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Panesar, given a game alongside the other four members of England's Ashes squad not to feature in the opening two Tests, struck twice as the Australian Chairman's XI sealed a seven-wicket victory with 9.5 overs to spare.
The left-arm spinner took a wicket with his second ball but also took some punishment, along with the rest of the bowlers, and finished with two for 63 from his ten overs. Chasing the ECB's competitive total of 259 for eight, the host side cruised to victory after Luke Ronchi, the wicketkeeper-batsman, hammered 89 off only 49 deliveries.
Today's defeat was the first of three successive days' cricket - England face Western Australia in a two-day match at the Waca over the weekend - where Panesar will have a chance to impress the selectors prior to next week's third Test in Perth.
"He bowled alright," said former England stalwart Alec Stewart, who captained and top-scored for the ECB XI with 69 off as many balls.
"There was a strong wind and if he'd have bowled from the other end some of his deliveries may have held up.
"Talking to him he said he was happy with the way the ball came out. The wicket didn't offer anything for him and he got hit for some big sixes, but after five or six overs he was happy with the way the ball came out of his hand."
"A couple of times he did the batters, they mistimed but it still went for six," Stewart said.
"I think Monty will play in Perth because we've got to take 20 wickets and at the minute we haven't looked like taking 20.
"He's not the be-all and end-all but what he's done so far in his brief career has been very good on turning wickets.
"I don't know about his figures on non-bowling wickets but he's a special bowler."
Panesar made a positive start, striking early to bowl opener Chris Rogers as he attempted a reverse sweep, but then became a victim to Ronchi's strokeplay alongside the rest of the ECB's attack.
Seamer Jon Lewis was smashed for 35 in only four overs and Panesar was hit for 18 in one over before he ended Ronchi's onslaught, which included three sixes and 15 fours, when he marched down the wicket and was beaten in the flight to give wicketkeeper Chris Read a stumping.
But that second success for Panesar was the last time the ECB celebrated for some time with Adam Voges celebrating his call-up to Australia's Test squad for the first time by hitting 71.
Panesar also contributed to Voges' dismissal, catching him at long off as he attempted to hit Jamie Dalrymple, the off-spinner, down the ground, but by then the Australian line-up needed only 11 for victory.
Reserve wicketkeeper Read, who was hoping to make an impression with the bat during the ECB's innings and put pressure on Geraint Jones for his place in the Test team, missed his opportunity.
Batting at number three, Read fell for a five-ball duck in a match where he hoped to score runs to try to put pressure on Jones for his place in the Test line-up.
But Ed Joyce contributed a useful 36 before being unluckily run out backing up, while Academy player Ravi Bopara hit 53 off 56 balls to underline his growing reputation.
Bopara forged a 112-run stand with Stewart, one of three retired players in the ECB line-up, which helped them recover from a shaky 69 for three.
Stewart looked like a current player more than one who had retired three years ago and his 69 included two sixes and five fours.
Former Surrey team-mate Adam Holliaoke also caught the eye, smashing a quickfire 38 including four sixes and a four to take the ECB XI to what appeared a competitive total.
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