<SEC-DOCUMENT>0000914317-12-000788.txt : 20120525
<SEC-HEADER>0000914317-12-000788.hdr.sgml : 20120525
<ACCEPTANCE-DATETIME>20120525143414
ACCESSION NUMBER:		0000914317-12-000788
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120522
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120525
DATE AS OF CHANGE:		20120525

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST BANCORP /NC/
		CENTRAL INDEX KEY:			0000811589
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				561421916
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15572
		FILM NUMBER:		12870798

	BUSINESS ADDRESS:	
		STREET 1:		341 NORTH MAIN ST
		STREET 2:		PO BOX 508
		CITY:			TROY
		STATE:			NC
		ZIP:			27371-0508
		BUSINESS PHONE:		9105766171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-123965_fbnc.htm
<DESCRIPTION>8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
450 Fifth Street NW<BR>
Washington, D.C. 29549</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center"><B>Form&nbsp;8-K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</P>

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    <TD STYLE="text-autospace: none; text-align: center">Date of Report (Date of earliest event reported):</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 22, 2012</TD></TR>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>First Bancorp</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

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    <TD STYLE="width: 5%; text-autospace: none">&nbsp;</TD>
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    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">North Carolina</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">0-15572</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">56-1421916</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">(State or Other Jurisdiction</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(Commission</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">of Incorporation)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">File Number)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">Identification Number)</TD></TR>
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    <TD STYLE="width: 5%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 10%; text-autospace: none">&nbsp;</TD>
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    <TD STYLE="width: 39%; text-autospace: none">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center">341 North Main Street, Troy, North <BR> Carolina</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">27371</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(910) 576-6171</P>

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area code)</P>

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last report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">1</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">First Bancorp<BR>
<B>INDEX</B></P>

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    <TD COLSPAN="3" STYLE="text-autospace: none; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Page</TD></TR>
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    <TD STYLE="padding-left: 7.5pt; text-autospace: none; text-indent: -7.5pt">&nbsp;</TD>
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    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Item 5.02.&nbsp; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">3</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-autospace: none; text-indent: -7.5pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-autospace: none; text-indent: -7.5pt">Item&nbsp;9.01 &ndash; Financial Statements and Exhibits</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">3</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-autospace: none; text-indent: -7.5pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-autospace: none; text-indent: -7.5pt">Signatures</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">4</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-left: 7.5pt; text-autospace: none; text-indent: -7.5pt">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.5pt; text-autospace: none; text-indent: -7.5pt">Exhibit&nbsp;99 (a)&nbsp;News Release dated May 22, 2012</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">5</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">Item 5.02.</TD>
    <TD>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On May 22, 2012, First Bancorp announced that,
effective June 11, 2012, Richard H. Moore has been named President and Chief Executive Officer of First Bancorp, replacing Jerry
L. Ocheltree in that office. Mr. Ocheltree will remain President of First Bank, the principal subsidiary of First Bancorp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Mr. Moore, age 51, currently serves as a managing
director of San Diego-based Relational Investors LLC, a Registered Investment Advisor that advises large pension funds. He has
served in this role since April 2009. In connection with joining First Bancorp, Mr. Moore will resign from Relational Investors.
Prior to joining Relational Investors, Mr. Moore served two terms as State Treasurer of North Carolina. Mr. Moore also previously
served as Chair of the North Carolina State Banking Commission for eight years. Mr. Moore served two terms on the Board of Executives
of the New York Stock Exchange and continues to serve on the New York Stock Exchange Regulation Board. Mr. Moore was previously
an Assistant U.S. Attorney and also practiced corporate, real estate and tax law for many years. Mr. Moore is currently a trustee
of Wake Forest University and serves on its Investment Committee. He is also a director of the Durham-based North Carolina Mutual
Life Insurance Company. Mr. Moore has been a director of the First Bancorp and First Bank since 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In his role as President and Chief Executive
Officer, Mr. Moore will be paid a salary of $40,000 per month, plus reimbursement of expenses. Other compensation arrangements
or benefits for Mr. Moore, if any, will be determined at a later date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">A news release issued May 22, 2012 to announce
these events is attached hereto as Exhibit 99(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">Item&nbsp;9.01 &ndash; Financial Statements and Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.25in">Exhibit 99(a) &ndash; News Release dated
May 22, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0"><B>Disclosures About Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-indent: 0.25in">The discussions included in this document
and its exhibits may contain forward looking statements within the meaning of the Private Securities Litigation Act of 1995, including
Section&nbsp;21E of the Securities Exchange Act of 1934 and Section&nbsp;27A of the Securities Act of 1933. Such statements involve
known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. For the purposes of
these discussions, any statements that are not statements of historical fact may be deemed to be forward looking statements. Such
statements are often characterized by the use of qualifying words such as &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo;
&ldquo;estimates,&rdquo; &ldquo;plans,&rdquo; &ldquo;projects,&rdquo; or other statements concerning opinions or judgments of the
Company and its management about future events. The accuracy of such forward looking statements could be affected by such factors
as, including but not limited to, the financial success or changing conditions or strategies of the Company&rsquo;s customers or
vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel or general
economic conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: center">Signatures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.</P>

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    <TD STYLE="width: 4%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 34%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 3%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 5%; text-autospace: none">&nbsp;</TD>
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<TR STYLE="vertical-align: top">
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 25, 2012</P></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Jerry L. Ocheltree</P></TD></TR>
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    <TD STYLE="text-autospace: none">Jerry L. Ocheltree</TD></TR>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>First Bancorp Announces Management
Changes</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Troy, N.C. &ndash; First Bancorp (NASDAQ &ndash; FBNC)
(the &ldquo;Company&rdquo;) announced today that it will separate the offices of First Bancorp Chief Executive Officer and President
of First Bank, the Company&rsquo;s principal subsidiary. Effective June 11, 2012, Richard H. Moore is being named as the Company&rsquo;s
President and Chief Executive Officer. Jerry L. Ocheltree will continue to serve as President of First Bank.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Mr. Moore, age 51, a member of the Company&rsquo;s board
of directors since 2010, has been a managing director of Relational Investors LLC, a Registered Investment Advisor that advises
large pension funds. Prior to joining Relational, Mr. Moore served two terms as State Treasurer of North Carolina. He also previously
served as Chair of the North Carolina State Banking Commission. Mr. Moore served two terms on the Board of Executives of the New
York Stock Exchange and continues to serve on the New York Stock Exchange Regulation Board. Mr. Moore was previously an Assistant
U.S. Attorney and also practiced corporate, real estate and tax law for many years.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Thomas F. Phillips, Chairman of the Board of the Company,
commented on the announcement, &ldquo;These changes in our management structure will provide additional depth to a strong management
team. Together, Richard and Jerry form an excellent team to lead First Bancorp into the future.&rdquo; Mary Clara Capel, Chairman
of the Board of First Bank, added, &ldquo;The changes announced today will be a real positive for First Bank. Not only do we retain
the leadership of an excellent banker in Jerry Ocheltree, but we will now have the sound guidance that Richard Moore has provided
on our board available to us on a daily basis.&rdquo;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Mr. Moore added his comments. &ldquo;I am humbled and
excited about the chance to help lead this Company. I look forward to working with Jerry and the rest of the team.&rdquo; Mr.
Ocheltree, commenting on the announcement, said &ldquo;These changes should provide benefits to all who have an interest in the
success of First Bancorp and First Bank. I know that Richard and I will work well together, and I believe our skill sets complement
each other.&rdquo;</P>

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<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">First Bancorp is a bank holding company headquartered
in Troy, North Carolina with total assets of approximately $3.3 billion. Its principal activity is the ownership and operation
of First Bank, a state-chartered community bank that operates 97 branches, with 82 branches operating in North Carolina, 9 branches
in South Carolina (Cheraw, Dillon, Florence, Latta, Jefferson, and Little River), and 6 branches in Virginia (Abingdon, Christiansburg,
Dublin, Fort Chiswell, Radford, and Wytheville), where First Bank does business as First Bank of Virginia. First Bank also has
a loan production office in Blacksburg, Virginia. First Bancorp&rsquo;s common stock is traded on the NASDAQ Global Select Market
under the symbol &ldquo;FBNC.&rdquo;</P>

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Please visit our website at www.FirstBancorp.com.</P>

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">This press release contains forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995,
which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that include projections,
predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact. Such statements
are often characterized by the use of qualifying words (and their derivatives) such as &ldquo;expect,&rdquo; &ldquo;believe,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;anticipate,&rdquo; or other statements concerning opinions
or judgments of the Company and its management about future events. Factors that could influence the accuracy of such forward-looking
statements include, but are not limited to, the financial success or changing strategies of the Company&rsquo;s customers, the
Company&rsquo;s level of success in integrating acquisitions, actions of government regulators, the level of market interest rates,
and general economic conditions. For additional information about the factors that could affect the matters discussed in this paragraph,
see the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s most recent annual report on Form 10-K.</P>

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