Final Results

Electra Private Equity PLC
05 December 2006


TUESDAY 5 December 2006


                           ELECTRA PRIVATE EQUITY PLC

              Preliminary Results for Year ended 30 September 2006

• Continued growth in net asset value - up 29% over the year to 1,545p per
  share at 30 September 2006 - Unaudited net asset value per share at 30 
  November 2006 of 1,551p

• Share price outperformance relative to FTSE All-Share Index - Electra rose by 
  23.2% versus an Index increase of 11.1% over the year

• Busy year of investment activity - £257 million realised and £131 million 
  invested plus outstanding commitments to invest of £133 million at 30 
  September 2006

• Special dividend of 17p per share reflecting high level of distributable 
  revenue

• New investment strategy to return to full investment of capital resources in 
  private equity approved in October 2006.


 Commenting on the Results, Sir Brian Williamson, Chairman, said:

'The year has been one of great achievement for Electra with excellent results, 
the completion of a major business review and shareholders' approval for a 
strategy which returns Electra to full investment of its capital resources in 
private equity.'


For further information:

Sir Brian Williamson, Chairman, Electra Private Equity PLC 020 7306 3883

Hugh Mumford, Managing Partner, Electra Partners LLP       020 7214 4200

Nick Miles, M: Communications Limited                      020 7153 1535


Net Asset Value Per Share
                                      30 September    30 September   30 November
                                              2006            2005          2006
Net asset value per share                   1,545p         *1,197p        1,551p

Increase since 30 September 2005             29.0%

Increase in FTSE All-Share Index             11.1%
since

30 September 2005


* As restated for IFRS as explained in the Basis of Accounting


The unaudited net asset value per share at 30 November 2006 was calculated on
the basis of the net asset value at 30 September 2006 adjusted to reflect the
purchases and sales of investments, currency movements and market values on that
day in respect of listed investments and unlisted investments where these are
valued by reference to quoted prices.

A copy of the Chairman's Statement, Manager's Review and the Preliminary
Announcement are attached.

The figures and financial information for the year ended 30 September 2006 do
not constitute the statutory financial statements for that year. Those financial
statements have not yet been delivered to the Registrar, nor have the Auditors
yet reported on them. The figures and financial information for the year ended
30 September 2005 which have been restated under IFRS do not constitute the
statutory financial statements for that year. The financial statements in
respect of the year ended 30 September 2005 have been delivered to the Registrar
and included the Auditors' Report which was unqualified and did not contain a
statement under either section 237(2) or section 237(3) of the Companies Act
1985.


The Report and Accounts will be sent to shareholders in January 2007 and will
thereafter be available from the Company's registered office at Paternoster
House, 65 St Paul's Churchyard, London EC4M 8AB. The Annual General Meeting will
be held on Thursday 8 February 2007 at the Barber-Surgeons' Hall, Monkwell
Square, London EC2 at 12 Noon.


CHAIRMAN'S STATEMENT

Overview of Year

Electra has once again had a successful year with strong net asset value growth,
share price performance and a busy period of investment activity. Towards the
end of the financial year the Board undertook a review of Electra's market, its
investment management and its investment strategy. Subsequently, shareholders
approved the Board's proposals to adopt a new investment strategy whereby
Electra returned to full investment of its capital resources in private equity,
complemented by ongoing share buybacks and the active management of its capital
position.

Results

The net asset value per share increased over the year by 29% from 1,197p per
share to 1,545p per share. Inclusive of the special dividend of 20p per share
paid in March 2006, Electra achieved a total return to shareholders of 31% for
the year to 30 September 2006. Over the same period the FTSE All-Share Index
increased by 11.1% and Electra's share price rose by 23.2%.

Investment Activity

Realisations continued at a significant level with aggregate proceeds of £257
million over the year. £131 million was invested and there were outstanding
commitments to invest in new portfolio investments and private equity funds of
£133 million at 30 September 2006. New portfolio investments during the year
included SAV Credit, Bizspace and Vent-Axia. In addition, Electra invested in
the secondary buy-out of Amtico following the successful sale of its original
holding and in the refinancing and restructuring of Capital Safety Group I. Full
details of the investment activity are included in the Manager's Report.
 

Update of Investment Strategy and Terms of Appointment of Electra Partners

Since the change of investment strategy in April 1999, Electra has created
significant value for shareholders. In the period from 1 April 1999 to 30
September 2006, Electra sold investments realising a total of £2.2 billion, made
further investments of £0.7 billion and returned a total of £1.2 billion in cash
to shareholders through tender offers and on-market share buybacks. Over the
same period, Electra's cash position moved from borrowings of £600 million to a
net liquid assets position of £238 million. During this period Electra's net
asset value increased by 96.5%, which compares with a rise in the FTSE All-Share
Index of 2.4% over the same period.

In order to build on this strong track record of value creation, the Board
undertook a review of Electra's market, its Investment Manager and its
investment strategy. Following this review, the Board considered that Electra
had strong potential to continue to create significant value for shareholders.
In order to best achieve this the Board proposed that shareholders approve a new
investment strategy, whereby Electra returns to full investment of its capital
resources in private equity, complemented by ongoing share buybacks and the
active management of its capital position.

The Board also proposed that Electra Partners LLP, a new limited liability
partnership formed by the existing senior management team, be appointed as
Electra's Manager. Contractual and compensation arrangements were negotiated
with Electra Partners to reflect the new long term investment strategy for
Electra and to ensure that arrangements were in line with current market
practice. The Board was assisted in this process by Lazard and MM&K (an
independent firm of strategic remuneration consultants) and approval was given
by shareholders to these proposals at the Extraordinary General Meeting held on
12 October 2006.


Electra's Objectives

Following approval of these proposals Electra will target a rate of return on
equity of between 10% and 15% per annum over the long-term. Electra will aim to
achieve this target rate of return by:

• exploiting a track record of successful private equity investment;

• utilising Electra's inherent competitive advantages as an investor;

• exploiting the proven skills of Electra Partners' senior management team with
its strong record of dealflow generation and long-term presence in the private
equity market;

• investing in a number of value creating transactions with a balanced risk
profile across a broad range of investment sectors through a variety of
financial instruments;

• effecting ongoing on-market share buybacks to generate shareholder value;

• actively managing its capital position and gearing in light of prevailing
market conditions.


Further Authority to Buy Back Shares

During the year ended 30 September 2006 Electra made on-market purchases at a
cost of £64.3 million and cancelled 4.78 million shares. Authority was given at 
the Extraordinary General Meeting to buy back and cancel up to a further 
5.8 million shares (representing 14.99% of the shares in issue). This authority 
will cease at the Annual General Meeting which has been convened for 8 February 
2007. Directors will seek to renew this general authority at the forthcoming 
Annual General Meeting.


Special Dividend

In the year ended 30 September 2006, Electra again received distributable
revenue at a level which requires it as an investment trust to pay a dividend.
Accordingly the Board is proposing a special dividend of 17p per share which
will be paid on 9 March 2007 to shareholders on the Register of Members at the
close of business on 9 February 2007 subject to approval by shareholders at the
forthcoming Annual General Meeting. This is the second year in which a dividend
has been proposed for this reason. However, this is not a variation in the
policy of maximising capital growth and the Board would not expect dividend
payments to continue on a regular basis once a substantial proportion of
Electra's capital resources are once again invested in private equity
transactions.


Board of Directors

With the review of the investment strategy and management arrangements
completed, it is now appropriate to refresh the membership of the Board. I
indicated in my interim statement that this process was in hand and, since then,
the Nomination Committee has interviewed a number of candidates. The Board hopes
to make an announcement on Board composition in the near future.

All current Directors with the exception of Professor Sir George Bain will
retire and offer themselves for re-election at the forthcoming Annual General
Meeting.


Financial Statements

Electra's financial statements for the year ended 30 September 2006 have been
prepared for the first time under the International Financial Reporting
Standards ('IFRS'). The major impact of IFRS for Electra in this year related to
the accounting treatment of the special dividend which was paid in March 2006
and to the format of the financial statements.


Private Equity Investment Trusts ('PEIT')

Private equity is an increasingly attractive and dynamic asset class. In its
recent discussion paper, the Financial Services Authority acknowledges that many
investors have difficulty in accessing private equity, although one of the ways
to do so is through PEITs. Electra is a substantial PEIT which offers this
opportunity.


Outlook

The year has been one of great achievement for Electra with excellent results,
the completion of a major business review and shareholders' approval for a
strategy which returns Electra to full investment of its capital resources in
private equity.

The Board believes that Electra Partners, with its strong track record and
investment capability, has the best team to maximise returns on the existing
portfolio and to implement the new strategy.

Electra, with its differentiated investment approach, has a good market position
and provides shareholders with simple and liquid access to private equity.


Sir Brian Williamson



Investment Portfolio Analysis

Excluding Investments in Floating Rate Notes


Summary of Changes to Investment Portfolio

Year ended 30 September                 2006             2005             2004
                                       £'000            £'000            £'000
Opening valuation                    353,274          413,088          679,611
Investments                          130,669           82,365           48,361
Realisations                       (257,084)        (250,030)        (392,405)
Net capital increase                 153,300          107,851           77,521
Closing valuation*                   380,159          353,274          413,088


* The valuations at 30 September exclude accrued income (2006: £5,874,000; 2005:
£17,024,000; 2004: £15,773,000).


In the year to 30 September 2006, Electra's net asset value increased from
1,197p to 1,545p per share, an increase of 29%. This compares to an increase of
31% and 20% in the previous two years. Over the last three years the net asset
value per share has risen by 103%.

The performance continues to be driven by buoyant market conditions for
realisations, which have enabled Electra to successfully realise investments for
cash proceeds exceeding £900 million in the three year period, generating 
profits of over £300 million. Partly as a result of the exceptional level of
cash receipts in the past three years, Electra has become increasingly liquid
and at 30 September 2006 held net liquid assets primarily in the form of
floating rate notes of £238 million. The total portfolio at 30 September 2006
thus comprised £380 million of investments, excluding accrued income, and £238
million of net liquid assets. The restrictions on new investments which have
been in force since 2001 have also contributed to the position of relatively
high liquidity.

Over the year, investments were completed to a value of £131 million, compared
to £82 million in the previous year. At 30 September 2006 there were outstanding
commitments to invest of £133 million.

Realisations from the portfolio amounted to £257 million, generating proceeds
equivalent to 73% of the opening value of the portfolio. On average,
realisations were achieved at prices which exceeded book value by 95%.

For the first time in seven years, the total value of the investment portfolio
increased as a result of new investment and value increases exceeding
realisations. At 30 September 2006, the portfolio comprised direct investments
in 55 companies with a value of £313 million together with investments in 34
private equity funds with a value of £67 million. Of the direct investments,
those with an aggregate value of £63 million were quoted on a recognised stock
exchange but subject to restrictions on sale. Geographically, 78% of the
portfolio was situated in the UK and Europe, 13% in the USA, 7% in Asia and 2%
in South America.


Current Operations and Outlook

The year has seen significant changes in the composition of Electra's portfolio.
Although the level of investment continues to increase, cash generated from
realisations gave rise to an increase of £53 million in short term liquidity
after funding investment of £131 million and returns to shareholders of £73
million in the form of a special dividend and on-market share buybacks.

With the removal of restrictions on new investment, it is anticipated that the
rate of investment will increase further in contrast to the level of
realisations, which will fall as a result of the change in age profile of the
portfolio. This will lead to a reversal in Electra's current liquid position as
the investment portfolio increases.

Electra is currently receiving attractive investment opportunities despite
conditions in the private equity market which remain very competitive.
Furthermore, the ability to adopt a flexible approach enables Electra to
maximise the benefits from these investment opportunities. Electra is therefore
in a good position to add new investments with potential to a portfolio which is
already well positioned for further growth.


Investment Portfolio Review

Investments

Electra invested £131 million in the year and at 30 September 2006 had
outstanding commitments to invest of £133 million. Investments and commitments
taken together represented a marked step up in investment activity and compared
to investments and commitments of £82 million and £70 million made in the
previous year. Since 2001 Electra's investment strategy has restricted the funds
available for investment. Such restrictions have gradually decreased as the
pre-2001 portfolio has been realised, with the result that the investment rate
has increased in each of the last three years. Following approval at the
Extraordinary General Meeting held on 12 October 2006, all restrictions on new
investment have been removed.

The investments made by Electra in the year of £131 million were made up of £104
million in direct investments and £27 million in private equity funds. Direct
investments included £18 million in the refinancing of Capital Safety Group II
and £23 million in the secondary buyout of Amtico. While these investments had
previously been held by Electra, the refinancing and restructuring provided
excellent opportunities to reinvest in a cost effective manner while continuing
to benefit from the growth of these companies.

Other direct investments included £16 million in the buyout of Vent-Axia, the UK
market leader in the manufacture of residential and commercial ventilation fans,
£15 million in SAV Credit, to finance the expansion of this company in the
sub-prime credit market, and £13.7 million in Bizspace, which provides low cost,
flexible workspace occupied on short term licences.

Of the £27 million invested in private equity funds, £12.6 million was invested
in the Electra European Fund II (now Cognetas Fund II) with the balance being
invested primarily in three other funds. Electra's investment policy includes
taking strategic positions in funds where the relationship is likely to give
rise to significant co-investment and co-underwriting opportunities. Total
undrawn commitments to funds at 30 September 2006 amounted to £95 million.


Realisations

Realisations from the portfolio during the year amounted to £257 million. The
substantial level of realisations reflected the strength of the private equity
market which continued throughout the year. Prices achieved on realisation were
above expectations and, in overall terms, proceeds from realisations exceeded
the book value at the beginning of the year by 95%.


Largest Realisations
Company                      Valuation at 30 September Proceeds from Disposal*
                                                  2005                      

                                                   £'m                    £'m
Inchcape Shipping                                *38.9                  102.0
Services
Capital Safety Group I                          **55.6                ***59.0
Amtico                                            17.3                   36.8
Tensar                                               -               ****17.0
                                                 111.8                  214.8


* Includes accrued interest of £0.2 million

** Includes accrued interest of £15.0 million

*** Proceeds include interest of £15.5 million

**** Proceeds include interest of £2.9 million


The most significant realisation related to the investment in Inchcape Shipping
Services, which was sold in January 2006 providing net proceeds to Electra of
£102 million, 162% higher than the carrying value at 30 September 2005 which
demonstrates the value that can be achieved in the current marketplace in a well
controlled and competitive auction. The proceeds of £102 million compare to a
book value of the investment at 30 September 2005 of £38.7 million. The original
cost of the investment in 1999 was £17 million and the subsequent further
investment of £10 million was repaid by Inchcape Shipping Services prior to the
final sale. The refinancing and restructuring of Capital Safety Group I resulted
in proceeds to Electra of £59 million, which included interest payments of £15.5
million, accounted for through the revenue account. As well as the proceeds,
Electra acquired a significant stake in the restructured company. In August,
Electra sold its investment in Amtico to another financial investor resulting in
proceeds to Electra of £36.8 million. The rate of return to Electra over the
eleven years in which the investment was held was just over 14% per annum and
the proceeds, together with previous loan repayments, provided a multiple of 3.5
times the original investment. The other significant sale was that of Tensar,
where total proceeds amounted to £17 million. This investment had previously
been provided against in full, in view of the company's potential exposure to a
legal action.


Performance

The investment portfolio performed very strongly in the year to 30 September
2006, driven principally by the high level of realised gains. Over the year,
changes in value to the portfolio gave rise to a net capital increase of £153
million, a percentage appreciation of 43.4%. Of these gains,
£124 million represented realised profits on the sale of investments and a
further £10 million resulted from share price movements of restricted listed
securities held at the end of the financial year. The remaining £19 million
represented the net increase in unrealised appreciation in respect of unlisted
investments held at the end of the year. Total increases in unrealised
appreciation amounted to £25 million offset by valuation decreases of £6
million.

A significant portion of the realised gains was accounted for by the sale of
Inchcape Shipping Services and Amtico, which provided gains of £63 million and
£20 million respectively.


Largest Valuation Changes

Company                                                  £'m                  %
Inchcape Shipping Services                              63.1                 162
Amtico                                                  19.5                 113
Tensar *                                                17.0                   -
Dinamia                                                  6.3                  58
Capital Safety Group II                                  5.8                  31
Hemingway                                                5.3                 118


* Includes income recognised on realisation


Increases in unrealised appreciation were made in respect of ten investments,
the largest relating to Electra's investments in Capital Safety Group II,
Greenpark and Baxi. Increases of £5.8 million in Capital Safety Group II and
£4.3 million in Baxi were made to reflect strong operating performance. The
increase in value of Greenpark, a company engaged in the production of
electricity from coal mine methane, reversed a provision previously made against
the cost of the investment. Valuation reductions were made in the case of four
investments for a total of £6 million of which £4.9 million related to Prize
Foods which was fully provided against after a disappointing trading
performance.


Consolidated Income Statement
                                                                              
                                                                       
For the year ended 30                               2006               *Restated
September                                                                   2005
                               Revenue Capital    Total Revenue Capital    Total
                                 £'000   £'000    £'000   £'000   £'000    £'000

Net gains on investments        33,484 143,579  177,063  49,443  96,906  146,349
Profits on revaluation of            -   6,122    6,122       - (2,472)  (2,472)
foreign currencies
                                33,484 149,701  183,185  49,443  94,434  143,877
Other income                     2,437       -    2,437   2,374       -    2,374
Priority profit share paid to (10,681)       - (10,681) (8,964)       -  (8,964)
general partners
Other expenses                 (3,539)   (645)  (4,184) (2,603)     512  (2,091)
Net Profit before Finance
Costs and Taxation              21,701 149,056  170,757  40,250          135,196
                                                                  4,946
Finance costs                  (8,799)       -  (8,799) (6,140)       -  (6,140)
Profit on Ordinary Activities
before                          12,902 149,056  161,958  34,110  94,946  129,056

Taxation
Taxation Expenses              (4,286) (7,208) (11,494) (5,217)   (480)  (5,697)
Profit after Taxation            8,616 141,848  150,464  28,893  94,466  123,359
Attributable to Equity           8,616 141,848  150,464  28,893  94,466  123,359
Shareholders

Basic and Diluted Earnings per  
Ordinary Share                  20.58p 338.80p  359.38p  64.09p 209.54p  273.63p                                


The Total column of this statement represents the Group's Income Statement
prepared in accordance with IFRS and the Companies Act. The supplementary
Revenue and Capital columns are both prepared under guidance published by the
Association of Investment Companies.


The amounts dealt with in the Consolidated Income Statement are all derived from
continuing activities.


2006 2005

Number of Ordinary Shares in issue at 30 September 38,722,687 43,507,687


* As restated for the adoption of IFRS, as explained within the Basis of
Accounting.


+----------------------------+--------+-------+--------+-------+-------+-------+
|Dividends Paid              |        |       |    2006|       |       |   2005|
|                            |        |       |        |       |       |       |
|Total paid (£'000)          |        |       |   8,592|       |       |      -|
|                            |        |       |     20p|       |       |      -|
|Per share                   |        |       |        |       |       |       |
+----------------------------+--------+-------+--------+-------+-------+-------+


Consolidated Statement of Changes in Equity


For the year ended 30 September                        2006             2005
                                                      £'000            £'000
Total equity at 1 October *                         520,883          426,723
Adoption of IAS 39 **                                 1,239                -
Profit after Taxation                               150,464          123,359
Special dividend ***                                (8,592)                -
Exchange differences arising on                     (1,445)              478
consolidation
Repurchase of own shares                           (64,257)         (29,677)
Total Equity Shareholders' Funds at 30              598,292          520,883
September


* As restated for the adoption of IFRS, explained within the Basis of
Accounting.


** Opening balance at 1 October 2005 has been restated for IAS 39 such that
listed investments have been valued at bid rather than mid price and
marketability discounts have not been applied.


*** Special dividend paid of 20p per share after share buy-back of 550,000
ordinary shares on 6 February 2006.


Consolidated Balance Sheet


* Restated

                                          As at 30 Sept 2006  As at 30 Sept 2005
                                             £'000     £'000     £'000     £'000
Non-Current Assets
Investments held at fair value:
Unlisted and listed                                  386,033             370,298
Floating rate notes                                  394,201             265,595
                                                     780,234             635,893
Current Assets
Trade and other receivables                  1,481              12,847
Cash and cash equivalents                    9,875              62,610
                                            11,356              75,457
Current Liabilities
Trade and other payables                    15,591              15,556
Net Current (Liabilities)/Assets                     (4,235)              59,901
Total Assets less Current Liabilities                775,999             695,794
Bank loans                                           165,823             157,248

                                                     610,176             538,546
Provision for liabilities and charges                 11,884              17,663
Net Assets                                           598,292             520,883
Capital and Reserves
Called-up share capital                                9,681              10,877
Share premium                               24,147              24,147
Capital redemption reserve                  33,594              32,398
Translation reserve                          (453)                 478
Realised capital profits                   645,107             584,240
Unrealised capital losses                (136,980)           (154,430)
Revenue reserves                            23,196              23,173
                                                     588,611             510,006
Total Equity Shareholders' Funds                     598,292             520,883
Net asset value per ordinary share                 1,545.07p           1,197.22p



* As restated for the adoption of IFRS, as explained within the Basis of
Accounting.


Consolidated Cash Flow Statement

                                                                    * Restated
For the year ended 30 September                     2006                  2005
                                        £'000      £'000      £'000      £'000

Operating Activities
Purchases of investments            (457,865)             (307,484)
Amounts paid under incentive         (13,691)               (2,346)
schemes
Sales of investments                  460,114               365,797
Dividend received                      14,560                 2,817
Other investment income received       28,323                44,792
Interest received                       2,139                 2,066
Other received                            297                   307
Expenses paid                        (13,407)              (11,222)
Taxation paid                         (7,380)                     -
Net Cash Inflow from Operating                    13,090                94,727
Activities

Financing Activities

Bank loans drawn                       71,680                47,424

Bank loans repaid                    (56,680)              (52,424)

Repurchase of own shares             (64,257)              (38,848)

Loans received                              -                 5,248

Finance costs                         (7,451)               (5,337)

Other finance costs                     (222)                 (803)

Dividend paid                         (8,592)                     -

Net Cash Outflow from Financing                 (65,522)              (44,740)
Activities

Changes in cash and cash                        (52,432)                49,987
equivalents
Cash and cash equivalents at 1                    62,610                12,880
October
Translation difference                             (303)                 (257)
Cash and cash equivalents at 30                    9,875                62,610
September


* As restated for the adoption of IFRS, as explained within the Basis of
Accounting.


Basis of Accounting

The Accounts have been prepared in accordance with the accounting policies set
out in Electra's Interim Report for the six months ended 31 March 2006 which was
posted to shareholders in June 2006 and which is available on the Company's
website (www.electraequity.com). Electra has applied these policies for the
first time in the Accounts for the year ended 30 September 2006 in accordance
with the International Financial Reporting Standards, as adopted by the European
Union ('IFRS'), and in accordance with those parts of the Companies Act 1985
applicable to companies reporting under IFRS. The Accounts have been prepared
under the historical cost basis of accounting, modified to include the
revaluation of certain assets.


Change of Accounting Policy

Prior to the adoption of IFRS the Accounts of the Group had been prepared in
accordance with United Kingdom accounting standards (UK GAAP). UK GAAP differs
in certain respects from IFRS and certain accounting and valuation methods have
been amended when preparing these Accounts, to comply with IFRS. The comparative
figures in respect of 2005 have been restated to reflect these amendments. The
UK GAAP accounting policies in respect of financial instruments as applied at 30
September 2005 have continued to be used for the comparative financial
information, as permitted under IFRS 1. A reconciliation and description of the
effect of the transition from UK GAAP to IFRS on the Group reported financial
position, financial performance and cash flows is set out below.

                                                                      Year to
                                                            30 September 2005
                                                                        £'000

Transfer to Reserves for the period under UK GAAP                     115,135

Transfer to Translation Reserve*                                         (478)

Special dividend **                                                     8,702

Profit After Taxation Under IFRS                                      123,359

                                             30 September 2005   1 October 2004
                                                         £'000            £'000
Total equity shareholders' funds under UK              512,181          426,723
GAAP
Special dividend **                                      8,702                -
Total equity shareholders' funds under                 520,883          426,723
IFRS

                                                                        Year to
                                                              30 September 2005
                                                                          £'000
Change in cash under UK GAAP                                           (11,256)
Short term deposits ***                                                  61,243
Change in cash and cash equivalents under IFRS                           49,987


* Foreign currency differences arising on retranslation of assets and
liabilities of foreign operations are recognised directly in the Translation
Reserve under IFRS.

** Under IFRS dividends declared after the Balance Sheet date are not recognised
as a liability at the Balance Sheet date.

*** For the purposes of the Cash Flow Statement, short term deposits are
classified as cash equivalents under IAS 7, whilst they were included as liquid
resources under UK GAAP. IFRS has not significantly changed any of the cash
flows of the Group.

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