<SEC-DOCUMENT>0001193125-19-305359.txt : 20191203
<SEC-HEADER>0001193125-19-305359.hdr.sgml : 20191203
<ACCEPTANCE-DATETIME>20191203165902
ACCESSION NUMBER:		0001193125-19-305359
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191203
DATE AS OF CHANGE:		20191203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXIS Specialty Finance LLC
		CENTRAL INDEX KEY:			0001487427
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				272107947
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234783-02
		FILM NUMBER:		191266370

	BUSINESS ADDRESS:	
		STREET 1:		C/O AXIS SPECIALTY U.S. HOLDINGS, INC.
		STREET 2:		11680 GREAT OAKS WAY, STE. 500
		CITY:			ALPHARETTA
		STATE:			GA
		ZIP:			30022
		BUSINESS PHONE:		(678) 746-9000

	MAIL ADDRESS:	
		STREET 1:		C/O AXIS SPECIALTY U.S. HOLDINGS, INC.
		STREET 2:		11680 GREAT OAKS WAY, STE. 500
		CITY:			ALPHARETTA
		STATE:			GA
		ZIP:			30022

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AXIS CAPITAL HOLDINGS LTD
		CENTRAL INDEX KEY:			0001214816
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		92 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		(441) 496-2600

	MAIL ADDRESS:	
		STREET 1:		92 PITTS BAY ROAD
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM 08
</SEC-HEADER>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement Nos. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><FONT STYLE="white-space:nowrap">333-234783</FONT> /
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-234783-02</FONT></FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>December&nbsp;3, 2019 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FINAL TERM SHEET </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AXIS
SPECIALTY FINANCE LLC </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$425,000,000 4.900% Fixed-Rate Reset Junior Subordinated Notes due 2040 (the &#147;notes&#148;) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Fully and Unconditionally Guaranteed on a Junior Subordinated Basis by </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AXIS CAPITAL HOLDINGS LIMITED </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>This term sheet should be read together with AXIS Specialty Finance LLC&#146;s preliminary </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>prospectus supplement dated December&nbsp;2, 2019 (the &#147;preliminary prospectus supplement&#148;) to the prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>dated November&nbsp;19, 2019. Capitalized terms used but not otherwise defined herein have the meanings </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ascribed to them in the preliminary prospectus supplement. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">AXIS Specialty Finance LLC (&#147;AXIS Finance LLC&#148;)</TD></TR>
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<TD VALIGN="top"><B>Guarantor:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">AXIS Capital Holdings Limited (&#147;AXIS Capital&#148;)</TD></TR>
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<TD VALIGN="top"><B>Guarantee:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fully and unconditionally guaranteed on a junior subordinated basis by AXIS Capital</TD></TR>
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<TD VALIGN="top"><B>Anticipated Ratings (Moody&#146;s&nbsp;/S&amp;P):<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Baa2 / BBB</TD></TR>
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<TD VALIGN="top"><B>Subordination&nbsp;&amp; Ranking:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The notes will be unsecured junior subordinated obligations of AXIS Finance LLC, ranking junior in right of payment to all outstanding and future senior debt and subordinated debt of AXIS Finance LLC. See &#147;Description of the
Notes and the Guarantees&#151;Ranking&#148; and &#147;&#151;Subordination&#148; in the preliminary prospectus supplement.</TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December&nbsp;3, 2019</TD></TR>
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<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December&nbsp;10, 2019 (T+5)<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
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<TD VALIGN="top"><B>Par Call Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">January&nbsp;15, 2030</TD></TR>
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<TD VALIGN="top"><B>Final Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">(1) January&nbsp;15, 2040 (the &#147;Scheduled Maturity Date&#148;), if, on the Scheduled Maturity Date, the BMA Redemption Requirements are satisfied, or (2)&nbsp;otherwise, following the Scheduled Maturity Date, the earlier of
(a)&nbsp;the date falling 10 business days after the BMA Redemption Requirements are satisfied and would continue to be satisfied if such payment were made and (b)&nbsp;the date on which a <FONT STYLE="white-space:nowrap">Winding-Up</FONT> of AXIS
Capital or AXIS Finance LLC occurs.</TD></TR>
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<TD VALIGN="top"><B>Security Type:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
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<TD VALIGN="top"><B>Security:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">4.900% Fixed-Rate Reset Junior Subordinated Notes due 2040</TD></TR>
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<TD VALIGN="top"><B>Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$425,000,000</TD></TR>
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<TD VALIGN="top"><B>Public Offering Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">100.000% of the principal amount</TD></TR>
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<TD VALIGN="top"><B>Interest Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The notes will bear interest:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) from the date of original issue to, but excluding, the Par Call Date at the fixed rate of 4.900% per annum; and</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(ii) from, and including, the Par Call Date, during each Reset Period, at a rate per
annum equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date plus 3.186% to be reset on each Reset Date.</P></TD></TR></TABLE>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Semi-annually on January&nbsp;15 and July&nbsp;15 of each year, commencing on July&nbsp;15, 2020</TD></TR>
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<TD VALIGN="top"><B>Day Count Convention:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">30 / 360</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Mandatory Interest Deferral&nbsp;&amp; Arrears</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>of Interest:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If, as of any interest payment date, a Mandatory Deferral Event has occurred and is continuing, AXIS Finance LLC and AXIS Capital will be
required to defer payment of all (and not less than all) of the interest accrued on the notes as of such interest payment date. See &#147;Description of the Notes and the Guarantees&#151;Interest&#151;Mandatory Deferral of Interest Payments&#148; in
the preliminary prospectus supplement.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Any such accrued interest, the payment of
which is so deferred, so long as such interest remains unpaid, will constitute Arrears of Interest and will be subject to the provisions described under &#147;Description of the Notes and the Guarantees&#151;Interest&#151;Arrears of Interest&#148;
in the preliminary prospectus supplement.</P></TD></TR>
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<TD VALIGN="top"><B>Redemption Provisions:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The notes will be redeemable, at AXIS Finance LLC&#146;s option (subject to the BMA Redemption Requirements), in whole or in part, at any
time prior to the Par Call Date, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed; and (ii)&nbsp;an amount equal to the sum of the present values of the remaining scheduled payments of
principal and interest on such notes to be redeemed (not including any portion of such payments of interest accrued as of such redemption date) that would be due if the notes matured on the Par Call Date, discounted to such redemption date on a
semi-annual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year comprising twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) at the Treasury Rate, plus 50 basis points; plus, in each case, accrued and unpaid interest,
if any, on such notes to, but excluding, such redemption date.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On the Par Call Date
or on any subsequent scheduled interest payment date, AXIS Finance LLC may (subject to the BMA Redemption Requirements) redeem the notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed
plus accrued and unpaid interest, if any, to, but excluding, such redemption date.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">In addition, the notes will be redeemable, at AXIS Finance LLC&#146;s option (subject to the BMA Redemption Requirements), in whole but not in part, at any
time, (i)&nbsp;upon the occurrence of a Capital Disqualification Event or Tax Event, at a redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, such
redemption date, and (ii)&nbsp;upon the occurrence of a Rating Agency Event, at a redemption price equal to 102% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, such
redemption date. See &#147;Description of the Notes and the Guarantees&#151;Optional Redemption&#151;Optional Redemption upon a Capital Disqualification Event,&#148; &#147;&#151;Optional Redemption upon a Rating Agency Event,&#148; and
&#147;&#151;Optional Redemption upon a Tax Event&#148; in the preliminary prospectus supplement.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD VALIGN="top"><B>Conditions to Redemption and Repayment:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notwithstanding anything to the contrary set forth herein, (i)&nbsp;prior to January&nbsp;15, 2025, the notes may be redeemed only with BMA Approval, and (ii)&nbsp;the notes may not be redeemed at any time or repaid on the Scheduled
Maturity Date if the Enhanced Capital Requirement would be breached immediately before or after giving effect to such redemption or repayment of the notes, unless, in the case of each of clause (i)&nbsp;and (ii), AXIS Capital, AXIS Finance LLC or
another subsidiary of AXIS Capital replaces the capital represented by the notes to be redeemed or repaid with capital having equal or better capital treatment as the notes under the Group Solvency Standards, together with the Group Supervision
Rules, as those rules and regulations may be amended or replaced from time to time (collectively, the &#147;BMA Redemption Requirements&#148;).</TD></TR>
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<TD VALIGN="top"><B>Variation and Substitution:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If a Capital Disqualification Event, Rating Agency Event or Tax Event occurs, AXIS Finance LLC may, as an alternative to redemption of the notes, at any time, without the consent of any holder, vary any term or condition of the
notes or substitute all (but not less than all) of the notes for other notes, so that the varied notes or the substituted notes, as the case may be, become Qualifying Equivalent Securities. See &#147;Description of the Notes and the
Guarantees&#151;Variation and Substitution&#148; in the preliminary prospectus supplement.</TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Wells Fargo Securities, LLC <BR>Citigroup Global Markets Inc.</TD></TR>
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<TD VALIGN="top"><B>Senior <FONT STYLE="white-space:nowrap">Co-Manager:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">HSBC Securities (USA) Inc.</TD></TR>
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<TD VALIGN="top"><B>Junior <FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Barclays Capital Inc. <BR>BMO Capital Markets Corp. <BR>Credit Suisse Securities (USA) LLC <BR>ING Financial Markets LLC</TD></TR>
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<TD VALIGN="top"><B>CUSIP / ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">05463H AC5 / US05463HAC51</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An explanation of the significance of ratings may be obtained from the
rating agencies. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The anticipated ratings of the notes should be evaluated
independently from similar ratings of other securities. A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning
rating agency. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXIS Finance LLC expects that delivery of the notes will be made against payment
therefor on or about December&nbsp;10, 2019, which will be the fifth business day following the date of pricing of the notes (such settlement cycle being herein referred to as &#147;T+5&#148;). Under Rule
<FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who
wish to trade notes prior to the second business day before settlement will be required, by virtue of the fact that the notes initially will settle T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a failed
settlement. Purchasers of notes who wish to trade notes prior to the second business day before settlement should consult their own advisor. </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>This
communication does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction or to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. This communication is
intended for the sole use of the person to whom it is provided by the sender. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>AXIS Finance LLC has filed a registration statement (including a
prospectus and a preliminary prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other
documents AXIS Finance LLC has filed with the SEC for more complete information about AXIS Finance LLC and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, AXIS Finance LLC, any
underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Wells Fargo Securities, LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-645-3751</FONT></FONT></FONT> or Citigroup Global Markets Inc. toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-831-9146.</FONT></FONT></FONT>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was
automatically generated as a result of this communication being sent by Bloomberg or another email system. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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