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This regex matches IPv4 addresses consisting of four octets (0-255) separated by dots. Each octet can be matched either as a number 0-199 (allowing optional leading 0 or 1) or 200-255. Note that it permits leading zeros in octets, so addresses like '192.168.001.010' would be accepted. Useful for basic IP address validation in forms, network configuration tools, and log parsing applications.