<SEC-DOCUMENT>0001104659-25-009752.txt : 20250205
<SEC-HEADER>0001104659-25-009752.hdr.sgml : 20250205
<ACCEPTANCE-DATETIME>20250205171759
ACCESSION NUMBER:		0001104659-25-009752
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250205
DATE AS OF CHANGE:		20250205

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL BUSINESS MACHINES CORP
		CENTRAL INDEX KEY:			0000051143
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER & OFFICE EQUIPMENT [3570]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				130871985
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-276739
		FILM NUMBER:		25594423

	BUSINESS ADDRESS:	
		STREET 1:		1 NEW ORCHARD ROAD
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		9144991900

	MAIL ADDRESS:	
		STREET 1:		1 NEW ORCHARD RD
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL BUSINESS MACHINES CORP
		CENTRAL INDEX KEY:			0000051143
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER & OFFICE EQUIPMENT [3570]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				130871985
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1 NEW ORCHARD ROAD
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		9144991900

	MAIL ADDRESS:	
		STREET 1:		1 NEW ORCHARD RD
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Number 333-276739</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>$1,000,000,000 4.650% Notes
due 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>$1,000,000,000 4.800% Notes
due 2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>$850,000,000 5.000% Notes
due 2032</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>$900,000,000 5.200% Notes
due 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>$1,000,000,000 5.700% Notes
due 2055</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">International Business Machines Corporation<BR>
February 5, 2025<BR>
Pricing Term Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Issuer</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">International Business Machines Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Expected Ratings*</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">A3 / A- / A- (Moody&#8217;s/S&amp;P/Fitch)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Format</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">SEC Registered</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Trade Date</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">February 5, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Settlement Date**</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">February 10, 2025 (T+3) </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Joint Bookrunning Managers</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">BNP Paribas Securities Corp.<BR>
Barclays Capital Inc.<BR>
Deutsche Bank Securities Inc.<BR>
RBC Capital Markets, LLC<BR>
Santander US Capital Markets LLC<BR>
SG Americas Securities, LLC<BR>
SMBC Nikko Securities America, Inc.<BR>
U.S. Bancorp Investments, Inc.<BR>
Wells Fargo Securities, LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Senior Co-Managers</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">BBVA Securities Inc.<BR>
CIBC World Markets Corp.<BR>
ING Financial Markets LLC<BR>
Mizuho Securities USA LLC<BR>
MUFG Securities Americas
Inc.<BR>
Scotia Capital (USA) Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Co-Managers</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">Academy Securities, Inc.<BR>
Bancroft Capital, LLC<BR>
Samuel A. Ramirez &amp; Company, Inc.<BR>
Siebert Williams Shank &amp; Co., LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Minimum Denomination</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt">$100,000 and multiples of $1,000 in excess thereof</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; width: 25%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; width: 15%; padding-bottom: 3pt"><B><U>2028 Notes</U></B></TD>
    <TD STYLE="padding: 3pt 2pt; width: 15%"><B><U>2030 Notes</U></B></TD>
    <TD STYLE="padding: 3pt 2pt; width: 15%"><B><U>2032 Notes</U></B></TD>
    <TD STYLE="padding: 3pt 2pt; width: 15%"><B><U>2035 Notes</U></B></TD>
    <TD STYLE="padding: 3pt 2pt; width: 15%"><B><U>2055 Notes</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Size</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">$1,000,000,000</TD>
    <TD STYLE="padding: 3pt 2pt">$1,000,000,000</TD>
    <TD STYLE="padding: 3pt 2pt">$850,000,000</TD>
    <TD STYLE="padding: 3pt 2pt">$900,000,000</TD>
    <TD STYLE="padding: 3pt 2pt">$1,000,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Maturity</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">February 10, 2028 </TD>
    <TD STYLE="padding: 3pt 2pt">February 10, 2030 </TD>
    <TD STYLE="padding: 3pt 2pt">February 10, 2032 </TD>
    <TD STYLE="padding: 3pt 2pt">February 10, 2035 </TD>
    <TD STYLE="padding: 3pt 2pt">February 10, 2055</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Interest Payment Dates</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">Semi-annually on February 10 and August 10</TD>
    <TD STYLE="padding: 3pt 2pt">Semi-annually on February 10 and August 10</TD>
    <TD STYLE="padding: 3pt 2pt">Semi-annually on February 10 and August 10</TD>
    <TD STYLE="padding: 3pt 2pt">Semi-annually on February 10 and August 10</TD>
    <TD STYLE="padding: 3pt 2pt">Semi-annually on February 10 and August 10</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">First Interest Payment Date</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">August 10, 2025</TD>
    <TD STYLE="padding: 3pt 2pt">August 10, 2025</TD>
    <TD STYLE="padding: 3pt 2pt">August 10, 2025</TD>
    <TD STYLE="padding: 3pt 2pt">August 10, 2025</TD>
    <TD STYLE="padding: 3pt 2pt">August 10, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Coupon</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">4.650%</TD>
    <TD STYLE="padding: 3pt 2pt">4.800%</TD>
    <TD STYLE="padding: 3pt 2pt">5.000%</TD>
    <TD STYLE="padding: 3pt 2pt">5.200%</TD>
    <TD STYLE="padding: 3pt 2pt">5.700%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Benchmark Treasury</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">4.250% due January 15, 2028</TD>
    <TD STYLE="padding: 3pt 2pt">4.250% due January 31, 2030 </TD>
    <TD STYLE="padding: 3pt 2pt">4.375% due January 31, 2032 </TD>
    <TD STYLE="padding: 3pt 2pt">4.250% due November 15, 2034</TD>
    <TD STYLE="padding: 3pt 2pt">4.250% due August 15, 2054</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; width: 25%">Benchmark Treasury Yield</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt; width: 15%">4.205%</TD>
    <TD STYLE="padding: 3pt 2pt; width: 15%">4.250%</TD>
    <TD STYLE="padding: 3pt 2pt; width: 15%">4.340%</TD>
    <TD STYLE="padding: 3pt 2pt; width: 15%">4.428%</TD>
    <TD STYLE="padding: 3pt 2pt; width: 15%">4.657%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Spread to Benchmark Treasury</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">T + 45 bps</TD>
    <TD STYLE="padding: 3pt 2pt">T + 60 bps</TD>
    <TD STYLE="padding: 3pt 2pt">T + 70 bps</TD>
    <TD STYLE="padding: 3pt 2pt">T + 80 bps</TD>
    <TD STYLE="padding: 3pt 2pt">T + 105 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Yield to Maturity</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">4.655%</TD>
    <TD STYLE="padding: 3pt 2pt">4.850%</TD>
    <TD STYLE="padding: 3pt 2pt">5.040%</TD>
    <TD STYLE="padding: 3pt 2pt">5.228%</TD>
    <TD STYLE="padding: 3pt 2pt">5.707%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Make-Whole Call</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">Prior to January 10, 2028 at T + 10 bps</TD>
    <TD STYLE="padding: 3pt 2pt">Prior to January 10, 2030 at T + 10 bps</TD>
    <TD STYLE="padding: 3pt 2pt">Prior to December 10, 2031 at T + 15 bps</TD>
    <TD STYLE="padding: 3pt 2pt">Prior to November 10, 2034 at T + 15 bps</TD>
    <TD STYLE="padding: 3pt 2pt">Prior to August 10, 2054 at T + 20 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Par Call </TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">On or after January 10, 2028</TD>
    <TD STYLE="padding: 3pt 2pt">On or after January 10, 2030</TD>
    <TD STYLE="padding: 3pt 2pt">On or after December 10, 2031</TD>
    <TD STYLE="padding: 3pt 2pt">On or after November 10, 2034</TD>
    <TD STYLE="padding: 3pt 2pt">On or after August 10, 2054</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Price to Public</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">99.986%</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">99.780%</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">99.767%</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">99.784%</FONT></TD>
    <TD STYLE="padding: 3pt 2pt">99.900%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Underwriting Discount</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">0.100%</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">0.200%</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">0.300%</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">0.450%</FONT></TD>
    <TD STYLE="padding: 3pt 2pt">0.650%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Day Count</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt">30/360</TD>
    <TD STYLE="padding: 3pt 2pt">30/360</TD>
    <TD STYLE="padding: 3pt 2pt">30/360</TD>
    <TD STYLE="padding: 3pt 2pt">30/360</TD>
    <TD STYLE="padding: 3pt 2pt">30/360</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">CUSIP </TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">459200 LF6</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">459200 LG4</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">459200 LH2</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">459200 LJ8</FONT></TD>
    <TD STYLE="padding: 3pt 2pt">459200 LK5</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">ISIN</TD>
    <TD STYLE="padding-right: 2pt; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">US459200LF63</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">US459200LG47</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">US459200LH20</FONT></TD>
    <TD STYLE="padding: 3pt 2pt"><FONT STYLE="font-size: 10pt">US459200LJ85</FONT></TD>
    <TD STYLE="padding: 3pt 2pt">US459200LK58</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Concurrent Offering</TD>
    <TD COLSPAN="5" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Earlier today, the Issuer priced &#8364;750,000,000 aggregate principal amount of 2.900% Notes due 2030, &#8364;1,100,000,000 aggregate principal amount of 3.150% Notes due 2033, &#8364;900,000,000 aggregate principal amount of 3.450% Notes due 2037 and &#8364;750,000,000 aggregate principal amount of 3.800% Notes due 2045 (together, the &#8220;concurrent offering&#8221;). The concurrent offering is being made by means of a separate prospectus supplement and not by means of the prospectus supplement to which this pricing term sheet relates. This communication is not an offer of any securities of the Issuer other than the notes to which this pricing term sheet relates. The concurrent offering may not be completed, and the completion of the concurrent offering is not a condition to the completion of the offering of the notes to which this pricing term sheet relates.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>*Note: A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>**Note: We expect that delivery of the notes
will be made to investors on or about February 10, 2025, which will be the third business day following the date of this final term sheet
(such settlement being referred to as &#8220;T+3&#8221;). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the
&#8220;Exchange Act&#8221;), trades in the secondary market generally are required to settle in one business day (as such term is used
for purposes of Rule 15c6-1 of the Exchange Act), unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers
who wish to trade the notes on any date prior to the business day before delivery of the notes will be required, by virtue of the fact
that the notes will initially settle in T+3, to specify an alternate settlement arrangement at the time of any such trade to prevent a
failed settlement; such purchasers should consult their own advisors in this regard.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>The issuer has filed a registration statement
(including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus
in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and
this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any
underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas
Securities Corp. at +1-800-854-5674, Barclays Capital Inc. at +1-888-603-5847, Deutsche Bank Securities Inc. at +1-800-503-4611, RBC Capital
Markets, LLC at +1-866-375-6829, Santander US Capital Markets LLC at +1-855-403-3636, SG Americas Securities, LLC at +1-855-881-2108,
SMBC Nikko Securities America, Inc. at +1-212- 224-5135, U.S. Bancorp Investments, Inc. at +1-877-558-2607 and Wells Fargo Securities,
LLC at +1-800-645-3751.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>This pricing term sheet supplements the preliminary
form of prospectus supplement, pertaining to the notes issuance referenced above, issued by International Business Machines Corporation
on February 5, 2025, relating to its Prospectus dated January 29, 2024.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Any disclaimers or other notices that may
appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically
generated as a result of this communication being sent via Bloomberg or another email system.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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