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P U E R T O R I C O
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Trade Regulations
COUNTRYPROFILE
UERTO RICOP
BASIC DATA
Capital City: San Juan
Land Area: 8,876 sq km
Population: 3.99M (as of July 2011)
Main Towns:
Climate: Tropical marine, mild; Little seasonal temperature variation.
Language: Spanish, English
Measures: UK (imperial) and US systems
Currency: US Dollar
Time: 4 hours behind GMT
Government:
1P U E R T O R I C O
San Juan (capital) 395Bayamón 208Carolina 178Ponce 166Caguas 143Guaynabo 97Arecibo 96Mayagüez 89
Governor Secretary of State Agriculture Consumer Affairs Economic Development & Commerce Education Health Housing Labor & Human Resources Natural Resources Planning Board Treasury
Luis FortuñoKenneth McKlintockJavier Rivera AquinoLuis Gerardo RiveraJosé R. Pérez RieraEdward MorenoLorenzo González Feliciano Yesef CorderoMiguel RomeroDaniel GalánRubén Flores MarzánJesús Méndez Rodríguez
COUNTRY OVERVIEW
Source: The Economist Intelligence Unit as of February 2012
A. POLITICAL STRUCTURE
2P U E R T O R I C O
Official Name Commonwealth of Puerto Rico
Form of Government US-style representative system
Head of State Elected governor, currently Luis Fortuño (PNP), who took office on January 2nd 2008 for a four-year term; the next election is due in November 2012
The Executive A governor is elected every four years, and appoints departmental secretaries to adminis-ter executive power with the approval of the Legislative Assembly
National Legislature Bicameral Legislative Assembly, the Senate (the upper house) normally has 27 members, two for each of the eight districts, and 11 from the Commonwealth as a whole; an addi-tional member from the opposition party is added if the ruling party has an overwhelming majority; the House of Representatives (the lower house) has 51 members, elections for both the upper and lower houses: November 2012.
Legal System US-style court system, but based on the Napoleonic Code and operation within the Com-monwealth; the island also functions as a US district, with justices appointed by the US president.
National ElectionsNovember 4th 2008; the next general election is due November 2012.
National Government The Partido Nuevo Progresista (PNP) holds 22 of 27 seats in the upper house and 37 of 51 seats in the lower house. The Partido Popular Democrático (PPD) holds 14 seats in the lower house and five seats in the upper house.
Main Political Organizations Government: Partido Nuevo Progresista (PNP) Opposition: Partido Popular Democrático (PPD)Extra-parliamentary opposition: Partido Independentista Puertorriqueño (PIP); Movimiento Independentista Nacional Hostosiano (MINH); Partido Puertorriqueños por Puerto Rico (PPR)
Citi Transaction Services Latin America & Mexico
COUNTRY OVERVIEW
Source: The Economist Intelligence Unit as of February 2012
Amid a very weak economic recovery the governor, Luis Fortuño, of the prostate hood Partido Nuevo Progresista (PNP), faces a daunting array of policy challenges that include high unemployment, rising crime and the threat of further debt downgrades by the international ratings agencies (October 2011, Economic policy). In a move to improve his re-election chances as campaigning kicks off for the 2012 general election, Mr. Fortuño will attempt to shift the focus away from a severe austerity programme to a policy emphasizing stimulus spending and tax cuts. However, his efforts will be ham-pered by the need to avoid undermining his administration’s progress in improving Puerto Rico’s sovereign credit rating as well as its limited access to funds. Although the administration has brought in a number of tax reforms and has put the public finances on a healthier footing, continued weak domestic conditions and rising public disenchant-ment with Mr. Fortuño’s hardline stance on fiscal policy risk eroding support for other key reforms in the PNP-dominated legislature. Political tensions are set to rise in the outlook period, as Mr. Fortuño suffers from a loss of credibility owing partly to a mount-ing number of corruption scandals involving PNP legislators that have tarnished his party’s image. In addition, challenges on policy issues from within Mr. Fortuño’s own party will raise doubts about his ability to control the PNP rank and file. Despite promises from the government, efforts to improve the security situation will remain ineffective, owing in part to a lack of fiscal resources. The number of murders passed the 1,000 mark in November 2011 and the Economist Intelligence Unit expects the incidence and sever-ity of violent crime to increase in 2012-13. This, along with dissatisfaction among public employees and students over austerity measures, will heighten risks of social unrest.
Relations with the US will be dominated by the island’s political status issue, economic ties and, increasingly, by the US government’s interest in combating drug-trafficking activities. A task force on Puerto Rico created by the US president, Barack Obama, recommended (in March 2011) a two-stage plebiscite on Puerto Rico’s status to be com-pleted before the November 2012 election. Voters would first be asked if they are in favor of maintaining the present territorial status. If the current territorial status is rejected, they would then vote on a choice between statehood, independence or com-monwealth. The exact date on which the plebiscite would take place and what form it would take is currently under discussion. Mr. Fortuño, whose PNP party favors statehood for Puerto Rico, wants to schedule both parts of a two-stage plebiscite on the same day as the next general election in November 2012, but is facing resistance from the opposi-tion, who accuse him of using the status issue to boost his chances of re-election.
B. POLITICAL OUTLOOK 2012 - 2013
3P U E R T O R I C O
COUNTRY OVERVIEW
Headline inflation continued a downward trend, falling to 2.9% in October (it reached over 4% in September), as a result of easing energy prices. Puerto Rico is particularly exposed to fluctuations in oil prices, as it is dependent on oil for around 70% of its energy needs. On a month-on-month basis consumer prices fell by 0.6% in October. In the context of weak domestic demand and easing prices for energy and other commodi-ties, the Economist Intelligence Unit expects inflationary pressures to remain mild in the forecast period.
The most recent data published by the US Department of Labor show that unemploy-ment remained stubbornly high in October 2011. After falling to 14.7% in December 2010, the unemployment rate picked up again in 2011, peaking at 16.8% in March, dropping only marginally to 16.3% by October. In absolute terms, the number of people in employ-ment in October was 17,000 down on a year earlier, while the number of unemployed rose 2% year on year, to 209,000. In addition to redundancies in the public sector that are part of the Government’s efforts to rein in public spending, two of the larger pharma-ceutical companies operating in Puerto Rico, Pfizer and Abbot (both USbased), announced downsizing plans in 2010, which included job losses. The pharmaceutical industry, which is the single largest employer in the manufacturing sector and the larg-est source of export earnings, is facing the expiration of a number of patents of highly-profitable drugs that are produced in Puerto Rico, which will erode profitability.
C. THE DOMESTIC ECONOMY
4P U E R T O R I C O
COUNTRY OVERVIEW
Citi Transaction Services Latin America & Mexico
Even if the plebiscite takes place, the PNP’s efforts are unlikely to gain much traction, as formal proposals for full US statehood are likely to meet obstacles in the US Congress. Mr. Obama stated in September that unless there is a strong majority in favour of a change in status, Congress will be unlikely to act on the matter in the near term. Furthermore, with US elections approaching, the status issue is likely to slip further down the political agenda. On economic issues, bilateral relations with the US will focus on corporate taxes, particularly the effects of the imminent expiry of key patents, and the petition from the Puerto Rico government and private sector for the enactment of US legislation to provide new tax benefits for US companies on the island. Although the US Internal Revenue Ser-vice recently announced that US manufacturing firms will be allowed to credit Mr. Fortuño’s new excise tax on manufacturing transactions against US taxes, several manu-facturing firms, including large pharmaceutical companies, have already halted plans to invest or expand on the island. This trend is likely to continue in the short term, hindering Puerto Rico’s economic recovery.
5P U E R T O R I C O
COUNTRY OVERVIEW
After declining by 2.8% over the 2010/11 fiscal year, the index of Economic Activity pub-lished by the Government Development Bank continued to decline in the first four months of the 2011/12 fiscal year, showing the still-weak state of the Puerto Rican economy. The index was 0.9% down year on year in October, and the average for the fiscal year to date (July-October) was 1.3% down on a year earlier. However, the rate of contraction has been steadily falling and we expect the index to begin to move into positive territory in the second half of the fiscal year, leading to a modest gain in activity for the year as whole. For the 2011/12 fiscal year we expect a slight improvement in economic conditions although real GNP growth will be weak at just 0.5%, as the uneven recovery in the US and increas-ingly pessimistic outlook for the global economy have a negative impact on Puerto Rico.
D. ECONOMIC FORECAST
The 2010/11 fiscal year was the best in terms of revenue growth for the Treasury depart-ment since the start of the 2006 recession, owing largely to the introduction of the new 4% excise tax on shipments by US companies to corporations on the mainland. Revenue grew by just over 6% compared to fiscal year 2009/10. This trend continued into the first four months of the 2011/12 fiscal year (July-October 2011), as revenue increased by 7% (US$150m) year on year, led by growth in income from the special excise tax. In contrast, tax revenue from individuals and corporations continued to decline (down 25% and 20%, respectively, year on year) owing to the phasing in of lower tax rates and to the persistent effects of the ongoing recession on employment and corporate income.
COUNTRY OVERVIEW
6P U E R T O R I C OCiti Transaction Services Latin America & Mexico
Economic Growth
GNP is used in preference to GDP as a measure of growth in the local economy, as it nets out the large outflow of profits from US firms operating in Puerto Rico. After an esti-mated official contraction of 3.8% of GNP in the 2009/10 fiscal year (July-June), we esti-mate a further contraction of 1.7% in the 2010/11 fiscal year. We expect the economy to return to growth in fiscal year 2011/12, although the expansion will be extremely weak (just 0.5%), as a result of the uneven recovery in the US and our forecast for a recession in the euro zone, which could be coupled with continued market turbulence. More sub-stantial growth is expected in the medium term (we expect the economy to grow by 1.4% in fiscal year 2012/13), supported by an improvement in domestic credit conditions and as tourism and construction pick up gradually. However, the economy remains afflicted by high unemployment (which stood at above 16% in October 2011) and high, albeit easing, fuel costs. Our baseline scenario is that Mr. Fortuño’s tax relief policies will have only a limited effect on growth, as any boost to private consumption will be mostly offset by rising imports, highlighting Puerto Rico’s structural imbalances.
On the demand side, we estimate a contraction in domestic demand in 2010/11, but expect conditions to pick up slightly during the remainder of the outlook period in line with further improvements in credit conditions. However, growth in private consumption will be limited by high unemployment. Mr. Fortuño’s success in advancing the implemen-tation of PPPs will have only a limited effect in the outlook period, as these projects will take time to implement. Gross fixed investment will also suffer, as US pharmaceutical companies, the island’s largest export sector, transfer their operations outside Puerto Rico, largely in response to the expiry of key patents, which will erode profitability. Export and import levels will, on the whole, follow US growth patterns, which have weak-ened over the past quarter. On the supply side, weaker US growth will dampen growth in the tourism, services and retail sectors, while construction will continue to suffer the consequences of a contraction that began in 2007, and will grow only moderately.
Inflation
Inflation will remain mild in the outlook period, restrained by weak domestic demand, but high international prices for fuel and food will place upward pressure on the con-sumer price index in 2012. After declining to 1.1% at the end of 2010, year-on-year infla-tion was 2.9% in October, driven predominantly by higher energy and food costs. This was down from a high of over 4% a month earlier. We estimate average inflation in 2011 of 3.6%, owing in part to a low base of comparison in the year-earlier period, and we expect average inflation to remain at around the same level in 2012-13, as lower oil prices offset modest gains in demand-side pressures.
7P U E R T O R I C O
COUNTRY OVERVIEW
8P U E R T O R I C OCiti Transaction Services Latin America & Mexico
COUNTRY OVERVIEW
External Sector
After narrowing in 2009-10, Puerto Rico’s traditionally large trade deficit will widen in the outlook period, as a gradual pick-up in domestic demand leads to a rise in import spending. Although very weak private consumption will reduce some pressure on the external accounts, high oil prices and the gradual recovery of import-dependent sectors (such as retail) will lead to smaller trade surpluses in 2012-13. On the export side, growth will remain sluggish until the stuttering US recovery strengthens, and will also be hindered by prob-lems in the manufacturing sector. The large services deficit will be partly offset by the posi-tive transfers balance, which will benefit from continued (albeit decreasing as fiscal stimu-lus measures come to an end) transfers from the US federal government. Remittances inflows are insignificant, averaging less than US$500m per year.
9P U E R T O R I C O
COUNTRY OVERVIEW
B. CITIBANK IN PUERTO RICO
A. BANKS IN PUERTO RICO
BANKING SYSTEM
The financial services sector comprises of 8 commercial banks, 2 government owned devel-opment banks, and a state mortgage bank, as well as the overseas branches of a number of Wall Street investment banks and brokerage houses. There are also several international banking entities (IBEs), mostly attached to commercial banks, which have arisen under the auspices of a government policy to stimulate the development of an international banking system on the island. Accounting for 17% of GDP, the sector is relatively large and employs around 50,000 people.
Banks in Puerto Rico include: First Bank, Banco Popular, Scotia Bank, Banco Santander, Oriental Bank, BBVA, and Doral Bank
Citibank Puerto Rico has been operating since 1918. Today there are 4 Citibank branches throughout the country.
Location of branches
• San Juan• Bayamón• Caguas• Carolina
Our branch services are supported by an alliance with another financial institution, provid-ing a network of 54 additional branches across the Island.
Services Offered to Citibank Clients
• Liquidity Management/Domestic & International Account Structures• Information Management• Payable s Management• Receivables Management• FX Management• Trade Services, Supply Chain Finance, Trade Finance, EAF• Regional Implementation• Customer Service• Commercial Cards Offering: Local Issuance Capabilities• Securities and Funds Services – Local Custody
10P U E R T O R I C OCiti Transaction Services Latin America & Mexico
As a territory of the United States, Puerto Rico is a member of the second U.S. Federal Reserve clearing district. Puerto Rico has a local compensation office that performs clearings under the jurisdiction of the FED.
A. CLEARINGHOUSE
CLEARING SYSTEM
Outgoing Funds Transfer / Book Transfer are available through CitiDirect Online Banking (Global Electronic Banking Platform).
B. ELECTRONIC FUNDS TRANSFERS
11 P U E R T O R I C O
- FX Controls: No- Central bank provides the FX: No- Trade Transactions reported: No- Trade Obligations reported: No- Mandatory repatriation of export proceeds: No- Cash-deposit for import: No- Import license: No
Foreign BanksBanco Santander, BBVA
Income Tax
The maximum effective corporate tax rate is 30.00%The maximum effective personal income tax rate is 33.00%
Withholding Tax
Withholding taxes must be deducted from dividends, interest, rents, royalties, salaries, annuities, compensation or other fixed or determinable, annual or periodic income paid to non-resident individuals and non-Puerto Rican corporations or partnerships not engaged in trade or business in Puerto Rico. No withholding is required from interest on bank depos-its paid to such individuals, corporations and partnerships. Generally, the withholding rate is 29%, except that the withholding rate is 20% for non-residents who are citizens of the United States. The rate is 10% on dividends. Interest is not subject to withholding unless the debtor and recipient are related persons. Payments made to resident individuals or corporations engaged in trade or business in Puerto Rico for services rendered are subject (with some exceptions) to a withholding rate of 7% unless the recipient secures a waiver from the Secretary of the Treasury granting partial exemption from the withholding.
Other Taxes
Puerto Rico has Sales and Use Tax imposed at a rate of 5.5% at the state level and 1.5% at the municipality level, resulting in a combined rate of 7%. The new sales and use tax (in effect since 15 November 2006) generally applies to all retail sales, including mail orders, sale of tangible personal property or services, admissions fees, storage, use or consump-tion in Puerto Rico. Limited exceptions include non-processed foods, prescription medi-cines, most rental of real property, and the following services: medical-hospital, profes-sional, educational, financial, governmental, inter-business and insurance, among others.
A. TAXES
FOREIGN EXCHANGE CONTROLS
12P U E R T O R I C OCiti Transaction Services Latin America & Mexico
- Import restrictions: No- Off-shore accounts: Yes- Restrictions on hard currency transfers: No- Restrictions on income in investments: No- Operates under Aladi: No- Withholding Tax on Trade Finance paid off-shore: No WHT
Puerto Rico follows the United States’ regulations.
Trade Flow
Export – U.S. $61,657 millionImport – U.S. $40,810 million
ECLAC/CEPAL – Associate Member since 1990The Economic Commission for Latin America and the Caribbean (ECLAC) –whose Span-ish acronym is CEPAL and is headquartered in Santiago, Chile- is one of the five regional commissions of the United Nations. Its objectives are contributing to the economic development of Latin America, coordinating actions directed towards this end, reinforc-ing economic ties among countries and with other nations of the world and promoting the region's social development.
CARICOM – ObserverThe Caribbean Community (CARICOM) is a community -established by the Revised Treaty of Chaguaramas in 1973-, consisting of the following members: Antigua and Bar-buda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montser-rat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago.
The objectives of the Community are: to improve standards of living and work; the full employment of labor and other factors of production; accelerated, coordinated and sus-tained economic development and convergence; expansion of trade and economic rela-tions with third States; enhanced levels of international competitiveness; organization for increased production and productivity; achievement of a greater measure of eco-nomic leverage and effectiveness of Member States in dealing with third States, groups of States and entities of any description and the enhanced co-ordination of Member States’ foreign and foreign economic policies and enhanced functional co-operation.
A. IMPORT AND EXPORT REGULATIONS
B. REGIONAL TRADING ASSOCIATIONS
TRADE REGULATIONS
13P U E R T O R I C O
B. TIME DEPOSITS
C. OVERNIGHT INVESTMENT SWEEP
A. NEGOTIABLE CERTIFICATES OF DEPOSIT
INVESTMENT OPPORTUNITIES
Investment Products
Time Deposits, CD’s, Repos, Sweeps, Overnight Investments
Available through our Treasury Dept. Client must contact desk for rates.
Available through our Treasury Dept. Client must contact desk for rates.
Agreement required, available for clients with DDA account and minimum of $100 million to invest.
Custodial Services
Physical and book entries
Foreign Exchange
Available through our Treasury Dept. Client must contact desk for rates.
Worldlink
14P U E R T O R I C OCiti Transaction Services Latin America & Mexico
Global Account DocumentationLocal Account Conditions
Demand Deposit Account (DDA)Zero Balance AccountSWEEP Account
A. GENERAL BUSINESS TERMS AND CONDITIONS
B. ACCOUNT SERVICES SOLUTIONS FOR PUERTO RICO
C. CITIBANK’S ACCOUNT SERVICES SOLUTIONS IN PUERTO RICO
CITI SOLUTIONS & SERVICES
Documentation and Regulation
Residents or Non-Resident U.S. Dollar• Non-interest bearing• Overdraft facility (Daylight & overnight)• Minimum U.S. $10,000 to open account
Documentation Requirements • Customer activation form• Account application form• Signature cards• Contingency means of communication• Certificate of corporate resolution• Certificate of Incumbency• Certificate of Incorporation• General account conditions• Local conditions for Puerto Rico• Policy on availability of funds
15P U E R T O R I C O
E. CITIBANK’S COLLECTIONS SOLUTIONS IN PUERTO RICO
F. DELIVERY SYSTEMS
D. CITIBANK’S PAYMENT SOLUTIONS IN PUERTO RICO
G. TRADE PRODUCTS AND SERVICES
CITI SOLUTIONS & SERVICES
Local Payment Products
Local Funds Transfers, ACH, Debit Card, Paylink, Controlled Disbursement, Payroll (Direct Deposit), Check Reconcilement (partial & full), EDI, Imaging Services-Disbursement (Check Paid) Check truncation, International, WorldLink, Mass Payments, Commercial Cards.
Local Collections
Local Imaging Retail Lock Box Service, Wholesale Lock Box Service, ACH, Branch Ser-vices, Check/Currency Deposits, Remote Check Deposit.
Local Collections
Local Imaging Retail Lock Box Service, Wholesale Lock Box Service, ACH, Branch Services, Check/Currency Deposits.
Trade Services
• Letters of Credit• Documentary Collections• Guarantees• Bid & Performance Bonds
16P U E R T O R I C OCiti Transaction Services Latin America & Mexico
H. SECURITIES
• Securities Received/Delivered• Securities in Repo• Securities Clearing• Securities Registration• Securities Income Collection• New York Securities Received/Delivered• Bond/Coupon Collection Service• Mortgage Pools Safekeeping• Electronic Banking-Product Information, Transaction Initiation
CITI SOLUTIONS & SERVICES
17P U E R T O R I C O
Trade Finance
• Pre & Post Export Financing• Import Financing
Concentration
Zero Balance / Concentration Account Structure
Electronic Information Products
CitiDirect Online BankingIncludes information & transaction initiation for accounts around the globe, including on-line access to accounts in Latin America.
MARKET GUIDE FOR TREASURY
Operating Accounts 1 Non-Residents ResidentsOnshore local currency Onshore foreign currency Offshore local currency Offshore foreign currency
Overdrafts Non-Residents ResidentsOnshore local currency Onshore foreign currency
Interest-Bearing Accounts Non-Residents ResidentsOnshore local currency operating accounts Onshore foreign currency operatingaccounts
Time Deposits Non-Residents ResidentsOnshore local currency Onshore foreign currency
Domestic Notional Pooling Non-Residents ResidentsOnshore local currency Onshore foreign currency
Inter-Company Lending 2
Non-Resident to Resident Resident to Non-Resident Local currency Foreign currency
Non-Residents ResidentsLocal currency Foreign currency
FX Convertibility/Transferability
• Local Currency is freely convertible domestic and offshore.
18P U E R T O R I C OCiti Transaction Services Latin America & Mexico
Allowed-No material restrictions
Allowed-Straightforward regulations, approval or license
Allowed-Challenging regulatory approval or license
Allowed-Subject to a complex set of rules
Strictly Prohibited
MARKET GUIDE FOR TREASURY
Notes:1 Local currency is USD.2
Tax and Transfer Pricing Considerations
• WHT applies to intercompany loans (29%). • Interest isdeductible.
For more information, pleasevisitwww.transactionservices.citi.com.
19P U E R T O R I C O
Funds can be commingled in a Sweep account and client then has to program to ensure correct distribution/allocation interest income.
20P U E R T O R I C OCiti Transaction Services Latin America & Mexico
CONTACT INFORMATION
Sales Heads
Industry Sector Heads
Carolina JuanTreasury and Trade Solutions Client Sales ManagementLatin America & Mexico HeadCiti Transaction ServicesEmail: [email protected]: + 57 (316) 743 - 9347Of. Phone: +57 (1) 639 - 4026
Industrials SectorInes Vargas BarreraEmail: [email protected]: +52 (181) 8366 - 5190Of. Phone: +52 (81) 1226 - 8525
Branding, Consumer and Healthcare SectorOscar MazzaEmail: [email protected]: +1 (305) 588 - 9396Of. Phone: +1 (305) 347 - 1336
Technology, Media and Telecom SectorGabriel KirestianEmail: [email protected]: +54 (911) 3301 - 4826Of. Phone: +54 (11) 4329 - 1516
Energy, Power and Chemicals SectorPeter LangshawEmail: [email protected]: +55 (11) 6183 - 6958Of. Phone: +55 (11) 6183 - 6958
Public SectorJorg PaascheEmail: [email protected]: +52 (1) 55 5453 - 0103Of. Phone: +52 (55) 2226 - 6020Based: Mexico DF, Mexico
Non Bank FI Sector (NFBI)Ricardo DessyEmail: [email protected]: +54 (911) 6641 - 9752Of. Phone: +54 (11) 4329 - 1471Based: Buenos Aires, Argentina
BrazilAdoniro CestariEmail: [email protected]: +55 (11) 7130 - 9447Of. Phone: +55 (11) 4009 - 7838Based: Sao Paulo, Brazil
Central AmericaEvelin MadridEmail: [email protected]: + 506 8701 - 4529Of. Phone: +506 2588 - 7541Based: San Jose, Costa Rica
MexicoMiguel YtuarteEmail: [email protected]: +52 (1) 55 4088 - 2284Of. Phone: +5255 (1226) 8895Based: Mexico DF, Mexico
Andean RegionCarolina JuanEmail: [email protected]: + 57 (316) 743 - 9347Of. Phone: +57 (1) 639 - 4026Based: Bogota, Colombia
ArgentinaAdrian ScosceiraEmail: [email protected]: +54 (911) 5674 - 6966Of. Phone: +54 (11) 4329 - 1194Based: Buenos Aires, Argentina
Citi Transaction Serviceswww.transactionservices.citi.com
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