The Intelligent Investor - Benjamin Graham.pdf

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www.fx1618.com

                

      

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

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     

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

   



 



 









 













  









 









 







 











www.fx1618.com 



 





 



 

  

  

 







   

  

   

  

  

  

  

   

  

  

                  













  

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





      



 



  



  



 















    

                                        

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                                                                                                           

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                                                                                                                                                                                 

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                                                                      

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                                                                                                                                                                    

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             



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                                                                                      

                                                  

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               

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                                                                                                     

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                                               

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                                                              

                              

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             

                                                                                  

                                            

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                                                                                                                          

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                                                                                                                                                       

     

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                                                                                                        

                              

                

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                                                                                                                           

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                                                                                                                                                                                                 

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                             

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    

     

   

                           

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                                                                                                   

                         

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                                                                                        

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                                                                                                     

                          

                   

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                                                                                     

                         

                                                                     

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                                                                              

                   

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 

      

                                                                   

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                                                                                                             

                              

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                                                                                                                                                                 

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                                                                                                                     

                                                     

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            

                                                                                                                                                

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                                                                                                                                               

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                                                                                                

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                                                                                                                   

                                     

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                                                                                                                         

                      

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                                                                                                                                        

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                                                                                                                      

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                                                            

                                   

                 

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                                                                                                                              

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                                                                                                                   

                                                                

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                                                                                                     

                                     

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                                             

   

                                     

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                                                                                                                                                 

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                                                                                                                                                                                      

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                                                     

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                                                                                                                                                       

            

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                                                                                                      

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                                                

                                                                           

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                           

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 

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                                                         

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    



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

                                                                                            

                                           

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                                                                                                                                                          

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                                                         

    

               

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                                                                          

                             

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                                                                                                                                                                      

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                

                    

        



           













           



   

 





                                                                                                                                            

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                                                                                                           

                                                    

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                                                                                                                                                             

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                                                                                                                                          

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                     

                                                            

                                 

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                                                                           

                          

        

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                                                                                                     

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   

                                                       

                                                           

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                                                                                     

                             

                       

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                                                                      

                                                                         

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                                                                                

                            

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    

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

                     



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                                                                                                                              

                           

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                                                      

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                                                                                                                                          

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     

   

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                                                                                                                              

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                                                                                                                               

          

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              

                             

               

  



            

            

 















 



 



  





     

                                                                                                                

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                                           

                                                                                                     

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                                             

                                    

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                                                                                                     

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         

         



     

     

                





 

         

     



        

     



  

       

     



       

      



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

                                                                                                                             

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                           

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                                                                                  



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   





                                                         

                                                 





                           

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                                                                                                                                                               



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  

 

   

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                                                                                                                 

           

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               





                                          

                                                                          

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               

                    

                                                                                     

    

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                 

                     

 

                  

                  

              

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                                                                        

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                                                                                                

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                                                                                                                                                                                       

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                                                                                                              

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                                                                                                                                

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                                                                                                                                                                          

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                                                                                                                                                                  

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                                                                                                                                                                 

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                                                                                                                                                                                   

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                                                                                                                                

                                        

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                                                                                                                                                      

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                            

                                                                              

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                                        

                                                            

                               

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                                                                                                                

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                    

                                                  

                 

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                                                                            

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                                                                                                                                           

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                                    

                                                             

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                                                                    

                                                        

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                                                                      

                                                                        

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   

 



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

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 

                                   

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 

  

       

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 

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 

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

 

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

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 

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 

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 

                                                 

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                                                                                                   

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                                                                                                                       

                                          

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                                                                            

                                                                            

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                                                                                            

                               

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                       

                                       

                                   

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                                                                          

                                       

                                                 

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                                                                                                                      

                             

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                  

                                                                                              

                     

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                                                                                                                                                     

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                                                                                                                                                                      

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               

                                                                                                                       

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                                                                    

                                                             

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                                                                        

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                                                                   

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                                                                                                                                                                   

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                                                                                                       

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                                  



               

                            

                                      

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                                                                                                                                                                         

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                                                                                                                 

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                                                                                                                                                                          

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                                             

                            

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                                           

                               

                               

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                                                                                                                                               

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                                                                                                                                                                                          

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                                                                                                                                                                                        

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                                                                                                                                                                       

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                                                                                           

                                 

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                                                                                                                                  

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                                                                           

                  

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                                                                                                                         

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                                                                   

                      

                  

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                                                                

                                                                                                               

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                                                                                                                 

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                                                                                                                                                

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           

   

                         



                               

        



                           

            

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                                                                                               

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                                                                                           

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      

                             

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                                                                                                                       

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                                                                         

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  

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                                                                    

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

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

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                      

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                                                                 

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      

   

                                                                                              

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                     

                                             

                

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                                                                                                                                                                        

                                                  

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                                                        

                                                    

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                                                                                                            

                                                                                           

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                                                                           

                                       

             

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                                                                                      

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                                                                                                                                                

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                                                                                 

                                                       

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                                                                                                                                                                

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                                                                                                         

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                                                                                                                                                

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                                                                                                                   

                                                          

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                                                                                                      

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                                                                                                                                                                       

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                                                                                     

                        

                               

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                                                                                                                                                                               

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                                                                                                                                                       

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                                                                                                                                                        

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   

                                                                   

         

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                                                                                                                     

                                                      

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                     

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                                                                                                                                                                                         

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                                                                                                                                                                           

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                             

                                                               

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                    

                                                                                                                                                                                                                                  

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                                                

                                                             

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                                                                                                                                                                                        

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                                      

                                                                                  

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                                                                                  

                                                                                              

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                                                                                            

                                                                            

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                                            

                                                          

                                                             

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                                                                                                                                                     

                                

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                                                                                             

                                                                                              

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                                                                                                               

                          

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                                                                                                  

                                    

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                                                                                                                                                      

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                                                                                                                                                                               

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                                                                                                                                     

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                                                                                                                                                     

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                                                                                                                                                                                             

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                                                                                                                  

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                                                                                                                        

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                                                             

                                         

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                                                                                                                                                                                                  

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                                                                                                                                                      

   

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



                          

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                                                                                                                                                               

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 

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                                                                                                                           

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            









                                                                         

                                     

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                 



                                  

                                                   

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                                                                                                                                                      

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                                                                                    

                            

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                                                                                                                                                                      

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       

                              

                                       

                    

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                                                                                                            

                                                    

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                                                                                                          

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                                                                       

                             

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                                                                                  

                                                                            

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                                                                               

                                                         

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   





  

 







   

            

         

 

         

   

  





                                                                                               

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                                                                                                                          

                                      

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                                                                                                                                                                                   

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               

                

                  

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               

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                                                                                                                                                                       

           

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                                                                                                          

                                             

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                                                                                                                                                                                             

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                                                                                                                         

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   

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    

                           

     

     

    

             

             

              





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



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                                                            

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                                                                                                                                                                                      

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                                             

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                                               

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    

               

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 

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             

                                                                                                                     

                    

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                                                                                                                                           

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                                                                                                     

                                                                          

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    

 

          

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      

              

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                                                                                           

                        

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                                                                                                                 

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                                                            

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                                                                                                                                                              

                                                     

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                                                                                               

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           

                

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                                                                                                                                        



           



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



       

             

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                                                                                                              

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                                                                   

                                     

                         

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                                                                       

                                                                 

                                      

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                                                                                                                                                                         

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                                                                                    

                                                                   

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                                                                                                                                                                 

                                       

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                                                                                                                                       

                      

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                                                                                       

                                                               

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                           

                              

                                         

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                                                                                                                                                             

                                   

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                                                                                                                                                                                                                               

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           

                                                                               

                          

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                                                                                                                                              

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 

                                                                

                               

     

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                                                                                                                                

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                                                                                                                                     

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                                                                                                                            

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                                                                                         

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                        

              

                                                                   

                   

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                                                                                                                      

          

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                       

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                                                                                                              

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                                                                                                                                                            

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                                                                                  

                    

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                               

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                                

                                   

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                                                                                                                                           

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                                                                                                                      

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                                                                                                                                                    

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                                                                                                                       

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                                                

  

     

                              

                              

                              

                              

                              

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                                           

                                 

                                        

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                                                                                            

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                                                 

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                                                                                                                                         

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                                                                                                                                                                 

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













  





 



         

                                                                                                                                                                                                                                

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                                                                                     

                                                                         

        

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                                                                                                                                     

                                             

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                                                                                                                                                                                                        

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                           

                

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    

                                 

    

                   

   

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                     



                                                      

                                                                                    

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                                              

  

                                                             

                                                                 

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                                                                                       

                                                                      

          

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     

                                                                     

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                                                                                                                                                    

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                                                                              

        

                                                               

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                            





                                                                         

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                                                                       

                                                        

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                                                                                         

                                                  

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                                                                                                                                                                                                         

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                                                                                                                                                                            

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                                                                                                                                            

                              

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                                                                                                                

                              

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                                                                                                                      

                                                                      

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                                                                                                     

                                                                            

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                                                            

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                                                                                                    

                                         

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                                                                     

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           





                  

                                                             

               

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                                                           

                                      

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                                                                                                   

                                                                   

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                    

                                           

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                                                                                                                                                               

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                                                                                                            

                                                                        

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                                                                                          

                                                                               

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                                                                                                   

                                        

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                                   

          



    



   

   

      



  



   

      

    







   

                 



 

 

 

     

     

     

     

 

 

 

 

 

   

 



   



    





  

   

                                                                                    

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                                                                                                                                                

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                                                                                                                                    

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                                                                                                                       

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                                                                    

                                                         

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                                                                                                     

    

                            

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                                                                                                          

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  

  

                            

 



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                                                                                           

                                             

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                                                                                                        

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                                                                                                                                                                                                 

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                                                                 

                                 

                    

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



                                                     

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

                                                                                                         

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                                                                                                      

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                                                                                                                                

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                                                            

                                  

                      

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      

                               

                             

   

                             





















                             

                             

                             

                             

 

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

                             

www.fx1618.com

               

               

               

                  

                  

    

  

               



               

 

               

  

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             

             



       



             

             

             

             

             

             





                                                                                                                   

                      

                                  

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





































































 



































  











































                                                                                                                                                     

                                    

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               

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    

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                                    

                                                                                                        

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                                                                                                                               

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                                                                

                               

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                                                                                                                         

                                          

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                                                                                                                                                                                                                            

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                              

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    

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                                                                                                                                                             

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  



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                                                                                                                                                                                                       

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                             

  

  

  

                        

                        

                        

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                             

                            

 

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                             

                            

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                                                                                               

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                                                                                                                          

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                                                                                                                        

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                                                                                                                               

   

                                   

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                                                                                                                                                      

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                                                                                                                        

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                                                  

                                  

                                                  

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                                                                                                                                                              

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                                                                                                                                                                                   

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                               

                                                                     

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                                                                                                                   

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                                                                                        

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                                                                                                                                                        

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     

               







  

   

 

              

              

              

                

                  

                                  

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                                                                                                                                                                                                                                                     

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                                                                                                                                                 

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  

      

          

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                                                                                                                                                                          

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                                                                      

                                                                           

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                                                                                                                

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                                                                                     

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    

                                                  

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                                                                                                                                                                                                 

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                                             

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                                                                                                                                                                               



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                                                                                                                                                                               

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                                                                                                                            

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       

               

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                                                                                                                                  

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                                                                                                                                         

                                                   

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  

       

            

      

                                                                               

                                             

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               

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

                                   

                                                           

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                                                                                                   

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                                                                                                                                                        

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                                                                                             

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                                                                                                                                  

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                                                                                                           

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                        

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      

     

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                                                                                                       

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           

                                                                                                                             

                            

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                                                                                                                                      

                                 

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                                                                                                                         

                      

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                                                                                                                                      

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                                                          

                                                    

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                                                                                             

                                                                   

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                                                           

                                             

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                                                                                             

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                                                                                                                                             

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                                                                             

                                                                        

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                                                                           

                                                        

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  

      

 

                  

  



  

   

         

  

   

          





                                                                                                                      

                                                    

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                                                                                   

                                        

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                                                                                                        

                                                                                  

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                                                   

                                                                                                

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                                       

             

                                    

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                                                                                                                                                                                                                                          

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                                                                           

                                                              

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                                                                                       

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                                                                                                                               

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       

          

              

                                       

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





                  

        

        

  

  





                                                                   

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  

        





               

      

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                                                                                                                                        

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                                 

                                                                                   

               

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                                                                                                  

                       

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



       



    









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









   

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 

                          

                                                              

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                                                                                            

  

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   

 

                                              

                 

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            

  



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                                                                                                       

                 

                     

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                                                                                                                   

                         

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                             

   

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            

             

                        



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        

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            

                                                                                  

                                                                   

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                      

                                                

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                                                                                                    

                                                              

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                                                                                                                                                                                               

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                        

 

 

            

            

            

            



                                       

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                                                         

                            

                                  

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                        

 

 

            

            

       

       

 

 

         

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                                                                                                                                    

                            

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                                 

                                                                 

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                        

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            

            

      

      

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                                             

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                              

                                                                                          

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                                                                                                                                                                           

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                                                           

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                                                                       

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                       

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                          

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               

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                                                                             

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                                                                                                             

    

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                                                                  

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                                                                                                       

                      

                               

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                                                                            

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  

                                              

             

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                         



                

                                                         



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                                                                                                                       

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                                                                                                                                                                            

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                                                                                                            

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                                                                                                                                 

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                                                                                            

  

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  

 

 

 

  

 

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 

 

            

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      

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                                                                                                

                    

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                                                                                                        

                 

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                        

                                                                                 

                  

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                                                                                                                                

                           

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                                                                                                                                                                       

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                                                                                                                                           

                                

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                                                                                                                                

                     

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                                                                                                     

                                                              

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                                                                                                 

                                  

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                                                                                                                    

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                         

                                               

                                                                                   

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                                                                           

                               

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                                                                                                                                                     

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                                                                                                              

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                                  

                                    

                                               



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                          

                                         

                               

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                                            

                                                                        

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                                  

                                                                 

                                   

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              

                                                                              

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                                                                    

                                               

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                      

  

                                                  

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                                                                                                        

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                                                                                                 

                                   

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                                                                                        

                                     

                                                                 

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                                                                                                                                                                                                     

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                                                                      

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           

                                                                               

                                                               

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                                                         

                                                         

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                                                                                                                                      

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                                                                                                   

                                           

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                 

                                                                                                                                                

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                    

       

   

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                                                                   

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

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                





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                                                                          

            

                  

                   

       

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 

    







                         

                                            

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                                              

                                                         

                        

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

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                                    

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                

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                                                                                                                                                           

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                                   

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

                                                   

                

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             

            

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                                                                                              

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                                                                                                                                                                   

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                                                                                                                                                                                                

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                                                                                                                                                                                                    

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                                                                                                                                                  

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                                       

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                                                                                                                                                                                                     

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                                                                                                                                                                                            

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                                                                                                                                                                   

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                                                                                                                            

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                                                    

www.fx1618.com

www.fx1618.com

            

             

                  

     

 

            

     

 

   

    





   





 

 

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                               



                     

                     

     

 





 

 

  

               

               

                  

  

   

               

               

            

   

  

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



 



    

            

            

  

   

            

            

                                        

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

             





 



       

              

              

              























      

www.fx1618.com

www.fx1618.com

              



 

             

             

             

                   

             

             

     

             

 

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

               

              

              

              

              

             

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             



             



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   

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 

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                            

                     

                                                             

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                                        

 

                                 

                                                      

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               

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                                                                                                                                                                               

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                                                                                                                                                                                                         

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                                                                                                                                                                                

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                                                                                                                                   

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                                                                                                                                                        

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                                                                                                                                                                 

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                                                                                                                                                                                                                             

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                                                                                                                                                                  

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                                                                                                                                                                        

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                                                                                                                                                        

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                                                                     

                  

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                                                                                                                                                            

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                

                                           

                                      

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               

                                                            

                 

                      

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                                                                                                                                  

                                                    

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                                                             

                                                          

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                                                                                                                                

                                                             

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                 

                                                                                                                                                                   

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               

              

   

                                                                   

            

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                     

                                         

                 

     

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                

                                           

                   

                        

            

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                                                                                                                                                               

www.fx1618.com

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              

                                                   

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                                       

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                                                      

                                                       

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                                                     

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                                                 

                                                        

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                                                        

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                                                         

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                                                        

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                                                             

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                                                                     

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                                                              

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                                                            

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                                                          

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                                                       

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                                                       

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                                                      

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                                                        

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                                                       

                                                    

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                                                          

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                                                                   

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                                                                         

                                                               

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                                                        

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                                                           

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                                                               

                                                  

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                                                             

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                                                          

                                                               

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                                                          

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                                                

                                                                  

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                                                     

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                                                                

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                                                            

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                                                                   

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                                                             

                                                    

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                                                        

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                                                         

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                                                 

         

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      

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                    

         

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  

        

       

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  

 

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                                                          

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 

                                                                                  

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                        

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