<SEC-DOCUMENT>0001104659-24-079936.txt : 20240716
<SEC-HEADER>0001104659-24-079936.hdr.sgml : 20240716
<ACCEPTANCE-DATETIME>20240715193005
ACCESSION NUMBER:		0001104659-24-079936
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240716
DATE AS OF CHANGE:		20240715

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277003
		FILM NUMBER:		241118348

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEPSICO INC
		CENTRAL INDEX KEY:			0000077476
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				131584302
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		700 ANDERSON HILL RD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577
		BUSINESS PHONE:		9142532000

	MAIL ADDRESS:	
		STREET 1:		700 ANDERSON HILL ROAD
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577-1444

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEPSI COLA CO
		DATE OF NAME CHANGE:	19700903
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule&nbsp;433<BR>
Registration Statement No.&nbsp;333-277003<BR>
July&nbsp;15, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PepsiCo,&nbsp;Inc.</B><BR>
4.500% Senior Notes due 2029<BR>
4.800% Senior Notes due 2034<BR>
5.250% Senior Notes due 2054</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 2pt 5.4pt 2pt 16.15pt; width: 17%; text-indent: -11.15pt">Issuer:</TD>
    <TD STYLE="padding: 2pt 5.4pt; width: 83%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">PepsiCo,&nbsp;Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5.4pt 2pt 16.15pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Ratings (S&amp;P / Moody&rsquo;s):</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">A+ / A1 (Stable Outlook / Stable Outlook)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5.4pt 2pt 16.15pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Trade Date:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">July&nbsp;15, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 2pt 5.4pt 2pt 16.15pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Settlement Date (T+2):</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">July&nbsp;17, 2024</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 17%; text-indent: -11.15pt">Title of Securities:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 29%">4.500% Senior Notes due 2029</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 27%">4.800% Senior Notes due 2034 </TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 27%">5.250% Senior Notes due 2054 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Aggregate Principal Amount Offered:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">$850,000,000</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">$650,000,000</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">$750,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Maturity Date:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">July&nbsp;17, 2029</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">July&nbsp;17, 2034</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">July&nbsp;17, 2054</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Interest Payment Dates:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Semi-annually in arrears on each January&nbsp;17 and July&nbsp;17, commencing January&nbsp;17, 2025</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Semi-annually in arrears on each January&nbsp;17 and July&nbsp;17, commencing January&nbsp;17, 2025</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Semi-annually in arrears on each January&nbsp;17 and July&nbsp;17, commencing January&nbsp;17, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Benchmark Treasury:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.250% due June&nbsp;30, 2029</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.375% due May&nbsp;15, 2034</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.250% due February&nbsp;15, 2054</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Benchmark Treasury Yield:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.135%</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.233%</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.467%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Spread to Treasury:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="text-transform: uppercase">+40</FONT> basis points</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="text-transform: uppercase">+60</FONT> basis points</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="text-transform: uppercase">+80</FONT> basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Re-offer Yield:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.535%</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.833%</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">5.267%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Coupon:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.500%</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">4.800%</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">5.250%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Price to Public:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">99.845%</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">99.741%</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">99.745%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Optional Redemption:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Prior to June&nbsp;17, 2029, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after June&nbsp;17, 2029</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Prior to April&nbsp;17, 2034, make-whole call at Treasury Rate plus 10 basis points; par call at any time on or after April&nbsp;17, 2034</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Prior to January&nbsp;17, 2054, make-whole call at Treasury Rate plus 15 basis points; par call at any time on or after January&nbsp;17, 2054</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Net Proceeds to PepsiCo (Before Expenses):</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">$845,707,500</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">$645,391,500</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">$741,525,000</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 17%; text-indent: -11.15pt">Use of Proceeds:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 83%">PepsiCo intends to use the net proceeds from this offering for general corporate purposes, including the repayment of commercial paper.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border: Black 1pt solid; width: 17%; text-indent: -11.15pt">Day Count Fraction:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 29%">30/360</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 27%">30/360</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 27%">30/360</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">CUSIP / ISIN:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">713448 FX1 / US713448FX12</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">713448 FY9 / US713448FY94</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">713448 FZ6 / US713448FZ69</TD></TR>
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    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 17%; text-indent: -11.15pt">Minimum Denomination:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 83%">$2,000 and integral multiples of $1,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Joint
Book-Running Managers:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">BofA Securities,&nbsp;Inc.<BR>
Citigroup Global Markets Inc.<BR>
J.P. Morgan Securities LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Senior Co-Managers:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">BNP Paribas Securities Corp.<BR>
HSBC Securities (USA) Inc.<BR>
BBVA Securities Inc.<BR>
Barclays Capital Inc.<BR>
ING Financial Markets LLC<BR>
SG Americas Securities, LLC<BR>
TD Securities (USA) LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt 2pt 16.15pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: -11.15pt">Co-Managers:</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Academy Securities,&nbsp;Inc.<BR>
ANZ Securities,&nbsp;Inc.<BR>
Cabrera Capital Markets LLC<BR>
CastleOak Securities, L.P.<BR>
Loop Capital Markets LLC<BR>
PNC Capital Markets LLC<BR>
Siebert Williams Shank&nbsp;&amp; Co., LLC</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuer expects that delivery of the notes
will be made, against payment for the notes, on or about July&nbsp;17, 2024, which will be the second business day following the pricing
of the notes. Under Rule&nbsp;15c6-1 of the Securities Exchange Act of 1934, as amended, purchases or sales of securities in the secondary
market generally are required to settle within one business day (T+1), unless the parties to any such transactions expressly agree otherwise.
Accordingly, purchasers of notes who wish to trade the notes on the date hereof will be required, because the notes initially will settle
within two business days (T+2), to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement.
Purchasers of notes who wish to trade on the date hereof should consult their own legal and financial advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An explanation of the significance of ratings
may be obtained from the ratings agencies. Generally, ratings agencies base their ratings on such material and information, and such of
their own investigations, studies and assumptions, as they deem appropriate. The security ratings above are not a recommendation to buy,
sell or hold the securities offered hereby. The ratings may be subject to review, revision, suspension, reduction or withdrawal at any
time by S&amp;P and Moody&rsquo;s. Each of the security ratings above should be evaluated independently of any other security rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuer has filed a registration statement
(including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus
in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and
this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any
underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities,&nbsp;Inc.
toll-free at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or J.P. Morgan Securities LLC collect at 1-212-834-4533.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any disclaimers or other notices that may appear
below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated
as a result of this communication being sent via Bloomberg or another email system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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