20th July, 2010 Initiating Coverage

Camson Bio Technologies Ltd.

CMP : Rs. 166.00
TARGET : Rs. 250.00 RESEARCH
Recommendation BUY

Camson India is an R&D centric ISO 9001:FY2000 certified bio technology COMPANY DETAILS
company operating mainly in the field of manufacturing biocides, bio BSE Code 590076
NSE Symbol -
fertilizers and stimulants and hybrid seeds. The company is one of the very
Bloomberg CBTL IN
few companies and only one in the listed space which is producing zero
Market Cap. (Rs. Crs) 165
residue bio fertilizers and engaged in research related to Phytochemicals, Free Float 141
Agronomy, Entomology, Biodiversity, Microbiology, Fermentation, Plant 52 Week High 210
Physiology, Molecular Biology, Contract Research, Genetics & Plant 52 Week Low 35.25

Breeding, Plant Pathology and Bioprocess Engineering. Since its inception Dividend Yield -% 5.57
Beta 0.71
in 1993, the company has received several awards and recognitions. The
company has been recognized as a leading technology company in the SHARE HOLDING PATTERN As on 31/3/10
Deloitte Technology 'Fast 50 India' FY2009 Program and ranked at the 33rd Promoter Group 31.74
position. It has also received recognition for its state of the art R & D unit, by FII 8.22

Govt. of India, Dept of DSIR among others. DII 0.58

Others 59.46
In the current situation where the prices of fruits and vegetables are Total 100

skyrocketing, we see it as an interesting and significantly rewarding

investment theme where companies, like Camsons, which continuously
help the farming community to increase yields (by providing better quality
inputs like seeds and fertilizers) as well as provide safe crop protection
products (like bio-pesticides). We believe that there will be significant
demand for its product which we believe will form a more healthy and
economic substitute to existing products. We expect the revenues for FY11
to increase by 50% to Rs. 120 crs (after a 62% jump in previous year). The
historical spends in R&D and the products developed would increase the
asset turnover. Owing to the operating leverage, the margins and hence
ROE are expected to expand from here. We expect a 200 bps improvement
in Operating Profit Margin (OPM), from current 21% to 23%. Due to some
capital investment, leading to interest and depreciation cost, the PAT
margins will not expand significantly. PAT margins are expected to be at
20% for FY11. RONW is expected to improve from 27% now to 29% in FY11
despite dilution by fresh issue of 23.5 lakh shares at a price of Rs. 75 per
share during FY10.

We have valued the share at Rs. 250 at 12.5 times its FY12 expected EPS of
Rs. 20.04.

ANALYST
Kinshuk Acharya
[email protected]
91-33-3918 0386 - 87
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CAMSON BIO TECHNOLOGIES LTD.

20th July, 2010

Promoter's Background

The company was promoted by Dhirenrda Kumar a technocrat in 1993. Prior to this he has served as General Manager at ITC
and as a marketing manager at Pioneer Seed Co. In addition to this, he also held positions in Ranbaxy and Coromondal Indag.
Mr. Kumar holds an M.Sc in plant genetics and breeding and an MBA in Marketing from Punjab Agricultural University and an
MBA in Export Management from IIFT, New Delhi.

Investment Rationale

• Intellectual property involved with R&D provides High Entry Barrier

Rigorous research done by the company in the field of agronomy and bio technology over the period of last 15 years has
enabled the company to produce 22 different variants of Bio Pesticides, 7 Bio Fertilizers and 17 Hybrid Seeds. The intellectual
capital and time require for development of these products creates high entry barrier for new entrant to replicate the
business model

• Enjoy the benefit of being the first mover

Camson enjoys first mover advantage in certain product categories such as ice-box watermelon, hybrid musk melon and
hybrid sweet corn using latest molecular biology tools. There is a substantial demand for these products in the market where
all these products are presently being imported into the country at a premium price. These products are already finding
popularity among the farmers and are expected to have better market going forward

• Intense research by the company over the last 15 years is about to yield fruit
A typical biocide research takes 9 to 12 years to yield results. Similarly it takes 5-6 years to launch a new hybrid. Camson
already has a proven track record of hybrid vegetable seeds with a complete range of over 49 varieties. In-house library of
selected and characterized microbes (3700) which have been found to be very effective in controlling various pests and
pathogens through their secondary metabolites have enabled the company to develop various products for pest control and
crop protection. Camson's Biofertilizers are well known for their effective mobilization of nutrients to plant.

• Huge export market for zero-residue farm products

With the world increasingly becoming sensitive to chemical-free food and exports increasingly needing to be zero-residue,
demand for bio-fertilizers & bio-pesticides is zooming yearly. The world over, countries are moving towards banning agro-
chemicals due to the increasing realisation of the longer term costs on the health of their populations. As consciousness
regarding non residue farm products spread the company would experience substantial enhancement of demand for its
products going forward

• Competitive pricing
The company's fruits and vegetable business is slated to rise many fold as the R&D effort of the company enables it to
increase yield per hectare substantially which in turn enables the company to sell its products at lower than the equivalent
prices for the chemical-based products, and with the "chemical-free, zero-residue" advantages. This makes it a win-win
situation for the farmer / contract farmers involved. Company also has all the necessary certifications for its products.

• Strong Top line, bottom line and cash flow visibility

In FY10' the company showcased a growth of 62.6% in topline and 85% in its bottomline. Looking at the business

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20th July, 2010

fundamentals and the growth in target market, we expect the topline to grow at a CAGR of 35% for next 3 years. Our belief
that the R&D expenditure booked by the company in previous years would bear fruits in coming years supporting and
improving the margins going forward as well.

Industry Overview

From increase in population and food demand to resource depletion and climate change, governments and nations across
the world are grappling with the changing dynamics of food security. According to estimates, the global demand for food is
likely to double by 2050 as world population multiplies and economic growth enables higher spending on food.

Meeting the food demand of the world, across developed and developing nations is the biggest challenge governments and
the private sector face in the near future. With land shrinking and agricultural land resources diminishing, the only way to
meet the food demand is by producing more from less and protecting the produce from destruction. In this changing
scenario, agricultural biotechnology continues to promise higher value agriculture for farmers and is witnessing a high rate
of adoption.

According to Wood MacKenzie, a US-based consultancy firm to the agricultural biotechnology sector, in FY2000, the global
market size of synthetic chemical pesticides was approximately US $60 billion. Although synthetic chemical pesticides, often,
are effective in controlling pests, many are acutely toxic and are suspected carcinogens. The Indian pesticides market is
about Rs. 8,000 crores and growing at the rate of 5-7% p.a. However, the awareness against the pesticides residue and the
increase in export of fruits and vegetables from India has adversely affected the chemical pesticides business and its growth.
With the advent of non residue biocides, chemical fertilizers are going to suppressed growth going forward. However, this
presents excellent opportunities for non chemical based fertilizers and the company, being one of the pioneers in this field, is
all set to witness substantial growth in its business going forward. As a strategy the company is partnering with rural farming
communities, government agencies and corporate houses in order to empower farming communities through need focused
research and development. The company's motto is that innovation in agricultural science and technology is the most
powerful means to realize the vision of creating a healthy and disease-free society.

Business Overview

As depicted in the adjacent schematic, the company's

business revolve around the development and production
of zero residue biocides, bio fertilizers, high yielding hybrid
seeds and sale of branded hybrid & Genetically Modified
(GM) fruits and vegetables.
CAMSON R&D
BIO TECH Hybrid Fruits & Vegetables

In this segment the company has launched fresh

vegetables and fruits under its brand "Camson Zero
Residue Vegetables and Fruits". This is in keeping with its
philosophy to provide safe food to promote a healthy and
disease free society. The company uses its own high

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20th July, 2010

yielding hybrid variety of seeds to grow fruits and vegetables. The company harvests farm fresh vegetables and fruits
cultivated in select farmers' fields under the supervision of its own qualified staff. These farmers are engaged in contract
farming, solely for Camson and use the unique product range of Camson, viz, Hybrid Seeds, Bio Fertilizers and Biocides.
Produce conforming to the rigid quality control measures of Camson are harvested, washed and packed in "Camson Zero
Residue" brand pouches before being marketed. Through its extensive R&D effort recently the company has managed to
produce ice-box watermelon, hybrid musk melon and hybrid sweet Corn etc. to name a few. All these products are presently
being imported into the country and have huge market with the advent of retail chains and fast food culture that is spreading
voraciously in the country. Random survey, carried out by the company and its customers has provided positive feedback
about their freshness, taste, shelf life, etc.

The company's hybrid ice-box watermelon, the first of its kind by an Indian company, has met with great success among
farmers. With a waiting period for its seeds, the 5 varieties of the ice-box watermelon distinguish themselves from normal
varieties with their deep-red, non-leaky and crisp and crunchy flesh, with TSS (Total Soluble Solids) of over 14%. The
company has also received a very encouraging response for its tomato seeds and hybrid seeds for variety of chilies ranging
from fresh and dry chilies to chilies for making pickles and 'bhajjis'.

Zero Residue Biocides

Through intense R&D activities carried out by the company, it has managed to produce 15 variants of Zero Residue Biocides.
Out of these 6 are Bio-fungicides and 9 are Bio-pesticides. The company has an in-house library of selected and characterized
microbes (3700) which have been found to be very effective in controlling various pests and pathogens through their
secondary metabolites. This gives Camson a leading edge in innovating/ formulating effective biocides for control of various
diseases in the future.

Camson is strengthening its market dominance in the biocides market as a replacement for chemical pesticides, with its eco-
friendly biocides gaining acceptance with farmers. The company plans to launch 2-3 more variants in the next quarter with
more innovations in the biocide segment in the pipeline for the year ahead. These variants cater to the control of fruit borer
and mealy bugs. Having tested the products extensively across various geo-climatic conditions the company is very
confident about their acceptance in the farmer community.

Through R&D and innovation the company has developed a granular biocide which is being marketed under the brand name
“CALBAHAAR”. The product has proved to be extremely effective in controlling nematods, white grubs and soil pathogens,
which in turn leads to crop yield enhancement and quality. The product is already witnessing huge demand from farmers.
The company has launched “CALBAHAAR” Concentrate keeping in mind those farmers who use drip irrigation for cultivation.

In addition to “CALBAHAAR” the other products manufactured by the company in this segment such as CAL-MB, CALMYTE,
CALNOVA, CAL-10, CALPASTE, CALTERM, CALRAID, CALHOPP, CALGARD, CALPHOMIL, CALBASE, CALDERMA & CALTOP have
been doing equally well in terms of their acceptance with the farming community. As reported by the farmers, its biocides
are quite comparable to its chemical based insecticides in terms of quality and price; however, these biocides do not leave
any residue in the final farm products which definitely is not the case with the chemical based pesticides and insecticides.

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20th July, 2010

Biocides to revolutionize pesticide and insecticide market

Although synthetic chemical pesticides are often effective in controlling pests, many are acutely toxic and are suspected
carcinogens. Repeated use of synthetic fertilizers leads to soil infertility, eutrophication of water bodies and accumulation of
toxic heavy metals in soil. Due to recent technological advances and increasing environment and safety concerns,
biologically-derived products are becoming increasingly important components of Integrated Pest Management (IPM).

Bio Fertilizers & Stimulants

The company has developed 12 variants of fertilizers and stimulants over the course of the years. Out of 12, 6 variants pertain
to plant stimulants and rest six to fertilizers. Camson's bio-fertilizers have proved to be effective in nutrients mobilization in
plants. Used appropriately, they have successfully reduced the need to use chemical fertilizers by restoring the soils natural
nutrient cycle and enhancing the soil conditions. Camson's Bio-fertilizers are unique combinations of bio-agents that
enhance the concentration of plant nutrients in the soil. Through biotechnology innovation, bio-fertilizers have enabled
farmers experience higher productivity per acreage and reduce the cultivation cost by reducing the usage of synthetic
fertilizers. Its “zero-residue” concept has been well-received by both the consumers and the farmers. The core focus of the
Company has been to provide “Zero Residue” products. All the products are tested and certified by prominent National Level
Laboratories and reputed Agriculture Universities and Research Institutes for their performance and effectiveness.

The product brands owned by the company under Bio Stimulants include CALSHIR, CALSTIM, CALTIKA, CAMISTRONG &
CALHUME and under Bio Fertilizers include CALBIUM, CALMONAS, CALPHOROUS, CALOSPHERE, CALSPIRAL, CALZOTO and
CALTASH.

Encouraged by the overwhelming response from the farming community, Camson plans to add 10 lakh litre capacity per
shift per annum at Nangal in Himachal Pradesh to manufacture granular and liquid biocides and bio-fertilizers. The factory
will help ramp up production significantly.

High Yielding Hybrid Seeds

Its constant R&D focus has persuaded Camson to develop hybrid seeds of 11 different kinds of fruits and 49 different
varieties of vegetables. Camson's on-going research has a pipeline of an additional 70 more varieties.

Camson's Ice Box Watermelon, hybrid musk melon and hybrid sweet corn, bitter gourd, ridge gourd, sponge gourd, bottle
gourd, hybrid chili etc. to name a few has found very good response from the farmers on account of its high yield and very
good colour, texture and shelf life. The company has also received a very encouraging response for its tomato seeds and
hybrid seeds for a variety of chilies ranging from fresh and dry chilies.

Camson has commenced an additional research station at Aligarh, to help breeding of better hybrids suitable for different
climatic zones. The company has demonstrated excellent results for their tomato seeds, Ganga, that has been proven to give
a yield of 55 metric tonnes per acre.

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20th July, 2010

High Focus on R&D Activities

The company's R&D efforts are aimed at developing environment-friendly bio-agricultural solutions that maximize the
potential of seeds for farmers. The company is one of the very few in its sector which spends 20% of the annual revenue in
R&D activities. These investments in R&D activities have enabled the company to build technological and scientific
expertise, which has enabled it to develop breakthrough products at affordable prices. The company's team of qualified
scientists is the single most critical element in creating an innovative organization focused on discovering and developing
pioneering biotechnology solutions. The focused expertise, interaction with international thought leaders and participation
in technical forums enable knowledge creation and position Camson's R&D efforts for cutting-edge biotechnology
development. Through its R&D efforts the company has been able to successfully developed ice-box watermelon, hybrid
musk melon and hybrid sweet corn which are having such high demand in the country. The company has about 12 new
products across the revenue streams. The core focus of the Company is in providing Zero Residue products. All the products
are tested and certified by prominent National Level Laboratories and reputed Agriculture Universities and Research
Institutes for their performance and effectiveness.

The Company is in the process of filing patent on number of its products; however, due to fund constraint it has not been
able to do so, so far.

Infrastructure

Camson's research and production facility is located in Doddaballapur in Northern part of Bangalore. Its facility is spread
across 20 acres which houses both production and R&D facilities. The Company constantly upgrades its production facilities
to keep pace with the increased demand for its products as also for producing a wider range of products pursuant to the
success achieved on its research front. As of April 2010, Camson is in the process of setting up another production facility in
Uttarakhand in northern India. A second research facility in Aligarh, Uttar Pradesh is also in the pipeline.

Growth initiatives taken by the Company

As a matter of strategy the company has identified the following areas as growth drivers which would yield result from Q2 of
FY11-12 onwards
+ It has stepped up research investments considerably to more than 20% of its revenues.
+ It has set up a Production unit in Uttarakhand, in the lines of the one at Bangalore, to cater exclusively to the
agricultural inputs market of North India. The facility will become operational in the mid of FY 2010-11.
+ Procurement of agricultural land for activating the research centre, in Aligarh which will result in assessing the germ
plasm in different geographical locations has been completed.
In light of the tough economic situation that the company witnessed in FY2008-09 the company initiated certain cost
rationalising measures. Some of such measures are given below:
+ Reduction in administrative expenses by increasing and consolidating the use of IT systems
+ Aims to Create and establish a global supply chain function leading to an integrated supply unit, thereby having the
most efficient production models for its products
It is expected that with the help of these initiatives the company will be able to increase both its profitability and efficiency
going forward.

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Mission

Camson aims at being a world-class manufacturer of bio-technology products, which are effective, non-poisonous, eco-
friendly, cost effective, zero residue products, through State-of-the-art technology, backed by on-going Research and
Development activities, thereby providing good health to all.

Customers

Camson's customer base includes Horticulture Departments of various States, Corporates - like HLL, TATA, Dabur,
Goodricke and large sugar factories and various other co-operatives. Its organic produce is sold through large retail chains
as well. The company has over 300 distributors and 2600 dealers spread across the country to make its products reach out to
its customers. As per FY2009 annual report the company had a team of over 250 marketing personnel on its pay roll. Apart
from India, they have a marketing office in Mauritius, to capitalize on the Hybrid Seeds and Biocides market in Africa. And
also has entered into an MOU with Royal Science and Technology in Swaziland.

Risks & Concerns

Its future growth will depend on its ability to leverage the growth potential in replacing the chemical pesticides using the
residue free platform and also on the agro commodity prices ruling in the Indian and international markets. Any adverse
movement of agro commodity prices may affect the company's growth.

Financials

The company has reported a Net profit of Rs.15.01 crore in FY10 compared to Rs.8.11 crore in the same period of last year,
signifying a growth of 85% yoy. Total revenue for the year stood at Rs.80.32 crore from Rs.49.41 crore in FY09, which is a
62.6% increase. EPS for the year stood at Rs.9.35 per equity share of Rs.10.00 each. Operating profit of the company stood at
Rs.16.83 crore. OPM for the year stood at 20.95%. Expenditure of the company increased 60.1% YoY to Rs.63.78 crore.
Interest expenses for the year stood at Rs. 0.15 crore.

MARGINS

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Ratios
FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009
Key Ratios
Debt-Equity Ratio 1.11 1.09 1.04 0.59 0.25 0.15 0.08 0.04
Long Term Debt-Equity Ratio 0.91 0.88 0.83 0.5 0.25 0.15 0.08 0.04
Current Ratio 1.06 1.05 1.06 1.66 3.73 7.07 8.49 6
Turnover Ratios
Fixed Assets 0.11 0.11 0.2 0.55 0.98 1.81 3.06 2.49
Inventory 2.36 2.3 4.96 12.3 4.18 3.74 4.68 3.65
Debtors 1.65 1.77 3.51 5.93 7.4 12.65 12.92 8.19
Interest Cover Ratio 3 -23 -17 2.33 61.67 59.5 74.27 71.83
CPM (%) 46.15 36.36 23.2 13.17 29.45 22.34 20.16 18.5
ROCE (%) 0.31 0 0 1.07 25.75 27.19 34.48 24.45
RONW (%) 0.28 0 0 0.66 22.84 25.28 34.2 23.97

Book Value - RONW

76.93
58.01
44.31
29.19

Profit and Loss Account (Rs. in Crores)

FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Gross Sales 17.46 41.91 49.41 80.32 120.48 168.67
Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00
Net Sales 17.46 41.91 49.41 80.32 120.48 168.67
Other Operating Income 0.00 0.00 0.00 0.00 0.00 0.00
Other Income 0.12 0.05 0.01 0.30 0.30 0.30
Total Income 17.58 41.96 49.42 80.62 120.78 168.97
Total Expenditure 13.52 33.16 39.84 63.79 93.60 130.95
PBIDT 4.06 8.80 9.58 16.83 27.18 38.02
Interest 0 0.08 0.05 0.15 0.30 0.55
PBDT 4 8.72 9.53 16.68 26.88 37.47
Depreciation 0.52 0.66 1 1.48 3.00 5.00
PBT 3.51 8.06 8.50 15.20 23.88 32.47
Tax 0.13 0.27 0.39 0.19 0.30 0.41
Reported Profit After Tax 3.38 7.79 8.11 15.01 23.58 32.06
EPS (Unit Curr.) 3.45 7.95 5.92 9.35 14.74 20.04
P/E 18.1 11.5 8.4
Book Value per share 18.22 26.17 29.19 44.31 58.01 76.93

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Balance Sheet (Rs. in Crores)

FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009
SOURCES OF FUNDS :
Share Capital 7 7 7 7 7 9.8 9.8 13.7
Reserves Total -1.5 -1.74 -1.92 0.06 1.88 8.06 15.85 26.29
Total Shareholders' Funds 5.5 5.26 5.08 7.06 8.88 17.86 27.69 39.99
Secured Loans 5.94 5.47 5.02 1.8 1.86 1.88 1.73 1.11
Unsecured Loans 0.15 0.15 0.15 0.15 0.15 0 0 0
Total Debt 6.09 5.62 5.17 1.95 2.01 1.88 1.73 1.11

Total Liabilities 11.59 10.88 10.25 9.01 10.89 19.74 29.42 41.1

APPLICATION OF FUNDS :
Gross Block 9.2 9.2 9.22 8.39 8.52 10.78 16.6 23.12
Less : Accumulated Depreciation 2.31 2.91 3.51 4.11 4.74 3 3.66 4.64
Net Block 6.89 6.29 5.71 4.28 3.78 7.78 12.94 18.48
Capital Work in Progress 0 0 0 0 0 0 0.12 0.09
Investments 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Current Assets, Loans & Advances
Inventories 0.44 0.42 0.31 0.48 3.5 5.84 12.07 14.97
Sundry Debtors 0.63 0.49 0.54 1.1 1.15 1.61 4.88 7.18
Cash and Bank 0.11 0.16 0.21 0.46 0.48 3.75 1.41 1.15
Loans and Advances 0.42 0.41 0.86 0.9 0.52 0.25 0.26 4.72
Total Current Assets 1.6 1.48 1.92 2.94 5.65 11.45 18.62 28.02
Less : Current Liabilities and Provisions
Current Liabilities 0.41 0.34 0.65 1.1 1.09 1.08 2.15 3.43
Provisions 0 0 0.04 0.05 0.06 0.19 0.12 2.07
Total Current Liabilities 0.41 0.34 0.69 1.15 1.15 1.27 2.27 5.5
Net Current Assets 1.19 1.14 1.23 1.79 4.5 10.18 16.35 22.52
Miscellaneous Expenses not written off 3.5 3.44 3.3 2.93 2.6 1.77 0 0

Total Assets 11.59 10.88 10.25 9.01 10.89 19.74 29.42 41.1

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Valuation & Recommendation

Considering the fact that the company is operating in a niche area which is having huge potential for growth not only due to
the demand from Indian market but also from other parts of the world, the company has positioned itself to harness that
growth going forward. Again the R&D activities that the company has specialized itself in and the farmer contact that it has
established would provide high entry barrier. Keeping in view all these factors we expect that the company would continue
to grow at 35% CAGR for coming at least 5 years at the revenue level. Currently at a price of Rs. 169/share the stock is trading
at 11.5x and 8.4x its forward estimated EPS of Rs. 14.74 and 20.04 respectively. We initiate coverage on the company with a
price target of Rs. 250.

DISCLAIMER : The information in this report has been obtained from sources, which Eureka Research believes to be reliable, but
we do not hold ourselves responsible for its completeness in accuracy. All estimates and opinions in this report constitute our
judgement as of this date and are subject to change without notice. Eureka Research will not be responsible for the consequence
of reliance upon our opinion or statement contained herein or for any omission. Any feedback can be mailed to the following ID.

Analyst : Kinshuk Acharya

Email : [email protected]
Phone : 91-33-3918 0386 - 87
Registered Office : 7 Lyons Range, 2nd Floor, Room No. 1, Kolkata - 700001
Corporate Office : B3/4, Gillander House, 8 N S Road, 3rd Floor, Kolkata - 700001
Phone : 91-33-2210 7500 / 01 / 02, Fax: 91-33-2210 5184
e: [email protected]
Mumbai Office : 909 Raheja Chamber, 213 Nariman Point, Mumbai-400021
Phone : 91-22-2202 5941 / 5942
e: [email protected]

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