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LinkedIn Q2 2015 Earnings Call

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Q2’15 Results July 2015


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Safe harbor “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about our products, including our investments in products, technology and other key strategic areas, certain non-financial metrics, such as customer and member growth and engagement, and our expected financial metrics such as revenue, adjusted EBITDA, non-GAAP EPS, depreciation and amortization, stock-based compensation and fully-diluted weighted shares for the third quarter of 2015 and the full fiscal year 2015. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, the company’s results could differ materially from the results expressed or implied by the forward-looking statements the company makes. The risks and uncertainties referred to above include - but are not limited to - risks associated with: our limited operating history in a new and unproven market; engagement of our members; the price volatility of our Class A common stock; general economic conditions; expectations regarding the return on our strategic investments; execution of our plans and strategies, including with respect to mobile products and features and expansion into new areas and businesses; security measures and the risk that they may not be sufficient to secure our member data adequately or that we are subject to attacks that degrade or deny the ability of members to access our solutions; expectations regarding our ability to timely and effectively scale and adapt existing technology and network infrastructure to ensure that our solutions are accessible at all times with short or no perceptible load times; our ability to maintain our rate of revenue growth and manage our expenses and investment plans; our ability to accurately track our key metrics internally; members and customers curtailing or ceasing to use our solutions; our core value of putting members first, which may conflict with the short-term interests of the business; privacy and changes in regulations, which could impact our ability to serve our members or curtail our monetization efforts; litigation and regulatory issues; increasing competition; our ability to manage our growth; our international operations; our ability to recruit and retain our employees; the application of U.S. and international tax laws on our tax structure and any changes to such tax laws; acquisitions we have made or may make in the future; and the dual class structure of our Class A common stock. Further information on these and other factors that could affect the company’s financial results is included in filings it makes with the Securities and Exchange Commission from time to time, including the section entitled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2014, and additional information will also be set forth in our Form 10-Q that will be filed for the quarter ended June 30, 2015, which should be read in conjunction with these financial results. These documents are or will be available on the SEC Filings section of the Investor Relations page of the company's website at http://investors.linkedin.com/. All information provided is as of July 30, 2015, and LinkedIn undertakes no duty to update this information. 2


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Our member value propositions Connect Stay informed Get hired with your professional world through professional news and knowledge and build your career 3


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Member value metrics 97 97 380 364 347 332 90 82 313 296 78 75 93 34 84 30 76 28 277 26 25 259 65 238 21 58 218 202 187 174 161 15 Members (mn)1 Unique visiting members (mn)2 Q2'15 Q1'15 Q4'14 Q3'14 Q2'14 Q1’14 Q4’13 Q3’13 Q2’13 Q1’13 Q4’12 Q3’12 12 13 Q2’12 Q1’12 Q2'15 Q1'15 Q4'14 Q3'14 Q2'14 Q1’14 Q4’13 Q3’13 Q2’13 Q1’13 Q4’12 Q3’12 Q2’12 Q1’12 Q2'15 Q1'15 Q4'14 Q3'14 Q2’14 Q1’14 Q4’13 Q3’13 Q2’13 Q1’13 Q4’12 Q3’12 Q2’12 22 22 18 52 50 51 11 Q1’12 35 Member page views (bn)3 4 1 as of quarter end | 2 monthly average during the quarter | 3 total during the quarter


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Our customer value propositions Hire Market Sell 5


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Revenue $712 $643 $638 160% 140% $568 $534 $447 $364 $304 $228 $94 $121 $139 $168 120% $473 100% $393 80% $325 $252 60% $188 40% Net revenue ($mn) Q2'15 Q1'15 Q4'14 Q3'14 Q2’14 Q1’14 Q4’13 Q3’13 Q2’13 Q1’13 Q4’12 Q3’12 Q2’12 Q1’12 Q4’11 Q3’11 Q2’11 Q1’11 20% 0% % Y/Y 6


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Adjusted EBITDA 1 $179 $160 $163 $145 $111 $79 $50 $34 $83 $89 40% $151 $117 30% $93 $56 20% $38 $26 $25 Adj EBITDA ($mn) Q2'15 Q1'15 Q4'14 Q3'14 Q2'14 Q1’14 Q4’13 Q3’13 Q2’13 Q1’13 Q4’12 Q3’12 Q2’12 Q1’12 Q4’11 Q3’11 Q2’11 Q1’11 $13 10% % of revenue 1 Adjusted EBITDA is a Non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to net income (loss) please see slide 8. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP . 7


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Non-GAAP adjusted EBITDA reconciliation 1 (In millions) Q1’11 Q2’11 Q3’11 Q4’11 Q1’12 Q2’12 Q3’12 Q4’12 Q1’13 Q2’13 Q3’13 Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 Q1’15 Q2’15 GAAP net income (loss) $2 $5 ($2) $7 $5 $3 $2 $12 $23 $4 ($3) $4 ($13) ($1) ($4) $3 ($42) ($68) Provision (benefit) for income taxes (0) 5 4 2 6 10 4 15 1 4 8 9 14 16 13 4 11 (26) Other (income) expense, net (0) (0) 2 2 (0) 1 (1) (0) 0 0 (0) (2) (1) (1) (0) 7 15 12 Depreciation and amortization 8 10 12 14 15 18 23 24 26 32 34 43 50 56 60 71 74 99 Stock-based compensation 4 7 8 11 13 19 27 28 34 48 54 57 68 75 83 94 103 145 $13 $26 $25 $34 $38 $50 $56 $79 $83 $89 $93 $111 $117 $145 $151 $179 $160 $163 Adjusted EBITDA 1 Adjusted EBITDA is a Non-GAAP financial measure. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. 8


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Guidance 1 Q3 2015 FY 2015 ~$745-750 ~$2,940 Adjusted EBITDA ~$146-148 ~$665 Non-GAAP EPS ~$0.43 ~$2.19 Revenue 2 1 All guidance figures are approximate values in millions except for non-GAAP EPS | 2 Q3’15 Adj EBITDA guidance assumes depreciation of ~$69m, amortization of ~$47m, stock-based comp of ~$128m & FY15 Adj EBITDA guidance assumes depreciation of ~$278m, amortization of ~$135m, and stock-based comp of ~$510m. 9


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Appendix s 10


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Q1'13 COMPANY METRICS Members (MM) % y/y Unique Visiting Members (MM) % y/y Mobile Unique Visiting Members (MM) % y/y % of total unique visiting members Member Page Views (BN) % y/y LinkedIn Corporate Solutions Customers % y/y REVENUE MIX BY PRODUCT Net Revenue ($MM) % y/y Talent Solutions % y/y FY 2013 Q2'13 Q3'13 Q4'13 Q1'14 FY 2014 Q2'14 Q3'14 Q4'14 FY 2015 Q1'15 Q2'15 FY12 Full Year FY13 FY14 218 238 259 277 296 313 332 347 364 380 202 277 347 36% 37% 38% 37% 36% 32% 28% 25% 23% 21% 39% 37% 25% 65 75 78 76 82 84 90 93 97 97 53 73 87 29% 45% 49% 31% 26% 13% 16% 23% 18% 16% n/a 38% 19% 20 26 29 31 35 38 42 45 49 51 12 27 40 118% 31% 132% 34% 129% 38% 94% 41% 73% 43% 46% 45% 45% 47% 46% 49% 38% 50% 35% 52% n/a 23% 116% 36% 51% 46% 18 21 22 22 26 25 28 30 34 35 51 83 109 64% 69% 73% 49% 43% 22% 28% 34% 30% 37% n/a 63% 31% 18,138 20,256 22,001 24,444 25,844 28,080 30,314 33,271 34,764 37,425 16,409 24,444 33,271 72% 65% 57% 49% 42% 39% 38% 36% 35% 33% 78% 49% 36% 2,219 325 364 393 447 473 534 568 643 638 712 972 1,529 72% 59% 56% 47% 46% 47% 45% 44% 35% 33% 86% 57% 45% 194 217 238 261 292 322 345 369 396 443 547 910 1,328 82% 72% 65% 54% 50% 49% 45% 41% 36% 38% 104% 67% 46% Hiring 194 217 238 261 292 322 345 369 396 426 547 910 1,328 % y/y 82% 72% 65% 54% 50% 49% 45% 41% 36% 32% 104% 67% 46% — — — — — — — — — 18 — — — n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Learning & Development % y/y Marketing Solutions % y/y Premium Subscriptions % y/y Percent of Total: Talent Solutions Marketing Solutions Premium Subscriptions REVENUE MIX BY GEOGRAPHY Net Revenue ($MM) % y/y US % y/y EMEA % y/y APAC % y/y Other Americas % y/y Percent of Total US International EMEA APAC Other Americas 65 74 76 98 86 106 109 153 119 140 235 312 455 47% 26% 29% 31% 33% 44% 45% 56% 38% 32% 59% 33% 46% 66 73 80 88 96 105 114 121 122 128 190 307 437 73% 68% 61% 48% 46% 44% 43% 38% 28% 22% 81% 61% 42% 60% 20% 20% 60% 20% 20% 60% 19% 20% 58% 22% 20% 62% 18% 20% 60% 20% 20% 61% 19% 20% 57% 24% 19% 62% 19% 19% 62% 20% 18% 56% 24% 20% 60% 20% 20% 60% 20% 20% 2,219 325 364 393 447 473 534 568 643 638 712 972 1,529 72% 59% 56% 47% 46% 47% 45% 44% 35% 33% 86% 57% 45% 201 224 245 271 285 318 343 388 389 445 619 942 1,334 67% 52% 51% 43% 41% 42% 40% 43% 37% 40% 75% 52% 42% 75 85 90 108 118 135 140 162 157 169 217 358 555 75% 69% 65% 55% 57% 59% 55% 50% 33% 25% 98% 65% 55% 24 28 31 36 39 46 49 54 54 59 69 119 187 88% 76% 70% 59% 61% 64% 60% 49% 40% 28% 135% 71% 58% 24 27 27 32 32 36 37 39 38 40 66 110 143 101% 78% 58% 44% 32% 32% 35% 24% 19% 12% 130% 66% 31% 62% 38% 23% 7% 7% 62% 38% 23% 8% 7% 62% 38% 23% 8% 7% 61% 39% 24% 8% 7% 60% 40% 25% 8% 7% 60% 40% 25% 9% 7% 60% 40% 25% 9% 6% 60% 40% 25% 8% 6% 61% 39% 25% 8% 6% 62% 38% 24% 8% 6% 64% 36% 22% 7% 7% 62% 38% 23% 8% 7% 60% 40% 25% 8% 6% 1


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FY 2013 Q2'13 Q3'13 Q1'13 REVENUE MIX BY GEOGRAPHY, BY PRODUCT Net Revenue ($MM) Q4'13 Q1'14 FY 2014 Q2'14 Q3'14 FY 2015 Q1'15 Q2'15 Q4'14 FY12 Full Year FY13 FY14 325 Premium Subscriptions 534 568 643 638 712 972 1,529 46% 47% 45% 44% 35% 33% 86% 57% 45% 224 140 245 152 271 164 285 180 318 198 343 209 388 223 389 241 445 278 619 370 942 583 1,334 810 63% 57% 46% 43% 41% 37% 36% 33% 40% 88% 58% 39% 41 46 55 49 59 69 95 77 92 138 180 272 53% % y/y 473 47% 38 Marketing Solutions 447 56% 71% % y/y 393 59% 201 126 US Revenue Talent Solutions 364 72% % y/y 2,219 17% 26% 33% 30% 44% 50% 72% 58% 55% 50% 30% 51% 38 Premium Subscriptions 61 66 71 71 75 112 179 252 47% 42% 39% 37% 28% 24% 72% 60% 41% 139 77 148 85 176 97 188 111 216 124 225 136 255 147 248 156 267 166 353 177 586 327 885 518 90% 80% 71% 63% 63% 59% 51% 40% 33% 146% 85% 58% 32 30 42 37 47 40 58 42 48 97 132 182 41% % y/y 55 49% 27 Marketing Solutions 52 62% 109% % y/y 47 66% 123 68 International Revenue Talent Solutions 43 69% % y/y 42% 36% 29% 37% 45% 36% 36% 13% 3% 74% 36% 38% 28 REVENUE MIX BY CHANNEL Net Revenue ($MM) 30 33 36 40 45 49 51 51 53 79 127 184 78% % y/y 70% 60% 47% 44% 47% 49% 39% 27% 19% 94% 62% 45% 2,219 325 364 393 447 473 534 568 643 638 712 972 1,529 72% 59% 56% 47% 46% 47% 45% 44% 35% 33% 86% 57% 45% 184 209 228 271 275 319 342 414 393 440 552 891 1,350 81% 62% 59% 52% 50% 52% 50% 53% 43% 38% 92% 61% 51% 141 154 165 177 198 215 227 230 244 271 420 637 869 62% 56% 52% 41% 41% 39% 37% 30% 23% 26% 79% 52% 36% 57% 43% 58% 42% 58% 42% 61% 39% 58% 42% 60% 40% 60% 40% 64% 36% 62% 38% 62% 38% 57% 43% 58% 42% 61% 39% 325 42 109 81 43 26 24 — 1 23 364 49 122 96 56 32 8 — 4 4 393 53 133 106 62 34 5 — 8 (3) 447 58 157 113 65 43 11 2 9 4 473 62 167 121 75 50 (1) 1 14 (13) 534 70 184 129 81 56 14 1 16 (1) 568 75 199 137 89 60 9 — 13 (4) 643 87 224 150 97 71 14 (7) 4 3 638 88 230 166 97 74 (17) (15) 11 (42) 712 100 261 190 142 99 (81) (12) (26) (68) 972 126 325 257 128 80 57 — 36 22 1,529 203 522 396 226 135 48 1 22 27 2,219 294 774 536 341 237 36 (5) 47 (15) Accretion of redeemable noncontrolling interest — — — — — — — — — — — — — Net income (loss) attributable to common stockholders 23 4 (3) 4 (13) (1) (4) 3 (43) (68) 22 27 (16) Basic shares outstanding (MM) 109 111 114 120 121 122 123 125 125 128 105 114 123 Diluted shares outstanding (MM) 115 117 114 124 121 122 123 127 125 128 113 119 123 % y/y Field Sales % y/y Online Sales % y/y Percent of Total: Field Sales Online Sales GAAP P&L ($MM) Net revenue Cost of revenue Sales & marketing Product development General & administrative Depreciation & amortization Income (loss) from operations Other income (expense), net Provision (benefit) for income taxes Net income (loss) Basic GAAP EPS attributable to common stockholders Diluted GAAP EPS attributable to common stockholders $ 0.21 $ 0.03 $ 0.20 $ 0.03 $ (0.03) $ 0.03 $ (0.11) $ (0.01) $ (0.03) $ 0.02 $ (0.34) $ (0.53) $ 0.21 $ 0.24 $ (0.13) $ (0.03) $ 0.03 $ (0.11) $ (0.01) $ (0.03) $ 0.02 $ (0.34) $ (0.53) $ 0.19 $ 0.23 $ (0.13) 2


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Q1'13 GAAP TO NON-GAAP RECONCILIATIONS PRE-TAX RECONCILIATIONS ($MM) Cost of Revenue Stock-based compensation Non-GAAP Cost of Revenue FY 2013 Q2'13 Q3'13 Q4'13 Q1'14 FY 2014 Q2'14 Q3'14 Q4'14 FY 2015 Q1'15 Q2'15 FY12 Full Year FY13 FY14 42 3 40 49 4 45 53 4 49 58 5 53 62 6 57 70 7 63 75 7 68 87 9 78 88 10 79 100 12 88 126 6 119 203 16 187 294 29 265 12% 12% 13% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 109 7 103 122 9 113 133 10 123 157 11 147 167 12 154 184 14 171 199 15 184 224 19 206 230 19 210 261 23 238 325 18 307 522 36 486 774 60 714 32% 31% 31% 33% 33% 32% 32% 32% 33% 33% 32% 32% 32% 81 18 63 96 25 71 106 27 79 113 29 84 121 33 87 129 38 91 137 40 97 150 44 106 166 50 116 190 60 130 257 46 211 396 99 297 536 155 381 19% 19% 20% 19% 18% 17% 17% 16% 18% 18% 22% 19% 17% 43 7 36 56 11 46 62 13 48 65 13 52 75 17 58 81 16 64 89 20 69 97 22 75 97 24 73 142 50 92 128 16 112 226 43 182 341 75 266 11% 13% 12% 12% 12% 12% 12% 12% 11% 13% 12% 12% 12% 24 34 3 60 8 48 6 62 5 54 4 63 11 57 4 73 (1) 68 5 72 14 75 7 96 9 83 10 101 14 94 13 120 (17) 103 12 98 (81) 145 29 94 57 86 10 153 48 194 16 258 36 319 35 390 % margin 19% 17% 16% 16% 15% 18% 18% 19% 15% 13% 16% 17% 18% Depreciation 23 27 30 39 45 49 50 59 62 70 70 118 202 ADJUSTED EBITDA RECONCILIATION ($MM) GAAP Net Income (Loss) Provision (benefit) for income taxes Other (income) expense, net Depreciation & amortization Stock-based compensation Adjusted EBITDA 23 1 — 26 34 83 4 4 — 32 48 89 (3) 8 — 34 54 93 4 9 (2) 43 57 111 (13) 14 (1) 50 68 117 (1) 16 (1) 56 75 145 (4) 13 — 60 83 151 3 4 7 71 94 179 (42) 11 15 74 103 160 (68) (26) 12 99 145 163 22 36 — 80 86 223 27 22 (1) 135 194 376 (15) 47 5 237 319 592 26% 24% 24% 25% 25% 27% 27% 28% 25% 23% 23% 25% 27% 5 54 13 57 — 68 15 75 9 83 7 94 (32) 103 (94) 145 57 86 49 194 31 319 — — — — — 6 11 11 — — 6 4 63 4 74 5 73 7 97 10 102 13 119 12 94 29 93 10 153 16 260 35 391 % net revenue GAAP Sales & Marketing Stock-based compensation Non-GAAP Sales & Marketing % net revenue GAAP Product Development Stock-based compensation Non-GAAP Product Development % net revenue GAAP General & Administrative Stock-based compensation Non-GAAP General & Administrative % net revenue GAAP Income (Loss) from Operations Stock-based compensation Amortization of intangible assets Non-GAAP Operating Income % margin NON-GAAP PRE TAX INCOME AND TAX RATE RECONCILIATION ($MM) GAAP Pre-Tax Income (Loss) 23 8 Stock-based compensation 34 48 Non-cash interest expense related to convertible — — notes Amortization of intangible assets 3 6 Non-GAAP Pre-Tax Income 60 62 Provision (Benefit) for Income Taxes, GAAP GAAP Income Tax Rate Income tax effect of non-GAAP adjustments Provision for Income Taxes, Non-GAAP Non-GAAP Income Tax Rate 1 3% (7) 8 4 52% (13) 17 8 170% (8) 16 9 71% (17) 26 14 5,184% (12) 25 16 106% (18) 34 13 148% (23) 36 4 55% (38) 42 11 (33)% (11) 22 (26) 28% (47) 21 36 62% (17) 53 22 46% (45) 68 47 149% (90) 137 13% 28% 26% 35% 35% 35% 35% 35% 23% 23% 35% 26% 35% 3


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FY 2013 Q2'13 Q3'13 Q1'13 NON-GAAP NET INCOME RECONCILIATION ($MM) GAAP Net Income (Loss) Attributable to Common Stockholders Stock-based compensation Non-cash interest expense related to convertible notes Amortization of intangible assets Income tax effect of non-GAAP adjustments Q4'13 Q1'14 FY 2014 Q2'14 Q3'14 FY 2015 Q1'15 Q2'15 Q4'14 FY12 Full Year FY13 FY14 23 4 (3) 4 (13) (1) (4) 3 (43) (68) 22 27 (16) 34 48 54 57 68 75 83 94 103 145 86 194 319 — — — — — — — 6 11 11 — — 6 3 (7) 6 (13) 4 (8) 4 (17) 5 (12) 7 (18) 10 (23) 13 (38) 12 (11) 29 (47) 10 (17) 16 (45) 35 (90) 52 16% 44 12% 47 12% 48 11% 47 10% 63 12% 66 12% 77 12% 73 11% 71 10% 100 10% 192 13% 254 11% NON-GAAP SHARE COUNT RECONCILIATION (MM) GAAP basic shares outstanding Non-GAAP basic shares outstanding 109 109 111 111 114 114 120 120 121 121 122 122 123 123 125 125 125 125 128 128 105 105 114 114 123 123 GAAP diluted shares outstanding Dilutive shares under treasury stock method 115 — 117 — 114 5 124 — 121 4 122 3 123 3 127 — 125 3 128 2 113 — 119 — 123 3 Non-GAAP diluted shares outstanding 115 117 119 124 125 125 126 127 128 130 113 119 126 Non-GAAP Net Income % margin NON-GAAP EPS Basic Non-GAAP EPS Diluted Non-GAAP EPS 0.40 0.38 $ 0.41 $ 0.39 830 216 649 1,510 317 991 873 293 652 1,688 331 1,111 2,272 337 2,026 3,144 336 2,531 CASH FLOW STATEMENT ($MM) Cash flows provided by operating activities Purchases of property and equipment Free Cash Flow 104 44 60 124 93 31 Cash flows used in investing activities Cash flows provided by financing activities (133) 25 TOTAL HEADCOUNT Total Headcount BALANCE SHEET ($MM) Cash, cash equivalents & marketable securities Property and equipment, net Working capital Total assets Total deferred revenue (short term and long term) Total stockholder's equity % y/y $ $ 0.48 0.45 $ $ $ $ 0.40 0.39 $ $ 0.39 0.38 $ 0.52 $ 0.51 2,329 362 2,113 3,353 392 2,629 2,306 407 2,078 3,562 480 2,761 2,367 476 2,134 3,721 481 2,875 2,264 557 2,026 3,906 464 2,995 3,443 741 3,239 5,427 522 3,325 126 83 43 82 57 25 129 89 40 128 96 32 181 121 61 (150) 25 (360) 1,366 (714) 39 (448) 24 (33) 40 3,779 4,241 4,812 5,045 5,416 54% 48% 51% 46% 43% 4 $ $ 0.54 0.52 $ $ 0.62 0.61 $ $ 0.58 0.57 $ $ 0.56 0.55 $ 0.95 $ 0.89 $ $ 1.69 1.61 $ $ 2.07 2.02 3,530 755 3,342 5,538 586 3,418 3,033 793 2,740 6,557 633 4,195 750 187 603 1,382 258 908 2,329 362 2,113 3,353 392 2,629 3,443 741 3,239 5,427 522 3,325 130 242 (111) 165 90 75 226 72 153 267 125 142 436 278 158 569 548 21 (320) 25 (1,493) 1,300 371 27 (799) 3 (433) 97 (1,358) 1,454 (2,293) 1,388 5,758 6,442 6,897 7,633 8,735 3,458 5,045 6,897 36% 34% 37% 41% 52% 63% 46% 37%


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