<div align="center"><div style="width: 500px; text-align: left;">
<div id="left-column">
<?php if (have_posts()) : while(have_posts()) : $i++; if(($i % 2) == 0) : $wp_query->next_post(); else : the_post(); ?>
<h2><?php the_permalink(); ?></h2>
<?php the_excerpt(); ?>
<br /><br />
<?php endif; endwhile; else: ?>
<div>Alternate content</div>
<?php endif; ?>
</div>
<?php $i = 0; rewind_posts(); ?>
<div id="right-column">
<?php if (have_posts()) : while(have_posts()) : $i++; if(($i % 2) !== 0) : $wp_query->next_post(); else : the_post(); ?>
<h2><?php the_permalink(); ?></h2>
<?php the_excerpt(); ?>
<br /><br />
<?php endif; endwhile; else: ?>
<div>Alternate content</div>
<?php endif; ?>
</div>
</div></div>
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