International Paper Reports Record Earnings

Increased Revenues, Significant Margin Expansion, Strong Free Cash Flow

Oct 27, 2010, 07:00 ET from International Paper

MEMPHIS, Tenn., Oct. 27 /PRNewswire-FirstCall/ -- International Paper (NYSE: IP) today reported third -quarter 2010 net earnings attributable to common shareholders totaling  $397 million ($0.91 per share) compared with $93 million ($0.21 per share) in the second quarter of 2010 and $371 million ($0.87 per share) in the third quarter of 2009.  Amounts include the impact of special items in the second quarter of 2010 and the third quarter of 2009.

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Diluted Earnings Per Share Attributable to International Paper Shareholders

Third Quarter 2010

Second Quarter 2010

Third Quarter 2009

Net Earnings

$0.91

$0.21

$0.87

Add Back – Net Special Items Expense (Income)

$0.00

$0.21

($0.50)

Earnings Before Special Items

$0.91

$0.42

$0.37

Quarterly net sales were $6.7 billion compared with $6.1 billion in the second quarter of 2010 and $5.9 billion in the third quarter of 2009.

Operating profits before special items were $752 million in the third quarter of 2010, up from $466 million in the second quarter of 2010 and $443 million in the third quarter of 2009.

"Our paper and packaging businesses delivered strong results, which led to record earnings," said John Faraci, chairman and chief executive officer.  "We continued to realize our announced price increases, realize restructuring benefits, operate well and improve our mix of business which led to strong margin expansion.  As a result, free cash flow in the quarter was outstanding.  We are well positioned to generate strong results in the fourth quarter and into 2011."

SEGMENT INFORMATION

To measure the performance of the company's business segments from quarter to quarter without variations caused by special items, management focuses on business segment operating profits excluding those items.  Third quarter 2010 business segment operating profits and business trends compared with the prior quarter are as follows (special items were immaterial in the 2010 third quarter):

Industrial Packaging operating profits rose to $332 million versus $193 million ($192 million after special items) in the second quarter of 2010.  Our North American operations generated record quarterly earnings, reflecting the realization of announced price increases for boxes and linerboard, fewer mill outages, improved input costs, and continued strong mill operations.

Printing Papers operating profits were $278 million versus $158 million ($47 million after special items) in the second quarter of 2010.  Earnings for North American printing papers represent the second best quarterly earnings on record.  Results were positively impacted by favorable pulp and paper pricing, reduced fixed costs, fewer mill outages, bad debt recovery, and increased shipments in the U.S. and Europe.  

Consumer Packaging operating profits increased to $71 million compared with $49 million ($48 million after special items) in the second quarter of 2010.   Our North American coated paperboard business generated record quarterly earnings.  Results benefited from higher volumes, further realization of announced price increases, and fewer maintenance outages.

xpedx, the company's distribution business, reported operating profits of $22 million, down from $26 million in the second quarter of 2010.  Higher sales volumes were offset by lower margins and increased overhead costs.  

Forest Products earnings were $49 million, up from $40 million in the second quarter due to the sale of the majority of our remaining land portfolio.

Net corporate expenses totaled $58 million for the 2010 third quarter, essentially in line with the $54 million in the 2010 second quarter.

Effective Tax Rate

The effective third quarter tax rate was 31 percent, compared with an effective tax rate before special items of 31 percent in the second quarter of 2010 and 30 percent in the third quarter of 2009.  

Effects of Special Items

Special items in the second quarter of 2010 included a pre-tax charge of $144 million ($88 million after taxes) for restructuring and other charges.  Restructuring and other charges included a $111 million pre-tax charge ($68 million after taxes) associated with the closure of the Franklin mill (including $46 million of accelerated depreciation charges and $36 million related to environmental reserves), an $18 million pre-tax charge ($11 million after taxes) for early debt extinguishment costs, a pre-tax charge of $11 million ($7 million after taxes) for an Ohio Commercial Activity tax adjustment and pre-tax charges of $4 million ($2 million after taxes) for other items.

Special items in the third quarter of 2009 included a $525 million pre-tax credit ($320 million after taxes) for alternative fuel mixture credits earned under 2007 legislation enacted to provide a tax credit for companies that use alternative fuel mixtures to produce renewable energy to operate their businesses, an $18 million pre-tax charge ($11 million after taxes) for integration costs associated with the Industrial Packaging business integration, and a pre-tax charge of $151 million ($95 million after taxes) for restructuring and other charges. Restructuring and other charges included a pre-tax charge of $102 million ($62 million after taxes) for early debt extinguishment costs, a $39 million pre-tax charge ($24 million after taxes) for severance and benefit costs associated with the company's 2008 overhead reduction program, and a $10 million pre-tax charge ($9 million after taxes) for facility closure costs.

Earnings Webcast

The company will host a webcast to discuss earnings and current market conditions at 9 a.m. EDT (8 a.m. CDT) today.  All interested parties are invited to listen to the webcast via the company's Internet site at http://www.internationalpaper.com by clicking on the Investors tab and going to the Webcasts and Presentations page.  A replay of the webcast will also be on the Web site beginning approximately two hours after the call.

Parties who wish to participate in the webcast via teleconference may dial +1 (706) 679-8242 or, within the U.S. only, (877) 316-2541, and ask to be connected to the International Paper Third Quarter Earnings Call.  The conference ID number is 11919083.  Participants should call in no later than 8:45 a.m. EDT (7:45 a.m. CDT).  An audio-only replay will be available for four weeks following the call.  To access the replay, dial +1 (706) 645-9291 or, within the U.S. only, (800) 642-1687, and when prompted for the conference ID, enter "11919083."

International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tenn., the company employs about 60,000 people in more than 20 countries and serves customers worldwide. 2009 net sales were more than $23 billion. For more information about International Paper, its products and stewardship efforts, visit internationalpaper.com.

This press release contains forward-looking statements. These statements reflect management's current views and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. Factors which could cause actual results to differ relate to: (i) increases in interest rates; (ii) industry conditions, including but not limited to changes in the cost or availability of raw materials, energy and transportation costs, competition we face, cyclicality and changes in consumer preferences, demand and pricing for its products; (iii) global economic conditions and political changes, including but not limited to the impairment of financial institutions, changes in currency exchange rates, credit ratings issued by recognized credit rating organizations, the amount of our future pension funding obligation, changes in tax laws and pension and health care costs; (iv) unanticipated expenditures related to the cost of compliance with environmental and other governmental regulations and to actual or potential litigation; and (v) whether we experience a material disruption at one of our manufacturing facilities and risks inherent in conducting business through a joint venture. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. These and other factors that could cause or contribute to actual results differing materially from such forward looking statements are discussed in greater detail in the company's Securities and Exchange Commission filings.

INTERNATIONAL PAPER COMPANY

Consolidated Statement of Operations

Preliminary and Unaudited

(In millions, except per share amounts)

Three Months Ended

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

2010

2009

     Notes     

2010

2010

2009

     Notes     

Net Sales

$       6,720

$      5,919

$       6,121

$       18,648

$          17,389

Costs and Expenses

 Cost of products sold

4,758

3,758

(a)

4,490

13,712

11,270

(g)

 Selling and administrative expenses

504

527

(b)

472

1,397

1,535

(h)

 Depreciation, amortization and cost of timber harvested

362

378

363

1,096

1,088

 Distribution expenses

339

299

330

986

857

 Taxes other than payroll and income taxes

58

48

47

150

145

 Restructuring and other charges

-

151

(c)

144

(d)

359

(e)

313

(i)

 Net losses on sales and impairments of businesses

-

-

-

-

48

(j)

 Interest expense, net

152

169

157

458

506

Earnings From Continuing Operations Before Income Taxes and  Equity Earnings

547

589

(a-c)

118

(d)

490

(e)

1,627

(g-j)

 Income tax provision

170

212

25

171

(f)

790

(k)

 Equity earnings (losses), net of taxes

22

-

7

27

(59)

Net Earnings

$          399

$         377

(a-c)

$        100

(d)

$            346

(e,f)

$               778

(g-k)

 Less: Net earnings attributable to noncontrolling interests

2

6

7

18

14

Net Earnings Attributable to International Paper Company

$          397

$         371

(a-c)

$          93

(d)

$            328

(e,f)

$               764

(g-k)

Basic Earnings Per Common Share Attributable to

 International Paper Common Shareholders

$         0.92

$        0.87

(a-c)

$       0.22

(d)

$           0.76

(e,f)

$              1.80

(g-k)

Diluted Earnings Per Common Share Attributable to

 International Paper Common Shareholders

$         0.91

$        0.87

(a-c)

$       0.21

(d)

$           0.76

(e,f)

$              1.79

(g-k)

Average Shares of Common Stock Outstanding - Diluted

433.8

428.7

433.4

433.8

426.6

Cash Dividends Per Common Share

$       0.125

$      0.025

$     0.125

$         0.275

$            0.300

The accompanying notes are an integral part of this consolidated statement of operations.

(a)

Includes a pre-tax gain of $525 million ($320 million after taxes) related to alternative fuel mixture credits.

(b)

Includes a pre-tax charge of $18 million ($11 million after taxes) for integration costs associated with the Containerboard, Packaging and Recycling business (CBPR) acquired from Weyerhaeuser Company in August 2008.

(c)

Includes a pre-tax charge of $39 million ($24 million after taxes) for severance and benefit costs associated with the Company's 2008 overhead cost reduction initiative, a pre-tax charge of $102 million ($62 million after taxes) for early debt extinguishment costs, a charge of $7 million (before and after taxes) for costs associated with the planned closure of the Etienne mill in France and a pre-tax charge of $3 million ($2 million after taxes) for other items.

(d)

Includes a pre-tax charge of $111 million ($68 million after taxes) for shutdown costs for the Franklin mill (including $46 million of accelerated depreciation and $36 million of environmental closure costs), a pre-tax charge of $18 million ($11 million after taxes) for early debt extinguishment costs, a pre-tax charge of $11 million ($7 million after taxes) for an Ohio Commercial Activity tax adjustment and pre-tax charges of $4 million ($2 million after taxes) for other items.

(e)

Includes a pre-tax charge of $315 million ($192 million after taxes) for shutdown costs for the Franklin mill (including $236 million of accelerated depreciation and $36 million of environmental closure costs), a pre-tax charge of $22 million ($13 million after taxes) for early debt extinguishment costs, a pre-tax charge of $11 million ($7 million after taxes) for an Ohio Commercial Activity tax adjustment, a pre-tax charge of $4 million ($2 million after taxes) for costs associated with the reorganization of the Company's Shorewood operations and charges of $7 million ($6 million after taxes) for other items.

(f)

Includes a $14 million tax expense and a $32 million tax expense for incentive compensation and Medicare Part D deferred tax write-offs, respectively.

(g)

Includes a pre-tax gain of $1.5 billion ($944 million after taxes) related to alternative fuel mixture credits.

(h)

Includes a pre-tax charge of $72 million ($44 million after taxes) for integration costs associated with the CBPR business.

(i)

Includes a pre-tax charge of $125 million ($77 million after taxes) for severance and benefit costs associated with the Company's 2008 overhead cost reduction initiative, a pre-tax charge of $23 million ($28 million after taxes) for closure costs associated with the Inverurie, Scotland mill, a pre-tax charge of $127 million ($78 million after taxes) for early debt extinguishment costs, a charge of $22 million (before and after taxes) for severance and other costs associated with the planned closure of the Etienne mill, and a pre-tax charge of $16 million ($10 million after taxes) for other items.

(j)

Includes  a charge of $48 million (before and after taxes) to write down the assets at the Etienne mill to estimated fair value.

(k)

Includes a $156 million tax expense for the write off of deferred tax assets in France and a $26 million tax benefit related to the closing of the 2004 and 2005 U.S. federal income tax audit, and related state income tax effects.

International Paper Company

Reconciliation of Earnings Before Special Items to Net Earnings

Attributable to International Paper Company

Preliminary and Unaudited

(In millions except for per share amounts)

Three Months Ended

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

2010

2009

2010

2010

2009

Earnings Before Special Items

$                     397

$             157

$                                  181

$       594

$         277

Restructuring and other charges

-

(95)

(88)

(220)

(215)

CBPR business integration costs

-

(11)

-

-

(44)

Alternative fuel mixture credits

-

320

-

-

944

Net losses on sales and impairments of businesses

-

-

-

-

(48)

Income tax adjustments

-

-

-

(46)

(150)

Net Earnings as Reported

$                     397

$             371

$                                    93

$       328

$         764

Three Months Ended

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

Diluted Earnings per Common Share

2010

2009

2010

2010

2009

Earnings Per Share Before Special Items

$                    0.91

$            0.37

$                                 0.42

$      1.37

$        0.65

Restructuring and other charges

-

(0.22)

(0.21)

(0.51)

(0.50)

CBPR business integration costs

-

(0.03)

-

-

(0.11)

Alternative fuel mixture credits

-

0.75

-

-

2.21

Net losses on sales and impairments of businesses

-

-

-

-

(0.11)

Income tax adjustments

-

-

-

(0.10)

(0.35)

Diluted Earnings per Common Share as Reported

$                    0.91

$            0.87

$                                 0.21

$      0.76

$        1.79

Notes:

(1) The Company calculates Earnings Before Special Items by excluding the after-tax effect of items considered by management to be unusual from the earnings reported under U.S. generally accepted accounting principles ("GAAP"). Management uses this measure to focus on on-going operations, and believes that it is useful to investors because it enables them to perform meaningful comparisons of past and present operating results. International Paper believes that using this information, along with net earnings, provides for a more complete analysis of the results of operations by quarter. Net earnings is the most directly comparable GAAP measure.

(2) Since diluted earnings per share are computed independently for each period, nine-month per share amounts may not equal the sum of the respective quarters.

International Paper

Sales and Earnings by Industry Segment

Preliminary and Unaudited

(In Millions)

Sales by Industry Segment

Three Months

Three Months

Nine Months

Ended

Ended

Ended

September 30,

June 30,

September 30,

2010

2009

2010

2010

2009

Industrial Packaging

$

2,610

$

2,230

$

2,440

$

7,270

$

6,680

Printing Papers

1,550

1,470

1,445

4,400

4,155

Consumer Packaging

870

790

845

2,520

2,275

Distribution

1,755

1,665

1,630

4,965

4,850

Forest Products

205

5

5

220

20

Corporate and Inter-segment Sales

(270)

(241)

(244)

(727)

(591)

Net Sales

$

6,720

$

5,919

$

6,121

$

18,648

$

17,389

Operating Profit by Industry Segment

Three Months

Three Months

Nine Months

Ended

Ended

Ended

September 30,

June 30,

September 30,

2010

2009

2010

2010

2009

Industrial Packaging

$

332

$

410

(2,3,4)

$

192

(7)

$

565

(7)

$

1,152

(2,3,4)

Printing Papers

278

363

(2,5)

47

(8)

247

(8)

954

(2,5)

Consumer Packaging

71

144

(2,6)

48

(6)

147

(6)

370

(2,6)

Distribution

22

21

26

69

24

Forest Products

49

2

40

97

7

Operating Profit (1)

752

940

353

1,125

2,507

Interest expense, net

(152)

(169)

(157)

(458)

(506)

Noncontrolling interest/equity earnings adjustment (9)

5

5

7

20

19

Corporate items, net

(58)

(46)

(54)

(163)

(141)

Restructuring and other charges

-

(141)

(31)

(34)

(252)

Earnings From Continuing Operations  

   Before Income Taxes and Equity Earnings

$

547

$

589

$

118

$

490

$

1,627

Equity Earnings  (Loss) in Ilim Holdings S.A.,

   Net of Taxes (1)

$

22

$

-

$

5

$

24

$

(56)

(1)

In addition to the operating profits shown above, International Paper recorded equity earnings, net of taxes, of $22 million, $0 million and $5 million for the three months ended September 30, 2010, September 30, 2009 and June 30, 2010, respectively, and $24 million for the nine months ended September 30, 2010; and equity losses, net of taxes, of $56 million for the nine months ended September 30, 2009, related to the equity investment in Ilim Holdings S.A., a separate reportable industry segment.

(2)

Includes gains of $221 million in the Industrial Packaging segment, $226 million in the Printing Papers segment, and $78 million in the Consumer Packaging segment for the three months ended September 30, 2009, and gains of $637 million in the Industrial Packaging segment, $663 million in the Printing Papers segment, and $247 million in the Consumer Packaging segment for the nine months ended September 30, 2009, relating to alternative fuel mixture credits.

(3)

Includes charges of $18 million for the three months ended September 30, 2009, and $72 million for the nine months ended September 30, 2009, for CBPR integration costs.

(4)

Includes charges of  $7 million and $22 million for the three and nine months ended September 30, 2009, respectively, for severance and other costs related to the planned closure of the Etienne mill and $48 million for the nine months ended September 30, 2009 to write down the assets at the Etienne mill in France to estimated fair value.

(5)

Includes charges of $1 million and $11 million for the three and nine months ended September 30, 2009, respectively, for shutdown costs for the Louisiana mill and the Franklin lumber mill, sheet converting plant and converting innovations center, and a charge of $23 million for the nine months ended September 30, 2009 for the closure of the Inverurie, Scotland mill.

(6)

Includes charges of $2 million and $1 million for the three months ended September 30, 2009 and June 30, 2010, respectively, and $4 million and $5 million for the nine months ended September 30, 2010 and September 30, 2009, respectively, related to the reorganization of the Company's Shorewood operations.

(7)

Includes charges of $1 million and $3 million for additional closure costs for the Etienne mill in France for the three and nine months ended June 30, 2010 and September 30, 2010, respectively; and $3 million of additional closure costs for U.S. mills for the nine months ended September 30, 2010.

(8)

Includes charges of $111 million and $315 million for the three and nine months ended June 30, 2010 and September 30, 2010, respectively, for shutdown costs for the Franklin mill.

(9)

Operating profits for industry segments include each segment’s percentage share of the profits of subsidiaries included in that segment that are less than wholly owned.  The pre-tax noncontrolling interest and equity earnings for these subsidiaries are adjusted here to present consolidated earnings before income taxes and equity earnings. 

International Paper Company

Reconciliation of Operating Profit to Operating Profit Before Special Items

(In millions)

Three Months Ended September 30, 2010

Industrial

Printing

Consumer

Forest

Packaging

Papers

Packaging

Distribution

Products

Total

Operating Profit as Reported

332

278

71

22

49

752

Restructuring and other charges

-

-

-

-

-

-

Operating Profit Before Special Items

332

278

71

22

49

752

Three Months Ended June 30, 2010

Industrial

Printing

Consumer

Forest

Packaging

Papers

Packaging

Distribution

Products

Total

Operating Profit as Reported

192

47

48

26

40

353

Restructuring and other charges

1

111

1

-

-

113

Operating Profit Before Special Items

193

158

49

26

40

466

Three Months Ended September 30, 2009

Industrial

Printing

Consumer

Forest

Packaging

Papers

Packaging

Distribution

Products

Total

Operating Profit as Reported

410

363

144

21

2

940

Restructuring and other charges

7

1

2

-

-

10

Alternative fuel mixture credits

(221)

(226)

(78)

(525)

CBPR  business integration costs

18

18

Operating Profit Before Special Items

214

138

68

21

2

443

International Paper

Sales Volume by Product (1)

Preliminary and Unaudited

International Paper Consolidated

Three Months

Three Months

Nine Months

Ended

Ended

Ended

September 30,

June 30,

September 30,

2010

2009

2010

2010

2009

Industrial Packaging (In thousands of short tons)

Corrugated Packaging

1,928

1,856

1,956

5,693

5,531

Containerboard

634

580

602

1,867

1,581

Recycling

636

566

644

1,860

1,759

Saturated Kraft

45

33

50

136

83

Bleached Kraft

23

22

21

66

52

European Industrial Packaging

251

252

259

768

790

Asian Box

114

43

44

197

109

Asian Distribution

87

157

82

270

318

Industrial Packaging

3,718

3,509

3,658

10,857

10,223

Printing Papers (In thousands of short tons)

U.S. Uncoated Papers

684

753

667

2,051

2,148

European & Russian Uncoated Papers

311

304

310

929

1,006

Brazilian Uncoated Papers

262

282

282

792

696

Asian Uncoated Papers

24

25

19

75

40

Uncoated Papers

1,281

1,364

1,278

3,847

3,890

Market Pulp (2)

385

422

317

1,053

1,114

Consumer Packaging (In thousands of short tons)

U.S. Coated Paperboard

364

324

354

1,057

932

European Coated Paperboard

88

86

86

264

265

Asian Coated Paperboard

213

221

217

651

628

Other Consumer Packaging

45

42

44

129

130

Consumer Packaging

710

673

701

2,101

1,955

(1)  Sales volumes include third party and inter-segment sales and exclude sales of equity investees.

(2)  Includes internal sales to mills.

INTERNATIONAL PAPER COMPANY

Consolidated Balance Sheet

Preliminary and Unaudited

(In Millions)

September 30,

December 31,

2010

2009

Assets

Current Assets

 Cash and Temporary Investments

$                               1,429

$                                 1,892

 Accounts and Notes Receivable, Net

3,310

2,695

 Inventories

2,336

2,179

 Deferred Income Tax Assets

330

368

 Other

403

417

   Total Current Assets

7,808

7,551

Plants, Properties and Equipment, Net

12,030

12,688

Forestlands

730

757

Investments

1,065

1,077

Goodwill

2,285

2,290

Deferred Charges and Other Assets

1,171

1,185

Total Assets

$                             25,089

$                               25,548

Liabilities and Equity

Current Liabilities

 Notes Payable and Current Maturities

  of Long-Term Debt

$                                  312

$                                    304

 Accounts Payable and Accrued Liabilities

4,206

3,708

   Total Current Liabilities

4,518

4,012

Long-Term Debt

8,428

8,729

Deferred Income Taxes

2,759

2,425

Pension Benefit Obligation

1,607

2,765

Postretirement and Postemployment Benefit Obligation

517

538

Other Liabilities

622

824

Equity

 Invested Capital

4,234

4,074

 Retained Earnings

2,154

1,949

   Total Shareholders' Equity

6,388

6,023

  Non-controlling interests

250

232

   Total Equity

6,638

6,255

Total Liabilities and Equity

$                             25,089

$                               25,548

INTERNATIONAL PAPER COMPANY

Consolidated Statement of Cash Flows

Preliminary and Unaudited

(In Millions)

Nine Months Ended

September 30,

2010

2009

Operating Activities

 Net earnings

$                       346

$                       778

 Depreciation, amortization and cost of timber harvested

1,096

1,088

 Cost of timberlands sold

143

-

 Deferred income tax expense, net

397

585

 Restructuring and other charges

359

313

 Payments related to restructuring and legal reserves

(2)

(35)

 Pension plan contribution

(1,150)

-

 Net losses on sales and impairments of businesses

-

48

 Equity (earnings) loss, net

(27)

59

 Periodic pension expense, net

174

160

 Alternative fuel mixture credits receivable

-

(251)

 Other, net

(57)

140

 Changes in current assets and liabilities

   Accounts and notes receivable

(555)

466

   Inventories

(181)

262

   Accounts payable and accrued liabilities

126

(38)

   Interest payable

49

21

   Other

(131)

(26)

Cash Provided by Operations

587

(1)

3,570

Investment Activities

 Invested in capital projects

(457)

(367)

 Acquisitions, net of cash received

(152)

(17)

 Other    

(2)

(59)

Cash Used for Investment Activities

(611)

(443)

Financing Activities

 Repurchases of common stock and payments of restricted stock tax withholding

(26)

(10)

 Issuance of debt

177

2,490

 Reduction of debt

(505)

(4,911)

 Change in book overdrafts

80

(5)

 Dividends paid

(120)

(129)

 Other  

(24)

(113)

Cash Used for Financing Activities

(418)

(2,678)

Effect of Exchange Rate Changes on Cash

(21)

59

Change in Cash and Temporary Investments

(463)

508

Cash and Temporary Investments

 Beginning of the period

1,892

1,144

 End of the period

$                    1,429

$                    1,652

(1) Includes $132 million and $1.3 billion of cash received from alternative fuel mixture credits in the nine months ended September 30, 2010 and 2009, respectively.

SOURCE International Paper



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