NEWS

Allard Investment Fund

4 Apr 2013 - Australian Fund Monitors

The Allard Investment Fund reports a return of 1.4% for February 2013 and 11.8% for the preceding 12 months.

4 Apr 2013 - Allard Investment Fund

By: Australian Fund Monitors

Report Date	03 April 2013
Manager	Allard Partners Australia
Fund Name	Allard Investment Fund
Strategy	Equity Long
Latest Return Date	February 2013
Latest Return	1.40%
Latest 6 Months	10.94%
Latest 12 Months	11.84%
Latest 24 Months	12.87%
Annualised Since Inception	8.79%
Inception Date	01 July 2003
FUM (millions)	AU$128
Fund Overview	Allard Partners is an absolute return, long only security investor with a single mission to provide its clients with a net compound rate of return on their capital of 15% per annum over the long term. With offices in Hong Kong and Australia, Allard invests in quoted companies in the Asia Pacific region. Allard's investment approach has remained consistent throughout their history. That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. As long only investors, a critical factor in their performance has been their preparedness to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations.
Manager Comments	The Allard Investment Fund reports a return of 1.4% for February 2013 and 11.8% for the preceding 12 months, a below benchmark return. The Fund's longer term record shows an above benchmark return over 3, 5 and 7 years with volatility 70% of the Index benchmark (MSCI Asia-Pacific ex Japan in $A). The Fund's cash holdings have acted to improve performance in draw-downs and dampen volatility. The portfolio is well diversified with 27.7% of holdings in China/HK and 11.8% in Singapore. Cash is currently at 34.4% and the Australian exposure is 2.2%. Sector exposure is also well diversified with large exposures to financials, conglomerates and utilities. The top 5 holdings are 35.2% of the portfolio.
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Perpetual Wholesale SHARE-PLUS Long-Short Fund

3 Apr 2013 - Australian Fund Monitors

The Perpetual Wholesale SHARE-PLUS Long-Short Fund records a return of 5.25% for February 2013, a notable return for a long-short fund in buoyant market, and 32.17% for the 12 months to February.

3 Apr 2013 - Perpetual Wholesale SHARE-PLUS Long-Short Fund

By: Australian Fund Monitors

Report Date	02 April 2013
Manager	Perpetual Investments
Fund Name	Perpetual Wholesale SHARE-PLUS Long-Short Fund
Strategy	Equity Long/Short
Latest Return Date	February 2013
Latest Return	5.25%
Latest 6 Months	23.13%
Latest 12 Months	32.17%
Latest 24 Months	29.89%
Annualised Since Inception	13.03%
Inception Date	01 March 2003
FUM (millions)	AU$139
Fund Overview	The Perpetual Wholesale SHARE-Plus Long-Short Fund aims to provide long term capital growth and income through investment in quality shares and taking short positions in selected Australian shares. Perpetual researches companies of all sizes using consistent share selection criteria. Perpetual's priority is to select those companies that represent the best investment quality and are appropriately priced. In determining investment quality, investments are carefully selected on the basis of four key investment criteria: -conservative debt levels -sound management -quality business and -in the case of industrial shares, recurring earnings In addition, Perpetual aims to take short positions in Australian shares that it believes will fall in value. The Short positions are determined based on each stock's expected returns and the investment constraints (designed to reduce the risks associated with taking short positions). Derivatives may also be used in managing the fund. The Fund's investment universe allows it to invest from time to time directly or indirectly in stocks listed on sharemarket exchanges outside Australia. To help manage the risk profile of the Fund relative to the Australian stockmarket, exposure to stocks listed outside of Australia is limited to 20% and is generally hedged to the Australian dollar to the extent reasonably practical.
Manager Comments	The Perpetual Wholesale SHARE-PLUS Long-Short Fund recorded a return of 5.25% for February 2013, a notable return for a long-short fund in buoyant market, and 32.17% for the 12 months to February. The Australian equity market, as measured by the S&P/ASX 300 Accumulation Index, rose by 5.3% during February. Equity markets continued their strong start to the year, with most regional bourses now firmly in bull market territory. Whilst some markets faltered late in the month due to concerns over US monetary and fiscal policy and an inconclusive Italian election, the Australian market pushed on to new 4 year highs. The local market was buoyed by an earnings season which, on the balance, met or beat market expectations. As a whole, industrial stocks (+6.9%) outperformed resource stocks (+0.4%), while large cap stocks (+4.9%) outperformed small cap stocks (+0.9%). In major company news, a predominantly positive reporting season dominated the headlines. The outlook in some sectors remains challenging,but those companies that were able to offer upbeat guidance were strongly rewarded by the market. Cost reductions remained a familiar theme, as investors continue to wait for signs of meaningful top line revenue growth. The Fund’s largest overweight positions include general insurer Insurance Australia Group, rail freight operator Aurizon and casino operator Crown. Insurance Australia Group is a market leader and operates in a duopoly in personal lines. Aurizon operates three main businesses including coal, freight, and network services primarily involved in the transportation of coal from mine to port. The Fund is underweight ANZ and Commonwealth Bank. The largest short positions in the Fund at the end of the month were Worley Parsons and CFS Retail Trust. The Fund is currently positioned 120.0% long (including cash) and 20.0% short. Whilst the outlook is improving, global markets remain hampered by a level of political and economic uncertainty. The Australian market is not immune from these forces; however, during periods of uncertainty and volatility, patient investors are often presented with the opportunity to acquire very high quality companies at attractive valuations. The portfolio manager believes there are a number of such opportunities at present, although these opportunities are becoming fewer. Further, recent interest rate cuts have also increased the relative attractiveness of sound, fully franked dividend streams offered by quality equities in comparison to declining term deposit rates.
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Whitehaven SPC Correlation Fund

2 Apr 2013 - Australian Fund Monitors

The Whitehaven SPC Fund recorded a February 2013 return of 0.42% with the annual return 18.69%, a solid return in a very low volatility environment.

2 Apr 2013 - Whitehaven SPC Correlation Fund

By: Australian Fund Monitors

Report Date	27 March 2013
Manager	Whitehaven Funds
Fund Name	Whitehaven SPC Correlation Fund
Strategy	Global Macro
Latest Return Date	February 2013
Latest Return	0.47%
Latest 6 Months	8.09%
Latest 12 Months	18.69%
Latest 24 Months
Annualised Since Inception	25.82%
Inception Date	01 September 2011
FUM (millions)	US$36.1
Fund Overview	The Whitehaven SPC Correlation Fund looks for short term dislocations in correlations between assets. The fund trades across global markets and enters spread trades opportunistically as they arise. The process relies upon proprietary software which systematically enters and exits trades on a timeframe measured in hours or days. Historically the strategy performs best in periods of high volatility. However it has still been profitable during periods of declining or low volatility. Currently the fund trades interest rates, equity indices, foreign exchange and commodity markets.
Manager Comments	The Whitehaven SPC Fund recorded a February 2013 return of 0.42% with the annual return 18.69%, a solid return in a very low volatility environment. Annualized returns since inception (Sept 2011) is sound at 25.82% as against the S&P 500 annualised return over the same period of 16.62%. The very low annualized monthly std deviation of 5.3% is also notable. February saw continuing strength in risk assets with ongoing global expansive monetary policy , a perception Japanese equities have bottomed and possible global equity short covering as debate intensifies on whether the great rotation from bonds to equities has started. The fund's strategies are by design defensive. In other words the fund returns are best when markets are volatile. This normally occurs when equity markets are falling. This relationship with volatility is demonstrated by the fund's high correlation with the VIX volatility index (59%). Over 2013 volatility has fallen and is approaching lows not seen since before the GFC in 2007. This is the dominant explanatory factor as to why the fund returns are more muted this year compared to its previous track record. However, it’s worth noting that the fund’s trading style has still generated positive returns while other defensive assets have fallen substantially in 2013.
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SGH ICE February Performance Report

28 Mar 2013 - Australian Fund Monitors

The SGH ICE fund records performance of 1.17% over February 2013 and 32.67% over the prior twelve months well ahead of the ASX Small Cap Industrial Index of 19.42%.

K2 Asian Fund

27 Mar 2013 - Australian Fund Monitors

The K2 Asian Fund delivers 2.11% during February and 18.33% over the preceding 12 months.

27 Mar 2013 - K2 Asian Fund

By: Australian Fund Monitors

Report Date	25 March 2013
Manager	K2 Asset Management
Fund Name	K2 Asian Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	February 2013
Latest Return	2.11%
Latest 6 Months	25.50%
Latest 12 Months	18.33%
Latest 24 Months	3.74%
Annualised Since Inception	10.95%
Inception Date	01 September 1999
FUM (millions)	AU$101.8
Fund Overview	The investment team does not use a single approach to stock picking, rather, each investment manager brings their own investment style and methodology to the portfolio. Key variables of earnings, valuation and management are examined to determine whether securities are over or undervalued. The investment team's ability to pick major investment themes, or 'catalysts', in a timely manner is a key competitive advantage. The stock selection process is based on the investment manager's own primary research, direct contact with companies and subscriptions to independent research houses. The Fund actively manages currency exposure with the aim of using hedging to reduce the risk of currency movement and protect stock returns. The level of hedging will depend on K2's expectation of future currency exchange rate movements.
Manager Comments	The K2 Asian Fund delivered 2.11% during February and 18.33% over the preceding 12 months. The K2 Asia Absolute Return Fund returned 2.11% for the month of February. The MSCI Asia Pacific ex. Japan (AUD) returned 2.82% (+1.49% in local currency). February delivered another solid return led by The Philippines (+7.8%), Indonesia(+7.7%) and Australia (+5.2%). Eroding the quality of the region’s move was the performance of the Hong-listed China H-Shares which, at their low fell 8.5%, before partially recovering to end down 5.7%. After a near 35% run over the previous 5 months, sellers focused on China’s re-acceleration and the fear of policy tightening measures owing to high credit growth and a strong property market. Over February the Fund’s net exposure ranged between 95-100%. Despite solid equity market returns over the past six months, expectations of continued fund inflows into global equity markets and the region in particular, coupled with still modest valuations and progressive upgrades to earnings forecasts all continue to underpin the Fund's rationale for a high exposure. Net inflows into emerging market equity funds have been some of the strongest in almost a decade and have been well spread across a number of markets. The Fund will continue to run high exposure while positive momentum prevails in economic growth and earnings and while valuations sit at healthy discounts to long term averages, all elements which are compelling underweight investors to progressively redirect capital into Asia, notably China. With regards to China the Fund is holding a high weighting so long as the upward momentum in earnings forecasts is supported by favorable economic momentum. Concern over possible policy tightening has some credence given the high levels of new credit finding its way into the economy and given the propensity of excessive new credit to find its way into speculative activities. This is the key domestic issue to monitor. The hedge against the Fund’s USD-linked exposure remains in place. While the hedge neutralizes currency movements in those markets in which it is employed, in February the overall strength in the currencies the fund invests in resulted in a net positive contribution from currency.
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Platypus Australian Equity Fund February 2013

26 Mar 2013 - Australian Fund Monitors

The Platypus Australian Equity Fund records a return of 3.1% over February and 18.74% over the previous 12 months.

26 Mar 2013 - Platypus Australian Equity Fund February 2013

By: Australian Fund Monitors

Report Date	24 March 2013
Manager	Platypus Asset Management
Fund Name	Platypus Australian Equity Fund
Strategy	Equity Long
Latest Return Date	February 2013
Latest Return	3.10%
Latest 6 Months	19.25%
Latest 12 Months	18.74%
Latest 24 Months	12.04%
Annualised Since Inception	13.32%
Inception Date	01 December 1998
FUM (millions)	AU$1124
Fund Overview	The investment style is growth with a small-cap bias. Index weightings are largely ignored, which typically creates a high tracking error portfolio. Although its investment philosophy has not changed since inception, the manager has gradually concentrated the portfolio over time. Typically, the portfolio consists of 25 to 35 stocks, with approximately 50% of the investment in relatively large and liquid companies. Investment strategies are undertaken with complete independence and while external resources are utilised as part of the process, investment decisions are generated internally. Areas such as percentage down from cost, weighting percentages, increases relative to time and company downgrades are covered by strict sell guidelines.
Manager Comments	The Platypus Australian Equity Fund recorded a return of 3.1% over February and 18.74% over the previous 12 months. In terms of negative impacts on the portfolio the manager notes that Western Areas was a drag on relative performance as the nickel price remained depressed. While not owning National Australia Bank, was a notable drag on the month’s alpha, nil positions in other large cap names like Newcrest Mining, Telstra and Rio Tinto contributed to February’s performance. Amongst the stocks owned, CSL was the biggest contributor to performance followed by Codan, a new addition to the portfolio. While the fund's under-performance was driven mainly by stocks not in the portfolio, Industrials and Financials sectors were the other notable drags on performance.On the positive side, Consumer Discretionary, Information Technology and a nil weighting in Telecommunication Services added to relative performance during February. New positions in the month included Amcor, Acrux, Woodside, Realestate.com, Codan and JB Hi-Fi. Caltex was sold, monetizing a profitable trade, Aurizon (nee QR National) was also sold after they delivered earnings below expectations as was TWE after their 2013 guidance was underwhelming relative to our expectations. The balance of the month’s trading activity involved topping up in stocks such as Blackthorn Resources, Fortescue Metals Group and Sirtex Medical, funded from selling down positions in BHP, Oil Search, Westpac, Ramsay Healthcare, Resmed, News Corp and Flight Centre. In terms of valuation, the market is neither cheap nor expensive. If the manager's moderately bullish stance on the earnings upgrade cycle is correct, we would expect the market to remain at around present valuations. While cognizant of the fact that after strong price returns, the likelihood of a short term pullback increases, for longer term investors the manager's view is that on balance, Australian equities represent value at these levels and as a domestic investor, you are still being paid to hold equities.
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Denning Pryce Equity Income Fund

25 Mar 2013 - Australian Fund Monitors

The Zurich Denning Pryce Equity Income Fund records performance of 3.61% for February 2013 and 19.84% for the previous 12 months.

25 Mar 2013 - Denning Pryce Equity Income Fund

By: Australian Fund Monitors

Report Date	21 March 2013
Manager	Denning Pryce
Fund Name	Denning Pryce Equity Income Fund
Strategy	Equity Income
Latest Return Date	February 2013
Latest Return	3.61%
Latest 6 Months	15.95%
Latest 12 Months	19.84%
Latest 24 Months	16.11%
Annualised Since Inception	6.61%
Inception Date	18 May 2006
FUM (millions)	AU$88
Fund Overview	The Fund aims to generate income of 10% per annum in all market conditions with around half the risk exposure of the ASX 50 Leaders Index. The investment strategy is based on holding a blue chip portfolio and actively managing covered call option positions. Net exposure to the Australian share market will generally be maintained between 40% and 75% of Fund assets.
Manager Comments	The Zurich Denning Pryce Equity Income Fund recorded performance of 3.61% for February 2013 and 19.84% for the previous 12 months. Australian equities rose strongly during February as markets continued their momentum for most of the month. Locally the economy continues to grind lower, although the Australian equity market was one of the best performing markets globally as investors digested a fairly positive reporting season which seemed to beat or meet consensus expectations. The Fund is particularly defensively placed at present with early half the portfolio option-covered and contract prices are ‘in-the-money’. Additionally, the major bank shares portfolio has been restructured to provide cover against a market pull-back and to maintain our exposure to dividends and franking credits in May and June. Woolworths and Wesfarmers have seen exposures fall as these stocks rallied strongly. The Fund has written call options in Santos and Woodside Petroleum, to generate attractive premium. Meanwhile, the Fund has positions in BHP and Rio Tinto to reduce portfolio risks in the event of commodity weakness. Pricing of Index call options bounced and allowed for some profit taking. In the put options, there is not too much interest in significant portfolio protection as sentiment is confident, buoyed by low interest rates and market momentum. Over the last 12 months has provided an (estimated) yield of 11.34% including franking credits, with a volatility of just under 80% of that of the S&P/ASX 50 volatility.
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Prime Value Growth Fund

22 Mar 2013 - Australian Fund Monitors

The Prime Value Fund records a return of 5.3% during February and 14.53% during the preceding 12 months.

22 Mar 2013 - Prime Value Growth Fund

By: Australian Fund Monitors

Report Date	20 March 2013
Manager	Prime Value
Fund Name	Prime Value Growth Fund
Strategy	Equity Long
Latest Return Date	January 2013
Latest Return	5.30%
Latest 6 Months	15.33%
Latest 12 Months	14.53%
Latest 24 Months	10.53%
Annualised Since Inception	14.06%
Inception Date	10 April 1998
FUM (millions)	AU$210.8
Fund Overview	The PVGF aims to provide superior medium to long-term capital growth, with some income, by managing a portfolio of predominantly Australian equities listed on any recognised Australian stock exchange.
Manager Comments	The Prime Value Fund recorded a return of 5.3% during February and 14.53% during the preceding 12 months. The Australian equity market continued its strong start, with the benchmark S&P/ASX 300 Accumulation index rising a further 5.3% during February. Global equity markets also rose, but stumbled mid-month due to an inconclusive result in Italian elections (and increasing support of anti-austerity parties) as well as fears the US “easy” monetary policy would be scaled back. US budget issues (avoiding automatic spending cuts which would reduce growth) also weighed on investor sentiment. Economic data in the US and China was neutral to positive. Domestically, the focus was on the reporting season. In general, the results season was viewed as positive as the number of positive surprises outnumbered negative. However price action was subdued. Cost reduction and margin expansion were some of the key themes of the season. The Fund also performed well during February, rising by 5.4% and outperforming the benchmark. Stock selection was positive, again across most sectors. The biggest positive contributors to performance were REA Group (up 29.8%), National Australia Bank (up 10.4%) and Westpac (up 9.7%). The companies which detracted from performance were Monadelphous (down 6.6%), BHP Billiton (down 1.1%) and Newcrest (down 3.2%). The fund's preferred sectors are Consumer Staples, Energy and selected quality mining services companies with an underweight in non-bank Financials. 88.6% of stock held were in the top 100 and the largest holdings were ANZ, BHP Monadelphous, Wesfarmers and Westpac.
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K2 Australian Absolute Return Fund

21 Mar 2013 - Australian Fund Monitors

The K2 Australian Fund delivers a returns of 4.47% during February 2013 and 20.28% over the previous year.

21 Mar 2013 - K2 Australian Absolute Return Fund

By: Australian Fund Monitors

Report Date	19 March 2013
Manager	K2 Asset Management
Fund Name	K2 Australian Fund
Strategy	Equity Long/Short
Latest Return Date	February 2013
Latest Return	4.47%
Latest 6 Months	18.04%
Latest 12 Months	20.28%
Latest 24 Months	9.36%
Annualised Since Inception	12.98%
Inception Date	01 October 1999
FUM (millions)	AU$403.6
Fund Overview	- The Fund invests in listed equities in Australia and New Zealand. It may invest in other investments as permitted by the Fund's constitution. - The Fund is managed 'opportunistically'. Investments are made throughout Australia and New Zealand across sectors that the investment team believes will add greatest value. - Typically the Fund will hold between 50 and 70 listed equities. - If deemed appropriate, the Fund may be 100% invested in cash. - To implement the Fund's Long/Short investment strategy, K2 is able to use leverage or gear the Fund. However, the net invested position of the Fund shall not exceed the Net Asset Value (NAV) of the Fund.
Manager Comments	The K2 Australian Fund delivered 4.47% during February 2013 and 20.28% over the previous year. The manager notes that the All Ordinaries Accumulation Index pushed higher for the 9th consecutive month, gaining +5.18%. Domestically, the RBA left cash rates unchanged at 3.00% and noted that the current outlook for inflation “would afford scope to ease policy further, should that be necessary to support demand.” While the RBA acknowledged domestic activity will fall well short of their expectations, positive global developments in recent months has caused a ‘wait and see approach’ from the Board. Consequently expectations for further rate cuts have been pushed out. For six consecutive months the manager has maintained net exposure over 90%. Now that the All Ordinaries Accumulation Index is within 5% of its all-time high the question is “…is it time to prune back exposure?”. Given that the current strength in the Australian equity market has been delivered without any meaningful earning momentum there is a need to assess whether profits are at a cyclical low and about to commence an upward trend. The manager's view is that the economy will now surprise on the upside and hence we have seen the low point in the profit cycle. In addition, revenue growth will outstrip cost growth and DPS growth will outstrip EPS growth. It is this growing dividend income stream that will lure retail investors out of term deposits. Overlaying this is the fact that the average term deposit for less than 6 months is now below 3.30% whereas the average yield of the top 20 listed stocks is over 4%, and therefore it is likely that equities will re-emerge in most retail investment portfolio’s this year. The portfolio had it's largest contributions from Bank of Queensland Ltd, ANZ Banking, Flight Centre and National Australia Bank with the smallest contributions from Aurizon Holdings, BHP Billiton, Miclyn Express Offshore and Panaust. Largest holdings were National Australia Bank at 8.6%, BHP Billiton 8.4%, RIO Tinto 6.3%, Flight Centre 6.1% and ANZ Banking 5.7%. The fund was 97% invested at month-end.
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Insync Global Titans Fund

20 Mar 2013 - Australian Fund Monitors

The Insync Global Titans Fund returns 1.7% during February 2013 and 21.1% for the year ended February.

20 Mar 2013 - Insync Global Titans Fund

By: Australian Fund Monitors

Report Date	17 March 2013
Manager	Insync Fund Managers
Fund Name	Insync Global Titans Fund
Strategy	Equity Long
Latest Return Date	February 2013
Latest Return	1.70%
Latest 6 Months	6.70%
Latest 12 Months	21.08%
Latest 24 Months	31.57%
Annualised Since Inception	7.83%
Inception Date	07 October 2009
FUM (millions)	AU$6.8
Fund Overview	Insync's investment strategy is driven by fundamentals combined with active risk management. Insync's aim is to invest in high quality, large cap global companies at attractive prices. Insync looks for companies that can consistently pay rising dividends and earn high returns on invested capital. Insync aims to provide investors with long term capital growth and some income. The Global Titans Fund is a concentrated portfolio of large cap global companies with downside protection.
Manager Comments	The Insync Global Titans Fund recorded 1.7% during February 2013 and 21.1% over the previous 12 months well above the equity benchmark return of 16.5%. The manager comments that equity markets were buoyant in February driven by liquidity generated by global central banks. Also assisting sentiment were signs of an improving US economy and comments by US Fed chairman Bernanke that the benefits of QE outweighed the costs. In Europe an inconclusive Italian election with a strong anti-austerity protest vote was a reminder that the European debt issue is still far from resolved. The fund's performance was broadly based with the largest contributions from Wyndham, Roche and Reckitt Benckiser. Negative contributions came from Coach, SAP and Oracle. With buoyant equity markets and very low levels of volatility Insync took the opportunity to increase the level of the fund's protection to reduce the impact of any correction. Key fund holdings were Nestle S.A, McDonald's, Accenture, Richemont and SAP AG. Average market capitalisation of stocks in the portfolio was $A92.9bn with a weighted forecast dividend yield of 2.68% and PE ratio of 15.1 times. The fund was not hedged back into $A.
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NEWS

4 Apr 2013 - Allard Investment Fund

3 Apr 2013 - Perpetual Wholesale SHARE-PLUS Long-Short Fund

2 Apr 2013 - Whitehaven SPC Correlation Fund

28 Mar 2013 - SGH ICE February Performance Report

27 Mar 2013 - K2 Asian Fund

26 Mar 2013 - Platypus Australian Equity Fund February 2013

25 Mar 2013 - Denning Pryce Equity Income Fund

22 Mar 2013 - Prime Value Growth Fund

21 Mar 2013 - K2 Australian Absolute Return Fund

20 Mar 2013 - Insync Global Titans Fund

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