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Knight Capital Group Announces Consolidated Earnings Of $6.5 Million Or $0.01 Per Diluted Share For The Fourth Quarter 2012


PR Newswire/Les Echos/

Knight Capital Group Announces Consolidated Earnings Of $6.5 Million Or $0.01 Per Diluted Share For The Fourth Quarter 2012

Knight increased market share of retail U.S. equity volume both quarter over quarter and year over year among leading market makers

Fourth quarter pre-tax income of $6.8 million included an $11.4 million non-cash write-down of an investment and $7.7 million in professional fees related to the announced merger and August 1 st technology issue

JERSEY CITY, N.J., Jan. 24, 2013 -- Knight Capital Group, Inc. (NYSE Euronext: KCG) today reported consolidated earnings of $6.5 million, or $0.01 per diluted share, for the fou rth quarter of 2012.

The fourth quarter 2012 GAAP net income attributable to common stockholders was $5.2 million, or $0.01 per diluted share, which includes a $7.4 million, or $0.02 per diluted share, non-cash write-down of a strategic investment as well as professional fees related to the announced merger and August 1 st technology issue of $5.0 million, or $0.01 per diluted share, and a $1.2 million dividend on convertible preferred shares. On a non-GAAP basis, the fourth quarter 2012 net income attributable to common stockholders was $18.9 million, or $0.05 per diluted share. A reconciliation of GAAP to non-GAAP results is included below.

For the fourth quarter of 2011, the company reported consolidated earnings of $40.2 million, or $0.43 per diluted share. Revenues for the fourth quarter of 2012 were $287.7 million, compared to $341.3 million for the fourth quarter of 2011.

At December 31, 2012, the company had $41 3.9 million in cash and cash equivalents. The company had $1.5 billion in aggregate stockholders' equity and preferred shares as of December 31, 2012, equivalent to a book value of $4.07 per share (which includes preferred shares on an as-converted basis). The company had $1.5 billion in stockholders' equity as of December 31, 2011, equivalent to a book value of $1 5.13 per share. Tangible book value as of December 31, 2012 was $3.30 per share (which includes preferred shares on an as-converted basis) as compared to $10.67 at December 31, 2011.

"In the fourth quarter of 2012, Knight fully recaptured market share in core product areas and returned to profitability," said Thomas M. Joyce, Chairman and Chief Executive Officer, Knight Capital Group. "The rapid normalization of client trading activity demonstrates Knight's critical role in the markets and commitment to providing superior executions. Nevertheless, the financial results for the quarter were negatively impacted by the steep year over year declines in consolidated U.S. equity volume and market volatility as well as the write-down of an investment and heightened professional fees. As previously disclosed, Knight announced a merger with GETCO LLC during the fourth quarter, which will create a true category leader among market makers and agency brokers. Separately, as part of our continuing efforts to align and focus resources, Knight will consolidate the full service and electronic institutional equities sales teams as well as discontinue correspondent clearing."

"Continuing operations" includes the company's Market Making, Institutional Sales and Trading, Electronic Execution Services, and Corporate and Other segments. Market Making consists of all global market making across equities, fixed income, foreign exchange, futures and options as well as the company's activities as a Designated Market Maker at the NYSE. Institutional Sales and Trading includes full-service institutional research, sales and trading as well as equity and debt capital markets, reverse mortgage origination and securitization, and asset management. Electronic Execution Services includes Knight Direct, Knight Hotspot FX and Knight BondPoint. Corporate and Other includes strategic investments primarily in financial services-related ventures, futures execution and custody services, clearing and settlement activity, corporate overhead expenses and all other income and expenses that are not attributable to the other reporting segments.

Q4 2012 Q4 2011

Revenues ($ thousands) 287,651 341,327 Net income ($ thousands) 6,458 40,238 Diluted EPS GAAP basis($) 0.01 0.43 Diluted EPS Non-GAAP basis($) 0.05 0.43 U.S. equity Market Making statistics: Average daily dollar value traded ($ billions) 20.6 23.2 Average daily trades (thousands) 2,757.8 3,583.8 Nasdaq and Listed shares traded (billions) 41.2 51.0 FINRA OTC Bulletin Board and Other shares traded (billions) 132.0 119.5 Average revenue capture per U.S. equity dollar value traded (bps) 1.04 1.25 Average daily Knight Direct equity shares (millions) 219.5 210.5 Average daily Knight Hotspot FX notional dollar value traded ($ billions)** 21.4 27.0

YTD 2012 YTD 2011 Revenues ($ thousands) 736,091 1,404,527 Net (loss) income ($ thousands) (347,067) 115,237 Diluted EPS GAAP basis($) (6.05) 1.21 Diluted EPS Non-GAAP basis($) 0.62 1.21 U.S. equity Market Making statistics: Average daily dollar value traded ($ billions) 20.1 25.3 Average daily trades (thousands) 2,978.9 3,620.6 Nasdaq and Listed shares traded (billions) 172.1 216.5 FINRA OTC Bulletin Board and Other shares traded (billions) 621.3 876.7 Average revenue capture per U.S. equity dollar value traded (bps) 0.06 1.06 Average revenue capture per U.S. equity dollar value traded, excluding impact of Facebook IPO and August 1st technology issue (bps) * 1.03 1.06 Average daily Knight Direct equity shares (millions) 207.1 183.7 Average daily Knight Hotspot FX notional dollar value traded ($ billions)** 25.4 29.6

* Statistic excludes $26.0 million in trading losses related to the Facebook IPO and $456.6 million in trading losses related to the August 1st technology issue. ** In the second quarter of 2012, Knight modified the reporting of Knight Hotspot FX notional dollar value traded volume to count one side of the transaction. The company previously counted total client volume to include both sides of the transaction. The company posts Knight Hotspot FX volume statistics each month to its web site, which has been updated to show one-sided volume statistics dating back to the beginning of 2010.

"Despite unprecedented challenges, Knight finished the year strong," said r. Joyce. "For the full year 2012, Knight ranked first among market makers in retail U.S. equity volume and continued to drive execution quality for individual investors. The f irm's electronic trading products gained market share year over year across institutional equities, institutional spot foreign exchange and retail f ixed income. Subsidiary Urban Financial Group ranked second in reverse mortgage origination and accounted for nearly a quarter of all HMBS issuance during the year."

Market Making During the fourth quarter of 2012, the Market Making segment generated total revenues of $136.4 million and pre-tax income of $32.4 million. In the fourth quarter of 2011, Market Making reported total revenues of $187.4 million and pre-tax income of $84.4 million. Market Making had pre-tax margins of 24 percent in the fourth quarter of 2012 compared to pre-tax margins of 45 percent in the fourth quarter of 2011. The results were impacted by an estimated eight percent decrease in overall retail U.S. equity volume year over year as well as an approximate 44 percent decline in market volatility over the same period.

"In Market Making, Knight posted its highest quarterly market share of retail U.S. equity volume in two years," said Mr. Joyce. "The data, I believe, reflect the completeness of Knight's offering in terms of market coverage, deep natural liquidity, execution quality and client service. Despite encouraging signs in retail trading activity, the poor overall market conditions constrained financial results."

Institutional Sales and Trading During the fourth quarter of 2012, the Institutional Sales and Trading segment generated total revenues of $114.8 million and pre-tax income of $9.4 million. In the fourth quarter of 2011, Institutional Sales and Trading reported total revenues of $1 03.8 million and a pre-tax loss of $1 7.1 million.

"In Institutional Sales and Trading, Knight resumed the turnaround effort and recorded a profitable quarter," said Mr. Joyce. "The results are due to a combination of year over year segment revenue growth and expense reductions across the sales and trading desks. Urban made a major contribution from increased origination and securitization compared to a year ago."

Electronic Execution Services During the fourth quarter of 2012, the Electronic Execution Services segment generated total revenues of $36.8 million and pre-tax income of $7.2 million. In the fourth quarter of 2011, Electronic Execution Services reported total revenues of $40.6 million and pre-tax income of $1 2.5 million. Electronic Execution Services had pre-tax margins of 20 percent in the fourth quarter of 2012 compared to pre-tax margins of 31 percent in the fourth quarter of 2011. The results were impacted by declines in overall market volumes of U.S. equities, institutional spot foreign exchange and retail U.S. corporate bonds.

"In Electronic Execution Services, Knight continued to outperform the markets and post solid margins," said Mr. Joyce. "Knight Direct, Knight Hotspot FX and Knight BondPoint all increased market share year over year amid weaker overall volumes in their respective categories. The client acceptance underscores the spread of electronic trading and exceptional utility of Knight's platforms."

The combined institutional equities sales team, comprised of staff from Institutional Sales and Trading and Electronic Execution Services, will be jointly led by Head of Institutional Equities Joseph Mazzella and Head of International Albert Maasland. As a result of the consolidation, Head of Electronic Execution Services David Lehmann will leave the firm.

"In David's 10 years at Knight, he made numerous meaningful contributions to our growth. We thank him for his advice and guidance over the years and wish him all the best as he moves forward," said Mr. Joyce.

Corporate and Other During the fourth quarter of 2012, the Corporate and Other segment reported a pre-tax loss of $42.3 million, which included an $11.4 million non-cash write-down of a strategic investment and approximately $7.7 million in professional fees associated with the announced merger and the August 1st technology issue. In the fourth quarter of 2011, the Corporate and Other segment reported a pre-tax loss of $16.5 million.

Given the discontinuation of correspondent clearing, Head of Correspondent Clearing Steven Sadoff will leave the firm.

"Steven performed tremendous work in leading Knight's technology and operations, and we thank him for his service," said Mr. Joyce.

Headcount at December 31, 2012 was 1,524 full-time employees, compared to 1,423 full-time employees at December 31, 2011. The increase in headcount year over year is primarily due to the acquisition of our futures business as well as the expansion of market making and reverse mortgage origination.

During the fourth quarter of 2012, the company did not repurchase any shares under the company's existing stock repurchase program. To date, the company has repurchased 76.7 million shares for $879.1 million. The company has approximately $120.9 million of availability to repurchase shares under the program. The company cautions that there are no assurances that any further repurchases may actually occur.

Non-GAAP Financial Presentations The company believes that certain non-GAAP financial presentations, when taken into consideration with the corresponding GAAP financial presentations, are important in understanding the company's operating results. Selected financial information is included in the company's non-GAAP financial presentations for the three months and year ended December 31, 2012. This information includes the effects of the August 1, 2012 technology issue and subsequent related costs, the write-down of goodwill and intangible assets, trading losses related to the Facebook IPO, a gain resulting from a change in the tax status of a strategic investment, the write-down of a strategic investment, professional fees related to the announced merger, and a deemed dividend related to the beneficial conversion feature of convertible preferred shares issued in August 2012. We believe this presentation provides meaningful information to stockholders and investors as it provides comparability for our results of operations for the three months and year ended December 31, 2012 with the results for the three months and year ended December 31, 2011. See schedules below for a full reconciliation of GAAP to non-GAAP financial presentations.

* * *

Copies of this earnings release and other company information can be obtained on Knight's website, http://www.knight.com/. In addition, the company will release its monthly volume statistics for December 2012 on its website at http://www.knight.com/ourfirm/volumestats.asp before the start of trading today. Due to the announced merger with GETCO LLC, Knight will not host a conference call on the fourth quarter of 2012.


                                    * * *

Knight Capital Group (NYSE Euronext: KCG) is a global financial services firm
that provides access to the capital markets across multiple asset classes to a
broad network of clients, including broker-dealers, institutions and
corporations. Knight is headquartered in Jersey City, N.J. with a global
presence across the Americas, Europe, and the Asia Pacific regions. For further
information about Knight, please visit http://www.knight.com/.

Certain statements contained herein may constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forwardlooking statements are typically identified by words such as "believe,"
"expect," "anticipate," "intend," "target," "estimate," "continue," 
"positions," "prospects" or "potential," by future conditional verbs such as 
"will," "would," "should," "could" or "may", or by variations of such words or 
by similar expressions. These "forwardlooking statements" are not historical 
facts and are based on current expectations, estimates and projections about 
the parties' industry, management beliefs and certain assumptions made by 
management, many of which, by their nature, are inherently uncertain and beyond
our control. Accordingly, readers are cautioned that any such forward-looking 
statements are not guarantees of future performance and are subject to certain 
risks, uncertainties and assumptions that are difficult to predict including, 
without limitation, risks associated with the August 1, 2012 technology issue 
at Knight that resulted in Knight sending numerous erroneous orders in 
NYSE-listed and NYSE Arca securities into the market and the impact to Knight's
capital structure and business as well as actions taken in response thereto and
consequences thereof, risks associated with Knight's ability to recover all or 
a portion of the damages that are attributable to the manner in which NASDAQ 
OMX handled the Facebook IPO, risks associated with changes in market 
structure, legislative, regulatory or financial reporting rules, risks 
associated with past or future changes to organizational structure and 
management and the costs, integration, performance and operation of businesses 
previously acquired or developed organically, or that may be acquired or 
developed organically in the future. Readers should carefully review the risks 
and uncertainties disclosed in Knight's reports with the SEC, including, 
without limitation, those detailed under "Certain Factors Affecting Results of 
Operations" and "Risk Factors" in the Company's Annual Report on Form 10-K for 
the year-ended December 31, 2011 and in the Company's Quarterly Report on 
Form 10-Q for the quarter ended September 30, 2012, and in other reports or 
documents Knight or the new Knight/GETCO holding company files with, or 
furnishes to, the SEC from time to time.

In addition to factors previously disclosed in Knight's reports filed with the
SEC and those identified elsewhere in this filing, the following factors among
others, could cause actual results to differ materially from forward-looking
statements or historical performance: ability to obtain regulatory approvals 
and meet other closing conditions to the mergers, including approval by Knight 
and GETCO stockholders, on the expected terms and schedule; delay in closing 
the mergers; difficulties and delays in integrating the Knight and GETCO 
businesses or fully realizing cost savings and other benefits; business 
disruption following the mergers; the inability to sustain revenue and earnings
growth; customer and client actions; and the inability to realize cost savings 
or revenues or to implement integration plans and other consequences associated
with mergers, acquisitions and divestitures.

KNIGHT CAPITAL GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                        For the three months         For the year 
                          ended December 31,      ended December 31,
                        2012            2011    2012                2011

(In thousands, except per share amounts) Revenues Commissions and fees $ 150,901 $ 164,587 $ 652,821 $ 749,911 Net trading revenue 140,478 168,412 50,082 631,989 Interest, net 6,985 443 24,859 4,649 Investment (loss) income and other, net (10,713) 7,885 8,329 17,978 Total revenues 287,651 341,327 736,091 1,404,527

Expenses Employee compensation and benefits 122,477 137,496 525,247 583,786 Execution and clearance fees 47,183 53,433 200,363 229,209 Communications and data processing 25,145 21,557 97,689 87,109 Payments for order flow 28,666 19,238 90,608 85,269 Interest 13,119 11,827 52,889 42,068 Depreciation and amortization 11,635 13,519 50,348 54,000 Professional fees 13,442 5,907 32,375 21,305 Occupancy and equipment rentals 7,317 6,558 27,324 28,084 Business development 4,633 6,490 20,673 23,360 Writedown of assets and lease loss accrual - 700 143,034 2,978 Restructuring - - - 28,624 Other 7,218 1,455 32,231 31,606 Total expenses 280,835 278,180 1,272,781 1,217,398

Income (loss) from continuing operations before income taxes 6,816 63,147 (536,690) 187,129 Income tax expense (benefit) 358 22,883 (189,623) 71,488 Income (loss) from continuing operations, net of tax 6,458 40,264 (347,067) 115,641 Loss from discontinued operations, net of tax - (26) - (404) Net income (loss) $ 6,458 $ 40,238 $ (347,067) $ 115,237 Dividend on convertible preferred shares (1,217) - (2,268) - Deemed dividend related to beneficial conversion feature of convertible preferred shares - - (373,364) - Net income (loss) attributable to common stockholders $ 5,241 $ 40,238 $ (722,699) $ 115,237 Basic earnings (loss) per share from continuing operations $ 0.03 $ 0.45 $ (6.05) $ 1.26 Diluted earnings (loss) per share from continuing operations $ 0.01 $ 0.43 $ (6.05) $ 1.22 Basic earnings (loss) per share $ 0.03 $ 0.44 $ (6.05) $ 1.26 Diluted earnings (loss) per share $ 0.01 $ 0.43 $ (6.05) $ 1.21 Shares used in computation of basic earnings per share 176,907 90,427 119,376 91,490 Shares used in computation of diluted earnings per share 358,273 93,141 119,376 95,013

KNIGHT CAPITAL GROUP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

ASSETS

December 31, 2012 December 31, 2011

(In thousands) Cash and cash equivalents $ 413,926 $ 467,633 Cash and securities segregated under federal and other regulations 166,992 11,010 Financial instruments owned, at fair value: Equities 1,463,916 1,416,090 Debt securities 249,846 134,631 Listed equity options 202,091 280,384 Loan inventory 191,712 206,572 Other financial instruments 237 21,483 Securitized HECM loan inventory 4,054,905 1,722,631 Total financial instruments owned, at fair value 6,162,707 3,781,791 Collateralized agreements: Securities borrowed 1,008,720 1,494,647 Receivable from brokers, dealers and clearing organizations 1,149,984 623,897 Fixed assets and leasehold improvements, at cost, less accumulated depreciation and amortization 108,114 111,464 Investments 78,348 83,231 Goodwill 213,900 337,843 Intangible assets, less accumulated amortization 64,833 92,889 Income taxes receivable 152,576 9,788 Other assets 258,347 138,758 Total assets $ 9,778,447 $ 7,152,951

LIABILITIES, CONVERTIBLE PREFERRED STOCK & EQUITY

Liabilities

Financial instruments sold, not yet purchased, at fair value: Equities $ 1,164,999 $ 1,369,750 Debt securities 318,158 63,073 Listed equity options 155,942 254,506 Other financial instruments 5,505 34,563 Total financial instruments sold, not yet purchased, at fair value 1,644,604 1,721,892 Collateralized financings: Securities loaned 504,082 697,998 Financial instruments sold under agreements to repurchase 466,487 420,320 Other secured financings 146,330 59,405 Liability to GNMA trusts, at fair value 4,002,704 1,710,627 Total collateralized financings 5,119,603 2,888,350 Payable to brokers, dealers and clearing organizations 388,788 322,660 Payable to customers 402,464 23,664 Accrued compensation expense 153,934 188,939 Accrued expenses and other liabilities 197,761 121,083 Long-term debt 388,753 424,338 Total liabilities 8,295,907 5,690,926

Convertible Preferred Stock 229,857 - Equity Class A common stock 2,748 1,664 Additional paid-in capital 1,400,317 850,837 Retained earnings 710,621 1,433,320 Treasury stock, at cost (858,907) (823,023) Accumulated other comprehensive loss (2,096) (773) Total equity 1,252,683 1,462,025 Total liabilities, convertible preferred stock and equity $ 9,778,447 $ 7,152,951

KNIGHT CAPITAL GROUP, INC. PRE-TAX EARNINGS BY BUSINESS SEGMENT* (In thousands) (Unaudited)


                               For the three months ended  For the year ended 
                                      December 31,             December 31,

2012 2011 2012 2011 Market Making

Revenues (1) (3) $ 136,439 $ 187,365 $ 60,940 $ 704,471 Expenses (2) (5) 104,015 103,014 429,417 448,390 Pre-tax earnings (loss) 32,424 84,351 (368,477) 256,080

Institutional Sales and Trading Revenues (3) 114,789 103,828 468,444 511,525 Expenses (2) (5) 105,355 120,977 592,649 555,885 Pre-tax earnings (loss) 9,434 (17,149) (124,205) (44,360) Electronic Execution Services Revenues 36,767 40,579 159,054 167,926 Expenses (5) 29,549 28,104 121,954 118,444 Pre-tax earnings 7,218 12,475 37,100 49,482 Corporate and Other Revenues (4) (345) 9,555 47,654 20,606 Expenses (2) (5) 41,915 26,084 128,761 94,679 Pre-tax loss (42,261) (16,529) (81,108) (74,074) Consolidated Revenues 287,651 341,327 736,091 1,404,527 Expenses 280,835 278,180 1,272,781 1,217,398 Pre-tax earnings (loss) $ 6,816 $ 63,147 $ (536,690) $ 187,129

* Totals may not add due to rounding. (1) - Included in revenues for the year ended December 31, 2012 is a trading loss of $457.6 million related to the August 1 st technology issue. (2) - Included in expenses for the year ended December 31, 2012 is a writedown of assets of $143.0 million which includes $11.9 million for Market Making and $131.1 million for Institutional Sales and Trading. Additionally, the Corporate and Other segment includes $7.7 million for the three months ended December 31, 2012 and $1 1.2 million for the year ended December 31, 2012 in professional fees related to the merger and the August 1st technology issue. (3) - Included in revenues for the year ended December 31, 2012 is a Facebook IPO trading loss of $35.4 million which includes $26.0 million for Market Making and $9.4 million for Institutional Sales and Trading. (4) - Included in revenues for the three months and year ended December 31, 2012 is an $1 1.4 million write-down of a strategic investment. Also included in revenues for the year ended December 31, 2012 is a gain on strategic investment of $10.0 million. (5) - Included in expenses for the year ended December 31, 2011 is a Restructuring charge of $28.6 million which includes $0.5 million for Market Making, $23.9 million for Institutional Sales and Trading, $0.4 million for Electronic Execution Services, and $3.8 million for Corporate and Other.

KNIGHT CAPITAL GROUP, INC. Regulation G Reconciliation of Non-GAAP financial measures (in thousands)


                   Market  Institutional   Electronic  Corporate  Consolidated
                   Making      Sales       Execution   and Other 

and Tradin Services Three months ended December 31, 2012

Reconciliation of GAAP Pre-Tax to Non-GAAP Pre-Tax: GAAP Pre-Tax Income (Loss) $ 32,424 $ 9,434 $ 7,218 $ (42,261) $ 6,816 Write-down of strategic investment - - - 11,384 11,384 Professional fees related to merger and August 1st technology issue - - - 7,702 7,702 Non-GAAP Pre-Tax Income (Loss) $ 32,424 $ 9,434 $ 7,218 $ (23,175) $ 25,902


                   Market  Institutional   Electronic   Corporate Consolidated
                   Making      Sales       Execution    and Other 

and Tradin Services Year ended December 31, 2012

Reconciliation of GAAP Pre-Tax to Non-GAAP Pre-Tax: GAAP Pre-Tax (Loss) Income $ (368,477) $ (124,205) $ 37,100 $ (81,108) $ (536,690) August 1st trading loss, related costs and professional fees related to merger 457,570 - - 11,222 468,792 Write-down of assets 11,917 131,117 - - 143,034 Facebook IPO trading losses 25,975 9,385 78 - 35,438 Investment gain - - - (9,992) (9,992) Write-down of strategic investment - - - 11,384 11,384 Non-GAAP Pre-Tax Income (Loss) $ 126,985 $ 16,297 $ 37,178 $ (68,494) $ 111,966

* Totals may not add due to rounding

KNIGHT CAPITAL GROUP, INC. Regulation G Reconciliation of Non-GAAP financial measures

(in thousands, except per share amounts)


                                       Three Months Ended      Year Ended
                                       December 31, 2012     December 31, 2012

$ EPS $ EPS Reconciliation of GAAP Net Income (Loss) to Non - GAAP Net Income : Net income (loss) attributable to common stockholders - GAAP $ 5,241 $ 0.01 $ (722,699) $ (6.05) Add back: Deemed dividend related to beneficial conversion feature of convertible preferred shares - - 373,364 3.13 Dividend on convertible preferred shares 1,217 0.00 2,268 0.01 August 1st trading loss, related costs and professional fees related to merger 5,006 0.01 304,923 2.55 Write-down of assets - - 93,037 0.78 Facebook IPO trading losses - - 23,051 0.19 Investment gain - - (6,499) (0.05) Write-down of strategic investment 7,400 0.02 7,400 0.06 Net income attributable to common stockholders - Non-GAAP $ 18,864 $ 0.05 $ 74,846 $ 0.62

Shares used in computation of earnings per share 358,273 119,376

* Totals may not add due to rounding

SOURCE Knight Capital Group, Inc.

CONTACT: Kara Fitzsimmons, Managing Director, Media Relations, +1-201-356-1523, kfitzsimmons@knight.com or Jonathan Mairs, Managing Director, Corporate Communications & Investor Relations, +1-201-356-1529, jmairs@knight.com

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-0- Jan/24/2013 11:58 GMT

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