Il proprietary deal flow (di Daniele Pilchard)

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    Cj rvervcgtnvs dgnj ajep

    dc Dnocgjg Rcjlmnvd

    lnrcteje g|tvntte dnj jcfve;

    -|gleodn gdc{ceog; jw`jce 6221#

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    6Cj rvervcgtnvs dgnj ajep

    dc Dnocgjg Rcjlmnvd

    Co ~wg|te lnrcteje |c lgvlmgv* rgv ~wnote re||cfcjg* dc tvndwvvg co leo|cdg(vn{ceoc hgtedeje`clmg jg|rgvcgo{n ergvntcqn |wj lnhre ogjjnttcqct dcvclgvln g |gjg{ceog dc errevtwoct dc coqg|tchgote* co rnvtclejnvg ogc leo(aveotc dgjjg hgdcg chrvg|g anhcjcnvc/

    Ogj heode dgj rvcqntg g~wcts* cj tgvhcog dgnj ajep codcln cj ajw||e dcerrevtwoct dc coqg|tchgote lmg `cwo`eoe njjnttgo{ceog dgjjcoqg|tctevgnttvnqgv|e qnvc lnonjc* c ~wnjc dgqeoe g||gvg le|tnotghgotg njchgotntc dnwonttcqct dc hnvigtco` g evc`contceo deqg leotnoe hejte jn rveag||ceon(jct* jg|rgvcgo{n g jn vgtg dc leotnttc/ Rgv lehrvgodgvg jchrevtno{n dc tnjgn|rgtte* errevtwoe co rvche jwe`e dg|lvcqgvg jnvgon lehrgtctcqn ogjjn

    ~wnjg |c hweqeoe `jc coqg|tctevc c|tctw{ceonjc ogj lnrctnjg dc vc|lmce/

    6/> Cj hgvlnte dgj rvcqntg g~wcts

    Cj oweqe |lgonvce co lwc |c tveqnoe e``c n ergvnvg `jc cotgvhgdcnvc acono{cnvc jn vc|wjtnotg dc dcqgv|g aev{g dc lnhfcnhgote evc`contg|c dnjjn `jefnjc{({n{ceog dgc hgvlntc* dn`jc |qcjwrrc dgjjgleoehcn vgnjg g dnjjevcgotnhgotedgjjg nwtevct `eqgvontcqg g heogtnvcg qgv|e won rejctcln dc rve`vg||cqndgvg`ejnhgotn{ceog/ Co dwg dglgooc cj rvcqntg g~wcts* dn |ghrjclg lehrnv|ng n||gt ljn|| hnv`conjg* ghgv|e lehg woe dgc rvetn`eoc|tc dgc hgvlntcacono{cnvc g |c |tchn lmg nttwnjhgotg lcvln cj 62 rgv lgote co qnjevg dgjjgtvno|n{ceoc dc H!N |cnoe evc`contg dnj rvcqntg g~wcts/

    Nolmg |g cj vcdchgo|ceonhgote dgjjcotgve lehrnvte dgjjg n{cgodg mc`m(tglm jg`ntg n Cotgvogt ogj 6222 g jn rc `gogvnjg lvc|c dgc hgvlntc fev|c|tclccotgvon{ceonjc ogj 622> nqgqn chre|te won rnw|n dc vcajg||ceog nolmg nj |gt(tevg dgj rvcqntg g~wcts* |grrwvg g||e |cn hgoe |go|cfcjg njjg qnvcn{ceoc leo(`cwotwvnjc dc fvgqg rgvcede g tvndc{ceonjhgotg rc jg`nte nc aeodnhgotnjcdgjjgleoehcn* og`jc wjtchc nooc je |teli dc lnrctnjc dc|reocfcjc rgv ergvn{ce(oc dc rvcqntg g~wcts nwhgotnte co hnocgvn ~wn|c g|reogo{cnjg/ Nj hehgote

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    dgjjn vgqc|ceog dc ~wg|te lnrcteje -hnv{e 6221# jg |tchg qgdeoe cj 6227lehg wo nooe feeh rgv jn vnllejtn dc oweqc lnrctnjc -cj le|cddgtte awod vnc(|co`# rgv won |ehhn vglevd dc 61> hcjcnvdc dc dejjnvc n jcqgjje heodcnjg* dclwc 44 hcjcnvdc vnllejtc dn |ejc |gc hg`n(awod |wj tetnjg dc 403 oweqc aeodclgo|ctc>/ Tnjg agoehgoe* tvnconte dnj rvejcagvnvg dc qgclejc dc coqg|tchgotedcvgttc ~wnjc c aeodc lmcw|c* codcvgttc lehg c awod(ea(awod| g agoehgoe

    rc vglgotg dnjjnaanllcnv|c |w ~wg|te hgvlnte nolmg dg`jc mgd`g awod* mnvclgqwte won |tvnevdconvcn |rcotn rverwj|cqn dnjjn redgve|n jc~wcdct rvg(|gotg |wc hgvlntc acono{cnvc g dnj |ghrvg hn``cevg cotgvg||g dn rnvtg dc aeo(dc rgo|ceog* fnolmg* n||clwvn{ceoc gll/ rgv jn||gt ljn|| vnrrvg|gotnte dnj

    rvcqntg g~wcts/ Co rvg|go{n dc tn||c vgnjc rve||chc njje {gve rgv chrcg`mc nfn||e rveacje dc vc|lmce* tnjc coqg|tctevc c|tctw{ceonjc mnooe coanttc jg|c`go{ndc dcqgv|caclnvg jnjjeln{ceog dg`jc co`gotc revtnae jc co `g|tceog g |eoe njjnvclgvln dc |tvwhgotc cooeqntcqc rgv lehrevvg won `g|tceog lehrjg||n dc

    revtnae`jce/ C vgodchgotc hejte |eddc|anlgotc lmg c hc`jcevc `g|tevc dc aeodclmcw|c mnooe |nrwte vgnjc{{nvg -cj le|cddgtte tvnli vglevd# mnooe coejtvgnwtenjchgotnte cj rvelg||e* vclmcnhnode jcotgvg||g dc oweqc coqg|tctevc c|tc(tw{ceonjc nttvnqgv|e cj jnolce co |wllg||ceog dc aeodc nqgotc dchgo|ceoc |gh(

    rvg rc leo|c|tgotc/Rgv hg`jce lnvnttgvc{{nvg cj hgvlnte g jg dcqgv|g |rglcnjc{{n{ceoc dg`jc

    ergvntevc coejtvg errevtwoe dc|tco`wgvg c ~wnttve rvcolcrnjc |gttevc dccotgvqgote dg`jc coqg|tctevc ogj lnrctnjg dc vc|lmce; jg ergvn{ceoc dc jgqgvn(

    `gd fws(ewt* lce jg nl~wc|c{ceoc dgj leotvejje nttvnqgv|e jwtcjc{{e dgjjnjgqn acono{cnvcn -njjg ~wnjc |c |tchn |cnoe nttwnjhgotg dg|tcontc cj 17(02 rgvlgote dgc lnrctnjc dc|reocfcjc#* jg ergvn{ceoc dc g}rno|ceo -hcoevno{g#* cjqgotwvg lnrctnj -|tnvt(wr%gnvjs |tn`g# g jg vc|tvwttwvn{ceoc -twvonvewod%|rglcnj |ctwntceo|#/

    Co Ctnjcn jn jc~wcdct dc|reocfcjg rgv coqg|tchgotc* dn rnvtg dgc |ejc aeodcctnjcnoc* gvn dc 4*3 hcjcnvdc dc gwve n acog 62276/ \g leo|cdgvcnhe nolmg caeodc rnogwvergc -lmg re||eoe dg|tconvg* |w fn|g errevtwoc|tcln* won~wetn dgj 7(>2 rgv lgote dgc lnrctnjc n coqg|tchgotc co Ctnjcn# g `jc coqg|tcte(vc lnrtcqg -rgv g|ghrce jg fnolmg#* jevdcog dc `vnodg{{n dgjjn jc~wcdctlehrjg||cqn retgo{cnjhgotg dc|reocfcjg dc >2 hcjcnvdc dc gwve -won |eh(hn lmg retvgffg jcgqctnvg acoe n 42 hcjcnvdc tgogode leote dgjjn jgqn

    acono{cnvcn#/Co Gwvern ogj 6227 jnhheotnvg dc vc|ev|g coqg|tctg dn aeodc lmcw|c* hgv(

    lmnot fnoi g acono{cnvcg dc rnvtglcrn{ceog co chrvg|g oeo ~wetntg mn vn`(`cwote cj vglevd dc 4< hcjcnvdc dc gwve -qgdc Tnf/ 6/># hgotvg |c vg`c|tvntn

    6= TGLOCLMG DC RVCQNTG G^WCTS

    > Aeotg; Rvcqntg G~wcts Cotgjjc`golg/6 Aeotg; NCAC RvclgPntgvmew|gLeergv|/

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    won vcrvg|n* no{c wo qgve feeh dgj awod vnc|co` leo won vnllejtn vglevd dc73*7 hcjcnvdc dc gwve4/62> >2/4/33> >3/2=1

    Avnolcn 4/033 7/=7> 6/2> 7/660

    @gvhnocn >/144 6/721 >/>3> 6/4=> >/3=< //310

    Ejnodn >/>37 >/066 6/276 >/236 /173

    \qg{cn 146 >/41= 6/>7> >/2>7 >/166

    Ctnjcn >/331 6/161 >/3/ 4>4 7 66> 6667 >>1 64= >1>

    Nw|tvcn >00 >41 >14 >>< >66 >4>

    Rejeocn >>3 >>= 61 >0 42 23 31

    Cvjnodn 62> >27 12 677 40 1>

    Vgr/ Lgln 43 < 7 62

    @vglcn 11 47 63 61 7 7

    \jeqnllmcn 0 < < < 7 4

    C|jnodn >6 > 73/722 4 Rvcqntg g~wcts co Gwvern; vnllejtn g coqg|tchgotc og`jc nooc 6226* 622

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    won |eqvnffeodno{n dc lnrctnjc vc|rgtte njjg errevtwoct dc coqg|tchgotecotgvg||notc gd gaagttcqnhgotg vgnjc{{nfcjc/ Rgvtnote jeaagvtn dc lnrctnjc vc(|lmcn dc notclcrnvg wo re tverre jn dehnodn* jn ~wnjg |tgotn n tvndwv|c dn

    retgo{cnjg n gaagttcqn/ Jgllg||e dc eaagvtn* njchgotnte nolmg dnjjn dc|reocfc(jct dgjjg fnolmg n acono{cnvg ergvn{ceoc dc jgqgvn`gd fws(ewt leo hwjtcrjcDgft%GFCTDN |ghrvg rc n``vg||cqc -hgdcn gwvergn dc 7*1 qejtg jGFCTDNogj 6227 vc|rgtte n 4*1 ogj 6224 g nj hcoche dc 4*6 ogj 62264# |tn ~wcodc rve(

    qelnode wo cogqctnfcjg gaagtte coajn{ceoc|tcle |wc rvg{{c dgjjg n{cgodg nl~wc(|ctg* lehg nrrnvg gqcdgotg ogj `vnacle dc Ac`/ 6/>/

    Nolmg co Ctnjcn cj retgo{cnjg dgj rvcqntg g~wcts gjgqnte* co dcvgttn leo|g(`wgo{n dgjjn oglg||ct dc nllgjgvnvg je |qcjwrre cotgvon{ceonjg dgjjg n{cgo(dg anhcjcnvc g dc vc|ejqgvg* co ln|c avg~wgotc* rvefjghc dc vclnhfce `gogvn{ce(onjg e |ctwn{ceoc dc leoajctte tvn |elc/ Ogj oe|tve rng|g jn lwjtwvn acono{cnvcnnjjcotgvoe dgjjg n{cgodg co an|g dc vnrcdn gqejw{ceog g |c nqqcnte cj rve(

    lg||e dc |go|cfcjc{{n{ceog dgjjn |tvwttwvn chrvgodctevcnjg qgv|e hedgjjc rc|chcjc n ~wgjjc dgc rng|c codw|tvcnjc nqno{ntc* leo rnvtclejnvg vcagvchgote n wovnrrevte rc g~wcjcfvnte tvn hg{{c rvervc g hg{{c dc tgv{c g njjg g|c`go{g dctvn|rnvgo{n lmg jnrgvtwvn nj hgvlnte lehrevtn* leo rnvtclejnvg vcagvchgo(te njjchrjghgotn{ceog dc |c|tghc dc levrevntg `eqgvonolg cdeogc nd n||clw(vnvg wo ndg`wnte leotvejje |wjjg nttcqct n{cgodnjc/

    330 >33= >333 6222 622> 6226 622< 6224 6227

    + Gotgvrvc|g qnjwg%GFCTDN/

    Aeotg;KR Hev`no

    Ac`wvn 6/> Hgdcn dgc hwjtcrjc+ rgv tvno|n{ceoc JFE co Gwvern

    4 Aeotg; \tnodnvd ! Reev|/

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    Rgvhnog twttnqcn won lgvtn dcaacdgo{n dn rnvtg dgjjg n{cgodg n leodw({ceog anhcjcnvg ogjjnrvcvg cj lnrctnjg n |elc acono{cnvc/ Coanttc* tnote rc `jcchrvgodctevc qgdeoe co ~wg|tg ergvn{ceoc cj vc|lmce dc won rgvdctn dgj leo(tvejje g dgjjcdgotcacln{ceog leo jchrvg|n* tnote hgoe |ghfvnoe rvergo|cn jn|lcnv|c nqqclconvg dn gqgotwnjc coqg|tctevc lmg* nqgode jg|c`go{n dcheogtc{{nvg jcoqg|tchgote ogj hgdce rgvcede* reo`eoe nolmg rvglc|gleodc{ceoc leotvnttwnjc rgv cj dc|coqg|tchgote/ Nolmg |g `jc chrvgodctevcoeo mnooe `gogvnjhgotg won qc|ceog lmcnvn |wj vweje dg`jc ergvntevc dc

    rvcqntg g~wcts g hnocag|tnoe won lgvtn dcaacdgo{n ogjjnqqclconvjc * le(hwo~wg dg|tcontn n lvg|lgvg jn dehnodn dc lnrctnjg dc vc|lmce g dc nllg|(|e nj hgvlnte dgc lnrctnjc dn rnvtg dgjjg chrvg|g rc dconhclmg g cooeqntc(

    qg* leo cj leo|g`wgotg nhrjcnhgote dgjjg nttcqct g dgjjg errevtwoct rgv`jc cotgvhgdcnvc acono{cnvc* |cn co tgvhcoc dc |gvqc{c* |cn co tgvhcoc dc cotgv(

    qgote dcvgtte ogj lnrctnjg/ Tnjg rvelg||e retv vg`c|tvnvg wonllgjgvn{ceog|g anqevcte nolmg dn won oevhntcqn ac|lnjg dg|tcontn n colgotcqnvg jn lnrc(tnjc{{n{ceog dgjjg chrvg|g/

    Co tnjg |lgonvce* dg|tconte n dcqgotnvg |ghrvg rc lehrgtctcqe* lnvnttg(vc{{nte dn wo owhgve lvg|lgotg dc ergvntevc |ghrvg rc |rglcnjc{{ntc g dnjle|tnotg colvghgote dgjje |teli dc lnrctnjc dc|reocfcjc* wo gjghgote g|(|go{cnjg rgv cj |wllg||e jn lnrnlct dc |lewtco`* lce dc codcqcdwnvg jghc`jcevc errevtwoct dc coqg|tchgote rvchn lmg |cnoe qc|cfcjc nolmg dnjjnleolevvgo{n* gqctnode rgv ~wnote re||cfcjg jg n|tg lehrgtctcqg -rvelg(

    dwvn dc qgodctn rc cdeogn njjg rvcqntc{{n{ceoc g njjg dc|hc||ceoc dn rnvtgdgc aeodc* hgotvg rvg|gotn leotvecodcln{ceoc |g je``gtte dgjjn lg||ceog won{cgodn anhcjcnvg#/

    6/6 \lmghntc{{n{ceog dgj rvelg||e dc aconjc{{n{ceog dgj dgnj

    Cj rvelg||e dc aconjc{{n{ceog dgj dgnj rw g||gvg cdgnjhgotg |lehre|te cotvg an|c;

    evc`contceo chrjghgotntceo lje|co`

    ~wg|te* rgvnjtve* woe |lmghn wocqgv|njg* lmg rw g||gvg nrrjclnte |cn rgvnonjc{{nvg je |qej`chgote dc e`oc nttcqct rveag||ceonjg g chrvgodctevcnjglmg nffcn aconjct dc tcre gleoehcle* |cn rgv |lmghntc{{nvg ~wgc lehrevtn(hgotc vgjn{ceonjc lmg mnooe je |lere dc vn``cwo`gvg efcgttcqc dc tcre |elcnjg*

    rejctcle gll/Jg tvg an|c ergvnoe nolmg won dc|tco{ceog dc tcre leolgttwnjg* wtcjg n dgac(

    ocvg ~wnjc |eoe `jc nttg``cnhgotc rc cdeogc dn n||whgvg ogjjg qnvcg an|c dgjrvelg||e* n codcqcdwnvg jg nttctwdcoc lnvnttgvcnjc g jn qeln{ceog dgc |co`ejc

    6 CJ RVERVCGTNVS DGNJ AJEP

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    codcqcdwc/ Lnhfcnoe coanttc `jc nttg``cnhgotc g jg lnrnlct vclmcg|tg njqnvcnvg dgjjg tvg an|c;

    n/ ogjjn an|g dc evc`contceo;

    nttg``cnhgote lwvce|ct%dc|reocfcjct -lnrnlct; vgjn{ceonjc#

    Codcqcdwnvg woerrevtwoct cotgvg||notg |gjg{ceonodejn tvn tnotg njtvg*tgotnvg jnrrvellce* qcolgvg jn dcaacdgo{n dgjjn leotvernvtg* anv|c nllgttn(vg* dc|tco`wgv|c* qcolgvg jn leolevvgo{n* anv | dc g||gvg |lgjtc* goantc{{n(vg c qnotn``c rgv jn leotvernvtg* `wndn`onvg jn |wn acdwlcn9

    f/ ogjjn an|g dc chrjghgotntceo;

    nttg``cnhgote lvctcle%rvwdgo{cnjg -lnrnlct; nonjctclmg#

    \twdcnvg g qnjwtnvg jn leotvernvtg* ettgogvg rc coaevhn{ceoc re||cfcjc* co(twcvg jg |wg cotgo{ceoc* |twdcnvg c rwotc dc aev{n g dc dgfejg{{n* qnjwtnvg cj

    rvervce retgvg leotvnttwnjg9

    l/ ogjjn an|g dc lje|co`;

    nttg``cnhgote og`e{cnjg -lnrnlct; og`e{cnjc#

    G|revvg jg rvervcg g|c`go{g* anvg nllgttnvg njjn leotvernvtg jg rvervcg leo(dc{ceoc* hn||chc{{nvg cj vnrrevte fgogaclc%le|tc* anvg cj rvervce tevonleote/

    Lnhfcnoe rgvtnote jg nttctwdcoc lnvnttgvcnjc g jg qeln{ceoc rveag||ceonjc lmg|c he|tvnoe rc ndnttg ogjjg qnvcg an|c dgj rvelg||e; njjn qeln{ceog lehhgv(lcnjg -jwehe dc hnvigtco`# |g`wg ~wgjjn nonjctcln -jnonjc|tn# g rec~wgjjn og`e{cnjg -cj og`e{cntevg#/

    Tvndwlgode je |lmghn co tgvhcoc ev`noc{{ntcqc* co won rcllejn |tvwttwvn jn|tg||n rgv|eon oglg||nvcnhgotg dgqg vclervcvg nolmg leotghrevnogn(hgotg c tvg vwejc* hgotvg co won |tvwttwvn rc nhrcn |c retvgffg rgo|nvg nwon hn``cevg |g`hgotn{ceog g |rglcnjc{{n{ceog co fn|g njjg lnvnttgvc|tclmg

    rveag||ceonjc g njjg nttctwdcoc lnvnttgvcnjc* co rnvtclejnvg rgv jn an|g dc evc`c(ontceo -vclgvln g |gjg{ceog dgjjg errevtwoct dc coqg|tchgote#/

    Ogjjnttcqct dc hgvlmnot fnoico` wo fvnqe rveag||ceoc|tn dgqg lehwo(~wg |nrgv `g|tcvg leo lehrgtgo{n jg tvg an|c dgj rvelg||e* anlgode|c gqgo(twnjhgotg n||c|tgvg dn leo|wjgotc g|tgvoc ~wnode oglg||ctnoe rnvgvc |rglcn(jc|tclc -co rnvtclejnvg ogjjn an|g dc lje|co` codc|rgo|nfcjg jn||c|tgo{n dc wojg`njg rgv `jc n|rgttc leotvnttwnjc#/

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    6/< Jn vclgvln dgjjg errevtwoct dc coqg|tchgote

    Ogj |gttevg dg`jc coqg|tchgotc ogj lnrctnjg dc vc|lmce jevc`contceo* lce jnlvgn{ceog dc wo ajw||e le|tnotg dc errevtwoct dc coqg|tchgote* vnrrvg|gotnwo anttevg lmcnqg rgv nqqcnvg cj rvelg||e/

    Co rnvtclejnvg ogjjn `g|tceog dc wo aeode lmcw|e jn an|g dc evc`contceo |cleolgotvn gd g|nwvc|lg ogc rvchc tvg(~wnttve nooc dc qctn dgj aeode -cj le|cd(dgtte coqg|thgot rgvced#/

    Reclm jn lnttcqn |ghcon rvg`cwdcln cj fweo vnllejte nolmg |g jg leodc({ceoc ljchntclmg |eoe anqevgqejc* |etteqnjwtnvg jchrevtno{n dgjjevc`con(

    tceo* |go{n dgdclnvg n ~wg|tn an|g ndg`wntg vc|ev|g rveag||ceonjc nqgotcnttctwdcoc g lehrgtgo{g |rglcaclmg leoacdnode |eje ogjjn vgtg dc leoe(|lgo{g g leotnttc g|tgvoc -e* rgv jcoqg|tctevg dc ghnon{ceog fnolnvcn* ogj(jn vgtg dc |revtgjjc g dc vnrrevtc lehhgvlcnjc leo jg n{cgodg ljcgotc dgjjnfnoln#* vc|lmcn dc lehrvehgttgvg oeo |eje jn ~wnotct* hn |ervnttwtte jn~wnjct g jg|ljw|cqct dgj dgnj ajep/

    Coejtvg* ogj oe|tve rng|g nj leotvnvce lmg og`jc \tntc Woctc jg cogaac(lcgo{g coaevhntcqg |eoe nolevn gjgqntc||chg/

    Hnolnode coanttc dgc vgagvgotc ontwvnjc rgv cj acono{cnhgote dgjjg ergvn({ceoc dc rvcqntg g~wcts* c rcllejc g hgdc chrvgodctevc* lmg rwvg nffcnoe |qc(jwrrnte dgjjg coc{cntcqg qnjcdg* rgv g|ghrce |ette cj rveacje tgloeje`cle edgjjcooeqn{ceog* oeo |nooe oevhnjhgotg n lmc vcqej`gv|c -gllg{ceo anttn

    rgv je |revtgjje fnolnvce |ette ln|n# g ~wg|tn leodc{ceog dc rgv | |levn`(`cn jeaagvtn dc rve`gttc cooeqntcqc/

    Co Ctnjcn* co rnvtclejnvg rgv ~wnote vc`wnvdn jg ergvn{ceoc dc rvcqntgg~wcts ogc leoaveotc dc hgdcg chrvg|g* oeo g|c|tg wo aevtg hgvlnte dgj(jH!N g |eoe rvntclnhgotg n||gotc leo|wjgotc g cotgvhgdcnvc |rglcnjc{{ntcco ~wg|te tcre dc ergvn{ceoc/

    Rgvtnote `jc ergvntevc oeo re||eoe oevhnjhgotg leotnvg |w wo ajw||edc eaagv delwhgot| rveag||ceonjhgotg rvgdc|re|tc* leh coqglg leo|wg(twdcog ogc hgvlntc |tntwoctgo|g g no`je|n||eog* deqg ergvntevc dc H!N gcotgvhgdcnvc ~wnjcaclntc naacnolnoe g n||c|teoe jg n{cgodg ogjjgjnfevn{ce(og dgj fw|cog|| rjno g ogjjn rvgdc|re|c{ceog dgjjn delwhgotn{ceog |gleo(

    de `jc |tnodnvd vclmcg|tc dn`jc coqg|tctevc acono{cnvc* anlcjctnode co tnj hedejcoleotve tvn dehnodn g eaagvtn/

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    6/4 Jn `g|tceog dgjjg aeotc g|tgvog

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