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STEP 1: Download TinyUmbrella [You must be registered and logged in to see this link.].STEP 2: Open TinyUmbrella then click on "Start TSS Server"
STEP 3: Open iTunes.
STEP 4: Now, Click on "Restore" NOT "Update"
STEP 5: Now you will get "Error 1013" which means that your baseband has been preserved.
STEP 6: Exit iTunes.
STEP 7: Now you have to jailbreak your iPhone 4 with the Greenpois0n RC5, follow our guide [You must be registered and logged in to see this link.].
STEP 8: Finally you can unlock your iPhone 4 running baseband 1.59.00 using Ultrasn0w 1.2, follow our guide [You must be registered and logged in to see this link.].