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Copyright: Birla Sun Life Asset Management Company Ltd. 2008 Birla Sun Life Asset Management Company Ltd. India - Asset Management Industry June 2011.

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Presentation on theme: "Copyright: Birla Sun Life Asset Management Company Ltd. 2008 Birla Sun Life Asset Management Company Ltd. India - Asset Management Industry June 2011."— Presentation transcript:

1 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. India - Asset Management Industry June 2011

2 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. IMF projects Indian GDP growth at 9.7% & 8.4% for 2010 & 2011 Strong GDP growth One of the youngest population bases (median age - 25 yrs)  Dependency ratio set to fall over next 20 yrs Favorable demographics India will spend 1378 bn US$ over the next decade only to build infrastructure Thrust on Infrastructure Reformist economic policies targeting inclusive growth is helping improve rural incomes & create a huge consumption base Rising rural demand to augment urban demand Under-penetration in various financial service & other sectors opens up immense opportunity for growth Under-penetration to drive growth Higher probability of pro-growth reforms with stable govt with experienced hands at the helm despite challenges Political stability with consensus on reforms

3 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Source: Kotak; Morgan Stanley (2010) Financial inclusion & improving income profile will significantly expand market for financial products

4 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. 4 Equity Market Statistics More than 5000 listed companies 22 stock exchanges Daily Turnover ~ US 5 bn Cash (Equity) ~ US 14 bn Derivatives (Equity) Over 1700 FIIs regd with sub accounts FII holding in Indian equities ~18% Active onshore FX market with daily volumes > US$ 15 bn Proven long term potential of Indian Equities Yield Advantage – India 1 – 5 year yields ranging in 9.50 – 10.10% p.a. (vis-à- vis) US yields ~2.50%) Sovereign rating is BBB- (investment grade) Strong banking system & supportive tax environment Depth of papers available in sovereign & corporate segments

5 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Asset Management Industry in India May 9, 2011 Indian Asset Management Industry

6 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. A mutual fund in India has a 3-tier structure Sponsor Trustee AMC Trust

7 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. AMC Unitholders Savings Units Trust Investments Trust AMC Custodian Registrar SEBI

8 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. No. of Players41 No. of Schemes727 No. of Folios47.32 mlln No. of Licenced Distributors105,000 approx.

9 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Amt. in USD Millions Category Avg. Aum as on March 31, 2011 ABank Sponsored27, BInstitutions2, C Private Sector & Joint Venture : Indian53, Foreign12, Predominantly Indian56, Predominantly Foreign3, Grand Total (A+B+C)1,55,675.10

10 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Industry profitability trend 10 After dip in profitability in last few years its recovering again backed up by volume growth & market action in FY 10 as well good margin on Fixed Income products.

11 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. ESTABLISHMENT OF SEBI The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, PURPOSE “…..to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto”

12 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Ministry of Finance Ministry of Finance Securities Appellate Tribunal Department of Company Affairs Financial Intelligence Unit Office of Public Trustee Self Regulated Organisations Industry Association Industry Association Supervisor of both SEBI & RBI Provide apex appeal mechanism for actions taken by SEBI Registration of AMC and Trustee Company RoC for Compliance & supervised by DCA CLB is the interface for prosecution and penalties Registration of AMC and Trustee Company RoC for Compliance & supervised by DCA CLB is the interface for prosecution and penalties Implementation of AML Rules Registration of Trust Board of Trustees is accountable to the OPT Complaints against individual trustees Registration of Trust Board of Trustees is accountable to the OPT Complaints against individual trustees Derive powers from regulator Ability to make bye-laws Regulate own members in a limited way Example : Stock exchanges – NSE, BSE etc. Derive powers from regulator Ability to make bye-laws Regulate own members in a limited way Example : Stock exchanges – NSE, BSE etc. Collective industry opinion Guidelines & recommendations Example: Association of Mutual Funds in India (AMFI) Collective industry opinion Guidelines & recommendations Example: Association of Mutual Funds in India (AMFI)

13 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Custody of MF securities Investment back-office Custodian & Depository Providing bank accounts & remittance services Banker Purchase and sale of securities Securities Dealer / Broker Investor records and transactions R&T Agent Selling & Distributing schemes Distributor

14 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Existing funds Open-ended (OEF) & Close- ended (CEF) Growth, Income and Hybrid Equity, Debt and Balance Load & No-Load Guaranteed & Non-Guaranteed Tax-exempt & Non tax-exempt New Gen Mutual Funds Fund of Fund Commodity fund Real Estate fund Asset Allocation fund Exchange-traded fund Derivative fund Capital Protection Oriented Fund.

15 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Resident Investors Non Resident Investors HUF Retail Corporates Trusts FIIs Banks / Financial Institutions Institutional

16 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Portfolio Investment (FII) Registration with SEBI Listed Equity & Debt – applicable limits Repatriation available FDI Registration as an FDI investor Real estate, manufacturing & strategic areas Venture Capital Registration as a VC - FII Long term investments in unlisted space Repatriation available Recently Foreign Individual Investors have also been proposed to be allowed to access Indian markets through Indian Mutual Funds

17 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd.  Almost all sectors (barring a few sectors & stocks like banking and Oil & Gas) have blanket approval for portfolio investment in listed equity by foreigners with no limits  Access to Indian Bond Market is restricted to foreigners o Foreign Institutional Investor (FII) needs to apply for a debt limit from Securities Exchange Board of India(SEBI) are issued from time to time o Current limits assigned by the ministry of Finance are as follows: US$ 15 billion for Corporate Bonds US $ 10 billion for Government Securities US $ 5 billion for Government Securities with maturity of more than 5 years. US 20 billion for bonds issued by Infrastructure Companies. These bonds should have residual maturity of more than 5 years.  Limits that are auctioned under the bidding process & have to be utilized in 45 days for Government securities and 90 days for corporate bonds While institutions can access the markets through the route above, foreign individual investors will be able to access even the restricted sectors through Mutual Fund route

18 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Idea Generation (Fund Managers, Analyst, Brokers) Team Discussion & Scrutiny Regular Monitoring Rejected Macro monitoring & Recycling of Ideas Proprietary Research 3rd Party Research Change in Recommendation Process actively covers over 500 companies. Approximately 50% own proprietary investment ideas. Investment Universe 18

19 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. 1.Offer Document a)Legal offer from AMC to investor b)Contains vital information about fund and schemes c)SEBI approved format. 2.KIM / SID / SAI a)Abridged OD b)Is mandatory to provide along with every application form. 3.Application and form of holding 4.Distribution channels 5.Investors rights 6.Investors obligations The Process of Investing

20 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Retail Distribution Banks National Distributors Regional Distributors IFAsTied Agents Institutional Distribution Banks National Distributors Regional Distributors

21 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. ValueGrowthBlendThematic Multi Cap BSL Dividend YieldBSL EquityBSL AdvantageBSL Gennext BSL Pure ValueBSL Tax Plan BSL Buy India BSL Tax Relief '96 BSL Infrastructure Large Cap BSL Frontline Equity BSL Basic Industries India Advantage Fund (Offshore Fund) BSL India Reforms Excel India Fund (Offshore Fund) BSL MNC BSL Top 100BSL India Opportunities Mid Cap BSL Midcap BSL New Millennium BSL Small & Midcap BSL International Equity Hybrid BSL '95BSL Special Situations BSL FreedomBSL Commodity Equities 21

22 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Credit Quality HighMediumLow Interest Rate Sensitivity High BSL Income BSL Income Plus BSL Gilt Plus BSL Govt Securities Fund Medium BSL Ultra Short Term BSL Short Term Opportunities BSL Dynamic Bond BSL Medium Term Plan BSL MIP BSL Asset Allocation BSL Capital Protection Series Low BSL Cash Plus BSL Cash Manager BSL Savings Fund BSL Floating Rate 22

23 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. 1.Required to be registered with SEBI 2.Appointed as Investment Manager of the mutual fund 3.Appointed by the trustees via an Investment Management Agreement 4.Responsible for operational aspects of the mutual fund 5.Net Worth of at least Rs.10 Cr at all times 6.At least 1/2 of the board members must be independent 7.Mostly, structured as a private limited company where Sponsor and associates hold capital 8.Quarterly reporting to Trustees Asset Management Company

24 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Sponsor of a fund cannot be its custodian Sponsor of a fund can be a distributor Trustee of one mutual fund cannot be trustee of another mutual fund Exception is Independent trustees provided they obtain approval of both the board of trustees Trustee of one fund cannot be AMC of another AMC of one fund cannot be Trustee of another AMC cannot have any business interest other than fund advisory.

25 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Birla Sun Life Asset Management Company Limited

26 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Aditya Birla Group One of the largest Indian conglomerates with operations in over 27 countries & M Cap of over US$ 31.2 bn A dominant player in many commodity & manufacturing businesses apart from service businesses Major presence in Financial Services - Mutual Funds, Insurance, Distribution, Capital Market Financing, General Insurance & Private Equity Sun Life Financial More than $ 381 billion assets under management globally Offering diversified range of risk and financial management products for individuals and corporate Large international footprint across continents – major presence in North America & Asia A joint venture between Aditya Birla Group and Sun Life Financial of Canada

27 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Constant honing of investment processes & disciplined approach have help the firm in delivering superior performance during the best of the times (2007) and the worst of the times (2008) for the Indian markets

28 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd.

29 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Sources: Edelweiss India 2020 report, Bloomberg, RBI, Morgan Stanley, Motilal Oswal, IMF  Population (mn), 2010……  GDP (US$ bn), FY 10……  GDP per capita (US$),  GDP (PPP) as share of world total, 2010 …..…………………….....  Median age of population………………………………………………  Gross Domestic Savings Rate, FY 10…………………………………  Gross Capital Formation Rate, FY 10…………………………………  Average GDP Growth Rate (%) in last 5 years……..………………..  Companies with a bn US$ revenue, FY10…..………………………..  Large cap companies (> INR 100 bn or 2.17 bn US$), FY11….……  FDI Flows (USD bn), FY 10……………………………………………..  Export to GDP Ratio, 2010…......……………………………………….  Market cap to GDP, 2010 ………………………………………………..  10 year G.Sec, 4 th May 11..………………………………………  Stimulus required during the 2008 crisis (% to GDP)………………..  Incremental Capital Output Ratio (%), 2008……………………………  Promoter Holdings in Top 200 companies, 2010……………………… 1, ,314.7 (422 in 2000) 1,123 (2,900 in PPP terms) 5.4% 26 years 32.9% (24% in FY 03) 34.9% 8.65% (6.6% since 1991) 124 (104 in FY08) 120 (11 in 2000) 32 (4 in FY 03) 21% (41% in China) % 8.09% 2% 3.95% (4.2% in China) ~56% 29

30 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. a) (Phase I) – Growth of Unit Trust of India b) (Phase II) – Entry of Public Sector Funds c) (Phase III) – Emergence of Private Funds d) (Phase IV) – Growth and SEBI Regulation e) (Phase V) – Emergence of large & uniform Industry f)2004 onwards (Phase VI) – Consolidation and Growth.

31 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. What it means Investor Fund Manager SecuritiesReturns Pool their money with Invest the funds in Generating Passed back

32 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. 1.Investors own the mutual fund 2.Everyone else associated with the fund earns a fee 3.Things which are mutual a)Pool of money b)Investment objective c)Risk and return 4.Funds are invested in a portfolio of marketable securities reflecting the investment objective 5.Value of the portfolio and investors’ holdings change with change in the market value of investments. Characteristics

33 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. 1.Mutual funds in India constituted as a Public Trust under Indian Trust Act, The trust is registered with the Office of Public Trustee 3.The trust or the fund has no independent legal capacity itself 4.Acts in relation to the trusts are taken on its behalf by the trustees 5.Treated as a separate entity and a pass through vehicle 6.Has its own auditors, separate from the AMC Trust

34 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. 1.Promoter of the mutual fund 2.Creates a Trust under Indian Trusts Act, 1882 and registers it with Office of Public Trustee 3.Appoints Board of trustees/trustee company 4.Creates AMC under Indian Companies Act, Fulfills necessary formalities and applies to SEBI for registration of the Trust as a Mutual Fund. Sponsor

35 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. 1.Appointed by sponsor with SEBI approval 2.Have Registered ownership of investments 3.Formed either as Board of Trustees or Trustee Company 4.Power to appoints all other constituents 5.Appoint AMC through the ‘Investment Management Agreement’ and delegate powers. Trustee

36 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Unit Holder Pattern UNITHOLDING PATTERN OF MUTUAL FUNDS INDUSTRY(as on March 31, 2010) CATEGORYNUMBER OF INVESTORS ACCOUNTS % TO TOTAL INVESTORS ACCOUNTS NET ASSETS (RS.CRORE) % TO TOTAL NET ASSETS Individuals46,327, %245, % NRIs943, %27, % FIIs %6, % Corporates/ Institutions/ Others452, %337, % TOTAL47,723, %616, %

37 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Industry Gross Sales Trends 37 Non-NFO Equity Gross Sales Volumes are again back to the last 3 year average volumes level. However, Industry –ve Equity Net Sales suggests higher churning. *Gross sales include NFO volumes of Rs 24K, 44K, 2.5K,6.1K & 3.6K Crs in respective yrs. Non-Equity asset class continue to see volume growth in last 4-5 years. In FY 11 volumes dipped as Industry declined in 2 nd half

38 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. After witnessing growth in last few years Industry de-grew during FY % CAGR 17% CAGR 22% CAGR 18% CAGR

39 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Birla Sun Life Asset Management Company Limited

40 One of the largest & oldest multinational conglomerates from India Revenues of over US$ 30 bn 50 companies across 6 continents in 25 countries Over 50 per cent revenues flow from overseas operations Anchored by 130,000 employees belonging to over 30 different nationalities Over 1.5 Mn shareholders 2 bn $ 30 bn $ Aditya Birla Group Revenue India, Australia, China, Thailand, Myanmar, Laos, Indonesia, Philippines, Singapore, Bangladesh, Vietnam, Malaysia, Korea, UAE, Egypt, UK, Germany, Hungary, Italy, France, Luxembourg, Switzerland, USA, Canada, Brazil, Sweden

41 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. The Group position – India:  A premier branded garments player  Largest metals company  Largest cement company  2 nd largest player in viscose filament yarn  2 nd largest in the Chlor-alkali sector  Top 5 player in Asset Management business  Top 5 player in Life Insurance business  Among the first five mobile telephony players  Among the best energy-efficient fertilizer plants  Among the top 3 BPO companies in India The Group position – Global :  Hindalco, a non-ferrous metals company of the Group, is on the threshold of Fortune 500  One of the 3 biggest producers of primary aluminium in Asia  Amongst the World leaders in viscose staple fibre  The 3rd largest producer of insulators  The 4th largest producer of carbon black  The 13th largest cement producer  Among the world’s top 15 Business Process Outsourcing (BPO) companies | viscose staple fiber | non-ferrous metals | cement | viscose filament yarn | branded apparel | | carbon black | chemicals | fertilizers | sponge iron | insulators | financial services | telecom | BPO | IT | retail |

42 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. To be a leader and role model in financial services, with a broad based and integrated business by leveraging synergies to be more competitive & cost effective Over 5.5 million customers 0ver employees Over 1600 branches Over 500 cities Over 200, 000 channel partners Manage assets of over US$ 18 bn Revenues of over US$ 1.4 bn In 7 businesses Our Vision

43 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Founded in 1994, one of the oldest in India 50:50 JV between Aditya Birla Group & Sun Life Financial Inc., since 2001 Have seen the market evolve across different asset classes over the years Driven by client centric product innovation Heritage One of the top 5 AMCs in India with Avg AUM of US$ 12 Bln * Over 2.5 million investor accounts Strengths across different businesses – –Mutual Funds –Segregated Managed Accounts (PMS) –Offshore Advisory –Real Estate Funds Market dominance Disciplined processes driving investment management process Strong emphasis on risk management across functions Longevity of experienced investment & other management personnel with the organization Best in class management * As on 31 st Mar 2011

44 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Birla Sun Life Asset Management Company Limited Mutual Fund Portfolio Management Real Estate Advisory Offshore Advisory

45 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Outlook Money Wealth Creator Awards 2010 * Best Debt Fund House – Winner * Best Fund House – Runner’s up NDTV Profit Mutual Fund Awards 2010 * Debt : Income – Winner * Equity : Mid and Small Cap – Winner * Monthly Income Plans – Runner’s Up Wealth Forum AMC Awards 2010 * Best Debt Fund House – Winner * Best Debt Fund – Winner * Best Debt Fund Manager – Winner Lipper Awards, India 2010 * “Best Group – Mixed Assets Category”, second time in a row. * BSL Asset Allocation Fund – Moderate Plan – the “Best Fund” in its category Lipper Awards, India 2010 * “Most Innovative Product – India” for BSL Capital Protection Series

46 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Source: BMF  Across time horizons, at least 75% of fund assets in top 2 quartiles of performance vis-à-vis the peer group  Over 90% exposure of assets invested in credits of AAA or sovereign Superior fund performance aided AUM growth

47 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Thematic Equity Mid Cap Base Equity Large Cap Base Equity Long Term Fund Risk Returns Play on the different India centric investment themes Play on the valuation gap between capitalizations & alpha potential (e.g. BSL Midcap Fund) Diversified equity fund taking measured risk (e.g. India Advantage Fund) Play on the interest rate arbitrage & improving sovereign credit rating Actively managed emerging markets bond fund Presence across the entire risk reward spectrum allows BSLAMC to tailor make solutions for clients across the board Govt Securities Fund Money Market Fund Money market fund for management of short term surpluses

48 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Managed Portfolios Indian Growth Story Philosophy – Investing with Bottom style: Sustainable above average growth Prospects not adequately valued Compounding of high ROCE over longer period Objective – Outperform the benchmark over full market cycles while maintaining a consistent style Strategy – Fundamental analysis to: Find Strong managements with businesses having sustainable competitive advantages Invest with a horizon of months & review regularly See whether valuation reflects growth & to what extent it incorporates risk Construct portfolio with a view to take measured risk through active bets Sustainable growth at a reasonable price is the ultimate goal for the portfolio in line with the Indian Growth Story

49 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. First Line of Defence - Business Units:  Primary responsibility for the management of risk  Ensures ownership is as close as possible to the activity that creates the risks e.g. Client Mandate adherence in Segregated Managed Account(PMS) Income tax in Finance Brokerage payout risks in Operations Liquidity /Derivative limits adherence in Investments  Ensure that effective action is taken to manage them. Second Line of Defence - Risk Management:  Facilitate Departments in Risk Management – preventive vs. post mortem  Ensure Policy/Process/Frameworks  Risk and Control Effectiveness  Check Adherence in Key areas  Accountable for Risk Assurance Third Line of Defence - Internal audit:  Independently verify the effectiveness of controls and the Risk Management process Management

50 Copyright: Birla Sun Life Asset Management Company Ltd Birla Sun Life Asset Management Company Ltd. Governance Mechanism Committee Meetings Investment Team Meetings – Equity & Fixed Income Risk Reviews Internal Audits  Mutual Fund investments are subject to market risks. Please read the offer document carefully before investing. Statutory Regulations provide a good framework – Supplemented by Internal policies and Governance mechanism Tracking & Monitoring Statutory, Internal & Mandated Limits through IT infrastructure & reporting systems MSCI Barra – Portfolio & Risk Analysis Benchmarking with Peers & Indices Policy & Procedure Applicable regulatory provisions Investment Manuals – Equity & Fixed Income Client Agreements – Specific mandates for clients ( Managed Accounts)


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