<SEC-DOCUMENT>0001140361-25-016886.txt : 20250501
<SEC-HEADER>0001140361-25-016886.hdr.sgml : 20250501
<ACCEPTANCE-DATETIME>20250501152707
ACCESSION NUMBER:		0001140361-25-016886
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250501
DATE AS OF CHANGE:		20250501

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jefferies Financial Group Inc.
		CENTRAL INDEX KEY:			0000096223
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		EIN:				132615557
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-271881
		FILM NUMBER:		25902417

	BUSINESS ADDRESS:	
		STREET 1:		520 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2124601900

	MAIL ADDRESS:	
		STREET 1:		520 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEUCADIA NATIONAL CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TALCOTT NATIONAL CORP
		DATE OF NAME CHANGE:	19800603

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Jefferies Financial Group Inc.
		CENTRAL INDEX KEY:			0000096223
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		EIN:				132615557
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		520 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2124601900

	MAIL ADDRESS:	
		STREET 1:		520 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEUCADIA NATIONAL CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TALCOTT NATIONAL CORP
		DATE OF NAME CHANGE:	19800603
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>ef20048050_fwp.htm
<DESCRIPTION>DEAL 667
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using Broadridge PROfile 25.3.2.5298
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 9pt; text-align: left; color: #000000;">
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div style="font-weight: bold; text-align: right;">Filed pursuant to Rule 433<br>
    </div>
    <div style="font-weight: bold; text-align: right;">Registration Statement No. 333-271881</div>
    <div><font style="font-weight: normal;"></font><br>
      <div>
        <div style="margin-bottom: 1pt; color: rgb(187, 8, 38); font-size: 14pt; font-weight: bold; margin-left: 9pt;">Jefferies Financial Group Inc.</div>
        <div style="margin-bottom: 1pt; color: rgb(187, 8, 38); font-size: 10pt; font-weight: bold; margin-left: 9pt;">Market Linked Securities</div>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; color: #000000; width: 100%;" id="zc79548eeb5194e229259796254565349">

          <tr>
            <td style="background-color: #959595; width: 100%;">
              <div style="margin: 4pt 0px 0px 9pt; color: #FFFFFF; font-size: 10pt; text-align: left;">Market Linked Securities&#8212;&#160;Leveraged Upside Participation and Contingent Downside</div>
              <div style="text-align: left; color: rgb(255, 255, 255); font-size: 10pt; margin-left: 9pt;">Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of The Goldman Sachs</div>
              <div style="text-align: left; color: rgb(255, 255, 255); font-size: 10pt; margin-left: 9pt;">Group, Inc., the Class A Common Stock of Meta Platforms, Inc. and the Common Stock of Exxon Mobil</div>
              <div style="text-align: left; color: rgb(255, 255, 255); font-size: 10pt; margin-left: 9pt;">Corporation due May 20, 2027</div>
              <div style="margin: 0px 0px 10pt 9pt; color: #FFFFFF; font-size: 8pt; text-align: left;">Term Sheet to Preliminary Pricing Supplement dated May 1, 2025</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="float: left; width: 55%;" class="BRPFTCL">
      <div>
        <div>
          <div style="margin: 5pt 0px; color: #8F8F8F; font-size: 12pt;">Summary of Terms</div>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="z168da72e6a0b4faba64af13315d4db27" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Issuer:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Jefferies Financial Group Inc.</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Market Measures:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">The common stock of The Goldman Sachs Group, Inc. (Bloomberg ticker: GS), the Class A common stock of Meta Platforms, Inc. (Bloomberg ticker: META) and the common stock of Exxon Mobil Corporation (Bloomberg
                  ticker: XOM) (each referred to as an &#8220;Underlying Stock,&#8221; and collectively as the &#8220;Underlying Stocks&#8221;)</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Pricing Date*:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">May 16, 2025</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Issue Date*:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">May 21, 2025</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Calculation Day*:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">May 17, 2027</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Stated Maturity Date*:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">May 20, 2027</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Face Amount and</div>
                <div style="font-size: 7pt;">Original Offering Price:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">$1,000 per security</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Maturity Payment</div>
                <div style="font-size: 7pt;">Amount (per security):</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 7pt;">&#8226;</font><font class="TRGRRTFtoHTMLTab" style="font-size: 5.15pt;">&#160;&#160;&#160;&#160; </font><font style="font-size: 7pt;">if the ending price of the lowest performing
                    Underlying Stock is greater than its starting price: $1,000 + ($1,000 &#215; stock return of the lowest performing Underlying Stock &#215; upside participation rate)&#894;</font></div>
                <div style="text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 7pt;">&#8226; &#160;</font><font class="TRGRRTFtoHTMLTab" style="font-size: 5.15pt;">&#160; </font><font style="font-size: 7pt;">if the ending price of the lowest performing
                    Underlying Stock is less than or equal to its starting price, but greater than or equal to its threshold price: $1,000; or</font></div>
                <div style="text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 7pt;">&#8226;</font><font class="TRGRRTFtoHTMLTab" style="font-size: 5.15pt;"> &#160; &#160; </font><font style="font-size: 7pt;">if the ending price of the lowest performing
                    Underlying Stock is less than its threshold price: $1,000 + ($1,000 &#215; stock return of the lowest performing Underlying Stock)</font></div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">Lowest Performing</div>
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">Underlying Stock:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">The Underlying Stock with the lowest stock return</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">Starting Price:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">For each Underlying Stock, its stock closing price on the pricing date</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">Ending Price:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">For each Underlying Stock, its stock closing price on the calculation day</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">Upside Participation</div>
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">Rate:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">At least 350%, to be determined on the pricing date.</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">Stock Return:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">For each Underlying Stock, (ending price &#8211; starting price) / starting price</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">Absolute value return:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="color: rgb(0, 0, 0); font-size: 7pt;">With respect to an Underlying Stock, the absolute value of its stock return</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Threshold Price:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">For each Underlying Stock, 70% of its starting price</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Calculation Agent:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Jefferies Financial Services Inc. (&#8220;JFSI&#8221;), a wholly owned subsidiary of Jefferies Financial Group Inc.</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Denominations:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">$1,000 and any integral multiple of $1,000</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Agents Discount**:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Up to 2.825%; dealers, including those using the trade name Wells Fargo Advisors (&#8220;<u>WFA</u>&#8221;), may receive a selling concession of up to 2.00% and WFS may pay 0.075% of the agent&#8217;s discount to WFA as a
                  distribution expense fee</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">CUSIP:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">47233YHP3</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 1%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 24%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">Material Tax</div>
                <div style="font-size: 7pt;">Consequences:</div>
              </td>
              <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
                <div style="font-size: 7pt;">See the preliminary pricing supplement.</div>
              </td>
              <td colspan="1" style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"><br>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="float: right; width: 43%;" class="BRPFTCR">
      <div>
        <div style="margin: 10pt 0px 0px; color: #8F8F8F; font-size: 14pt;"> Hypothetical Payout Profile*</div>
        <div style="text-align: center;"><img src="image00002.jpg">
          <div style="text-align: left;"><br>
          </div>
          <div style="text-align: left;">
            <div style="margin: 0px 0px 7pt; color: #000000; font-size: 7.5pt;">*Assumes an upside participation rate equal to lowest possible upside participation rate that may be determined on the pricing date</div>
            <div style="margin-top: 3pt; margin-bottom: 3pt; color: rgb(0, 0, 0); font-size: 7.5pt; font-weight: bold;">If the ending price of the lowest performing Underlying Stock is less than its threshold price, you will have full downside exposure to
              the decrease in the price of that Underlying Stock from its starting price and will lose more than 30%, and possibly all, of the principal amount of your securities at maturity.</div>
            <div style="margin: 3pt 0px 7pt; color: rgb(143, 143, 143); font-size: 7.5pt;">We estimate that the value of each security on the pricing date will be approximately $942.00, or within $30.00 of that estimate.&#160; See &#8220;Estimated Value of the
              Securities&#8221; in the accompanying preliminary pricing supplement for more information.</div>
            <div style="margin-top: 2pt; margin-bottom: 2pt; font-size: 8pt;">Preliminary Pricing Supplement: <a href="https://www.sec.gov/Archives/edgar/data/96223/000114036125016861/ef20048049_424b2.htm">https://www.sec.gov/Archives/edgar/data/96223/000114036125016861/ef20048049_424b2.htm</a></div>
          </div>
        </div>
      </div>
    </div>
    <div style="clear: both;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; color: #000000; width: 100%;" id="zc6d198442ade4cf0b87fdc209bc22055">

          <tr>
            <td style="width: 100.00%;">
              <div>
                <div style="text-align: left; margin-top: 1pt; margin-bottom: 1pt; font-size: 7.5pt;">*subject to change</div>
                <div style="text-align: left; margin-top: 1pt; margin-bottom: 1pt; font-size: 7.5pt;">** In addition, s<font style="color: rgb(0, 0, 0);">elected dealers may receive a fee of up to 0.10% for marketing and other services</font></div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="border-bottom: 1px solid #A3A3A3; width: 100%;" rowspan="1">&#160;</td>
          </tr>

      </table>
    </div>
    <div>
      <div style="margin-top: 3pt; margin-bottom: 3pt; font-weight: bold;">The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities.&#160; See &#8220;Selected Risk
        Considerations&#8221; in this term sheet and the accompanying preliminary pricing supplement and &#8220;Risk Factors&#8221; in the accompanying product supplement.</div>
      <div style="text-align: justify; margin-top: 3pt; margin-bottom: 3pt; color: rgb(187, 8, 38); font-size: 8pt; font-weight: bold;">This introductory term sheet does not provide all of the information that an investor should consider prior to making an
        investment decision.</div>
      <div style="margin-top: 3pt; margin-bottom: 3pt; color: rgb(143, 143, 143); font-size: 8pt; font-weight: bold;">Investors should carefully review the accompanying preliminary pricing supplement, product supplement, prospectus supplement and
        prospectus before making a decision to invest in the securities.</div>
      <div style="font-size: 8pt; font-weight: bold;">NOT A BANK DEPOSIT AND NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY</div>
    </div>
    <div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div>
        <div style="margin: 0px 0px 7.2pt; color: rgb(143, 143, 143); font-size: 14pt;">Selected Risk Considerations</div>
        <div style="text-align: justify; margin-top: 1pt; margin-bottom: 1pt;">The risks set forth below are discussed in detail in the &#8220;Selected Risk Considerations&#8221; section in the accompanying preliminary pricing supplement and the &#8220;Risk Factors&#8221; section
          in the accompanying product supplement. Please review those risk disclosures carefully.</div>
        <div style="text-align: justify; margin-top: 1pt; margin-bottom: 1pt;"> <br>
        </div>
        <div style="float: left; width: 48%;" class="BRPFTCL">
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="ze5dcc7b5437a45df8f291f944387a6db" class="DSPFListTable" style="margin: 0px 0px 6pt; width: 100%; color: #000000; font-family: Arial; font-size: 9pt; text-align: left;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">If the Ending Price of the Lowest Performing Underlying Stock Is Less Than Its Threshold Price, You Will Lose More Than 30%, and Possibly All, of the Face Amount of Your Securities at
                      Maturity.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="z9c9d991379b446ad85de9d05f77ffec0" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Securities Are Subject To The Full Risks Of Each Underlying Stock And Will Be Negatively Affected If Any Underlying Stock Performs Poorly, Even If The Other Underlying Stocks Perform
                      Favorably.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="z146b3206f5b64a548a9f51c5600307fd" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">No Periodic Interest Will Be Paid On The Securities.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="z8b31b7386d1a4b60a04cc6a7417ed28c" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">Your Return On The Securities Will Depend Solely On The Performance Of The Lowest Performing Underlying Stock, And You Will Not Benefit In Any Way From The Performance Of The Better
                      Performing Underlying Stocks.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="zbc37e61dd4de4be2a5b889f26722f86e" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">You Will Be Subject To Risks Resulting From The Relationship Among The Underlying Stocks.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="zf3fc796dcaa64562af8218c94d00aec1" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Stated Maturity Date May Be Postponed If A Calculation Day Is Postponed.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="zf78465eeb20a406e9e7be07b789ab0e4" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Tax Consequences Of An Investment In Your Securities Are Uncertain.</div>
                  </td>
                </tr>

            </table>
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%;" id="z953567fa7eba42b2b759c11af2adc837" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="text-align: right; vertical-align: top; width: 18pt;">
                      <div style="text-align: left;">&#8226;</div>
                    </td>
                    <td style="text-align: left; vertical-align: top; width: auto;">
                      <div><font style="font-size: 8pt; font-weight: bold;">The Securities Are Subject To Our Credit Risk.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="float: right; width: 48%;" class="BRPFTCR">
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="z04ddd71232c34ee0aff46c041d2175fe" class="DSPFListTable" style="margin: 0px 0px 6pt; width: 100%; color: #000000; font-family: Arial; font-size: 9pt; text-align: left;">

                <tr>
                  <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Estimated Value Of The Securities On The Pricing Date, Based On Jefferies LLC Proprietary Pricing Models At That Time And Our Internal Funding Rate, Will Be Less Than The Original
                      Offering Price.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="z7a0832b7f96d4a65a9a49e82cba26f5d" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Estimated Value Of The Securities Was Determined For Us By Our Subsidiary Using Proprietary Pricing Models.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="z61ac8b81e61c4df191e3abe5482350ef" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Estimated Value Of The Securities Would Be Lower If It Were Calculated Based On Our Secondary Market Rate.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="zac5d799935914106bc92662ea30b0a27" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Estimated Value Of The Securities Is Not An Indication Of The Price, If Any, At Which WFS, Jefferies LLC Or Any Other Person May Be Willing To Buy The Securities From You In The
                      Secondary Market.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="z628f487a7d264010a15c4909369f9f73" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Value Of The Securities Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="z19c3d939a08345aa811672cd08f40b49" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Securities Will Not Be Listed On Any Securities Exchange And The Issuer Does Not Expect A Trading Market For The Securities To Develop.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="zf4c0213d895744888eed004f063f8e63" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Securities Will Be Subject To Single Stock Risk.</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="zacd92ae51c7a45919fa31dda26ffc0eb" class="DSPFListTable" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt; margin-top: 6pt;">

                <tr>
                  <td style="width: 18pt; vertical-align: top; font-size: 8pt;">&#8226;</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-size: 8pt; font-weight: bold;">The Maturity Payment Amount Will Depend Upon The Performance Of Each Underlying Stock And Therefore The Securities Are Subject To The Risks Associated With The Underlying Stocks, As
                      Discussed In The Accompanying Pricing Supplement and Product Supplement.</div>
                  </td>
                </tr>

            </table>
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%;" id="z1d5f44523e0541b8962fa898e4e95ab6" class="DSPFListTable">

                  <tr style="vertical-align: top;">
                    <td style="text-align: right; vertical-align: top; width: 18pt;">
                      <div style="text-align: left;">&#8226;</div>
                    </td>
                    <td style="text-align: left; vertical-align: top; width: auto;">
                      <div><font style="font-size: 8pt; font-weight: bold;">Our Economic Interests And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="clear: both;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; color: #000000; width: 100%;" id="ze98adb120b094426a23246393e69b7ae">

              <tr>
                <td style="width: 100.00%;"><br>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="color: rgb(143, 143, 143);">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.&#160; Before you invest, you should read the prospectus in that registration
        statement and other documents that the issuer has filed with the SEC for more complete information about the issuer and this offering.&#160; You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.&#160; Alternatively, the
        issuer, any agent or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling your financial advisor or by calling Jefferies LLC.</div>
      <div><br>
      </div>
      <div style="color: rgb(143, 143, 143);">Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells
        Fargo Finance LLC and Wells Fargo &amp; Company.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image00002.jpg
<TEXT>
begin 644 image00002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" "] 2<# 2(  A$! Q$!_\0
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M\]7_ .^J .BHKG?/E_YZO_WU1Y\O_/5_^^J .BHKG?/E_P">K_\ ?5'GR_\
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M2L7P]_I]W>:P^=LY\FVSVA4]?^!-D_E6[6M3W;0[?F9PU][N%%%%9&@4444
M%%%% !1137947<[!5]2<"@!U1R2HC!21O()5!U./04PM+-O5 T(!P)" 2?7
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MU&1G!QD9&<'&>E<S'X6U>3>UQJ?E3+Y;H\$K89EQU4C "C( '7/.* .IUO\
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M7%=;K?\ R![[_KB_\C7!+LA\<.%"L9XLL0&RA"]"<XY&/>@3.DHHHH ****
M"BBB@ HHHH **** "BBB@ K(\2W4D.GBWM3B\O'%O#[$]6_ 9-:]8.F_\337
M+C46.;:T+6UJ.Q;_ ):/^?RCZ&M*:5^9]")O3E74U[&UCLK."U@&(H4"+]!4
M]%-=U3;O8+N.!D]34-MN[*2MHAU1/,H9D3$DH&?+!&?_ *U,_>W"'.^W7/J-
MQ']/YU,JJN=H R<GWI#(A$[LCS,05'^K0_+G^9J8# P.!2T4 %%%% !1110
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MW,"[3@YD P<9_ES7FVL'17B>-([ZWNI&9WG=8G,8*[V)7//&,+ZMP#BDM_\
MA&U@,]M:7\PF8%_-D13&3E^YSC*=1G[V >U 'IT,L<\22PNLD3@,KH<A@>A!
MI]<OI/B73T2TL(([MPFV$.53@ J@9L$8Y(&,9[XQ744 %%%% !1110 4444
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MD9(HY;C]WO5HBNUV\P1[ 2?O;F'7CWK-'C>R*+)]CO?))7YPBD '[Q.#P%)
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M=0>,\'.>"!%IOBO4;Z\LHFT"XM(YF'F/,S'RU)8=D(SD+U(Z^V:Z^B@#D/\
MA)-:AOA;S>'YI%EED6&9'VJ%5L MU(SU^G.*;;^)M:4^3<Z"SW 5I"8G<(
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A:Q")9$=@V"<X*$E1\PXSV]"W6M^BB@ HHHH **** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
