Ruchi Soya Industries Limited Corporate Presentation

Nomura International plc

Disclaimer
By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of Ruchi Soya Industries Limited (the "Company"), nor shall part, or all, of this document form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities of the Company. This document is strictly confidential and may not be copied, published, distributed or transmitted to any person, in whole or in part, by any medium or in any form for any purpose. The information in this document is being provided by the Company and is subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. This document contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this document that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. This document speaks as of March 31, 2011. Neither the delivery of this document nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date

Page 1

Overview of Ruchi Soya Industries Ltd.

Overview of Ruchi Soya Industries

Company Profile

Capacity Capacity growth

(MT/Yr)
7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 0.1 0.1 0.6 0.1 0.3 0.6 2.9 4.0 2.1

One of the leading manufacturers of high quality edible oils, vanaspati, bakery fats and soya foods in India Annual turnover of over US$ 4 Bn(1) in FY11 Branded portfolio including Nutrela, Ruchi Gold, Sunrich and Mahakosh Among the top Indian FMCG players

Crushing: CAGR 1998-2011: 16% Refining: CAGR 1998-2011: 24% Vanaspati: CAGR 1998-2011: 19%
0.5

0.5

2.3

Present across the value chain with access to over 175,000 hectares of land in India for palm oil plantations Listed on BSE, NSE & DSE with market capitalisation of ~US$ 787 Mn(1) (as of March 31, 2011) Ongoing discussions for securing land for soya / palm plantation in geographies including Ethiopia and Cambodia and other geographies

1998

2002
Crushing Refining

2008
Vanaspati

2011

Growing Sales (2)

Revenues (INR Bn)

Business Overview (2)

182 117 127 144

200 150 100 50 0 26 33 39 52 48 76 91

Revenue mix (FY11)

Food products 2% Vanaspati 6% Others 2%

EBIT mix (FY11)

Food products, 3% Vanaspati, 6% Extraction, 24% Oil, 59% Others, 8%

Extractions 24% Oils 66%

FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
(1) (2) Assuming INR/USD of 44.65 On the basis of consolidated financials

Page 3

Edible oil segment

The Company has a strong position in the edible oil segment with an estimated market share of ~14%. The company has also witnessed growth over the last 3-4 years in the institutional segment, which caters to institutional customers like, Parle, Britannia Industries, Cadbury India, Nestle India, Lotte India, Bunge India, and ITC Ruchi Soya edible oil sales(1)
000MT %

Ruchi Soya edible oil market share(2)

2,500

Ruchi soya edible oil segment: CAGR FY07FY11: 17% Indian edible oil: CAGR FY07FY11: 9%

2,380

2,369

16.0% 14.0%

15.0% 14.0% 11.8% 10.5% 11.0%

2,000 1,535 1,500 1,243 1,598

12.0% 10.0% 8.0%

1,000

6.0% 4.0% 2.0%

500

0 FY07 FY08 FY09 FY10 FY11

0.0% FY07 FY08 FY09 FY10 FY 11

(000MT) Industry edible oil consumption

Source: USDA FAS

FY07 11,807

FY08 12,970

FY09 14,559

FY10 15,853

FY 11 16,862

1.Standalone sales of edible oil segment of Ruchi Soya Industries Ltd.; excludes the sales for captive consumption 2. Market share estimated based on edible oil sales of Ruchi Soya (excluding captive consumption) and Industry edible oil consumption based on USDA FAS data

Page 4

Evolution of Ruchi Soya Industries

Consolidated revenues (INR Mn)
200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 1999 2000 2001 2002 2003 2004 2005 Years

Consolidation of group companies, through scheme of amalgamation, leading to increase in total capacity of the Company

2006: International Equity Offering (GDR) of ~US$60Mn

Refining Capacity(MT) Revenue

(INR Mn)

Acquisition of companies Mac Oil & Palm-Tech, through scheme of amalgamation, leading to increase in access to 175000 Ha of land in India for Palm Oil Plantations.

2.5

1.5

0.5

0 2006 2007 2008 2009 2010 2011

Primary focus on inland crushing High proportion of revenue from trading activities

Expansion of extraction and refining capacity Focus on branded products Increased port based refining

Focus on developing upstream business Secure access to 175,000 hectares of palm plantation in India

Efforts to secure international land bank access underway

Page 5

Key Highlights

Key Highlights

Favourable Industry Dynamics Strong Market Position in Edible Oils in India Scale & Extensive Distribution Reach in India

Experienced Management Strong Brands in India

Strong Risk Management

Fully Integrated Operations

Page 7

Global Industry Overview

India is a leading consumer of edible oil with high growth expectation
World Edible Oil Consumption
Brazil, 4% Other 27% Others, 38% China, 19%

World Edible Oil Production

Indonesia Indonesia 19%

Malaysia Argentina, 2% India 5% Argentina Argentina 6% United States 7%

Source: USDA FAS

14%

Europe, 17% US, 8% India, 11%

Europe 11%

China 13%

Palm and Soyabean oil constitute ~61% of the Global Edible Oil Demand
(MnT) 160 140 120 21 12 20 36 44 FY09 21 11 22 38 45 FY10 22 11 23 42
FY07-FY11 CAGR

2% 1% 8% 4% 7%

5% 43% 17% 14% 9% 7% 4%

Palm Rapeseed Cottonseed Other Soyabean Peanut Sunflowerseed

100 80 60 40 20 0

20 11 17 36 37 FY07

21 10 18 38 41 FY08

49

FY11

Palm oil
Source: USDA FAS

Soyabean oil

Rapeseed oil

Sunflowerseed oil

Others

Source: Global Edible Oil Demand as per USDA FAS

Page 8

India Edible Oil Industry: High growth potential

Robust growth in consumption of edible oil .. Rising deficit with domestic production not being able to keep pace
Oil Consumption growing inline with growth in population
Mn

getting turbo charged by growing per capita income

18 16 1,000 14 12 10 500 8 6 0 4 2 0

Significant growth in per capita consumption can be expected as Indian per capita GDP continues to grow
Per capita consumption (kg / yr) 26 Indonesia 24 Argentina 22 20 China Brazil 18 Russia 16 Pakistan Mexico 14 India 12 10 0 2,000 4,000 6,000 8,000 GDP / capita (US$) 10,000 12,000

Mn MT 1,216 1,182 1,148 1,113 1,078 1,165 1,199 1,131 1,096

1,250 1,200 1,150 1,100 1,050 1,000 950

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

1,500
1,058 763 443 459 601 945 694

US$

1,382 1,265

15 10 ( Kg / year) 5 0

1,043

446

523

1,060

2011

GDP / capita
Source: USDA FAS, IMF

Population
Source: USDA FAS, IMF

Total oil consumption

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010E 2011E
Per capita consumption

Source: USDA FAS, IMF

Indian Edible oil demand being substantially met by imports as domestic production has lagged
MnT 20 16 12 8 4 0 FY05 FY06 FY07 FY08 FY09 FY10 FY11 5 5 5 6 8 9

Edible oils have a significant share in Indian agricultural imports

CAGR Imports: 11% CAGR Production : 2%

Others Cotton 7% 5% Fruits & Nuts 6% Cashew Nuts 7% Edible Oil 43%

Pulses 16% Wood Products 16%

Source: USDA FAS

India Imports
Source: USDA FAS

India Production

Page 9

India Edible Oil Industry: High growth potential (Contd)

Palm oil consumption in India has seen significant growth, and is primarily met through imports, leaving significant room for growth in domestic production
India Edible Oil Consumption
FY07-FY11 CAGR

India Edible Oil Imports

FY07-FY11 CAGR

000'MT 16,000

9%

15,853 14,559 12,970

11, 807

16,862
674 852 2,700 930
8,740 8,680

14%

9,170

667 731

000'MT

9,000

250
230 550 1,500 720 1,000

230 583 1,060

12,000

574 398 523 600 2,500 1,967 2,330

2,670 2,300 2,274 2,095 2,252 1,427 1,385

21% 5,917

6,000

5,440

140 203 1,447

151 18 733

8,000 2,133 1,582

1,455

19%

6,867
3,000

7,200 6,400

1,433 4,000 3,671 6,475 5,065 6,750

7,750

5,015 3,650

947 0 FY07
Source: USDA FAS

1,054 FY08

1,038 FY09

1,049 FY10

1,141 FY11
Source: USDA FAS

FY07

FY08

FY09

FY10

FY11

Cottonseed

Palm

Peanut

Rapeseed

Soybean

Sunflowerseed

Other

Page 10

Scale & Extensive Distribution Reach in India

Strategically located facilities striking the right balance between proximity to raw materials (cultivating states and ports) and proximity to markets, with an aggregate daily crushing capacity of 13,694 MT of oilseeds and aggregate refining capacity of 7,570 MT of oil Pan India Presence Manufacturing locations
Cities
1
Jammu

Parwanoo Amritsar Damtal Rajpura Dehradun Ludhiana 2 Chandigarh Roorkee Bhatinda Karnal Meerut Gurgaon Delhi Barelly Hapur Saharanpur Jaipur Rewari Agra Allahabad Kanpur Baran Guwahati Jodhpur Gorakhpur Daloda Kota Sumerpur 15 Varanasi Patna 4 8 Udaipur Dhanbad Shujalpur Raniganj Gwalior 7 Siliguri Guna 12 Manglia Ahmedabad 5 Gaderwada Ranchi Haldia 11 Piparia 10 Indore Kandla Kolkata 9 Sambalpur Jeypore 6 13 Raipur Washim Cuttack 14 Nashik Nagpur Pune Bilaspur Mumbai Bhiwandi Warangal 16 Vijaywada Patalganga Gulbarga Berhampur Davangere Hyderabad Bijapur Vizag Belgaum Ongole Kurnool Goa Tirupathi 17 Bellary 19 Kakinada Manglore 18 Banglore Shimoga Hassan Chennai Vellore Hubi Villupuram Mysore Kasargod Pondicherry Salem Calicut Kumbakonam Depot Cochin Trichy Plant location Madurai Palghat Office Erode Coimbatore Sriganganagar

1 Jammu 2 Ganganagar 3 Baran 4 Kota 5 Guna 6 Kandla 7 Shujalpur 8 Piparia 9 Gadarwara 10 Haldia 11 Manglia 12 Nagpur 13 Washim 14 Daloda 15 Patalganga 16 Mangalore 17 Chennai 18 Kakinada (A.P) palm mill 19 Vijaywada (A.P) palm mill

Activity Access Crushing Refining Vanaspati Soyafood to Ports

Highlights
Pan India Footprint Manufacturing facilities across 19 locations in India, giving access to markets across India 92 company depots (with storage and other logistical facilities) which serve 4,230 distributors across the country reaching 510,000 retail outlets All refining plants located near ports, providing easier access to imported edible oil Distribution through pipes at ports saves transport cost and time Inland crushing plants located in key soyabean and mustard producing states Page 11

Proximity to Ports Crushing in Soya bowl of India

Note: Distribution network as of March 2011 ;

Strong Brands in India

Track record of successfully creating brands in a highly commoditized industry Key Brands
INRBn

Branded Sales
21%

Nutrela Food products/ Refined Oils (Soyabean, Groundnut, Cottonseed, Sunflower, Mustard and Ricebran) Nutri Gold Vanaspati

Premium

45 40 35 30

Branded Sales as % of Consolidated Total Sales

39 37 32 33

Mahakosh Refined Oils (Soyabean, Groundnut, Cottonseed and Ricebran) / Vanaspati Sunrich Refined Sunflower Oil Ruchi Gold Refined Oils (Mustard and Palmolein) Ruchi Star Refined Soyabean Oil Ruchi No. 1 Vanaspati

18%

25 20 15 10 5 0 FY05 FY06 9 18

23

Value

Mass

FY07

FY08

FY09

FY10

FY11
Page 12

Fully Integrated Operations

Healthy mix of midstream and downstream, and well on its way to develop an upstream business

Information flows / Visibility across value chain

Origination

Processing

Products

Merchandising and distribution

Customer

Finance / Risk management / Logistics coordination

Origination

Processing

Products

Merchandising and distribution

Palm plantations across

Andhra Pradesh, Karnataka, Mizoram, Gujarat, Orissa and Tamil Nadu

Exclusive access to total

agricultural land of 175,000 hectares

Daily capacity (MT): Crushing:13,694 Crude Oil: 2,465 Soya Meal: 11,029 Refining: 7,570 Vanaspati & bakery fats:
1,565

Key products Edible oil Seed extractions, Vanaspati Food productions Key brands include Nutrela,
Ruchi Gold, Ruchi Star, Sunrich and Mahakosh

92 company depots through

India with storage and logistical facilities

Pan India distribution network

covering 4,230 distributors

Textured soya protein: 507 Edible soya flour: 200

Page 13

Strong Risk Management

The Company has effectively maintained revenue growth and profitability through the volatility of commodity cycles, over the last decade Consolidated Revenues (INR Bn)
(US$ / MnT) 2,000 1,800 1,600 1,400 1,200 1,000 800
Consolidated Net Income (INR Mn)

200 150 100 50 0 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 26 33 39 76 52 48 91 117 127 144

182

FY11

600 400 200 0

2,400 2,000 1,600 1,200 800

Jan-02 May-02 Sep-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Mar-11

2,252 1,658 851 261 361 320 383 505 1,036 974 1,749

400 0

Rapeseed

Soya

Palm

FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

Source: IMF Rapeseed refers to - Rapeseed Oil; Crude, fob Rotterdam Soya refers to - Soybean Oil, Chicago Soybean Oil Futures (first contract forward) exchange approved grades, US$ per metric tonne Palm refers to - Palm oil, Malaysia Palm Oil Futures (first contract forward) 4-5 percent FFA, US$ per metric tonne

Page 14

Experienced Management

Experienced management team with over four decades of industry experience Credited with the growth and development of the soya and soya processing industry in India Key members have served or are currently serving as officers of various industry bodies, recognizing their standing in sector

Core Management Team

Managing Director of Ruchi Soya Industries Ltd. since 1986 Over 30 years of experience in the soya and edible oil industry Also serves as a Non Executive Director of Ruchi Infrastructure Ltd. Mr. Shahra holds a degree of Bachelors in Chemical Engineering Responsible for operations in all the port based refineries Over 17 years of experience in the relevant operations, including in Ruchi Soya since 2006 Mr. Shahra holds a degree of Bachelors in Commerce and Masters in Business Administration Oversees Strategy, M&A and International Expansion Previously, served as the President and Chief Executive of Agri Business and Food Supply Chain at Reliance Retail Limited from 2006 to May 2010 Mr. Asthana has previously also held the position of business head, grains and oilseeds, at Cargill Over 24 years of experience, including ~16 years in Ruchi Soya Responsible for Finance and Treasury operations Qualified chartered accountant, cost accountant and company secretary Joined Ruchi Soya Industries in 2009 Previous experience includes 16 years in Asian Paints (holding positions including, Regional HeadS.Pacific, China & Hongkong and CEO for Bangladesh and Dubai) and 4 years in ITC Ltd. (Agri Business)
Page 15

Mr. Dinesh Shahra Managing Director

Mr. Nitesh Shahra President, Refinery Business

Mr. Sanjeev Asthana Director

Mr. V. Suresh Kumar Head, Corporate Finance

Mr. RV Ramanujam Chief Operating Officer

Source: Company.

Strong Market Position in Edible Oils in India

Among the oldest and most established edible oil players in India Awards to the Company

Select Awards Received

National energy conservation awards

Largest Food & Agriculture Company in India Fortune India 2010 One of the only two Indian Companies featured in the World's 50 fastest growing consumer firms during the June 2009-June 2010 period. Ranked 20th fastest growing consumer companies across the globe during June 2009-10 Deloitte

Edible oil / Vanaspati 1st Gujarat plant (2008) 1st Chennai Plant (2008)

2nd Karnataka Plant (2009) 2nd Chennai Plant (2007)

Market Position in India(1) Exports/Imports

Globoil gold & Other awards Management awards

Among the leading importers of edible oil Among the leading exporters of meal/oil seed extracts

Ruchi soya awards

No.1 M.D. for 2010 by Business World Dinesh Shahra

Highest exporter of oil meals 1st (2010/ 09 / 07 / 06 / 04 / 03 / 00 / 99 / 98)

Capacity

Among the largest capacities

Globoil man of the year 2010

Crushing capacity (13,694MT/day) Refinery capacity (7,570MT/day)

Nitesh Shahra

Highest importer of edible oil (2010/ 09 / 07 / 06 / 03 / 98) 1st

Access to one of the largest palm oil plantations in India

Globoil man of the decade award in the year 2006

Branded Products

Outstanding Performance for a decade in Import of edible oil (09)

Dinesh Shahra

One of the leading Indian Edible oil players in terms of Volumes Very strong position in Palmolein Oil Extensive portfolio of brand sales in edible oil segment

Legend of the year 2003 Outstanding Performance for a decade in Export of oil meal (09)

Kailash Shahra

(1) Based on company estimates

Page 16

Business Strategy
Backward Integration

Expansion into upstream business in order to enhance margins as well as secure supply chain. Improving ability to source raw materials required from multiple sources in a timely and cost effective manner, with reduced dependence on third parties. In FY2010, the Company acquired 2 entities with exclusive rights to cultivate palm plantations in two of the key palm producing states in India. The Company entered into MoU with State governments securing access to a portion of the palm fruit produce at certain plantations.

Expansion of installed capacity

Sustained expansion in capacity to meet the growing demand of Edible oil in India, in addition to helping the Company realize efficiencies and economies of scale. In the process of expanding CPO (crude palm oil) refining capacity by 1 Mn MTPA by calendar year 2011.

Focus on maintaining leadership position in the branded edible oils segment in India. Increase of sales and marketing efforts in regions where the Company does not have a strong presence, particularly towns with population less than 50,000. Increased focus on R&D activities on expanding product range.

Greater focus on branded portfolio

New health-focused product development to be marketed under the Nutrela brand. Focus on bakery shortening business along with leveraging the opportunities available in mustard branded sales , palm and soya products.

Increasing Global Presence

Diversify geographic footprint, and enhance scale and reach of operations. Explore opportunities to produce and sell edible oil in other emerging markets. Ongoing discussions for securing land for soya / palm plantation in geographies including Ethiopia and Cambodia and other geographies. Page 17

Key Highlights

Favourable Industry Dynamics Strong Market Position in Edible Oils in India Scale & Extensive Distribution Reach in India

Experienced Management Strong Brands in India

Strong Risk Management

Fully Integrated Operations

Page 18

Appendices

Market and Ownership Overview

Top Holders (1)
Sr No. Name of the shareholder 1 2 3 4 5 6 7 8 Vs Net Ltd Sawit Plantationa Pte. Ltd. Cresta Fund Limited Albula Investment Fund Limited Aiwo Ltd Merrill Lynch Capital Markets Espana Merdale Investment Co. Limited Clemfield Industries Limited Total Equity Capital Face Value @ INR 2 Closing Price(3) Shares as % of total no. of shares 6.61% 5.90% 3.66% 3.45% 3.34% 1.38% 1.28% 1.20% 26.82%
Indexed 350 300
158%

Shareholding Pattern (1)

FII 16%

FI / Bank 1%

Promoter 52% Non institutional 31%

Capital Market Data(3)

INR 665Mn INR105.65 INR142.45 (H) INR79.85 (L) 332.50

Indexed Stock Price Performance - 5 years

250 200

52 Week High Low No. of shares outstanding (Mn) (3) Market Capitalization(3)
1. 2. 3.

150 100 50 0 08/2005 06/2006 04/2007 01/2008 Ruchi Soya 11/2008 09/2009 07/2010

INR 35.13 Bn (US$ 787 Mn)

Source: Notice to NSE post amalgamation Sunshine Oleochem Limited with Ruchi Soya Industries Limited, as of Septermber 24, 2010 As of March 31, 2011 INR/USD of 44.65 Source: NSE

Page 20

Summary Financials Consolidated

INR Mn Consolidated Profit and Loss statement: Total Revenue EBITDA PBT PAT Consolidated Balance Sheet Net Fixed Assets Incl. CWIP Current Assets, Loans and Advances Current Liabilities and Provisions Loans Share Capital Reserves and Surplus 10,780 32,185 17,358 16,091 817 8,219 12,017 51,369 31,817 19,898 1,054 10,199 14,137 49,951 32,739 18,515 1,055 11,005 20,942 57,709 34,148 24,561 825 (2) 18,638(3) 24,181 87,808 43,890 45,083 (1) 685 (2) 21,370 90,695 3,034 1,610 1,036 117,202 4,385 2,639 1,658 127,423 2,905 1,572 975 143,943 4,443 2,809 1,749 182,311 5,946 3,603 2,252 FY07 FY08 FY09 FY10 FY 11

Source: Company filings 1. Including short term loans of INR 17617 Mn, which are guaranteed by banks against fixed deposits in the banks 2. Share capital takes into account redemption of preference shares capital in FY 10 , conversion of share warrants and share capital suspense on amalgamation into equity shares in FY 11. 3. Includes increase on account of revaluation of fixed assets pursuant to scheme of amalgamation

Page 21

Summary Financials - Consolidated

Revenues
INR Bn
INR Bn

EBITDA
182

Net Income
3
6.0
INR Bn

200 160 120 80 40 0

FY07 FY08 FY09 FY10 117 90 127 144

7 6 5 4 3 2 1 0

2.2 2 1.0 1 0 1.7 1.0 1.8

4.4 3.0 2.9

4.4

FY11

FY07

FY08

FY09

FY10

FY11

FY07

FY08

FY09

FY10

FY11

Net Worth(1)
INR Bn

Total Assets
INR Bn

30 20 10 0 FY07 FY08 FY09 FY10 FY11 9 11 12 20 22

120 100 80 60 40 20 0

113 79 63 43 64

FY07

FY08

FY09

FY10

FY11

Source: Company Filings 1. Net Worth takes into account the redemption of preference shares and revaluation of fixed assets pursuant to scheme of amalgamation

Page 22

Process Flow Diagram

Soybean extraction plant
Beans Cleaning, Cracking, Dehulling, Conditioning, Flaking Full Flat Flakes

Oil Extraction Toasting Defatted Soya Flakes Grinding/Grading Grinding Soya Flour Extrusion Soya Meal Textured Soya Protein Refined Soya Oil Hydrogenation Dom Bagging Crude Soyabean oil

Vanaspati

Page 23

Abbreviations
Abbreviations Used
FY Mn Bn yr MT MTPA BSE NSE DSE INR US$ USDA FAS IMF

Description
Financial Year Million Billion Year Metric Tonnes Metric Tonnes per annum Bombay Stock Exchange National Stock Exchange Delhi Stock Exchange Indian Rupee United States Dollar United States Department of Agriculture Foreign Agricultural Service International Monetary Fund Page 24

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