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Is there any relation between limits and exact sequences?

In particular, a conservative functor reflects limits. How does that imply that it reflects exact sequences?

Edited: Having clarified the relation between conservative functors and preservation/reflection of limits, i am now looking for a description of exact sequences in terms of limits and colimits.

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    @ZhenLin: Got it. If you make it into an answer, i will happily vote and accept it.2012-11-09

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