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2018-04-12 MOL’s Annual General Meeting Approves HUF 94 bn Dividend

  • Shareholders approved consolidated financial statements of MOL Group for 2017
  • Annual General Meeting accepted dividend payment of HUF 94 bn (USD 370 mn)
  • Appointments made to the Board of Directors, Supervisory Board and the Audit Committee
  • MOL Group Annual Report 2017 can be accessed at

Budapest, 12 April 2018 – Today, MOL Plc. held a successful Annual General Meeting in Budapest. Shareholders approved the report of the Board of Directors regarding finances for the year 2017 and approved consolidated financial statements. Furthermore, the Annual General Meeting acknowledged the work of the Board of Directors performed during the 2017 business year and granted waiver to the Board of Directors and its members.

The General Meeting accepted the Board’s proposal for the distribution of profits through a dividend payment of HUF 94 bn, a significant increase comparing to last year. The base dividend grew by 9% to HUF 85 per share from last year’s HUF 78.125 per share. This demonstrates the continuation of the last years’ gradually increasing trend of the regular dividend payment. Additionally, shareholders approved special dividend proposed by the Board on the back of strong cash flows achieved in 2017. With the special dividend representing a 50% top-up of HUF 42.5 per share, the total dividend per share reached HUF 127.5 for the 2017 financial year.

The Annual General Meeting approved the Board’s proposal for re-election of Mr. Zsolt Hernádi as a member of the Board of Directors. Furthermore, Mr. Zoltán Áldott and Prof. Dr. András Lánczi were elected as members of the Supervisory Board. The shareholders also approved the election of Mr. Csaba Szabó to the Supervisory Board as the employee representative.

Zsolt Hernádi, MOL Group Chairman-CEO, commented on the Annual General Meeting: “I would like to thank our shareholders for supporting the resolutions proposed by the Board of Directors. 2017 has been a rewarding year, when we all worked hard to embark on our strategic transformation for beyond the fuel age, while delivering outstanding financial and operational results. Our strong financial framework will allow us in 2018 to continue transforming our business as well as to gradually increase returns to our shareholders in the coming years.”

2018-03-19 Construction of synthetic rubber plant completed

  • Plant was built through a joint venture of MOL Group and the JSR Corporation
  • Synthetic rubber (S-SBR) is one of the most innovative raw materials for safe and fuel efficient tires
  • Feedstock material to the new plant will be secured from MOL’s butadiene extraction unit

Budapest, 19 March 2018 – MOL Group’s and JSR Corporation’s synthetic rubber plant (S-SBR) has been inaugurated today. The plant employs cutting edge technology and will manufacture annually 60,000 tons of synthetic rubber creating more than 100 new jobs.

Prime Minister of Hungary Viktor Orbán, Zsolt Hernádi, Chairman-CEO of MOL Group and Koichi Kawasaki, Executive Managing Officer, JSR Corporation have inaugurated the synthetic rubber plant of the two companies in Tiszaújváros, Hungary.

The new unit will produce 60,000 tons of solution polymerization styrene-butadiene rubber (S-SBR), a highly sought after chemical product globally. The most important feedstock of S-SBR is butadiene, which is produced by MOL at an adjacent plant commissioned in 2015. Featuring a characteristic molecular structure, S-SBR is highly valued worldwide as a raw material of a fuel-efficient tire known as an “eco-friendly tire”, due to its excellent industry-leading properties suited to fuel-efficient tires and wet grip performance.

MOL and JSR Corporation reached an agreement in 2013 to establish a joint venture with 51% held by JSR and 49% by MOL. The construction of the plant started in 2015.

“MOL has further extended its petrochemical value chain with one of the world’s most innovative product. We are proud that year after year MOL is able to produce more specialized and more profitable products. There is a lot of work ahead of us, but we are well on track to reach our strategic goal and become a leading chemical company in Central Eastern Europe by 2030.” – said Zsolt Hernádi, Chairman-CEO of MOL Group.

One of the cornerstones of MOL Group 2030 - Enter Tomorrow strategy is to expand the company’s petrochemicals value chain and produce more valuable products used in the automotive industry, as well as for packaging, construction and electronics. As such the company plans to invest around USD 4.5 billion until the end of the next decade into petrochemical and chemical growth projects.

2018-03-07 MOL Group Opens Application For Nearly 180 Positions In Its Growww 2018 Program

  • Growww is MOL Group’s flagship talent acquisition program for fresh graduates interested in starting their career in the leading multinational CEE company
  • Application is now open until 29 April 2018 at
  • Since its launch, more than 2,000 talented individuals from all around the world were hired through the program, with the best-in-class retention rate of almost 90% in 2017

Budapest, 7th March 2017 – Today, MOL Group opens a call for applications for the next edition of its award-winning talent acquisition program, Growww 2018, which offers fresh graduates an unparalleled opportunity to kick-start their career in one of the largest companies in CEE. Through the program MOL aims to develop a new generation of industry experts, offering them an opportunity to learn and fulfill their potential in a stimulating and collaborative environment.

MOL Group opens almost 180 positions in the area of engineering, business, IT as well as social and natural sciences. Candidates with up to one year working experience can apply for positions both at the Headquarters in Budapest and in MOL Group’s local subsidiaries in 11 countries: Austria, Bosnia and Herzegovina, Croatia, Czech Republic, Hungary, Italy, Pakistan, Poland, Romania, Slovakia and Slovenia.

This intensive one-year program offers a possibility to gain insight into the operations of MOL Group across all business and functional areas. On top of the on-the-job learning and visits to various MOL’s industrial sites, young professionals have a possibility to deepen their knowledge through structured business education program, which is also an excellent opportunity to network with company’s top executives and make professional relationships. Each participant is supported by a mentor to provide professional guidance and feedback, as well as help adapt to a dynamic, cross-cultural working environment.

Over the last decade the Growww program has gained wide international recognition and became a real industry trademark. Since its launch in 2007, more than 2,000 talented individuals from all around the world were recruited as part of the program. Upon completion, a major part of participants continued their careers within MOL Group. In 2017, almost 90% of them stayed in the company, while the female representation among those hired reached nearly 50%, well above the O&G industry average.

“2017 was the first year of our business transformation and we recognized that we need employees with fresh, entrepreneurial approach more than ever to make a step change and move ahead with our 2030 strategy. Today young people no longer look for jobs. They look for opportunities to make a real impact and I believe that joining MOL Group as part of Growww gives them an opportunity to think big and bring their ideas to life. I encourage fresh graduates from various academic backgrounds to apply and shape the future of our industry.” – said Zdravka Demeter Bubalo, HR Vice President at MOL Group.

For more information about Growww 2018, please visit:

2018-03-01 MOL Group steps into the solar power business

  • MOL will build photovoltaic power plants in three of its main industrial sites in Hungary, utilizing currently unused areas
  • In line with the 2030 strategy MOL is committed to invest in alternative energy technologies
  • The solar plants are expected to reduce 9,000 tons of CO2 emissions per year compared to conventional energy

Budapest, 1 March 2018 – Today, MOL Group announced plans to build solar power plants in three of its industrial sites located in Hungary. The project supports MOL Group’s strategic objective to build its industrial capabilities, while supporting company’s wider sustainability goals.

MOL Group has a long-standing experience in conventional energy production, however, as part of its 2030 strategy it aims to prepare for beyond the fuel age and explore opportunities arising from alternative energy technologies. The photovoltaic power plants are planned to operate at the total capacity of 18.38 MWp, which is the equivalent to the consumption needs of more than nine thousand households. Apart from covering parts of the energy needs of its own operation, the project provides an excellent opportunity for MOL to acquire expertise in the solar technology field and seize future opportunities in this promising market.

The green electricity generated by the solar facilities is expected to eliminate nine thousand tons of carbon dioxide emissions per year. This will contribute to the fulfillment of MOL’s sustainability goals of reducing direct and indirect greenhouse gas emissions as well as increase its earnings from alternative energy sources in line with the company’s Sustainable Development 2020 strategy. This expansion will also further contribute to improving MOL Group’s already strong sustainability performance, as it consistently achieves high scores across leading ESG research and rating houses, including Dow Jones Sustainability Indices, MSCI, Sustainalytics and Bloomberg.

“The project is a true reflection of our ambition to become one of the leading innovators in the region, envisioned in the 2030 strategy. At MOL we recognized that solar power will play an important role in the future energy systems, and thus we started to build our industrial capabilities by tapping into this dynamically growing business. The photovoltaic plants are for us also an excellent way of utilizing the potential of unused areas of our sites, while supporting our commitment to decrease the environmental footprint by reducing carbon emissions from our operations.” – said Sándor Fasimon, Chief Operating Officer at MOL.

Construction of the solar panels is expected to be finalized by the end of 2018. The facilities will be located in the area of MOL’s three key assets: in the petrochemical plant in Tiszaújváros, in the Danube refinery in Százhalombatta as well as in the Füzesgyarmat facility, and will be connected to MOL's local internal medium voltage distribution networks.

2018-02-20 MOL Group posts highest profit in a decade in 2017

  • MOL Group posted Clean CCS EBITDA of USD 2.45 bn as all segments increased their contribution
  • Free cash flow increased 21% year-on-year to reach USD 1.41 bn, comfortably beating the yearly guidance
  • Net profit reached USD 1.11 bn, 18% up year-on-year

Budapest, 20 February 2018 – Today, MOL Group announced its financial results for 2017. MOL increased its EBITDA by 14% comfortably outperforming its 2017 target on the back of a strong financial and operational delivery of all business segments.

Organic capex stood at USD 1.04 bn, in line with lowered guidance and slightly higher than in the previous year. MOL continued to generate a massive amount of free cash flow establishing a strong financial framework to cover its ambitious transformational projects.

Upstream delivered USD 854 mn EBITDA, a 26% increase in comparison with 2016 arising from higher Brent and gas prices. Due to a strong cost discipline the segment nearly doubled the amount of free cash flow, USD 14 per each barrel produced, and turned into a major contributor to the Group’s cash generation in 2017. The daily production averaged at 107,400 barrels of oil equivalent, slightly below the yearly guidance due to lower UK contribution.

Downstream once again posted strong results and remained the main earnings contributor delivering almost half of the Group’s Clean CCS EBITDA at USD 1.18 bn. The segment increased its contribution by 2% from an already very high base thanks to internal efficiency programs and the still supportive external environment.

Consumer Services continued its impressive double-digit growth supported by rising fuel consumption (4% growth in 2017 in CEE) and healthy margins. The segment posted USD 358 mn EBITDA, a 17% increase year-on-year, and is now well on track to reach USD 450 mn EBITDA target by 2021. Thanks to further rollout of MOL’s non-fuel concept Fresh Corner the growth of non-fuel margin continued to outpace the fuel margin, with its share in the total retail margin reaching a new high of 26% in the last quarter of 2017.

Gas Midstream EBITDA rose 15% year-on-year to reach USD 223 mn, strongly supported by surging domestic transmission volumes, which were able to compensate for adverse tariff changes.

Zsolt Hernádi, MOL Group Chairman-CEO, commented on the results: "I am glad to say that 2017 was another year of delivering strong financial results, but equally importantly it was also a year of visible progress along our transformation journey set out in the MOL 2030 strategy. We comfortably beat our upgraded earnings targets with increasing contribution from all businesses. Upstream more than doubled its free cash flow contribution, Downstream EBITDA increased further from a high base, while Consumer Services sustained its double-digit earnings growth. Regarding strategic transformation, our flagship chemicals (polyol) project made major progress and we have been launching new, innovative mobility-related services. We are starting 2018 with a strong momentum with crucial investment decisions ahead of us. We are also expecting to deliver around USD 2.2bn EBITDA this year, which will allow us to fund our transformational projects as well as the rising dividends to our shareholders."

2018-01-29 Hungarian team makes it to the top in the MOL Group’s Freshhh 2017 Live Final

  • Freshhh is an international online competition for top students interested in the Oil & Gas industry
  • Through Freshhh MOL aims to further engage with digital natives, offering them compelling potential career paths
  • This year’s edition attracted 1,450 teams from nearly 60 countries around the world, with the Hungarian team “Petronauts” winning the first place

Budapest, 29 January 2018 – Last Friday, MOL Group held in Budapest Live Final of the 11th edition of the Freshhh competition, its flagship award-winning student contest. Its growing popularity demonstrates that MOL is seen as an attractive employer among the youngest, largely digital generation, and is able to offer compelling career paths also outside the core Oil & Gas industry. The best seven international teams - from Hungary, Croatia, Slovenia and Nigeria – competed for final prizes, with the Hungarian team “Petronauts” coming out on top after a challenging battle.

Freshhh is an international online student competition, where participants take charge of managing an integrated oil corporation. Throughout the game, teams consisting of three members have to make day-to-day decisions on oil and gas field development projects, the construction of a refinery, retail network development as well as defining the best product portfolio.

This year’s edition attracted applicants from nearly 60 countries around the world. In total, 1,450 teams applied to participate in the Freshhh 2017 competition, which proves that it has truly become a trademark in the industry on the international level. After two rounds of an exciting virtual game, the competition has drawn to a close with the ultimate trial for the seven finalist teams. During this year’s Live Final the bar was set high as the participants were faced with a challenging task. As MOL Group seeks to become the leading regional provider of innovative solutions in transportation, the teams had to present a proposal on MOL’s shared mobility strategy, which could outline potential business opportunities in this emerging yet highly prospective market. As the second step, the event saw student teams showcase their ability to solve an Oil & Gas industry strategy situation game, which was an opportunity to demonstrate their teamwork, negotiation and strategic management skills.

All teams showed excellent performance, but according to the jury comprising of top MOL managers the Hungarian team “Petronauts” proved to be the best. „Taking part in the Freshhh competition was a great opportunity for us. It was definitely the hardest and most complicated competition we ever took part in. It required from us a lot of research and preparation, but it was absolutely worth it. I can just say - team up with your friends and join the next edition of Freshhh!” - said Emánuel Kovács from the winning team.

The second place went to the Croatian team “Delay”, and the third to the Nigerian team “Awo Omoluabi”. The top three teams won prizes of a total of 25,000 EUR.

“In a fast-changing world innovation is more important than ever, which is also envisaged in our transformational strategy MOL Group 2030. We all know that our industry will be soon a very different industry from today, and the skillset required to innovate in the traditional Oil & Gas largely resides with the younger generation. Attracting digital natives is a challenge, however, with such programs as Freshhh we are able to turn it into opportunity by offering the best talents the way forward to pursue an impactful career in a dynamic and diverse environment. I truly congratulate the winners and encourage all participants to join MOL Group’s community as participants of the Growww program.” - commented Zdravka Demeter Bubalo, HR Vice President of MOL Group.

Read more about Freshhh and Growww.

MOL Freshhh 2017

2018-01-25 MOL Group launches car sharing service in Budapest

  • The “MOL Limo” car sharing offers initially a fleet of 300 Volkswagen up! cars (with a third EV)
  • The entire car sharing system is owned and operated by MOL
  • MOL Group is the leading provider of mobility solutions in Budapest with its car and bike sharing services
  • Mobility transformation based on traditional retail plays an important role in MOL Group’s 2030 strategy

Budapest, 25 January 2017 – Today, MOL unveiled its new car sharing service MOL Limo, a true reflection of MOL Group’s ambition to become the first choice of customers and a pioneer in mobility solutions in Central Eastern Europe. As part of its 2030 strategy, MOL aims to adapt to changing market dynamics and transform its traditional fuel retailing into a broader consumer goods and services business.

”Mobility represents an important direction in MOL Group’s 2030 strategy. We aim to transform our retail operations by tapping into growing areas of consumer demand and take part in the reinvention of transportation in CEE. We want to be the first choice of customers and provide them all the products and services they need on the road and make their journey as convenient as possible. Offering car sharing services, which will play a crucial role in the transportation mix of big cities, fits into this strategy perfectly.” – said Peter Ratatics, COO, Consumer Services, MOL Group.

MOL Limo provides a flexible solution, which allows users to leave their car at the destination of their choice, and works hand-in-hand with public transport or even with bike sharing. Through its car and bike sharing schemes, the latter was launched three years ago, MOL is the leading provider of mobility solutions for city dwellers of the Hungarian capital.

MOL’s long-term goal is to extend the network in Budapest and beyond and eventually operate a fully electric fleet, in line with the development of EV infrastructure in Hungary and the CEE region. Changes in consumer patterns such as the decreasing importance of car ownership along with increasing environmental consciousness are expected to result in increasing demand for car sharing services, which can significantly improve air quality and traffic congestion in big cities.

Read more about MOL Limo car sharing and MOL Bubi bike sharing.

MOL Limo

2017-11-15 S&P upgrades MOL‘s long-term credit rating to BBB- investment grade with stable outlook

  • S&P rating confirms MOL’s resilient integrated business model and strong financial profile.
  • Following previous steps by Fitch and Moody’s, MOL has now become a full investment grade issuer.

Budapest, 15th November 2017 – MOL Plc. has been upgraded to BBB- investment grade long-term credit and issuer rating with stable outlook by Standard and Poor’s (“S&P”).

S&P concluded that the upgrade to investment grade credit rating was justified by the improvement in MOL’s current and forecasted credit metrics, thanks to the company’s strong performance and supportive industry conditions. S&P added that MOL demonstrated the benefits of its integrated business model, delivered on its cost optimization program with sustainable benefits for profitability and increased the share of less volatile retail and petrochemicals segments. The stable outlook reflects S&P’s expectation that MOL will maintain robust credit metrics, supported by positive free operating cash flow generation, while continuing to invest in its chemicals business.

In March last year, Fitch Ratings revised MOL’s outlook to stable from negative, while affirming its Long-term Issuer Default Rating at BBB- grade. It was followed by Moody’s which assigned Baa3 investment grade rating to MOL in March 2017. With the upgrade of S&P, MOL has now become a full investment grade issuer according to all three major rating agencies.

József Simola, MOL Group Chief Financial Officer commented: "We are delighted by the upgrade of S&P, which means MOL also joins the illustrious club of fully investment grade issuers, yet another reflection of our resilient integrated business model and financial strength. We will continue to deliver strong results on the back of our high-quality, low-cost asset base, while our long-term 2030 strategy will transform MOL into a leading chemicals company and a major consumer and mobility services provider in CEE.”

2017-11-09 MOL along with partners of the NEXT-E consortium signed a grant agreement to deploy 252 EV chargers across CEE

  • The network of 222 fast chargers and 30 ultra-chargers for EV (Electric Vehicles) will connect six countries in CEE along main roads in the EU’s core transport network.
  • The largest grant ever given by the EU’s Connecting Europe Facility for any EV project, amounts to EUR 18.84 million.
  • The NEXT-E network will be interoperable within the participating countries and connected to EV networks in Western Europe in order to create one integrated EU-wide charging network.

Budapest, 9th November 2017 – Today marks an important milestone in the e-mobility expansion in CEE and the future of European transportation. During the Digital Transport Days in Tallinn, MOL along with partners of the NEXT-E consortium signed a grant agreement with INEA which will enable the building of a charging network for EVs across six countries in Central and Eastern Europe: The Czech Republic, Slovakia, Hungary, Slovenia, Croatia and Romania.

In July 2017, the NEXT-E project was selected by the European Commission for co-financing through the Connecting Europe Facility (CEF). The NEXT-E consortium will be granted EUR 18.84 million to implement the project, which is the largest CEF grant ever awarded to an EV project. The NEXT-E project is a unique partnership of leading companies in the electricity and oil & gas sectors, as well as OEMs, who joined forces to create a charging network for electric vehicles along the main transport routes in Central and Eastern Europe. Besides MOL Group, the consortium consists of companies of E.ON Group, Hrvatska elektroprivreda in Croatia, PETROL (in Slovenia and Croatia), as well as Nissan and BMW.

Within the framework of this project, the consortium will install 222 multi-standard fast chargers (50 kW) and 30 ultra-chargers (150-350 kW) along the TEN-T corridors. The major part of the chargers will be located at MOL Group’s service stations in all six participating countries. For the first time ever long distance travel, based 100% on electricity, will be possible across six CEE countries, with connection to neighbouring countries.

Currently, EV charger deployments are scattered and often uncoordinated, posing a risk of overlaps or gaps in the network. The NEXT-E project was launched to address this challenge, and to create a continuous and cost-effective network that ensures the ability for long-distance and cross-border driving. The project will also leverage existing experience into countries without significant EV activities to date, such as Hungary and Romania. In order to ensure interoperability to the West and create a one fully connected network, the project will be coordinated with other ongoing CEF co-financed projects, i.e. ULTRA-E, EAST-E and FAST-E.

“Next-E is politically an essential innovation project, which took great efforts from industry and encouragement and support from the European Commission side to take place. In addition, the close collaboration with other neighbouring projects is evident, emphasising the maximizing European impact and dimension of the core network corridor policy. The objective of our policy is to finally allow citizens to travel with alternatively fueled vehicles across the entire EU.” - said Herald Ruijters, Director, DG MOVE, Directorate B - Investment, Innovative & Sustainable Transport, European Commission.

“I am proud that the EU and INEA will support a project that will kick off e-mobility in Central-Eastern Europe. With 252 electric charging points, 30 of which with very high capacity, the EU's core transport network will gain cross-border interoperability and a more open market for the benefit of consumers.” - said Dirk Beckers, Director of the Innovation and Networks Executive Agency (INEA) at the grant agreement signature ceremony.

The deployment of fast chargers is expected to start in 2018, while the installation of the ultra-chargers is planned for 2019 in order to prepare for the arrival of a new generation of long-distance EVs. The full deployment is expected to be concluded by the end of 2020.

The NEXT-E project is another milestone in the implementation of MOL Group’s long-term strategy, which is built on the premise that fossil fuel will eventually lose its monopolistic dominance in transportation. As a consequence, MOL Group aims to adapt to the changing market dynamics by building on its 10 million customer base, and transforming its traditional fuel retailing into a broader consumer goods and services business. As part of its strategy, MOL aspires is to take part in the reinvention of transportation in CEE and embrace such trends as car sharing, e-mobility, self-driving technology as well as alternative fuels.

2017-11-03 MOL Group Announces Q3 Results

  • CCS EBITDA of HUF 150bn (USD 576mn); on track to reach upgraded 2017 target (USD 2.3bn)
  • Consumer Services with all-time high quarterly result
  • Net profit for Q3 at HUF 47.7bn (USD 184mn), reaching HUF 230bn (USD 823mn) for Q1-Q3 period
  • MOL Group launches DS 2022 program to deliver further USD 500mn EBITDA improvement with USD 2.1bn CAPEX

Budapest, 3rd November, 2017 – Today, MOL Group announced its financial results for Q3 2017. With HUF 150bn (USD 576mn) delivered in the quarter, clean CCS EBITDA for the first nine months of the year is 12% up from last year and stands at HUF 520.8bn (USD 1.87bn). As CAPEX spending stood at USD 605mn after nine months, the company has continued to generate strong cash flows across all business segments.

Upstream delivered HUF 49.1bn (USD 188mn) EBITDA in Q3 with average daily production reaching 105,000 barrels of oil equivalent. Over the first nine months Upstream EBITDA grew by more than 30% compared to Q1-Q3 2016. The segment continued to generate strong free cash flows in 2017, USD 15 on average on each barrel produced. This was achieved at average Brent prices of USD 52 per barrel.

Downstream posted lower clean CCS EBITDA at HUF 70.5bn (USD 271mn) as both petrochemicals and refining contribution declined due to lower wholesale margins, lower own produced product sales and one offs. Downstream’s contribution for the first nine months remained flat at HUF 256.9bn (USD 923mn).

Consumer Services continued its impressive growth with its best ever quarterly results at HUF 34.5bn (USD 132mn) EBITDA, up from USD 112mn one year ago, as both fuel and non-fuel earnings continue to grow.

MOL Group has also launched its new Downstream program, DS2022, a major milestone in the implementation of the MOL 2030 strategy. The program is based on three pillars: strategic transformational projects; efficiency initiatives; and increasing customer satisfaction, safety and employee engagement in order to become the best choice of employees, customers and investors in line with the vision of MOL Group 2030 strategy. The program once again aims to deliver USD 500mn EBITDA improvement similarly to its predecessors the New Downstream Program (2012-2014) and the Next Downstream Program (2015-2017).

Chairman-CEO Zsolt Hernádi commented the results: “After the first nine months of the year we are well on track to deliver on our upgraded USD 2.3bn Clean CCS EBITDA guidance and on our MOL 2030 strategy. We continue to generate robust free cash flows this year despite not fully capturing the opportunities of the supportive external environment in Q3. To achieve our strategic objectives we are now also launching Downstream 2022 (DS2022), a program of efficiency, transformation and growth, which would deliver USD 500mn additional EBITDA with substantial, over USD 2bn investments by 2022. The flagship transformational project of this program, the polyol project, is forging ahead as we have secured all the technological licenses and engineering resources.”

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