Abstract
We identify the states in string theory which are responsible for the entropy of near-extremal rotating four-dimensional black holes in $N\phantom{\rule{0ex}{0ex}}=\phantom{\rule{0ex}{0ex}}8$ supergravity. For black holes far from extremality (with no rotation), the Bekenstein-Hawking entropy is exactly matched by a mysterious duality invariant extension of the formulas derived for near-extremal black holes states.
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