Document:

Exhibit

1

FIRST AMENDING AGREEMENT
THIS AGREEMENT dated as of June 15, 2015.
AMONG:
CANADIAN PACIFIC RAILWAY COMPANY ("CPRC") and CPR SECURITIES LIMITED ("CPR Securities") as Borrowers,
and
CANADIAN PACIFIC RAILWAY LIMITED (the "Covenantor"), as Covenantor
OF THE FIRST PART
and
ROYAL BANK OF CANADA, a Canadian chartered bank, as administration agent of the Lenders (hereinafter referred to as the "Agent"),
OF THE SECOND PART
and
EACH PERSON NAMED ON THE SIGNATURE PAGES HEREOF in their capacity as a Lender (hereinafter collectively referred to as the "Lenders" and individually, a "Lender"),
OF THE THIRD PART
WHEREAS the parties hereto entered into the Credit Agreement;
AND WHEREAS the parties hereto have agreed to amend and supplement certain provisions of the Credit Agreement as set out herein; 
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows:
1.INTERPRETATION
1.1    In this Agreement and the recitals hereto, unless something in the subject matter or context is inconsistent therewith:
"Agreement" means this first amending agreement, as amended, modified, supplemented or restated from time to time;

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"Amended Credit Agreement" means the Credit Agreement as amended and supplemented by this Agreement, and as the same may be further amended, modified, supplemented or restated from time to time;
"Credit Agreement" means the credit agreement dated as of September 26, 2014 between the Borrowers, the Agent and the Lenders; and
"Effective Date" means the date on which all of the conditions precedent in Section 4.1 of this Agreement have been satisfied or waived by the Lenders.
1.2    Capitalized terms used herein without express definition shall have the same meanings herein as are ascribed thereto in the Credit Agreement.
1.3    The division of this Agreement into Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.  The terms "this Agreement", "hereof", "hereunder" and similar expressions refer to this Agreement and not to any particular Section or other portion hereof and include any agreements supplemental hereto.  Unless expressly indicated otherwise, all references to "Section" or "Sections" are intended to refer to a Section or Sections of the Credit Agreement.
2.    AMENDMENTS TO CREDIT AGREEMENT
2.1    Effective as of the Effective Date, all of the Lenders agree the Credit Agreement is amended by:
		
	(a)
	adding the following definition in alphabetical order:

""EBITDA" means for any period, on a consolidated basis and without duplication, the sum of the Covenantor's: 
		
	(a) 
	consolidated net income before (to the extent included in determining consolidated net income of the Covenantor): 

		
	(i) 
	unrealized gains or losses from financial derivatives, non-cash pension income or expense, foreign-exchange translation gains or losses on U.S. Dollar denominated debt, and all other non-cash expenses including non-cash compensation expense, depreciation, amortization and accretion expense;

		
	(ii)
	extraordinary items and     gains or losses from dispositions of assets; 

		
	(iii)
	accrued expenses for third-party and environmental liabilities up to the aggregate amount of valid insurance coverage held by the Covenantor, plus any equity raised by the Covenantor to fund such expenses; and

		
	(iv) 
	the amount of any insurance proceeds applied to the expenses listed in (iii) above and recorded as income in accordance with GAAP, and

		
	(b)
	to the extent deducted in determining net income of the Covenantor (i) all interest expense (including all capitalized interest, commissions, discounts and other fees and charges) plus the portion of rent expense of the Covenantor under Capitalized Lease Obligations that is 

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treated as interest in accordance with GAAP, and (ii) the amount of taxes, based on or measured by income in accordance with GAAP.
EBITDA will be adjusted to include or exclude EBITDA, as applicable, associated with any acquisition or disposition (which increases or decreases EBITDA, as the case may be, by more than Cdn. $50,000,000 or the Equivalent Amount in U.S. Dollars) made within the applicable period, as if that acquisition or disposition had been made at the beginning of such period (in a manner satisfactory to the Lenders, acting reasonably).";
		
	(b)
	deleting the definition "Total Capitalization" in its entirety; and

		
	(c)
	deleting the paragraph in Section 8.3 in its entirety and replacing it with the following:

"So long as any amount owing by any Borrower under this Agreement remains unpaid or any Lender has any obligation under this Agreement, unless consent is given under Section 12.1, the ratio of Funded Debt to EBITDA of the Covenantor shall not exceed 4.00 to 1.00 on the last day of any period of four consecutive Financial Quarters."
3.    REPRESENTATIONS AND WARRANTIES
3.1    The Borrowers hereby represent and warrant to and in favour of the Agent and the Lenders that as of the Effective Date:
		
	(a)
	there exists no Default or Event of Default; and

		
	(b)
	the representations and warranties contained in Section 7.1 of the Credit Agreement (other than any representations and warranties which expressly speak of an earlier date, and with this Agreement being a Credit Document and references to the Credit Agreement being deemed to be references to the Amended Credit Agreement) are true and correct.

4.    CONDITIONS PRECEDENT TO EFFECTIVENESS
4.1    This Agreement shall be effective upon delivery by the Borrowers to the Agent of an executed copy of this Agreement.
5.    CONFIRMATION OF CREDIT AGREEMENT AND OTHER DOCUMENTS
The Credit Agreement and the other Credit Documents to which each Borrower is a party and all covenants, terms and provisions thereof, except as expressly amended and supplemented by this Agreement, shall be and continue to be in full force and effect. The Credit Agreement as amended hereby is hereby ratified and confirmed and shall from and after the date hereof continue in full force and effect.  This Agreement shall, for all purposes, be considered to be a Credit Document. The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents.
6.    FURTHER ASSURANCES

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The parties hereto shall from time to time do all such further acts and things and execute and deliver all such documents as are required in order to effect the full intent of and fully perform and carry out the terms of this Agreement.
7.    COUNTERPARTS
This Agreement may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Agreement by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.
8.    GOVERNING LAW
The parties agree that this Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein, without prejudice to or limitation of any other rights or remedies available under the laws of any jurisdiction where property or assets of the Borrowers may be found.

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IN WITNESS WHEREOF the parties hereto have executed this Agreement.

	
		
	 
	CANADIAN PACIFIC RAILWAY COMPANY, as Borrower

Per:    /s/ Darren Yaworsky
Name:    Darren J. Yaworsky
Title:    Treasurer

	 
	 

	 
	CPR SECURITIES LTD., as Borrower

Per:    /s/ Darren Yaworsky
Name:    Darren J. Yaworsky
Title:    Treasurer   

	 
	 

	 
	CANADIAN PACIFIC RAILWAY LIMITED, as Covenantor

Per:    /s/ Darren Yaworsky
Name:    Darren J. Yaworsky
Title:    Treasurer   

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	THE ADMINISTRATIVE AGENT

ROYAL BANK OF CANADA

Per:   "signed"
   Authorized Signatory
   

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	THE LENDERS

	

	

ROYAL BANK OF CANADA

Per:   /s/ Tim VandeGriend
   Tim VandeGriend
   Authorized Signatory

	 
	 

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	JPMORGAN CHASE BANK, N.A., Toronto Branch

Per:  /s/ Robert P. Kellas
Robert P. Kellas , Executive Director          Authorized Signing Officer

Per:     _________________ 
   Authorized Signing Officer
   

	 
	 

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	THE TORONTO-DOMINION BANK

Per:    /s/ Glen Cameron
Glen Cameron 
           Director

Per:    /s/ Anil Nayak
Anil Nayak 
           Vice President

   

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	MORGAN STANLEY BANK, N.A.

Per:    "signed"  
   Authorized Signing Officer

Per:                                  
   Authorized Signing Officer
   

	 
	 

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	BANK OF TOKYO-MITSUBISHI UFJ (CANADA)

Per:   /s/ Daniel Nanson
Daniel Nanson
           Manging Director,
           Canadian Corporate Banking
   

	 
	 

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	CITIBANK, N.A., Canadian Branch

Per:     "signed" 
   Authorized Signing Officer

Per:                                     
   Authorized Signing Officer
   

	 
	 

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	BANK OF AMERICA, N.A., CANADA BRANCH

Per:  /s/ Medina Sales de Andrade
Medina Sales de Andrade , Vice President
   

	 
	 

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	BANK OF MONTREAL

Per:    /s/ Carol S. McDonald
Authorized Signing Officer

Per:    /s/ Darren Thomas
Authorized Signing Officer

	 
	 

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	THE BANK OF NOVA SCOTIA

Per:    /s/ Jamie Davis
Authorized Signing Officer

Per:    /s/ Andrew Morales
Authorized Signing Officer

   

	 
	 

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	CANADIAN IMPERIAL BANK OF COMMERCE

Per:    /s/ Ben Fallico
Authorized Signing Officer

Per:    /s/ Jordan Spellman
Authorized Signing Officer

   

	 
	 

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	WELLS FARGO BANK N.A., CANADIAN BRANCH

Per:     "signed" 
   Authorized Signing Officer

Per:                                        
   Authorized Signing Officer

	 
	 

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	HSBC BANK CANADA

Per:     "signed" 
   Authorized Signing Officer

Per:     "signed" 
   Authorized Signing Officer

	 
	 

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	ALBERTA TREASURY BRANCHES

Per:    /s/ Shawn Bunnin
Authorized Signing Officer

Per:    /s/ Brinna Brinkerhoff
Authorized Signing Officer
   

	 
	 

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	NATIONAL BANK OF CANADA

Per:    /s/ Richard Lo
Authorized Signing Officer

Per:    /s/ Ian Gillespie
Authorized Signing Officer
   

	 
	 

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	SUMITOMO MITSUI BANKING CORPORATION OF CANADA

Per:    "signed"  
   Authorized Signing Officer

Per:                                  
   Authorized Signing Officer

	 
	 

2091462.7Exhibit

SECOND AMENDING AGREEMENT
THIS AGREEMENT dated as of September 17 , 2015.
AMONG:
CANADIAN PACIFIC RAILWAY COMPANY ("CPRC") and CPR SECURITIES LIMITED ("CPR Securities") as Borrowers,
and
CANADIAN PACIFIC RAILWAY LIMITED (the "Covenantor"), as Covenantor
OF THE FIRST PART
and
ROYAL BANK OF CANADA, a Canadian chartered bank, as administration agent of the Lenders (hereinafter referred to as the "Agent"),
OF THE SECOND PART
and
EACH PERSON NAMED ON THE SIGNATURE PAGES HEREOF in their capacity as a Lender (hereinafter collectively referred to as the "Lenders" and individually, a "Lender"),
OF THE THIRD PART
WHEREAS the parties hereto entered into the Credit Agreement;
AND WHEREAS the parties hereto have agreed to amend and supplement certain provisions of the Credit Agreement as set out herein; 
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby conclusively acknowledged by each of the parties hereto, the parties hereto covenant and agree as follows:
1.INTERPRETATION
1.1    In this Agreement and the recitals hereto, unless something in the subject matter or context is inconsistent therewith:
"Agreement" means this second amending agreement, as amended, modified, supplemented or restated from time to time;

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"Amended Credit Agreement" means the Credit Agreement as amended and supplemented by this Agreement, and as the same may be further amended, modified, supplemented or restated from time to time;
"Credit Agreement" means the credit agreement dated as of September 26, 2014, as amended by a first amending agreement dated as of June 15, 2015, between the Borrowers, the Agent and the Lenders; and
"Effective Date" means the date on which all of the conditions precedent in Section 4.1 of this Agreement have been satisfied or waived by the Lenders.
1.2    Capitalized terms used herein without express definition shall have the same meanings herein as are ascribed thereto in the Credit Agreement.
1.3    The division of this Agreement into Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.  The terms "this Agreement", "hereof", "hereunder" and similar expressions refer to this Agreement and not to any particular Section or other portion hereof and include any agreements supplemental hereto.  Unless expressly indicated otherwise, all references to "Section" or "Sections" are intended to refer to a Section or Sections of the Credit Agreement.
2.    AMENDMENTS TO CREDIT AGREEMENT
2.1    Effective as of the Effective Date, each of the 5 Year Lenders agree the Credit Agreement is amended by:
		
	(a)
	amending the definition "5 Year Maturity Date" by deleting the reference to "September 26, 2019" and replacing it with "September 26, 2020"; and

		
	(b)
	deleting the table on Schedule 7 under the heading "5 Year Facility" and replacing it with the following table:

	
				
	Senior Unsecured Debt Rating as Assigned by S&P or Moody's respectively
	Standby Fee
	Canadian Prime Rate Advances/ Base Rate (Canada) Advances
	Eurodollar Rate Advance/BA Instruments/Documentary Credits

	A2/A or higher
	8 bps
	0 bps
	87.5 bps

	A-/A3
	10 bps
	0 bps
	100 bps

	BBB+/Baa1
	12.5 bps
	12.5 bps
	112.5 bps

	BBB/Baa2
	15 bps
	25 bps
	125 bps

	BBB-/Baa3
	20 bps
	50 bps
	150 bps

	BB+/Ba1 or lower
	25 bps
	75 bps
	175 bps

2.2    Effective as of the Effective Date, each of the 1+1 Lenders agree the Credit Agreement is amended by:
		
	(a)
	amending the definition of "Term Out Date" by deleting the reference to "September 25, 2015" and replacing it with "September 23, 2016"; and

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	(b)
	deleting the table on Schedule 7 under the heading "1+1 Year Facility" and replacing it with the following table:

	
				
	Senior Unsecured Debt Rating as Assigned by S&P or Moody's respectively
	Standby Fee
	Canadian Prime Rate Advances/ Base Rate (Canada) Advances
	Eurodollar Rate Advance/BA Instruments

	A2/A or higher
	5 bps
	0 bps
	87.5 bps

	A-/A3
	7.5 bps
	0 bps
	100 bps

	BBB+/Baa1
	9.5 bps
	12.5 bps
	112.5 bps

	BBB/Baa2
	12 bps
	25 bps
	125 bps

	BBB-/Baa3
	17.5 bps
	50 bps
	150 bps

	BB+/Ba1 or lower
	20 bps
	75 bps
	175 bps

3.    REPRESENTATIONS AND WARRANTIES
3.1    The Borrowers hereby represent and warrant to and in favour of the Agent and the Lenders that as of the Effective Date:
		
	(c)
	there exists no Default or Event of Default; and

		
	(d)
	the representations and warranties contained in Section 7.1 of the Credit Agreement (other than any representations and warranties which expressly speak of an earlier date, and with this Agreement being a Credit Document and references to the Credit Agreement being deemed to be references to the Amended Credit Agreement) are true and correct.

4.    CONDITIONS PRECEDENT TO EFFECTIVENESS
4.1    This Agreement shall be effective on the date each of the following conditions precedent are satisfied (or waived by the Lenders hereunder):
		
	(a)
	the Borrower shall deliver or cause to be delivered to the Agent an executed copy of this Agreement for each Lender; and

		
	(b)
	each Lender shall have been paid all fees as have been agreed to with the Borrower in respect of this Agreement.

5.    CONFIRMATION OF CREDIT AGREEMENT AND OTHER DOCUMENTS
The Credit Agreement and the other Credit Documents to which each Borrower is a party and all covenants, terms and provisions thereof, except as expressly amended and supplemented by this Agreement, shall be and continue to be in full force and effect. The Credit Agreement as amended hereby is hereby ratified and confirmed and shall from and after the date hereof continue in full force and effect.  This Agreement shall, for all purposes, be considered to be a Credit Document. The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under any of the Credit Documents, nor constitute a waiver of any provision of any of the Credit Documents.
6.    FURTHER ASSURANCES

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The parties hereto shall from time to time do all such further acts and things and execute and deliver all such documents as are required in order to effect the full intent of and fully perform and carry out the terms of this Agreement.
7.    COUNTERPARTS
This Agreement may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Agreement by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.
8.    GOVERNING LAW
The parties agree that this Agreement shall be governed by and construed in accordance with the laws of the Province of Alberta and the laws of Canada applicable therein, without prejudice to or limitation of any other rights or remedies available under the laws of any jurisdiction where property or assets of the Borrowers may be found.
[signature pages follow]

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IN WITNESS WHEREOF the parties hereto have executed this Agreement.

	
		
	 
	CANADIAN PACIFIC RAILWAY COMPANY, as Borrower

Per:    /s/ Darren Yaworsky
Name:    Darren J. Yaworsky
Title:    Treasurer   

	 
	 

	 
	CPR SECURITIES LTD., as Borrower

Per:    /s/ Darren Yaworsky
Name:    Darren J. Yaworsky
Title:    Treasurer   

	 
	 

	 
	CANADIAN PACIFIC RAILWAY LIMITED, as Covenantor

Per:    /s/ Darren Yaworsky
Name:    Darren J. Yaworsky
Title:    Treasurer  

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	THE ADMINISTRATIVE AGENT

ROYAL BANK OF CANADA

Per:     "signed" 
   Authorized Signatory
   

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	THE LENDERS

	

	

ROYAL BANK OF CANADA

Per:   /s/ Tim VandeGriend
   Tim VandeGriend
   Authorized Signatory

	 
	 

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	JPMORGAN CHASE BANK, N.A., Toronto Branch

Per: /s/ Robert P. Kellas
           Robert P. Kellas
           Executive Director
   

	 
	 

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	THE TORONTO-DOMINION BANK

Per:    /s/ David Radomsky
           David Radomsky, Dirrector
    

Per:    /s/ Anil Nayak
           Anil Nyak, Vice President   

	 
	 

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	MORGAN STANLEY BANK, N.A.

Per:    Michael King
    

Per:    /s/.Michael King

   
   

	 
	 

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	BANK OF TOKYO-MITSUBISHI UFJ (CANADA)

Per:   /s/ Daniel Nanson
           Daniel Nanson
           Managing Director
    
   
   

	 
	 

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	CITIBANK, N.A., Canadian Branch

Per:   /s/ Jonathan Cain
           Authorized Signatory
      

	 
	 

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	BANK OF AMERICA, N.A., CANADA BRANCH

Per:   /s/ Medina Sales de Andrade
           Medina Sales de Andrade, VP

	 
	 

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	BANK OF MONTREAL

Per:   /s/ Carol McDonald
    

Per:    /s/ Darren Tomas
   

	 
	 

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	THE BANK OF NOVA SCOTIA

Per:    /s/ Jamie Davis
    

Per:    /s/ Andrew Morales
   
   

	 
	 

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	CANADIAN IMPERIAL BANK OF COMMERCE

Per:    /s/ Ben Fallico
    

Per:    /s/ Kevin Charko

   
   

	 
	 

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	WELLS FARGO BANK, N.A., CANADIAN BRANCH

Per:   /s/ Jeff McInenly
          Jeff McInenly
          Relationship Manager

Per:      
   

	 
	 

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	HSBC BANK CANADA

Per:    /s/ Jean-Philippe Gariazzo
            Jean-Philippe Gariazzo
            Director
    

Per:    /s/ Dieter Stefely
           Dieterr Stefely
           Director

   

	 
	 

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	ALBERTA TREASURY BRANCHES

Per:    /s/ Shawn Bunnin
    

Per:    /s/ Maximiliano Herrera

   
   

	 
	 

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	NATIONAL BANK OF CANADA

Per:    /s/ Richard Lo
          Name: Richard Lo
          Title: Director
    

Per:    /s/ Ian Gillespie
          Name: Ian Gillespie
          Title: Managing Director
   
   

	 
	 

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	SUMITOMO MITSUI BANKING CORPORATION OF CANADA

Per:   /s/ E.R. Langley
           E.R. Langley
           Senior Vice President

Per:                                             
   

	 
	 

6998872.2

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