<SEC-DOCUMENT>0001193125-25-029691.txt : 20250219
<SEC-HEADER>0001193125-25-029691.hdr.sgml : 20250219
<ACCEPTANCE-DATETIME>20250219170750
ACCESSION NUMBER:		0001193125-25-029691
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250219
DATE AS OF CHANGE:		20250219

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTONATION, INC.
		CENTRAL INDEX KEY:			0000350698
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				731105145
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-284995
		FILM NUMBER:		25641561

	BUSINESS ADDRESS:	
		STREET 1:		200 SW 1ST AVE
		STREET 2:		SUITE 1600
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301
		BUSINESS PHONE:		9547696000

	MAIL ADDRESS:	
		STREET 1:		200 SW 1ST AVE
		STREET 2:		SUITE 1600
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUTONATION, INC. /FL
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AutoNation, Inc. /FL
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUTONATION INC /FL
		DATE OF NAME CHANGE:	19990407

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTONATION, INC.
		CENTRAL INDEX KEY:			0000350698
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				731105145
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		200 SW 1ST AVE
		STREET 2:		SUITE 1600
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301
		BUSINESS PHONE:		9547696000

	MAIL ADDRESS:	
		STREET 1:		200 SW 1ST AVE
		STREET 2:		SUITE 1600
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUTONATION, INC. /FL
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AutoNation, Inc. /FL
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUTONATION INC /FL
		DATE OF NAME CHANGE:	19990407
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d859863dfwp.htm
<DESCRIPTION>FWP
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<HTML><HEAD>
<TITLE>FWP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed by: AutoNation, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Pursuant to Rule 433 under the Securities Act of 1933 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3:</FONT> <FONT STYLE="white-space:nowrap">No.&nbsp;333-284995</FONT>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUTONATION, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$500,000,000 5.890% SENIOR NOTES DUE 2035 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRICING TERM SHEET </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>February&nbsp;19, 2025 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This term sheet to the preliminary prospectus supplement dated February&nbsp;19, 2025 should be read together with the preliminary prospectus
supplement before making a decision in connection with an investment in the securities. The information in this term sheet supersedes the information contained in the preliminary prospectus supplement to the extent that it is inconsistent therewith.
Terms used but not defined herein have the meaning ascribed to them in the preliminary prospectus supplement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">AutoNation, Inc.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ratings</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>(Moody&#146;s/S&amp;P/Fitch)*:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Baa3/BBB-/BBB-</FONT></TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Security Type:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Unsecured Notes</TD></TR>
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<TD VALIGN="top"><B>Format:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
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<TD VALIGN="top"><B>Title of Securities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.890% Senior Notes due 2035 (the &#147;Notes&#148;)</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Aggregate Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$500,000,000</TD></TR>
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<TD VALIGN="top"><B>Net Proceeds (after deducting the underwriting discount and before expenses):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$496,725,000</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;15, 2035</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
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<TD VALIGN="top"><B>Interest Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.890%</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Public Offering Price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.995% of the principal amount, plus accrued interest, if any, from February 24, 2025</TD></TR>
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<TD VALIGN="top"><B>Yield to Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.890%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">4.625% due February&nbsp;15, 2035</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Spread to Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">+133 bps</TD></TR></TABLE>
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<TD VALIGN="top"><B>Benchmark Treasury Price / Yield:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">100-16+</FONT> / 4.560%</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;15 and September&nbsp;15 of each year, commencing on September&nbsp;15, 2025</TD></TR>
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<TD VALIGN="top"><B>Interest Payment Record Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">March&nbsp;1 and September&nbsp;1 of each year</TD></TR>
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<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Make-whole call at any time prior to December&nbsp;15, 2034, at a discount rate of the applicable Treasury Rate plus 20 basis points; callable at 100% at any time on or after December&nbsp;15, 2034 (3 months prior to maturity);
plus, in each case, accrued and unpaid interest to, but not including, the redemption date.</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Change of Control Repurchase Event:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If a Change of Control Repurchase Event occurs, subject to certain exceptions, each holder will have the right to require that the Company purchase all or a portion of such holder&#146;s Notes at a purchase price equal to 101% of
the principal amount of such Notes plus accrued and unpaid interest to, but excluding, the date of repurchase.</TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">February&nbsp;19, 2025</TD></TR>
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<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 24, 2025 (T+3)</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">It is expected that delivery of the Notes will be made against payment therefor on or about February 24, 2025, which is the third business day following the
date hereof (such settlement cycle being referred to as &#147;T+3&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), trades in the secondary market
generally are required to settle in one business day unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on the date of pricing day will be required, by virtue of the fact that the
Notes initially will settle in T+3, to specify an alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the Notes who wish to trade the Notes on the date of pricing should consult their own
advisors.</P></TD></TR>
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<TD VALIGN="top"><B>CUSIP:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">05329W AT9</TD></TR>
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<TD VALIGN="top"><B>ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">US05329WAT99</TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities
LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mizuho Securities USA LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Truist Securities, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">U.S. Bancorp Investments,
Inc.</P></TD></TR>
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<TD VALIGN="top"><B>Senior <FONT STYLE="white-space:nowrap">Co-Manager:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">TD Securities (USA) LLC</TD></TR>
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<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Santander US Capital Markets LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Huntington
Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">R. Seelaus&nbsp;&amp; Co., LLC</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or
withdrawal at any time. Each securities rating should be evaluated independent of each other securities rating. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Changes to
Preliminary Prospectus Supplement </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following paragraph shall be included as a subsection under the heading &#147;Underwriting&#148; in the
Preliminary Prospectus Supplement, and such section shall be retitled &#147;Underwriting (Conflicts of Interest)&#148;: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conflicts of Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As described under the heading &#147;Use of Proceeds,&#148; we intend to use the net proceeds from the sale of the notes in this offering for general corporate
purposes, which may include reducing existing indebtedness such as bonds, borrowings under our commercial paper program and/or the revolving credit facility under our credit agreement, strategic initiatives, acquisitions, share repurchases, and
capital expenditures. Affiliates of certain of the underwriters are lenders under our commercial paper program and may receive more than 5% of the net proceeds of this offering. The receipt by any such underwriter and its affiliates of an aggregate
amount in excess of 5% of the net proceeds from this offering would constitute a &#147;conflict of interest&#148; under FINRA Rule 5121 for each such underwriter. Consequently, this offering will be conducted in accordance with the applicable
requirements of FINRA Rule 5121. FINRA Rule 5121 requires prominent disclosure of the nature of the conflict of interest in the prospectus supplement for the public offering. Pursuant to FINRA Rule 5121(a)(1)(C), the appointment of a qualified
independent underwriter is not necessary in connection with this offering as the securities are investment grade rated.* </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Where
similar language or information to that set forth above appears in other sections of the preliminary prospectus supplement dated February 19, 2025, that language or information is deemed modified accordingly as set forth above. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The issuer has filed a registration statement (including a prospectus and a prospectus
supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement 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 obtain these documents for free by visiting EDGAR on the SEC website at <I>www.sec.gov</I>. Alternatively, the issuer, any underwriter or any dealer participating in the offering will
arrange to send you the prospectus and the prospectus supplement if you request them by calling BofA Securities, Inc. at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322</FONT></FONT></FONT> (email dg.prospectus_requests@bofa.com) or J.P. Morgan Securities LLC collect at <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-212-834-4533</FONT></FONT></FONT> or Mizuho Securities USA LLC at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-271-7403</FONT></FONT></FONT> or Truist Securities, Inc. at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-685-4786</FONT></FONT></FONT> (email TSIdocs@Truist.com) or Wells Fargo Securities, LLC toll-free at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-645-3751</FONT></FONT></FONT> (email wfscustomerservice@wellsfargo.com). </P>
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