+1
(except that I use a color space in the master file with a gamut that grossly matches the gamut of the image. i.e. ProPhoto RGB for large gamut images; sRGB for low gamut images. Using ProPhoto RGB on a low gamut foggy scene is counter productive - those highly saturated colors on the outside of the color space are wasted - better to use a low gamut color space that contains all the colors of the image and also spaces each color closer to its neighbors yielding smoother better tonal gradations).
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