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iPhone '5C', very likely!
iPhone 5C red plastic shell packaging spotted together with instruction manuals which appears to fit the packaging! Looks like the budget iPhone will indeed be called iPhone '5C'! It is expected to come in red, blue, yellow, green, white colours with specifications similar to the iPhone 5: 8 megapixel iSight camera, A6 chip, 4 inch Retina display and 1.2 megapixel front camera. ;)