The global Transfer Agent Service market size was valued at US$ 1638 million in 2024 and is forecast to a readjusted size of USD 2461 million by 2031 with a CAGR of 6.0% during review period.
Transfer agent service is a professional service mainly used in the financial and securities fields. A transfer agent service is provided by a third-party institution. It is responsible for handling the transfer of securities between investors, and also encompasses a series of related back-office tasks. Securities Transfer executes the transfer of securities such as stocks and bonds from the accounts of sellers to those of buyers, ensuring the accuracy and timeliness of transactions. Shareholder Record Keeping tracks and updates shareholder information, including details like names, contact information, and the number of shares held, to maintain accurate and up-to-date shareholder registers.It relieves issuers of the burden of managing shareholder information and securities transfers, allowing them to focus on core business operations. It also helps maintain good relationships with shareholders and enhance the company's image and reputation.
The continuous growth and development of global capital markets, with an increasing number of companies going public and more securities transactions, have led to a growing demand for transfer agent services to ensure the smooth transfer of securities and the accuracy of shareholder records. Regulatory authorities worldwide are constantly strengthening the regulation of the securities market. Transfer agent services play a vital role in helping issuers comply with complex regulatory requirements such as shareholder information disclosure and transaction record keeping. The development of technologies such as blockchain, artificial intelligence, and big data provides technical support for the innovation and development of transfer agent services. It helps improve service efficiency, reduce costs, and enhance security and accuracy. Establishing a transfer agent service business requires a large amount of capital investment in the early stage, including the construction of information systems, the hiring and training of professional personnel, and compliance with regulatory requirements, which poses certain entry barriers. The transfer agent service market is highly competitive, with many well-known global and local service providers. New entrants face fierce competition from existing players and need to continuously improve service quality and innovation capabilities to gain a foothold.
This report is a detailed and comprehensive analysis for global Transfer Agent Service market. Both quantitative and qualitative analyses are presented by company, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2025, are provided.
Key Features:
Global Transfer Agent Service market size and forecasts, in consumption value ($ Million), 2020-2031
Global Transfer Agent Service market size and forecasts by region and country, in consumption value ($ Million), 2020-2031
Global Transfer Agent Service market size and forecasts, by Type and by Application, in consumption value ($ Million), 2020-2031
Global Transfer Agent Service market shares of main players, in revenue ($ Million), 2020-2025
The Primary Objectives in This Report Are:
To determine the size of the total market opportunity of global and key countries
To assess the growth potential for Transfer Agent Service
To forecast future growth in each product and end-use market
To assess competitive factors affecting the marketplace
This report profiles key players in the global Transfer Agent Service market based on the following parameters - company overview, revenue, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Transfer Online, Inc., Broadridge Financial Solutions, Computershare, Continental Stock Transfer & Trust Company, EQ Shareowner Services, Wells Fargo Shareowner Services, AST Fund Solutions, Colonial Stock Transfer Company, CST Trust Company, DST Systems, Inc., etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
麻豆原创 segmentation
Transfer Agent Service market is split by Type and by Application. For the period 2020-2031, the growth among segments provides accurate calculations and forecasts for Consumption Value by Type and by Application. This analysis can help you expand your business by targeting qualified niche markets.
麻豆原创 segment by Type
Issuance and Cancellation of Securities
Securities Transfer
Others
麻豆原创 segment by Application
Banking and Finance Industry
Brokerage Firms and Investment Companies
Real Estate Investment Trusts (Reits)
Publicly Traded Corporations
Others
麻豆原创 segment by players, this report covers
Transfer Online, Inc.
Broadridge Financial Solutions
Computershare
Continental Stock Transfer & Trust Company
EQ Shareowner Services
Wells Fargo Shareowner Services
AST Fund Solutions
Colonial Stock Transfer Company
CST Trust Company
DST Systems, Inc.
Equity Stock Transfer
First American Stock Transfer
Island Stock Transfer
Mediant Communications Inc.
Mellon Investor Services LLC
National Stock Transfer, Inc.
Pacific Stock Transfer Company
Philadelphia Stock Transfer
Registrar and Transfer Company
Securities Transfer Corporation
Standard Registrar & Transfer Co., Inc.
Stock Trans Inc.
TSX trust company
VStock Transfer, LLC
麻豆原创 segment by regions, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia, Italy and Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia and Rest of Asia-Pacific)
South America (Brazil, Rest of South America)
Middle East & Africa (Turkey, Saudi Arabia, UAE, Rest of Middle East & Africa)
The content of the study subjects, includes a total of 13 chapters:
Chapter 1, to describe Transfer Agent Service product scope, market overview, market estimation caveats and base year.
Chapter 2, to profile the top players of Transfer Agent Service, with revenue, gross margin, and global market share of Transfer Agent Service from 2020 to 2025.
Chapter 3, the Transfer Agent Service competitive situation, revenue, and global market share of top players are analyzed emphatically by landscape contrast.
Chapter 4 and 5, to segment the market size by Type and by Application, with consumption value and growth rate by Type, by Application, from 2020 to 2031
Chapter 6, 7, 8, 9, and 10, to break the market size data at the country level, with revenue and market share for key countries in the world, from 2020 to 2025.and Transfer Agent Service market forecast, by regions, by Type and by Application, with consumption value, from 2026 to 2031.
Chapter 11, market dynamics, drivers, restraints, trends, Porters Five Forces analysis.
Chapter 12, the key raw materials and key suppliers, and industry chain of Transfer Agent Service.
Chapter 13, to describe Transfer Agent Service research findings and conclusion.
Please Note - This is an on demand report and will be delivered in 2 business days (48 Hours) post payment.
1 麻豆原创 Overview
1.1 Product Overview and Scope
1.2 麻豆原创 Estimation Caveats and Base Year
1.3 Classification of Transfer Agent Service by Type
1.3.1 Overview: Global Transfer Agent Service 麻豆原创 Size by Type: 2020 Versus 2024 Versus 2031
1.3.2 Global Transfer Agent Service Consumption Value 麻豆原创 Share by Type in 2024
1.3.3 Issuance and Cancellation of Securities
1.3.4 Securities Transfer
1.3.5 Others
1.4 Global Transfer Agent Service 麻豆原创 by Application
1.4.1 Overview: Global Transfer Agent Service 麻豆原创 Size by Application: 2020 Versus 2024 Versus 2031
1.4.2 Banking and Finance Industry
1.4.3 Brokerage Firms and Investment Companies
1.4.4 Real Estate Investment Trusts (Reits)
1.4.5 Publicly Traded Corporations
1.4.6 Others
1.5 Global Transfer Agent Service 麻豆原创 Size & Forecast
1.6 Global Transfer Agent Service 麻豆原创 Size and Forecast by Region
1.6.1 Global Transfer Agent Service 麻豆原创 Size by Region: 2020 VS 2024 VS 2031
1.6.2 Global Transfer Agent Service 麻豆原创 Size by Region, (2020-2031)
1.6.3 North America Transfer Agent Service 麻豆原创 Size and Prospect (2020-2031)
1.6.4 Europe Transfer Agent Service 麻豆原创 Size and Prospect (2020-2031)
1.6.5 Asia-Pacific Transfer Agent Service 麻豆原创 Size and Prospect (2020-2031)
1.6.6 South America Transfer Agent Service 麻豆原创 Size and Prospect (2020-2031)
1.6.7 Middle East & Africa Transfer Agent Service 麻豆原创 Size and Prospect (2020-2031)
2 Company Profiles
2.1 Transfer Online, Inc.
2.1.1 Transfer Online, Inc. Details
2.1.2 Transfer Online, Inc. Major Business
2.1.3 Transfer Online, Inc. Transfer Agent Service Product and Solutions
2.1.4 Transfer Online, Inc. Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.1.5 Transfer Online, Inc. Recent Developments and Future Plans
2.2 Broadridge Financial Solutions
2.2.1 Broadridge Financial Solutions Details
2.2.2 Broadridge Financial Solutions Major Business
2.2.3 Broadridge Financial Solutions Transfer Agent Service Product and Solutions
2.2.4 Broadridge Financial Solutions Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.2.5 Broadridge Financial Solutions Recent Developments and Future Plans
2.3 Computershare
2.3.1 Computershare Details
2.3.2 Computershare Major Business
2.3.3 Computershare Transfer Agent Service Product and Solutions
2.3.4 Computershare Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.3.5 Computershare Recent Developments and Future Plans
2.4 Continental Stock Transfer & Trust Company
2.4.1 Continental Stock Transfer & Trust Company Details
2.4.2 Continental Stock Transfer & Trust Company Major Business
2.4.3 Continental Stock Transfer & Trust Company Transfer Agent Service Product and Solutions
2.4.4 Continental Stock Transfer & Trust Company Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.4.5 Continental Stock Transfer & Trust Company Recent Developments and Future Plans
2.5 EQ Shareowner Services
2.5.1 EQ Shareowner Services Details
2.5.2 EQ Shareowner Services Major Business
2.5.3 EQ Shareowner Services Transfer Agent Service Product and Solutions
2.5.4 EQ Shareowner Services Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.5.5 EQ Shareowner Services Recent Developments and Future Plans
2.6 Wells Fargo Shareowner Services
2.6.1 Wells Fargo Shareowner Services Details
2.6.2 Wells Fargo Shareowner Services Major Business
2.6.3 Wells Fargo Shareowner Services Transfer Agent Service Product and Solutions
2.6.4 Wells Fargo Shareowner Services Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.6.5 Wells Fargo Shareowner Services Recent Developments and Future Plans
2.7 AST Fund Solutions
2.7.1 AST Fund Solutions Details
2.7.2 AST Fund Solutions Major Business
2.7.3 AST Fund Solutions Transfer Agent Service Product and Solutions
2.7.4 AST Fund Solutions Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.7.5 AST Fund Solutions Recent Developments and Future Plans
2.8 Colonial Stock Transfer Company
2.8.1 Colonial Stock Transfer Company Details
2.8.2 Colonial Stock Transfer Company Major Business
2.8.3 Colonial Stock Transfer Company Transfer Agent Service Product and Solutions
2.8.4 Colonial Stock Transfer Company Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.8.5 Colonial Stock Transfer Company Recent Developments and Future Plans
2.9 CST Trust Company
2.9.1 CST Trust Company Details
2.9.2 CST Trust Company Major Business
2.9.3 CST Trust Company Transfer Agent Service Product and Solutions
2.9.4 CST Trust Company Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.9.5 CST Trust Company Recent Developments and Future Plans
2.10 DST Systems, Inc.
2.10.1 DST Systems, Inc. Details
2.10.2 DST Systems, Inc. Major Business
2.10.3 DST Systems, Inc. Transfer Agent Service Product and Solutions
2.10.4 DST Systems, Inc. Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.10.5 DST Systems, Inc. Recent Developments and Future Plans
2.11 Equity Stock Transfer
2.11.1 Equity Stock Transfer Details
2.11.2 Equity Stock Transfer Major Business
2.11.3 Equity Stock Transfer Transfer Agent Service Product and Solutions
2.11.4 Equity Stock Transfer Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.11.5 Equity Stock Transfer Recent Developments and Future Plans
2.12 First American Stock Transfer
2.12.1 First American Stock Transfer Details
2.12.2 First American Stock Transfer Major Business
2.12.3 First American Stock Transfer Transfer Agent Service Product and Solutions
2.12.4 First American Stock Transfer Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.12.5 First American Stock Transfer Recent Developments and Future Plans
2.13 Island Stock Transfer
2.13.1 Island Stock Transfer Details
2.13.2 Island Stock Transfer Major Business
2.13.3 Island Stock Transfer Transfer Agent Service Product and Solutions
2.13.4 Island Stock Transfer Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.13.5 Island Stock Transfer Recent Developments and Future Plans
2.14 Mediant Communications Inc.
2.14.1 Mediant Communications Inc. Details
2.14.2 Mediant Communications Inc. Major Business
2.14.3 Mediant Communications Inc. Transfer Agent Service Product and Solutions
2.14.4 Mediant Communications Inc. Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.14.5 Mediant Communications Inc. Recent Developments and Future Plans
2.15 Mellon Investor Services LLC
2.15.1 Mellon Investor Services LLC Details
2.15.2 Mellon Investor Services LLC Major Business
2.15.3 Mellon Investor Services LLC Transfer Agent Service Product and Solutions
2.15.4 Mellon Investor Services LLC Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.15.5 Mellon Investor Services LLC Recent Developments and Future Plans
2.16 National Stock Transfer, Inc.
2.16.1 National Stock Transfer, Inc. Details
2.16.2 National Stock Transfer, Inc. Major Business
2.16.3 National Stock Transfer, Inc. Transfer Agent Service Product and Solutions
2.16.4 National Stock Transfer, Inc. Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.16.5 National Stock Transfer, Inc. Recent Developments and Future Plans
2.17 Pacific Stock Transfer Company
2.17.1 Pacific Stock Transfer Company Details
2.17.2 Pacific Stock Transfer Company Major Business
2.17.3 Pacific Stock Transfer Company Transfer Agent Service Product and Solutions
2.17.4 Pacific Stock Transfer Company Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.17.5 Pacific Stock Transfer Company Recent Developments and Future Plans
2.18 Philadelphia Stock Transfer
2.18.1 Philadelphia Stock Transfer Details
2.18.2 Philadelphia Stock Transfer Major Business
2.18.3 Philadelphia Stock Transfer Transfer Agent Service Product and Solutions
2.18.4 Philadelphia Stock Transfer Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.18.5 Philadelphia Stock Transfer Recent Developments and Future Plans
2.19 Registrar and Transfer Company
2.19.1 Registrar and Transfer Company Details
2.19.2 Registrar and Transfer Company Major Business
2.19.3 Registrar and Transfer Company Transfer Agent Service Product and Solutions
2.19.4 Registrar and Transfer Company Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.19.5 Registrar and Transfer Company Recent Developments and Future Plans
2.20 Securities Transfer Corporation
2.20.1 Securities Transfer Corporation Details
2.20.2 Securities Transfer Corporation Major Business
2.20.3 Securities Transfer Corporation Transfer Agent Service Product and Solutions
2.20.4 Securities Transfer Corporation Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.20.5 Securities Transfer Corporation Recent Developments and Future Plans
2.21 Standard Registrar & Transfer Co., Inc.
2.21.1 Standard Registrar & Transfer Co., Inc. Details
2.21.2 Standard Registrar & Transfer Co., Inc. Major Business
2.21.3 Standard Registrar & Transfer Co., Inc. Transfer Agent Service Product and Solutions
2.21.4 Standard Registrar & Transfer Co., Inc. Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.21.5 Standard Registrar & Transfer Co., Inc. Recent Developments and Future Plans
2.22 Stock Trans Inc.
2.22.1 Stock Trans Inc. Details
2.22.2 Stock Trans Inc. Major Business
2.22.3 Stock Trans Inc. Transfer Agent Service Product and Solutions
2.22.4 Stock Trans Inc. Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.22.5 Stock Trans Inc. Recent Developments and Future Plans
2.23 TSX trust company
2.23.1 TSX trust company Details
2.23.2 TSX trust company Major Business
2.23.3 TSX trust company Transfer Agent Service Product and Solutions
2.23.4 TSX trust company Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.23.5 TSX trust company Recent Developments and Future Plans
2.24 VStock Transfer, LLC
2.24.1 VStock Transfer, LLC Details
2.24.2 VStock Transfer, LLC Major Business
2.24.3 VStock Transfer, LLC Transfer Agent Service Product and Solutions
2.24.4 VStock Transfer, LLC Transfer Agent Service Revenue, Gross Margin and 麻豆原创 Share (2020-2025)
2.24.5 VStock Transfer, LLC Recent Developments and Future Plans
3 麻豆原创 Competition, by Players
3.1 Global Transfer Agent Service Revenue and Share by Players (2020-2025)
3.2 麻豆原创 Share Analysis (2024)
3.2.1 麻豆原创 Share of Transfer Agent Service by Company Revenue
3.2.2 Top 3 Transfer Agent Service Players 麻豆原创 Share in 2024
3.2.3 Top 6 Transfer Agent Service Players 麻豆原创 Share in 2024
3.3 Transfer Agent Service 麻豆原创: Overall Company Footprint Analysis
3.3.1 Transfer Agent Service 麻豆原创: Region Footprint
3.3.2 Transfer Agent Service 麻豆原创: Company Product Type Footprint
3.3.3 Transfer Agent Service 麻豆原创: Company Product Application Footprint
3.4 New 麻豆原创 Entrants and Barriers to 麻豆原创 Entry
3.5 Mergers, Acquisition, Agreements, and Collaborations
4 麻豆原创 Size Segment by Type
4.1 Global Transfer Agent Service Consumption Value and 麻豆原创 Share by Type (2020-2025)
4.2 Global Transfer Agent Service 麻豆原创 Forecast by Type (2026-2031)
5 麻豆原创 Size Segment by Application
5.1 Global Transfer Agent Service Consumption Value 麻豆原创 Share by Application (2020-2025)
5.2 Global Transfer Agent Service 麻豆原创 Forecast by Application (2026-2031)
6 North America
6.1 North America Transfer Agent Service Consumption Value by Type (2020-2031)
6.2 North America Transfer Agent Service 麻豆原创 Size by Application (2020-2031)
6.3 North America Transfer Agent Service 麻豆原创 Size by Country
6.3.1 North America Transfer Agent Service Consumption Value by Country (2020-2031)
6.3.2 United States Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
6.3.3 Canada Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
6.3.4 Mexico Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
7 Europe
7.1 Europe Transfer Agent Service Consumption Value by Type (2020-2031)
7.2 Europe Transfer Agent Service Consumption Value by Application (2020-2031)
7.3 Europe Transfer Agent Service 麻豆原创 Size by Country
7.3.1 Europe Transfer Agent Service Consumption Value by Country (2020-2031)
7.3.2 Germany Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
7.3.3 France Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
7.3.4 United Kingdom Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
7.3.5 Russia Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
7.3.6 Italy Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
8 Asia-Pacific
8.1 Asia-Pacific Transfer Agent Service Consumption Value by Type (2020-2031)
8.2 Asia-Pacific Transfer Agent Service Consumption Value by Application (2020-2031)
8.3 Asia-Pacific Transfer Agent Service 麻豆原创 Size by Region
8.3.1 Asia-Pacific Transfer Agent Service Consumption Value by Region (2020-2031)
8.3.2 China Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
8.3.3 Japan Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
8.3.4 South Korea Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
8.3.5 India Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
8.3.6 Southeast Asia Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
8.3.7 Australia Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
9 South America
9.1 South America Transfer Agent Service Consumption Value by Type (2020-2031)
9.2 South America Transfer Agent Service Consumption Value by Application (2020-2031)
9.3 South America Transfer Agent Service 麻豆原创 Size by Country
9.3.1 South America Transfer Agent Service Consumption Value by Country (2020-2031)
9.3.2 Brazil Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
9.3.3 Argentina Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
10 Middle East & Africa
10.1 Middle East & Africa Transfer Agent Service Consumption Value by Type (2020-2031)
10.2 Middle East & Africa Transfer Agent Service Consumption Value by Application (2020-2031)
10.3 Middle East & Africa Transfer Agent Service 麻豆原创 Size by Country
10.3.1 Middle East & Africa Transfer Agent Service Consumption Value by Country (2020-2031)
10.3.2 Turkey Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
10.3.3 Saudi Arabia Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
10.3.4 UAE Transfer Agent Service 麻豆原创 Size and Forecast (2020-2031)
11 麻豆原创 Dynamics
11.1 Transfer Agent Service 麻豆原创 Drivers
11.2 Transfer Agent Service 麻豆原创 Restraints
11.3 Transfer Agent Service Trends Analysis
11.4 Porters Five Forces Analysis
11.4.1 Threat of New Entrants
11.4.2 Bargaining Power of Suppliers
11.4.3 Bargaining Power of Buyers
11.4.4 Threat of Substitutes
11.4.5 Competitive Rivalry
12 Industry Chain Analysis
12.1 Transfer Agent Service Industry Chain
12.2 Transfer Agent Service Upstream Analysis
12.3 Transfer Agent Service Midstream Analysis
12.4 Transfer Agent Service Downstream Analysis
13 Research Findings and Conclusion
14 Appendix
14.1 Methodology
14.2 Research Process and Data Source
14.3 Disclaimer
Transfer Online, Inc.
Broadridge Financial Solutions
Computershare
Continental Stock Transfer & Trust Company
EQ Shareowner Services
Wells Fargo Shareowner Services
AST Fund Solutions
Colonial Stock Transfer Company
CST Trust Company
DST Systems, Inc.
Equity Stock Transfer
First American Stock Transfer
Island Stock Transfer
Mediant Communications Inc.
Mellon Investor Services LLC
National Stock Transfer, Inc.
Pacific Stock Transfer Company
Philadelphia Stock Transfer
Registrar and Transfer Company
Securities Transfer Corporation
Standard Registrar & Transfer Co., Inc.
Stock Trans Inc.
TSX trust company
VStock Transfer, LLC
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*If Applicable.