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CNBC Exclusive: CNBC Transcript: Hewlett Packard Enterprise CEO Meg Whitman Speaks with CNBC's "Squawk on the Street" Today

WHEN: Today, Wednesday, May 25th

WHERE: CNBC's "Squawk on the Street"

Following is the unofficial transcript of a CNBC EXCLUSIVE interview with Hewlett Packard Enterprise CEO Meg Whitman on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today, Wednesday, May 25th. Following are links to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000520535 and http://video.cnbc.com/gallery/?video=3000520536.

All references must be sourced to CNBC.

DAVID FABER: SHARES OF HEWLETT PACKARD ENTERPRISE ARE SURGING THIS MORNING THIS AFTER THE COMPANY ANNOUNCED LATE YESTERDAY IT WOULD SPIN-OFF ITS ENTERPRISE SERVICES UNIT IT AND MERGE IT WITH CSC IN WHAT IT SAYS IS AN $8.5 BILLION TRANSACTION. HP ENTERPRISE ALSO REPORTED QUARTERLY EARNINGS THAT WERE IN LINE WITH ANALYST EXPECTATIONS. ITS REVENUE NUMBER WAS AHEAD OF THOSE EXPECTATIONS. JOINING US NOW WITH ALL THE DETAILS OF THE DEAL ON THE QUARTER, MEG WHITMAN, CHAIRMAN AND CEO OF HEWLETT PACKARD ENTERPRISE. NICE TO HAVE YOU.

WHITMAN: THANK YOU VERY MUCH.

FABER: YOU'RE ONSET AGAIN.

WHITMAN: YEAH, IT'S GREAT.

FABER: LET'S START OFF WITH THE DEAL ITSELF OF COURSE. YOU GOT A COUPLE QUESTIONS ON THE CONFERENCE CALL AND YOU AND I TALKED YESTERDAY AS WELL AND ONE OF THE KEY ONES IS WHY NOW. THERE ARE SOME PEOPLE WHO BELIEVE ENTERPRISE SERVICES IS JUST STARTING TO RAMP AND A BILLION IN PROFITS – OPERATING PROFITS THIS YEAR, COULD BE A BILLION-TWO NEXT YEAR. SO TIMING WHY CHOOSE NOW.

WHITMAN: FIRST OF ALL I DO THINK IT IS IMPORTANT TO UNDERSCORE THE BACKDROP OF AN EXCELLENT QUARTER IT IS THE BEST QUARTER OF EARNINGS THAT WE HAD SINCE I JOINED THE COMPANY SO WE'RE REALLY PROUD OF THE TURNAROUND. THIS TRANSACTION UNLOCKS VALUE FOR BOTH COMPANIES. FIRST, IT CREATES TWO NEW COMPANIES. SO THE ENTERPRISE SERVICES, CSC COMPANY WILL BE A $26 BILLION PURE PLAY INDUSTRY LEADER. AND THAT'S IMPORTANT BECAUSE I THINK THAT PART OF THE BUSINESS IS GOT TO CONSOLIDATE AND ALWAYS BETTER TO BE ON THE FRONT END OF CONSOLIDATION THAN THE BACK END OF CONSOLIDATION.

FABER: WHY DO YOU THINK THAT BUSINESS IS GOING TO CONSOLIDATE?

WHITMAN: WELL LOOK ITO HAS CHANGED DRAMATICALLY. THE CLOUD HAS BECOME A PART OF EVERYBODY'S I.T. ESTATE TODAY. SO THAT BUSINESS I THINK IS FUNDAMENTALLY CHANGED VERSUS WHEN, YOU KNOW, HP BOUGHT THE BUSINESS BACK IN 2008.

FABER: RIGHT.

WHITMAN: SO UNLOCKS A LOT OF VALUE FOR SHAREHOLDERS. AND THEN THAT ALLOWS US TO FOCUS ON THE STAND ALONE HEWLETT PACKARD ENTERPRISE. AS YOU WELL KNOW I'M A BIG BELIEVER IN FOCUS NOW. SO WE'RE GOING TO HAVE A GREAT SOFTWARE DEFINED DATA CENTER STRATEGY FOR THE DATA CENTER AS WELL AS THE EDGE, AND SO WE'RE EXCITED ABOUT IT.

FABER: IT'S FUNNY, YOU'VE MENTIONED THIS A BIG BELIEVER IN FOCUS, OF COURSE, YOU'VE TALKED OFTENTIMES IN OUR INTERVIEWS ABOUT HOW QUICKLY THE WORLD IS MOVING, HOW MUCH FASTER. WHEN YOU GOT TO HP, THAT WAS THE OLD HP IT WAS $100 BILLION IN REVENUES, 300,000 EMPLOYEES. OBVIOUSLY THE BIG SPLIT IS TAKEN PLACE AND NOW ANOTHER ONE, BUT YOU'RE NOW TALKING ABOUT A $33 BILLION REVENUE COMPANY, I'M NOT SURE HOW MANY EMPLOYEES YOU HAVE --

WHITMAN: ABOUT 50,000 TO 60,000.

FABER: ABOUT 50,000 TO 60,000. DOES IT GET EVEN SMALLER FROM HERE? THERE ARE SOME WHO BELIEVE YOUR SOFTWARE BUSINESS IS SUBSTANDARD AND THEREFORE PERHAPS SHOULD ALSO BE PART OF ANOTHER DEAL?

WHITMAN: WELL, YOU KNOW, WE LIKE THE PERFORMANCE OF OUR CURRENT SET OF ASSETS. OBVIOUSLY THE ENTERPRISE GROUP HAD A GREAT QUARTER GROWING 7% AND AS REPORTED 10% IN CONSTANT CURRENCY. I DON'T THINK ANYONE THOUGHT AN INFRASTRUCTURE BUSINESS WOULD EVER GROW AT 10% CONSTANT CURRENCY AND THE SOFTWARE BUSINESS HAD A GOOD QUARTER WHEN YOU ADJUSTED FOR DIVESTITURES AND THE ACQUISITIONS WE MADE. THEY GREW 2% IN CONSTANT CURRENCY SO WE LIKE THE PERFORMANCE OF WHAT WILL BE THE ESSENCE OF THE STAND ALONE HEWLETT PACKARD ENTERPRISE.

FABER: AND SO THIS IS THE FOCUS YOU'VE WANTED?

WHITMAN: THIS IS THE FOCUS WE'VE WANTED. I DIDN'T START OUT THAT WAY, DAVID. WHEN I JOINED THE COMPANY I WASN'T SURE THIS IS WHERE WE WERE GOING TO END UP, BUT TECHNOLOGY IS CHANGING AT LIGHTNING SPEED. I THINK IT IS BETTER TO BE SMALLER, I THINK IT IS BETTER TO LEAN INTO NEW TECHNOLOGY, I THINK IT'S BETTER TO DELEVER THE COMPANY. AND THAT'S WHAT WE'VE DONE. I THINK MIKE LOWRY WHO WILL BE THE NEW CEO OF THE NEW COMPANY, I THINK HE'S GOING TO TAKE THAT BUSINESS TO INCREDIBLE PLACES AS A PURE PLAY FOCUSED SERVICES COMPANY.

FABER: RIGHT. AND THE DEAL ITSELF OF COURSE IS SOMEWHAT COMPLEX BUT ENDS UP BEING A MERGER OF EQUALS IN WHICH YOUR SHAREHOLDERS WILL OWN 50% OF THE COMBINED ENTITY. YOU ALSO GETTING 1.5 BILLION DIVIDEND UNLOADING 2.5 BILLION IN DEBT AND OTHER LIABILITIES YOU ALSO TAKE ABOUT A 1.5 BILLION IN RUN RATE SYNERGIES THROUGH YEAR ONE.

WHITMAN: YES.

FABER: WHY ARE YOU CONFIDENT IN THAT NUMBER?

WHITMAN: BOTH TEAMS GOT TOGETHER AND LOOKED AT THE COST STRUCTURE OF CSC AND LOOKED AT THE COST STRUCTURE OF E.S., AND THERE'S A LOT OF CHANCES TO RATIONALIZE AND DELIVER SERVICES MORE EFFECTIVELY. COMBINED WE HAVE 95 DATA CENTERS. CAN YOU IMAGINE? WE DON'T NEED 95 DATA CENTERS. WE HAVE A HUGE NUMBER OF DELIVERY CENTERS. WE CAN CONSOLIDATE DELIVERY CENTERS WE CAN AUTOMATE AND ORCHESTRATE BETTER THE DELIVERY FOR CUSTOMERS AND WE'LL HAVE A BROADER SET OF OFFERINGS THAT I THINK WILL BE REALLY GOOD FOR CUSTOMERS.

FABER: JIM.

CRAMER: FIRST, CONGRATULATIONS OBVIOUSLY A DEAL THAT'S WORKING FOR BOTH COMPANIES. I'M CONFUSED ABOUT WHETHER YOU'RE NOW ABLE TO BE SWITZERLAND WITH THIS COMPANY OR NOT. YOU'RE A MICROSOFT HOUSE. CSC IS AN AMAZON WEB SERVICES HOUSE. THEY COMPETE AGAINST EACH OTHER. HOW CAN YOU BE UNDER ONE ROOF?

WHITMAN: WELL, THIS IS THE BENEFIT IN SOME WAYS OF BEING A PURE PLAY SERVICES COMPANY. CSC CAN ACTUALLY DO BUSINESS WITH ALL THE DIFFERENT VENDORS. NOW, WE HAVE A PARTNERSHIP, A COMMERCIAL ARRANGEMENT WITH THEM FOR THE NEXT THREE YEARS TO MAKE SURE WE CONTINUE TO PULL THROUGH THE INFRASTRUCTURE AND SOFTWARE THAT WE SELL TODAY THROUGH ENTERPRISE SERVICES. BUT WE'RE GOING TO HAVE TO COMPETE FOR THAT BUSINESS OVER TIME WITH E.S. AND WE'RE HAPPY TO DO IT BECAUSE I THINK WE'VE GOT THE BEST PORTFOLIO ENTERPRISE SERVICES -- SORRY, INFRASTRUCTURE AND SOFTWARE IN THE INDUSTRY. BUT THEY'RE GOING TO HAVE TO BE ABLE TO BRING, YOU KNOW, ALL KINDS OF DIFFERENT SOLUTIONS TO CUSTOMERS.

CRAMER: OKAY. THAT WILL BE DIFFERENT.

FABER: IT WILL BE INDEED. THE QUARTER ITSELF WAS A STRONG ONE. AGAIN, WE SHOULD POINT OUT BECAUSE IT IS COMPLEX. HEWLETT PACKARD SHAREHOLDERS WILL OWN 50% OF CSC, IT'S NOT AS THOUGH HP ITSELF WILL HAVE ANY OWNERSHIP WHATSOEVER.

WHITMAN: ABSOLUTELY.

FABER: WHEN THE DEAL GETS DONE. ON THE DEAL ITSELF YOU'RE RELYING ON AN IRS OPINION. WE'VE SEEN A NUMBER OF OPINIONS LATELY WHERE THE IRS GET A LITTLE TRICKY THIS IS A REVERSE MORRIS TRUST. WHY ARE YOU CONFIDENT YOU'LL GET THE TAX OPINION THAT ALLOWS IT TO BE TAX FREE, WHICH IS A KEY PART OF THE DEAL.

WHITMAN: YOU CAN IMAGINE THIS WAS A KEY PART OF THE DEAL. SO WE'RE VERY THOUGHTFUL ABOUT HOW WE ASSESSED WHETHER THERE WOULD BE IN FACT A TAX FREE SPIN HERE. AND TWO SETS OF ADVISORS, LAWYERS, EVERYONE HAS LOOKED AT THIS AND WE FEEL VERY CONFIDENT THIS WILL BE A TAX-FREE SPIN FOR BOTH PARTIES, CSC AS WELL AS HEWLETT PACKARD ENTERPRISE.

FABER: YOU'RE GOING TO BE BUYING BACK A LOT OF STOCK CONCEIVABLY OVER THE COURSE OF THE YEAR.

WHITMAN: YEAH.

FABER: YOU HAD THE INFUSION FROM THE CHINA DEAL. YOU'RE ALSO DEVOTING 100% OF FREE CASH FLOW TO BUYING BACK STOCK. YOU SAID ON THE CONFERENCE CALL YOU THINK THERE'S REALLY AN INCREDIBLE VALUE IN OUR STOCK PRICE. WHY?

WHITMAN: WELL, AS YOU KNOW HEWLETT PACKARD ENTERPRISE TRADES AT A LOWER MULTIPLE RELATIVE TO OUR COMPETITORS. WE ARE BEATING THE COMPETITION NOW, WHICH WAS NOT TRUE FOUR YEARS AGO. YOU KNOW, YOU LOOK AT WHAT HAPPENED THIS QUARTER, OUR NETWORKING BUSINESS GREW 18%, CISCO SHRUNK 3%. WE HAVE GAINED SHARE IN EXTERNAL DISK STORAGE FOR TWO STRAIGHT YEARS, IBM, DELL, EMC, ALL LOST SHARE. OUR THREE PAR ALL FLASH STORAGE ARRAY IS NOW BIGGER AND FASTER GROWING THAN PURE. AND WE'VE GAINED SHARE IN SERVERS OVERALL ESPECIALLY IN DENSITY, OPTIMIZE AND RACK.

FABER: SO YOU FEEL LIKE YOU'RE AT THE BEGINNING -- I MEAN, AGAIN, YOU GOT A 1% OVERALL REVENUE GROWTH. FIRST TIME SINCE 2011. AND CONSTANT CURRENCY I THINK WAS 5% TOP LINE GROWTH.

WHITMAN: YES.

FABER: BUT YOU FEEL LIKE YOU'RE STARTING TO RAMP.

WHITMAN: I DO. I FEEL VERY GOOD ABOUT OUR CORE BUSINESS. WE USE A RETURNS-BASED CAPITAL ALLOCATION STRATEGY. SO WE LOOK AT ALL DIFFERENT WAYS TO DEPLOY OUR CAPITAL. RIGHT NOW WE THINK OUR SHARES ARE A GOOD BUY. AND WE OUGHT TO CONTINUE TO BUY SHARES.

CRAMER: CAN I ASK ABOUT EUNICE BLENDER BECAUSE IT WASN'T CLEAR FROM THE CONFERENCE CALL?

WHITMAN: YEAH.

CRAMER: HOW WELL IS CHINA REALLY DOING BECAUSE IT HAS BEEN FRANKLY I KNOW IT IS WHITE BOX BLACK BOX WE DON'T HAVE ANY IDEA, GIVE US THE TENOR OF BUSINESS THERE.

WHITMAN: YEAH, SO CHINA IS MIXED. IT'S GONE THROUGH SOME BOOM TIMES AND THEN SOME TOUGHER TIMES. BUT WE DECIDED THAT WE HAD TO HAVE A STRONG LOCAL PARTNER. AND, YOU KNOW, YOU COULD OWN 100% OF A FOREIGN OWNED ENTITY IN CHINA, WHICH PROBABLY WASN'T GOING TO GROW VERY RAPIDLY, OR WE COULD OWN 49% OF A JOINT VENTURE WITH UNISPLENDOUR WHICH IS BASICALLY THE COMMERCIAL ENTITY UNDER TSINGHUA UNIVERSITY. AND TSINGHUA IS A NATIONAL TREASURE IN CHINA AND THEY ARE VERY FOCUSED ON BUILDING THESE KINDS OF BUSINESSES AND THEY'LL TELL YOU MAYBE THIS IS THE NEW MODEL FOR HOW WESTERN COMPANIES DO BUSINESS WITH CHINA. AND ALL I CAN TELL YOU, JIM, IS SINCE WE ANNOUNCED THAT DEAL, OUR CHINA BUSINESS HAS TURNED AROUND DRAMATICALLY. WE HAD A RECORD BREAKING QUARTER THIS YEAR FOR OUR CHINA BUSINESS, AND THE DEAL HADN'T EVEN CLOSED YET. SO I THINK IT'S INDICATIVE OF HOW THE CHINESE WANT TO DO BUSINESS.

CRAMER: SO IN OTHER WORDS WHAT WE'RE SEEING FOR COMPANIES THAT ARE GOING THEIR OWN IN CHINA, MAYBE THAT'S NO LONGER A GOOD STRATEGY? BECAUSE WE KNOW MANY WHO ARE.

WHITMAN: I THINK IT'S A TOUGH STRATEGY TO BE ALONE IN CHINA, YOU KNOW, FOR THE NEXT FIVE OR TEN YEARS. I THINK YOU WANT TO BE WITH A GREAT LOCAL PARTNER WHO UNDERSTANDS THE MARKET, WHO UNDERSTANDS HOW THE GOVERNMENT WORKS. SO I THINK THIS WAS ACTUALLY A REALLY SMART MOVE.

FABER: WHAT ABOUT THE DOLLAR? IT WAS SOMEWHAT QUIET FOR THIS QUARTER, AND YOU GUYS EXPECT THINGS ARE GOING TO MODERATE, GIVEN THE YEAR OVER YEAR COMPARISONS. BUT IT'S BEEN A LITTLE STRONG LATELY.

WHITMAN: YES.

FABER: NOW, THIS IS NOT THE OLD HP WHERE YOU HAD PRINTING TO COMPETE WITH THE JAPANESE, BUT DO YOU EXPECT THAT IF IT CONTINUES TO STRENGTHEN IT'S GOING TO IMPACT YOUR BUSINESS?

WHITMAN: SO THE BIG EFFECT IN THE FIRST AND SECOND QUARTER WAS LARGELY THAT WE COULDN'T ANNIVERSARY THE HEDGING GAINS THAT WE HAD DONE IN THE FIRST HALF OF THE LAST YEAR. SO THE HEDGING GAINS ROLLED OFF. NOW, BASICALLY WE THOUGHT THAT THE EXCHANGE RATE FOR 2016 WOULD BE ABOUT WHERE IT IS TODAY. SO IF THE DOLLAR STRENGTHENS A LITTLE BIT, THAT WILL, YOU KNOW, BE OKAY FOR US. I THINK AS LONG AS IT STAYS IN THIS, YOU KNOW, VERSUS THE EURO – 112, 113, 114 RANGE WE'LL BE FINE.

FABER: AND BACK TO THE BIG DEAL ITSELF, OF COURSE. A VERY POSITIVE REACTION IN THE STOCK MARKET BOTH IN YOUR SHARES AND IN CSC SHARES. BUT SOME PEOPLE SAYING OK, HOW DID YOU GET TO 8.5 BILLION?

WHITMAN: YEAH.

FABER: BECAUSE THAT'S HOW YOU'RE VALUING THE ENTERPRISE SERVICES BUSINESS.

WHITMAN: YES. YES.

FABER: A LOT OF THE OLD EDS ASSETS.

WHITMAN: YES.

FABER: SO HOW DID YOU GET TO THAT NUMBER?

WHITMAN: YEAH, WELL, IT'S A NEGOTIATION LIKE ANY OTHER DEAL, RIGHT? YOU KNOW, HOW MUCH IS THE E.S. ASSET WORTH INSIDE HP? AND HOW MUCH WOULD IT TRADE FOR IF IT WAS A SEPARATELY TRADED COMPANY? AND SO YOU LOOK AT MULTIPLES OF REVENUE, MULTIPLES OF EARNINGS, MULTIPLES OF EBITDA, AND THEN YOU LOOK AT WHAT YOU THINK THE GROWTH RATE AND EARNINGS CAPABILITY AND MARGIN EXPANSION WILL BE. AND IT'S A NEGOTIATION BACK AND FORTH.

FABER: OF COURSE.

QUINTANILLA: MEG –

FABER: SORRY. GO AHEAD, CARL.

QUINTANILLA: I WOULD LOVE TO GET YOUR TAKE QUICKLY ON JUST THREE BINARY OUTCOMES. FED HIKE, BREXIT AND THE ELECTION. HOW ARE YOU THINKING ABOUT THEM?

WHITMAN: YEAH, SO BREXIT WE HOPE THAT BRITAIN WILL STAY IN THE EU, IT WILL BE GOOD FOR OUR BUSINESS. IN FACT, I THINK IT WILL BE GOOD FOR THE EU. THE FED HIKE, LISTEN, YOU KNOW, I DON'T KNOW WHETHER THAT WILL HAPPEN OR NOT. OBVIOUSLY WE HAVE DEBT ON A LOT OF OUR COMPANIES, SO, YOU KNOW, A LOW INTEREST RATE IS A GOOD THING FOR US. BUT WE COULD COPE WITH, YOU KNOW, A BIT OF AN INTEREST RATE HIKE.

FABER: AND, MEG, WHAT ABOUT A TRUMP POSSIBLE PRESIDENCY? LAST TIME WE HAD YOU ON IT WAS DAYS AFTER YOU HAD MADE SOME VERY STRONG COMMENTS.

WHITMAN: YEAH.

FABER: AGAINST THE IDEA OF TRUMP BECOMING THE NOMINEE. HE'S NOW THE PRESUMPTIVE NOMINEE OF THE REPUBLICAN PARTY. DO YOU WORRY, AS THE CHAIRMAN AND CEO OF A MULTINATIONAL, THAT A TRUMP PRESIDENCY COULD BE BAD FOR YOUR BUSINESS?

WHITMAN: YEAH, I DON'T THINK THAT A TRUMP PRESIDENCY WOULD BE GOOD FOR OUR BUSINESS. AND I'M EXACTLY WHERE I WAS THREE MONTHS AGO. I AM NOT SUPPORTING DONALD TRUMP AND UNDER NO CIRCUMSTANCES WILL I SUPPORT DONALD TRUMP. I DON'T THINK HE IS –

CRAMER: BUT A GREAT BUSINESSMAN AS PRESIDENT?

WHITMAN: YOU KNOW WHAT? I JUST DON'T THINK HE IS THE RIGHT PERSON TO BE PRESIDENT OF THE UNITED STATES. AND I THINK HIS POLICIES AROUND FREE TRADE WILL BE DAMAGING TO BUSINESS AS A WHOLE.

CRAMER: HE IS A GREAT BUSINESSMAN.

WHITMAN: YOU KNOW, I THINK THE JURY'S OUT ON THAT.

FABER: AND WHAT DO YOU HEAR FROM OTHER CEOs CONCEIVABLY WHO ALSO LEAN TOWARDS THE REPUBLICAN PARTY?

WHITMAN: SO I THINK ABOUT A THIRD OF THE PEOPLE THAT I TALK TO WON'T SUPPORT DONALD TRUMP AND MAY SUPPORT HILLARY CLINTON. THEN THERE'S A THIRD THAT ARE JUST NOT – KNOW WHAT TO DO. THEY'RE NOT HAPPY WITH EITHER CHOICE AT THE MOMENT. AND THEN THERE'S I THINK A THIRD OF REPUBLICANS WHO WILL FALL IN LINE BEHIND THE REPUBLICAN NOMINEE.

FABER: DO YOU WORRY ABOUT WHAT IT WILL MEAN FOR MULTINATIONAL BUSINESS, PARTICULARLY IF HE FOLLOWS THROUGH ON SOME OF HIS TRADE POLICIES?

WHITMAN: I DO. I DO HAVE A REAL CONCERN ABOUT THAT. YOU KNOW, WE HAVE TO BE THE MOST COST EFFECTIVE COMPETITOR IN THE WORLD. WE'VE GOT TO COMPETE AGAINST HUAWEI, AGAINST LENOVO, AGAINST OUR COMPETITORS HERE IN THE UNITED STATES. OUR SERVICES BUSINESS HAS TO COMPETE AGAINST ACTOSE AND OTHER MULTINATIONAL COMPANIES. SO WE'VE GOT TO BE INCREDIBLY COST EFFECTIVE. AND IF WE ARE PROHIBITED FROM MANUFACTURING IN THE RIGHT LOCATIONS, THAT MEANS THAT JOBS IN THE UNITED STATES WILL BE IN JEOPARDY BECAUSE HEWLETT PACKARD ENTERPRISE WON'T THRIVE. SO I AM A BIG PROPONENT OF FREE TRADE. I THINK THAT EVERYONE KNOWS THAT, FOR THE MOST PART, FREE TRADE IS THE RIGHT THING FOR AMERICAN BUSINESS AND FRANKLY AMERICAN WORKERS.

FABER: MEG, AS ALWAYS, WE APPRECIATE YOU TAKING THE TIME. IN PARTICULAR, COMING TO POST NINE TODAY.

WHITMAN: GREAT. THANKS AN AWFUL LOT. GREAT TO SEE YOU. GREAT TO BE WITH YOU.

FABER: MEG WHITMAN, CHAIRMAN AND CEO OF HEWLETT PACKARD ENTERPRISE.

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