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Slide 1 CCI via SWIFTNet Migrating you safely to Euroclear’s Single Platform London, July 2 nd 2008.

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Presentation on theme: "Slide 1 CCI via SWIFTNet Migrating you safely to Euroclear’s Single Platform London, July 2 nd 2008."— Presentation transcript:

1 Slide 1 CCI via SWIFTNet Migrating you safely to Euroclear’s Single Platform London, July 2 nd 2008

2 Slide 2 Agenda 1 of 2  CCI update from Euroclear Charles Pugh, Senior Relationship Manager, Yves Lamote, Director, Project Manager Common Communication Interface,  Demystifying ISO 15022 & 20022 Tom Alaerts, Business Analyst, Standards Initiatives, SWIFT  CCI Implementation & CREST migration path Lut Buntinx, Manager CCI Project implementation, SWIFT Nigel White, CREST Service Manager, Key Clients Support, SWIFT  Coffee break

3 Slide 3 Agenda 2 of 2  Return from Coffee break  SWIFT Infrastructure for CCI David Singh, Technical Consultant, SWIFT  CCI via SWIFTNet – Your benefits Charles Robson, Account Director, SWIFT  Integration challenges - Panel discussion  Wrap-up and closing

4 Slide 4 Welcome to CCI and the challenge ahead Charles Welham

5 Slide 5 Euroclear Charles Pugh Yves Lamote

6 Euroclear Single Platform Common Communication Interface

7 7 Agenda Custody services in the Single Platform l Euroclear Group Consolidation strategy and projects

8 8 Consolidation of markets within Euroclear Group Full integration of legacy systems and functionality Single Settlement Engine Common Communication Interface Euroclear UK & Ireland Euroclear France Euroclear Nederland Euroclear Belgium Euroclear Bank Customer Domestic Service Full Service Agent Central Banks & Paymen t systems Access / Communication Contract / Relationship Service IT infrastructure

9 9 Timeline for platform consolidation Client impact 20062007200820092010 Harmonisation Consolidation Technical only Euronext instruments Custody all Euroclear group markets Settlement all Euroclear group markets Euronext markets custody & settlement Custody on a single platform Settlement on a single platform Settlement activity SSE SP CustodySP Settlement ESES CCI Single Gateway Early ISO Adoption

10 10 Objectives of harmonisation and consolidation in Europe Markets are resolved to address fragmentation issue Benefits:  Improved STP using ISO standards  Reduction of costs and risks thanks to:  Removal of paper processes  Standardisation of practices  Consolidation / simplification of platforms and processing systems

11 11 The role of Euroclear Group in addressing fragmentation issues Result of the Euroclear Group market consultation Play leading role in supporting key market initiatives to remove Giovannini barriers (eg. ECSDA, …) Contribute to building a Single European Market: single, harmonised platform for corporate actions and meetings in Belgium, France, Ireland, The Netherlands and United Kingdom Reduce X-border transaction costs thanks to harmonisation of market practises

12 12 SP Custody Key improvements Euroclear UK & Ireland Use of ISO 15022 formats and 20022 (Meetings) Harmonisation of Corporate Action processing in Euroclear UK & Ireland  Classification and simplification of the CA’s  Single Order of dates  Introduction of interim securities for all distributions with options  Cash distribution Entitlement reporting Single announcement for multiple accounts or per account Standing instructions Standardisation of CA processes  Extended use of ISO, STP for input and reporting

13 CCI Principles CCI Migration 3rd Party Providers Support Common Communication Interface

14 14 l Screen channel (ScreenFlow)  Mandatory for set-up and operator management  Sole point of contact for smaller clients  Back-up and exceptions for larger clients CCI Features Three Channels l STP Messaging (AutoFlow)  Individual messages  Sent in real time  Parameters to filter outbound messages STP channels (ISO15022 ISO20022) MessagingFile transferScreen interface Push Pull CCI Pull recov ery l STP File Transfer (AutoFlow)  Files of messages  For bulk message exchange  Parameters to trigger outbound files  Format identical to messaging

15 15 ClientNetworkEuroclear group Network Provider gateway Network Provider gateway Network Provider gateway Network Provider gateway Single Platform Single Platform CCI Features Network Providers BT / SWIFT

16 16 CCI Pricing CCI pricing components : Reported items fees : cover the cost of the Euroclear reports Family Concept Sliding Scale Flat fee for ‘value added’ reports Network Provider fees Sender pays model : traffic sent is charged by the SMS provider Euroclear recharges SMS costs for reporting traffic

17 CCI Principles CCI Migration 3rd Party Providers Support Common Communication Interface

18 18 Three Levels Of Change Technical interfaces Network providers Migration facilitators CCI - Migration Challenges Connectivity ISO Standards Data Formats Harmonised processes Training Back Office

19 19 EB ESES EUI Connectivity testing (CCI gateway) Testing facilities ScreenFlow (User & Subs. Mgt) and AutoFlow technical testing Launch dates CCI / SP ISO syntax validation Permanent testing environment Functional Testing For all clients ScreenFlow technical deployment CCI ISO Validation Participant Acceptance Test CCI gateway = launch in test = launch in production 2009 Q4 2008 Q1 Q2 Q3 Q4 Q3 Rollout SP Custody / CCI and testing Oct 08 Summer 09 CCI Single Gateway Production CCI Single Gateway - Legacy ISO Testing Analysis & Decision making Functional implementation phase Technical deployment phase Monitored Migration phases PAT phase Additionally for CCI SG candidates

20 CCI Principles CCI Migration 3rd Party Providers Support Common Communication Interface

21 21 Model 1 – Back-Office System Providers / Message Brokers VendorEG ParticipantsEuroclear Group Develops a back-office package Account Owner EG participants : l Buy and integrate the back-office package Contractual Agreement Contractual / Commercial Agreement

22 22 Model 2 – Service Bureaux EG ParticipantsService BureauEuroclear Group Account owners Operating the accounts owned by EG participants 4 potential levels of outsourcing : l Management of the gateway (connectivity, security) l Management of the channels (screen, STP) l Management of the OAM l Back-Office Management Contractual Agreement

23 CCI Principles CCI Migration 3rd Party Providers Support Common Communication Interface

24 24 Support Support from Euroclear l l Plenary and bilateral meetings l Webinars ( l Documentation Contact l Your Relationship Manager Q&A Service l SP.connectivity@euroclear. com SP.connectivity@euroclear. com l EB- EB-

25 25

26 Slide 26 Demystifying ISO 15022 & 20022 for CCI Tom Alaerts SWIFT Standards

27 Slide 27 Timeline for platform consolidation 20062007200820092011 Harmonisation Consolidation Technical only Euronext instruments Custody all Euroclear group markets Settlement all Euroclear group markets Euronext markets custody & settlement Custody on a single platform Settlement on a single platform Settlement activity SSESP CustodySP SettlementESES CCI Single Gateway Early Harmonisation 2010 Source: Euroclear

28 Slide 28 Standards for Euroclear CCI Business area Business justification 1502220022Developer Co-existence support Issuing agentDonexvEoCx New issuanceDonexvEoCx Market claimsDonevvEoCx Registration??vvEoCx Corporate actionsDonevvSWIFTv Settl & reconciliationDonevvSWIFTv Tri-party collateralDonevvSWIFTv Sec. ref data??xx?x ProxyDone(v)vSWIFTx Tax???(v)x?x Administration(Done)(v) ?x CashDonevvSWIFTx Collateral??(v)v?x

29 Slide 29 The principles of ISO 15022 Information is identified and programmed once, but reused continuously Two concepts:  Generic field  Start and end of block fields

30 Slide 30 ISO 15022 is a good standard in that it is very predictable (unlike the SWIFT proprietary standard). A typical ISO 15022 FIN message Sender PEFIGB22 MT 502 (order to buy) Receiver BDAPGB22 :16R:GENL :20C::SEME//3455 :23G:NEWM :16S:GENL :16R:ORDRDET :16R:PRIC :90B::LIMI//ACTU/GBP25, :16S:PRIC :22H::BUSE//BUYI :22H::PAYM//APMT :98A::EXPI//20070820 :16R:TRADPRTY :95A::BUYR//PEFIGB22 :16S:TRADPRTY :36B::ORDR//UNIT/900 :35B:ISIN GB1234567890 :16S:ORDRDET For example: 98a always = a date 90a always =a price 36B always =a quantity of financial instrument 20C always =reference 95a always =party

31 Slide 31 The principles of ISO 15022 Start and end of block fields Message Type 16R Start of Block 16S End of Block Set of Data Fields Sequence

32 Slide 32  Complete overview, at the message level, of the messages available to clients on the Euroclear platforms, including legacy systems and the Single Platform –The Message Guide identifies each message function on the Single Platform, explains its usage and identifies the correct ISO standard message to use –The Migration Guide provides a comparison between the Single Platform message functions and existing proprietary and ISO messages on the various legacy systems, and then tracks the rollout of ISO messages in the SP. You will find it on the Euroclear website: Source: Euroclear Euroclear message inventory

33 Slide 33  Single platform custody intro to the documentation at  Issuance and issuer agent data exchange manual (ISO 20022) partly at  May 2008 –Migration to the CCI  June 2008 –Corporate actions – full service –Corporate actions – domestic service – v2 (v1 is at ) –Mandatory cash distributions – full service –Single Platform Custody data exchange manual – full service and domestic service – v2 (v1 is at )  … SP Custody and CCI documentation Schedule Source: Euroclear

34 Slide 34 What about Crest DEX standards?  Euroclear does not plan to specify official mapping/translation info, but will organise workshops explaining pain points.  CREST ISO standard Data Exchange Manual: ISO 15022 only, for now – not yet for CCI

35 Slide 35 Training – getting proficient in ISO 15022 Classroom courses Securities settlement and reconciliation messages This 2-day course helps you to understand the SWIFT messages used for settlement and reconciliation and the related payments messages. Securities corporate action messages Learn to understand the ISO 15022 SWIFT messages used for corporate actions and the related payments messages. Understanding SWIFTNet Funds messages and flows Receive an overview of the SWIFTNet Funds solution and in-depth information on the related ISO 20022 messages. e-learning Quick start – SWIFT securities messages This module gives practical information and training on how to create ISO 15022 messages in a fast and simple way.

36 Slide 36 Implementing SWIFTStandards MT/XML  XML schemas representing MT messages –Including sufficient metadata to parse and format the MT  Software to convert from message in MT format to XML and back –SWIFTStandards provides open source reference implementation, not licensed for production –Vendors (including SWIFT) to provide supported implementations  MT gains advantages of XML

37 Slide 37 SWIFTStandards Securities ISO 7775 (syntax = traditional FIN, such as MT 521, MT 500, …) ISO 15022 (syntax = enhanced FIN, such as MT 502, MT 54x, …) UNIFI (ISO 20022) (syntax = XML, such as Investment Funds, Cash Reporting, Bulk Credit Transfers, …) Traditional FIN (e.g. MT 103) Traditional FIN (e.g. MT 100, MT 202, …) Other markets The evolution of SWIFTStandards

38 Slide 38 CCI via SWIFTNet Migrating you safely to Euroclear’s Single Platform Lut Buntinx

39 Slide 39 Single Gateway Live Euroclear timelines – Migration per wave Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 2008 2009 2010 2011 = Live Date = Full Functional Test Phases (PAT) SP Settlement SP Custody ESES Single Platform = Start date for testing facilities Connectivity ISO Syntax validation ScreenFlow

40 Slide 40 Customers migration questions  What do I need to do and by when?  How do I keep impact on my back-office integration limited to ensure minimal disruption?  Can I use this migration to improve current automation levels?  How do I keep my communication infrastructure investments and project management cost to a minimum?

41 Slide 41 Migration to CCI the 7 step Approach Regional Sales Approach Global Deployment Awareness Analysis/ Discussion Decision Technical Design Implementation Testing Live eLOI e-orders 31 Dec 2008 Q 4 2009

42 Slide 42 Migration to CCI the 7 step Approach Regional Sales Approach Global Deployment Awareness Analysis/ Discussion Decision Technical Design TestingLive eLOI 31 Dec 2008 Q 4 2009 Implemen- tation Global Deployment Programme monitored by SWIFT You will be reminded of certain milestones You will be invited to perform certain tasks (e.g. WSHA Installation/GUI installation, connectivity test, ISO test etc against certain deadlines The SWIFT support team will be there for technical assistance A SWIFT migration team will be there to give you guidance for your project execution and help you with your ordering process WSHA installation services can be obtained from SWIFT

43 Slide 43 Migration to CCI the 7 step Approach Technical Design Technical design for future SWIFT infrastructure needs for the CCI E-orders: Service subscriptions WSHA WSHA installation services possible infrastructure upgrades Technical design and E-ordering

44 Slide 44 Migration to CCI the 7 step Approach Implemen- tation Installation of WSHA Installation of ScreenFlow GUI installation of all other infrastructure upgrades (if requried) RMA or certificate exchange ScreenFlow root operator logons OAM (ScreenFlow creates AutoFlow operator) Connectivity testing for all channels Upgrade of ScreenFlow application before PAT ISO validation testing: As of Q1 2009 – testing environment - 3 to 4 month duration Connectivity testing must be achieved before entering in ISO testing Mandatory for STP users Installation and preliminary testing

45 Slide 45 Migration to CCI the 7 step Approach Testing PAT: Participant’s Acceptance Testing SWIFT will monitor the testing activity Euroclear will run the PAT: - SP Custody business screens in ScreenFlow -SP Custody core processing of Business data (EB only in the first stage, EUI after) - Testing based on scenarios - Scenarios described in advance (Q2 2009) - Registration required - Participation to testing monitored by Euroclear Full Functional testing

46 Slide 46 Migration to CCI the 7 step Approach Live SWIFT will monitor the life traffic activity Euroclear will require the go-live for the custody business on the Single Platform as from Q4 2009 Euroclear Bank clients first ESES and EUI clients will follow. Custody business On the Single Platform

47 Slide 47 Support - More information Questions? -> e-LOI on for best support F.A.Q & Technical specifications F.A.Q & Implementation guide

48 Slide 48 Nigel White London, 2 nd July 2008 CREST, the CCI migration path

49 Slide 49 SWIFT’s solution Keep it simple Existing hardware : no mandatory upgrades required Existing SAA/SAS/SAG : can also be used for CCI Existing service levels : remain unchanged during CCI migration

50 Slide 50 Migration stages Stage 1 : install Web Services Host Adapter onto SAS/SAG  Facilitates connectivity via CCI GUI (Euroclear product)  CCI GUI required for connectivity testing & screen flow traffic  Installation Oct 08 to Mar 09

51 Slide 51 Migration stages Stage 2 : SAA upgrade options  SAA 6.0 Support continues  SAA 6.3 Supports FileAct interface for CCI back office traffic, also supports MQHA  SAA 6.2 is NOT qualified for CREST

52 Slide 52 Advantages of SWIFT’s CCI solution Current CREST GUI and CCI GUI operations can coexist Current file transfer operations (DEX & ISO15022) can coexist with CCI FileAct operations

53 Slide 53

54 Slide 54 SWIFT Infrastructure for CCI David Singh London, 2nd July 2008

55 Slide 55 CCI project objectives  Formats  Channels  Platforms

56 Slide 56 e-RGV (ESES) (ScreenFlow optional) CCI formats & channels Screen- based access STP channel file transfer STP channel messaging FIN Your institution FINE2A Not applicable EUCLID PC & EUCLID Server FTPE2A EUCLID FT FIN Not applicable FIN (reporting only) BB-GUI CREST FT SATELIT Direkte Verbinding eRGV (ESES) & ScreenFlow Not applicable AutoFlow File Transfer via SWIFTNet FileAct Store & Forward (push mode) FIN (ESES) optional AutoFlow Messaging via InterAct (for ISO 20022 messages) via FIN (for ISO 15022 messages) (push mode) ScreenFlow via SWIFTNet (Screen GUI provided by Euroclear) (pull mode) Euroclear UK&Ireland Euroclear France Euroclear Nederland Euroclear Belgium Euroclear Bank

57 Slide 57 CCI platforms Back Office Applications Euroclear UKI Euroclear Bank Euroclear BE Euroclear NL Euroclear FR FIN/MX Interface SWIFTAlliance Gateway CREST Interface File Transfer Interface SWIFTNet EUCLID Server/PC eRGV & E2A WSHA NEW CCI Screen CCI compliant CCI compliant AutoFlow channels ScreenFlow channel Euroclear Single Platform HSM

58 Slide 58 SWIFTAlliance Gateway is already a CCI Gateway & gives a transparent migration Client CCI Gateway File Interface FIN/MX Interface Legacy Interface SWIFT Alliance Gateway SAB WSHAWSHA ScreenFlow EuroclearLegacyPlatform FIN - ISO15022 SWIFTNet InterAct SWIFTNet FileAct ScreenFlow (ESES) euroclear.cci SWIFTNet Browse MGTCBEBE ESESBEBB ESESFRPP CRSTGB2 L ESESNL2A EuroclearSinglePlatform AutoFlow Messaging ISO15022 - FIN ISO20022 - SWIFTNet InterAct euroclear.autoflowmsg AutoFlow File Transfer SWIFTNet FileAct (ISO) euroclear.autoflowfile ScreenFlow euroclear.screenflow ECLIBEBB ECLNBEBB ECLNFRPP ECLNGB2L ECLNNL2A Single Gateway == HSM Today Single Gateway Live SWIFTNet Single Platform Settlement

59 Slide 59 Value proposition for an existing SWIFT customer SWIFTAlliance Gateway FIN-IA-FA S&F interface Back-office applications AutoFlow  Your current SWIFT infrastructure re-used for AutoFlow Messaging & AutoFlow File Transfer  FIN today = “CCI FIN”  Check: –Interface support of IA-FA S&F (for ISO 20022) –Files to be in Giovannini rulebook format  Optional FTA/FTI (SAG) available for AutoFlow File Transfer  Web Services Host Adapter (WSHA) for ScreenFlow SWIFTNet HSM WSHA Screenflow

60 Slide 60 Value proposition for a new SWIFT customer  Direct connectivity: –SWIFTAlliance Starter Set complemented with WSHA for ScreenFlow (Q4 2008) –Optional SWIFTAlliance Access/Entry for AutoFlow Messaging –Enabled for ‘manual’ AutoFlow File Transfer via SWIFTAlliance Webstation (SAB)  Indirect connectivity: –Through Service bureau –Tailor-made integration –Service Bureau Qualification program Back-office application SWIFTAlliance Access/Entry SWIFTAlliance Webstation SWIFTAlliance Starter Set HSM WSHA AutoFlow and/ or SWIFTNet Screenflow

61 Slide 61 Value proposition for resilience SA-Gateway Back-office applications AutoFlow SWIFTNet HSM SA-Access - Messages - Files WSHA Screenflow SA-Gateway Back-office applications AutoFlow HSM SA-Access - Messages - Files WSHA Screenflow

62 Slide 62 SAG - Web Services Host Adapter (WSHA)  Available on all SWIFTAlliance Gateway (SAG) licenses, including SAS (as of Q3 2008)  Ordering through SWIFT ordering channel, or through as of Q3 2008  SAG patch 6.1.50 for CCI (Ready for ScreenFlow testing)  Qualified on SWIFTNet Rel 6.0 & Rel 6.1  Allows communication with Web services using SOAP  Converts SOAP into SWIFTNet traffic  Re-usable for other Web services solutions

63 Slide 63 SAG - WSHA features  Configured as other Host Adapters (RAHA, MQHA) via SAG Message Partners –CCI ScreenFlow defined as Client application  Secure the connection between CCI ScreenFlow & WSHA –SSL –LAU  Firewall settings between CCI ScreenFlow & SAG –Additional port to be configured  Easy to configure & integrate

64 Slide 64 SWIFTSupport World-class customer support  24 hours/day, 7 days/week, 365 days/year  By telephone & over the Internet  To all SWIFT users worldwide  Follow-the-sun model  Local language capabilities  SWIFT won two Customer Relationship Excellence (CRE) Awards: –‘Global Support Services of the Year’ –‘CRM Director of 2005’ honours for Brian Haughan, SWIFT’s Head of Customer Operations and Member of Executive Committee.

65 Slide 65 CCI via SWIFTNet Your Benefits Migrating you safely to Euroclear’s Single Platform Charles Robson Account Director Broker Dealers

66 Slide 66 Mastering the challenge

67 Slide 67 The SWIFT value proposition Cooperative Testing & Qualification service Availability Security Reliability Message Validation Real Single Window 1 level of support for all Customers One-Stop-Shop Consultancy Services Training & Education

68 Slide 68 CCI via SWIFTNet Where is the biggest Challenge in this project?

69 Slide 69 Exchange Custodians Data Provider CSD Broker/Dealers Issuing Agent ISO 20022 / DEX Proprietary ISO 20022 / DEX ISO 15022 / Proprietary ISO 15022 / Proprietary Registrar ISO 15022 / Proprietary Proprietary Where is the biggest Challenge in this project?

70 Slide 70 CCI via SWIFTNet - Custody phase (SPC) Receiving a MT564 from Euroclear UKI or Euroclear Bank is NO DIFFERENT from a receiving a MT564 From your sub custodian/ Agent

71 Slide 71 Pay Date Record Date CCI via SWIFTNet Corporate event sequence – Dividend/INTR Mandatory Account Owner / Participant EUI Announcement MT564 Entitlement MT564 Confirmation MT566

72 Slide 72 Record Date Pay Date Response Deadline CCI via SWIFTNet Corporate event sequence – Share Split Account Owner / Participant EUI Announcement MT564 Eligibility MT564 Confirmation MT566 CHOS VOLU Instruction MT565 Status MT567 Entitlement MT564

73 Slide 73 Detailed mapping of your current flows with different Euroclear entities A readiness assessment including: Connectivity, infrastructure & integration requirements Mappings & solutions for any translation issues Cost-benefit analysis for the different channels (AutoFlow Messaging, FileTransfer, ScreenFlow) Recommendations on reducing operational costs by:  Optimizing your operational efficiency (STP)  Choosing the most appropriate & cost-efficient channel for each of your business flows CCI Business Assessment Programme Leveraging SWIFT’s Standards and Business Know How

74 Slide 74 CCI via SWIFTNET Commercial rules of engagement No Contract / No Termed Commitment CCI via SWIFTNet is a standard SWIFT Service No Gold / Sliver / Bronze Support SLA All Clients receive Premium SWIFT Support SLA as standard

75 Slide 75 In 2006 SWIFT published their SWIFT2010 strategy One obligation to its members was to reduce messaging fees by 50% by 2011. Since 2006 fees have been lowered by 23% (excluding any rebates). Further 27% discount still to be applied by 2010. In addition for 2007 Generated €57 million in savings for customers = Every SWIFT Customer received a 15% traffic rebate CCI via SWIFTNet Key Financial Figures

76 Slide 76 CCI via SWIFTNet Key Financial Figures MT597 (Fin Bulking) statement of holdings (MT535 – MT537), confirmations (MT544 – MT547) status reports (MT548, MT578) Fixed Fee Plan for Global Traffic Tier 5 & above

77 Slide 77 CCI via SWIFTNet WSHA Key Financial Figures WSHA is not CCI exclusive SOAP host adapter for any application WSHA licence is per SAG Licence (9 instances) No Limit on Number of CCI Gui connections to WSHA

78 Slide 78 Web Service Host Adapter (WSHA) SAG BAND ONE OFF FEE ANNUAL S&M SAG Automation-2$3,400$1,700 SAG WebStation Concentration-2$3,400$1,700 Single Window Band-2$3,400$1,700 Single Window Band$3,720$1,860 Single Window Band0$4,000$2,000 Single Window Band1$4,280$2,140 Single Window Band2$4,640$2,320 Single Window Band3$5,000$2,500 Single Window Band4$5,400$2,700 Single Window Band5$6,000$3,000 Single Window Band6$6,560$3,280 Single Window Band7$7,200$3,600 Single Window Band8$8,040$4,020 Single Window Band9$8,800$4,400 Single Window Band10$9,600$4,800

79 Slide 79 In 30 years not a single secure message corrupted, misrouted or lost 24/7 Support service is included at no additional fee 82 Market Infrastructures connected to SWIFT 8,332 institutions connected to SWIFT SWIFTNet Tried & trusted v. New and Unknown?

80 Slide 80 SWIFTNet Tried & trusted - 99.999% Availability

81 Slide 81 Making financial messaging easy, safer and less costly

82 Slide 82 Panel Discussion

83 Slide 83 The Panellists David Pilbeam Northern Trust Sharon Ilett Mizoho Trust Ewan Scott Checkfree Bob Humphries Jarrive Kevin Gidden SWIFT

84 Slide 84 Q&A

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