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PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ Report

Q4/Full-Year 2007 Update February 2008. PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial. Shaking the MoneyTree ™. Raleigh, NC February 2008. Today’s program. The MoneyTree Report – Q4/Full-Year 2007 Analysis

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PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ Report

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  1. Q4/Full-Year 2007 Update February 2008 PricewaterhouseCoopers/ National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Shakingthe MoneyTree™ Raleigh, NC February 2008

  2. Today’s program The MoneyTree Report – Q4/Full-Year 2007 Analysis • presented by Jeff Barber, PricewaterhouseCoopers LLP Venture Capital Panel • Mitch Mumma, Intersouth Partners • Sherrill Neff, Quaker BioVentures Question and Answer Session PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  3. Speaker Bios PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  4. Jeff Barber Jeff Barber is a partner in the PricewaterhouseCoopers Raleigh office. He is a leader in the PwC Carolinas Technology Industry Group, a team of thirty professionals who provide services and support to over fifty technology-based companies. Jeff has over twenty-five years of experience serving technology companies, including extensive experience working with clients from the organizational stage through the initial public offering and subsequent expansion. Jeff spent two years in the PwC National Office in New York City where he worked in the Firm’s Accounting and SEC Group. His responsibilities there included researching accounting issues, writing various PricewaterhouseCoopers publications and assisting the Firm’s national consulting partners in their consultation on client related matters. Jeff is actively involved in the Triangle area business community. He is currently on the board of directors of the Council for Entrepreneurial Development (“CED”), where he is a past chairman of the board, and the North Carolina Technology Association (“NCTA”), where he has served as Treasurer. In January 2006, Jeff received the NCTA “Volunteer of the Year” award. In June 2000, Jeff received the CED “Outstanding Service” award. Jeff is also actively involved in various civic organizations. He currently serves on the board of directors of the North Carolina Museum of Art Foundation and the Juvenile Diabetes Research Foundation. In the past, he has served as a member of the UNC Accounting Advisory Board and a member of the NCSU College of Management Board of Advisors. In addition, Jeff has served as president of Artspace, Inc., chairman of the board of the Community Learning Centers, Inc., a member of the board of directors of the Greater Raleigh Chamber of Commerce and a member of the board of directors of the United Arts Council. Jeff is a graduate of the Leadership Raleigh and Leadership Lexington (KY) training programs. He holds a B.S. in Accounting from the University of Kentucky. PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  5. Mitch Mumma Mitch is primarily responsible for Intersouth's information technology portfolio. He joined Intersouth in 1989 at the inception of Fund II. Mitch has full-cycle venture investment experience and has held management positions with various companies throughout his career, including three start-up companies, all of which subsequently went public. Mitch is known for board and syndicate leadership as well as tireless focus on portfolio company success. He has provided early financing and venture leadership for numerous successful companies. He currently serves on the boards of five portfolio companies. He also served as CEO of an Intersouth portfolio company.Prior to joining Intersouth, Mitch worked in finance and operations for a high growth computer hardware and software company. Previously, he worked as a manager in the high growth business practice at Touche Ross & Co. (now Deloitte & Touche). Mitch is a leader in the entrepreneurial community and a sought-after speaker. He is an adjunct professor at the UNC Kenan-Flagler School of Business and has long held leadership roles in the Council for Entrepreneurial Development (CED) and North Carolina Technology Association (NCTA). He also has served as a mentor to the Kauffman Fellows Program. He earned a degree in Management Science from Duke University. PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  6. Sherrill Neff Sherrill is a founding partner of Quaker BioVentures. He is well regarded in the biopharmaceutical industry, is a previous Chairman of the Greater Philadelphia Venture Group, and previous President of the Pennsylvania Biotechnology Association. He sits on the following boards of directors: Amicus Therapeutics, Biolex Therapeutics, Neuronetics, Optherion, Regado Biosciences, Resource Capital Corporation, University City Science Center, the Biotechnology Institute, and the Policy Board of WXPN at the University of Pennsylvania. Prior to forming Quaker BioVentures, Sherrill was President, Chief Operating Officer, and a Director of Neose Technologies, Inc., a publicly traded life sciences company. Previously, he was Senior Vice President, Corporate Development at U.S. Healthcare, Inc., a leading publicly traded health maintenance organization. Sherrill was formerly a Managing Director in the investment banking division of Alex. Brown & Sons, and formerly an attorney at Morgan, Lewis & Bockius. Sherrill is a graduate of Wesleyan University and the University of Michigan Law School. PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  7. About The Report • PricewaterhouseCoopers and the National Venture Capital Association produce the MoneyTree Report™ based on data from Thomson Financial • ‘Core’ measure of equity investments in venture-backed companies in the United States • Companies have received at least one round of financing involving a professional VC firm or equivalent • Captures: tranches, not term sheets, foreign VCs, qualified private placement • Excludes: debt, bridge loans, recaps, roll-ups, IPOs, PIPEs, leasing, etc. • MoneyTree™ Report in its 13th year • Results online at www.pwcmoneytree.com, www.nvca.org, www.venturexpert.com PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  8. The National PictureHistorical Trends PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  9. MoneyTree Total Investments: Q1 1999 – Q4 2007 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  10. MoneyTree Total Investments: 1980 – 2007 Annual Venture Capital Investments 1980 to 2007 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  11. Investments by Region: Q4 2007 Upstate NY $74.7 12 Deals New England $860.7 111 Deals Northwest $438.2 54 Deals Sacramento/N. CA $48.9 7 Deals NY Metro $471.0 70 Deals North Central $159.2 28 Deals Philadelphia Metro $107.7 21 Deals Silicon Valley $2,399.3 301 Deals Midwest $243.8 62 Deals Colorado $102.4 20 Deals DC/Metroplex $403.9 71 Deals LA/Orange County $253.9 46 Deals Southwest $49.8 17 Deals South Central $58.9 9 Deals San Diego $423.8 32 Deals Southeast $479.4 55 Deals Texas $426.6 45 Deals AK/HI/PR $8.9 2 Deals Q4 2007 Total Investments - $7,011 in 963 Deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  12. Investments by Region: Q4 2007 Q4 2007 Total: $7,011 in 963 Deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  13. Investments by Region: Full Year 2007 Upstate NY $137.4 32 Deals New England $3,695.3 478 Deals Northwest $1,636.4 216 Deals Sacramento/N. CA $99.9 16 Deals NY Metro $1,715.5 254 Deals North Central $525.6 80 Deals Philadelphia Metro $861.5 125 Deals Silicon Valley $10,066.5 1,184 Deals Midwest $1,298.3 236 Deals Colorado $564.2 86 Deals DC/Metroplex $1,241.8 207 Deals LA/Orange County $1,647.8 205 Deals Southwest $540.9 90 Deals South Central $92.5 27 Deals San Diego $1,988.8 159 Deals Southeast $1,856.4 243 Deals Texas $1,416.5 166 Deals AK/HI/PR $20.5 9 Deals 2007 Total Investments - $29.4B in 3,813 Deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  14. Investments by Region: Full Year 2007 2007 Total: $29.4B in 3,813 Deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  15. Q4 2007 Top 10 States Garnering Venture Funds State DealsInvestment Amount 1. California 386 $ 3,125,906,200 2. Massachusetts 104 $ 830,269,700 3. Texas 85 $ 426,608,200 4. New York 57 $ 360,388,500 5. North Carolina 21 $ 353,337,100 6. Washington 44 $ 345,468,300 7. Maryland 38 $ 205,813,100 8. Florida 17 $ 193,025,100 9. Virginia 28 $ 164,865,300 10. New Jersey 19 $ 137,133,500 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  16. Full-Year 2007 Top 10 States Garnering Venture Funds State DealsInvestment Amount 1. California 1,564 $ 13,802,961,100 2. Massachusetts 430 $ 3,489,131,900 3. Texas 166 $ 1,416,470,600 4. Washington 170 $ 1,314,590,200 5. New York 191 $ 1,195,328,800 6. Pennsylvania 150 $ 835,166,500 7. North Carolina 71 $ 812,022,200 8. Maryland 99 $ 635,283,700 9. New Jersey 91 $ 624,906,800 10. Florida 63 $ 608,338,400 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  17. Investments by Industry: Full Year 2007 2007 Total: $29.4B in 3,813 Deals Visit www.pwcmoneytree.com for Industry definitions PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  18. Investments by Industry – Quarterly Percent of Total U.S. Investments Top 5 Industries – Q4 ‘06 to Q4 ‘07 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  19. Life Science Investments – Percent of Total U.S. Investments* Life Science Sectors – Q4 ’06 to Q4 ‘07 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  20. Investments by Stage of Development: Full Year 2007 2007 Totals: $29.4B in 3,813 Deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  21. Investments by Sequence of Financing: Full Year 2007 2007 Totals: $29.4B in 3,813 Deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  22. First Sequence Financing – Investment Amount First Sequence Investments PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  23. Stage of Development – Quarterly Percent of Total First Sequence Dollars Stage Development – Q4 2006 to Q4 2007 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  24. First Sequence Deals in Startup & Early Stage Companies PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  25. First Sequence Financing –Percent of Total U.S. Investments PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  26. Median Deal Size vs. Mean Deal Size –Quarterly Total U.S. Investments In Millions ($) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  27. Post-Money Valuations – Early Stage Companies Q3 2000 to Q3 2007 12 Month Average PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  28. Post-Money Valuations – Expansion Stage Companies Q3 2000 to Q3 2007 12 Month Average PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  29. Post-Money Valuations – Later Stage Companies Q3 2000 to Q3 2007 12 Month Average PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  30. Full Year 2007 – Most Active Venture Investors PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  31. Thomson FinancialU.S. Private Equity Performance Index (PEPI) (Investment Horizon Performance as of 9/30/2007) Source: Thomson Financial/National Venture Capital Association *The Private Equity Performance Index is based on the latest quarterly statistics from Thomson Financials' Private Equity Performance Database analyzing the cashflows and returns for over 1860 US venture capital and private equity partnerships with a capitalization of $678 billion. Sources are financial documents and schedules from Limited Partner investors and General Partners. All returns are calculated by Thomson Financial from the underlying financial cashflows. Returns are net to investor after management fees and carried interest. PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  32. Analysis of Venture-Backed IPO and M&A Activity * Includes all companies with at least one U.S. VC investor that trade on U.S. exchanges, regardless of domicile **Only accounts for deals with disclosed values Source: Thomson Financial/ National Venture Capital Association PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  33. Venture Capital Fundraising* Source: Thomson Financial/National Venture Capital Association *These figures take into account the subtractive effect of downsized funds Date current as of 1/14/08 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  34. North Carolina PictureHistorical Trends PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 34

  35. MoneyTree Total North Carolina Investments2000 – 2007 ($ in millions) 2000 2001 2002 2003 2004 2005 2006 2007 # of Deals 42 37 41 34 32 22 22 14 20 23 22 20 14 28 14 20 9 15 17 15 11 13 18 11 20 19 16 15 17 18 15 21 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 35

  36. MoneyTree Total North Carolina Investments – 2000 – 2007 ($ in millions) # of Deals 154 90 85 77 56 70 71 53 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 36

  37. MoneyTree Total North Carolina Deals– 2000 – 2007 ($ in millions) Amount Invested (in millions) $1,826 $584 $553 $358 $338 $433 $510 $812 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 37

  38. North Carolina Investments by MSA2000 - 2007 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  39. North Carolina Investment % by MSA2000 - 2007 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  40. Total North Carolina Investments by Industry – Full-Year 2007 % Change in $ Amount from 2006 Total Deals 2007 ($ in millions) 4 152% 25 120.2% 8 41.3% 13 47.7% 2 75.1% 1 900.0% 5 242.7% 4 13.1% 4 (18.3%) 10.1% 1 (65.6%) 1 394.0% 3 $13.0 2007 Total: $812.0 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 40 2 (41.2%) Q3 2003 Total: $98.5 Industry Definitions @ www.pwcmoneytree.com

  41. Total North Carolina vs. U.S. Investments by Industry – Full-Year 2007 Total North Carolina Amount $812.0 million Total U.S. Amount $29.4 billion (in millions) (in billions) Electronics & Instrumentation $27.6 Software $42.7 Others $6.4 3% Biotechnology $5.2 Biotechnology $237.2 Telecom $2.1 Telecommunications $254.8 Industrial/ Energy $2.7 Semiconductors $1.8 Others $87.6 Software $5.3 Business Products & Services $30.0 Medical Devices & Equipment $3.9 Media & Entertainment $33.0 Medical Devices & Equipment $99.0 Media & Entertainment $1.9 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 41

  42. Biotechnology Investments in NC vs. U.S. 2000 – 2007 ($ in millions) 4.8% 21 17 17 17 18 14 16 25 # of Deals PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 42 Amount Invested (in millions) $368 $44 $272 $822 $1,877 $367 $641 $622

  43. Software Investments in NC vs. U.S. 2000 – 2007 ($ in millions) $42 0.5% # of Deals 36 25 24 22 19 8 12 13 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 43 Amount Invested (in millions) $368 $44 $272 $822 $1,877 $367 $641 $622

  44. Average Deal Size – NC vs. U.S.2000 – 2007 ($ in millions) PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial Slide 44

  45. North Carolina Companies Funded in Q1 2007 Company Name Industry Amount 6th Sense Analytics, Inc. Software $ 5,000,000 AlphaVax, Inc. Biotechnology $ 12,650,000 Chimerix, Inc. Biotechnology $ 23,099,900 HyperBranch Medical Technology, Inc. Medical Devices & Equipment $ 2,000,000 INI Power Systems, Inc. Electronics/Instrumentation $ 883,000 InnerPulse, Inc. Medical Devices & Equipment $ 50,000,500 Liquidia Technologies, Inc. Industrial/Energy $ 15,999,900 Motricity Telecommunications $ 50,000,000 Nextreme Thermal Solutions, Inc. Electronics/Instrumentation $ 5,292,000 Phase Bioscience, Inc. Biotechnology $ 1,250,100 Regado Biosciences, Inc. Biotechnology $ 23,000,200 rPath, Inc. Software $ 1,749,900 Serenex, Inc. Biotechnology $ 13,999,800 StrikeIron, Inc. IT Services $ 5,000,000 Tranzyme Pharma, Inc. Biotechnology $ 11,000,000 Unit Dose Solutions, Inc. Biotechnology $ 2,500,000 XDS, Inc. IT Services $ 2,274,000 $ 225,699,300 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  46. North Carolina Companies Funded in Q2 2007 Company Name Industry Amount Biolex, Inc. Biotechnology $ 29,999,600 Brightdoor Systems, Inc. Software $ 2,000,000 Cetero Research Biotechnology $ 15,448,000 ChannelAdvisor Corporation Business Products and Services $ 29,999,900 CoLucid Pharmaceuticals, Inc. Biotechnology $ 8,250,000 Datacraft Solutions, Inc. Software $ 4,000,000 Digitalsmiths Corporation Computers and Peripherals $ 6,000,000 iContact Corporation Software $ 5,350,000 INI Power Systems, Inc. Electronics/Instrumentation $ 4,000,000 Integrated Oncology Solutions, Inc. Biotechnology $ 500,000 Micell Technologies, Inc. Industrial/Energy $ 5,555,000 NephroGenex, Inc. Biotechnology $ 3,314,100 Nomacorc LLC Industrial/Energy $ undisclosed RadarFind Corporation Medical Devices and Equipment $ 3,000,000 Semprius, Inc. Semiconductors $ 4,100,000 Serenex, Inc. Biotechnology $ 11,999,900 Viamet Pharmaceuticals, Inc. Biotechnology $ 999,900 Visitar, Inc. Software $ 1,330,000 $ 135,846,400 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  47. North Carolina Companies Funded in Q3 2007 Company Name Industry Amount Aerie Pharmaceuticals, Inc. Biotechnology $ 10,000,000 Aldagen, Inc. Biotechnology $ 9,000,000 Batanga.com Media and Entertainment $ 30,000,000 Cempra Pharmaceuticals Biotechnology $ 8,297,000 CeNeRx BioPharma, Inc. Biotechnology $ 2,027,000 Hatteras Networks, Inc. Networking and Equipment $ 8,000,000 Hyperbranch Medical Technology, Inc. Medical Devices & Equipment $ undisclosed Immaculate Baking Company Retailing/Distribution $ 2,044,000 M3 Technology Group Telecommunications $ 7,499,000 Micell Technologies, Inc. Industrial/Energy $ 1,500,000 NCSRT, Inc. Electroinics/Instrumentation $ 1,000,000 Overture Networks, Inc. Telecommunications $ 12,272,200 Semprius, Inc. Semiconductors $ 550,000 Viamet Pharmaceuticals Biotechnology $ 1,200,000 CONFIDENTIAL Biotechnology $ 3,750,000 $ 97,139,200 PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  48. North Carolina Companies Funded in Q4 2007 Company Name Artus Labs, Inc. Software $ 579,000 BlueStripe Software, Inc. Software $ 5,000,000 Cempra Pharmaceuticals, Inc. Biotechnology $ 10,000,000 Centice Corporation Semiconductors $ 11,365,200 Clinipace, Inc. Software $ 2,600,000 Inlet Technologies, Inc. Media and Entertainment $ 3,000,000 LED Lighting Fixtures, Inc. Electronics/Instrumentation $ 16,500,000 Motricity Telecommunications $ 185,000,000 nContact Surgical, Inc. Medical Devices and Equipment $ 8,500,000 Nitronex Corporation Semiconductors $ 7,500,000 Oriel Therapeutics, Inc. Medical Devices and Equipment $ 11,500,000 Phase Bioscience, Inc. Biotechmology $ 5,370,000 Piedmont Pharmaceuticals LLC Biotechnology $ 8,500,000 Primo Water Corporation Consumer Products and Services $ 20,000,000 Proventys, Inc. Software $ 4,550,100 Rx Medic Systems, Inc. Software $ 2,000,100 Industry Amount PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  49. North Carolina Companies Funded in Q4 2007 (continued) Company Name Rx Medic Systems, Inc. Software $ 2,000,100 TransEntrix Medical Devices and Equipment $ 21,000,000 Transyme Pharma, Inc. Biotechnology $ 19,999,900 Viamet Pharmaceuticals, Inc. Biotechnology $ 1,025,000 VMI, LLC Medical Devices and Equipment $ 3,000,000 XDS, Inc. Software $ 6,348,000 $ 353,337,100 Industry Amount PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

  50. VC Funds Active in North Carolina BancAmerica Capital Investors BB&T Capital Partners CapitalSouth Partners LLC Carousel Capital Partners Centura SBIC Inc. Chrysallis Ventures Core Capital Dogwood Equity Frontier Capital LLC Golden Pine Ventures Grotech Capital Group Hatteras BioCapital H.I.G. Ventures Intel Capital Intersouth Partners Kodiak Venture Partners Lovett Miller & Company, Inc. NC IDEA New Enterprise Associates Noro-Moseley Partners Novak Biddle Venture Partners Pappas Ventures Piedmont Angel Network Polaris Venture Partners Quaker BioVentures River Cities Capital Funds SJF Ventures Southern Capitol Ventures The Atlantis Group The Aurora Funds Trinity Ventures TriState Investment Group Wachovia Capital Partners Wakefield Group WWC Capital Group PricewaterhouseCoopers/National Venture Capital Association MoneyTree™ Report based on data from Thomson Financial

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