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Ferro Reports 2010 Third-Quarter Results

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					Ferro Reports 2010 Third-Quarter Results
    l   Net sales grow to $529 million, a 20 percent increase from the 2009 third quarter
    l   Strong cash flow from operations of $89 million, including recovery of $56 million in precious metal collateral
    l   Full-year 2010 sales and adjusted EBITDA outlook increased

October 25, 2010 05:39 PM Eastern Daylight Time  

CLEVELAND--(EON: Enhanced Online News)--Ferro Corporation (NYSE: FOE, the “Company”) today
announced net sales of $529 million for the three months ended September 30, 2010, an increase of 20 percent
from net sales of $442 million in the third quarter of 2009.

In the 2010 third quarter, the Company’s operating results included net pre-tax charges of $42.7 million. The
charges included a loss on extinguishment of debt of $19.3 million, restructuring and impairment charges of $9.6
million and other charges of $13.8 million primarily related to debt refinancing activities, manufacturing rationalization
actions and employee severance. Including the charges, the loss from continuing operations for the 2010 third
quarter was $2.4 million, or $0.04 per diluted share, compared with income from operations of $2.8 million, or
$0.04 per diluted share, in the third quarter of 2009. In the third quarter of 2009, the operating results included net
pre-tax charges of $14.1 million primarily related to impairment of goodwill, manufacturing rationalization and other
cost reduction actions.

“Our excellent third-quarter results, net of pre-tax charges, show the sustainable benefits we have created through
our improved cost structure,” said Chairman, President and Chief Executive Officer James F. Kirsch. “We have
delivered on our commitment to transform Ferro into a strong, efficient competitor that is ready to build on our
leading product positions. We are consistently delivering sales growth, strong operating cash flow and improving
margins while continuing to invest in the completion of our manufacturing rationalization initiatives.” 

2010 Third-Quarter Results

Net sales increased 20 percent compared with the third quarter of 2009. The growth in sales resulted from the
continued recovery in customer demand that began after the economic downturn in 2009. Compared with the 2009
third quarter, increased sales volume contributed 20 percentage points to the growth in sales while changes in
product mix and price contributed an additional 3 percentage points to the growth in sales. Changes in foreign
currency exchange rates reduced sales growth by approximately 3 percentage points. Increased sales of precious
metals, including changes in both price and volume, accounted for approximately 6 percentage points of the overall
sales increase compared with the prior-year period.

Gross profit increased to $120.3 million, or 22.8 percent of net sales, from $93.2 million or 21.1 percent of net sales
in the third quarter of 2009. The increase resulted from a combination of higher sales volume, changes in product mix
and pricing, and cost reductions achieved through restructuring actions. In the 2010 third quarter, charges that were
included in cost of sales reduced gross profit by $0.7 million. The charges were primarily the result of accelerated
depreciation and other costs of manufacturing rationalization actions. During the third quarter of 2009, gross profit
was reduced by charges of $0.3 million related to staffing reductions and accelerated depreciation.

Selling, general and administrative (“SG&A”) expense increased by $8.9 million compared with the third quarter of
2009. SG&A expense declined to 14.2 percent of sales in the quarter compared with 14.9 percent in the prior-year
quarter. The primary drivers of the increase in SG&A spending on a dollar basis were increased accruals for
incentive compensation and higher special charges. Charges of $5.5 million, including expenses related to
manufacturing rationalization actions and employee severance, contributed to SG&A expense during the 2010 third
quarter. In the third quarter of 2009, SG&A expense included special charges of $2.7 million related primarily to
expense reduction initiatives.

Segment income increased in Electronic Materials, Color and Glass Performance Materials, Polymer Additives,
Specialty Plastics, and Pharmaceuticals compared with the prior-year period and was lower in Performance
Coatings. Income increased in Electronic Materials due to increased customer demand, especially metal powders
and silver and aluminum pastes used by manufacturers of solar cells. Income in Color and Glass Performance
Materials improved due to increased sales volume combined with lower manufacturing costs, partially offset by
higher SG&A expense. Income increased in Polymer Additives primarily due to improved manufacturing costs and
changes in product prices. Income increased in Specialty Plastics as a result of improved product pricing, lower
manufacturing costs and reduced SG&A spending. Income increased in Pharmaceuticals primarily as a result of
changes in product mix. Income declined in Performance Coatings as a result of higher manufacturing costs, including
production disruptions due to adverse weather in Latin America, and changes in foreign currency exchange rates.

Restructuring and impairment charges were $9.6 million in the 2010 third quarter compared with $11.1 million in the
prior-year quarter. Manufacturing rationalization actions in Europe were the primary drivers of the charges, including
projects that will result in the closing of manufacturing operations at locations in the Netherlands and Portugal. In
addition, the Company recorded a charge of $2.2 million related to a decline in value of property at a manufacturing
site in the United States that was closed in 2008.

Interest expense was $10.5 million during the 2010 third quarter, a decline of $7.4 million from the prior-year
period. The primary driver of the decline in interest expense was lower average borrowing levels compared with the
third quarter of 2009. Included in the third-quarter interest expense was a charge of $0.8 million for a non-cash
write-off of unamortized fees related to a repayment of term loans.

A $19.3 million loss on extinguishment of debt was recorded in the 2010 third quarter related to debt refinancing
activities. The charge included a write-off of unamortized fees and the difference between the carrying value and fair
value of the 6.5% convertible notes purchased pursuant to a tender offer and a write-off of unamortized fees
associated with an amendment and restatement of the Company’s credit facility.

On September 30, 2010, no cash deposits were required for precious metals under our lease agreements, which
was a reduction of $56 million from the collateral required on June 30, 2010. The Company currently has
commitments for precious metal lease lines of approximately $148 million without any requirements for collateral,
and total lease commitments of over $200 million, including lease lines that require collateral.

Total debt on September 30, 2010 was $326 million, a decrease of $98 million from December 31, 2009. In
addition, at the end of the 2010 third quarter, the Company had net proceeds of $2.8 million from international
receivables factoring programs. Net proceeds from international receivables factoring on December 31, 2009 were
$10.3 million.

2010 Outlook Update

Customer demand is expected to follow historical seasonal trends during the remainder of 2010. Sales in the 2010
fourth quarter are expected to be higher than the fourth quarter of 2009, reflecting the continuing recovery in
customer demand. Sequentially, sales are expected to decline from the 2010 third quarter, reflecting normal seasonal
patterns that are driven by reduced demand from construction-related markets and year-end holidays. The
Company continues to execute additional manufacturing rationalization and expense reduction initiatives during 2010,
including plant closings and staffing reductions.

Based on these assumptions and year-to-date results, the Company has increased its estimates for 2010 financial
performance. The Company currently estimates full-year 2010 net sales will increase between 22 and 24 percent
compared with 2009, to between $2.025 billion and $2.050 billion. Adjusted EBITDA is expected to be in the
range of $260 million to $265 million in 2010, compared with the previous outlook of $240 million to $255 million.
Adjusted earnings per share for 2010 are expected to be in the range of $1.02 to $1.08.

Additional assumptions in the Company’s outlook for 2010 include:

    l   Capital expenditures of approximately $50 million;
    l   Expected completion of major operational actions related to manufacturing restructuring projects by the end
        of 2010, although some charges may be recorded in 2011;
    l   Pension expense of approximately $24 million and cash contributions to the Company’s worldwide pension
        plans of approximately $25 million;
    l   Depreciation and amortization of approximately $80 million, including accelerated depreciation associated
        with manufacturing rationalization projects; and
    l   Interest expense of approximately $43 million.

For 2011, based on an assumption of continued moderate worldwide economic growth, the Company expects
further improvements in sales and earnings per share. The Company intends to provide an outlook for 2011 along
with its 2010 year-end earnings which will be announced during the first quarter of 2011.

Non-GAAP Measures

Adjusted EBITDA is equal to income (loss) before taxes, plus interest expense, depreciation and amortization,
restructuring, impairment, loss on extinguishment of debt and other special charges.

Adjusted earnings per share is equal to income (loss) before taxes, plus restructuring and impairment charges, loss
on extinguishment of debt and other special charges, adjusted for a normalized tax rate (multiplied by 0.64), and
divided by the average number of common shares outstanding.

Adjusted EBITDA and adjusted earnings per share are financial measures not required by, or presented in
accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The measures are
presented here because they provide additional information in a manner that is commonly used by investors and
reported by third-party analysts. The amount and timing of restructuring, impairment and other special charges are
difficult to forecast due to the number of restructuring and other cost-reduction projects currently underway within
the Company and the uncertainty of factors that determine future charges, which make a detailed reconciliation to the
most directly comparable U.S. GAAP measures impractical.

Conference Call

The Company will host a conference call to discuss its 2010 third-quarter results, update its 2010 outlook, and its
outlook for general business conditions on Tuesday, October 26, 2010, at 10:00 a.m. Eastern time. To participate in
the call, dial 888-603-7018 if calling from the United States or Canada, or dial 210-234-0120 if calling from outside
North America. When prompted, refer to the pass code, FOE, and the conference leader, David Longfellow. Please
call approximately 10 minutes before the conference call is scheduled to begin.

An audio replay of the call will be available from noon Eastern time on October 26th through 9 p.m. Eastern time on
November 2nd. To access the replay, dial 800-819-5739 if calling from the United States or Canada, or dial 203-
369-3350 if calling from outside North America.

The conference call also will be broadcast live over the Internet and will be available for replay through the end of
the fourth quarter. The live broadcast and replay can be accessed through the Investor Information portion of the
Company’s Web site at www.ferro.com. A podcast of the conference call will also be available on the Company’s
Web site after the call.

About Ferro Corporation

Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials
for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including
electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive,
household furnishings, and industrial products.

Headquartered in Cleveland, Ohio, the Company has approximately 5,200 employees globally and reported 2009
sales of $1.7 billion. 

Cautionary Note on Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of Federal
securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors
concerning the Company’s operations and business environment. Important factors that could cause actual results to
differ materially from those suggested by these forward-looking statements and that could adversely affect the
Company’s future financial performance include the following:

    l   Demand in the industries into which the Company sells its products may be unpredictable, cyclical or heavily
        influenced by consumer spending;
    l   The effectiveness of the Company’s efforts to improve operating margins through sales growth, price
        increases, productivity gains, and improved purchasing techniques;
    l   The Company’s ability to successfully implement and/or administer its restructuring programs;
    l   The Company’s ability to access capital markets, borrowings, or financial transactions;
    l   The Company’s borrowing costs could be affected adversely by interest rate increases;
    l   The availability of reliable sources of energy and raw materials at a reasonable cost;
    l   Competitive factors, including intense price competition;
    l   Currency conversion rates and changing global economic, social and political conditions;
    l   The impact of future financial performance on the Company’s ability to utilize its significant deferred tax assets;
    l   Liens on Ferro assets by lenders could affect the Company’s ability to dispose of property and businesses;
    l   Restrictive covenants in the Company’s credit facilities could affect strategic initiatives and its liquidity;
    l   Increasingly aggressive domestic and foreign governmental regulations on hazardous materials and regulations
        affecting health, safety and the environment;
    l   The Company’s ability to successfully introduce new products;
    l   Stringent labor and employment laws and relationships with employees;
    l   The Company’s ability to fund employee benefit costs, especially post-retirement costs;
    l   Risks and uncertainties associated with intangible assets;
    l   Potential limitations on the use of operating loss carryforwards and other tax attributes due to significant
        changes in the ownership of Ferro’s common stock;
    l   The Company’s presence in the Asia-Pacific region where it can be difficult to compete lawfully;
    l   The identification of any material weaknesses in internal controls in the future could affect the Company’s
        ability to ensure timely and reliable financial reports;
    l   Uncertainties regarding the resolution of pending and future litigation and other claims;
    l   Restrictions on the Company’s ability to pay dividends on our common stock in the foreseeable future; and
    l   Other factors affecting the business beyond the Company’s control, including disasters, accidents, and
        governmental actions.

The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and
uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely
affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these
developments could have material adverse effects on our business, financial condition and results of operations.

This release contains time-sensitive information that reflects management’s best analysis only as of the date of this
release. The Company does not undertake any obligation to publicly update or revise any forward-looking
statements to reflect future events, information or circumstances that arise after the date of this release. Additional
information regarding these risks can be found in Ferro’s Annual Report on Form 10-K for the period ended
December 31, 2009.

Ferro Corporation and Consolidated Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
                                                 Three Months Ended                        Nine Months Ended
                                                 September 30,                             September 30,
(Dollars in thousands, except per share amounts) 2010          2009                        2010          2009
Net sales                                        $ 528,564     $ 442,089                   $ 1,564,914 $ 1,199,175
Cost of sales                                      408,268       348,920                     1,215,354    985,531
Gross profit                                       120,296       93,169                      349,560      213,644
Selling, general and administrative expenses       74,835        65,918                      215,635      196,526
Restructuring and impairment charges               9,570         11,067                      44,107       12,156
Other expense (income):
Interest expense                                   10,519        17,891                    37,196          46,255
Interest earned                                    (78       ) (216                      ) (542          ) (689           )
Loss on extinguishment of debt                     19,331        0                         19,331          0
Foreign currency (gains) losses, net               398           104                       3,644           3,033
Miscellaneous expense (income), net                       7,345       (655      ) 2,523      199
(Loss) income before income taxes                         (1,624    ) (940      ) 27,666     (43,836    )
Income tax expense (benefit)                              738         (3,749    ) 23,246     (15,844    )
(Loss) income from continuing operations                  (2,362    ) 2,809       4,420      (27,992    )
Income (loss) on disposal of disc. operations, net of
                                                          0            36         0          (322       )
income taxes
Net (loss) income                                         (2,362    ) 2,845       4,420      (28,314    )
Less: Net income (loss) attributable to noncontrolling
                                                          983          728        733        1,712
interests
Net (loss) income attributable to Ferro Corporation       (3,345    ) 2,117       3,687      (30,026    )
Dividends on preferred stock                              (165      ) (168      ) (495     ) (538       )
Net (loss) income attributable to Ferro Corporation
                                                          ($3,510   ) $ 1,949    $ 3,192     ($30,564   )
shareholders
Per common share data:
Basic income (loss) attributable to Ferro Corporation
common shareholders:
From continuing operations                                ($0.04    ) $ 0.04     $ 0.04      ($0.68     )
From discontinued operations                              0.00          0.00       0.00      (0.01      )
                                                          ($0.04    ) $ 0.04     $ 0.04      ($0.69     )
Diluted income (loss) attributable to Ferro
Corporation common shareholders:
From continuing operations                                 ($0.04   ) $ 0.04     $ 0.04       ($0.68    )
From discontinued operations                               0.00         0.00       0.00       (0.01     )
                                                           ($0.04   ) $ 0.04     $ 0.04       ($0.69    )
Cash dividends declared                                  $ 0.00       $ 0.00     $ 0.00     $ 0.01
Shares outstanding:
Basic                                           85,805,259 44,711,019 85,807,932 44,592,656
Diluted                                         85,805,259 44,996,368 86,538,887 44,592,656
End of Period                                   85,860,177 44,715,189 85,860,177 44,715,189
Ferro Corporation and Consolidated Subsidiaries
Segment Net Sales and Segment Income (Unaudited)
                                                     Three Months Ended Nine Months Ended
(Dollars in thousands)
                                                     September 30,       September 30,
                                                     2010      2009      2010        2009
Segment Net Sales
Electronic Materials                                 $ 166,953 $ 113,210 $ 488,714 $ 296,269
Performance Coatings                                   144,218 129,499 414,546         355,420
Color and Glass Perf. Materials                        91,167    88,498    288,196     232,264
Polymer Additives                                      77,291    67,660    231,431     190,105
Specialty Plastics                                     42,633    39,040    124,365     110,833
Pharmaceuticals                                        6,302     4,182     17,662      14,284
Total Segment Net Sales                              $ 528,564 $ 442,089 $ 1,564,914 $ 1,199,175
Segment Income
Electronic Materials                                 $ 31,394 $ 13,129 $ 97,273      $ 21,933
Performance Coatings                                   11,322    14,518    35,226      20,144
Color and Glass Perf. Materials                        9,192     7,815     26,457      7,583
Polymer Additives                                      6,970     4,386     13,797      7,863
Specialty Plastics                                     4,253     2,977     9,575       7,148
Pharmaceuticals                                        534       (1,316 ) 388          (989      )
Total Segment Income                                   63,665    41,509    182,716     63,682
Unallocated corp. expenses                             18,204    14,258    48,791      46,564
Restructuring and impairment charges                   9,570     11,067    44,107      12,156
Interest Expense                                       10,519    17,891    37,196      46,255
Loss on extinguishment of debt                         19,331    0         19,331      0
Other (income) expense, net                                    7,665     (767    ) 5,625      2,543
Income (loss) before income taxes from continuing operations ($1,624 ) ($940 ) $ 27,666       ($43,836 )
Ferro Corporation and Consolidated Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in thousands)                               September 30, December 31,
                                                     2010          2009
Assets                                               (Unaudited) (Audited)
Current assets:
Cash and cash equivalents                            $ 65,356      $ 18,507
Accounts and trade notes receivable, net               334,298       285,638
Inventories                                            211,892       180,700
Deposits for precious metals                           0             112,434
Deferred income taxes                                  20,888        19,618
Other receivables                                      29,583        27,795
Other current assets                                   9,431         7,180
Total current assets                                   671,448       651,872
Property, plant & equipment, net                       384,471       432,405
Goodwill                                               216,701       221,044
Amortizable intangible assets, net                     12,883        10,610
Deferred income taxes                                  135,749       133,705
Other non-current assets                               73,922        76,719
Total assets                                         $ 1,495,174 $ 1,526,355
Liabilities and Equity
Current liabilities:
Loans payable and current portion of long-term debt $ 1,646        $ 24,737
Accounts payable                                       225,774       196,038
Income taxes                                           16,916        7,241
Accrued payrolls                                       35,766        20,894
Other current liabilities                              93,127        72,039
Total current liabilities                              373,229       320,949
Long-term debt, less current portion                   323,924       398,720
Postretirement and pension liabilities                 198,632       203,743
Deferred income taxes                                  3,550         1,124
Other non-current liabilities                          22,028        31,897
Total liabilities                                      921,363       956,433
Series A convertible preferred stock                   9,427         9,427
Shareholders' equity                                   553,808       550,226
Noncontrolling interests                               10,576        10,269
Total liabilities and equity                         $ 1,495,174 $ 1,526,355
Ferro Corporation and Consolidated Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
                                                             Three Months Ended    Nine Months Ended
                                                             September 30,         September 30,
(Dollars in thousands)                                       2010       2009       2010       2009
Cash flows from operating activities
Net income (loss)                                             ($2,362 ) $ 2,845    $ 4,420      ($28,314 )
Depreciation and amortization                                 18,259      22,148     59,510     63,501
Precious metals deposits                                      55,808      (11,904 ) 112,434     (92,330 )
Accounts and trade notes receivable                           3,887       (9,274 ) (51,864 ) (5,531 )
Inventories                                                   (3,699 ) 1,965         (30,552 ) 77,477
Accounts payable                                              5,444       27,136     32,586     (10,758 )
Other changes in current assets and liabilities, net          13,769      24,555     30,664     8,774
Other adjustments, net                                        (2,423 ) (22,790 ) 23,257         (18,263 )
Net cash provided by (used for) continuing operations            88,683       34,681      180,455     (5,444 )
Net cash used for discontinued operations                        0            36          0           (325    )
Net cash provided by (used for) operating activities             88,683       34,717      180,455     (5,769 )
Cash flows from investing activities
Capital expenditures for property, plant and equipment           (11,435 ) (7,735 ) (27,733 ) (30,704 )
Proceeds from business combination                               0                        5,887       0
Proceeds from sale of assets                                     7,108        32          7,425       104
Dividends received from affiliates                               139          169         139         169
Net cash used for investing activities                           (4,188 ) (7,534 ) (14,282 ) (30,431 )
Cash flow from financing activities
Net (repayments) borrowing under loans payable                   (3,713 ) 183             (22,500 ) 29,128
Proceeds from Senior Notes                                       250,000      0           250,000     0
Proceeds from revolving credit facility                          23,350       0           23,350      0
Proceeds from former revolving credit facility                   98,250       127,000     303,390     561,624
Principal payments on revolving credit facility                  (23,350 ) 0              (23,350 ) 0
Principal payments on former revolving credit facility           (22,750 ) (157,300 ) (229,590 ) (542,027 )
Principal payments on term loan facility                         (33,562 ) (762        ) (83,562 ) (2,287 )
Extinguishment of debt                                           (326,687 )               (326,687 ) 0
Debt issue costs                                                 (10,460 ) 0              (10,460 ) (9,367 )
Cash dividends paid                                              (165     ) 0             (495     ) (636     )
Other financing activities                                       (1,762 ) (1,387 ) (788            ) 748
Net cash (used for) provided by financing activities             (50,849 ) (32,266 ) (120,692 ) 37,183
Effect of exchange rate changes on cash and cash equivalents 1,978            1,862       1,368       3,097
Increase in cash and cash equivalents                            35,624       (3,221 ) 46,849         4,080
Cash and cash equivalents at beginning of period                 29,732       17,492      18,507      10,191
Cash and cash equivalents at end of period                     $ 65,356     $ 14,271 $ 65,356       $ 14,271
Cash paid during the period for:
Interest                                                       $ 9,525      $ 12,193 $ 30,291       $ 37,985
Income taxes                                                   $ 5,893      $ 2,586     $ 15,723    $ 8,221
Ferro Corporation and Consolidated Subsidiaries
Supplemental Information
Segment Net Sales Excluding Precious Metals and
Reconciliation of Sales Excluding Precious Metals to Net Sales (Unaudited)
                                                Three Months Ended Nine Months Ended
(Dollars in thousands)
                                                September 30,        September 30,
                                                2010      2009       2010         2009
Electronic Materials                            $ 80,633 $ 54,784 $ 243,369 $ 153,051
Performance Coatings                              144,218 129,368 414,447           355,053
Color and Glass Perf. Materials                   86,362 83,136 269,392             219,359
Polymer Additives                                 77,291 67,660 231,431             190,105
Specialty Plastics                                42,633 39,040 124,365             110,833
Pharmaceuticals                                   6,302     4,183      17,662       14,284
Total segment sales excluding precious metals 437,439 378,171 1,300,666 1,042,685
Sales of precious metals                          91,125 63,918 264,248             156,490
Total net sales                                 $ 528,564 $ 442,089 $ 1,564,914 $ 1,199,175

It should be noted that segment sales excluding precious metals is a financial measure not required by, or presented
in accordance with, accounting principles generally accepted in the United States (U.S. GAAP). The sales are
presented here to exclude the impact of volatile precious metal raw material costs. The precious metal raw material
costs are generally passed through directly to customers with minimal margin. The Company believes this data
provides investors with additional information on the underlying operations of the business and enables period-to-
period comparability of financial performance. In addition, these measures are used in the calculation of certain
incentive compensation programs for selected employees.
Contacts
Ferro Corporation
Investor Contact:
David Longfellow, Director, Investor Relations, 216-875-7155
E-mail: longfellowd@ferro.com
or
Media Contact:
Mary Abood, Director, Corporate Communications, 216-875-6202
E-mail: aboodm@ferro.com

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Description: CLEVELAND--(EON: Enhanced Online News)--Ferro Corporation (NYSE: FOE, the “Company”) today announced net sales of $529 million for the three months ended September 30, 2010, an increase of 20 percent from net sales of $442 million in the third quarter of 2009. In the 2010 third quarter, the Company’s operating results included net pre-tax charges of $42.7 million. The charges included a loss on extinguishment of debt of $19.3 million, restructuring and impairment charges of $9.6 million and othe a style='font-
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