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B:><?=A?C ?BDE; F?<>?:; GHIJ F?< K?=< LM< ?=>E K?=< N:C?< =D? OPQRSSTUTVWRX YZ[VWS \Z]YVW ̂ZZ_ ZRYU UV̀ Z] aVWZ \Z]YVWb_ `ZYU UV̀ Z] aVWZ \Z]YVWb_ TWSZ\ZWSZWU XTcTWdZWU]RW[Z ̂ZZYẐZ ̂V] YZ]cT[Z                    !" #$    $% #&% &$% &% % '" (  % %## % %$ %&#)*+,-+.- /0,*.+/*1,2+,/1- )1.34/1) 5-4.1/* +-64))40,7 EXHIBIT 4 PRIOR TWO YEARS* AUDITED STATEMENTS CliftonLarsonAllen LLP A CLAconnect.com INDEPENDENT AUDITORS’ REPORT Board of Trustees Westminster-Canterbury on Chesapeake Bay and Subsidiaries Virginia Beach, Virginia We have audited the accompanying consolidated financial statements of Westminster-Canterbury on Chesapeake Bay and Subsidiaries, which comprise the consolidated balance sheets as of September 30, 2020 and 2019, and the related consolidated statements of operations and changes in net assets (deficit) without donor restrictions, changes in net assets (deficit), and cash flows for the years then ended, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. A member of © Nexia (1) International               ! "  # $ #$        %   $"$ $  # "  # $ #$                &'"'''()"  # $  $      "#*      # "  # $+         ### + ##  *#$ *  $##    ,   - #. /012345678945:0;566<$ "= $> ?"'(                   !"#$%#&' ()( * #) +%,(,-%##%+((!#()./01  2323 2345   67897:;6789<=>?@7AB:C8 DE223ED3FG 44E023EH0DGIBJB?@7KAB8 0E5LDE42M HE5M4ED03NJJO>B;P:CBOB8CIBJB?@7KAB7:;QC9BO 0E22FED0M 2EM3LELDDRSC7A6>OOB:CN88BC8 4LEH3LEMM3 4DE55MEDLF   <TCBO:7AUIB8CO?JCB;V:;BOIB8?;B:JUNWOBBXB:C8 4E003ED0F 4E40ME52D<TCBO:7AUIB8CO?JCB;V:;BOYS:;P:;B:C>OBNWOBBXB:C8 0D0ED55 05FEM25RSC7AN88BC8Z?X?CB;N8RSV8B 4EM4HEM0L 4EL0HEFLM [   \ 433E333[ LLEDL2EH20 L2E20HE45M  ]  42HE4D2EH45 424EDLFE3L3RSC7AN88BC8 45ME4LLE0HMG 45HEM22EMF3G                      !!"##$%&"'()'*+$,!-,$.$'-$/)0",!01)'"'#)"/ ,",!%!',-2345  6789:;8<:=:> ?;>@:AB ?B>@B8;CDEBA8>7F87:=A EBA8>7F8BG 7=HC8;>B I:8CD     J 3KLMNOLN4P5Q MMLORSLKSRQ TLTOULTKTQ 4LSPPLM4SQVWFBAA:XEBYB=;BALZC7=ALC=G[89B>\;@@:>8[YB>VW@B=ABA RPKLPN4 ] ] RPKLPN4:̂=8>7_;87:=A ] RLR44L4MM ] RLR44L4MM=̀YBA8aB=8̀=F:aB ] SK4LN4P ] SK4LN4PHB8̂9C=bB7=c=>BCD7dBGZC7=A3e:AABA5:=̀=YBA8aB=8A ] 3TSLUMM5 RNO 3TSLSTK5HB8fAAB8AEBDBCABGX>:aEBA8>7F87:=AX:>Ĉ@78CDfFg;7A787:=A RLMOMLSTR 3RLMOMLSTR5 ]HB8fAAB8AEBDBCABGX>:aEBA8>7F87:=X:>[@B>C87:=A ] 3MLKNNL4UK5 ] 3MLKNNL4UK5HB8̀=F>BCAB3<BF>BCAB57=HB8fAAB8A3<BX7F785 RLOONL4PU 3MLPMTL44P5 RNO TLOR4LRRR      3RLKR4LTSM5 MPLOTRLPUR TLTOUL4S4 NLUR4LOUNVWFBAA:XEBYB=;BALZC7=ALC=G[89B>\;@@:>8[YB>VW@B=ABA RLRSTLTRS ] ] RLRSTLTRS:̂=8>7_;87:=A ] K4ULPPM ] K4ULPPM=̀YBA8aB=8̀=F:aB ] R4NLUU4 ] R4NLUU4HB8̂9C=bB7=c=>BCD7dBGZC7=A:=̀=YBA8aB=8A ] KK4LNTS SLSTM KNTLRO4HB8fAAB8AEBDBCABGX>:aEBA8>7F87:=X:>[@B>C87:=A ] 3MLKK4LKTU5 ] 3MLKK4LKTU5HB8̀=F>BCAB7=HB8fAAB8A3<BX7F785 RLRSTLTRS MRNLPUR SLSTM RLOUSLNOU      3RNOLPM45Q MPLS4MLMN4Q TLTSSLMKKQ MTLORTLROKQ HB8fAAB8A3<BX7F785                    !"#$%&$'(!)*)!+!$*!,&-)-.&$$ &,))"$)*/012  3434 3456  7 89:;<=>?<@>ABCC>AC DEF6GEHF6I 3EFDJEDDDIBKLMCAN><ACAOP>QO<Q?R>9:;<=>?<@>ABCC>ACAO@>A9;C:STOU?K>KVWXY>T;A?<=BQA?U?A?>CBNOTA?Z;A?O<O[\>[>TT>KP>U><M>[TONBKU;<Q>]>>C 055EG1FE63J2 055E33HE35J2STOQ>>KC[TONBKU;<Q>]>>C@>AO[P>[M<KC 55EGH3EJH3 5GEJH3E3HG\>YT>Q?;A?O< 6E5HDE5J4 HEJGFEJG5;̂K\>VA_̀Y><C> 6HE114 FDE1H4BNOTA?Z;A?O<O[\>[>TT>K]?<;<Q?<=9OCAC FJE35G FJE6HDBNOTA?Z;A?O<O[̂O<KST>N?MN 034FE5G52 034FE5G420a;?<C2bOCC>CO<c;R>CO[d<U>CAN><ACE@>A 5H5EJ44 03E5FDEJ3G2@>A9:;<=>?<e<T>;R?Z>K0a;?<C2bOCC>CO<d<U>CAN><AC 0DEF53EFD32 5EHJHE464STOQ>>KC]TON9O<AT?VMA?O<Cf?A:\O<OTP>CAT?QA?O<C 01J6E4452 0DEDJJEJ552d<QT>;C>0\>QT>;C>2?<P>Q>?U;VR>CEXA:>TBCC>ACE;<KSR>K=>CP>Q>?U;VR> F6DEJHF 05EGG4EF1J20d<QT>;C>2\>QT>;C>?<9MTT><Ab?;V?R?A?>C_̀QRMK?<=\>VA 05EJH3EJ432 3EFD1EHHD@>A9;C:STOU?K>KVWXY>T;A?<=BQA?U?A?>C 1EFDHEHFH 53EJ1JE631 87 89:;<=>?<BCC>ACb?N?A>K;CAOeC> g HEG44EJDJSMTQ:;C>CO[d<U>CAN><AC 06E3JFE1142 054E5DJEHD32STOQ>>KC[TONc;R>O[d<U>CAN><AC HEH11ED1J 5GE3DGE5H6BQhM?C?A?O<O[STOY>TAWESR;<AE;<K_hM?YN><A 053E443EJG52 031ED43EH5D2@>A9;C:eC>KVWd<U>CA?<=BQA?U?A?>C 053ED64E4FG2 05DE14DEH342   7 8d<QT>;C>0\>QT>;C>2?<BKU;<Q>\>YOC?AC 3J3ED34 0336E1H42\>QT>;C>?<P>C>TU;A?O<]>>C 056E4442 034E4442STOQ>>KC[TONP>[M<K;VR>BKU;<Q>]>>C 3EG3HEJF4 g\>QT>;C>?<B<<M?AWXVR?=;A?O< 0H5E6312 03EJD52STOQ>>KC[TON9O<AT?VMA?O<Cf?A:\O<OTP>CAT?QA?O<C 1J6E445 DEDJJEJ55P>Y;WN><AO[bO<=gi>TN\>VA 05EF31ED652 05E546E4GD2@>A9;C:STOU?K>KVW]?<;<Q?<=BQA?U?A?>C 3E4D5EJFD 3E44GE5F1  j  k  l 8     03E656EGGF2 61HE3GF9;C:E9;C:_hM?U;R><ACE;<KP>CAT?QA>K9;C:ĝ>=?<<?<=O[m>;T 53EHGGE46G 55EH1JEHF5  l 8       6E6DGEGF5I 53EHGGE46GI      XY>T;A?<=9;C:;<K9;C:_hM?U;R><AC HE334EH4JI 55ED34EFDHIP>CAT?QA>K9;C:?<QRMK>K?<BCC>ACb?N?A>K;CAOeC> 5E15FE1DG 5EGDFEJG1iOA;R 6E6DGEGF5I 53EHGGE46GI      ]?̀>KBCC>ACd<QRMK>K?<BQQOM<ACS;W;VR> 1JE66FI G14E55JI  NOTE 1 WESTMINSTER-CANTERBURY ON CHESAPEAKE BAY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2020 AND 2019 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Westminster-Canterbury on Chesapeake Bay: Westminster-Canterbury on Chesapeake Bay (Westminster-Canterbury) was incorporated as a nonprofit Virginia nonstock corporation in 1976 as a result of the joint efforts of the Commission on Services to the Aging, Episcopal Diocese of Southern Virginia and Tidewater Westminster Homes, Incorporated, of the Norfolk Presbytery of the Presbyterian Church in the United States. The purpose of Westminster-Canterbury, as managed by the board of trustees, is to create, maintain and operate life plan communities and to provide related services as a nonprofit organization. Westminster-Canterbury owns and operates an independent living, assisted living and health care community located in Virginia Beach, Virginia. During 2013, Westminster-Canterbury created Westminster-Canterbury at Home, LLC (WC at Home), a wholly owned limited liability company organized under the laws of the Commonwealth of Virginia. WC at Home provides Westminster-Canterbury’s home health, hospice, and related services. During 2015, Westminster-Canterbury created Senior Options, LLC (Senior Options), a wholly owned limited liability company organized under the laws of the Commonwealth of Virginia. Senior Options assists unrelated organizations in providing high quality home and community-based health care programs to its patients. Senior Options provides administrative, quality assurance, education, training, billing, and other advisory services to other senior living organizations. During 2016, Westminster-Canterbury created S.O. Realty, LLC (S.O. Realty), a wholly owned limited liability company organized under the laws of the Commonwealth of Virginia. S.O. Realty owns an office building that provides office space for Senior Options, LLC and Westminster-Canterbury at Home, LLC. The last outside tenant vacated the building on November 1, 2019. Annual rental income was approximately $172,000 and $180,000 during 2020 and 2019, respectively. During 2018, Westminster-Canterbury purchased the capital stock of the Lynnhaven Fishing Pier Corporation (Lynnhaven), a Virginia corporation that has made an S-Corporation election, and its related property for $6,000,000. The purchase price was allocated to land on the accompanying consolidated balance sheets. Westminster-Canterbury is now the sole owner of Lynnhaven. Westminster-Canterbury_on Chesapeake Bay Foundation: Westminster-Canterbury on Chesapeake Bay Foundation (the Foundation) was incorporated in December 1992 as a nonprofit Virginia nonstock corporation, the sole member of which is Westminster- Canterbury. The Foundation, managed by a board of directors appointed by the board of trustees of Westminster-Canterbury, is a self-supporting, tax-exempt organization that supports the mission of Westminster-Canterbury by furthering its financial assistance and fundraising goals. (8) NOTE 1 WESTMINSTER-CANTERBURY ON CHESAPEAKE BAY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2020 AND 2019 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Deferred Financing Costs Financing costs incurred in connection with the issuance of long-term debt are deferred and amortized over the term of the related indebtedness, which approximates the effective interest method. Amortization expense, which is included with interest expense on the consolidated statement of operations and changes in net assets (deficit) without donor restrictions, was approximately $46,000 and $47,000 for the years ended September 30, 2020 and 2019, respectively. Reservation Fees Reservation fees are comprised of prospective residents’ deposits for priority of apartments. Upon acceptance by the resident of an apartment, the reservation fee is applied to the advance fee and becomes part of deferred revenue from advance fees. Reservation fees are fully refundable, subject to certain terms and conditions of the reservation agreements. Advance Fees Residents admitted to the community pay an “advance fee” at admission and a monthly fee to cover the cost of their care. Under the Standard Contract, the amount of the advance fee subject to refund is reduced by a one-time 4% administrative charge and by 2% for each month of occupancy up to 48 months. No refund is due after 48 months of occupancy. In the event of the resident's death, the amount of the advance fee subject to refund is reduced by a one-time 4% administrative charge and by 2% per month if death occurs within six months of occupancy. No refund of any amount of the advance fee will be made if death of resident occurs after six months. Under the 50-month Declining Balance Contract, the amount of the advance fee subject to refund is reduced by a one-time 4% administrative charge and by 2% for each month of occupancy up to 48 months due to termination for any reason, including death. No refund is due after 48 months of occupancy. Under the 50% Refundable Contract, the amount of the advance fee subject to refund is reduced by a one-time 4% administrative charge and by 2% for each month of occupancy up to 23 months due to termination for any reason, including death. The refund is never less than 50% of the advance fee paid. Under the 90% Refundable Contract, the amount of the advance fee subject to refund is reduced by a one-time 4% administrative charge and by 1% for each month of occupancy up to six months due to termination for any reason, including death. The refund is never less than 90% of the advance fee paid. Four additional contracts are available to residents — the limited medical assistance (365 days), limited medical assistance (180 days) contracts, 90% refundable fee-for-service contract, and a fee-for-service contract. These contracts are subject to the same refund of advance fee provisions as the Standard Contract. (11)                      ! 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The Corporation determines its estimates of contractual adjustments based on contractual agreements, its policy, and historical experience. The Corporation determines its estimate of implicit price concessions based on its historical collection experience. Agreements with third-party payors typically provide for payments at amounts less than established charges. A summary of the payment arrangements with major third-party payors follows: Medicare and Medicaid The Corporation's licensed nursing facility participate in the Medicare program. This federal program is administered by the Centers for Medicare and Medicaid Services (CMS). The nursing facilities are paid under the Medicare Prospective Payment System (PPS) for residents who are Medicare Part A eligible and meet the coverage guidelines for skilled nursing facility services. The PPS is a per diem price-based system. CMS finalized the Patient Driven Payment Model (PDPM) to replace the existing Medicare reimbursement system effective October 1, 2019. Under PDPM, therapy minutes are removed as the primary basis for payment and instead use the underlying complexity and clinical needs of a patient as a basis for reimbursement. In addition, PDPM introduces variable adjustment factors that change reimbursement rates during the resident's length of stay. Annual cost reports are required to be submitted to the designated Medicare Administrative Contractor; however, they do not contain a cost settlement. Nursing facilities licensed for participation in the Medicare and Medical Assistance programs are subject to annual licensure renewal. If it is determined that a nursing facility is not in substantial compliance with the requirements of participation, CMS may impose sanctions and penalties during the period of noncompliance. Such a payment ban would have a negative impact on the revenues of the licensed nursing facility. The Corporation’s licensed nursing facility participates in the Medicaid program which is administered by Virginia's Department of Medical Assistance Services (DMAS). DMAS uses a price-based payment system to reimburse providers, which is weighted for each claim based on the Resource Utilization Group (RUG) score listed on each claim. Each year DMAS publishes a priced-based total case mix rate and a total indirect rate, both of which make up the bulk of the base payment rate for each provider. The total case mix rate and the total indirect rate are determined by a preassigned peer group of geographically similar regions within Virginia. The price-based rate is weighted for the severity of care of the documented RUG listed for each claim. Effective October 1, 2019, new PDPM HIPPS codes replaced RUG scores listed on each claim for determining reimbursement amounts. Annual Medicaid cost reports are required by the state of Virginia, however, they are not used to settle the costs of claims. Instead, the cost reports are used in the development of price-based rates and to monitor the adequacy of the reimbursement methodology. (18) 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nterpretation of Relevant Law (Continued) e The possible effect of inflation and deflation e The expected total return from income and the appreciation of investments e Other resources of the Corporation e The investment policy of the Corporation Funds with Deficiencies It is the Corporation’s policy to maintain the corpus amounts of each individual Donor- Restricted Endowment Fund received. If the fair value of assets associated with Individual Donor-Restricted Endowment Funds were to fall below the level that the donor or the Act requires the Corporation to retain as a fund of perpetual duration, in accordance with GAAP, deficiencies of this nature are reported in net assets without donor restrictions. Return Objectives and Risk Parameters The Corporation has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment. Endowment assets include those assets of donor-restricted funds the Corporation must hold in perpetuity or for a donor-specified period. Under this policy, as approved by the board of trustees, the endowment assets are invested in a manner intended to preserve and grow capital, strive for consistent absolute returns, preserve purchasing power by striving for long- term returns which either match or exceed the set payout, fees and inflation without putting the principal value at imprudent risk, and diversify investments consistent with commonly accepted industry standard to minimize the risk of large losses. Strategies Employed for Achieving Objectives To satisfy its long-term rate-of-return objectives, the Corporation relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). Management targets a diversified asset allocation that meets the Corporation’s long-term rate of return objectives while avoiding undue risk from imprudent concentration in any single asset class or investment vehicle. Spending Policy and How the Investment Objectives Relate to Spending Policy The Corporation's spending policy is consistent with its objective of preservation of the fair value of the original gift of the endowment assets held in perpetuity as well as to provide additional real growth through new gifts and investment return. At September 30, 2020 and 2019, the Corporation had approximately $2,255,000 and $2,250,000, respectively, in endowments with donor restrictions perpetual in nature for which the income is used to support the purpose of the Foundation. The Corporation had no board-designated endowment funds for the year ended September 30, 2020. (26)                     !    "  #$%&'(&)*+(,-.&'*/01%&2%304%&056%,0(2%3%+.0%0*$%&'(&)*+(,-" *&0(&7%'#89:;<=<>?@A?BC9:D9E@A:?@:@F<>G:@C@:CEBB:CB;<HC9:I:EHB:@F:FJ:KC:GL:HMNONNE@FNPQR NNS?C9<TCU<@<H VTHK<B: V:HK:CTE=?@W:BCH?DC?<@B W:BCH?DC:F XECTH: 8<CE=Y@F<>G:@CX:CZBB:CBO[:A?@@?@A<;C9:\:EH ]OQ̂P _ M]POQM̀_ OaQÒ]̀_ O]Q]ÒPP_b9E@A:?@c@H:E=?d:FeE?@B<@f@g:BCG:@CB P̀ONNN PNPOaP ]O]P P̀Òb<@CH?LTC?<@B h h h hY@F<>G:@CX:CZBB:CBOY@F<;C9:\:EH ]]ONPQ_ a]MOP_ O]]OP_ ÒMOMM_ NPQS?C9<TCU<@<H VTHK<B: V:HK:CTE=?@W:BCH?DC?<@B W:BCH?DC:F XECTH: 8<CE=Y@F<>G:@CX:CZBB:CBO[:A?@@?@A<;C9:\:EH PNOP _ MâÔM_ OaQO_ O]̂Ôa_b9E@A:?@c@H:E=?d:FeE?@B<@f@g:BCG:@CB aOaN MOPPM M̂a OMb<@CH?LTC?<@B h h h hY@F<>G:@CX:CZBB:CBOY@F<;C9:\:EH ]OQ̂P _ M]POQM̀_ OaQÒ]̀_ O]Q]ÒPP_     89:b<HK<HEC?<@GE?@CE?@BF:;:HH:FD<GK:@BEC?<@K=E@B>9?D9D<g:HBTLBCE@C?E=IE=:=?A?L=::GK=<I::Bij<HC9<B::GK=<I::BECS:BCG?@BC:HhbE@C:HLTHI>9<EH::=?A?L=:C<KEHC?D?KEC:?@C9:b<HK<HEC?<@kBfWbaNML b9THD9JK<@B<H:FYGK=<I:Hb<@CH?LTC<HIV=E@OC9:b<HK<HEC?<@D<@CH?LTC:BEGECD9?@AD<@CH?LTC?<@:lTE=C<PNNm<;C9:g<=T@CEHID<@CH?LTC?<@B<;:ED9:GK=<I::TKC<EGEn?GTG<;am<;E@@TE=D<GK:@BEC?<@i89:b<HK<HEC?<@E=B<D<@CH?LTC:FEC?CBF?BDH:C?<@E@EFF?C?<@E=Mm<;C9:E@@TE=D<GK:@BEC?<@<;:ED9:=?A?L=::GK=<I::;<HC9:I:EHB:@F:FJ:KC:GL:HMNONNE@FNPQi89:S:BCG?@BC:HhbE@C:HLTHIaNML K=E@?BElTE=?;?:FK=E@LTC?B@<CBTLo:DCC<YWfJZH:AT=EC?<@Bi89:b<HK<HEC?<@E=B<GE?@CE?@B@<@lTE=?;?:Fa]L E@Fa]; K=E@B;<H:n:DTC?g:=:g:=BCE;D<@CH?LTC?<@Bi89::nK:@B:BH:=EC:FC<F:;:HH:FD<GK:@BEC?<@K=E@B>:H:EKKH<n?GEC:=I_̂ONNNE@F_̂QONNN;<HC9:I:EHB:@F:FJ:KC:GL:HMNONNE@FNPQOH:BK:DC?g:=Ii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n March 2020, the World Health Organization declared the spread of Coronavirus Disease (COVID-19) a worldwide pandemic. The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses, and communities. Specific to the Corporation, COVID-19 may impact various parts of its 2021 operations and financial results including but not limited to additional costs for emergency preparedness, disease control, and containment, potential shortages of healthcare personnel, or loss of revenue due to reductions in certain revenue streams. Management believes the Corporation is taking appropriate actions to mitigate the negative impact. However, the full impact of COVID-19 is unknown and cannot be reasonably estimated as of September 30, 2020. (31)                                 ! "#$%#&'('&)&%*'*)+ (&),-.),#&/0/)%*12*) 0*0-$#+3*4*&#*),*, 5*2+*'6*#7&#*0.' 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