The Board of Directors of BNP Paribas met on 6 February 2023, chaired by Jean Lemierre. The Board examined the Group’s results for the fourth quarter 2022 and endorsed the 2022 financial statements.

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About BNP Paribas

BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

• As part of BNP Paribas’ 2025 strategic plan, the Group unveils its first ‘Climate Analytics and Alignment Report’ which will steer the alignment of its portfolio with its net-zero commitment.

• The Report includes a series of financed carbon emissions intensity reduction targets for three key sectors (from 2020 baseline): power generation (a reduction of at least 30% by 2025), upstream oil and gas and refining (a reduction of at least 10% by 2025), and automotive1 (a reduction of at least 25% by 2025).

• In order to achieve its objective of reducing carbon emissions related to oil and gas, the Group will reduce by 12% its credit exposure to the upstream oil and gas industry by 2025 (from 2020 baseline). It will also reduce by 25% its credit exposure to the upstream oil industry by 2025. Thanks to the implementation of its previous commitments on unconventional oil and gas, upstream oil and gas and refining represent only 1.3% of BNP Paribas’ total credit exposure as of end of 2021.

• BNP Paribas has pledged to dedicate at least 200 billion euros to supporting large corporate clients’ transition to a low carbon economy by 2025. The Group has an intention of mobilizing by 2025 more than 350 billion euros through loans and bond issues covering environmental and social topics for corporate clients.

“Our aim is to continue to be at the forefront of combatting climate change by moving further and faster to limit the rise in global temperatures to 1.5 °C by 2050. As the task becomes ever more urgent, we have integrated new targets in our strategic plan for 2025 to finance the energy transition. In the current geopolitical context, it is even more essential that we maintain an ambitious course towards a net-zero economy and finance the acceleration of renewable energies. Our strategy is threefold: align our portfolio with our net-zero commitment; measure and pilot our carbon-related risks; and broaden and deepen client relationships to support them as they make their low-carbon transition. This ‘Climate Analytics and Alignment Report’ is a main first step in taking new commitments within the Net-Zero Banking Alliance. We will extend this work to support our clients’ transition across seven other carbonintensive sectors by 2024.” said Jean-Laurent Bonnafé, Director and Chief Executive Officer, BNP Paribas.

As part of BNP Paribas’ ‘Climate Analytics and Alignment Report’, net-zero targets have been determined using International Energy Agency (IEA) scenarios and sector-wide initiatives such as the PACTA methodology and the framework provided by the Net-Zero Banking Alliance, joined by the Group in April 2021. The power, oil and gas and automotive sectors, that account for 7% of the Group’s financing as of end of 2021, are key for the transition to a carbon neutral economy. According to the World Resources Institute, the energy sector (power generation and fossil fuel) represents about 75% of direct and indirect greenhouse gas emissions of the industry worldwide.


Power generation
2025 carbon emissions intensity reduction target of its portfolio = at least -30% versus 2020

• BNP Paribas’ portfolio alignment measurement of the power generation sector focuses on Scope 1 CO2 emissions of power generation activity, as it is where most emissions take place.

• This 30% carbon emissions intensity reduction target versus 2020 goes well beyond the 2025 intensities derived from the IEA NZE 2050.

• The Group aims to significantly reduce the financing of CO2 producing energy, in favour of financing the massive development in low carbon energy production. Its ambition is to reach less than 5% of coal in the portfolio capacity mix (from 10% as of end of 2020) by 2025 and more than 66% of renewable sources in the portfolio capacity mix (from 57% as of end of 2020), exceeding the 2025 ambition of NZE 2050 scenario.

• The Group has now committed to reach 30 billion euros of financing for renewable energy projects by 2025 (from 18.6 billion euros as of end of 2021).

• Within its Low-Carbon Transition Group, BNP Paribas has developed transversal expertise on transition technologies and notably Green Hydrogen.

Upstream oil and gas and refining

2025 carbon emissions intensity reduction target of its portfolio = at least -10% versus 2020

• The alignment measurement of BNP Paribas oil and gas portfolio covers Scope 1, Scope 2 and Scope 3 emissions.

• In May 2021, BNP Paribas announced its ambition to reduce its credit exposure to the upstream oil and gas activities by 10% by 2025. The Group is strengthening this objective by setting two enhanced targets for its credit exposure to the sector: a 12% reduction of its credit exposure to the upstream oil and gas industry by 2025 versus 2020, and also a 25% reduction to the upstream oil industry by 2025 versus 2020. This commitment shows a higher level of ambition than the IEA NZE 2050 based scenario. Thanks to the implementation of its strong previous commitments on unconventional oil and gas, upstream oil and gas and refining represent 1.3% of BNP Paribas’ total credit exposure as of end of 2021.

• The Group has decided to strengthen its unconventional oil and gas sectorial policy (dated 2017) for companies that do not have strong public commitment and transition strategies compatible with 1.5°C scenario. In 2022, the Group will no longer finance or invest in companies with more than 10% of their activities in tar sands and shale oil and gas. The Group will no longer finance any oil and gas projects and related infrastructure in the Arctic and in the Amazon regions.

o The Group is strengthening the definition of the Arctic Region to adopt the one of the Arctic Monitoring and Assessment Program (AMAP), which is the broadest. Norwegian operated areas are to be excluded from this definition since Norway has developed the most constraining environmental and operational laws, regulations and monitoring processes in the world.

o BNP Paribas will no longer finance or invest in companies deriving more than 10% of their activities from the Arctic Region.

o BNP Paribas will no longer finance or invest in companies producing out of oil and gas reserves in the Amazon as well as in the ones developing related infrastructures.

Automotive
2025 carbon emissions intensity reduction target of its portfolio = at least -25% versus 2020

• BNP Paribas’ portfolio alignment measurement of the Automotive sector focuses on Scope 3 CO2 emissions of auto manufacturers Light-Duty Vehicles production.

• BNP Paribas will continue to strengthen its financing through the issuance of sustainable bonds and loans to accelerate the electric vehicle production.

• BNP Paribas expects the share of electric vehicles2 in its portfolio to reach more than 25% by 2025 (from 4% in 2020).

• Arval BNP Paribas is also committed to supporting its customers in making their mobility more sustainable by setting new target of reaching 700,000 electrified vehicles3 by 2025. BNP Paribas’ 2025 targets cover financings directly provided and committed, and will gradually expand to some capital market activities. The Group will continue to work towards its net-zero goal by updating its methodology and metrics towards these sectors and others in its portfolio as new information becomes available.

Alongside the development of the Low-Carbon Transition Group, which will bring together 250professionals, BNP Paribas has pledged to dedicate at least 200 billion euros to support the transition of its corporate clients to a low carbon economy by 2025.

Please find the ‘Climate Analytics and Alignment Report’ on BNP Paribas’ website:
https://group.bnpparibas/uploads/file/bnpp_climateanalytics_alignmentreport_final.pdf


About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65
countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval ; Investment & Protection Services for savings, investment and protection solutions ; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, Eastern Europe as well as via a large network in the western part of the United States. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

The Board of Directors of BNP Paribas met on 4 February 2021. The meeting was chaired by Jean Lemierre and the Board examined the Group’s results for the fourth quarter and endorsed the 2020 financial statements.

To read press release and global presentation: click HERE

 

Contacts:

Hacina Habchi
Tel : +33(0)7 61 97 65 20
hacina.habchi@bnpparibas.com

Sandrine Romano
Tel : +33(0)6 71 18 23 05
sandrine.romano@bnpparibas.com

Floriane Ettwiller
Tel : +33(0)7 62 27 48 34
floriane.ettwiller@bnpparibas.com

The Board of Directors of BNP Paribas met on November 2, 2020. The meeting was chaired by Jean Lemierre and the Board examined the Group’s results for the third quarter 2020.

To read press release and global presentation: click HERE

Contacts:

Hacina Habchi
Tel : +33(0)7 61 97 65 20
hacina.habchi@bnpparibas.com

Sandrine Romano
Tel : +33(0)6 71 18 23 05
sandrine.romano@bnpparibas.com

Floriane Ettwiller
Tel : +33(0)7 62 27 48 34
floriane.ettwiller@bnpparibas.com

The Board of Directors of BNP Paribas met on 2 November 2020. The meeting was chaired by Jean Lemierre and the Board examined the Group’s results for the third quarter 2020.

Board of Directors of BNP Paribas met on 30 July 2020. The meeting was chaired by Jean Lemierre and the Board examined the Group’s results for the second quarter 2020 and endorsed the interim financial statements for the first half of the year.

To read press release and global presentation: click HERE

Contacts:

Hacina Habchi
Tel : +33(0)7 61 97 65 20
hacina.habchi@bnpparibas.com

Sandrine Romano
Tel : +33(0)6 71 18 23 05
sandrine.romano@bnpparibas.com

Floriane Ettwiller
Tel : +33(0)7 62 27 48 34
floriane.ettwiller@bnpparibas.com

 

The Board of Directors of BNP Paribas met on 4 May 2020. The meeting was chaired by Jean Lemierre, and the Board examined the Group’s results for the first quarter 2020.

Commenting on these results, Chief Executive Officer Jean-Laurent Bonnafé, stated at the end of the meeting:

In response to the health crisis, the Group’s teams have mobilized around the world to contribute to the functioning of the economy and its financing.

Our concerns have been to protect our employees who are fully mobilized to ensure banking services, to quickly implement solutions to support the financing of our corporate, institutional and individual clients, and to launch in all regions where we are present a plan for emergency donations to the hospital sector and organizations committed to assist vulnerable people.

At the end of a quarter supported by an excellent business drive, in line with its 2020 objectives, the results of BNP Paribas for the 1st quarter 2020 were impacted by the harshness of the health crisis. The good resilience of revenues and results despite this shock demonstrates the robustness of the Group’s diversified and integrated model.

With all teams at BNP Paribas, whose I want to thank tireless commitment to serving customers and providing support to society, we will continue our efforts to mitigate the impact of the crisis on the economy and prepare for the future.”

To read press release and global presentation: click HERE

Contacts:

Hacina Habchi
Tel : +33(0)7 61 97 65 20
hacina.habchi@bnpparibas.com

Sandrine Romano
Tel : +33(0)6 71 18 23 05
sandrine.romano@bnpparibas.com

Floriane Ettwiller
Tel : +33(0)7 62 27 48 34
floriane.ettwiller@bnpparibas.com

 

 

  • Includes significant allocation to the Americas, including in the US with donations from BNP Paribas USA and its affiliate, Bank of the West
  • Over $55 million in direct support to more than 30 countries providing locally for hospitals and vulnerable populations
  • In addition to other initiatives, BNP Paribas USA donates to NYC Health + Hospitals and Bank of the West donates to four hospitals in its West Coast footprint

NEW YORK and SAN FRANCISCO, April 09, 2020 (GLOBE NEWSWIRE) — BNP Paribas, a premier global bank, today announces additional global aid for the medical sector and at risk populations fighting the COVID-19 virus with donations now totaling over $55 million worldwide. This includes significant allocation to the Americas, including in the US with donations through BNP Paribas USA and its affiliate, Bank of the West.

BNP Paribas and its subsidiaries around the world mobilized from the start of the health crisis to support the hospital system, medical research and institutions that help the most vulnerable and disadvantaged.

BNP Paribas USA, including its affiliate Bank of the West, is making five large donations to hospitals around the US:

  • Martin Luther King, Jr. Community Hospital in Los Angeles to help fund COVID-19 programs
  • NYC Health + Hospitals and the USTA to provide direct support to some of the hardest-hit hospitals in the NYC area including Bellevue, Elmhurst, and Lincoln, as well as to the new field hospital being constructed at the USTA Billie Jean King Tennis Center in Queens
  • UCSF Medical Center in San Francisco to fight COVID-19 in the Bay Area
  • PIH Health Good Samaritan Hospital in Los Angeles to procure critical medical supplies
  • Swedish Medical Center in Seattle to help fund COVID-19 testing

The bank is also contributing:

  • Personal Protective Equipment (PPE): Bank of the West donated nearly 500,000 masks to hospitals in the communities it serves. BNP Paribas USA is also donating an additional 100,000 masks in the US
  • Employee Match: BNP Paribas and Bank of the West employee donations are being matched 1:1 to charities supporting certain COVID-19 relief efforts
  • Virtual Volunteering: BNP Paribas in the US has organized a Virtual Volunteer program for staff
  • Additional support for existing charitable partners: BNP Paribas USA is committing additional support to many current charitable partners in New York and New Jersey who provide essential relief and recovery services to some of the area’s most disadvantaged individuals. Similarly, Bank of the West donated to the United Way and the Opportunity Fund, an organization that provides capital assistance and technical support to small businesses affected by the pandemic

BNP Paribas is also making significant donations in Argentina, Brazil, Canada, Colombia, Mexico, and Peru.

“This gift will make a major contribution to keeping our front line workers safe and healing the bodies and spirits of our highly vulnerable community at a time of critical need,” said Dyan Sublett, president of the MLK Community Health Foundation, which supports the work of Martin Luther King, Jr. Community Hospital. “We are incredibly thankful for this extraordinary act of generosity from Bank of the West.”

“As our heroic workforce continues to confront the COVID-19 pandemic, we are grateful for the generous donation from BNP Paribas that will provide comfort to our health care workers who are working day and night to save lives,” said Dr. Eric Wei, Vice President and Chief Quality Officer, NYC Health + Hospitals.

“We appreciate Bank of the West for recognizing the dedication of our physicians, nurses and staff who are going above and beyond to provide care during this pandemic,” said James R. West, President and Chief Executive Officer, PIH Health. “These funds will go a long way in providing the equipment needed to keep our professionals safe and the resources needed to continue providing excellent care to our patients and our community. We thank Bank of the West for their support.”

Jean-Yves Fillion, CEO of BNP Paribas USA and Chairman of CIB Americas, stated, “This is an unprecedented time in modern history, which requires all of us to collectively do what we can to provide support to health institutions and communities as we battle this health crisis. Our donations are informed by feedback from medical experts so as to be directed to specific priorities for each country hit by the crisis where BNP Paribas has a presence. In the Americas, we are proud to be making a substantial contribution not just in monetary means, but in critical PPE as well as staff volunteering. BNP Paribas is also proactively serving its clients and business partners, and will continue to do so through the crisis.”

“We are at a pivotal moment when we have the opportunity to help those impacted by the spread of COVID-19 by supporting our healthcare professionals. The need for funding and personal protective equipment is great and we are taking action,” said Nandita Bakhshi, President and Chief Executive Officer of Bank of the West, Co-Chief Executive Officer of BNP Paribas USA Inc. “Bank of the West is supporting four hospitals that are vital to pandemic response and relief efforts focusing on research, testing, and clinical trials. Through these contributions, we hope to improve the health and livelihoods of those in our communities, support heroic frontline workers, and remind all of us that we are stronger together.”

About BNP Paribas in the US
BNP Paribas is a premier global banking partner and has built a strong and diversified presence and product suite in the United States (US) to help serve its clients in today’s changing world. The bank employs over 14,000 people and has had a presence in the US since the late 1800s. Bank of the West, BNP Paribas’ retail arm, serves over two million individuals and small & businesses through a network of around 600 branches and business centers. Large corporate and institutional clients are served by BNP Paribas’ Corporate & Institutional Banking franchise that has a presence in the main US cities, in addition to a wide international reach through a network of offices in EMEA and APAC. The bank also offers asset management services through BNP Paribas Asset Management as well as Real Estate and Fleet Services through partnerships. www.usa.bnpparibas.com

About Bank of the West
At Bank of the West, we know money deposited in a bank has the power to finance positive change. So we are taking action to ensure our activities help protect the planet, improve people’s lives, and strengthen communities. We are redefining banking for a better future by focusing on areas where we believe we can have a real impact: supporting energy transition, helping enable women entrepreneurs, and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses.

© 2020 Bank of the West. Member FDIC. Equal Housing Lender. Doing business in South Dakota as Bank of the West California.

About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 71 countries, with approximately 199,000 employees, of which more than 151,000 are in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance.

In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending.

BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.

Press Contacts

BNP Paribas
Guild Taylor – 332-323-3704                                                                                         guild.taylor@us.bnpparibas.com

Bank of the West
Emily Iwan – 415-432-3696
media.relations@bankofthewest.com

Government bond yield curves suggest a prolonged recession. Do policymakers still have room to respond to future shocks? Yes says Luigi Speranza, Global Chief Economist at BNP Paribas Markets 360 – provided they approach the problem in the right intellectual framework.

 

Market pessimism is here to stay. Whether over global economic health or the power of central banks to improve it, the gloom is understandable.

About a third of government bonds globally and just over half of those in Europe are yielding negative rates. Looking at the shape of government bond yield curves, you would think we were in a recession – and a deep and prolonged one at that.

Some central bankers in the US and eurozone question the consensus view that they need to do more, urging caution instead. Regional presidents in the US Federal Reserve system have voiced their reluctance to cut rates further. Likewise, some influential members of the European Central Bank have expressed reservations on the urgency of resuming the quantitative easing program.

Things are not as bad as markets suggest, one argument goes, and it is worth keeping some ammunition dry. After all, labor markets are generally tight and household confidence resilient. And there are no big imbalances with the potential to trigger a significant correction.

However, there is more to market pricing than just pessimism about the short-term economic outlook. There is outright doubt among market participants that central banks and the broader policy framework have what it takes to respond to shocks.

Two key problems lie at the core of investors’ concern.

First, a scarcity of policy instruments. When the next recession comes – a matter of time after 10 years of economic recovery, if history is any guide – central banks in a low-interest rate world might not have the tools to fix to it.

Central banks’ failure to meet their inflation targets supports this point. The lack of inflation might be due to unusually long lags, cyclical factors or more structural issues. Much of it can be attributed to price expectations – which tend to reflect experience – trending lower, an unusual occurrence at this advanced stage of the economic cycle.

Whatever the reason, inflation remains stubbornly low. That is despite unprecedented monetary policy stimulus, including sizeable QE programs and exceptionally low or even negative interest rates. It is the case even in economies that are operating close to full potential, such as the US.

Persistently low inflation leaves central banks with scope for additional easing, and we believe they will use it, despite some policymakers’ reluctance.

But if that easing has not worked so far, why should it work now? The Fed cuts rates by about five percentage points in a typical recession. In the last cycle, it resorted to unconventional monetary policy, but it does not seem to have had the hoped-for result.

In many economies, growth is being hobbled by structural factors or uncertainty, not by credit supply constraints. Policymakers might find their emergency response channels stymied, as neither low interest rates nor expectations are easily moved when a large portion of the G10 nations’ government bond market attracts a negative yield.

Combine some policymakers’ doubts about the need for action with doubts about the potential impact of such action and it’s questionable whether central bankers have what it takes to jolt the economy out of its lethargy.

Second, and more fundamentally, there is a scarcity of ideas. Conventional macroeconomic models have not kept up with reality. Central bankers’ caution about further monetary easing is built on economic models that failed to predict and understand the global financial crisis and are failing to explain why inflation remains subdued after a decade of uninterrupted growth.

The challenges to mainstream economics posed by the Depression of the 1930s and the inflationary shocks of the 1970s sparked intellectual revolutions. The former gave birth to Keynesian interventionism. The latter bolstered the monetarist theories that came to form the basis of the current framework of central bank independence and inflation targeting.

Today’s challenge is on a similar scale. What is needed is humility and ambition. Humility in acknowledging the shortcomings of the current intellectual framework and ambition in putting aside the caution about action and using all available means to mount an aggressive policy response.

While we wait for the new academic underpinnings to emerge, the answer to the global economy’s quandary lies in bold, co-ordinated monetary policy in concert with fiscal measures, adding up to something close to debt monetization. That is where governments issue debt to finance spending and the central bank purchases the debt on secondary markets, thereby increasing the money supply.

This may not work, either, but the worst-case outcome would be too much inflation, and inflation is an enemy we know and, crucially, know how to fight with the trusty, traditional arsenal.

The sort of policy response that might lead to a normalization of the rate environment requires political will and time. Meanwhile, we expect markets to remain skeptical and yields downcast.


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Following on from their preliminary agreement, BNP Paribas and Deutsche Bank have signed a master transaction agreement to provide continuity of service to Deutsche Bank’s Global Prime Finance and Electronic Equities clients. Under the agreement Deutsche Bank will continue to operate the platform until clients can be migrated to BNP Paribas.

Both firms will work closely together to ensure a seamless transition for clients, through the migration of technology and key staff from Deutsche Bank to BNP Paribas. This binding agreement remains subject to regulatory approvals of the relevant authorities.

We are pleased to have signed the master transaction agreement with BNP Paribas on schedule. This is an important milestone for our Capital Release Unit and attests to the strength of our client offering and technology in these products. We are already making progress and are on the right track to implement this transaction thereby providing clear path for clients and staff,” said Frank Kuhnke, Chief Operating Officer, Deutsche Bank.

I’m excited to announce the signing of this agreement, thanks to the close cooperation between BNP Paribas and Deutsche Bank teams. We are now looking forward to welcoming staff and serving these new clients. This agreement demonstrates BNP Paribas’ strong commitment to institutional investors globally,” said Yann Gérardin, Deputy Chief Operating Officer and Head of Corporate and Institutional Banking, BNP Paribas.

Download the Press Release here

Contact:
Hacina Habchi, +33 (0)1 43 16 86 88, hacina.habchi@bnpparibas.com

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