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A comprehensive study of the Macedonian lunar calendar of Ptolemaic Egypt. The mechanics of the calendar are examined in detail, and a new approach for reconstructing the sequence of intercalary months and years is proposed which, for the first time, permits a consistent interpretation of the papyrological data of the middle Ptolemaic period. It is shown that in c. 265 BC Ptolemy II deliberately set in motion a process to realign the calendar over an extended period, which ended early in the reign of Ptolemy IV.