ΨΨ∋50.073,,?∋Ν−,,∋.64∋−.Ε−Ε4∋6.∋4Ρ0∋
70ϑ674−.5∋6Ψ∋−.26Θ0∋67∋,6ΕΕ∋3ϑϑ,−23+,0∋46∋26ΘΘ6.∋
Ε462κ∋−Ψ∋4Ρ0∋3Θ6∗.4∋/−ΨΨ07Ε∋Ψ76Θ∋.04∋−.26Θ0∋67∋,6ΕΕ∋
d{"nguu"vjcp"vgp"rgtegpvÈÒ"ΤΤ{∋!.26Θ0∋≅4340Θ0.4∋
∋Ως∋;∆073,,∋∋≅ηη∋≅∃9∋Β3407−3,ΕΟ
ÑÈtgn cvkpi" vq " rtqrgtv kgu" wpfg tn{kpi" c p{"
,63.Ε∋ω∋ 0120ϑ4∋4Ρ34∋ −.∋4Ρ0∋/0407Θ−.34−6.∋ 6Ψ∋Ε−5Α
pkÞecpeg"vjg"42"'"fkuenquwtg"vjtgujqnf"ujqwnf"dg"
ogcuwtgf"wukpi"vqvcn"cuugvuÈÒ"ΞΩς∋>020−∆3+,0Ε∋∋
Ως∋;∆073,,∋∋≅ηη∋≅∃9∋Β3407−3,ΕΟ
Ñ000ukipkÞecpeg"vguvu"qh"Twng"3/24*y+A"KpvgtΑ
rtgvkxg"Tgurqpug
vjg"ukipkÞecpv"uwdukfkct{"twng"ycu"pqv"kpvgpfgf"vq"
0Ε43+,−ΕΡ∋3∋Θ3407−3,−4?∋27−407−3∋Ψ67∋6Θ−ΕΕ−6.:∋3./∋4Ρ0∋
37+−4737?∋012,∗Ε−6.∋6Ψ∋Ε∗ΘΘ37−Ζ0/∋−.Ψ67Θ34−6.∋Ψ67∋
ugngevgf"gpvkvkgu"wr" vq"c"32" '"ngxgn" ku"pqv"crrtqΑ
rtkcvg000Ò∋ ΞΤΞ∋ !.∆0Ε4Θ0.4Ε| ∃Σ∗−4?∋ Β04Ρ6/∋ 3./∋
Φ6−.4∋µ0.4∗70Ε∋∋Ως∋;∆073,,∋∋≅ηη∋≅∃9∋Β3407−3,ΕΟ
Kp" tctg" e cugu" vjg" eq fkÞecvkqp u" kpfkecvg " c"
urgekÞe"rgtegpvcig"cu" c"ngxgn"qh"ukipkÞecpeg0" Vjg"
96/0∋ηγγ∋01ϑ,3−.Ε∋4Ρ0∋+3Ε0Ε∋Ψ67∋4Ρ0∋Θ3407−3,−4?∋6Ψ∋
−.Ε∗73.20∋ Ν−4Ρ∋ 70Εϑ024∋ 46∋ −.2,∗Ε−6.∋ 3Ε∋ 3∋ .640∋ 46∋
Þpcpekcn"uvcvgogpvu0"Vjg"Eqfg":37"gzrnckpu"vjg"wug"
qh"c"rgtegpvcig"*g0i0"7"'"qt"32"'+"vq"kpfkecvg"vjg"
ngxgn"qh"ukipkÞecpeg"kp"fgvgtokpkpi"vjg"ocvgtkcnkv{"
−Θϑ,−234−6.ΕΟ
ÑÈvjg"coqwpv"qh"yjkej" ku"kp"gzeguu"qh"Þxg"
ϑ0720.4∋6Ψ∋ 4643,∋ ,−3+−,−4−0ΕΟ!≅4340∋−.∋ 3∋.640∋ 46∋4Ρ0∋
Þpcpekcn" uvcvgo gpvu" vjg" tgncvkxg" u kipkÞecpeg" qh"
ϑ374−2−ϑ34−.5∋−.Ε∗73.20∋ 01ϑ70ΕΕ0/∋3Ε∋ϑ0720.4350Ε∋
6Ψ∋]Ω⊥∋−.Ε∗73.20∋−.∋Ψ6720∋3./∋]Τ⊥∋ϑ70Θ−∗Θ∋−.26Θ0δ∋
3./∋4Ρ0∋Θ04Ρ6/∋+?∋ΝΡ−2Ρ∋037.−.5Ε∋3./∋/−∆−/0./Ε∋
ΣΨΠ
!∀#∃%&!#∋(&)(!∗∃+,−+#.!/∃(%.)(+&!(,−0∃1,∋∃%&−&2#∋0∃&−3∃(−4#0!,∋0
cnnqecdng"vq"uwej"kpuwtcpeg" ku"fgvgtokpgfÈÒ"ηγγ∋
Η−.3.2−3,∋≅07∆−20ΕΑ!.Ε∗73.20∋∋ ΤΩς∋Χ3,3.20∋≅Ρ004∋
∋≅ηη∋≅∃9∋Β3407−3,ΕΟ
ÑÈcp"gpvkv{"ujcnn"gxcnwcvg." kp"rctv."vjg"ukiΑ
pkÞecpeg"qh"vjg"guvkocvgf"equvu"qh"eqpxgtvkpi"vjg"
3ΕΕ04∋46∋23ΕΡ∋−.∋/0407Θ−.−.5∋ΝΡ04Ρ07∋4Ρ6Ε0∋3ΕΕ04Ε∋
370∋703/−,?∋26.∆074−+,0∋46∋23ΕΡΟ!37/348"Hqt"rwtrqugu "
qh"cuuguukpi" ukipkÞecpeg" qh"uwej" equvu."cp" gpvkv{"
ΕΡ3,,∋26.Ε−/07∋4Ρ6Ε0∋0Ε4−Θ340/∋26.∆07Ε−6.∋26Ε4Ε∋46∋
dg"ukipkÞecpv"qpn{"kh"vjg{" ctg"32"rgtegpv"qt"oqtg"
qh"vjg"itquu"ucnguÈÒ"φΩ{∋#07−∆34−∆0Ε∋3./∋Λ0/5−.5∋
∋Ως∋;∆073,,∋∋Ω{∋≅26ϑ0∋3./∋≅26ϑ0∋∃120ϑ4−6.ΕΟ
ΑΓϑΑΗΙΕ=ΓϑΕ
&226∗.43.4Ε∋Ψ70Σ∗0. 4,?∋∗Ε0∋0Ε4−Θ34−6.Ε∋46∋70ϑ674∋
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Ψ67∋ 4Ρ0−7∋ 26Θ ϑ3.−0ΕΟ∋ =Ρ0∋ Θ34 07−3,−4?∋ 26.2 0ϑ4∋ −Ε∋
0ΕΕ0.4−3,∋Ψ67∋3.?∋0Ε4−Θ34−6.∋−.∋3,,∋/02−Ε−6.∋Θ3κ−.5Ο∋
=Ρ0∋01−Ε40.20∋6Ψ∋−.Ψ67Θ34−6.∋3Ε?ΘΘ047?∋+04Ν00.∋
Θ3.350Θ0.4∋3./∋ΕΡ370Ρ6,/07Ε∋−Ε∋3∋.020ΕΕ37?∋26.Α
/−4−6.∋Ψ67∋03 7.−.5Ε∋Θ3.350Θ0.4 Ο∋=Ρ−Ε∋−Ε∋+023∗Ε0∋
ujctgjqnfgtu" ecppqv"rgthgevn{"fg vgtokpg"c"ÞtoÔu"
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−.∋ΝΡ−2Ρ∋4Ρ0?∋ Ρ3∆0∋,0ΕΕ∋−.Ψ67Θ34−6.∋ 4Ρ3.∋Θ3.3Α
50Θ0.4Ο∋ !.∋ Ε∗2Ρ ∋ 3.∋ 0.∆−76.Θ0.4: ∋ Θ3.350Θ0.4∋
ecp" wug" kvu" àgzkdknkv{" vq" ocpcig" tgrqtvgf" gctΑ
.−.5ΕΟ∋ &,Ε6:∋ Θ3 .350Θ0.4χΕ∋ /−Ε27 04−6.37?∋ 3+−,−4?∋
46∋Θ3.350∋037.−.5 Ε∋−.2703Ε0Ε∋3Ε∋4Ρ0∋−.Ψ67Θ34 −6.∋
3Ε?ΘΘ047?∋+04Ν00.∋Θ3.350Θ0.4∋3./∋ΕΡ370Ρ6,Α
/07Ε∋−.2703Ε0ΕΟ
Χ3Ε0/∋ 6.∋350.2?∋ 4Ρ067?:∋−ΕΕ∗ 0Ε∋3ΕΕ62−34 0/∋
Ν−4Ρ ∋ 4Ρ0∋ Ε 0ϑ373 4−6.∋ + 04Ν0 0.∋ 6Ν. 07ΕΡ− ϑ∋ 3./∋
26.476,∋ Ν−,,∋,03/ ∋Θ3.3507Ε∋ ]350.4Ε⊥∋ 46∋324 ∋−.∋3 .∋
6ϑϑ674∗.−Ε4−2∋Θ3..07∋+?∋−.2703Ε−.5∋4Ρ0−7∋ϑ07Ε6.3,∋
Ν03,4Ρ∋ 34∋4Ρ0∋ 01ϑ0.Ε0∋ 6Ψ∋ 4Ρ0∋6Ν.07 Ε∋]ϑ7−.2− ϑ3,⊥∋
qh"cp" qticpk¦cvkq p"*Lgpugp" cpf"O cemnkpi."3; 98="
Cdfwn"cpf"Jcpggo."4228+0
[Ρ0.∋ Θ3.3507Ε∋ 3 70∋ 26.20.47340/∋ 6 .∋ 4Ρ0∋
26Θϑ3.?χΕ∋563,Ε∋3./∋Θ64−∆340/∋46Ν37/∋32Ρ−0∆−.5∋
4Ρ6Ε0∋563,Ε:∋−4∋−Ε∋Ρ−5Ρ,?∋01ϑ0240/∋4Ρ34∋4Ρ0∋26Θϑ3.?∋
32Ρ−0∆0∋−4Ε∋563,Ο∋Λ6Ν0∆07∋−Ψ∋Θ3.3507Ε∋370∋Ν67κ−.5∋
46∋32Ρ−0∆0∋4 Ρ0−7∋6Ν.∋6+024− ∆0Ε∋3./∋/6∋.64∋Ν 67κ∋
46∋Θ3 1−Θ−Ζ0∋26 Θϑ3.−0Ε∋Ν 03,4Ρ:∋4Ρ 0∋26Θϑ3.? ∋−Ε∋
gzrgevgf"vq"jcxg"fkhÞewnvkgu"kp"cejkgxkpi"kvu"iqcnu0"
=Ρ0∋ −.4 07.3,∋ Ψ32 467Ε∋ 3./ ∋ 01407.3, ∋ Ψ32467Ε∋
tgncvgf"vq"vjg"ecug"eqpvgzv"kpàwgpeg"ceeqwpvcpvuÔ"
∆−0ΝΕ∋3./∋ϑ0720ϑ4−6.ΕΟ∋∃13Θϑ,0Ε∋6Ψ∋01407.3,∋Ψ32Α
467Ε∋−.2,∗/0∋ϑ6,−4−23,:∋026.6Θ−2:∋3./∋2∗,4∗73,∋−ΕΕ∗0Ε∋
vjcv"oc{"kpàwgpeg"vjg"rgtegrvkqp"qh"ceeqwpvcpvu"
Ν−4Ρ∋70Εϑ024∋46∋3∋/02−Ε−6.∋Θ3κ−.5Ο
=Ρ0∋ −.4 07.3,∋ Ψ32 467Ε∋ 370∋ 4 Ρ6Ε0∋ ∗./0 7∋ 4Ρ0∋
−./−∆−/∗3,χΕ∋ 26.476,∋ 3./∋ 01407.3,∋ Ψ32467Ε∋ 370∋ 26.Α
207.0/∋ 46∋ 4Ρ0∋ Ε−4∗34−6.∋ 3./∋ 4Ρ0∋ −./−∆−/∗3,∋ Θ3?∋
+0∋Ψ6720∋46∋324Ο∋=Ρ−Ε∋/0407Θ−.34−6.∋6Ψ∋4Ρ0∋−.407.3,∋
3./∋ 01407.3,∋ Ψ32467Ε∋ /0ϑ0./∋ 6.∋ 4Ρ700∋ Ψ32467Ε(∋
∋
Ω⊥∋/−Ε4−.24−∆0.0ΕΕ∋ΝΡ070∋4Ρ0∋−./−∆−/∗3,∋324∋/−ΨΨ070.4,?∋
∗./07∋/−ΨΨ070.4∋Ε−4∗34−6.Ε:∋Τ⊥∋26.Ε0.Ε∗Ε∋−Ε∋70Ψ0770/∋46∋
∋
4Ρ0∋+0Ρ3∆−67∋6Ψ∋3,,∋−./−∆−/∗3,Ε∋−Ε∋4Ρ0∋Ε3Θ0∋Ν3?∋−.∋4Ρ0∋∋
Ε3Θ0∋ Ε−4 ∗34−6.:∋ 3 ./∋ Ξ⊥∋ 26.Ε− Ε40.2?∋ 70Ψ 0770/∋ 46∋∋
4Ρ0∋+0Ρ3∆−67∋6Ψ∋3.∋−./−∆−/∗3,∋−Ε∋4Ρ0∋Ε3Θ0∋6∆07∋4−Θ0∋
Ψ67∋Ε−Θ−,37∋Ε−4∗34−6.ΕΟ
>−5676∗Ε∋ 705∗,34−6.Ε∋ 23..64∋ 26Θϑ,040,?∋ 70Α
Θ6∆0∋037.−.5Ε∋Θ3.350Θ0.4∋Ψ76Θ∋4Ρ0∋Θ37κ04:∋+∗4∋−4∋
23.∋ϑ76+3+,?∋70/∗20∋−4∋3./∋ϑ76∆−/0∋01ϑ,−2−4∋0∆−/0.20∋
Ψ67∋/04024−.5∋3./∋ϑ0.3,−Ζ−.5∋037.−.5Ε∋Θ3.350Θ0.4∋
+0Ρ3∆−67ΕΟ∋=Ρ0∋,32κ∋ 6Ψ∋3∋ Ε?Ε40Θ34−2∋Ψ73Θ0Ν67κ∋6Ψ∋
3226∗.4−.5∋Ε43./37/Ε∋ +7−.5Ε∋ Θ3.?∋ 6ϑϑ674∗.−4−0Ε∋
Ψ67∋037.−.5Ε∋Θ3.350Θ0.4∋]∀676.Ρ3:∋/&!).Θ:∋Τςςφ⊥Ο
∴6∆07.3.20∋ϑ7324−20Ε:∋0Εϑ02−3,,?∋−./0ϑ0./0.4∋
+637/Ε∋ 3./∋ 26ΘΘ −4400Ε:∋ 0ΨΨ024−∆ 0∋ Θ3.350Θ0.4∋
26Θϑ0. Ε34−6.: ∋ 3./∋ ϑ6Ν0 7Ψ∗,∋ ΕΡ3 70Ρ6,/ 07Ε∋ 370∋
−Θϑ6743.4∋−.∋ 26.Ε473−.−.5∋Θ3.350Θ0.4∋ Ψ76Θ∋Θ3Α
.35−.5∋037.−.5Ε∋3./∋−.∋0.Ε∗7−.5∋3∋Ρ−5Ρ07∋Σ∗3,−4?∋6Ψ∋
gctpkpiu"*Pkw."4228+0
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3226∗.4−.5:∋50.073,,?∋ 3220ϑ40/∋3226∗.4−.5∋ ϑ7−.2−Α
ϑ,0Ε:∋3./∋4Ρ0∋0.∆−76.Θ0.4∋370∋4Ρ0∋Θ3−.∋Ψ32467Ε∋4Ρ34∋
kpàwgpeg"vjg"rgtegrvkqp"qh"vjg"rtgrctgtu"cpf"vjg"
wugtu"qh"Þpcpekcn"uvcvgogpvu0"
!.∋ 3∋4∗7+∗,0.4∋ ϑ6,−4−23,∋ Ε434∗Ε:∋ 3226∗.43.4Ε∋
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4−23,∋Ε434∗ΕΟ∋&226∗.43.4Ε∋−.∋3∋+66Θ∋026.6Θ?∋Θ3?∋
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