Electrosteel Castings Limited

Electrosteel Castings Limited
Water Infrastructure Mining Steel Corporate Presentation September 2010 1

Business Strategy & Proposed Plans
Industry Overview Company Background Business Strategy & Proposed Plans Sound Financial Track Record Associate Companies 2

Water Infrastructure Potential in India
Key highlights Currently, 17% of the global population does not have access to water supply In India, 25% of rural population and 9% urban population do not have access to water supply…over 200 mn people still strive to get even drinking water Ductile iron pipe, which is widely used to transport water would be the direct beneficiary of investments in water infrastructure Water requirement for various sectors in India by 2050 Water requirement (bn cubic meters) Sector 2010 2025 2050 Irrigation 557 611 807 Drinking Water 43 62 111 Industry 37 67 81 Energy 19 33 70 Others 54 Total 710 843 1,180 Per capita availability of water in India continues to reduce Plan-wise allocation of funds towards water management In cubic meters In Rs.mn Good morning Ladies and Gentlemen . I am [ ], [ ], Electrosteel Castings Limited. India faces challenges in the water sector in the form of declining per capita availability of water. To transport sufficient quantities of water from different sources to treatment plants with minimal loss and then transport it to the end users, a strong reliable transport medium is required. Ductile iron pipe, which is widely used to transport water would be the direct beneficiary of investments in water infrastructure. The 10th Five Year Plan provides Rs621bn against water supply and sanitation, which is at all time high. Source: National water policy, Planning commission The biggest beneficiary of this investment will be ductile iron pipe industry being widely used in water supply 3

Electrosteel Casting – A Snapshot
Business Overview Shareholding Pattern as on 30th June ‘10 Incorporated in 1955 Early entrant in the Ductile Iron Pipes (DI Pipes) sector in India. One of the few manufacturers of DI pipes in the world 16 years of experience in DI Pipe manufacturing Key Products: Ductile Iron Pipes, Cast Iron Pipes and Execution of Turnkey water & sewerage management contracts Total capacity of 280,000 TPA for DI pipes and 90,000 TPA for Cast Iron (CI) pipes International presence: South East Asia, South Asia, the Middle East & Gulf, Africa, Europe and US Market Data (As on 16th Aug ‘10) Particulars Price (Rs.) (FV : Re.1 each) 50.7 Market Cap (Rs. mn) 16,566 52 week high 56.2 52 week low 36.8 P/BV (FY10) 1.0 P/E (FY10) 6.9 Electrosteel Castings Limited is a leading player in the Water Infrastructure Industry in India, and has over 16 years of experience in DI Pipe manufacturing. DI pipes constitute approximately two-thirds of the total sales. We have a capacity of manufacturing 280,000 TPA and in we produced 233,448 MT. Market Cap of the company is Rs 1656 crs as on 16th Aug’10. <Please pause for few seconds for the audience to go through the shareholding pattern and market data snapshot> Striving to become one of the largest, fully integrated, low cost producer of premium quality DI pipe globally

An Unrivalled Success Story
QIP consisting of Rs 200 crs NCD issue and 3.35 cr warrants at issue price of Rs 3 per warrant convertible at Rs Modernization of Mini Blast Furnace for improved output 2010 Commissioned fourth coke oven battery resulting in additional capacity of 70,000 TPA of coke, taking the total capacity to 295,000 TPA at Haldia; DI pipe and blast furnace capacity enhanced to 280,000 TPA and 250,000 TPA respectively 2009 2008 Tied up US$ mn through ECB, commissioned 360,000 TPA sinter plant at Khardah and commissioned a 75,000 TPA coke oven battery at Haldia. Raised US$ 75 mn through FCCB Issue DI Pipes and Blast Furnace capacity enhanced to 250,000 TPA and 235,000 TPA respectively Set up 12 MW Power plant and 2nd 30,000 TPA Sponge iron plant at Haldia We have been allotted an Iron Ore mine at Kodolibad, Jharkhand and a Non Coking Coal mine in Joint Venture at North Dhadhu. 2006 2005 US$ 40 mn raised through GDRs, commissioned 150,000 TPA coke oven plant and 30,000 TPA sponge iron plant at Haldia. We have been allotted a Coking Coal mine at Parbatpur, Jharkhand. 2003 DI pipes capacity expansion from 150,000 TPA to 200,000 TPA at Khardah 2002 Acquired 46% stake in Lanco Ind. Ltd. (Involved in mfg. of DI pipes, pig iron & cement) Capacity expansion of Pig Iron facility from 109,000 TPA to 200,000 TPA and DI Pipes from 120,000 TPA to 150,000 TPA 2001 We were the first to commence production of Ductile Iron Pipes in 1994 with a capacity of 60,000 TPA. In 2002, we acquired controlling stake in Lanco Industries, a company involved in manufacturing of Ductile Iron Pipes. The existing Ductile Iron Pipe production capacity of Electrosteel Group of 460,000 TPA makes us the largest producer of Ductile Iron Pipes in India. The Company has always believed in offering quality products at competitive prices to its customers. In order to achieve this objective, the Company has, at various points in time, successfully implemented various backward integration projects like Coke Oven Batteries, Power Plant, Sponge Iron Plant, Sinter Plant, etc. We have successfully accessed the Capital markets in the past with GDR and FCCB issuances. 72 percent of the FCCB issuance (due 2011) has already been converted into Equity. We tied up ECB facility of USD Mn in 2008 for our various ongoing capex. We recently in 2010, successfully did a QIP consisting of Rs 200 crs NCD and 3.35 cr warrants convertible at Rs between 3 to 5 years from the issue date. We received upfront premium of Rs 3 for warrants. DI pipes capacity expansion from 90,000 TPA to 120,000 TPA at Khardah 2000 DI pipes capacity expansion from 60,000 TPA to 90,000 TPA at Khardah 1999 1996 Pig Iron production facility setup at Khardah with a capacity of 109,000 TPA 1994 Set up DI Pipe plant facility at Khardah with a capacity of 60,000 TPA

Group Structure Electrosteel Castings Limited Facilities Subsidiaries
Associates Khardah DI Pipe – 280,000 TPA Pig Iron – 250,000 TPA Sinter – 360,000 TPA Power Plant – 3.75 MW DI Fittings – 5,000 TPA Haldia Coke – 295,000 TPA Sponge Iron – 60,000 TPA Power Plant – 12 MW Elavur CI Pipes – 90,000 TPA Parbatpur Coking Coal Mine – Geological Reserves of mn MT Coal Washery – 2 mn TPA Kodolibad Iron Ore Mine (allotted, lease yet to be granted) Wide distribution through subsidiaries Electrosteel Steels Ltd (42.02%) Lanco Industries Ltd (48.54%) Electrosteel Europe SA (100%) Marketing of products in Italy, France, Spain, Portugal, Poland & Germany SPV to set up 2.2 mn TPA integrated steel cum DI Pipe Plant Total project cost of Rs.73,620 mn ECL equity contribution of Rs.7,000 mn (as on August 20th, 10) ECL acquired 46% stake in the company in 2002 Having an Installed Capacity of: - DI Pipes–180,000 TPA - Pig Iron – 150,000 TPA - Cement – 90,000 TPA - Coke – 150,000 TPA Electrosteel UK Ltd (100%) Marketing of products in UK Electrosteel Algerie SPA (100%) Marketing of products in Algeria Our manufacturing facilities are located at Khardah and Haldia in West Bengal and Elavur in Tamil Nadu. We have been allotted mines in the mineral rich state of Jharkhand. We also have a strong global marketing network, through our Subsidiaries in UK, Europe, (France & Spain), Algeria, Singapore, USA and a marketing office in Middle East. Our associate company, Electrosteel Steels Limited is setting up a 2.2 MTPA integrated steel cum DI Pipe Plant with a total project cost of Rs 7362 crs. Once the integrated steel company commences commercial operation it would help to achieve a much stronger financial position for the group. ECL acquired 46% stake in Lanco Industries in Lanco has installed capacity of 180,000 TPA DI Pipes. Electrosteel USA (100%) Marketing of products in USA Singardo Int’l Pte Ltd (60%) Marketing of products in Singapore, Indonesia, Brunei & Malaysia Joint Venture (49%) North Dadhu Non Coking Coal Mine (ECL’s share mn MT)

Key Strengths Catering to water infrastructure industry High growth potential due to increased investments in the sector ..... Integrated Production Facilities Coke Oven Plants Captive Power Plants Sinter Plant, Sponge Iron Plant & Pig Iron Plant DI/CI Pipe Plants One of the leading players in DI pipes A niche technology to produce strong, long-lasting, corrosion resistant pipes Backward Integration Measures- Development of Coking Coal Mines Development of Iron Ore Mines (Proposed) Global Footprint DI Pipes Exports account for ~34% of DI Pipes turnover Subsidiaries in US, UK, France/Spain, Algeria and Singapore Strategic Location of facilities Mines located in Jharkhand Plants located at Haldia and Khardah in West Bengal and at Elavur in Tamil Nadu Integrated business model The company manufactures DI pipes and undertakes EPC contracts for water and sewerage infrastructure projects Best management practices- quality related Total Productive Maintenance and Total Quality Management techniques implemented at facilities We are in water infrastructure industry which has growth potential due to increased investment in this sector. Currently, 17% of the global population does not have access to water supply. In India, 25% of the rural population and 9% of urban population does not have access to water supply. (Source: Consensus 2001 and Eleventh Five Year Plan, Planning Commission). Our Company is one of the leading manufacturers of D I Pipes in India and offers a comprehensive range (80 Mm to 1100 Mm DI Pipes) of products together with a complete range of accessories including gasket, fittings, valves etc. We also have a strong global marketing network, through our various Subsidiaries across the Globe. Our business model consists of fully integrated production facilities which helps us to minimize our production cost as we strongly believe that cost competitiveness is the key component of our success. We have been allocated coking coal mine facilities in the State of Jharkhand and are in process of developing it, thus enabling us to source prime coking coal from this mine. As the Indian coal has a higher percentage of ash, we have also set up a washery of 2 million TPA to reduce the ash from coking coal. Our Company has a good financial track record with a consolidated net worth of Rs. 16,200 million and a total debt equity ratio of 0.8:1 as on March 31, 2010. Robust Financials The company has always maintained a healthy financial position Experienced management team Promoters have decades of experience in the industry

Strategic location of manufacturing facilities and major offices
Head Office Khardah West Bengal Branch Offices ECL Manufacturing facilities Mines Ductile Iron Pipes 280,000 TPA NEW DELHI Jharkhand Ductile Iron Fittings 5,000 TPA Coking Coal Mine JHARKHAND Iron Ore Mine (Proposed) Captive Power Plant MW KHARDAH Non Coking Coal Mine (Proposed) AHMEDABAD HALDIA KOLKATA Pig Iron 250,000 TPA Haldia West Bengal MUMBAI HYDERABAD This slide shows geographical locations of various offices plants and mines. <We have discussed about the facilities in our previous slides and as such please pause for few seconds for the audience to have a quick glance at the slide> Coke - 295,000 TPA Sinter 360,000 TPA CHENNAI Sponge Iron 60,000 TPA BANGALORE Elavur Tamil Nadu ELAVUR Power Plant of 12 MW Cast Iron Pipes 90,000 TPA

Exports – Sustained Growth (Standalone)
ECL believes that is has positioned itself in the international markets as a high-quality DI pipes manufacturer Increased its presence & reach by setting up foreign subsidiaries; developed strong relations with customers abroad Penetrated markets worldwide Developed European markets – UK, Spain, France, Portugal African market - Algeria Asian markets – Singapore, Hong Kong, Mauritius, Sri Lanka, Bangladesh, Qatar, Bahrain Exploring USA markets European (43%), Asian (33%) and African (24%) markets account for majority of exports (Company estimates) Export sales by geography (FY10) Source: Company Export sales growth We have 5 key subsidiaries that have been set up to expand and develop our export market. They are involved in purely marketing and selling of our products. Exports contributed to 34% of our total revenue in FY Well positioned to exploit the market potential in European, USA and Asian markets All figures are on standalone basis

Awards & Recognitions Implemented Total Productive Maintenance (TPM) and Total Quality Management (TQM) techniques at its facilities Received Prestigious accreditation by the National Accreditation Bureau of Laboratories, indicating the highest quality control capabilities The company has been recognized in Environment Management System Standard ISO: Awarded the status of a ‘FOUR STAR EXPORT HOUSE’ by Joint Director General of Foreign Trade, Ministry of Commerce & Industry, Government of India Various international agencies like BSI Product Services of UK have endorsed the quality of ECL’s products Our Company has always maintained high quality with regard to its deliverables. From time to time it has received several accolades and awards for its achievement in producing high quality products. We have been using the Total Productive Maintenance and Total Quality Management techniques at our factories to match international quality standards. Electrosteel Products endeavor to bring the highest International Quality which has been acknowledged by the Customers Worldwide

Eminent Non-Executive Directors
Mr. P. K. Khaitan (Chairman) Chairman & Director since 1972 and legal luminary with extensive experience in the fields of commercial and corporate law, tax law, restructuring and demergers Member of the Bar Council of India, Bar Council of West Bengal, the Incorporated Law Society of India and the Indian Council of Arbitration Dr J. J. Irani (Director) Serves on the board of Tata Sons and ex MD of Tata Steel Limited Fellow member of the Institute of Metals, Institution of Engineers, All India Management Association, member of expert committee to review & recommend development of Indian coal sector Mr. Naresh Chandra (Director) Eminent & experienced IAS officer (retired) and has held important roles in Indian Civil Service Chairing government committee on ‘Corporate Governance’ Mr. Binod Khaitan (Director) Director since 1975 An experienced business professional & associated with various charitable and social organizations Mr. S.Y. Rajagopalan (Director) Worked as Whole time Director of the company since to 2007 Has extensive experience in corporate and related laws and finance affairs Our Board of Directors includes many eminent personalities and they ensure that good corporate governance practices are being followed. We believe that our management team is well placed to provide strategic leadership and direction to identify the emerging opportunities in our business as well as to constantly improve our current operations. Mr. M.B.N. Rao (Director) Former Chairman & Managing Director of Canara Bank Has held position of Chairman of The Indian Banks’ Association, chairman of various companies engaged in Banking, Insurance, Mutual Funds, and Merchant Banking 12

Business Strategy Objectives Strategy Coking Coal mine Iron Ore mine Railway sidings for better & economical transportation infrastructure Reduce production cost with continuing focus on quality, modernization and backward integration Achieving higher production efficiency in DI pipes and fittings Focus on expanding presence in domestic and overseas markets Continue to focus on quality, execution and timely delivery of products Maintain a strong, team-oriented and customer friendly culture Enhance Market Leadership Take advantage of Electrosteel Brand for Steel products Enable optimum utilization of mining resources for ECL Achieving stronger financial position for the group Investment in Steel Project through Associate Company Electrosteel strives to become one of the largest, fully integrated, lowest cost manufacturer of premium quality Ductile Iron pipes in the world. Our Company has recently completed the modernization of our mini blast furnace for achieving better operational efficiencies. We have been allotted mines and once they are developed, it would ensure uninterrupted supply of key raw materials and reduce our production cost. We are setting up railway siding facilities to have reliable and economic transport infrastructure. Detailed presentation on Electrosteel Steels Limited will be shown in coming slides.

Commencement of these Mines will add significant value to the Group
Natural Resources Coking Coal Mine Iron Ore Mine Non Coking Coal Mine - JV (49%) Location Parbatpur, Jharkhand (Jharia Coalfield Belt) Kodolibad, Jharkhand (Near Chiria Mine) North Dhadhu Coal Block, Latehar Dist., Jharkhand, India Geological Reserves 231.2 mn MT 91.2 mn MT 120 mn MT (49% share) Type of Mining Mainly Underground Open Cast Open Cast Final statutory clearances received; Coal Production from few Local Seams has started; Coal Washery plant with capacity of 2 mn MTPA is in place. Forest Clearance from MOEF is yet to be received; Mining Lease execution would be done after MOEF clearance. JV company has purchased the Geological Report for the mine. Requisite Bank Guarantee has been submitted to the Ministry of Coal Mining Lease application has been made. Mining plan is being submitted to the Ministry of Coal Status Updates Coking Coal Mine - We are in process of developing the coking coal mine having geological reserves of mn tonne, which has been allocated to us in the State of Jharkhand. We have already acquired the land and obtained the statutory clearances and engaged the contractors to develop the mine. Coal production from few local seams has started and work is on to develop the underground mine. As the Indian coal has a higher percentage of ash, we have also set up a washery of 2 million TPA to reduce the ash from coking coal. Iron Ore Mine – We have also been allocated an Iron Ore mine with geological reserves of 91.2 mn tonne at Kodolibad in the State of Jharkhand. We are awaiting the MOEF clearance and on receipt of this consent the mining lease would be signed and mine would be developed. Non Coking Coal Mine – We have been allotted non coking coal block at North Dhadhu coal field in the State of Jharkhand jointly with other independent parties with whom we are sharing the said non coking coal block in a Joint Venture Company. Our share is 120 mn Tonne. Early implementation of mining operations in these mines would positively impact our operating margins and financial performance. Mr. R. S. Singh, Whole time Director, ex-Tata Steel with 38 years of mining experience is heading the Mining Department with experienced professional team Team Commencement of these Mines will add significant value to the Group

Sound Financial Track Record

Continuing Growth ECL has consistently grown over last five years
Net Sales (Rs.mn) EBITDA & EBITDA margins (Rs.mn) Net Profit & Net Profit margins (Rs.mn) Dividend (Rs. mn) & Dividend Payout We have been growing consistently over the years. Our turnover decreased in FY mainly due to lower turnover from trading activities and planned shut down of Blast Furnace for modernization. EBITDA has grown from Rs 163 crs in FY to Rs 418 crs in FY PAT has grown from Rs 78 crs in FY to Rs 234 crs in FY We have rewarded our shareholders by paying dividends at 125% consistently. ECL has consistently grown over last five years All figures are on consolidated basis 17

Strong Financials ECL has maintained a healthy balance sheet
Capitalization Structure Shareholders Fund (Rs.mn) Total Debt : Equity ratio <Please pause for a few seconds for Banks to go through the numbers> We have consistently maintained a healthy balance sheet, with a sound capital structure This is evidenced by a healthy Debt to Equity ratio of 0.80 in FY ECL has maintained a healthy balance sheet 18

Lanco Industries Limited
Business overview Sales growth (Rs.mn) Presently engaged in manufacture of DI pipes, pig iron and cement catering to the domestic market Electrosteel acquired 46% stake in FY02 for US$ 14.8 mn Manufacturing Capacity: D.I. Pipes – 180,000 TPA, Pig Iron – 150,000 TPA, Cement 90,000 TPA, Coke – 150,000 TPA and CPP of 12MW based on waste heat recovery Current market cap of Rs.2,368 mn (as of August 16th,10); Electrosteel Casting presently holds 48.54% CAGR – 21% Shareholding pattern as on 30th June ‘10 ECL acquired 46% stake in Lanco Industries in 2002. From a loss making company in 2002, Lanco has reported profit consistently since In FY , Lanco reported Revenue of Rs 691 crs and PAT of Rs 58 crs. The DI Pipe production capacity has increased from 60,000 TPA in 2002 to 180,000 TPA After acquisition, the capacity of DI Pipes has gradually increased from 60,000 MTPA in 2002 to 180,000 MTPA in 2009

Electrosteel Steels Limited
Business overview Setting up a 2.2 mn MTPA Integrated steel plant including DI pipes and captive facilities like pellet, sinter, coke oven, and power plant at Siyaljori (near Bokaro) in Jharkhand, India Raw material supply: 20 year long term agreements with ECL owned iron ore & coking coal mines from date of commercial production Captive power plant (CPP) to serve 108 MW of energy requirements Project Financing: Cost of the project is Rs.73,620 mn “Financial Closure achieved” Equity - Rs.19,150 mn, Debt - Rs.54,470 mn. Equity of Rs 16,657 mn already invested in the project Present Status: Land Acquired – acres of land acquired which would be sufficient for both current project and future expansion Equipments ordered and started receiving delivery Construction work at site in advanced progress Implementation Schedule – Project commercial operation date (COD) is October 2010 for First Blast Furnace Holding structure Brief background of other investors Stemcor One of the leading international providers of marketing, finance and logistical services to steel industry; equity investor in ESL IL&FS Investment Managers (IIML) Private Equity Investment arm of Infrastructure Leasing & Financial Services Limited (IL&FS); equity investor in ESL Electrosteel Steel Limited is setting up a 2.2 MTPA integrated steel plant at Siyaljori (near Bokaro) in Jharkhand. Total project cost is Rs 7362 crs and the financial closure has been achieved. Project is being financed through mix of Equity and Debt. Equity of Rs 1915 crs and Debt of Rs 5447 crs. Rs crs of Equity has already been invested in the project. acres of land has been acquired which would be sufficient for both current project and future expansion. Construction work at site is in advanced stages and project commercial operation date is Oct’2010 for the first blast furnace. Electrosteel Castings Limited holds 42.02% along with other strategic investors like Stemcor and IL&FS. Electrosteel Steels Ltd (ESL) Integrated Steel cum DI Pipe Plant

Project Details Location Land Status Raw Materials Procurement
Siyoljori village in Bokaro district of Jharkhand. The site is 22 kms from Bokaro and 52 kms from Dhanbad Land Status The company has acres of land under possession. The company would use around 900 acres for the current 2.2 MTPA plant while the rest will be used for future expansion Iron Ore – To be procured from ECL mines in Kodolibad which is 230 kms away Coking Coal – 30% of the requirements to be procured from ECL owned mines situated in Parbatpur which is 6 kms from site. Limestone – Would be procured locally and from Dubai and Thailand Dolomite – Would be procured from Birmitrapur region Raw Materials Procurement The company has adopted Chinese technology and Shandong Metallurgical Design Institute (SDM) has been entrusted with basic and detail design & engineering. SDM is the associated design company of Laiwu Steel & Jinan Steel, who produces about 20 MTPA steel in China Technology Water Source Damodar River which is 8 km from the plant The project site at Siyaljori is 22 kms from Bokaro and 52 kms from Dhanbad. Key Raw materials i.e, Coal and Iron ore will be procured from ECL mines. 20 year long term agreement for supply with ECL has been executed. The company has adopted Chinese technology and Shandong Metallurgical Design Institute (SDM) has been entrusted with basic and detail design & engineering. Company is setting up 120 MW captive power plant. Captive 120 MW and balance from DVC in Dhanbad which is located 52 kms from the plant Power Railway Station Telgharia Station which is 6 kms away from the plant Sourced from nearby areas such as Jamshedpur, Durgapur, Bhubaneswar & Raipur Talent Pool

Majority with management control
Project Structure Project housed under ESL ESL has a long term Raw Material supply agreement with ECL, at cost plus basis, thus making the project a fully integrated steel project SDM to provide project implementation and ECL to provide management expertise ECL (Captive Mines) Iron Ore Supply Agreement Coking Coal Supply Agreement Majority with management control Stemcor is a Strategic Investor Off take agreement for international marketing Supplier of part equipments and support in project implementation and technology selection Electrosteel Steels Limited (ESL) (Integrated Steel Plant)

Significant Milestones Achieved
Permit Approving Authority Coking Coal Iron Ore Mine Allocation Ministry of Coal   Approval of Mining Plan Ministry of Coal   SPCB Clearance JSPCB   Environmental Clearance MoEF   Railway Transport Clearance Railway Board   This slide shows the milestones achieved in our coking coal and iron ore projects. Forest Clearance MoEF NA Forest Diversion Proposal already submitted Signing of Mining Lease State Govt of Jharkhand  Shall be executed after receipt of Forest Clearance

Project Facilities Product Details
Technological Facilities Capacity Coke oven 252 ovens Sinter plant 2 x 105 m2 Pellet Plant 1.2 MTPA Blast furnace 2 x 1050 m3 1 x 350 m3 CPP 2X60MW Basic oxygen furnace 2 x 60/65 t Ladle furnace 1 x 65 t Billet casters 2 x 5 strand Rebar mill 0.7 MTPA Wire rod mill 0.5 MTPA DI pipe plant 0.33 MTPA Desulphurisation Plant Lime & Dolo plant 1 x 800 t/d 1 X 150 t/d Air Separation Plant (O2 plant) 1X24000m3/hr Capacity (MTPA) Product 0.5 Wire Rods in coil form mm diameter 0.7 Reinforcement bars in straight lengths and bundled 8-32 mm and plain rounds up to 60 mm in diameter 0.33 Ductile Iron pipes 0.27 Commercial Billets 0.40 Pig Iron Wire Rods Reinforcement Bars This slide shows the capacities of various major production facilities in the 2.2 mn tonne integrated steel plant. DI Pipes

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Electrosteel Castings Limited

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