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In this paper, the problem of stability analysis is investigated for switched neural networks with time-varying delay using linear matrix inequality (LMI) approach. By taking advantage of the average dwell time method, two sufficient conditions are developed to ensure the global exponential stability of the considered neural networks, which are delay-dependent and formulated by LMIs. The state decay estimate is explicitly given. Numerical examples are provided to demonstrate the effectiveness and feasibility of the proposed techniques.