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We consider the c = 1 matrix model deformed by the operator 2M TrΦ −2, which was conjectured by Jevicki and Yoneya to describe a two-dimensional black hole of mass M . We calculate the exact non-perturbative S-matrix and show that all the amplitudes involving an odd number of particles vanish at least to all orders of perturbation theory. We conjecture that(More)