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                     Key Economic Indicators
        (Millions of U.S. dollars unless otherwise noted)

                                  1991/92   1992/93   1993/94

Income, Production and Employment:

Real GDP (1991/92 prices)  /1       3,947    40,341    41,177
Real GDP Growth (pct.)                N/A       2.5       3.6
Current GDP by Sector:
  Agriculture                       6,530     6,673     6,797
  Industry/Mining                   6,545     6,715     6,886
  Petroleum/Related Products        3,918     3,967     4,051
  Electricity                         668       689       707
  Construction                      2,028     2,042     2,103
  Transportation                    2,623     2,721     2,781
  Suez Canal                        1,845     1,742     1,806
  Trade                             6,545     6,712     6,878
  Finance                           1,369     1,405     1,447
  Insurance                            23        24        24
  Tourism                             729       758       608
  Housing                             708       736       775
  Public Utilities                    121       128       134
  Social Insurance                     26        28        28
  Government Services               2,814     2,925     2,995
  Personal Services                 2,980     3,076     3,154
Per Capita GDP (1991/92 prices)       715       715       714
Labor Force (000s)                 15,141    15,571    16,013
Unemployment Rate (pct.)              9.2      10.1       9.8

Money and Prices:

Money Supply (M2)                  31,511    36,576       N/A
Banks Lending Rate (pct.)  /2        20.6      19.1      17.5
Banks Saving Rate (pct.)  /2         16.2      15.1      12.1
Consumer Price Index (pct.)           9.7      15.0       N/A
Wholesale Price Index (pct.)         14.0      10.2       N/A
Exchange Rate (USD/LE)
  Free Market Rate                  0.332     0.333     0.338

Balance of Payments and Trade:

Total Exports (FOB)  /3             1,094     1,026       N/A
  Exports from U.S. (CY/USD)  /4    3,037     2,762     1,579
Total Imports (CIF)  /3             3,028     3,222       N/A
  Imports to U.S. (CY/USD)  /4        434       613       324
Trade Balance                      -1,933    -2,196       N/A
  Trade Balance with U.S. (CY)     -2,603    -2,149    -1,255
Aid from U.S. (USFY/obligations)    2,342     2,097     1,892
External Public Debt  /5            5,300     3,430     3,400
Debt Service Payments (paid)          N/A       N/A       N/A
Gold and FOREX Reserves  /6         9,900     1,480     1,600

N/A--Not available.

The Egyptian fiscal year is July 1 to June 30; Unless otherwise
indicated, all figures above are for this period.
/1 Real GDP are factor cost figures based on the 1991/92 prices.
/2 Lending and deposit rates are average estimates.
/3 Total imports (CIF) and total exports (FOB) are drawn from
the Central Bank of Egypt's annual report and are based on the
Egyptian fiscal year.
/4 U.S./Egypt trade figures are based on CY.  The 1994 figures
cover the period January 1994 through end July 1994.
/5 Ministry of Finance and Central Bank preliminary estimates.
/6 Central Bank preliminary figures, excluding gold.

1.  General Policy Framework

    Egypt is instituting reforms to reduce the role of the
state and increase reliance on market mechanisms.  In 1991,
Egypt lifted most foreign-exchange controls, unified the
exchange rate, instituted a sales tax, reduced the budget
deficit, freed interest rates and began financing the deficit
through treasury bill auctions.  In the last three years, a
stable Egyptian pound (LE) against the dollar and high interest
rates have prompted a preference for the use of pounds in favor
of dollars by the economy and fed a steady growth in the money
supply.  While the macroeconomic stabilization program has
proved highly successful, the Government has proceeded more
cautiously in key areas such as trade policy and
privatization.  Three years into the economic reform, the
international financial institutions and donors are concerned
that the Government's timid approach to structural reform is
condemning the economy to prolonged stagnation.

    Follow-on IMF and World Bank programs focus on supporting
the private sector.  The Government has taken tentative steps
toward privatization of the public sector, which represents
approximately 70 percent of industrial production.  In 1993,
the 314 public sector enterprises were organized into 17
holding companies, which are permitted to sell, lease or
liquidate company assets, and sell Government-owned shares. 
The Government claims to have sold approximately LE 4.5 billion
(USD 1.3 billion) in assets to date.  Despite these claims,
delays in the procedure, disagreements over the valuation
process, and a general reluctance to follow through on bids
have slowed the process to a crawl.  Outright sales have been
few and share flotation, a method now favored by the
Government, have been hampered by the weakness of the
long-dormant stock exchange.  Further, many important public
sector companies are not candidates for privatization,
including the national airline (Egypt Air), telecommunications
(Arento), and electricity utilities (EEA).  Trade reform has
been significant; but domestic industry remains protected by
relatively high tariff rates and non-tariff import barriers. 
In 1993, import bans on most commodities were eliminated, and
in 1994 the maximum tariff rate was reduced from 80 percent to
70 percent (with a few exceptions).

    As reforms proceed and the private sector gains more
strength, exporters of U.S. products (which are popular in
Egypt) may find improved market opportunities in Egypt.  This
will depend on the Government's ability to spur private
investment, which remains dormant outside of the tourism
sector.  Potential investors await progress in privatization
and the elimination of bureaucratic barriers before proceeding
with new projects.

    The United States is Egypt's largest supplier of imports. 
U.S. exports to Egypt in 1993 totaled USD 2.8 billion. 
Annually over USD 200 million worth of exports are financed
through USAID's Commodity Import Program, over USD 400 million
through various USAID projects and about USD 165 million under
Department of Agriculture programs (GSM/102).  A substantial
portion of the USD 1.3 billion in U.S. military assistance
finances U.S. exports to Egypt.

2.  Exchange Rate Policy

    Egypt, in November 1991, adopted a free-market exchange
system subject only to Central Bank buying and selling
intervention.  The exchange rate is essentially free of
restrictions now and non-bank dealers are allowed.  High
interest rates and stable exchange rates have stimulated large
capital inflows and a change in preference favoring the use of
pounds instead of U.S. dollars by the economy.  Central Bank
foreign exchange reserves stand at USD 17 billion.  New inflows
are concentrated in short-term deposits and Treasury bills.  A
new foreign currency law was passed in April 1994, eliminating
all restrictions on repatriation of tourism and export proceeds.

    Exchange rate stability and the sharp increase in the
availability of hard currencies, now readily accessible in the
market, should increase opportunities for U.S. exports to Egypt
when demand conditions become more favorable and with expected
future reductions in trade restrictions.  Egypt's export
competitiveness, however, has eroded significantly due to the
exchange rate which has not been depreciating to compensate for
annual inflation rates of 10-13 percent.

3.  Structural Policies

    Egypt is committed to eliminating most domestic price
controls.  The Government freed all industrial prices with the
exception of pharmaceuticals, cigarettes, rationed sugar and
rationed edible oil.  The Government still subsidizes
mass-consumption bread, which stimulates demand for U.S.
wheat.  The Government has shown no sign of relaxing price
controls on pharmaceutical products, which are administered
inflexibly and are financially harmful to U.S. and other
foreign pharmaceutical companies.  While energy,
transportation, and water prices are expected to remain
administered, price increases have brought domestic petroleum
product prices to about 88 percent of international prices
(June 1993) and electricity prices to about 77 percent of
long-run marginal costs (the exact figure is in dispute between
the World Bank and the Government). The Government is committed
to raising energy prices further.  Additionally, the Government
is in the process of deregulating the cotton sector and
reactivating the cotton exchange.

    Despite much progress, domestic industry is still protected
by high tariff rates.  In March 1994, the maximum tariff rate
was cut to 70 percent and tariffs between 70 and 30 percent
were reduced by ten percentage points.  The lower rate was
maintained at five percent.  The Government is committed to
reduce further the maximum custom tariff to 60 percent by
end-1994 and 50 percent by mid-1995.  Several commodities
including passenger cars, tobacco products, and alcoholic
beverages are exempt from the tariff ceiling.  In February
1994, the Government imposed "service fee" surcharges of three
and six percent (depending on the custom duty of the imported
item), which undid much of the benefit of the customs rate
reduction.  After the World Bank cried foul, the Government
undertook to abolish this surcharge by July 1995.  In addition
to the custom tariff, a sales tax ranging between five and 25
percent is added to the final customs value of the imported
item.  Assembly industries may benefit from lower custom rates
on imported goods if they meet a local content requirement of
40 percent.  Continued liberalization of the import regime and
free-market pricing of domestically-produced commodities should
help U.S. goods competing in the Egyptian market.

    The Government instituted a General Sales Tax (GST), at
first applicable at the import and manufacturing level, in May
1991.  The GST is to develop in stages into a full value added
tax by 1995.  Taxes on certain consumer goods (alcoholic and
soft drinks, tobacco and petroleum products) not integrated in
the GST were raised and progressively converted to ad valorem
taxes.  A Unified Income Tax has been passed which reduces
marginal tax rates, simplifies the tax rate structure, and aims
to improve administration of tax policy.  Both the GST and the
income tax are designed to broaden the tax base and compensate
for the loss of customs revenues caused by tariff reductions.

4.  Debt Management Policies

    In early 1991, official creditors in the Paris Club agreed
to reduce by 50 percent the net present value of Egypt's
official debt, phased in three tranches of 15, 15 and 20
percent.  Release of the three tranches was conditioned on
successful review of Egypt's reform program by the IMF.  At
about the same time, the U.S. Government forgave 6.8 billion
dollars of high-interest military debt.  As a result, Egypt's
total outstanding medium- and long-term debt has declined to
about USD 34 billion, and the debt service ratio has been
reduced from 46 percent to around 17 percent.  Egypt has
cleared-up its arrearages to Paris Club creditor countries and
is committed to remaining current on its Paris Club payments. 
The reduction in Egypt's debt service bill has helped it reduce
dramatically the budget deficit, create macroeconomic stability
and build a high level of reserves (approximately USD 17
billion).  In September 1993, the IMF announced an extended
fund facility of Special Drawing Rights (SDR) 400 million
(USD 556 million), covering the period June 1993 to June 1996. 
The World Bank is working in parallel with the IMF on a
Structural Adjustment Monitoring Program (SAMP).  In July 1994,
the Paris Club postponed implementation of the final tranche of
debt relief, due to a lack of satisfactory IMF review, as
required by the agreed minute.

5.  Significant Barriers to U.S. Exports

    Import Barriers:  Egypt does not require import licenses. 
In July 1993, the Government canceled the list of items
requiring prior approval before importation.  The import ban
list, which included 210 products in 1990, was significantly
reduced in July 1993 and it now includes three commodity
groups: poultry, fabrics and apparel, which represent
approximately four percent of total production.  The Government
has pledged to remove the ban on poultry in 1994 and review the
ban on textile products in conjunction with GATT negotiations
on the Multifiber Arrangement.  For food and non-food imports
that have a shelf-life, the Government mandates that they
should not exceed half the shelf-life at time of entry into

    Services Barriers:  In March 1993, the Bank Law was amended
to allow existing foreign bank branches to conduct local
currency dealings, and two U.S. bank branches have received
licenses to do so.  The domestic insurance market is closed to
foreign companies, but they may operate in free trade zones as
minority partners.  Four public sector insurance companies (one
of which is a reinsurance company) dominate the market,
although three private sector Egyptian companies exist.  Two
joint ventures, each with 49 percent ownership, operate in the
free zones.  Other services barriers include the following:  a
screen quota exists for foreign motion pictures; only Egyptian
nationals may become certified accountants; there is no law
regulating leasing activities in Egypt; and there is regular
censorship of films and printed materials.

    Standards, Testing, Labeling and Certification:  Egypt is
party to the GATT Standards Code.  The Egyptian Government
pledged that it would not introduce any new non-tariff barriers
as it reduced tariff rates and eliminated import bans.  When
the import ban list was reduced in August 1992 and July 1993,
however, many items that came off that list were added to the
list of commodities requiring inspection for quality control. 
In August 1994, five more items were added to the list, which
now consists of 131 items, including food stuffs, spare parts,
construction products, electronic devices, appliances, and many
consumer goods.  Although Egyptian authorities stress that
standards applied to imports are the same as those applied to
domestically-produced goods, importers report that testing
procedures for imports differ, and tests are carried out with
faulty equipment by testers who often make arbitrary
judgments.  Moreover, importers face the problems of
ill-defined or unwritten product standards, and backlogs
resulting from authorities having limited staff or too few
inspection machines.

    All imported goods should be marked and labeled.  The
following information must be written on each package in clear
Arabic letters in a non-erasable manner:  the name of the
product, type and brand; country of origin; date of production
and expiry date; any special data on transportation and
handling of the product.  An Arabic-language catalog should
accompany imported tools, machines and equipment.

    Investment Barriers:  In early 1991, Egypt replaced its
investment licensing regime with a system for automatic
approval of investments in sectors not on a "Negative List". 
The list now includes:  all military products and related
industries; tobacco and tobacco products; and investments in
the Sinai (except oil, gas, and mineral exploration). Foreign
investors seeking incentives (primarily tax holidays) under
Investment Law 230 must obtain project approval from the
General Authority of Investment (GAFI), which may cause
delays.  Industrial establishments may also be formed under
Companies Law 159, but they will not receive incentives or
protections offered by Law 230.  The U.S.-Egypt Bilateral
Investment Treaty (BIT) was implemented in June 1992.  While
its safeguard provisions are generally no more liberal than
those in Law 230, it provides a further measure of protection
to American investors.  The BIT has not yet resulted in
significant new U.S. investments which would stimulate Egyptian
demand for U.S. machinery, spare parts, and technical services.

    Government Procurement Practices:  Egypt has not signed the
GATT Government Procurement Code.  Although Egypt does not
employ systematic or discriminatory policies which adversely
affect U.S. businesses, the Government buys from public sector
firms whenever possible.  Egypt's tender regulations are
written by the Government, for the Government's benefit.  A
contractor/supplier's safeguard must be negotiated before
contract signing, particularly in defining force majeure,
"final acceptance", and dispute resolution.  Egyptian bidders
(public and/or private sector) receive a 15 percent price
preference.  Government tenders should be awarded to the best
qualified, lowest bidder; however, it is typical for Government
negotiators to bargain with several bidders.  There is no
penalty for Government delays in making an award decision or in
returning bid or performance bonds.  Egypt does not observe the
Arab League boycott of Israel.  Egypt has moved away from
government-to-government barter agreements and toward private
sector initiatives.

    Customs Procedures:  Egyptian customs procedures are
complicated and rigid in areas such as duty rates.  Customs
procedures are subjective when it comes to identifying whether
a commodity fits in one tariff category or another.  In
February 1994, Egypt implemented the Harmonized System (HS)
which replaces the previously used CCCN (Customs Commodity
Classification Nomenclature).  This should help eliminate the
arbitrariness because it identifies items by a ten-digit code
which allows simpler and more accurate classification of
commodities.  Tariff valuation is based on the so-called
"Egyptian selling price" based on the commercial invoice that
accompanies a product the first time it is imported from any
source, although some allowance is given on an ad hoc basis for
different sources of supply (such as expensive versus
cheap-labor source countries).  Customs authorities retain
information from the original commercial invoice and expect
subsequent imports of the same product to have a value no lower
than that noted on the invoice from the first shipment.  As a
result of that expectation, and the belief that under-invoicing
is widely practiced, customs officials routinely increase
invoice values from 10 to 30 percent.

    The government does not abide by tariff rates outlined in
the GATT, and in late 1991, importers began to experience 
difficulties with customs officials who refused to apply the
lower rates that Egypt had offered in GATT for imports from
GATT member countries.  Subsequent to customs authority
actions, the Government submitted to GATT a request for a
waiver of its obligation to provide these lower rates.  The
waiver was approved with the Government pledging to negotiate
new rates with its GATT partners.

6.  Export Subsidies Policies

    Direct export subsidies do not exist in Egypt.  Exporting
industries, including Investment Law 230 projects, may benefit
from duty exemptions on imported inputs (if released under the
temporary release system).  Alternatively, these industries may
receive rebates on duties paid on imported inputs at the time
of export of the final product (if released under the drawback
system).  Under its commitments to the World Bank, the Egyptian
Government has increased energy and cotton procurement prices,
and has abolished privileges enjoyed by public sector
enterprises (subsidized inputs, credit facilities, reduced
energy prices and preferential custom rates), thus reducing the
indirect subsidization of exports.

7.  Protection of U.S. Intellectual Property

    Egypt, as a party to the Berne Convention for the
Protection of Literary and Artistic Works and the Paris
Convention for the Protection of Industrial Property (inter
alia), has undertaken to protect U.S. intellectual property. 
Egyptian law provides protection for most forms of intellectual
property rights (IPR).  However, IPR enforcement, although
improving, is still ineffective.  The Egyptian government
passed an improved copyright law in 1992 and added software
protection in early 1994.  A new patent law is currently under
consideration.  Due to Egypt's progress on copyright
protection, the U.S. Trade Representative lowered Egypt from
the "Priority Watch List" to the "Watch List" in April 1994. 
The U.S. Government is working closely with Egypt to improve
intellectual property rights protection.

    Patents (product and process):  Egypt's 1949 Patent Law
excludes certain categories of products and contains
overly-broad compulsory licensing provisions.  Industrial
designs also receive protection under the patent law through
registration with the Bureau of Industrial Designs in the
Ministry of Supply.  Pharmaceuticals and food products are
among those excluded from patent protection under Egyptian
law.  In addition, for patentable products or processes, the
term of patent protection is limited to 15 years from the
application filing date.  A five-year renewal of a patent
may be obtained, but only if the invention is of special
importance and has not been worked adequately to compensate
patent holders for their efforts and expenses.  Compulsory
licenses, which limit the effectiveness of patent protection,
are granted if a patent is not worked in Egypt within three
years or if the patent is worked inadequately.  In 1994 U.S.
officials conferred with Egyptian officials as they considered
revisions to the existing patent law.  At the end of the year,
the GOE had made substantial progress toward a draft law.  
However, the U.S. government continues to express its concern
that the new law include adequate patent protection for
products not currently covered (including pharmaceuticals, food
products and agricultural chemicals) and that the new law be
consistent with international conventions to which Egypt is a
party, particularly the Paris Convention.

    Trademarks:  Trademark protection is provided by Law 57 of
1939.  Egypt is a member of the Paris Convention for Protection
of Industrial Property of 1883, the Madrid Convention of 1954,
and the Nice Convention for the Classification of Goods and
Services.  Instances of trademark infringement have been cited
by U.S. and other foreign firms operating in Egypt.  The
Trademark Law is not enforced strenuously and the courts have
only limited experience in adjudicating infringement cases. 
Fines amount to less than USD 100 per seizure, not per
infringement, although criminal penalties are theoretically

    Copyrights:  In response to calls for improved legal
protection for copyrighted works, the Government passed Law 38
of 1992, amending the 1954 Copyright Law.  The amendments did
not resolve all areas of U.S. concern, however.  The Berne
Convention, to which Egypt acceded in 1977, is self-executing
according to Egypt's Constitution.  Thus, in cases where the
coverage of the Egyptian copyright law may be vague or
non-existent, such as protection for satellite or cable
transmissions and data banks, and on the question of
retroactivity, U.S. copyright holders may be able to rely
directly on Berne Convention provisions in the Egyptian
courts.  As a result of U.S. lobbying, in March 1994, the
Egyptian government passed Law 29 which amended some provisions
of Law 38 to ensure that computer software was afforded
protection as a literary work (allowing it a 50-year term of
protection).  In addition, in April 1994, the Government issued
a ministerial decree which clarifies rental and public
performance rights, protection for sound recordings, and the
definition of personal use.  Copyright piracy is still
widespread and affects all categories of works.  Although
motion picture piracy (in video cassette format) has declined
over the past year, holders of copyrights on sound recordings,
printed matter (notably medical textbooks), and computer
software continue to suffer harm.  Most piracy seems to be for
the local market, with some imports of pirated works from
Lebanon and the Gulf States.

    New Technologies:  There is no separate legislation
protecting semiconductor chip layout design, although Egypt
signed the Washington Semiconductor Convention.  Further, plant
and animal varieties do not receive protection under current

    Estimated 1993 trade losses due to piracy of U.S.
intellectual property were USD 84 million of which
approximately USD 11 million were due to video piracy (a
significant drop from the 1992 level of USD 37 million prior to
the passage of Copyright Law 38/92), and USD 52 million in
losses due to computer software piracy.  U.S. officials
continue to stress the need for better enforcement efforts by
Egyptian authorities and to underscore the importance of
following police activity with court decisions and prosecutions.

8.  Worker Rights

    a.  The Right of Association

    Egyptian workers may, but are not required to, join trade
unions.  A union local, or worker's committee, can be formed if
50 employees express a desire to organize.  Most members, about
25 percent of the labor force, are employed by State-owned
enterprises.  The law stipulates that "high administrative
officials" in Government and the public sector may not join
unions.  There are 23 industrial unions, all required to belong
to the Egyptian Trade Union Federation (ETUF), the sole legally
recognized labor federation.  However, the International Labor
Organization (ILO) has long noted that a law requiring all
unions to belong to a single federation infringes on a worker's
freedom of association.  The Government has shown no sign that
it intends to accept more than one federation and ETUF
leadership asserts that it actively promotes worker interests
and that there is no need for another federation.  ETUF
leadership has close relations with the ruling National
Democratic Party:  some ETUF leaders are members of the
legislature.  While ETUF leaders speak vigorously on behalf of
workers' concerns, public confrontations between ETUF and the
government are rare.  Disputes are often resolved by consensus
behind closed doors.

    b.  The Right to Organize and Bargain Collectively

    The Government has drafted a new labor law which is under
discussion in committee in the People's Assembly.  The proposed
law provides statutory authorization for collective
bargaining.  Under the current law, unions may negotiate work
contracts with public sector enterprises if the latter agrees
to such negotiations, but unions otherwise lack collective
bargaining power in the public sector.  Under current
circumstances, collective bargaining does not exist in any
meaningful sense because the government sets wages, benefits,
and job classifications by law.  Larger firms in the private
sector generally adhere to such government-mandated standards. 
Labor law and practice are the same in the export processing
zones as in the rest of the country.

    c.  Prohibition of Forced or Compulsory Labor

    Forced or compulsory labor is illegal and not practiced.

    d.  Minimum Age of Employment of Children

    The minimum age for employment is 12.  Education is
compulsory until age 15.  An employee must be at least 15 to
join a labor union.  The Labor Law of 1981 states that children
12 to 15 may work six hours a day, but not after seven p.m.,
and not in dangerous activities or activities requiring heavy
work.  Child workers must obtain medical certificates and work
permits before they are employed.  A 1988 survey found that
1.4 million children between the ages of 6 and 14 work in
Egypt.  A 1989 study estimated that two-thirds of child labor,
perhaps 720,000 children, work on farms.  However, children
also work as apprentices in repair and craft shops, in heavier
industries such as brick making and textiles, and as workers in
leather factories and carpet-making, which largely supply the
export market.  While local trade unions report that labor laws
are well-enforced in state-owned enterprises, enforcement by
the Ministry of Labor in the private sector, especially in
family-owned enterprises, appears quite lax.

    e.  Acceptable Conditions of Work

    For government and public sector employees, the minimum
wage is approximately USD 20 a month for a six-day, 48-hour
work week.  Base pay is supplemented by a complex system of
fringe benefits and bonuses that may double or triple a
worker's take-home pay.  It is doubtful that the average family
could survive on a worker's base pay at the minimum wage rate. 
The minimum wage is also legally binding on the private sector,
and larger private companies generally observe the requirement
and pay bonuses as well.  Smaller firms do not always pay the
minimum wage or bonuses.  The Ministry of Manpower sets worker
health and safety standards, which also apply in the free trade
zones, but enforcement and inspection are uneven.

    f.  Rights in Sectors with U.S. Investment

    There are U.S. investments in the following industries
(inter alia):  petroleum, food and related products, metal,
non-electric machinery, electric and electronic equipment, and
transportation equipment.  Rights available to workers as
described in the foregoing sections also apply to workers in
these industries.

  Extent of U.S. Investment in Selected Industries.--U.S. Direct
Investment Position Abroad on an Historical Cost Basis--1993

                    (Millions of U.S. dollars)
              Category                          Amount          

Petroleum                                              1,087
Total Manufacturing                                       81
  Food & Kindred Products                    (1)
  Chemicals and Allied Products               6
  Metals, Primary & Fabricated                7
  Machinery, except Electrical                5
  Electric & Electronic Equipment             5
  Transportation Equipment                   (1)
  Other Manufacturing                         0
Wholesale Trade                                           41
Banking                                                   (1)
Finance/Insurance/Real Estate                             (1)
Services                                                  36
Other Industries                                          (1)  
TOTAL ALL INDUSTRIES                                   1,374   

(1) Suppressed to avoid disclosing data of individual companies

Source: U.S. Department of Commerce, Bureau of Economic

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