The Rabobank Story From 19th Century Rural Cooperative to 21st Century Global Leader Rabobank was originally founded over 110 years ago as a rural credit cooperative by Dutch farmers who sought to provide their rural communities with access to fair and reliable sources of credit, and to help build and support each other’s businesses. Today, Rabobank is a global financial services leader and one of the world’s 25 largest financial institutions based on Tier 1 Capital, with over AUD1,000 billion in assets and operations in 46 countries. From our agricultural roots to our current position as a premier lender to the world’s food and agriculture industry, Rabobank remains true to our core mission: creating value for our customers, our employees and the communities in which we do business. We would like to share with you the history of Rabobank’s origins, provide an overview of our commitment to creating customer value and introduce you to our businesses, products and services throughout Australia and New Zealand. The Rabobank Story | 3 Rabobank: history and growth In the mid-1800s, Friedrich Wilhelm Raiffeisen, mayor of Flammersfeld, a small German town, recognised that the financial needs of rural farmers were not being met by the larger, urban financial institutions of that time. He devised a system in which the savings of rural farmers were collected in order to provide a sound financial base for credit, establishing the first cooperative bank. For its time this was a new approach to banking, combining idealistic principles within a business framework. In 1896 Raiffeisen’s banking concept migrated to the Netherlands. Soon, farmers’ cooperative banks were being established all over the country, operating according to Raiffeisen’s principles of collecting savings from rural citizens to establish a fund to provide loans at reasonable interest rates – a bank both “of the customer” and “for the customer”. The local cooperatives grew and organised joint associations to help them better mitigate their individual financial risks. In 1898 two central organisations were established: The Cooperative Association of Raiffeisen Banks, headquartered in Utrecht, was comprised of member banks in the northern region of the country. The Cooperative Central Farmers’ Credit Bank or Boerenleenbank, with headquarters in Eindhoven, was comprised of member banks in the southern region. The difference between the two organisations was more than just geographical however, reflecting social, religious and political divisions as well. The move to centralisation During the latter half of the 20th century, the political and religious tensions that had previously divided the Netherlands and all of Europe gradually eased. Competition between financial institutions was increasing and many Dutch regional banks were merging to satisfy increasing demands for credit. Reflecting this environment, the two central organisations in Eindhoven and Utrecht decided to make a major change. In 1972 they merged and formed one central cooperative bank – the Coöperatieve Centrale Raiffeisen- Boerenleenbank, or Rabobank. Internationalisation Following the merger, Rabobank became increasingly aware of the need to establish an international presence in order to meet the growing and more complex needs of customers who were expanding their business presence overseas. Rabobank’s first office outside of the Netherlands was opened in Curaçao in 1978. Then Rabobank opened an office in Frankfurt, Germany in 1980, followed by fully-fledged branches in New York in 1981 and London in 1983. The 1990s saw a more rapid international expansion, with offices opening in São Paulo, Santiago, Buenos Aires, Mexico City, Singapore, Hong Kong, Hamburg and Sydney. The Rabobank Story | 5 Rabobank as an all-finance provider In the 1990s Rabobank developed into an all-finance provider, offering a full suite of integrated banking, investment and insurance products. The goal was to become a financial “department store” where, in addition to more standard offerings, customers could obtain highly specialised products, which require a high degree of sophisticated and tailored financial structuring. As the nature and scope of customers’ needs grew, the size and constitution of the Rabobank organisation grew in tandem. A number of specialised subsidiaries were added to the Group to meet these needs, including: De Lage Landen – leasing and trade finance Robeco – asset management and investment funds Interpolis – insurance and pension services Schretlen & Co – private banking and capital management Obvion – mortgage finance, operating through independent agents 6 | The Rabobank Story Rabobank retains cooperative structure In 1995 Rabobank began an internal discussion on the organisation’s future as a cooperative. With financial services it developed markets available to consumers and business via numerous channels, it was questioned whether Rabobank’s cooperative structure would remain relevant and appropriate when looking to the 21st century. Some in the organisation felt that Rabobank could achieve stronger growth if it was able to increase its equity and capital by becoming a publicly traded company. However, there were also many who felt it was important not to move away from Rabobank’s founders vision of a cooperative organisation providing a reliable source of credit to rural borrowers, which placed customer service over profits. This debate lasted three years, during which time the various arms of the bank, including the boards of the local banks, were actively involved in multiple rounds of discussions. At the conclusion of these discussions in 1998, on the eve of Rabobank’s centenary, the decision was crystal clear. Rabobank’s commitment to remaining a cooperative financial services provider and to serving customers remains its top priority. The Rabobank Story | 7 Rabobank Rabobank Group: overview Group: overview The Rabobank Group is a leading provider of financial Throughout our history of growth we have services around the world, and the premier financial maintained our primary focus on the food and institution for the global food and agriculture agriculture industry, while also extending our core industry. Headquartered in Utrecht, the Netherlands, competencies and strengths into other business Rabobank is a cooperative bank with over AUD1,039 sectors where our knowledge and strength are billion in assets (€615 billion), 9.5 million customers, valuable assets. Today Rabobank is recognised 61,000 employees, and a presence in 46 countries. around the world as the premier lender to agriculture – the “financial link in the global food chain” – thanks Rabobank is one of the 25 largest financial institutions to our century of experience, worldwide presence in the world based on Tier 1 Capital and has been and extensive knowledge of agriculture. We are also ranked as the world’s safest non-government owned specialists in providing sophisticated, customer- bank by Global Finance magazine (a Financial Times driven solutions in the banking, financial markets and publication) every year since 1999. corporate finance arenas, offering a diversified suite of From our agricultural roots as a local credit financial products and services, expertise and advice. cooperative, Rabobank has grown into a global Rabobank has also retained its cooperative origins, financial services leader, providing retail and business which are reflected in our strong focus on customer banking, asset management, insurance, lease relationships, commitment to service, and community financing, corporate and investment banking, M&A involvement. We invest and participate in the local advisory and syndications, capital markets products, communities where we do business. Through the corporate finance, trade finance, private banking, Rabobank Development Program we promote access commercial real estate development financing, to credit for rural communities in developing nations consulting services, and agricultural lending for around the world. a wide range of clients – including individuals, small and medium businesses (SMEs), real estate At Rabobank our central mission is to create value developers, corporations, financial institutions, for our customers. As a cooperative we are able to farmers and ranchers, and food and agribusiness reinvest profits in the growth of our local businesses, firms all over the world. rather than distribute profits to shareholders. This enables us to have a long-term view of our financial and client relationships as well as our own banking performance, and to maintain a high capital ratio. Rabobank Group: products and services Rabobank: key facts Rabobank offers a broad range of value-adding sophisticated One of the 25 largest financial institutions in the world, based on financial solutions to individuals, small and medium enterprises, Tier 1 Capital corporations, financial institutions, investors, and agricultural Over AUD1,000 billion in assets producers in key markets around the world. 9.5 million customers Retail Banking Some 61,000 employees Mortgage Lending Presence in 46 countries Investment and Asset Management Leading financial institution for the global food and agriculture industry Insurance Leader in Corporate Social Responsibility Lease Financing Rabobank Development Program promotes sustainable Real Estate Lending economic development around the world Agricultural Lending Ranked by Global Finance magazine as the world’s Commercial Real Estate Financing safest non-government owned bank every year since 1999 SME Business Banking Corporate Banking Corporate Finance Investment Banking Treasury Management Trade Finance Structured Finance Private Banking Mergers & Acquisitions Consulting 10 | The Rabobank Story Rabobank: brand values Rabobank: our mission Rabobank makes an unequivocal brand promise to our customers. At Rabobank our central mission is to create value for our customers. This promise is expressed in our three core brand values, stating that Rabobank is guided by the goal of enabling individuals and Rabobank is: businesses to participate fully and independently in economic activity Nearby: Rabobank is in the local communities where our customers in their local communities. As our customers’ best interests are the are. We are a valued financial partner to our customers, and have a foundation of everything we do, we strive to: close knowledge of their business, their market and industry, and Offer the best possible financial services that are relevant to our their financial needs. customers’ needs. Involved: Rabobank takes an active interest in learning and Ensure that the continuity of our services is in line with our supporting our customers’ businesses. We build long-term customers’ long-term interests. relationships with our customers and commit to providing them Fulfill Rabobank’s commitment to our customers and their with personal and responsive service. environment, to help our customers realise their goals. Equally, Rabobank is involved in the local communities where We set the highest standards of behaviour for Rabobank employees in we operate, through our investments, our resources and our terms of how we as co-workers interact with one another during the employees’ time. We strive to act responsibly at all times business day, the manner in which we transact business with clients and are committed to a high standard of sustainability in our and vendors, and our involvement and participation in communities business activities. where we operate. Leading: Rabobank is a market leader; we are also an innovative and forward-thinking organisation, in our development of new Our goals are to be an employer of choice, a valued and trusted products and technologies, anticipation of our clients’ needs, business partner, and a vital participant in the world economy. We foresight into industry trends and developments, and in our realise that the achievement of these goals is directly related to the own organisation. manner in which we conduct our business and the way we treat our customers and our employees. At Rabobank, our employees are our ambassadors to the world. The Rabobank Name The Rabobank Logo Rabobank is the business and brand name of the Rabobank’s logo is unique among Coöperatieve Centrale Raiffeisen-Boerenleenbank. The financial institutions and it is rather name Rabobank is derived from two central ooperative simple: a human figure traversing a banking organisations which operated in the Netherlands sundial. Visually, the logo represents for nearly 75 years: time and the central role that Cooperative Association of Raiffeisen Banks people have always played in our organisation. The logo symbolises Cooperative Central Farmers’ Credit Bank (or Rabobank’s commitment to stand by Boerenleenbank: “Boer” = “Farmer” in Dutch). our customers over time and help our These two organisations merged in 1972 and formed one customers achieve their long-term central cooperative bank – the Coöperatieve Centrale financial goals. Raiffeisen-Boerenleenbank or Rabobank. The Rabobank Story | 11 Rabobank Group: global presence Dutch locations The Rabobank brand is used by the local Rabobanks and by Rabobank International in 27 countries. With all its other Group entities, Rabobank Group operates in 569 locations spread over 46 countries, including the Netherlands. In addition, Rabo Development operates in 9 countries and Rabobank Foundation in 26 countries. 12 | The Rabobank Story Rabobank Group locations North America Europe Asia Australasia Canada Austria Bahrain Australia United States Belgium China New Zealand Czech Republic India Latin America Denmark Indonesia Argentina Finland Japan Brazil France Korea Cayman Islands Germany Malaysia Chile Guernsey Oman Curaçao Hungary Qatar Mexico Ireland Singapore Italy United Arab Emirates Luxembourg Netherlands Norway Poland Portugal Romania Russia Slovakia Spain Sweden Switzerland Turkey United Kingdom Rabobank label Group entities Rabobank label and Group entities For more information on locations, please visit www.rabobank.com Rabobank Group is represented in additional countries through its subsidiary companies Interpolis and De Lage Landen. The Rabobank Story | 13 Rabobank Group: structure, governance and regulation What distinguishes Rabobank is our cooperative structure As a cooperative, the Rabobank Group is comprised of: a central banking organisation, “Rabobank Nederland”; 152 local cooperative Member Banks; an international banking arm, “Rabobank International”; and several specialised subsidiaries. A cross-guarantee among all entities in the Rabobank Group provides financial security and intra-group support. The 152 Member Rabobanks are each cooperative entities that provide retail and community banking to customers from branch locations in the Netherlands. All of the member banks retain local management and are technically considered the owners of the Rabobank Group. Customers of each local Rabobank can become members of their cooperative but they do not own stock in it. Membership includes full voting rights, enabling customers to have a voice in Rabobank’s decisions and ensuring that Rabobank is able to deliver on its promise of customer value. Together, the 152 local Rabobanks serve a combined total of 1.7 million member-customers. Rabobank’s central organisation, Rabobank Nederland, remains responsible for the supervision of the financial health Rabobank Group: of the Group as a whole. It also advises and supports the local Rabobanks in the Netherlands. Additionally, it acts as treasurer cross-guarantee system to the entire Group, conducts wholesale banking, and is the The Rabobank Group has a cross-guarantee system, holding company for specialised subsidiaries that provide which guarantees the solvency strength of the insurance, asset and investment management, leasing, private banking and real estate financing. Group as a whole and of the individual entities. In this cross-guarantee the 152 Member Banks, Rabobank Nederland and its affiliates are legally responsible for each other’s financial commitments. 14 | The Rabobank Story Rabobank Group Structure 9.5 million clients 1.7 million members 152 local Rabobanks Rabobank Nederland Support of local Rabobanks Staff functions Rabobank Group Rabobank International • Private individuals • Corporate Social Responsibility • Food & agribusiness • Small & medium-sized enterprises • Investor Relations • Wholesale banking • Private Banking • Long-Term Funding • International retail banking • Other support units • Other staff units Labels Asset Management Leasing Real estate Insurance Housing Business • Orbay • De Lage Landen • Rabo Real Estate • Eureko (39%) • Obvion • Rembrandt • Robeco - Athlon Group - Interpolis Mergers and - Bouwfonds Acquisitions • Sarasin - Crediam Property • Schretlen & Co - Freo Development - Bouwfonds REIM - FGH Bank - Fondsenbeheer Nederland - MAB Development Governance Regulation The Rabobank Group is governed by two boards of directors – a Within the Netherlands the Rabobank Group is regulated by the Supervisory Board and an Executive Board. Dutch Central Bank. Rabobank is subject to Dutch tax regulations and pays taxes to the government of the Netherlands. Rabobank The Supervisory Board is comprised of external directors, does not have any government-sponsored funding or a tax- individuals who are not employed by Rabobank, who are elected exempt status. by the member banks and guide Rabobank Nederland in its supervisory role for the Group. Rabobank International is subject to regulation and supervision by the various governmental authorities and regulatory agencies in The Executive Board is comprised of senior Rabobank management the respective countries in which it operates. who are appointed by the Supervisory Board. This Board is responsible for the management of Rabobank Nederland and its affiliated entities. The Rabobank Story | 15 Rabobank in the Netherlands The Rabobank Group has emerged as the market leader in the Netherlands in nearly all areas of financial services, including food and agribusiness, small and medium enterprise sectors, mortgages, payments, savings and investments. Rabobank’s domestic profile: 152 Rabobanks 1,100 branches 1.7 million members 61,000 employees #1 agricultural lender, with nearly 90 per cent market share #1 sustainable bank (rated by Sustainable Asset Management group) Rabobank has long been the bank of choice for Dutch farmers – ”the farmers’ bank.” It is also a leader with non-farmers: according to recent market surveys, nearly 50 per cent of households in the Netherlands bank with Rabobank. And Rabobank is the second largest association in the Netherlands, boasting approximately 1.7 million members, who are served by over 61,000 employees. Rabobank International Rabobank’s international activities, started in the 1970s agricultural lending and financial products for small to meet the growing needs of its customers’ overseas and medium enterprises (SMEs). expansion, paved the way for future globalisation. In 1996 Rabobank’s Central Banking Division was The first international activities occurred through joint renamed Rabobank International and formulated ventures such as “Rabomerica”, a 1974 partnership a customer-focused strategy based on corporate between Rabobank and Bank of America. investment and private banking activities in the food and agribusiness industry, and the media, telecom, In 1978 Rabobank opened its first office outside the and Internet sectors. Netherlands in Curaçao. In 1981 Rabobank opened its office in New York and, later that year, obtained Since its inception Rabobank has grown into an a triple A rating from the major U.S. credit rating organisation with approximately 61,000 employees, agencies. Around the same time offices were opened with operations in 46 countries throughout North in Frankfurt and London, allowing Rabobank to America, Latin America, Europe, Asia, Australia and strengthen its lending to agribusiness clients and New Zealand. In many countries Rabobank has promote money market activities in these and other established itself as a leading financier to the food and international markets. The 1990s saw rapid expansion, agribusiness industry, offering a diversified portfolio with offices opening in São Paulo, Santiago, Buenos of financial products and services, and as a specialist Aires, Mexico City, Singapore, Hong Kong, Hamburg providing sophisticated, customer-driven solutions and Sydney. in the financial markets, banking and corporate finance areas. In 1994, Rabobank began to export its retail and commercial banking expertise outside the Looking forward, Rabobank will continue to invest Netherlands with the acquisition of PIBA Bank, a in its wholesale and retail operations, to enhance corporate financing specialist bank in Australia which and expand its position in key food and agricultural dealt mainly with large agricultural companies. markets, and to capitalise on its strengths in other Together PIBA and Rabobank acquired and developed markets where it is a specialised player. Rabobank small, non-urban banks, which were active in well- is also extending its wholesale and retail banking developed markets with a strong agricultural sector. activities into Eastern Europe (Poland), Turkey, China These banks focused specifically on retail banking, and other areas. Rabobank in Australia and New Zealand Rabobank Australia & New Zealand is part of Businesses Rabobank International, the Rabobank Group’s Rabobank Australia & New Zealand operates in four core businesses, with a primary focus on the food and agribusiness sector, but also international arm. extending into the broader financial services market: Australasian origins Corporate Financial Services – delivering banking services to large corporations in the food, agribusiness, beverage and Rabobank established an office in Australia in 1990 and acquired related manufacturing and service sectors. The bank also the Primary Industry Bank of Australia (PIBA) operating in Australia provides services to a select number of corporate clients and and New Zealand in 1994. In 1998, Rabobank reinforced its financial institutions in broader industry sectors. commitment to the rural sector in New Zealand with the purchase of Wrightson Farmers Finance. The bank has continued to expand Rural Financial Services – providing a range of customised and develop its operations in both countries in the years since. financial products and services to primary producers. Business Banking – servicing the banking needs of middle Size market enterprises operating in the food and agribusiness sector and related industries. With headquarters in Sydney, Rabobank has 52 branches throughout Australia and 30 branches in New Zealand. As at RaboPlus – the bank’s online savings and investment service, December 2009, the Group employed over 900 people in Australia providing high-interest savings and deposits and direct access to and New Zealand, with more than half based in regional locations. managed funds. Rabobank Group: Australia Rabobank Group: New Zealand As at December 2009 Darwin Whangarei Atherton Auckland Thames Ingham Townsville Pukekohe NORTHERN TERRITORY Matamata Cloncurry Ayr Hamilton Te Puke Mackay Whakatane Otorohanga Rotorua Longreach Gisborne Emerald Rockhampton New Plymouth Taumarunui QUEENSLAND WESTERN AUSTRALIA Hawera Hastings Roma Dalby Waipukurau Toowoomba Feilding Dannevirke SOUTH AUSTRALIA Brisbane Goondiwindi Geraldton Moree Masterton Dalwallinu NEW SOUTH WALES Armidale Nelson Wellington Moora Tamworth Blenheim Merredin Dubbo Perth Clare Berri Forbes Lake Grace Kadina Orange Grifﬁth Bunbury Narrogin Port Lincoln Sydney Esperance Swan Hill Adelaide Goulburn Albany Wagga Wagga Horsham Shepparton Hamilton VICTORIA Melbourne Mount Gambier Christchurch Sale Warrnambool Leongatha Ashburton Smithton Timaru Launceston TASMANIA Oamaru Hobart Alexandra Dunedin Gore Invercargill Our vision The vision conveys our uniqueness and our strengths and provides a sense of unity and direction to unite and inspire the organisation and all of its stakeholders. “Through our people we will build on our outstanding customer relationships, expert knowledge and global strength to be the most successful food and agribusiness bank and emerging financial services provider in our region.” Our values We believe the following values should guide all our dealings with our clients, the community and each other. Integrity and high ethical standards – we are open in our relationships, we do what we say and we act honourably in our dealings. Performance at the highest level – we focus on delivering strong results and aiming for excellence in what we do. Respect for each other – we work in a cooperative manner and believe that teamwork is fundamental to a successful enterprise. Committed to our customers – we apply our expertise to add real value to our clients’ businesses and we take the long-term view. Sustainable and responsible growth – we aim to be environmentally and financially responsible and to do business in a socially accountable way. The Rabobank approach sets us apart In line with its food and agribusiness speciality and cooperative structure, Rabobank’s approach to business is differentiated by four key principles that convey the bank’s uniqueness. People Knowledge and expertise Rabobank recognises that people are at the core of what we do – and As a specialist focused on food and agribusiness, Rabobank Australia of the bank’s success. As such, Rabobank’s vision can be distilled in & New Zealand has an unparalleled knowledge and understanding of the one simple message of ‘People creating success’. the sector in which it operates and clients’ individual needs. In recognising the pivotal role that our people play, the bank is Rabobank demonstrates an active approach to both acquiring committed to providing support from within through leadership and distributing knowledge through a number of industry leading training and programs such as ‘Cultivating People’, with workplace initiatives. These include global research, strategic industry advisory flexibility provisions and other employee benefits. Charged with bodies and primary producer business management programs. the responsibility of delivering our ‘face’ to the world, the quality This knowledge enables Rabobank to provide clients with benefits of our people is paramount – which is why we work to encourage which go far beyond traditional banking services – working with staff development, innovation and team work. The result is a them to build their expertise and grow their businesses. genuine desire in Rabobank to do the right thing by our clients and each other. Global strength Client focus As part of the world’s leading food and agribusiness bank, Rabobank Australia & New Zealand is uniquely placed to leverage Rabobank’s primary focus lies in providing the best service, value vast international resources and networks for the benefit of local and expertise to its clients. This philosophy is supported by our clients. As a result, the bank can also deliver a broad portfolio of cooperative structure, which unlike listed companies, allows us the global products and a level of expertise far surpassing any others in opportunity to gain a deep understanding of clients’ businesses the market. Rabobank’s locally incorporated banks in Australia and and to take a long-term approach to developing a solid, mutually- New Zealand are respectively the safest banks in Australia and New rewarding relationship. Zealand* and they have the benefit of Rabobank Group’s 110 years of Our banking specialists work closely with clients and their advisors in experience in food and agribusiness. the key Australian and New Zealand markets – developing customer relationships that are recognised as the strongest in the industry. * The obligations of Rabobank Australia Limited and Rabobank New Zealand Limited are guaranteed by its ultimate parent, Rabobank who has been ranked as the world safest non-government owned bank by Global Finance magazine every year since 1999. The guarantee is unlimited in amount and unsecured. The Rabobank Story | 23 Key events in the history of Rabobank International – Australia and New Zealand 1864 1898 Friedrich Wilhelm Raiffeisen establishes Establishment of two regional, central banks: first agricultural cooperative bank • Cooperative Association of Raiffeisen Banks in Germany • Cooperative Central Farmers’ Credit Bank (Boerenleenbank) 1860 1900 1896 First agricultural credit cooperative established in the Netherlands by and for farmers, based on Raiffeisen’s concept 1994 - October Purchase of Primary Industry Bank of Australia (PIBA) by Rabobank 1972 1995 Merger of regional banks Rabobank adopts new visual brand identity to form the Coöperatieve and logo Centrale Raiffeisen- Boerenleenbank or Rabobank 1999 - December Rabobank purchases Wrightson Farmers 1978 Finance Limited and establishes Rabo Rabobank opens first office Wrightson Finance Limited outside the Netherlands Rabo Wrightson Finance Limited renamed in Curaçao to Rabobank New Zealand Limited 1950 2000 2020 2005 - May Global Financial Markets operation established in Rabobank’s Australasian head office in Sydney 2006 A new online banking service, RaboPlus, established in New Zealand 1980 Rabobank expands its international 2002 2007 activities to serve customers overseas and PIBA rebrands to Rabobank RaboPlus launched fulfill mission of financing global agriculture Australia Limited in Australia Rabobank: investing in the future While much has changed in the last 110 years, the will aggressively defend our position as the premier principles upon which Rabobank was founded have financier of the global food and agriculture industry. remained intact. We remain true to our core mission: Rabobank strives to remain a leader in the area to create value for our customers, employees and of Corporate Social Responsibility, and to excel the communities where we do business. in sustainable entrepreneurship and banking We take pride in our tremendous financial strength throughout the world. Through the Rabobank and stability because of the benefits that our clients Development Program and the Rabobank derive from these assets. Rabobank’s strength Foundation, we encourage sustainable development is built upon the commitment and knowledge in the world’s developing markets and help improve of our employees, whose passion for customer access to financial services for people in under- service and deep industry expertise provide served regions. Our aim, in short, is to achieve an significant competitive advantages for our clients. enduring balance between our social, ecological We are committed to the long-term viability and and economic objectives, and to improve the social sustainability of agriculture around the world and prosperity of people everywhere. The Rabobank Story | 27 12498 / JAN 2010 Rabobank Australia Group Rabobank New Zealand Head Office Head Office Darling Park Tower 3 Level 12 Level 16 80 The Terrace 201 Sussex Street Wellington 6001 Sydney NSW 2000 New Zealand Australia Phone +64 4 819 2700 Phone +61 2 8115 4000 www.rabobank.co.nz www.rabobank.com.au Figures are as at December 2009.
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