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From what I understand the company may or may not grant those rights, but that doesn't alway prevail. Even if those rights aren't granted, US law still permits format conversion, for example in handicap cases. In the case of a paperback, even though the rights to make a copy aren't granted, the copyright acknowledges that the law may provide otherwise. In addition, just the same as software licenses may contain restrictions in the EULA, the nature of those restrictions is often interpreted differently once in the court system than the writer of the EULA intended.
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