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q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pOqQH'ROPHWVFK 7KH9LRODGD *DPED0LVV+pOqQH'ROPHWVFK 7KH+DUSVLFKRUGV 0UV*RUGRQ9LROHW:RRGKRXVH 0UV(ORGLH'ROPHWVFK 0U$UQROG'ROPHWVFK 7KH9LROLQV0U:$%R[DOO0U+00DWKHVRQ 7KH9LROD0LVV/LOOH'XUKDP 7KH9LRORQFHOOR0LVV+pOq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
© Copyright 2026 Paperzz