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Latest Case Studies
Case Study
TBC Group: Future proofing a history of success

The case explores TBC Bank Group’s remarkable journey from a small Georgian bank to a regional leader in digital financial services across Central Asia. Founded in 1992 with just US$500 in initial capital, TBC evolved into Georgia’s largest financial institution and pioneered into digital banking. The case highlights TBC’s strategic expansion in…

Strategy Digital Growth
By Goutam Challagalla, Francis D. Kim and Philip Charles Zerrillo
Case reference: IMD-2651, © 2025
TBC Group: Future proofing a history of success
By Goutam Challagalla Francis D. Kim and Philip Charles Zerrillo
Case reference: IMD-2651 ©2025
Summary
The case explores TBC Bank Group’s remarkable journey from a small Georgian bank to a regional leader in digital financial services across Central Asia. Founded in 1992 with just US$500 in initial capital, TBC evolved into Georgia’s largest financial institution and pioneered into digital banking. The case highlights TBC’s strategic expansion into Uzbekistan, where it rapidly built a leading digital banking ecosystem. Students will analyze TBC’s international growth approach as it transformed customer experience, leveraged technology and built a sustainable competitive advantage through product diversification, strong organizational culture and operational agility. The case explores international market entry, digital transformation and aligning strategies with local market needs, highlighting how TBC’s focus on innovation drives its regional expansion.
Reference IMD-2651
Copyright ©2025
Copyright owner IMD Copyright
Organization TBC Bank Group
Industry Finance and Insurance, Banking
Available Languages English
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Case Study
Boosting and sustaining operational excellence

The case explores the principles and challenges of operational excellence through the experience of Magdi Batato, former EVP of Operations at Nestlé. It examines how he implemented Mission-Directed Work Teams (MDWTs) to empower front-line workers, align goals and drive accountability within a collaborative culture. MDWTs, introduced in South Afr…

Change Management Digital Operations
By Luis Vivanco, Carlos Cordon and Magdi Batato
Case reference: IMD-2653, © 2025
Boosting and sustaining operational excellence
By Luis Vivanco Carlos Cordon and Magdi Batato
Case reference: IMD-2653 ©2025
Summary
The case explores the principles and challenges of operational excellence through the experience of Magdi Batato, former EVP of Operations at Nestlé. It examines how he implemented Mission-Directed Work Teams (MDWTs) to empower front-line workers, align goals and drive accountability within a collaborative culture. MDWTs, introduced in South Afr…
Reference IMD-2653
Copyright ©2025
Copyright owner IMD Copyright
Organization Nestlé
Industry Consumer Goods, Food and Beverage;Consumer Goods
Available Languages English
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Case Study
ABN AMRO (A): When culture drives transformation

The case describes two transformation journeys for ABN AMRO bank. The first transformation is cultural and the second is digital. It explores the interplay between these two journeys from the perspective of the head of the Personal Banking. The case goes into detail regarding how the bank rebuilt its internal operating model. The hierarchy was d…

Digital
By Michael R. Wade and Lisa Simone Duke
Case reference: IMD-7-2192, © 2025
ABN AMRO (A): When culture drives transformation
By Michael R. Wade and Lisa Simone Duke
Case reference: IMD-7-2192 ©2025
Summary
The case describes two transformation journeys for ABN AMRO bank. The first transformation is cultural and the second is digital. It explores the interplay between these two journeys from the perspective of the head of the Personal Banking. The case goes into detail regarding how the bank rebuilt its internal operating model. The hierarchy was de-layered and replaced with agile ways of working, employee empowerment and a new performance management approach. At first, there was a lot of chaos, but, after some time for adjustment, benefits started to appear, such as higher NPS scores and improved financial results. The new approach also helped the bank cope with the Covid-19 pandemic as many of the changes were linked to remote working for employees and technology-mediated service provision for customers. The case also explores new challenges that appeared. While some teams embraced the new ways of working, others had trouble letting go of legacy approaches. There were inconsistencies and confusion around performance measurement. Despite improving performance in some areas, multifunctional teams were not necessarily delivering the best customer experiences. Sick leave was increasing, and there were signs that employee engagement was falling. The reader is placed in the shoes of the head of Personal Banking who must come up with solutions to these challenges.
Reference IMD-7-2192
Copyright ©2025
Copyright owner IMD Copyright
Organization ABN AMRO
Industry Finance and Insurance, Banking
Available Languages English
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Case Study
ABN AMRO (B): The challenge of scaling self-organization

The B case picks up at the end of Case A. It’s now autumn 2022. Klaas Ariaans and Eric Jones, leaders within ABN AMRO’s Personal and Business Banking Division had been reflecting on the success of self-organization in their divisions. This new working method gave branches and banking teams more autonomy over how, when and where they worked, as w…

Digital
By Michael R. Wade and Lisa Simone Duke
Case reference: IMD-7-2439, © 2025
ABN AMRO (B): The challenge of scaling self-organization
By Michael R. Wade and Lisa Simone Duke
Case reference: IMD-7-2439 ©2025
Summary
The B case picks up at the end of Case A. It’s now autumn 2022. Klaas Ariaans and Eric Jones, leaders within ABN AMRO’s Personal and Business Banking Division had been reflecting on the success of self-organization in their divisions. This new working method gave branches and banking teams more autonomy over how, when and where they worked, as w…
Reference IMD-7-2439
Copyright ©2025
Copyright owner IMD Copyright
Organization ABN AMRO
Industry Finance and Insurance, Banking
Available Languages English
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Case Study
China Resources Beer: Becoming future ready

The China Resources Beer (CR Beer) case study is a compelling narrative of the world’s largest beer producer by volume under the leadership of CEO Hou Xiaohai. In 2016 CR Beer embarked on a pivotal transformation journey. This case study offers critical insights that particularly resonate with Chinese corporations navigating similar challenges i…

China Digital Human Resources Strategy Diversity and Equity and Inclusion
By Mark J. Greeven and Wei Wei
Case reference: IMD-7-2538, © 2024
China Resources Beer: Becoming future ready
By Mark J. Greeven and Wei Wei
Case reference: IMD-7-2538 ©2024
Summary
The China Resources Beer (CR Beer) case study is a compelling narrative of the world’s largest beer producer by volume under the leadership of CEO Hou Xiaohai. In 2016 CR Beer embarked on a pivotal transformation journey. This case study offers critical insights that particularly resonate with Chinese corporations navigating similar challenges in an era marking the end of China’s rapid economic growth. Faced with industry saturation, changing consumer behaviors, the rise of digital technology and the imperative shift from expansive to high-quality growth, CR Beer’s story mirrors the predicament in which many Chinese companies find themselves today. The case delves into CR Beer’s strategic overhaul, how it optimized its vast 60,000-employee structure, streamlined operations and embraced digital transformation to remain competitive. CR Beer’s transformation was characterized by tackling “three mountains” – operational inefficiency due to numerous small factories with high costs and low-capacity utilization, weak brand presence in the high-end beer market and an underutilized and mismatched workforce. The study also highlights the company’s innovative approach to rebranding for younger consumers, integrating consumer insights into product development and exploring new business models. It underscores the importance of internal cultural shifts to support these external changes and the role of leadership in guiding transformation. CR Beer’s journey from traditional efficiency to future-readiness offers valuable lessons in managing large-scale organizational change, strategic management and business innovation. It provides essential insights for understanding the complexities of transformation in a rapidly evolving industry, making it a crucial read for those interested in organizational change, particularly in the context of the Chinese market and its unique challenges and opportunities.
Reference IMD-7-2538
Copyright ©2024
Copyright owner IMD Copyright
Organization China Resources Beer
Industry Consumer Goods, Food and Beverage
Available Languages English
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Case Study
DIDA: Becoming a world leader in IT infrastructure

Five friends created DIDA in 1983 and turned it into a global provider of IT infrastructure and services. Riding the wave of rapid growth of communication networks and increasingly global business relationships of corporations, DIDA established its brand through its strong alignment with dominant infrastructure companies such as Cisco and Micros…

Strategy General Management Digital Disruption
By Patrick Reinmoeller
Case reference: IMD-7-2547, © 2024
DIDA: Becoming a world leader in IT infrastructure
By Patrick Reinmoeller
Case reference: IMD-7-2547 ©2024
Summary
Five friends created DIDA in 1983 and turned it into a global provider of IT infrastructure and services. Riding the wave of rapid growth of communication networks and increasingly global business relationships of corporations, DIDA established its brand through its strong alignment with dominant infrastructure companies such as Cisco and Microsoft. Navigating the end of the internet bubble, DIDA served as a major reseller of these companies’ products, adding value with its integration services by increasing its clients’ efficiency and enabling collaboration within corporate networks. By 2005 DIDA had resumed rapid growth through partnerships, equity-based alliances and, most prominently, acquisitions, which led to a network of subsidiaries in more than 50 countries and six continents. By the end of 2009, DIDA had shown its critics that it could grow and integrate. However, its revenue was growing faster than its profits and it was not poised to help corporations move to the next generation of internet technology which would require new capabilities for installing and managing large data centers for computing as a service (CaaS) and cloud computing. The case ends with DIDA’s CEO reviewing the prospects of shrinking core markets and displacement by technological disruption. He acknowledges the need to make choices and get ahead of technological trends again in a changing IT infrastructure landscape. DIDA could seek to further grow its core business or internalize new capabilities to get ready for a CaaS future. Should DIDA seek more profitable growth organically or through acquisitions?
Reference IMD-7-2547
Copyright ©2024
Copyright owner IMD Copyright
Organization DIDA (Disguised)
Industry Services, Telecommunications
Available Languages English
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Case Study
Cocoacrafters: AI in the supply chain

In June 2024, at the CocoaCrafters Operating Centre, Elena Fever faced a crucial meeting with the board of directors. The discussion surrounded how to integrate Generative AI (GenAI) into the company’s supply chain strategy to enhance forecasting and simulation while maintaining ethical standards. CocoaCrafters (CC), a global confectionery leade…

Digital Disruption Artificial Intelligence
By Carlos Cordon, Arsen Sargasyn, Roberta Duarte, Siqi Chen and Yuvraj Mohite
Case reference: IMD-7-2593, © 2024
Cocoacrafters: AI in the supply chain
By Carlos Cordon Arsen Sargasyn Roberta Duarte Siqi Chen and Yuvraj Mohite
Case reference: IMD-7-2593 ©2024
Summary
In June 2024, at the CocoaCrafters Operating Centre, Elena Fever faced a crucial meeting with the board of directors. The discussion surrounded how to integrate Generative AI (GenAI) into the company’s supply chain strategy to enhance forecasting and simulation while maintaining ethical standards. CocoaCrafters (CC), a global confectionery leader, was renowned for its commitment to sustainable cocoa sourcing. Despite the board’s strong business acumen, they lagged on the digital agenda and for them the only success criterion was a convincing ROI. Elena’s challenges were amplified by the unknowns surrounding GenAI. Since ChatGPT’s debut, she had been urging her team to identify use cases that aligned with CC’s strategic priorities and met its ethical commitments. CC’s digital transformation had begun in 2010 and was marked by phases of awareness, strategic adoption, advanced technology integration and a digital-first culture by 2020. CC’s unsuccessful blockchain project underscored the need for careful planning and ethical considerations in adopting new technologies. CC aimed to use GenAI to optimize its supply chain by forecasting cocoa yields, predicting market trends and simulating environmental impacts. However, ethical concerns about labor conditions and data manipulation persisted. Elena considered the HITL-HOTL-HOL framework for human involvement in AI decisions, reflecting on input from FMCG executives and consulting experts. Despite a lack of specific GenAI decision-making frameworks, traditional strategic basic frameworks were emphasized. Elena presented the board with strategic choices: waiting, focused phased use cases, full integration, or strategic partnerships.
Reference IMD-7-2593
Copyright ©2024
Copyright owner IMD Copyright
Organization CocoaCrafters (Fictionalized)
Industry Consumer Goods, Food and Beverage
Available Languages English
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Case Study
CVTrust and the Smart Certificate

When the dotcom bubble burst in March 2000, this did not stop the world from going digital, but it did poke holes in the concept of trust, especially in the digital world. David Goldenberg, a Belgian entrepreneur with extensive experience in management consulting, was confronted daily with the hassles of recruiting when information about candida…

Entrepreneurship Digital Venture Capital
By Benoit F. Leleux, Baldvin Kovacs, Sayat Kurmanbayev and Luigi Mirri
Case reference: IMD-7-2611, © 2024
CVTrust and the Smart Certificate
By Benoit F. Leleux Baldvin Kovacs Sayat Kurmanbayev and Luigi Mirri
Case reference: IMD-7-2611 ©2024
Summary
When the dotcom bubble burst in March 2000, this did not stop the world from going digital, but it did poke holes in the concept of trust, especially in the digital world. David Goldenberg, a Belgian entrepreneur with extensive experience in management consulting, was confronted daily with the hassles of recruiting when information about candida…
Reference IMD-7-2611
Copyright ©2024
Copyright owner IMD Copyright
Organization CVTrust
Industry Information Technology, Information Technology Services
Available Languages English
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Case Study
NTT at a crossroads (A): Quest for growth

NTT Corporation, Japan’s information and communication technologies (ICT) leader since 1953, was the first to commercialize internet usage on mobile phones in the 1990s, which resulted in NTT achieving much success in Japan. However, by the end of the 2000s, Japan faced challenges with an aging population and a stagnant economy. Recognizing disr…

Strategy General Management Digital Disruption
By Patrick Reinmoeller
Case reference: IMD-7-2351, © 2024
NTT at a crossroads (A): Quest for growth
By Patrick Reinmoeller
Case reference: IMD-7-2351 ©2024
Summary
NTT Corporation, Japan’s information and communication technologies (ICT) leader since 1953, was the first to commercialize internet usage on mobile phones in the 1990s, which resulted in NTT achieving much success in Japan. However, by the end of the 2000s, Japan faced challenges with an aging population and a stagnant economy. Recognizing disruption in the ICT sector, CEO Satoshi Miura understood the need for the dominant players in the ICT industry to integrate emerging business domains beyond their existing frameworks. To secure leading global positions in ICT and the new paradigm of cloud computing, Miura needed to make strategic choices to revive growth. Case A provides information on NTT, its rivals, the global market and cloud computing disruptions. The case ends with NTT’s CEO exploring strategic growth options to prepare NTT for the future.
Reference IMD-7-2351
Copyright ©2024
Copyright owner IMD Copyright
Organization Nippon Telegraph and Telephone
Industry Services, Telecommunications;Information Technology
Available Languages English
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Case Study
NTT at a crossroads (B): Mapping growth options

Building on NTT (A), the case starts with NTT’s CEO having narrowed down strategic growth options with the board to prepare NTT for the future. Past international investments in AT&T Wireless and KPN to tap into foreign markets had resulted in billion $ write offs and stopped international acquisitions. However, after reviewing the disruptive ch…

Strategy General Management Digital Disruption
By Patrick Reinmoeller
Case reference: IMD-7-2352, © 2024
NTT at a crossroads (B): Mapping growth options
By Patrick Reinmoeller
Case reference: IMD-7-2352 ©2024
Summary
Building on NTT (A), the case starts with NTT’s CEO having narrowed down strategic growth options with the board to prepare NTT for the future. Past international investments in AT&T Wireless and KPN to tap into foreign markets had resulted in billion $ write offs and stopped international acquisitions. However, after reviewing the disruptive changes facing the ICT industry and considering the shareholders’ views, CEO Miura committed to internationalization. The B case details NTT’s growth strategy focused on internationalization, while considering the need for new capabilities and technologies. It provides more insights into NTT, its opportunities and the Japanese experience with M&As and ends with Miura’s determination to quickly grow through international expansion to prepare NTT for the future.
Reference IMD-7-2352
Copyright ©2024
Copyright owner IMD Copyright
Organization Nippon Telegraph and Telephone
Industry Services, Telecommunications;Information Technology
Available Languages English
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Case Study
DBS (A): “Damn bloody slow” to best digital bank in the world

Since becoming DBS Bank’s CEO in 2009, Piyush Gupta led its transformation to become a standard setter globally for digitalization and customer centricity in financial services. This transformation started with fixing the basics (2009-2014), in which DBS implemented consistent systems and processes across the bank and used five-day process impro…

Customer Centricity Digital Organizational Change Organizational Design
By Seán Meehan, Goutam Challagalla and Pallivathukkal Cherian Abraham
Case reference: IMD-7-2633, © 2024
DBS (A): “Damn bloody slow” to best digital bank in the world
By Seán Meehan Goutam Challagalla and Pallivathukkal Cherian Abraham
Case reference: IMD-7-2633 ©2024
Summary
Since becoming DBS Bank’s CEO in 2009, Piyush Gupta led its transformation to become a standard setter globally for digitalization and customer centricity in financial services. This transformation started with fixing the basics (2009-2014), in which DBS implemented consistent systems and processes across the bank and used five-day process improvement events to fix customer journeys. DBS then began benchmarking with tech leaders (2014 onwards), which led it to build a middleware layer on top of its core banking platform to allow it to develop and launch new products rapidly, implement straight-through processing so that most transactions could be completed digitally and instantly, and move data and applications to the cloud. The next phase of the transformation was two-in-a-box (2018 onwards). DBS reorganized its businesses and key functions into 33 platforms to become more agile. Platforms were organized based on key businesses or key shared or support functions. Each platform was co-led by a business lead and a technology lead who were empowered to do what was required to achieve the desired outcomes. As Gupta looked back in early 2021, he was pleased with the progress that DBS had made since 2009. At the same time, he knew there was no room for complacency. This was especially true in Singapore where its two major local competitors had upped their game, and the government had issued digital banking licenses to potentially formidable new competitors. The bank’s executive committee resolved to do whatever was necessary to further enhance the bank’s customer centricity. It considered the three classical avenues for doing so: organizing around customer segments, implementing new ways of working using agile teams and a horizontal organization and focusing on culture and principles. Making the right choice would be crucial to the bank’s continued success.
Reference IMD-7-2633
Copyright ©2024
Copyright owner IMD Copyright
Organization Development Bank of Singapore
Industry Finance and Insurance, Banking
Available Languages English
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Case Study
DBS (B): Managing through customer journeys

To stay ahead of competitors, DBS knew it needed to continue to innovate and improve customer centricity. To do so, it decided to move to a horizontal organizational structure, an approach it named Managing Through Journeys (MtJs). This involved bringing together representatives from all functions that touched the customer journey from the begin…

Customer Centricity Digital Organizational Change Organizational Design
By Seán Meehan, Goutam Challagalla and Pallivathukkal Cherian Abraham
Case reference: IMD-7-2634, © 2024
DBS (B): Managing through customer journeys
By Seán Meehan Goutam Challagalla and Pallivathukkal Cherian Abraham
Case reference: IMD-7-2634 ©2024
Summary
To stay ahead of competitors, DBS knew it needed to continue to innovate and improve customer centricity. To do so, it decided to move to a horizontal organizational structure, an approach it named Managing Through Journeys (MtJs). This involved bringing together representatives from all functions that touched the customer journey from the beginning to the end. This would allow DBS to deliver a more seamless and integrated customer experience. The bank introduced a few pilot MtJs in 2021. By 2024, more than 60 MtJs were in operation, accounting for over 60% of the bank’s revenues. The MtJs had nine elements, which collectively led to a new way of working. Three foundational elements provided the initial momentum and specified how to measure impact. These were performance cells, cross-functional teams focused on a specific product or customer segment; performance management architecture, which specified the common set of KPIs for each performance cell; and performance development and compensation, which enabled MtJ members to be evaluated and rewarded for their contributions. Six interconnected elements created a flywheel effect for continuous improvement. These were the value map and control tower, which mapped the relationship between levers, drivers and outcomes; customer obsession, which drove customer research; experimentation using a structured approach; artificial intelligence/machine learning to create faster feedback loops; innovation using a structured approach to accelerate the ideation and production process; and workflow workbench which ensured information flowed seamlessly across all performance cell members. The move to MtJs allowed DBS to stay on top of the customer service rankings in Singapore’s banking sector The operational improvements from the bank’s transformation improved the bank’s business performance significantly. The bank’s leadership knew that keeping the customer front of mind would need to be an ongoing priority.
Reference IMD-7-2634
Copyright ©2024
Copyright owner IMD Copyright
Organization Development Bank of Singapore
Industry Finance and Insurance, Banking
Available Languages English
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Case Study
Mastercard 2023: Rewired for infinite optionality

In the 2010s, card processing – Mastercard’s flagship service – started showing signs of commodification as new, nimble players (typically, fintech startups thriving on digital) entered the payment processing space, and customer preferences evolved beyond plastic cards and traditional contact payments. To re-energize its central position and its…

Disruption Digital Strategy
By Howard H. Yu, Mark J. Greeven and Martin Králik
Case reference: IMD-7-2455, © 2024
Mastercard 2023: Rewired for infinite optionality
By Howard H. Yu Mark J. Greeven and Martin Králik
Case reference: IMD-7-2455 ©2024
Summary
In the 2010s, card processing – Mastercard’s flagship service – started showing signs of commodification as new, nimble players (typically, fintech startups thriving on digital) entered the payment processing space, and customer preferences evolved beyond plastic cards and traditional contact payments. To re-energize its central position and its…
Reference IMD-7-2455
Copyright ©2024
Copyright owner IMD Copyright
Organization Mastercard
Industry Finance and Insurance, Financial Services
Available Languages English
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Case Study
The AI paradox: Will generative AI enhance or destroy the business model of 99designs.com? (Cartoon case)

99designs.com is a global platform connecting freelance designers with potential clients. The case study examines the potential impact of generative AI on 99designs’ business model. The platform uses a crowdsourcing approach that invites designers to compete for projects with only the winning designer getting paid. This model offers clients a va…

Strategy Business to Business Digital Disruption
By Stefan Michel
Case reference: IMD-7-2505, © 2024
The AI paradox: Will generative AI enhance or destroy the business model of 99designs.com? (Cartoon case)
By Stefan Michel
Case reference: IMD-7-2505 ©2024
Summary
99designs.com is a global platform connecting freelance designers with potential clients. The case study examines the potential impact of generative AI on 99designs’ business model. The platform uses a crowdsourcing approach that invites designers to compete for projects with only the winning designer getting paid. This model offers clients a va…
Reference IMD-7-2505
Copyright ©2024
Copyright owner IMD Copyright
Industry Manufacturing, Graphic Design
Available Languages English
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Case Study
Metalshub: A steely approach to launching a B2B metal trading platform

Few Business to Business (B2B) marketplaces have succeeded. Metalshub has successfully combined a software platform as a service, with a marketplace matching supply and demand for raw materials used in the Metals and Mining industries. Through innovative pricing and business models, the company has managed to scale its operations in a short time…

Business to Business Digital Disruption Economics Operations Strategy
By Didier Bonnet, Geoffrey G. Parker and Lisa Simone Duke
Case reference: IMD-7-2457, © 2024
Metalshub: A steely approach to launching a B2B metal trading platform
By Didier Bonnet Geoffrey G. Parker and Lisa Simone Duke
Case reference: IMD-7-2457 ©2024
Summary
Few Business to Business (B2B) marketplaces have succeeded. Metalshub has successfully combined a software platform as a service, with a marketplace matching supply and demand for raw materials used in the Metals and Mining industries. Through innovative pricing and business models, the company has managed to scale its operations in a short timeframe.
Reference IMD-7-2457
Copyright ©2024
Copyright owner IMD Copyright
Organization Metalshub
Industry Materials, Metals and Mining
Available Languages English
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