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Mecox Lane Limited Announces Fourth Quarter and Full Year 2012 Results



Mecox Lane Limited Announces Fourth Quarter and Full Year 2012 Results

Full Year 2012 Gross Profit Margin Up 2.2% Year Over Year

SHANGHAI, China, March 4, 2013 (GLOBE NEWSWIRE) -- Mecox Lane Limited ("Mecox
Lane" or the "Company") (Nasdaq:MCOX), a leading brand and multi-channel
retailer of apparel and accessories in China, today announced its unaudited
financial results for the fourth quarter and full year ended December 31,
2012.

Fourth Quarter 2012  Highlights

  * Internet platform net revenues decreased 39.1% year over year to $17.9
    million, compared to $29.4 million in the fourth quarter of 2011
  * Net revenues decreased 31.5% year over year to $39.7 million, compared to
    $58.0 million in the fourth quarter of 2011
  * Gross profit^1 decreased 32.7% year over year to $13.7 million, compared
    to $20.3 million in the fourth quarter of 2011
  * Gross margin was 34.5% in the fourth quarter of 2012, compared to 35.1% in
    the fourth quarter of 2011
  * Net loss was $7.2 million, compared to net loss of $11.5 million in the
    fourth quarter of 2011

Full Year 2012  Highlights

  * Internet platform net revenues decreased 39.4% to $71.8 million for the
    full year 2012, compared to $118.5 million for the full year 2011
  * Net revenues decreased 30.3% to $151.8 million for the full year 2012,
    compared to $217.9 million for the full year 2011
  * Gross profit^1 decreased 25.7% to $54.3 million for the full year 2012,
    compared to $73.2 million for the full year 2011
  * Gross margin was 35.8% for the full year 2012, compared to  33.6% for the
    full year 2011
  * Net loss was $22.4 million for the full year 2012, compared to net loss of
    $33.3 million for the full year 2011

Mecox Lane's Director and Chief Executive Officer Mr. Alfred Gu said, "We
remained conservative with respect to our Internet business throughout 2012
and continued to focus on controlling our costs in the fourth quarter, given
the fiercely competitive nature of the e-commerce industry. Our focus on
improving operating efficiency and lowering costs increased our overall gross
margin and reduced our operating loss for the year.

"Looking ahead, we remain steadfast in our strategy of lowering costs and
improving efficiency in order to stay competitive in the apparel and
accessories retail industry. With the formation of our new joint venture
Giosis Mecoxlane, we will refocus on our core strength of providing
fashionable, value-for-money branded apparel, as well as health and beauty and
other products, to consumers across China. We will also continue to pursue
multiple retail channels to increase sales, while also selling through the new
M18.com website, redesigned as a brand-neutral online marketplace and operated
by our joint venture. Although we expect this transitional period to present
short-term challenges, we are confident our strategic refocusing will
ultimately enhance Mecox Lane's brand recognition and deliver value to our
shareholders."

Fourth Quarter 2012 Results

Due to the seasonal nature of its business, the Company presents its financial
results on a year-over-year basis between the fourth quarter of 2012 and the
fourth quarter of 2011, as in the following paragraphs.

Total Net Revenues

Total net revenues were $39.7 million in the fourth quarter of 2012,
representing a decrease of 31.5% from $58.0 million in the fourth quarter of
2011.The decrease was primarily due to the decrease in net revenues from the
Company's Internet platform, as well as the decrease in net revenues from the
Company's directly operated and franchised stores.

Internet Platform

Net revenues from the Company's Internet platform were $17.9 million in the
fourth quarter of 2012, representing a decrease of 39.1% from $29.4 million in
the fourth quarter of 2011. The decrease was primarily attributed to a 36.6%
decrease in the number of average monthly unique visitors as a result of the
Company's decision to limit its online advertising.

Call Center

Net revenues from the call center were $14.5 million in the fourth quarter of
2012, representing a slight increase of 0.3% from $14.5 million in the fourth
quarter of 2011.

Directly Operated Stores & Franchised Stores

Net revenues from directly operated stores were $3.7 million in the fourth
quarter of 2012, representing a decrease of 54.9% from $8.1 million in the
fourth quarter of 2011. The decrease was primarily due to the decline in
average store sales and the decline in the number of directly operated stores
from an average of 117 stores in the fourth quarter of 2011 to an average of
62 stores in the fourth quarter of 2012.

Net revenues from franchised stores were $3.6 million in the fourth quarter of
2012, representing a decrease of 39.7% from $6.0 million in the fourth quarter
of 2011. The decrease in net revenues was primarily due to the decline in
average store sales and the decline in the number of franchised stores from an
average of 328 stores in the fourth quarter of 2011 to an average of 261
stores in the fourth quarter of 2012.

Cost of Goods Sold^2

Cost of goods sold was $26.0 million in the fourth quarter of 2012,
representing a decrease of 30.9% from $37.6 million in the fourth quarter of
2011. The decrease is consistent with the overall decrease in revenues.

Gross Profit^1 and Gross Margin

Gross profit was $13.7 million in the fourth quarter of 2012, representing a
decrease of 32.7% from $20.3 million in the fourth quarter of 2011. Gross
margin was 34.5% in the fourth quarter of 2012, compared to 35.1% in the
fourth quarter of 2011.

Operating Expenses

Total operating expenses were $21.7 million in the fourth quarter of 2012,
representing a decrease of 29.8% from $30.8 million in the fourth quarter of
2011.

Selling, general and administrative expenses were $20.5 million in the fourth
quarter of 2012, representing a decrease of 30.6% from $29.6 million in the
fourth quarter of 2011 due to decreases in marketing and labor costs,
partially offset by a write-down for some IT equipment related to the change
in control of the M18.com website, as of January 2013, from Mecox Lane to the
Company's joint venture, Giosis Mecoxlane.

Loss from Operations

Loss from operations was $8.0 million in the fourth quarter of 2012, compared
to loss from operations of $10.5 million in the fourth quarter of 2011.

Net Loss and Loss per ADS

Net loss was $7.2 million in the fourth quarter of 2012, compared to net loss
of $11.5 million in the fourth quarter of 2011. Non-GAAP net loss^3 was $6.8
million in the fourth quarter of 2012, compared to non-GAAP net loss of $9.4
million in the fourth quarter of 2011. Basic and diluted loss per American
depositary share ("ADS") attributable to Mecox Lane shareholders was $0.62 in
the fourth quarter of 2012. One ADS represents thirty-five ordinary shares.

Cash and Short-term Investments

As of December 31, 2012, Mecox Lane had cash and cash equivalents totaling
$13.3 million, compared to $40.1 million as of December 31, 2011 and $7.4
million as of September 30, 2012. Short-term investments on December 31, 2012
were $20.7 million, compared to $20.6 million as of December 31, 2011, all of
which were structured term bank deposits.

Full Year 2012 Results

Total Net Revenues

Total net revenues for the full year 2012 were $151.8 million, representing a
decrease of 30.3% from $217.9 million for the full year 2011. The decrease in
the Company's net revenues was primarily due to a decrease in the net revenues
from the Company's Internet platform, as well as a decrease in net revenues
from the Company's call center and directly operated stores and franchised
stores.

Internet Platform

Net revenues from the Internet platform were $71.8 million for the full year
2012, representing a decrease of 39.4% from $118.5 million for the full year
2011. The decrease was primarily attributed to a 42.0% decrease in the number
of average monthly unique visitors, we believe as a result of the Company's
decision to limit its online advertising.

Call Center

Net revenues from the call center were $48.0 million for the full year 2012,
representing a decrease of 9.1% from $52.8 million for the full year 2011. The
decrease was primarily attributed to a decline in the number of orders placed
through the call center, which is consistent with the market-wide trend in
consumer behavior in China in favor of e-commerce shopping, and to a reduction
in the Company's catalog circulation.

Directly Operated Stores & Franchised Stores

Net revenues from directly operated stores were $17.3 million for the full
year 2012, representing a decrease of 32.7% from $25.8 million for the full
year 2011. The decrease was primarily due to the decline in average store
sales and the decline in the number of directly operated stores from an
average of 117 stores in 2011 to an average of 91 stores in 2012.

Net revenues from franchised stores were $14.7 million for the full year 2012,
representing a decrease of 29.6% from $20.8 million for the full year 2011.
The decrease was primarily due to the decline in average store sales and the
decline in the number of franchised stores from an average of 306 stores in
2011 to an average of 266 stores in 2012.

Cost of Goods Sold^2

Cost of goods sold was $97.5 million for the full year 2012, a decrease of
32.7% from $144.7 million for the full year 2011. The decrease is consistent
with the overall decline in revenues.

Gross Profit^1 and Gross Margin

Gross profit for the full year 2012 was $54.3 million, representing a decrease
of 25.7% from $73.2 million for the full year 2011. Gross margin was 35.8% for
the full year 2012, compared to  33.6% for the full year 2011. The slight
increase in gross margin was primarily due to the decrease in the weighting of
the Internet business in total net revenues, which generated a lower margin
than other segments, and to selling more high-margin products through the call
center.

Operating Expenses

Total operating expenses were $78.7 million for the full year 2012,
representing a decrease of 27.1% from $108.0 million for the full year 2011.

Selling, general and administrative expenses were $76.3 million for the full
year 2012, representing a decrease of 27.1% from $104.5 million for the full
year 2011. The decrease was primarily due to decreases in marketing and labor
costs.

Loss from Operations

Loss from operations for the full year 2012 was $24.4 million, compared to
loss from operations of $34.9 million for the full year 2011.

Net Loss and Loss per ADS

Net loss was $22.4 million for the full year 2012, compared to net loss of
$33.3 million for the full year 2011. Non-GAAP net loss^3 was $20.3 million
for the full year 2012, compared to non-GAAP net loss of $28.9 million for the
full year 2011. Basic and diluted loss per ADS attributable to Mecox Lane
shareholders was $1.94 for the full year 2012. One ADS represents thirty-five
ordinary shares.

Recent Updates

In November 2012, Mecox Lane announced the proposal of a transaction with
Giosis Pte. Ltd. ("Giosis") to form a joint venture, Giosis Mecoxlane, to
operate a dynamic online marketplace in China on the M18.com website. The
transaction was approved at the Company's extraordinary general meeting of
shareholders held on December 19, 2012. On January 1, 2013, Giosis Mecoxlane
began operating the M18.com website. Giosis holds 60.0% and Mecox Lane holds
40.0% of the outstanding equity interests of Giosis Mecoxlane, assuming the
conversion of the Series A Preferred Shares of Giosis Mecoxlane.

On February 1, 2013, Mecox Lane effected a change of the ADS to ordinary share
ratio from one ADS representing seven ordinary shares to one ADS representing
thirty-five ordinary shares. The ratio change has the same effect as a
one-for-five ADS consolidation.

Conference Call Information

Mecox Lane management will hold an earnings conference call at 8 p.m. U.S.
Eastern Time on March 4, 2013 (9 a.m. Shanghai/Hong Kong Time on March 5,
2013) to discuss results and highlights from the quarter and the full year, as
well as to answer questions. A brief presentation to accompany the earnings
call will be available on the Company's website,
http://ir.mecoxlane.com/events.cfm, at 6:30 p.m. U.S. Eastern Time on March 4,
2013 (7:30 a.m. Shanghai/Hong Kong Time on March 5, 2013).

The dial-in numbers and passcode for the conference call are as follows:

U.S. Toll Free: +1-855-500-8701
International:  +65-6723-9385
Hong Kong:      +852-3051-2745
Passcode:       15271073

Additionally, an archived webcast of this call will be available on the
Investor Relations section of Mecox Lane's website at http://ir.mecoxlane.com.

About Mecox Lane Limited

Mecox Lane Limited (Nasdaq:MCOX) is a leading brand and multi-channel retailer
of apparel and accessories in China. The Company offers a wide selection of
affordable fashion products through e-commerce channels including the M18.com
website, which is operated by the Company's joint venture, Giosis Mecoxlane
Limited, and other independent e-commerce platforms, as well as through the
Company's physical store network and call center. Product offerings include
apparel and accessories, home products, beauty and healthcare products and
other items under Mecox Lane's own proprietary brands, and select domestic and
international third-party brands. For more information on Mecox Lane, please
visit http://ir.mecoxlane.com.

The Mecox Lane Limited logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11140

Safe Harbor: Forward Looking Statements

This press release contains forward-looking statements made under the "safe
harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements can be identified by terminology
such as "may," "will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "aims," "estimates," "confident," "likely to" and similar
statements. Among other things, the quotations from management in this press
release, as well as the Company's strategic and operational plans, contain
forward-looking statements. Forward-looking statements involve inherent risks
and uncertainties. A number of factors could cause actual results to differ
materially from those contained in any forward-looking statement, including
but not limited to the following: the Company's business strategies and
initiatives as well as its business plans; the Company's future business
development, results of operations and financial condition; changes in the
Company's revenues and certain cost or expense items; the Company's
expectations with respect to increased revenue growth and its ability to
sustain profitability; the Company's products under development or planning;
the Company's ability to attract customers and further enhance its brand
recognition; trends and competition in the e-commerce and apparel and
accessories industry; the e-commerce and apparel and accessories industry in
China may not grow at the rates projected by market data, or at all; the
failure of the markets to grow at the projected rates may have a material
adverse effect on the Company's business and the market price of its ADSs; in
addition, the rapidly changing nature of the e-commerce and apparel and
accessories industry in China subjects any projections or estimates relating
to the growth prospects or future condition of the Company's market to
significant uncertainties. If any one or more of the assumptions underlying
the market data turns out to be incorrect, actual results may differ from the
projections based on these assumptions. You should not place undue reliance on
these forward-looking statements. Further information regarding these and
other risks is included in the Company's annual report on Form 20-F as well as
in its other filings with the Securities and Exchange Commission. All
information provided in this press release is current as of the date of the
press release, and the Company undertakes no duty to update such information,
except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Mecox Lane's consolidated financial results presented in
accordance with United States Generally Accepted Accounting Principles
("GAAP"), Mecox Lane uses in this press release non-GAAP net income (loss),
which excludes share-based compensation expenses. The presentation of the
non-GAAP financial measure is not intended to be considered in isolation or as
a substitute for the financial information prepared and presented in
accordance with GAAP.

Mecox Lane believes that the non-GAAP financial measure facilitates investors'
and management's comparisons to Mecox Lane's historical performance and
assists management's financial and operational decision making. A limitation
of using the non-GAAP financial measure is that share-based compensation
expenses are recurring expenses that will continue to exist in Mecox Lane's
business for the foreseeable future. Management compensates for these
limitations by providing specific information regarding the GAAP amounts
excluded from the non-GAAP measure. The accompanying table has more details on
the reconciliation between the non-GAAP financial measure and its most
directly comparable GAAP financial measure.

^1Gross profit excludes the impact of depreciation and amortization expenses.

^2Cost of goods sold excludes depreciation and amortization expenses. 

^3Non-GAAP net loss and non-GAAP net income exclude share-based compensation
expenses. The non-GAAP measures and related reconciliations to GAAP measures
are described in the accompanying sections of "About Non-GAAP Financial
Measures" and the accompanying table of "Mecox Lane Limited – Consolidated
Statement of Operations Information – Reconciliations of Non-GAAP Financial
Measures to Comparable GAAP Measures" at the end of this press release.

Mecox Lane Limited
Unaudited Consolidated Balance Sheet Information
                                                                  
                                                   December 31,  December 31, 
                                                   2011          2012
                                                   $             $
ASSETS                                                            
Current assets:                                                   
Cash and cash equivalents                           40,097,545    13,291,063
Short-term investments                              20,631,910    20,682,480
Accounts receivable, net of allowances of $64,063
and $55,660 as of December 31, 2011 and December    1,993,962     1,452,864
31, 2012, respectively
Amount due from related party                       356,090       -- 
Other receivables                                   6,921,738     5,149,844
Advances to suppliers and prepaid expenses          2,138,815     6,297,463
Merchandise inventories                             31,286,353    27,349,540
Deferred tax assets—current portion                 323,911       -- 
Total current assets                                103,750,324   74,223,254
Property and equipment, net                         43,236,593    46,528,057
Prepaid land use right                              6,234,620     6,125,104
Intangible assets, net                              1,450,220     1,263,644
Other non-current assets                            833,427       249,903
TOTAL ASSETS                                        155,505,184   128,389,962
                                                                  
LIABILITIES AND EQUITY                                            
Current liabilities:                                              
Accounts payable (including accounts payable of
the consolidated VIEs without recourse to Mecox
Lane Limited of 4,886,576 and 3,101,935 as of       23,867,229    19,063,827
December 31, 2011 and December 31, 2012,
respectively)
Advances from customers (including advances from
customers of the consolidated VIEs without
recourse to Mecox Lane Limited of 1,790,998 and     4,723,687     4,570,595
1,345,714 as of December 31, 2011 and December 31,
2012, respectively)
Amount due to related parties                       --            547,478
Accrued expenses (including accrued expenses of
the consolidated VIEs without recourse to Mecox
Lane Limited of 5,378,698 and 281,152 as of         8,725,738     5,153,056
December 31, 2011 and December 31, 2012,
respectively)
Other current liabilities (including other current
liabilities of the consolidated VIEs without
recourse to Mecox Lane Limited of 4,142,652 and     5,694,457     7,358,589
1,955,777 as of December 31, 2011 and December 31,
2012, respectively)
Income tax payable (including income tax payable
of the consolidated VIEs without recourse to Mecox  1,793,016     1,779,978
Lane Limited of 107,032 and 34,718 as of December
31, 2011 and December 31, 2012, respectively)
Total current liabilities                           44,804,127    38,473,523
                                                                  
Equity:                                                           
Ordinary shares ($0.0001 par value; 10,000,000,000
shares authorized, 405,192,227 and 408,727,673
shares issued, and 405,192,227 and 403,790,426      40,519        40,873
shares outstanding as of December 31, 2011 and
December 31, 2012)
Additional paid-in capital                          163,806,117   165,934,265
Treasury Stock                                      --            (572,168)
Accumulated deficit                                 (60,415,020)  (82,811,023)
Accumulated other comprehensive income              6,201,555     6,292,753
Statutory reserve                                   967,886       931,739
Total Mecox Lane Limited equity                     110,601,057   89,816,439
Noncontrolling interests                            100,000       100,000
Total equity                                        110,701,057   89,916,439
TOTAL LIABILITIES AND EQUITY                        155,505,184   128,389,962

 
Mecox Lane Limited
Unaudited Consolidated Statement of Operations Information 
                                                                 
                    Three-month Periods Ended    Year Ended December 31
                    December 31
                    2011           2012          2011           2012
                    $              $             $              $
                                                                 
Net revenues:                                                    
Internet platform    29,433,368     17,929,683    118,502,166    71,830,359
Call center          14,458,773     14,502,806    52,783,982     47,966,846
Directly operated   8,099,441      3,653,352     25,770,146     17,343,134
stores
Franchised stores   5,985,982      3,611,972     20,837,544     14,675,718
Total net revenues   57,977,564     39,697,813    217,893,838    151,816,057
                                                                 
Cost of goods sold
(excluding                                                       
depreciation and
amortization)
Internet platform    22,259,928     14,757,065    92,686,952     57,679,033
Call center          6,224,730      5,670,933     24,399,891     19,155,224
Directly operated   4,664,551      2,429,551     12,914,304     9,894,793
stores
Franchised stores   4,494,833      3,153,879     14,737,394     10,737,821
Total cost of goods
sold (excluding      37,644,042     26,011,428    144,738,541    97,466,871
depreciation and
amortization)
                                                                 
Operating expenses:                                              
Selling, general
and administrative   29,594,998     20,525,110    104,534,226    76,309,520
expenses
Depreciation and     1,261,236      1,220,484     4,411,298      4,216,962
amortization
Other operating      (23,623)       (92,371)      (932,748)      (1,805,346)
income, net
                                                                 
Total operating      30,832,611     21,653,223    108,012,776    78,721,136
expenses
                                                                 
Loss from            (10,499,089)   (7,966,838)   (34,857,479)   (24,371,950)
operations
Interest income      435,536        417,562       2,231,462      2,143,396
Other income, net    388,345        455,120       2,307,270      120,315
                                                                 
Loss before income
taxes and            (9,675,208)    (7,094,156)   (30,318,747)   (22,108,239)
noncontrolling
interests
Income tax expense   (1,834,993)    --            (2,943,769)    (323,911)
                                                                 
Net loss             (11,510,201)   (7,094,156)   (33,262,516)   (22,432,150)
Accretion of
noncontrolling       106,463        --            256,792        20,416
interest
Net income (loss)
attributable to      (145,318)      121,994       (295,647)      (20,416)
noncontrolling
interests
Net loss
attributable to      (11,471,346)   (7,216,150)   (33,223,661)   (22,432,150)
Mecox Lane Limited
shareholders
                                                                 
Loss per ordinary                                                
share:
Basic                (0.03)         (0.02)        (0.08)         (0.06)
Diluted              (0.03)         (0.02)        (0.08)         (0.06)
Loss per ADS (1)                                                 
Basic                (0.99)         (0.62)        (2.87)         (1.94)
Diluted              (0.99)         (0.62)        (2.87)         (1.94)
Weighted average
ordinary shares                                                  
used in per share
calculation
Basic                405,192,227    404,183,345   405,192,243    404,247,016
Diluted              405,192,227    404,183,345   405,192,243    404,247,016
Weighted average
ADS used in per                                                  
share calculation
(1)
Basic                11,576,920     11,548,095    11,576,921     11,549,914
Diluted              11,576,920     11,548,095    11,576,921     11,549,914
                                                                 
Other comprehensive                                              
income, net of tax
Change in
cumulative foreign
currency             408,437        449,279       3,909,408      91,198
translation
adjustment
Other comprehensive  408,437        449,279       3,909,408      91,198
income, net of tax
                                                                 
Comprehensive
income attributable
to Mecox Lane        (11,062,909)   (6,766,871)   (29,314,253)   (22,340,952)
Limited
shareholders
                                                                 
Reconciliations of
Non-GAAP Financial
Measures to                                       
Comparable GAAP
Measures
Non-GAAP net loss    (9,425,816)    (6,701,682)   (28,908,909)   (20,312,979)
(2)
                                                                 
Note (1) ADS amounts adjusted for a change in the ratio of the Company's
American Depositary Shares ("ADSs") to ordinary shares ("Shares") from 1:7 to
1:35 ("Ratio Change"), effective as of February 1, 2013.
Note (2) We define non-GAAP net income (loss), a non-GAAP financial measure,
as net income (loss) excluding share-based compensation expenses. We review
non-GAAP net income (loss) together with net income (loss) to obtain a better
understanding of our operating performance. We also believe it is useful
supplemental information for investors and analysts to assess our operating
performance without the effect of non-cash sharebased compensation expenses,
which have been and will continue to be significant recurring expenses in our
business. However, the use of non-GAAP net income (loss) has material
limitations as an analytical tool. One of the limitations of using non-GAAP
net income (loss) is that it does not include all items that impact our net
income (loss) for the period. In addition, because non-GAAP net income (loss)
is not calculated in the same manner by all companies, it may not be
comparable to other similar titled measures used by other companies. In light
of the foregoing limitations, you should not consider non-GAAP net income
(loss) in isolation from or as an alternative to net income (loss) prepared in
accordance with U.S. GAAP.
                                                                 
The following table sets forth the reconciliation of non-GAAP net income
(loss), a non-GAAP financial measure, from net income (loss), our most
directly comparable financial measure presented in accordance with U.S. GAAP,
for the periods indicated.
                                                                 
                    Three-month Periods Ended    Year Ended December 31
                    December 31
                    2011           2012          2011           2012
                    $              $             $              $
Net loss             (11,510,201)   (7,094,156)   (33,262,516)   (22,432,150)
Add back:
Share-based          2,084,385      392,474       4,353,607      2,119,171
compensation
expenses
Non-GAAP net loss    (9,425,816)    (6,701,682)   (28,908,909)   (20,312,979)

CONTACT: For investor and media inquiries please contact:

         In China:

         Ryan Shi
         Mecox Lane Limited
         Tel: +86-21-6495-0500 or +86-21-5464-9900 Ext. 8161
         Email: ir@mecoxlane.com

         Nicholas Manganaro
         Ogilvy Financial, Beijing
         Tel: +86-10-8520-3073
         Email: mcox@ogilvy.com

         In the U.S.:

         Jessica Barist Cohen
         Ogilvy Financial, New York
         Tel: +1-646-460-9989
         Email: mcox@ogilvy.com

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