04/26/2024 | Press release | Distributed by Public on 04/26/2024 15:29
Issued by:
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RiverSource Life Insurance Company (RiverSource Life)
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70100 Ameriprise Financial Center
Minneapolis, MN 55474
Telephone: 1-800-862-7919
(Service Center)
ameriprise.com/variableannuities
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Key Terms
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3
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Updated Information You Should Consider About the Contracts
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5
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Important Information You Should Consider About the Contract
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6
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Appendix: Funds Available Under the Contracts
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9
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FEES AND EXPENSES
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Location in
Statutory
Prospectus
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Charges for Early
Withdrawals
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Each Contract provides for different surrender charge periods and
percentages.
RiverSource Variable Retirement Annuity (VRA). If you withdraw money
during the first 7 years from the date of each purchase payment, you may
be assessed a surrender charge of up to 7% of the purchase payment
withdrawn. For example, if you make an early withdrawal, you could pay a
surrender charge of up to $7,000 on a $100,000 investment.
RiverSource Combination Retirement Annuity (CRA). If you withdraw
money during the first 11 years from the contract date, you may be
assessed a surrender charge of up to 7% of the purchase payment
withdrawn. For RiverSource Combination Retirement Annuity - Select
(University of Wisconsin TSA Plan)contracts, if you withdraw money during
the first 8 years from the contract date, you may be assessed a surrender
charge of up to 7% of the purchase payment withdrawn. For RiverSource
Combination Retirement Annuity (Ameriprise Retirement Services), if you
withdraw money during the first 7 years from the contract date, you may be
assessed a surrender charge of up to 6% of the purchase payment
withdrawn.
For example, if you make an early withdrawal, you could pay a withdrawal
charge of up to $7,000 on a $100,000 investment ($6,000 on a
$100,000 investment for RiverSource Combination Retirement Annuity
(Ameriprise Retirement Services)).
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Fee Table and
Examples
Charges-
Surrender Charge
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Transaction
Charges
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We do not assess any transaction charges.
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FEES AND EXPENSES
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Location in
Statutory
Prospectus
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Ongoing Fees and
Expenses (annual
charges)
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The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. Please refer to your
Contract specifications page for information about the specific fees you will
pay each year based on the options you have elected.
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Fee Table and
Examples
Expenses -
Product Charges
Appendix: Funds
Available Under
the Contract
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Annual Fee
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Minimum
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Maximum
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Base Contract(1)
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1.08%
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1.08%
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Fund options
(Funds fees and expenses)(2)
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0.55%
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1.17%
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Optional benefits available for an
additional charge
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N/A
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N/A
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(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee and contract administrative charge.
(2) As a percentage of Fund net assets.
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do not
take withdrawals from the Contract, which could add surrender charges
that substantially increase costs.
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Lowest Annual Cost:
$1,414
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Highest Annual Cost:
$1,927
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Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive combination of
Contract features and Fund fees
and expenses
•No sales charge
•No additional purchase payments,
transfers or withdrawals
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Assumes:
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
Contract features and Fund fees
and expenses
•No additional purchase payments,
transfers or withdrawals
•No sales charge
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RISKS
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Risk of Loss
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You can lose money by investing in this Contract including loss of principal.
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Principal Risks
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Not a Short-Term
Investment
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•The Contract is not a short-term investment and is not appropriate for
an investor who needs ready access to cash.
•The Contract has surrender charges which may reduce the value of your
Contract if you withdraw money during the surrender charge period.
•The benefits of tax deferral and long-term income mean the contract is
generally more beneficial to investors with a long term investment
horizon.
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Principal Risks
Charges-
Surrender Charge
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Risks Associated
with Investment
Options
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•An investment in the Contract is subject to the risk of poor investment
performance and can vary depending on the performance of the
investment options available under the Contract.
•Each investment option, including any fixed account investment option,
has its own unique risks.
•You should review the investment options before making any investment
decisions.
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Principal Risks
The Variable
Account and the
Funds
The Fixed Account
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RISKS
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Location in
Statutory
Prospectus
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Insurance
Company Risks
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An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account) or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject
to our claims-paying ability. If we experience financial distress, we may not
be able to meet our obligations to you. More information about RiverSource
Life, including our financial strength ratings, is available by contacting us at
1-800-862-7919.
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Principal Risks
The General
Account
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RESTRICTIONS
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Investments
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•Subject to certain restrictions, you may transfer your Contract value
among the subaccounts without charge at any time before the
retirement date, and once per contract year after the retirement date.
•The Fixed Account, available under CRA only, is subject to certain
restrictions.
•We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity constitutes market
timing.
•We reserve the right to add, remove or substitute Funds as investment
options. We also reserve the right, upon notification to you, to close or
restrict any Funds.
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Making the Most
of Your Contract -
Transferring
Among Accounts
Substitution of
Investments
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Optional Benefits
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•No optional benefits are offered under this Contract.
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TAXES
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Tax Implications
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•Consult with a tax advisor to determine the tax implications of an
investment in and payments and withdrawals received under
this Contract.
•If you purchase the Contract through a tax-qualified plan or
individual retirement account, you do not get any additional tax benefit.
•Earnings under your Contract are taxed at ordinary income tax rates
generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½.
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Taxes
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CONFLICTS OF INTEREST
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Investment
Professional
Compensation
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Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g.,
bonuses), and non-cash compensation. This financial incentive may
influence your investment professional to recommend this Contract over
another investment for which the investment professional is not
compensated or compensated less.
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About the Service
Providers
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Exchanges
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If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than
continue to own your existing Contract.
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Buying Your
Contract -
Contract
Exchanges
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Investment Objective
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Fund and
Adviser/Sub-Adviser
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Current
Expenses
Ratio
[NET]
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Average Annual Total Returns
(as of 12/31/2023)
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1 Year
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5 Year
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10 Year
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Seeks long-term growth
of capital.
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AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P.
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0.86%1
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11.72%
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11.57%
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9.05%
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Seeks long-term capital
appreciation.
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Allspring VT Small Cap Growth Fund -
Class 2
Allspring Funds Management, LLC, adviser;
Allspring Global Investments, LLC,
sub-adviser.
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1.17%
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4.11%
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7.68%
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6.60%
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Seeks maximum total
investment return
through a combination
of capital growth and
current income.
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Columbia Variable Portfolio - Balanced Fund
(Class 3)
Columbia Management Investment Advisers,
LLC
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0.89%
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21.23%
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10.83%
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7.94%
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Seeks to provide
shareholders with
capital appreciation.
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Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.81%
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24.21%
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13.69%
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11.02%
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Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital.
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Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.87%1
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4.95%
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10.34%
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7.87%
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Seeks to provide
shareholders with high
total return through
income and growth of
capital.
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Columbia Variable Portfolio - Global Strategic
Income Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.72%1
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9.81%
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2.18%
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0.42%
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Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal.
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Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.49%1
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4.61%
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1.56%
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0.95%
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Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth.
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Columbia Variable Portfolio - High Yield Bond
Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.77%1
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12.08%
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5.47%
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4.32%
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Investment Objective
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Fund and
Adviser/Sub-Adviser
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Current
Expenses
Ratio
[NET]
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Average Annual Total Returns
(as of 12/31/2023)
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1 Year
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5 Year
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10 Year
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Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time.
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Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.64%
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6.19%
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1.47%
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2.12%
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Seeks to provide
shareholders with
long-term capital growth.
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Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.85%
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42.95%
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18.14%
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13.51%
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Seeks to provide
shareholders with
capital appreciation.
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Columbia Variable Portfolio - Overseas Core
Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.92%
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15.47%
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8.09%
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3.51%
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Seeks to provide
shareholders with
growth of capital.
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Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC
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0.95%1
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25.08%
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12.93%
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9.51%
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