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1 Residual Skills Courses 2016 ProBeta Training (Pty) Ltd. Page 1

2 BUSINESS VALUATIONS DEMONSTRATED ABILITIES Overall content Course overview Who should attend? Special arrangements While the valuation of a business is often complex and challenging, trainee accountants should have basic exposure to practical application of the concepts. This is an essential skill for business leaders, to quantify shareholder value. In business practice, a range of values would be derived using different techniques such as net asset value, liquidation value, Price Earnings multiples, valuation by comparison, dividend yield and discounted cash flows. The course teaches the fundamentals of valuing businesses through a case study approach. It covers the different methodologies as delegates develop a valuation for an actual acquisition, using each component of the valuation: earnings, assets, free cash flows and required returns. Trainees who have a basic understanding of the concepts of value and return and require sign-off as competent. Delegates must bring laptops with Excel loaded and calculators to the course. All other material and stationery will be provided. Pre course work should be completed prior to attending the course. COURSE OBJECTIVES Both delegates on the new 2016 SAICA Competency skills and the 2012 SAICA Competency skills training programmes can join this session. The following competency skills will be assessed: 2016: SAICA Training Programme Prescribed competencies (Residual Skills) Task nr Task to be performed FM(R) 5.1 Calculates or evaluates a reasonable range of values for a business or business units or components of a business, using different valuation techniques, and identifies the factors and external influences that will impact on the calculated value of the business 2012: SAICA Training Programme Prescribed competencies (Residual Skills) FM(R) 5.1 Calculates a reasonable range of values for a business, using a combination of valuation techniques OUTCOMES OF THE SIMULATION BUSINESS VALUATIONS 1. Delegates are required to read the following two documents prior to the commencement of the course and complete the on-line questionnaire: a. Pre-reading: Due Diligence b. Pre-reading: Negotiations 2. Delegates are required to complete the following pre-course case studies: Case study 1: Delegates are required to provide a list of all the reasons of why they think it might be necessary to value a business. Case study 2: Delegates are required to identify deal breakers and to provide possible solutions for the deal breakers identified. The different valuation techniques are discussed during the morning session. 3. Delegates are required to complete the following case studies (post-course and in-class): Case study 3: Delegates are required to determine the future value of an amount using Excel. Case study 4: Delegates are required to determine the present value of an amount using Excel. ProBeta Training (Pty) Ltd. Page 2

3 Case study 5: Case study 6: Case study 7: Case study 8: Case study 9: Case study 10: Case study 11: Delegates are required to calculate the Net present Value of a range of amounts using Excel. Delegates are required to calculate a Free Cash Flow Forecast. Delegates are required to value a company by using the Free Cash Flow Forecast as well as calculating a terminal value. Delegates are required to determine how much they will be willing to pay for a company that will generate a certain amount of income per annum. Delegates are required to value a company by calculating the Net Present Value of future Cash Flows. Delegates are required to determine the value of a company using the asset based approach. Delegates are required to determine the value of a company using the income approach. Case study 12, 13 and 14: Delegates are required to perform a business valuation on their own for submission to the Registered Assessor for a final rating about the delegate s competency. ProBeta Training (Pty) Ltd. Page 3

4 BUDGETING DEMONSTRATED ABILITIES Overall content Course overview Who should attend? Special arrangements The principles of budgeting are essential in the accountant s role in planning and control. Professional accountants should have knowledge of budget preparation techniques and be able to review differences and take corrective action. It is essential to monitor performance against the planned outcome. This planning and control tool can be applied using basic functions in Excel and ask probing questions around key differences. This course is designed to teach delegates practical skills about the preparation and monitoring of budgets, using basic functions in Excel and probing questioning techniques. The required skills for this module will be practiced through simulated case studies and group discussions. Each competency will be evaluated through case studies as well as a post course evaluation. Trainees who require basic practical experience in preparing and analysing budgets. Delegates must bring their own computers to the course with Excel loaded onto the machine. Pre course work should be completed prior to attending the course. COURSE OBJECTIVES Both delegates on the new 2016 SAICA Competency skills and the 2012 SAICA Competency skills training programmes can join this session. The following competency skills will be assessed: 2016: SAICA Training Programme Prescribed competencies (Residual Skills) Task nr Task to be performed MD(R) 2.1 Prepares a budget for an entity / business unit / audit engagement, with clearly documented assumptions MD(R) 2.2 Performs a sensitivity analysis on prepared budgets, varying key assumptions to document a range of possible outcomes MD(R) 3.1 Documents actual performance against budget, and investigates and documents reasons for variances MD(R) 3.2 Makes recommendations to address variance 2012: SAICA Training Programme Prescribed competencies (Residual Skills) MD(R) 2.1 Prepares a budget for an entity / business / audit engagement, with clearly documented assumptions MD(R) 2.2 Performs sensitivity analysis on prepared budgets, varying key assumptions to document a range of possible outcomes MD(R) 3.1 Analyses the actual performance against budget, and documents the findings MD(R) 3.2 Investigates and documents reasons for variances MD(R) 3.3 Develops, for input and review by others, a plan to address variances ProBeta Training (Pty) Ltd. Page 4

5 OUTCOMES OF THE SIMULATION BUDGETING The aim of the course is to test both technical and professional competency skills. The more sufficient evidence submitted, the more likely the delegate will receive positive feedback and a final sign-off as Competent The assessment is based on the following approach: Pre-course work: reviewing a budget; identifying the major differences between the budgeted and actual costs incurred; and providing relevant and sufficient recommendations, amongst others. On the day of the course: during the morning session, the relevant theory and basic principles will be presented and discussed with examples; additional information in the form of a course book will be provided to complete the examples and practise the principles; during the afternoon session, a post course assessment will be completed based on the theory and examples completed during the course of the morning; and the post course assessment will be completed in the form of a PoE file (Portfolio of Evidence) and needs to be submitted to the course facilitator by the end of the course day. After the course: the Portfolio of Evidence (PoE) will be assessed by a Registered Assessor; and feedback will be given in writing with the applicable rating applied. ProBeta Training (Pty) Ltd. Page 5

6 FINANCING AND INVESTMENT DECISIONS DEMONSTRATED ABILITIES Overall content Analysing the performance and position of a company is an essential skill for a business leader. Trainees should be able to analyse and interpret the different decisions a company makes in terms of the three main activities: Operating; Financing; Investing. Trainees should be able to make decisions and assess each of the above mentioned activities within any entity. A professional accountant must have practical skills in forecasting and managing cash flows of a business. This would include basic skills in: Making reasonable assumptions in a forecast; Reviewing management s assumptions in a forecast; The impact of inflation on cash flow forecasts; The impact of changes in exchange rates and interest rates on cash forecasts; Sensitivity, scenario analysis and stress test analysis of assumptions (preferably in Excel); The link between long term and short term financing decisions; The impact of growth on the entity's cash position. A business leader needs to understand the short term operating decisions required to make optimal use of short term working capital. For many businesses their short term assets are vital to the success of the business and constitute the majority of the balance sheet. Professional accountants need to: Identify potential risks of any changes to the working capital policy of an entity; Calculate and benchmark working capital ratios; Apply methods to influence working capital. A professional accountant must be able to make investment decisions that add value to a business. This would include a basic awareness of project appraisal techniques and the use of Excel to perform basic time value of money calculations such as Net Present Value (NPV), Internal Rate of Return (IRR), Payback period, and Accounting Rate of Return. ProBeta Training (Pty) Ltd. Page 6

7 Course overview Who should attend? Special arrangements It is expected that trainee accountants would be able to prepare basic capital budgeting models that would allow for the acceptance or rejection of investments in capital projects or to compare the viability of mutually exclusive projects. This course explains the analysis of financial strength of a business by focusing on liquidity, financial structure (solvency), cash flow and project appraisal techniques. The theoretical content is illustrated by application to practical examples. Learning is assessed through application of the principles to a case study where the financial strength of two different entities is analysed and compared. Besides reinforcing the delegate s theoretical knowledge, this course also provides an opportunity to: Develop an extended argument and Develop capacity to interpret, translate, apply, critique and evaluate, which achieves depth rather than breadth of learning. The course also offers a comprehensive review of the major capital investment appraisal techniques. The techniques are applied to specific problems through worked examples. Equal emphasis is placed on the application of the techniques and the correct interpretation of results. The final electronic assessment is designed to test the delegate s ability to decide on an appropriate technique, apply it and draw appropriate conclusions. Trainees who have a basic understanding of the elements of financial statements and financial analysis and who need to understand the application of the theory to analyse the financial strength of a business. Delegates must bring their own computers (laptops) to the course with MS Excel loaded onto the machine. COURSE OBJECTIVES Both delegates on the new 2016 SAICA Competency skills and the 2012 SAICA Competency skills training programmes can join this session. The following competency skills will be assessed: 2016: SAICA Training Programme Prescribed competencies (Residual Skills) Task nr Task to be performed FM(R) 1.1 Evaluates the entity s / business unit s / engagement client s financial position, for example using financial analysis, ratio analysis, trend analysis and / or cash flow analysis, etc. FM(R) 2.1 Prepares or evaluates a cash flow forecast for an entity / business unit / engagement client FM(R) 2.2 Identifies when there may be a cash shortfall and recommends possible action plans FM(R) 3.1 Evaluates the entity s / business unit s current working capital position or components of it, for example, inventory, accounts receivable or payable management, etc. and, where required, recommends improvements FM(R) 4.1 Evaluates the financial implications of investment decisions using the appropriate capital budgeting techniques 2012: SAICA Training Programme Prescribed competencies (Residual Skills) FM(R) 1.1 Analyses and documents the entity s unit or business engagement client s financial position (for example, using financial analysis, ratio analysis, trend analysis and /or cash flow analysis) FM(R) 2.1 Prepares or reviews a cash flow forecast for an entity s unit or business engagement client FM(R) 2.2 Identifies when there may be a cash shortfall excess funds and documents, for review and input by others, possible action plans ProBeta Training (Pty) Ltd. Page 7

8 FM(R) 3.1 FM(R) 4.1 Analyses and documents the entity s unit or business engagement current working capital position or components of it (for example, inventory, and accounts receivable or payable management) and documents recommendations for improvement Documents the financial implications of an investment decision using the appropriate capital budgeting techniques OUTCOMES OF THE SIMULATION FINANCING AND INVESTMENT DECISIONS Analysing the cash flow, performance, project appraisal techniques and position of a company is an essential skill for a business leader. After completing this course trainees should be able to: analyse and interpret the different decisions a company makes in terms of operating, financing and investing activities; make reasonable assumptions in a forecast; review management s assumptions in a forecast; assess the impact of inflation and changes in exchange rates and interest rates on cash forecasts; analyse and perform stress test analysis of assumptions (sensitivity analysis); make the link between long term and short term financing decisions; consider the impact of growth on the entity's cash position; identify potential risks of any changes to the working capital policy; calculate and benchmark working capital ratios; apply methods to manage working capital levels; prepare capital budgeting models in order to compare the viability of mutually exclusive projects. Analyse the entity's financial situation; monitor cash flow. Analyse the entity's working capital; and appraise capital investment decisions. Other course benefits include: professional skills development (writing and reporting skills); drafting recommendations which are reasonable and relevant; time management; critical and strategic thinking; and individual feedback by an accredited SAICA Assessor. The overall assessment is based on the following approach which includes the submission of a PoE file (Proof of Evidence file) within two working days after the course day: On the day of the course: ProBeta Training (Pty) Ltd. Page 8

9 This involves several case studies performed during the course (in-class) to practise the basic principles of calculating relevant ratios using MS Excel, group discussions on the evaluation of a company s performance, discussing the impact of changes in assumptions on a project and analysing and interpreting working capital management and appraisal of investments. Case studies include the following: Case study 1: Case study 2: Case study 3: Case study 4: Case study 5: Case study 6: Case study 7: Delegates are required to comment on the financial position of a given company as compared to that of the rest of the industry. Delegates are to study the financial ratios for a given set of unknown companies and match these to specific companies in the industrial and manufacturing, clothing, retail and insurance industries. Delegates are required to comment on the liquidity of the company using MS Excel. Delegates are required to analyse the internal rate of return of a project and provide the board with recommendations, identifying risks involved and giving an indication of the impact of the risk on the outcome of the project. Delegates are to estimate the working capital requirements of a company and calculate the additional finance that the company will need to finance the increased working capital. Delegates are required to advise management whether it would be feasible to reduce the credit period from 90 days to 60 days. Delegates are required to perform the following calculations using MS Excel: payback period, discounted payback period, net present value, internal rate of return. Post course evaluation The post course simulation is designed to allow delegates the opportunity to demonstrate their competencies in the defined areas, based on the examples and case studies completed on the day of the course. Delegates will need to submit their post course evaluation within two working days after the course to the SAICA Assessor. ProBeta Training (Pty) Ltd. Page 9

10 PERFORMANCE MEASUREMENT DEMONSTRATED ABILITIES Overall content Key performance indicators are often very useful as part of financial statement analysis and interpretation. Management accounts are useful internal and management controls in order to ensure the effective management of the entity / division. Course overview This course is designed to enhance the delegates understanding of key performance indicators as well as non-financial performance indicators as a useful part of financial statement analysis and interpretation by management and potential investors. The required skills will be practiced and evaluated by means of pre-course work, in-class examples and group discussions as well as a post-course evaluation (to be done in class). Delegates are encouraged to not only calculate key performance indicators, but to interpret the ratios based on knowledge gained in the form of a research done on an allocated JSE listed entity. The importance and relevance of non-financial performance indicators will be emphasised as a useful tool to understand the business of the entity, the industry it operates in as well as the understanding of the entity s risk profile. In addition, the delegates will have the opportunity to draft and comment on a management report using the knowledge of the business gained, asking relevant questions to obtain accurate information, analyse and interpret tables. Other course benefits include: professional skills development (writing and reporting skills); drafting recommendations which are reasonable and relevant; time management; critical and strategic thinking; assisting with exam technique (research and analysis); and individual feedback by an accredited SAICA Assessor. Trainees are guaranteed a relevant and practical basic understanding of analysing and interpreting both financial and non-financial performance indicators as well as the analysis, interpretation and drafting of management reports. Who should attend? Special arrangements Trainees who have a basic understanding of key performance indicators (KPI s) and who need to understand the application of the theory to select the appropriate KPI s and measure the performance of a company, using these KPI s as well as non-financial performance indicators. Other staff members within the organisation who need a basic understanding and practical exposure on Management Decision Making and Control concepts. Delegates must bring their own computers to the course with MS Excel loaded onto the machine. ProBeta Training (Pty) Ltd. Page 10

11 Pre course work should be completed prior to attending the course. COURSE OBJECTIVES Both delegates on the new 2016 SAICA Competency skills and the 2012 SAICA Competency skills training programmes can join this session. The following competency skills will be assessed: 2016: SAICA Training Programme Prescribed competencies (Residual Skills) Task nr Task to be performed MD(R) 1.1 Identifies the financial and non-financial performance indicators that are key to the entity / business unit / engagement, including any industry-specific benchmarks MD(R) 1.2 Evaluates performance measurement methods for key performance indicators 2012: SAICA Training Programme Prescribed competencies (Residual Skills) MD(R) 1.1 Identifies and documents financial and non-financial performance indicators that are key to the entity / business unit / audit engagement, including any industry-specific benchmarks MD(R) 1.2 Critically evaluates and documents the key components of the management accounting system of an entity / business unit / audit engagement, including the financial and non-financial reports produced OUTCOMES OF THE SIMULATION PERFORMANCE MEASUREMENT The overall assessment is based on the following approach which includes the submission of a PoE (Proof of Evidence file) on the day of the course: Pre-course work: Delegates will be assigned a small to medium listed company for research purposes. Based on the research performed, each delegate has to complete certain documentation to proof his or her understanding of the business through analysis of financial and non-financial performance indicators and drawing a conclusion as to invest in the company or not. Prescribed templates with examples are provided. Detail instructions will be communicated at least 2 weeks before the course day commences. On the day of the course: during the morning session, the relevant theory will be presented and discussed in class with examples; the delegates will receive additional information to complete the case studies; based on the research done and the theory dealt with during the course of the morning session, the delegate needs to assess a partly completed management report, analyse, interpret and deliver a properly completed report; the delegates will be required to complete a self-assessment and personalised action plan; the delegates will then submit his or her PoE file together with all the working papers to the Assessor at the end of the day. After the course ProBeta Training (Pty) Ltd. Page 11

12 After submission of the PoE (on the day of the course), an accredited SAICA Assessor will evaluate the contents of the submission against the SAICA CA Training program s competency skills requirements (level 4 sign-off at a basic level). Feedback will be given on an individual basis, also involving response by the training officer and trainee and recommendations where necessary. ProBeta Training (Pty) Ltd. Page 12

13 RISK MANAGEMENT AND GOVERNANCE DEMONSTRATED ABILITIES Overall content Course overview Who should attend? Special arrangements Risk management is a critical business activity that must be attended to by business leaders on an ongoing basis. Trainee accountants must have basic experience and exposure to risk management best practice. The course offers a practical approach in simulating an environment to build knowledge of the business, assessing business and industry related risks and the impact thereof on the audit approach. The course is designed for delegates who have prior university knowledge on auditing concepts surrounding internal control. The purpose of the course is to enable delegates to apply and extend this embedded knowledge to successfully demonstrate acceptable performance in all the competencies as defined below. Trainees who require basic practical experience in identifying and documenting internal controls to address an entity s risk management profile and who are required to be competent in Risk management and Corporate Governance residual skills. Delegates are required to complete their pre-course work prior to course and bring it with on the day of the course, together with their own computers with MS Word loaded. Delegates will need their laptops during the afternoon session to update or amend and complete class activities. COURSE OBJECTIVES Both delegates on the new 2016 SAICA Competency skills and the 2012 SAICA Competency skills training programmes can join this session. The following competency skills will be assessed: 2016: SAICA Training Programme Prescribed competencies (Residual Skills) Task nr Task to be performed RM(R) 1.1 Evaluates strategic, operational, financial regulatory and information system risks, based on an understanding of the environment in which the entity / audit engagement operates, its strategies and management processes RM(R) 1.2 Identifies the business processes which are susceptible to fraud and, where applicable, documents the systems introduced by the business to mitigate the risk RM(R) 4.1 Documents the components of the entity s / audit engagement s governance structure and its role, for example board of directors, audit committee, etc. RM(R) 4.2 Evaluates the corporate governance practices of an entity / audit engagement in relation to relevant legislation and practices 2012: SAICA Training Programme Prescribed competencies (Residual Skills) IR(R) 1.1 Identifies and documents strategic, operational, financial and informational risks, based on an understanding of the environment in which the entity / audit engagement operates, its strategies and management processes IR(R) 1.2 Assesses the impact of findings on the work to be performed IR(R) 4.1 Documents the components of the entity s / audit engagement s governance structure and its role (i.e. board of directors, audit committee, etc.) IR(R) 4.2 Critically evaluates the corporate governance practices of an entity / audit engagement in relation to relevant legislation and practices, documenting recommendations for improvement ProBeta Training (Pty) Ltd. Page 13

14 OUTCOMES OF THE SIMULATION RISK MANAGEMENT AND GOVERNANCE The overall assessment is based on the following approach which includes the submission of a PoE (Proof of Evidence file) on the day of the course: Pre-course work: Delegates will be assigned a small to medium listed company for research purposes. Based on the research performed, each delegate has to complete certain documentation to proof his or her understanding of the business and its various forms of risks and governance structures. Prescribed templates with examples are provided. Detail instructions will be communicated at least 2 weeks before the course day commences. On the day of the course: during the morning session, the relevant theory will be presented and discussed in class with examples; the delegates will receive additional information to complete the case studies; the afternoon session will involve the evaluation of the risk profile that the delegate compiled for precourse purposes. Based on the research done and the theory dealt with during the course of the morning session, the delegate needs to complete a risk register, risk sheet and assess stakeholder relationships; the delegates will be required to complete a self-assessment and personalised action plan; the delegates will then submit his or her PoE file together with all the working papers to the Assessor at the end of the day. Working papers consist of: Working paper 1: Understanding terminology of Risk Management and Corporate Governance Working paper 2: Understanding the business and industry (knowledge of the business) Working paper 3: Setting up a risk register Working paper 4: Risk matrix and risk sheet Working paper 5: King III disclosure checklist Working paper 6: Corporate Governance stakeholder relationships Working paper 7: Self-reflection and action plan After the course: After submission of the PoE (on the day of the course), an accredited SAICA Assessor will evaluate the contents of the submission against the SAICA CA Training program s competency skills requirements (level 4 sign-off at a basic level). Feedback will be given on an individual basis, also involving response by the training officer and trainee and recommendations where necessary. ProBeta Training (Pty) Ltd. Page 14

15 INTERNAL AUDITING DEMONSTRATED ABILITIES Overall content Internal risk management plays a vital role in organisations. Entities need to be aware of risk to their business in order to be able to adequately respond to them. In an era that is moving towards greater transparency in the governance of businesses, there is becoming an even more urgent need for businesses to monitor and manage their governance practices. The primary role in this competency area will be as part of a team of external auditors, external advisors, or as a member of a corporate or a public sector management / internal audit team. That team provides guidance on, or evaluates, risk management and governance strategies. A CA contributes to the team by being competent in identifying risk to the entity (including the risks associated with poor governance), and in developing and implementing adequate responses to minimise those risks. Course overview The course is designed for delegates who has prior university knowledge on auditing concepts surrounding internal controls. The purpose of the course is to enable delegates to apply and extend this embedded knowledge to successfully demonstrate acceptable performance in all the competencies as defined below. Formative and summative layouts are used to test and analyse the delegates comprehension of knowledge. The delegates will be required to actively participate in formative learning in the form of case studies, discussions and performance tasks. The performance tasks will require the delegates to create or take an action related to a problem surrounding internal controls. An electronic summative evaluation is conducted upon the conclusion of the course in a highly controlled environment. The required skills will be practiced and evaluated by means of pre-course work, in-class examples and group discussions as well as a post-course evaluation (to be done in class). Some key focus areas of this course include the identification of key and support business processes, identification and documentation of internal controls, assessment of internal controls within a cloud based procurement environment, evaluation of COSO and COBIT principles, amongst others. All case studies are based on relevance and simulates the key issues and frame works used in an internal audit environment. Who should attend? Trainees who require basic practical experience in identifying and documenting internal controls and who are required to be competent in Internal Control residual skills. ProBeta Training (Pty) Ltd. Page 15

16 Other staff members within the organisation who need a basic understanding and practical exposure on the internal control environment. Special arrangements Delegates must bring their own computers to the course with MS Excel loaded onto the machine. Please ensure the pre course work has been completed prior to attending the course. COURSE OBJECTIVES Both delegates on the new 2016 SAICA Competency skills and the 2012 SAICA Competency skills training programmes can join this course. The following competency skills will be assessed: 2016: SAICA Training Programme Prescribed competencies (Residual Skills) Task nr Task to be performed RM(R) 2.1 Identifies the entity s key business processes, including the procurement processes, and identifies general and application controls, both manual and IT, within these business processes RM(R) 3.1 Evaluates the design adequacy of internal control, including application and general controls within the IT environment in the context of the criteria / recognised framework 2012: SAICA Training Programme Prescribed competencies (Residual Skills) IR(R) 2.1 Documents the entity s key business processes and key controls (including IT controls) including the control environment, information system, business processes and control activities (general and application controls) IR(R) 3.1 Evaluates internal control in the context of the recognised framework and suggests improvements where deficiencies are identified IR(R) 3.2 Assesses whether existing internal controls are functioning properly or if additional controls are needed, and communicates ideas to the supervisor OUTCOMES OF THE SIMULATION INTERNAL AUDITING The overall assessment is based on the following approach which includes the submission of a PoE (Proof of Evidence file) on the day of the course: Pre-course work: delegates will be assigned a small to medium listed company for research purposes. Based on the research performed, each delegate has to complete certain documentation to proof his or her understanding of the business and the related internal control environment. Detail instructions will be communicated at least 2 weeks before the course day commences or on registration (whichever is the earliest); and allow approximately 8 hours to complete pre-course work. On the day of the course: during the morning session, the relevant theory will be presented and discussed in class with examples; the delegates will receive additional information to complete the case studies; ProBeta Training (Pty) Ltd. Page 16

17 based on the research done and the theory dealt with during the course of the morning session, the delegate needs to complete the relevant case studies; the delegates will be required to complete a self-assessment and personalised action plan; the delegates will then submit their PoE files together with all the working papers to the Assessor at the end of the day. After the course: After submission of the PoE (on the day of the course), an accredited SAICA Assessor will evaluate the contents of the submission against the SAICA CA Training program s competency skills requirements (level 4 sign-off at a basic level). Feedback will be given on an individual basis, also involving response by the training officer and trainee and recommendations where necessary. ProBeta Training (Pty) Ltd. Page 17

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