February, 2011
Agenda                      Company Overview       JBSS3 Stock Performance                       Market Overviewand Ongoin...
Who We Are                                     Our Mission To be the best at what we set out to do, totally focused on our...
Corporate Structure                                                                                                       ...
Corporate Structure                                                                                                       ...
Shareholders                                            Treasury                                              1.7%        ...
Leading, Sizeable and Diversified Business Platform                       Beef             Chicken           Pork         ...
Our Strategy               8
Distribution Platform with Access to Key Markets                                                     Growth 1             ...
Agenda                      Company Overview       JBSS3 Stock Performance                       Market Overviewand Ongoin...
Animal Protein Consumption Growth in the Last Decade                                                                      ...
Global Consumption by Protein100000900008000070000600005000040000300002000010000     0          2000          2001     200...
Global Average Export Price5.004.504.003.503.002.502.001.501.000.50       2000      2001   2002           2003    2004   2...
Global Trade by Protein900080007000600050004000300020001000   0       2000      2001   2002         2003     2004   2005  ...
Global Supply-Demand for Poultry               GLOBAL SUPPLY-DEMAND FOR POULTRYChoose Year for Chart:                 2020...
Global Supply-Demand for Pork               GLOBAL SUPPLY-DEMAND FOR PORKChoose Year for Chart:               2020Estimate...
Global Supply-Demand for Beef               GLOBAL SUPPLY-DEMAND FOR BEEF & VEALChoose Year for Chart:                 202...
Beef                                                              Exports Brazil vs USA   Both Brazil and the US continue...
Chicken                                                                Exports Brazil vs USA     The reopening of the Rus...
Agenda                      Company Overview       JBSS3 Stock Performance                       Market Overviewand Ongoin...
Highlights - 3Q10 Net revenue for the 3Q10 was R$14,069.6 million, practically stable in comparison to the 2Q10,   which ...
1                     Consolidated Performance by Protein                                          1                  R$ M...
JBS Consolidated Results                  Net Revenue (R$ million)                                     EBITDA and EBITDA M...
Performance by Business Units       JBS MERCOSUL                                  JBS USA Beef                            ...
Revenue Distribution by Market    Revenue Distribution by Market 3Q10                                  Revenue Distributio...
EBITDA Distribution by Business Units                        3Q10                                             2Q10        ...
JBS Consolidated Exports Distribution  JBS Exports 3Q10                                        JBS Exports 2Q10           ...
Debt Profile   The ratio of net debt to EBITDA was 2.9x in the quarter, slightly less than 3.0x in 2Q10.   It is importa...
Agenda                      Company Overview       JBSS3 Stock Performance                       Market Overviewand Ongoin...
Stock Performance      JBS’ shares fell 7.5% when compared with the 2nd Quarter closing price. The Ibovespa and the      ...
Ongoing ActionsPending issues                                           Actions                         JBS bought 50% of...
Ongoing Actions          Pending issues                                                     Actions                       ...
Coverage by Equity Analysts               The Company continues to work on increasing coverage by equity analysts.        ...
IR Contacts:            ir@jbs.com.br        +55 11 3144 4447        www.jbs.com.br/ir“In God We Trust, Nature We Respect”...
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Jbs presentation fev v0

  1. 1. February, 2011
  2. 2. Agenda Company Overview JBSS3 Stock Performance Market Overviewand Ongoing Actions 3Q10 Highlights 2
  3. 3. Who We Are Our Mission To be the best at what we set out to do, totally focused on our business, ensuring the bestproducts and services for our customers, solidity for our suppliers, satisfactory profitability for our shareholders and the certainty of a better future for all our employees. Our Values Excellence Planning Determination Discipline Availability Openness Simplicity 3
  4. 4. Corporate Structure CHAIRMAN JBS S.A. Joesley Batista CEO President JBS S.A. Wesley Batista Corporate Investors Corporate Commercial and Finance CEO JBS Law Relations And Adm. New business Distribution Dairy Director Brazil MERCOSUL Hides Department Jeremiah Controller José Luis International Gilson Marcos Marco Roberto Francisco O’Callaghan / Eliseo Medeiros Offices Teixeira Bastos Bortolon Motta de Assis e Silva Guilherme Arruda Fernandes Marco Bichieri Marcos graduate from Francisco is the director Jerry has a Engineering Eliseo has a Business Marco has more than 10 José Luiz has a degree Marco has more than 24 Roberto has more than 20 Gilson has more than Mackenzie University in of the Law Department. Degree from the University Administration and years experience in JBS. in Accounting and has years of experience in the years in the Leather 25 years experience inBusiness Administration Has a post graduated of Cork College in Ireland. Accounting Degree from Initially started as a been working in the Beef Protein Sector. Worked Industry. Was Finance and Controller and has a MBA in from the University of Immigrated to Brazil in the University Católica de Production Manager and Sector since 1975. 14 for more than 20 years in responsible for of business units of Finance from San Mackenzie. 1979. Started working in Pernambuco and a post in 2009 was promoted to year in Bertin and Bertin. incorporating BMZ Hides Bertin, where he later Francisco State the Beef Sector in 1983 graduate degree in Chief Operating Officer of started at JBS in 1997. with the JBS Group. served as a member of Started working at JBS in University. Worked in and in JBS in 1996 in order Business Administration the Brazil Beef Division. January 2010 became the Board for 5 years. December of 2001 andmany financial institutions to develop the Trade Area from FGV. He started with the Director of New later became a member in Brazil, primarily in and eventually became the JBS in August 2005 and Business. Investment banking, of the Executive Board in Investors Relations Officer. eventually became Financial Projects, and January of 2007. Director of Administration Guilherme graduated in Portfolio management. Business and Economics and CorporateStarted in 2008 with JBS. from the University of Governance. He has 8 California. Start in the years Experience in Company in 2009 after Auditing and Consulting working for 7 years for and 10 years in the Retail BTG Pactual. industry. 4
  5. 5. Corporate Structure CEO President JBS S.A. Wesley Batista CEO USA Don Jackson JBS Five Human Pilgrims Pride Pork CFO JBS Carriers Trading CEO Beef USA Rivers Resources William W. Martin André Moe Robert Australia Bill Rupp Mike Bob Lovette Dooley Nogueira Schroder Wadland Iain Mars Thoren Daubenspeck William is the President, Bill has learned the Beef Martin has a degree in André has a degree in Mike is the President and Moe has more than 30 Robert has 27 years of Robert assumed this Iain was born in England CEO and Director of Industry from the ground Biology from the Economics from the CEO of Five Rivers since years experience in meat trading experience position in February and worked in the Beef Pilgrim’s Pride since up. Right out of college, University of Eastern Universidade Federal the Start of the Company. Transportation Sector. with 17 years of that at 2009 and before that Industry for his whole life. January 2010. He is he began learning the Illinois. Worked in Swift Fluminense, a Has a Masters of Science Graduated from the JBS enhancing exports was in JBS He became the President bringing to Pilgrim’s 27 business at Cargill where for his whole life, having specialization in in Agricultural Economics University of Ryerson, out of Australia and New Packerland from 2002 and CEO of JBS Australia years of experience in he worked for 25 years. started the company as a Marketing from PUC-SP, and has a degree in Toronto, Canada. Zealand. Recently to 2008. in 2007, after the the poultry industry. He was a general plant manager trainee in 1983. a MBA from Fundação Agribusiness from the Occupied the position of transferred to the US to acquisition of Swift. HeSince 2008, he served as manager and eventually In 2007 was given the Don Cabral and a University of Washington Vice President of Sales, run the group’s trading has worked in JBS since president and COO of went to build a meat position of president of the masters in Economics State. Dedicated Operations at business unit 2005. Case Foods, Inc processing facility in Pork Division of JBS USA. from Universidade de KLLM and before that. Furthermore, he spent Canada. He later Brasilia. Worked more was in various executive 25 years with Tyson became the VP of than 20 years in the positions at CR England . Foods in various senior Operations, then was the banking sector and Moe Joined JBS to run management roles. President of the Beef started at JBS USA in the carrier business Business, and eventually 2007 after the Swift became the president of acquisition. Cargill Meat Solutions. Bill joined JBS in 2010 as the President of the US Beef Business. 5
  6. 6. Shareholders Treasury 1.7% PROT - FIP 8.0% Market 18.7% FB Participações S.A. 54.5% BNDESPAR 17.0%  Average daily trade volume of R$ 35.2 million in 4Q10Source: JBS 6
  7. 7. Leading, Sizeable and Diversified Business Platform Beef Chicken Pork Hides / Leather Dairy Lamb Ranking 1st 2nd 3rd 1st 3rd 1st Global Global U.S.A. Global Brazil GlobalProduction Units 65 39 3 23 7 6 ‘000 heads/day: mm heads/day: ‘000 heads/day: ‘000 hides/day: ‘000 tons/day: ‘000 heads/day: 41.7 68.3 5.4 1.0 Geographic 5.0 Presence and 28.8 7.3 49.0 6.0 4.0 Installed Capacity 9.0 6.0 20.0 3.0 0.9 0.6 2.0 Total: 89.4 Total: 7.9 Total: 49.0 Total: 82.3 Total: 5.4 Total: 24.0Well-Recognized Brands 7
  8. 8. Our Strategy 8
  9. 9. Distribution Platform with Access to Key Markets Growth 1 -2 % 3% 4% Growth 1 9% 13 % 8% Growth 1 Growth 1 7% 2% 25 % 8% 16 % 5% Distribution Center Sales Offices 1 Real growth of total consumption in tons – 2010E to 2015E Source – OECD-FAO 9
  10. 10. Agenda Company Overview JBSS3 Stock Performance Market Overviewand Ongoing Actions 3Q10 Highlights 10
  11. 11. Animal Protein Consumption Growth in the Last Decade 47.7% EU - 27 North America 41.4% 7.5% 23.7% East Asia Central 29% Middle East America Southeast 70.2% Asia 48.7% Sub Saharan Africa South America 32.2% 23.3% Oceania 3 Source: FAPRI February 2010 11
  12. 12. Global Consumption by Protein100000900008000070000600005000040000300002000010000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Pork (1000 MT CWE) Beef (1000 MT CWE) Chicken (1000 MT) Source: USDA 12
  13. 13. Global Average Export Price5.004.504.003.503.002.502.001.501.000.50 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Pork (US$/MT) Beef (US$/MT) Chicken (US$/MT) Source: USDA 13
  14. 14. Global Trade by Protein900080007000600050004000300020001000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Pork (1000 MT CWE) Beef (1000 MT CWE) Chicken (1000 MT) Source: USDA 14
  15. 15. Global Supply-Demand for Poultry GLOBAL SUPPLY-DEMAND FOR POULTRYChoose Year for Chart: 2020Estimates for Chart GS Goldman Sachs Estimates 2020 GLOBAL SURPLUS (DEFICIT) OF POULTRY MEAT Goldman Sachs Estimates European Union Russia Surplus Million tons - Deficit Million tons 0.6 1.1 0.9 3.7 8.9 9.1 3.2 Prod. Imports Exports Cons. Prod. Imports Exports Cons. United States China 1.1 0.2 - 4.1 21.6 22.5 19.1 15.1 Prod. Imports Exports Cons. Prod. Imports Exports Cons. Brazil India Thailand 0.1 - - - 0.8 7.6 17.0 3.7 3.8 1.9 9.4 1.1 Prod. Imports Exports Cons. Prod. Imports Exports Cons. Prod. Imports Exports Cons. Source: Goldman Sachs 15
  16. 16. Global Supply-Demand for Pork GLOBAL SUPPLY-DEMAND FOR PORKChoose Year for Chart: 2020Estimates for Chart GS Goldman Sachs Estimates 2020 GLOBAL SURPLUS (DEFICIT) OF PORK MEAT Goldman Sachs Estimates Canada European Union Surplus Million tons 0.1 1.1 0.3 Deficit Million tons 1.3 22.7 21.6 2.2 1.2 Prod. Imports Exports Cons. Prod. Imports Exports Cons. United States Russia 0.5 - 2.5 1.1 11.9 4.1 9.9 3.1 Prod. Imports Exports Cons. Prod. Imports Exports Cons. Mexico Brazil China 0.3 - 0.2 1.4 0.8 55.8 56.4 4.4 2.2 1.6 3.0 (0.3) Prod. Imports Exports Cons. Prod. Imports Exports Cons. Prod. Imports Exports Cons. Source: Goldman Sachs 16
  17. 17. Global Supply-Demand for Beef GLOBAL SUPPLY-DEMAND FOR BEEF & VEALChoose Year for Chart: 2020Estimates for Chart GS Goldman Sachs Estimates 2020 GLOBAL SURPLUS (DEFICIT) OF BEEF & VEAL Goldman Sachs Estimates United States European Union Surplus Million tons 1.5 1.6 0.2 Deficit Million tons 0.8 12.8 12.7 8.0 8.6 Prod. Imports Exports Cons. Prod. Imports Exports Cons. Brazil China 1.2 - 0.2 6.0 15.4 7.3 8.5 9.5 Prod. Imports Exports Cons. Prod. Imports Exports Cons. Argentina & Uruguay India Australia - 0.4 - 0.4 - 1.6 3.6 3.2 4.1 2.4 3.7 0.8 Prod. Imports Exports Cons. Prod. Imports Exports Cons. Prod. Imports Exports Cons. Source: Goldman Sachs 17
  18. 18. Beef Exports Brazil vs USA Both Brazil and the US continue to lead global beef exports. Brazilian Beef Exports (Tons) US Beef and Veal Exports (Tons)1,400,000 4,500 800,000 5,000 9,8% 24,4% 4,000 700,000 4,5001,200,000 4,000 3,500 600,000 23,1%1,000,000 2,7% 3,500 3,000 500,000 3,000 800,000 2,500 400,000 2,500 600,000 2,000 2,000 300,000 1,500 1,500 400,000 200,000 1,000 1,000 100,000 500 200,000 500 0 0 0 0 2005 2006 2007 2008 2009 Jan-Nov Jan-Nov 2005 2006 2007 2008 2009 2010 2009 2010 Br Beef Exports (Tons) Avg. Price (US$/Ton) USA Beef & Veal Exports (Tons) Avg. Price (US$/Ton) Source: USDA and Secex 18
  19. 19. Chicken Exports Brazil vs USA  The reopening of the Russian market in late August should boost US chicken exports in the latter half of 2010. Brazilian Chicken Exports (Tons) US Chicken Exports (Tons) 2,000 4,000,000 1,200 -4,8%5,000,000 1,800 13,4% 3,500,000 1,000 1,600 -1,5% 3,000,0004,000,000 1,400 800 6,0% 2,500,000 1,2003,000,000 2,000,000 600 1,000 800 1,500,0002,000,000 400 600 1,000,000 2001,000,000 400 500,000 200 - - 0 0 2005 2006 2007 2008 2009 JAN-NOV JAN-NOV 2005 2006 2007 2008 2009 2010 09 10 BR Chicken exports (Tons) Avg. Price (US$/Ton) USA Broiler Meat Exports (Tons) Avg. Price (US$/Ton) Source: USDA and Secex 19
  20. 20. Agenda Company Overview JBSS3 Stock Performance Market Overviewand Ongoing Actions 3Q10 Highlights 20
  21. 21. Highlights - 3Q10 Net revenue for the 3Q10 was R$14,069.6 million, practically stable in comparison to the 2Q10, which was R$14,116.3 million. Consolidated EBITDA increased by 2.6% q-o-q, reaching R$1,026.4 million for the 3Q10. EBITDA margin was 7.3% in the quarter. The main operating highlights were:  JBS Mercosul operations presented EBITDA of R$363.7 million and EBITDA margin of 10.4% for the quarter, versus 9.5% in 2Q10, despite challenges such as cost of raw materials and FX-rate.  JBS USA Pork presented EBITDA of US$90.8 million and a historical EBITDA margin of 11.8% in 3Q10.  JBS USA Chicken (PPC) had an EBITDA of US$170.0 million, 33.2% higher q-o-q, with EBITDA margin of 9.9%.  Consolidated customer base grew 15.3% q-o-q, primarily in Mercosul, and now exceeds 350 thousand clients globally. 21
  22. 22. 1 Consolidated Performance by Protein 1 R$ Millions Net Income EBITDA Margin EBITDA Beef 8,624.2 448.2 5.2% Pork 1,350.8 158.8 11.8% Chicken 2,994.1 309.5 10.3% Others 1,100.5 109.8 10.0% Total 14,069.6 1,026.4 7.3% Export Growth Customer Base Evolution4,500.0 400.04,000.0 350.03,500.0 300.03,000.0 250.02,500.02,000.0 200.01,500.0 150.01,000.0 100.0 500.0 50.0 - - 4Q09 1Q10 2Q10 3Q10 4Q09 1Q10 2Q10 3Q10 Exports (R$ Millions) Exports (mil tons) Customers (thousand) (1) in Local GAAP 22
  23. 23. JBS Consolidated Results Net Revenue (R$ million) EBITDA and EBITDA Margin (R$ million) 6.9% 7.1% 7.3% 5.4% 3.5% 1,026.4 1,000.0 862.0 14,116.3 14,069.6 12,550.3 397.88,379.9 7,408.9 291.9 -11.6% 69.4% 12.5% -0.3% 36.3% 116.7% 16.0% 2.6%3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 Source: JBS EBITDA Margin (%) 23
  24. 24. Performance by Business Units JBS MERCOSUL JBS USA Beef JBS USA Pork JBS USA Chicken (PPC) Including AustraliaNet Sales (R$ billion) Net Sales (US$ billion) Net Sales (US$ million) Net Sales (US$ billion) 3.5 3.5 3.4 3.3 3.0 1.8 1.7 1.7 1.7 772 739 2.8 2.8 2.8 606 646 1.7 559 1.73Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 2Q09 3Q09 2Q10 3Q10 EBITDA (R$ mm) EBITDA EBITDA (US$ mm) EBITDA EBITDA (US$ mm) EBITDA EBITDA (US$ mm) EBITDA margin margin margin margin 10.6% 11.9% 9.3% 9.9% 11.8% 9.5% 10.4% 6.0% 7.5% 5.9% 6.6% 4.5% 3.8% 184.4 3.1% 6.6% 90.8 363.7 4.7% 5.4% 164.6 170.0 352.6 334.5 2.9% 2.7% 194.9 127.6 170.5 126.0 48.7 108.4 103.5 34.9 112.2 28.647.3 15.33Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 2Q09 3Q09 2Q10 3Q10 Source: JBS EBITDA Margin (%) 24
  25. 25. Revenue Distribution by Market Revenue Distribution by Market 3Q10 Revenue Distribution by Market 2Q10 Pork Chicken Pork Chicken Exports 1% Exports 2% Exports 2% Exports 2% Beef Exports Beef Beef Exports 25% Beef Domestic 44% 25% Domestic 44% Chicken Domestic 20% Chicken Domestic 20% Pork Pork Domestic 8% Domestic 7% Exports = 28% Domestic Market = 72% Exports = 29% Domestic Market = 71%Revenue Distribution by Business Units 3Q10 Revenue Distribution by Business Units 2Q10 USA Chicken Mercosul 22% 27% USA Pork 9% * USA Beef * 42% Source: JBS * Including Australia 25
  26. 26. EBITDA Distribution by Business Units 3Q10 2Q10 USA BEEF *Mercosul 18.1% USA BEEF* 36.4% Mercosul 36.1% 43.9% USA PORK 15.9% USA PORK USA Chicken USA Chicken 7.4% 29.7% 12.6% Source: JBS * Including Australia 26
  27. 27. JBS Consolidated Exports Distribution JBS Exports 3Q10 JBS Exports 2Q10 Taiwan Canada 2% Others 4% 12% Africa and Middle East China 19% 4% South Korea Mexico 5% USA 12% 7% E.U. Japan 7% Russia Hong Kong 10% 10% 8% US$2,326.9 Millions US$2,3331.0 MillionsSource: JBS 27
  28. 28. Debt Profile The ratio of net debt to EBITDA was 2.9x in the quarter, slightly less than 3.0x in 2Q10. It is important to note that the liquidity of the balance sheet continues to improve, as the cash position amounted to R$4,402.5 million (25.2% higher than 2Q10), almost 90% of short-term debt, compared to 70.0% in the previous quarter and 55.0% in 1Q10. Additionally, the debt profile also improved. ST debt reached 33.0% of total debt in the 3Q10, compared to 36.0% in the 2Q10 and 40.0% in the 1Q10. Leverage ST / LT Profile 3.3 3.1 3.1 3.0 2.9x* 60% 64% 67% 40% 36% 33% 1Q10 2Q10 3Q10 3Q09 4Q09 1Q10 2Q10 3Q10 Short term Long term Source: JBS *LTM including Bertin and Pilgrim’s Pride pro-forma. EBITDA Margin EBITDA 28
  29. 29. Agenda Company Overview JBSS3 Stock Performance Market Overviewand Ongoing Actions 3Q10 Highlights 29
  30. 30. Stock Performance JBS’ shares fell 7.5% when compared with the 2nd Quarter closing price. The Ibovespa and the S&P 500 Indexes increased 13.4% and 11.1% respectively, in 3rd Quarter 2010. The sector, in general, was impacted by factors such as FX-Rate and rising input cost. The Company continues to focus on measures to enhance the share price. JBS vs Ibovespa in the 3Q10 130.0 125.0 120.0 115.0 110.0 105.0 100.0 95.0 90.0 85.0 80.0 Jul-10 Aug-10 Sep-10 JBSS3 IBOV Source: Bloomberg (Base 100 = 01/07/10) 30
  31. 31. Ongoing ActionsPending issues Actions JBS bought 50% of Inalca JBS in 2008 paying a total of € 218.5 INALCA JBS million. JBS filed a request at the International Chamber of Commerce in Paris to guarantee the right to nominate the CFO, which has been denied JBS from the outset. The Company requested Ernst & Young to conduct a full audit, which in progress. The Company closed 3 plants and concentrated its production in a Argentina more efficient industrial complex.  Laid off 1,500 employees from 4 plants.  Negotiated commercial agreements that will increase plants utilization and deficiencies as well as maximizing the Pilar Distribution Center.  Transferred headquarters from Buenos Aires to Rosario, reducing administrative expenses.  3Q10 income already reflects an improvement over the previous quarter due to these actions. 31
  32. 32. Ongoing Actions Pending issues Actions  JBS paid a premium of R$ 521,940,000.00 to its Debenture holders Convertible Debentures on December 23rd, 2010.  JBS communicated that it is in advanced stages of negotiation with its main Debenture holder for the 2nd issuance of mandatorily convertible Debentures. The new Debentures will have the following characteristics:  Amount: R$4 billion  Conversion price of R$ 9.50 per share (JBSS3), plus interest paid on  Period: 5 years the debentures, net of taxes, minus the  Interest:8.5% per annum, paid remuneration paid to shareholders in quarterly the period (dividends, interest on equity, etc).  Mandatorily convertible into JBS S.A. shares at the end of the 5th year.  The management is in advanced studies supported by specializedDebt Distribution and Income Tax Rate consultants, aiming to rebalance the Companys debt, according to the cash flow of each region.  The Company believes that a solution will be implemented during the first half of 2011, which should reduce the cost of capital and maximize the goodwill amortization, increasing the Companys profitability 32
  33. 33. Coverage by Equity Analysts The Company continues to work on increasing coverage by equity analysts. Please find here below the list of present analysts covering JBS. Institution Analyst Recommendation Target PriceBanco do Brasil Mariana Peringer Buy 13.18Bradesco Ricardo Boiati Market Perform 8,80BTG Pactual Fábio Monteiro Buy 9.30Goldman Sachs Gustavo Wigman Neutral 7,30HSBC Pedro Herrera Overweight 9.50Merrill Lynch BofA Fernando Ferreira Neutral 8.00Santander Luis Miranda Buy 9.60Safra Erick Guedes Outperform 10.35UBS Gustavo Oliveira Neutral 8.80Votorantim Luiz Carlos Cesta Neutral 8.80 Source: Bloomberg and Company 33
  34. 34. IR Contacts: ir@jbs.com.br +55 11 3144 4447 www.jbs.com.br/ir“In God We Trust, Nature We Respect” 34

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