$%25$7,9( (1*,1((5,1* :,7+ ,)& $1' %&) 0$1$*,1

9DQ %HUOR / 1DWURS 0 DQG .RUSHUVKRHN *   ؆&ROODERUDWLYH (QJLQHHULQJ ZLWK ,)& DQG %&) 0DQDJLQJ 2SHQLQJV DQG 5HFHVVHV؇ ,Q /&  9ROXPH , ‫ ׽‬3URFHHGLQJV RI WKH -RLQW &RQIHUHQFH RQ &RPSXWLQJ LQ &RQVWUXFWLRQ -&  -XO\   +HUDNOLRQ *UHHFH SS  '2, KWWSVGRLRUJ-&

&2//$%25$7,9((1*,1((5,1*:,7+,)&$1'%&) 0$1$*,1*23(1,1*6$1'5(&(66(6 /«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

 7