Yes it does if you are doing EBGP and your router has two or more directly conneted links to your EBGP peer. The the default load balancing will work if static routes or an IGP is used for your subnets linking your neighbors. You see it is not BGP performing the load balancing but the normal behavior of load balancing across equal cost paths (if exists) regardless if you are using static or IGP routes.. EBGP multihop also does this however, you are still using the behavior of the static and IGP routes for equal cost paths but do not need to have your neighbors directly connected... Lab it you will see... Have fun....
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