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Photon echo schemes are excellent candidates for high efficiency coherent optical memory. They are capable of high-bandwidth multipulse storage, pulse resequencing and have been shown theoretically to be compatible with quantum information applications. One particular photon echo scheme is the gradient echo memory (GEM). In this system, an atomic frequency gradient is induced in the direction of light propagation leading to a Fourier decomposition of the optical spectrum along the length of the storage medium. This Fourier encoding allows precision spectral manipulation of the stored light. In this Letter, we show frequency shifting, spectral compression, spectral splitting, and fine dispersion control of optical pulses using GEM.