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Master data management is now available in AX 2012 R2

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Master data management was first released in AX 2012 R3 in spring of 2014. Now we have enabled the feature on AX 2012 R2 as well. You can download the feature set through following hotfix.  

https://mbs2.microsoft.com/Knowledgebase/KBDisplay.aspx?scid=kb;EN-US;2995611