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Slow August amongst half-year reports.

US stock indexes struggled in early August as the Prudhoe Bay oil field, North America's largest, was forced to cut production by 400,000 barrels per day due to severe corrosion. The closure, combined with the ongoing war between Israel and Hizbollah, led crude oil prices to soar to near record highs of around $77 per barrel. However, prices began to ease on August 14 as the war came to an end and BP announced that Prudhoe Bay would pump at half capacity as repairs were carried out. Crude oil prices slowly declined over the rest of month, ending August at around $70 per barrel.

In other news, the US Labor Department reported that 113,000 new jobs were created in July, 29,000 below forecasts, and the unemployment rate jumped to 4.8%, above the anticipated flat rate of 4.6%. This news supported evidence of a slowing economy, which eased inflation worries and led the Federal Reserve to maintain the federal funds' interest rate at 5.25%, ending the string of 17 successive rate hikes. Inflation pressures continued to ease as the July core Producer Price Index fell 0.3%, well below the forecasted 0.2% rise. Also, the Commerce Department reported that the monthly trade gap for June improved to $64.8 billion from $65.0 billion in May, but was still the fifth highest gap on record. Finally, the US government upwardly revised its second quarter GDP growth estimate to 2.9%, which still fell below analysts' estimates of 3.0%.

All three US indexes performed well in August, with the NASDAQ leading the charge, up 4.6% to 2,187.77. The S&P 500 and Dow Jones Industrial Average fell in behind, gaining 2.2% and 1.9% to 1,305.31 and 11,392.91, respectively. For the year, the Dow and S&P are up an impressive 6.3% and 4.6%, respectively, while the NASDAQ has slipped 0.8%.

The three IBO Stock Indexes did not fare as well this month, with only the Lab Consumables/Equipment Stock Index experiencing any serious gain, up 2.5%. The Laboratory Instrumentation Index inched up just 0.1%, while the Process/Metrology/Motion Instrumentation Index fell 0.7%.

Laboratory Instrumentation Stock Index

In August, the Laboratory Instrumentation Index closed at 474.86, with 13 companies showing improvement and 9 experiencing share price declines. Transgenomic and Ciphergen Biosystems led the way, jumping 60% and 46%, respectively. Illumina and Cepheid performed the worst in August, falling 12% and 11%, respectively.

With two-thirds of the year complete, the Laboratory Instrumentation Index remains the slowest growing IBO Index, up 5.2%, with 11 companies each in the positive and the negative. Illumina has soared 139%, while Luminex has gained 64%. Affymetrix and Transgenomic have dropped 55% and 35%, respectively.

[GRAPHIC OMITTED]

Thomas Weisel downgraded shares of Affymetrix to a "Peer Perform" rating on August 1. On August 30, the company filed restated financial statements for 2005 and the first quarter of 2006, which included new accounting related stock option grants due to a documentation lapse in July 1999. UBS downgraded shares of Bruker BioSciences to a "Neutral" rating on August 22, and Am Tech/JSA Research downgraded shares of Varian to a "Hold" rating on August 31. Caris and Company upgraded shares of Illumina to a "Buy" rating on August 18, but Leerink Swann downgraded the company to a "Market Perform" rating on August 23, sending shares down 12.7%. On August 17, Caliper Life Sciences announced that recently acquired Xenogen Biosciences (see 1BO 2/15/ 06) will collaborate with Schering-Plough to evaluate drug discovery targets, sending shares up 8.7%. Bio-Rad signed an agreement to acquire Ciphergen Biosystems' instrument business after the bell on August 14 (see IBO 8/15/05), sending Ciphergen shares up 12.2% the following day. Ciphergen transferred from the Nasdaq Global Market to the Nasdaq Capital Market on August 28 in order to satisfy market value listing requirements. Transgenomic moved to the Nasdaq Capital Market on August 10 and has until February 12, 2007 to meet minimum bid price requirements.

Beckman Coulter fell 8.8% on August 2 when it reported second quarter sales of $616.3 million (see page 12), which were below its guidance of $620-$645 million and well short of analysts' forecast of $634.9 million. Bio-Rad announced second quarter revenues and earnings above analysts' forecasts, largely due to additional one-time licensing settlement revenue of $11.7 million, sending shares up 5.5% after the bell on August 3. Shares of Cepheid fell 14.5% on August 9 when the company re ported a net loss of $0.13 per share, $0.04 below analysts' forecasts.

Process/Metrology/Motion Instrumentation Stock Index

The Process/Metrology/Motion Instrumentation Stock Index fell 0.7% in August to 389.80. Strategic Diagnostics was the strongest performer for the second straight month, jumping 24%, while RAE Systems and Zygo lost the most ground, falling 18% and 14%, respectively.

Four of the nine Index companies are in the positive this year, with Veeco Instruments leading the way, up 41%. RAE Systems and X-Rite are the worst performing Index companies thus far, dropping 14% and 11%, respectively. Overall, the Process/Metrology/Motion Instrumentation Stock Index is the best performing IBO Index this year, up 11.2%.

This month, Brean Murray initiated coverage on shares of FEI at an "Accumulate" rating, and Banc of America Securities initiated coverage on shares of Roper Industries at a "Neutral" rating. X-Rite tumbled 15.8% on August 1 when it reported a 3% drop in second quarter revenues (see page 12) anda 50% drop in earnings to $0.07 per share. On August 3, FEI slipped 4.3% after the company posted second quarter earnings of $0.11 per share, $0.03 short of analysts' estimates (see page 12). RAE Systems dropped 15.6% on August 8, despite reporting second quarter earnings in line with expectations anda 17% gain in revenues (see page 12). Zygo slipped 6.6% on August 18, despite reporting fiscal fourth quarter earnings of $0.24 per share, $0.03 above analysts' expectations (see page 12).

Lab Consumables/Equipment Stock Index

This month, the Laboratory Consumables/Equipment Stock Index gained 2.5% to 352.40, with seven companies gaining and four losing ground. Three companies led the Index with 6% growth each, including Cambrex, Fisher Scientific and New Brunswick Scientific. Stratagene was the only significant negative performer, down 26%.

For the year, the Index is up 8.8% with 6 of the 11 companies up and 5 companies down. QIAGEN, Fisher Scientific and Cambrex are all up more than 20% for the year, while Stratagene continues to struggle, having fallen 52%.

After the bell on August 8, Stratagene reported adjusted second quarter earnings of $0.05 per share (see page 12), well short of the $0.10 per share analysts had forecasted, sending shares sliding 6.3% the following day. But the company rose 2.6% on August 14 when it announced a development and license agreement with Rosetta Inpharmatics, a Merck subsidiary, for RNA purification systems for molecular diagnostics. Invitrogen posted adjusted earnings of $0.90 per share after the bell on August 3, beating analysts' estimates by $0.05, but lowered its full-year revenue outlook to $1.26-$1.30 billion from $1.30-$1.35 billion. The announcement sent shares falling over 11% in after-hours trading. However, the company rebounded 3.7% on August 8 when Banc of America Securities upgraded shares of the company to a "Buy" rating, after the stock hit a 52-week low on the previous day. Techne reported second quarter earnings of $0.49 per share on August 8, one cent below analysts' forecast, sending shares down 7.8%.

International Shares

This month, four of the five Pacific Region companies experienced gains, while Hitachi High-Technologies slipped 7%. Shimadzu was the only double-digit gainer, climbing 11%, while JEOL, Techcomp and Horiba each gained in the low single-digits. For the year, JEOL and Shimadzu lead the way, up 16% and 10%, respectively, while the remaining three companies have each improved mid-single digits.

Amazys Holding was removed from the European companies IBO follows due to its acquisition by X-Rite (see IBO 1/31/06). Among the 15 remaining European companies, only 5 gained, while the other 10 lost ground. Spectris was the best performer this month, up 7%. Robotic Technology Systems was the only double-digit negative performer, falling 19%.

After the first eight months of 2006, there are eight gainers and seven losers among European companies. Biacore and Sartorius hold gains of over 50%, while Millbrook Scientific Instruments and Robotic Technology Systems have each dropped over 50%.
 Market Value 52 Week
Company: Exchange (US 000s) Low High

Laboratory
 Instrumentation

Affymetrix: o $1,434,440 17.50 52.44
Applied $5,882,164 21.08 33.59
 Biosystems: n
Beckman Coulter: n $3,479,648 47.88 61.66
Bio-Red $1,974,729 50.25 75.00
 Laboratories: a
Bruker BioSciences: o $638,881 3.97 7.33
Caliper Life $175,888 3.95 7.49
 Sciences: o
Cepheid: o $444,322 5.83 11.21
Ciphergen $54,793 0.64 2.25
 Biosystems: o
CombiMatrix: o $46,432 1.11 2.90
Dionex: o $1,024,736 43.77 62.33
Harvard $134,088 2.66 6.07
 Bioscience: o
Illumine: o $1,594,074 11.89 40.00
Luminex: o $624,973 8.85 19.75
MOCON: o $49,966 8.11 10.05
Molecular Devices: o $403,512 19.09 36.26
O.I. Corp: o $34,608 9.53 15.00
PerkinElmer: n $2,348,000 16.31 24.17
SEQUENOM: o $40,530 1.33 2.88
Thermo Electron: n $6,488,502 27.32 41.85
Transgenomic: o $33,941 0.31 1.25
Varian Inc.: o $1,461,784 33.05 48.64
Waters Corp.: n $4,449,973 35.11 46.98

Process/Metrology/
 Motion
 Instrumentation

FEI Company: o $829,990 17.75 26.00
MTS Systems: o $629,337 29.82 48.38
Nanometrics: o $138,602 8.50 15.71
RAE Systems: n $175,501 2.40 4.54
Roper Industries: n $4,222,574 34.30 51.27
Strategic $78,371 2.37 4.22
 Diagnostics: o
Veeco Instruments: o $764,473 14.71 27.55
X-Rite: o $192,397 7.50 13.53
Zygo: o $246,275 12.26 19.75

Lab Consumables/
 Equipment

Cambrex: n $604,137 16.87 22.40
Fisher Scientific $10,310,714 53.50 82.05
 Int'l: n
Invitrogen: o $3,336,040 55.81 85.00
Kewaunee $21,365 8.09 10.64
 Scientific: o
Millipore: n $3,479,005 59.12 76.95
New Brunswick $71,548 5.22 10.28
 Scientific: o
Pall: n $3,445,535 25.21 32.44
QIAGEN: o $2,215,749 10.76 15.58
Sigma Aldrich: o $4,909,788 59.33 73.64
Stratagene: o $107,438 4.71 11.41
TECHNE: o $2,009,888 45.27 60.74
Laboratory Instrumen-
 tation Stock Index
Process/Metrology/
 Motion
 Instrumentation
Lab Consumables/
 Equipment
 Stock Index
Dow Jones Industrial
 Average
S&P 500
NASDAQ Composite

Region Market Value Market Value
Company (US $000S) (Local 000s)
Pacific Shares
Hitachi High- $3,634,036 [yen] 426,454,163
 Technologies: t
Horiba: t $1,262,822 [yen] 148,192,187
JEOL: t $525,138 [yen] 61,624,952
Shimadzu: t $2,311,067 [yen] 271,203,667
Techcomp: si $26,605 SGD 41,850
European Shares
Genetix: l $61,608 32,387 [pounds
 sterling]
Millbrook Scientific $3,676 1,933 [pounds
 Instruments: t sterling]
Oxford Instruments: l $188,876 99,292 [pounds
 sterling]
Renishaw: l $1,096,627 576,497 [pounds
 sterling]
Robotic Technology $7,593 3,992 [pounds
 Systems: l sterling]
Spectris: l $1,462,188 768,672 [pounds
 sterling]
Whatman: l $769,774 404,670 [pounds
 sterling]
Alpha M.O.S.: c $12,997 10,159.57 [euro]
Analytik Jena: g $28,556 22,322.25 [euro]
Biohit: h $37,570 29,368.41 [euro]
Cybio AG: g $24,607 19,235.67 [euro]
Sartorius: g $357,456 279,423.20 [euro]
Tecan: s $596,950 CHF 736,398
Biacore AS: st $429,085 SEK 3,107,777
Biotage AB: st $110,506 SEK 800,372

 Price Change Change
Company: Exchange 8/31/2006 1 Month YTD P/E

Laboratory
 Instrumentation

Affymetrix: o $21.31 -1% -55% 59
Applied $30.65 -5% 15% 21
 Biosystems: n
Beckman Coulter: n $54.77 -4% -4% 27
Bio-Red $73.41 11% 12% 21
 Laboratories: a
Bruker BioSciences: o $7.06 21% 45% 177
Caliper Life $5.22 23% -11% N/A
 Sciences: o
Cepheid: o $8.15 -11% -7% N/A
Ciphergen $1.52 46% 29% N/A
 Biosystems: o
CombiMatrix: o $1.19 -5% -13% N/A
Dionex: o $50.42 -9% 3% 29
Harvard $4.32 -4% -3% N/A
 Bioscience: o
Illumine: o $33.68 -12% 139% 306
Luminex: o $19.01 11% 64% N/A
MOCON: o $9.06 1% -3% 15
Molecular Devices: o $24.01 4% -17% 33
O.I. Corp: o $11.84 -4% -5% 15
PerkinElmer: n $18.43 2% -22% 9
SEQUENOM: o $2.15 36% 5% N/A
Thermo Electron: n $39.20 6% 30% 31
Transgenomic: o $0.69 60% -35% N/A
Varian Inc.: o $46.68 4% 17% 28
Waters Corp.: n $42.65 5% 13% 24

Process/Metrology/
 Motion
 Instrumentation

FEI Company: o $20.77 -5% 8% N/A
MTS Systems: o $33.57 -9% -3% 17
Nanometrics: o $10.59 12% -4% N/A
RAE Systems: n $3.02 -18% -14% N/A
Roper Industries: n $46.38 3% 17% 24
Strategic $3.90 24% 7% N/A
 Diagnostics: o
Veeco Instruments: o $24.46 10% 41% 102
X-Rite: o $8.89 -4% -11% 19
Zygo: o $13.31 -14% -9% 17

Lab Consumables/
 Equipment

Cambrex: n $22.55 6% 20% N/A
Fisher Scientific $78.23 6% 26% 23
 Int'l: n
Invitrogen: o $60.85 -2% -9% 31
Kewaunee $8.57 -3% -8% N/A
 Scientific: o
Millipore: n $64.18 2% -3% 40
New Brunswick $7.75 6% 14% 19
 Scientific: o
Pall: n $27.22 4% 1% 27
QIAGEN: o $14.46 -5% 23% 33
Sigma Aldrich: o $72.63 5% 15% 19
Stratagene: o $4.80 -26% -52% N/A
TECHNE: o $50.90 2% -9% 28
Laboratory Instrumen- 474.86 0.1% 5.3% 33
 tation Stock Index
Process/Metrology/ 389.80 -0.7% 11.2% 45
 Motion
 Instrumentation
Lab Consumables/ 352.40 2.5% 8.8% 26
 Equipment
 Stock Index
Dow Jones Industrial 11392.91 1.9% 6.3%
 Average
S&P 500 1305.31 2.2% 4.6%
NASDAQ Composite 2187.77 4.6% -0.8%

 Price
Region 8/31/2006 Change Change
Company (Local) 1 Month YTD P/E
Pacific Shares
Hitachi High- [yen] 3100 -7% 5% 19
 Technologies: t
Horiba: t [yen] 3520 2% 4% 23
JEOL: t [yen] 777 4% 16% 31
Shimadzu: t [yen] 917 11% 10% 23
Techcomp: si SGD 0.31 3% 3% 7
European Shares
Genetix: l 0.45 [pounds 3% -19% 18
 sterling]
Millbrook Scientific 0.05 [pounds -1% -59% N/A
 Instruments: t sterling]
Oxford Instruments: l 2.06 [pounds -6% -16% N/A
 sterling]
Renishaw: l 7.92 [pounds 1% -18% 21
 sterling]
Robotic Technology 0.13 [pounds -19% -50% 2
 Systems: l sterling]
Spectris: l 6.28 [pounds 7% -1% 22
 sterling]
Whatman: l 3.08 [pounds 6% 5% 26
 sterling]
Alpha M.O.S.: c 3.88 [euro] -4% 29% N/A
Analytik Jena: g 5.89 [euro] -6% 7% 17
Biohit: h 2.27 [euro] -8% 3% 227
Cybio AG: g 4.65 [euro] -2% 4% 20
Sartorius: g 32.80 [euro] 6% 54% 21
Tecan: s CHF 65.0 -5% 13% 27
Biacore AS: st SEK 313.0 -5% 61% 28
Biotage AB: st SEK 9.9 -1% -17% N/A

 EPS EPS
Company: Exchange 12 Month FY

Laboratory
 Instrumentation

Affymetrix: o 0.36 0.84
Applied 1.43 1.43
 Biosystems: n
Beckman Coulter: n 2.05 2.32
Bio-Red 3.47 3.06
 Laboratories: a
Bruker BioSciences: o 0.04 0.04
Caliper Life -0.35 -0.46
 Sciences: o
Cepheid: o -0.43 -0.32
Ciphergen -0.94 -1.10
 Biosystems: o
CombiMatrix: o -0.44 -0.37
Dionex: o 1.74 1.74
Harvard -0.27 -1.04
 Bioscience: o
Illumine: o 0.11 -0.52
Luminex: o -0.04 -0.09
MOCON: o 0.62 0.53
Molecular Devices: o 0.74 0.93
O.I. Corp: o 0.77 0.85
PerkinElmer: n 2.05 2.05
SEQUENOM: o -0.31 -0.66
Thermo Electron: n 1.26 1.36
Transgenomic: o -0.31 -0.42
Varian Inc.: o 1.65 3.67
Waters Corp.: n 1.80 1.76

Process/Metrology/
 Motion
 Instrumentation

FEI Company: o -1.10 -2.33
MTS Systems: o 1.94 1.81
Nanometrics: o -0.50 0.28
RAE Systems: n -0.01 -0.01
Roper Industries: n 1.96 1.74
Strategic -0.01 0.03
 Diagnostics: o
Veeco Instruments: o 0.24 -0.03
X-Rite: o 0.47 0.52
Zygo: o 0.79 0.79

Lab Consumables/
 Equipment

Cambrex: n -5.11 -4.88
Fisher Scientific 3.36 3.05
 Int'l: n
Invitrogen: o 1.95 2.33
Kewaunee -0.18 0.08
 Scientific: o
Millipore: n 1.62 1.55
New Brunswick 0.40 0.28
 Scientific: o
Pall: n 1.00 1.12
QIAGEN: o 0.44 0.41
Sigma Aldrich: o 3.80 3.76
Stratagene: o 0.00 0.35
TECHNE: o 1.85 1.85
Laboratory Instrumen-
 tation Stock Index
Process/Metrology/
 Motion
 Instrumentation
Lab Consumables/
 Equipment
 Stock Index
Dow Jones Industrial
 Average
S&P 500
NASDAQ Composite

Region EPS EPS
Company 12 Month FY
Pacific Shares
Hitachi High- [yen] 167.11 [yen] 138.95
 Technologies: t
Horiba: t [yen] 155.48 [yen] 146.97
JEOL: t [yen] 25.38 [yen] 75.06
Shimadzu: t [yen] 39.63 [yen] 37.53
Techcomp: si $0.03 $0.03
European Shares
Genetix: l 0.03 [pounds 0.02 [pounds
 sterling] sterling]
Millbrook Scientific -0.01 [pounds -0.01 [pounds
 Instruments: t sterling] sterling]
Oxford Instruments: l -0.07 [pounds -0.07 [pounds
 sterling] sterling]
Renishaw: l 0.38 [pounds 0.34 [pounds
 sterling] sterling]
Robotic Technology 0.05 [pounds 0.05 [pounds
 Systems: l sterling] sterling]
Spectris: l 0.29 [pounds 0.29 [pounds
 sterling] sterling]
Whatman: l 0.12 [pounds 0.12 [pounds
 sterling] sterling]
Alpha M.O.S.: c -0.14 [euro] -0.14 [euro]
Analytik Jena: g 0.35 [euro] 0.02 [euro]
Biohit: h 0.01 [euro] -0.02 [euro]
Cybio AG: g 0.23 [euro] 0.23 [euro]
Sartorius: g 1.54 [euro] 1.30 [euro]
Tecan: s CHF 2.38 CHF 1.26
Biacore AS: st SEK 11.02 SEK 19.60
Biotage AB: st -SEK 0.36 -SEK 0.36

 LTD/ FY R&D/
Company: Exchange Equity ROE Sales

Laboratory
 Instrumentation

Affymetrix: o 25% 11% 21%
Applied 13% 19% 9%
 Biosystems: n
Beckman Coulter: n 98% 13% 9%
Bio-Red 60% 12% 10%
 Laboratories: a
Bruker BioSciences: o 21% 2% 14%
Caliper Life 6% N/A 20%
 Sciences: o
Cepheid: o 3% N/A 24%
Ciphergen -630% N/A 48%
 Biosystems: o
CombiMatrix: o 16% N/A 72%
Dionex: o 3% 19% 8%
Harvard 3% N/A 4%
 Bioscience: o
Illumine: o 5% N/A 38%
Luminex: o 9% N/A 13%
MOCON: o 2% 16% 7%
Molecular Devices: o 3% 7% 14%
O.I. Corp: o N/A 11% 12%
PerkinElmer: n 32% 16% 6%
SEQUENOM: o 35% N/A 61%
Thermo Electron: n 24% 8% 6%
Transgenomic: o N/A N/A 9%
Varian Inc.: o 10% 25% 7%
Waters Corp.: n 218% 68% 6%

Process/Metrology/
 Motion
 Instrumentation

FEI Company: o 102% N/A 14%
MTS Systems: o 18% 20% 4%
Nanometrics: o 1% 3% 18%
RAE Systems: n 5% N/A 9%
Roper Industries: n 54% 12% 4%
Strategic 1% 2% 12%
 Diagnostics: o
Veeco Instruments: o 82% N/A 15%
X-Rite: o 0% 9% 12%
Zygo: o 1% 9% 9%

Lab Consumables/
 Equipment

Cambrex: n 108% N/A 5%
Fisher Scientific 67% 9% 0%
 Int'l: n
Invitrogen: o 61% 6% 8%
Kewaunee 18% 1% 0%
 Scientific: o
Millipore: n 156% 10% 7%
New Brunswick 6% 7% 7%
 Scientific: o
Pall: n 54% 12% 3%
QIAGEN: o 105% 14% 10%
Sigma Aldrich: o 31% 21% 3%
Stratagene: o 61% 13% 10%
TECHNE: o 4% 22% 9%
Laboratory Instrumen- 37% 12% 9%
 tation Stock Index
Process/Metrology/ 51% 6% 7%
 Motion
 Instrumentation
Lab Consumables/ 67% 9% 3%
 Equipment
 Stock Index
Dow Jones Industrial
 Average
S&P 500
NASDAQ Composite

Region LTD/ FY R&D/
Company Equity ROE Sales
Pacific Shares
Hitachi High- 19% 10% 2%
 Technologies: t
Horiba: t 20% 10% 6%
JEOL: t 79% 4% 6%
Shimadzu: t 43% 9% 3%
Techcomp: si 3% 20% N/A
European Shares
Genetix: l 2% 5% 7%

Millbrook Scientific 2% 0% N/A
 Instruments: t
Oxford Instruments: l 116% N/A 7%
Renishaw: l 26% 22% 11%
Robotic Technology 12% 19% N/A
 Systems: l
Spectris: l 69% 14% 7%
Whatman: l 81% 28% 3%
Alpha M.O.S.: c 11% N/A N/A
Analytik Jena: g 45% 0% 5%
Biohit: h 60% N/A 6%
Cybio AG: g 5% 9% 7%
Sartorius: g 66% 11% 14%
Tecan: s 45% 10% 12%
Biacore AS: st 11% 25% 17%
Biotage AB: st 27% N/A 139%

The IBO composite stock indices are weighted by market capitalization.
Index averages or the various financial ratios presented are also
weighted statistically to reflect the relative sizes of the constituent
companies. Lab Instrumentation Index: 12/31/91=100; Process/
Metrology/Motion Instrumentation: 12/31/93; Lab Consumables/Equipment
Index: 1/1/01=100. Exchanges: n=NYSE; a=AMEX; o=NASDAQ; t=Tokyo;
si=Singapore; l=London; g=Germany; s=Switzerland; st=Sweden;
c=Continuous Market; h=Finland. N/A: data not applicable. Return on
equity calculated using most recent 12-month data.
COPYRIGHT 2006 Strategic Directions International Inc. (SDI)
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006 Gale, Cengage Learning. All rights reserved.

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Date:Aug 31, 2006
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