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“Empowering the Poor”


          Oct 2008


Vikram Akula, Founder and CEO
SKS HAS USED THE GRAMEEN BANK MODEL TO PROVIDE 3.2
MILLION MEMBERS CLOSE TO $1 BILLION WITH A 99% REPAYMENT




      SURV...
BORROWERS UNDERTAKE A RANGE OF ACTIVITIES




                                    Others     Agriculture
                 ...
MICRO-LOANS ENABLE THE POOR TO EARN INCOME




 Upper Poor
 70 million
 households
 in India with some
 assets
 ($1-$2/day...
THERE IS A HUGE UNMET DEMAND FOR MICROFINANCE


   Projected micro-credit demand, in crores


                            ...
MOST MFIs ARE NOT ABLE TO SCALE



     2% of MFIs serve
     >100,000 Clients
     (49 Institutions)            73% of MF...
THERE ARE 3 CONSTRAINTS TO SCALING MF... AND THE SKS SOLUTION



                    (1) Profit model to get commercial ca...
3 CONSTRAINTS TO SCALING MF... AND THE SKS SOLUTION


                  (1) Profit model to access commercial capital


 C...
PROFIT-ORIENTATION LED TO $128m IN EQUITY AND A PORTFOLIO OF
$400M
     INVESTORS                          LENDERS




 Sa...
3 CONSTRAINTS TO SCALING MF... AND THE SKS SOLUTION


                 (1) Profit model to access commercial capital


Cap...
SKS DRAWS FROM SCALABLE BUSINESS MODELS

SKS factory-style recruitment & training draws on

                              ...
3 CONSTRAINTS TO SCALING MF... AND THE SKS SOLUTION


                 (1) Profit model to access commercial capital


Cap...
SKS DEPLOYS TECHNOLOGY TO LOWER COSTS

Industry Leading MIS:




USER FRIENDLY            SCALEABLE              ACCOUNTIN...
SKS HAS SCALED TO 16 STATES WITH 3.2 MILLION MEMBERS

 As of Aug 31, 2008
 • 3.2 million Members                   Branch
...
SKS GROWTH IS EXPONENTIAL



        No of borrowers (‘000)
          2000
                                               ...
SKS’s GOAL IS TO SCALE TO 15 MILLION BY MARCH 2011



    No of borrowers (‘000)

      15,000,000
      12,000,000
      ...
SKS HAS ALSO CREATED A DISTRIBUTION CHANNEL TO THE BOP
                                               Enterprise

        ...
SKS ALSO EXTENDS ITS REACH TO THE ULTRA POOR – A SECTION
UNTOUCHED BY TRADITIONAL MICROFINANCE

            Upper Poor
   ...
ULTRA POOR PROGRAM PROVIDES ECONOMIC, SOCIAL AND HEALTH INPUTS


                              An asset,
                 ...
EMPOWERING THE POOR TO BECOME ECONOMICALLY
                                                SELF-RELIANT




              ...
Working Draft - Last Modified 8/14/2007 11:56:05 PM
                                                                      ...
INTERNAL AUDIT WILL PLAY A CRITICAL ROLE IN CAPACITY BUILDING
AND PROCESS MONITORING
                      • Strengthening...
MARGIN ON THE CORE PRODUCT ARE GOOD
                      Cost of Funds for SKS     Loan Loss            Profit is used fo...
…YET SKS IS AMONG THE LOWEST COST TO THE BORROWER


                           45

                           40

        ...
AND FOR EACH OF THE TRACKS, SKS HAS ALIGNED STRONG
PARTNERS AND AGGRESSIVE TIMELINES FOR IMPLEMENTATION
                  ...
THE POOR IN THE DEVELOPING WORLD CAN EARN RETURNS
FROM 29% TO 236% FROM THEIR MICRO-ENTERPRISES

                         ...
FOUR MAIN FACTORS LIE BEHIND HIGH RETURNS FROM MICRO-ENTERPRISES


                  Process

                  They prima...
THE ROI ON TRADE ACTIVITIES ARE AS HIGH AS 52%
  Occupation                        Description                            ...
THE ROI ON AGRICULTURE INVESTMENTS ARE AS HIGH AS 185%
   Occupation                           Description                ...
THE ROI ON PRODUCTION ACTIVITIES ARE AS HIGH AS 236%
  Occupation                        Description                      ...
THE HIGHEST RETURNS ARE ON SERVICE ACTIVITIES, UP TO 222%
  Occupation                         Description                ...
SOME FREQUENTLY ASKED QUESTIONS
 Questions                          Answers


                                     • Truly...
SKS BORROWERS ARE ENGAGED IN OVER 160 DIFFERENT ACTIVITIES,
SOME OF WHICH ARE LISTED BELOW
       Agriculture (6%)        ...
BANKS HAVE TYPICALLY NOT LENT TO THE POOR BECAUSE OF
HIGH RISKS AND HIGH TRANSACTIONS COSTS…



High risks               b...
MICROFINANCE USES GROUP LENDING TO OVERCOME RISK AND
PROVIDE LOANS AND OTHER FINANCIAL SERVICES TO THE POOR


  A quot;poo...
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SKS_Presentation(2008.10)

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How SKS is expanding the reach of microfinance.

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SKS_Presentation(2008.10)

  1. 1. “Empowering the Poor” Oct 2008 Vikram Akula, Founder and CEO
  2. 2. SKS HAS USED THE GRAMEEN BANK MODEL TO PROVIDE 3.2 MILLION MEMBERS CLOSE TO $1 BILLION WITH A 99% REPAYMENT SURVEY A VILLAGE RECRUIT MEMBERS DELIVER DOORSTEP SERVICE PROVIDE TRAINING 2
  3. 3. BORROWERS UNDERTAKE A RANGE OF ACTIVITIES Others Agriculture 7% 3% Services 23% 25% Live Stock 9% Production 33% Trade 3
  4. 4. MICRO-LOANS ENABLE THE POOR TO EARN INCOME Upper Poor 70 million households in India with some assets ($1-$2/day PPP) Micro- entrepreneurs earn Very Poor returns (ROI) 80 million of 100% households in India with no assets (up to $1/day PPP)
  5. 5. THERE IS A HUGE UNMET DEMAND FOR MICROFINANCE Projected micro-credit demand, in crores $55 Billion covered in part by moneylenders and informal sources, but largely untapped $5 Billion Current micro-credit by Total micro-credit demand, MFIs India 5
  6. 6. MOST MFIs ARE NOT ABLE TO SCALE 2% of MFIs serve >100,000 Clients (49 Institutions) 73% of MFIs Serve <2,500 Clients 9% of MFIs serve (2321 Institutions) 10,000 – 100,000 Clients (276 Institutions) Close to 90% 16% of MFIs serve of MFIs serve 2,500 – 10,000 Clients less than (515 Institutions) 10,000 clients 6
  7. 7. THERE ARE 3 CONSTRAINTS TO SCALING MF... AND THE SKS SOLUTION (1) Profit model to get commercial capital Capital (2) Scalable processes from the business world Capacity (3) Technology to automate/lower transaction costs Costs 7
  8. 8. 3 CONSTRAINTS TO SCALING MF... AND THE SKS SOLUTION (1) Profit model to access commercial capital Capital (2) Scalable processes from the business world Capacity (3) Technology to automate/lower transaction costs Costs 8
  9. 9. PROFIT-ORIENTATION LED TO $128m IN EQUITY AND A PORTFOLIO OF $400M INVESTORS LENDERS Sandstone Capital Kismet Capital Yatish Trading Ravi & Prathiba Reddy Foundation Vinod Khosla 9
  10. 10. 3 CONSTRAINTS TO SCALING MF... AND THE SKS SOLUTION (1) Profit model to access commercial capital Capital (2) Scalable processes from the business world Capacity (3) Technology to automate/lower transaction costs Costs 10
  11. 11. SKS DRAWS FROM SCALABLE BUSINESS MODELS SKS factory-style recruitment & training draws on SKS trains over 1,000 new loan 200% annual officers per growth month SKS’ standardized operational model draws on Field office Field office SKS adds Field office 150 branches and 350,000 Shared members a back office 11 month
  12. 12. 3 CONSTRAINTS TO SCALING MF... AND THE SKS SOLUTION (1) Profit model to access commercial capital Capital (2) Scalable processes from the business world Capacity (3) Technology to automate/lower transaction costs Costs 12
  13. 13. SKS DEPLOYS TECHNOLOGY TO LOWER COSTS Industry Leading MIS: USER FRIENDLY SCALEABLE ACCOUNTING REPORTING Real-time Data Transfer: Head Office Server Internet The majority of SKS Database branches transfer portfolio data through the internet, enabling D B D B management to quickly 3 4 respond to potential 3 D 4 B 2 2 problems D B D5 1 B5 1 13
  14. 14. SKS HAS SCALED TO 16 STATES WITH 3.2 MILLION MEMBERS As of Aug 31, 2008 • 3.2 million Members Branch • $980 Million Disbursed office • 6.4 Million life insurance policies • 1.1 million health insurance lives • 400k whole life insurance • 99% On-time Repayment Rate • 11,490 employee base • 1,260 branches • Over 50,000 villages and slums SKS is one of the fastest growing MFIs in the world, with an annual growth of 200% 14
  15. 15. SKS GROWTH IS EXPONENTIAL No of borrowers (‘000) 2000 SKS 1800 1600 1400 Share* 1200 Spandana* Bandhan 1000 800 600 400 200 0 2005 2006 2007 2008 * Oral reports from Managing Directors 15
  16. 16. SKS’s GOAL IS TO SCALE TO 15 MILLION BY MARCH 2011 No of borrowers (‘000) 15,000,000 12,000,000 9,000,000 6,000,000 3,000,000 0 5 6 7 8 9 0 1 r-0 r-0 r-0 r-0 r-0 r-1 r-1 Ma Ma Ma Ma Ma Ma Ma 16
  17. 17. SKS HAS ALSO CREATED A DISTRIBUTION CHANNEL TO THE BOP Enterprise Consumer Fund Based Housing Financial Education Services Remittances Fee Based Insurance Investment Products Savings Food (Perishables and Non-Perishables) Commercial Electronics Non- Financial Consumer Packaged Non- Goods (FMCG) commercial Health (e.g. de-worming) Disaster Management
  18. 18. SKS ALSO EXTENDS ITS REACH TO THE ULTRA POOR – A SECTION UNTOUCHED BY TRADITIONAL MICROFINANCE Upper Poor (70 million households) Have some assets Very Poor (70 million households) Have no assets but can work Ultra Poor (10 million households) extreme poverty 18
  19. 19. ULTRA POOR PROGRAM PROVIDES ECONOMIC, SOCIAL AND HEALTH INPUTS An asset, A sustainable An ultra poor training + to gets entrepreneurial member health & social begin activity inputs with initial support from Ravi & Prathiba Reddy Foundation 19
  20. 20. EMPOWERING THE POOR TO BECOME ECONOMICALLY SELF-RELIANT SKS Microfinance Pvt Ltd. www.sksindia.com info@sksindia.com CONFIDENTIAL - This presentation is solely for viewing. No part of it may be circulated, quoted, or reproduced for distribution without prior written approval from SKS Microfinance. 20
  21. 21. Working Draft - Last Modified 8/14/2007 11:56:05 PM Last Modified 8/14/2007 11:56:05 PM Printed 21 OUR MOBILE BANKING PILOT HAS THE POTENTIAL TO DRAMATICALLY CUT COSTS AND IMPROVE SERVICE
  22. 22. INTERNAL AUDIT WILL PLAY A CRITICAL ROLE IN CAPACITY BUILDING AND PROCESS MONITORING • Strengthening of IA Dept. - 265 strong headcount Audit Update - Every branch to be inspected at least once in a month - Grading system introduced and linked to Performance appraisal - World’s first MFI to have ISO – 9001 certification for Internal Audit processes • Risk Management - Risk Management Framework implementation by PWC Metric As of March 31, As of March 2008 June 30, 2008 2007 IA team 53 178 265 headcount Improvement in Head Internal Veteran Ex- KPMG Ex- KPMG IA process Validation Nil ISO – 9001 ISO – 9001 Branches 275 771 1062 Branch per IA 5.18 4.33 4.00 member Inspection Once in every 2 Once in a month – every Once in a month – every periodicity months branch branch IA Grading N.A Implemented. Linked to Performance Appraisal 22
  23. 23. MARGIN ON THE CORE PRODUCT ARE GOOD Cost of Funds for SKS Loan Loss Profit is used for investment for expansion in new areas. Cost to the borrowers from different provisioning for APR 26% commercial Banks like hardship cases ICICI, HDFC, UTI, SIDBI (diminishing) and others Overheads and other Admin. Related costs 4.1 26.0 9.1 1.8 Salary and Incentives for the staff. Average field staff salary is Rs. 8,000. 4.5 6.5 Personnel Admin. Cost of Loan loss Cost to Cost Cost Funds Provision Profit Borrower 23
  24. 24. …YET SKS IS AMONG THE LOWEST COST TO THE BORROWER 45 40 35 30 25 Cost of Borrow ing (%) 20 15 10 5 0 Bank RRB Coops Schemes SKS Transportation Cost (Estimate) Source: World Bank Study “Access To Finance” Transaction Costs (Bribes, Broker Fees, etc.) Interest Rate 24
  25. 25. AND FOR EACH OF THE TRACKS, SKS HAS ALIGNED STRONG PARTNERS AND AGGRESSIVE TIMELINES FOR IMPLEMENTATION Strategy Actions taken • Effective license management • EA (enterprise agreement) Licensing • Better manageability with Microsoft • Flexibility for business growth • Predictable planning and budgeting • Improvements in price, quality and service • HCL as national vendor to IT centralized • Effective process and methodologies supply desktops and allied procurement • Global vendor / procurement strategy infrastructure • Support business continuity • Ongoing • Internet connectivity with voice & data on • Tulips - connectivity partners Connectivity single net work • Goal to connect all offices by • Online data transfer with efficient Apr 2008 LAN / WAN infrastructure • Hybrid solution – MPLS / RF / VSAT • World class data center facility • Partnered with Wipro for Data center • 24/7 data management and protection Data center hosting • Support mission critical applications • Operational by Feb 08 . • Partnered with Dell for servers, via Wipro Software • Highly scalable web based applications • Selected Compulink as our applications • Rich technology software strategic partner • Affordable, scalable and upgradeable • Core Applications to go live • Automated workflow systems by Apr 08 25
  26. 26. THE POOR IN THE DEVELOPING WORLD CAN EARN RETURNS FROM 29% TO 236% FROM THEIR MICRO-ENTERPRISES Activity Internal Rate Return on Invested Net Annual of Return (%) Capital (%) Income ($) Trade Vegetable Vending 50 57 143 General Store 14 29 144 Sweet Making Shop 145 147 1,010 Ice Cream Making 13 29 305 Agriculture Leasing mango trees 184 185 511 Leasing irrigated farm land 160 161 667 Services Operating a Flour Mill 52 59 409 Tailoring 121 123 307 Roadside Micro-diner 245 246 1,528 Livestock Goat rearing (1 goat) 58 65 40 Buffalo rearing 69 74 246 Production Pottery 235 236 520 Source: Examples from SKS Microfinance in India 26
  27. 27. FOUR MAIN FACTORS LIE BEHIND HIGH RETURNS FROM MICRO-ENTERPRISES Process They primarily rely on their own and their family’s Use of family labor, which is low-cost, typically more productive labor than external labor, and usually has an expertise in the chosen activity Low Infrastructure costs are low or non-existent (e.g. Implications infrastructure micro-general stores are run out of the home; • Low inputs result costs pottery wheels are manually operated) in extremely high returns on investment No taxes and They operate in the informal economy where legal costs taxes and other legal costs are not applicable Even at 25-30%, the interest rate on working Capital costs capital loans are small (from 1-4%) compared to are a small % the income streams and total business costs of of total costs poor clients 27
  28. 28. THE ROI ON TRADE ACTIVITIES ARE AS HIGH AS 52% Occupation Description Annual Financials, IRR, ROI Trade Small General Store • Home-front stores that sell household items, Rev. +Rs.148,500 ($3,300) from batteries and matchboxes to candles Exp. -Rs.142,000 ($3,160) and candy Income Rs. 6,050 ($ 135) • Units of sale are small, with high margins • Up-front investment of Rs. 20,000 ($445) is IRR = 10% Avg. ROI = 26% used to buy stock from wholesalers in towns Vegetable Vending • Women buy seasonal vegetables from Rev. +Rs. 49,500 ($1,100) local farmers to sell in nearby towns Exp. -Rs. 43,075 ($ 960) • Unit of sales are small, margins are high Income Rs. 6,425 ($ 143) • Investment of Rs.10,000 ($225) is used to IRR = 43% Avg. ROI = 52% buy weighing scale, baskets and wooden displays Livestock Buffalo Rearing • Invest in buffalos for income from milk Rev. +Rs. 22,600 ($502) production Exp. -Rs. 11,550 ($257) • Each buffalo yields 6 litres of milk a day Income Rs. 11,050 ($245) which is sold at Rs. 8/litre IRR = 69% Avg. ROI = 74% • Up-front investment is used to buy a single buffalo costing between Rs. 10,000 - 15,000 Source: Examples from SKS Microfinance in India 28
  29. 29. THE ROI ON AGRICULTURE INVESTMENTS ARE AS HIGH AS 185% Occupation Description Annual Financials, IRR, ROI Livestock Goat Rearing • Invest in goats for income from Rev. +Rs.1,800 ($ 40) offspring Exp. -Rs. 50 ($ 1) • Average of 3-4 offspring per year Income Rs.1,750 ($ 39) with a sale price of Rs. 500 - Rs.700 • Investment of Rs. 2,250 is required IRR = 56% Avg. ROI = 63% per goat Agriculture Lease of Farm Land • Land is leased on a yearly basis for Rev. +Rs.48,000 ($1,067) agricultural purposes Exp. -Rs.18,000 ($ 400) • The up-front investment varies from Rs. Income Rs.30,000 ($ 667) 12,000 - 15,000 ($267 - $334) per acre • Geographic and soil factors determine IRR = 160% Avg. ROI = 161% crop selection and profitability Tree Lease • Generally 4-5 mango trees are leased to Rev. +Rs. 25,000 ($ 555) individuals Exp. -Rs. 2,000 ($ 45) • Seasonal business in the summer only Income Rs.23,000 ($ 510) • Each tree yields ~1,000 mangoes in a good season IRR = 184% Avg. ROI = 185% • Yearly investment (leasing of mango trees) is ~Rs. 10,000/year Source: Examples from SKS Microfinance in India 29
  30. 30. THE ROI ON PRODUCTION ACTIVITIES ARE AS HIGH AS 236% Occupation Description Annual Financials, IRR, ROI Production Sweet Making Shop • Sweets are generally made and sold daily Rev. +Rs. 182,400 ($4,050) • Sales go up to 15 kg/day in peak Exp. -Rs. 136,800 ($3,040) festivals and marriage seasons with a Income Rs. 45,600 ($1,010) sale price of Rs. 80/kg • Up-front investment of Rs. 25,000 IRR = 145% Avg. ROI = 147% ($555) is used for renting shop space and raw materials Ice-cream enterprise • Home-made ice cream is sold door-to- Rev. +Rs. 43,200 ($ 960) door by hired salespeople Exp. -Rs. 33,600 ($ 745) • On average 600 ice-cream sticks are sold Income Rs. 9,600 ($ 305) per day during the summer months • Up-front investment of Rs.30,000 ($670) IRR = 9% Avg. ROI = 26% is used to buy an ice-cream making machine Pottery • Produce clay pots for local customers Rev. +Rs. 70,000 ($1,556) Exp. -Rs. 46,600 ($1,036) • Margins are up to 90% per pot with a 6 Income Rs. 23,400 ($ 520) month peak season • Investment of Rs.10,000/year is used to IRR = 235% Avg. ROI = 236% buy clay, dust, and the pottery wheel Source: Examples from SKS Microfinance in India 30
  31. 31. THE HIGHEST RETURNS ARE ON SERVICE ACTIVITIES, UP TO 222% Occupation Description Annual Financials, IRR, ROI Services Tailoring • Provide custom tailoring service for local Rev. +Rs. 82,200 ($1,830) customers Exp. -Rs. 68,400 ($1,520) • Generate ~Rs. 450/day during peak Income Rs. 13,800 ($ 305) seasons • Up-front investment of Rs.10,000 ($225) is IRR = 108% Avg. ROI = 111% primarily used to buy a sewing machine and other production material Flour Grinding Services • Grind wheat, corn and other grains for local Rev. +Rs. 45,600 ($1,013) customers Exp. -Rs. 27,200 ($ 605) • Daily throughput of 125kg of grain at the Income Rs. 18,400 ($ 408) rate of ~Rs 2/kg • Up-front investment of Rs. 25,000 ($555) is IRR = 52% Avg. ROI = 59% used to buy grinding machine Roadside Restaurant • Sell snack items and tea to local Rev. +Rs.148,500 ($3,300) customers Exp. -Rs. 79,750 ($1,775) • Sell an average of 300 cups of tea at Income Rs. 68,750 ($1,530) 100% margin • Up-front investment of Rs.25,000 ($555) IRR = 221% Avg. ROI = 222% is primarily used to lease space and buy utensils, cooking supplies, and furniture Source: Examples from SKS Microfinance in India 31
  32. 32. SOME FREQUENTLY ASKED QUESTIONS Questions Answers • Truly speaking new ventures are few as borrowers are often Can the local economy support refinancing existing activities (replacing high cost working capital an infusion of more enterprises? with low cost microfinance) as opposed to financing new (eg. how many general stores ventures. can a village economy support?) • The burgeoning Indian economy can support more enterprises (eg. urban middle class demand for milk and milk products allows significant scope for increased milk supply) Can the natural resource base • With many enterprises, there is scope for increase without support an infusion of more depleting natural resources (eg. goats eat virtually anything and enterprises? (eg. how many therefore do not significantly deplete environmental resources) more goats can you put in a • But in some cases (such as irrigation water required for water- village?) intensive crops), there are environmental constraints and these are best addressed by state-led natural resource management • Borrowers often engage in refinancing existing activities in which they already have a core competence Do the poor have the knowledge • Where borrowers take up new activities, they do so after seeing it to take up new enterprises? successfully undertaken and learning from other borrowers • At the level of micro-enterprise – below Rs. 50,000 - significant knowledge is not required—though movement into small and medium enterprises may require training and other inputs 32
  33. 33. SKS BORROWERS ARE ENGAGED IN OVER 160 DIFFERENT ACTIVITIES, SOME OF WHICH ARE LISTED BELOW Agriculture (6%) Production (7%) Services (27%) • Land Investment • Almariah manufacture • Food products • Tailoring • Nursery • Blanket weaving • Road side Micro Dinner • Stone cutting • Tree leasing • Brick making • Small Flour Grinder • Jaggery • Land purchase • Cloth weaving • Laundry • Fishing nets • Land leasing • Mat weaving • Carpentry • Power loom (purchase) • Irrigation • Mattress making • Auto-Rickshaw • Agri- machinery • Bed/Cot making • Charakha (purchase) • Electrician • Fertilizer • Rexine work • Bouquet making • Tent- House Livestock (27%) • Beedi making • Pop corn machine • Centering • Herbal product making • Leaf plate making • Steel Smelting Shop • Poultry • Statue making • Printing press • Weaving services • Buffaloes • Agarbati making • Watch Repairing • Cows • Candle making Trade (32%) • Photo Copy Shop • Goats • Thread making • General Stores • STD Booth • Sheeps • Ice Cream Making • Oil extracting unit • Fishery • Sweet making • Vegetable Trading • Juice shop • Ox/ Plough bullocks • Spices (masala) • Utensils / Cutlery • Book binding • Donkeys • Photo frame • Animal feed (Tavudu) • Pottery/ Burner (chullah) • Fruit selling • Welding Shop 33
  34. 34. BANKS HAVE TYPICALLY NOT LENT TO THE POOR BECAUSE OF HIGH RISKS AND HIGH TRANSACTIONS COSTS… High risks because… the poor have no collateral High transaction costs because… a large number of very small loans …so village loans sharks exploit the poor’s lack of access to credit charging 36- 72% interest
  35. 35. MICROFINANCE USES GROUP LENDING TO OVERCOME RISK AND PROVIDE LOANS AND OTHER FINANCIAL SERVICES TO THE POOR A quot;poorquot; client a quot;smallquot; loan an income- to use without access gets through a generating for to capital group model “enterprise”

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