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The paper discusses development of the theory of value distribution and growth of meromorphic functions, focusing on two basic notions: exceptional values and asymptotic values. Some historical context is given and contemporary achievements are presented. In particular, recent results concerning exceptional functions and asymptotic functions are considered.
We give an upper estimate of Petrenko's deviation for a meromorphic function of finite lower order in terms of Valiron's defect and the number p(∞,f) of separated maximum modulus points of the function. We also present examples showing that this estimate is sharp.
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