11/04/2024 | Press release | Distributed by Public on 11/04/2024 11:44
Jefferies Financial Group Inc.
Medium-Term Notes, Series A
Equity Linked Securities
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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■ Linked to the lowest performing of the common stock of ConocoPhillips, the common stock of Chevron Corporation and the common stock of Exxon Mobil Corporation (each referred to as an "Underlying Stock")
■ Unlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity. Instead, the securities provide for a maturity payment amount that may be greater than, equal to or less than the face amount of the securities, depending on the performance of the lowest performing Underlying Stock. The lowest performing Underlying Stock is the Underlying Stock that has the lowest stock return (i.e., the lowest percentage change from its starting price to its ending price). The maturity payment amount will reflect the following terms:
■ If the stock closing price of the lowest performing Underlying Stock increases, you will receive the face amount plus a positive return equal to at least 235% (to be determined on the pricing date) of the percentage increase in the stock closing price of that Underlying Stock from its starting price to its ending price.
■ If the stock closing price of the lowest performing Underlying Stock decreases but the decrease is not more than 30%, you will receive the face amount plus a positive return equal to the absolute value of the percentage decline in the stock closing price of that Underlying Stock from its starting price to its ending price, which will be effectively capped at a positive return of 30%.
■ If the stock closing price of the lowest performing Underlying Stock decreases by more than 30%, you will have full downside exposure to the decrease in the stock closing price of that Underlying Stock, and you will lose more than 30%, and possibly all, of the face amount of your securities.
■ Investors may more than 30%, and possibly all, of the face amount.
■ Your return on the securities will depend solely on the performance of the lowest performing Underlying Stock. You will not benefit in any way from the performance of the better performing Underlying Stocks. Therefore, you will be adversely affected if any Underlying Stock performs poorly, even if the other Underlying Stocks perform favorably.
■ All payments on the securities are subject to our credit risk, and you will have no ability to pursue any Underlying Stock for payment; if we default on our obligations under the securities, you could lose some or all of your investment
■ No periodic interest payments or dividends
■ No exchange listing; designed to be held to maturity
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Original Offering Price
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Agent Discount(1)(2)
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Proceeds to the Issuer
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Per Security
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$1,000.00
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$28.25
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$971.75
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Total
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(1) |
Jefferies LLC and Wells Fargo Securities, LLC are the agents for the distribution of the securities and are acting as principal. See "Terms of the Securities-Agents" and "Estimated Value of the Securities" in this pricing supplement for further information.
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(2) |
In respect of certain securities sold in this offering, Jefferies LLC, the broker-dealer subsidiary of Jefferies Financial Group Inc., may pay a fee of up to $3.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.
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Jefferies
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Wells Fargo Securities
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Terms of the Securities
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Issuer:
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Jefferies Financial Group Inc.
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Market Measures:
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The common stock of ConocoPhillips (Bloomberg ticker: COP), the common stock of Chevron Corporation (Bloomberg ticker: CVX) and the common stock of Exxon Mobil Corporation (Bloomberg ticker: XOM) (each referred to as an "Underlying Stock," and collectively as the "Underlying Stocks"). We refer to the issuer of each Underlying Stock as an "Underlying Stock Issuer" and collectively as the "Underlying Stock Issuers."
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Pricing Date*:
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November 15, 2024.
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Issue Date*:
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November 20, 2024
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Calculation Day*:
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November 15, 2027, subject to postponement as described below under "-Market Disruption Events and Postponement Provisions."
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Stated Maturity
Date*:
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November 18, 2027, subject to postponement. The securities are not subject to repayment at the option of any holder of the securities prior to the stated maturity date.
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Original Offering
Price:
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$1,000 per security.
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Face Amount:
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$1,000 per security. References in this pricing supplement to a "security" are to a security with a face amount of $1,000.
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Maturity Payment
Amount:
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On the stated maturity date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the maturity payment amount. The "maturity payment amount" per security will equal:
• if the ending price of the lowest performing Underlying Stock is greater than its starting price: $1,000 + ($1,000 × stock return of the lowest performing Underlying Stock × upside participation rate);
• 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 + ($1,000 × absolute value return of the lowest performing Underlying Stock); or
• if the ending price of the lowest performing Underlying Stock is less than its threshold price:
$1,000 + ($1,000 × stock return of the lowest performing Underlying Stock)
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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 face amount of your securities at maturity.
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Lowest Performing
Underlying Stock:
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The "lowest performing Underlying Stock" will be the Underlying Stock with the lowest stock return.
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Upside
Participation Rate:
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The "upside participation rate" will be determined on the pricing date and will be at least 235%.
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Stock Return:
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The "stock return" with respect to an Underlying Stock is the percentage change from its starting price to its ending price, calculated as follows:
ending price - starting price
starting price
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Absolute Value
Return:
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The "absolute value return" with respect to an Underlying Stock is the absolute value of its stock return. For example, a -5% stock return will result in a +5% absolute value return.
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Threshold Price:
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With respect to the common stock of ConocoPhillips: , which is equal to 70% of its starting price.
With respect to the common stock of Chevron Corporation: , which is equal to 70% of its starting price.
With respect to the common stock of Exxon Mobil Corporation: , which is equal to 70% of its starting price.
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Starting Price:
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With respect to the common stock of ConocoPhillips: , its stock closing price on the pricing date.
With respect to the common stock of Chevron Corporation: , its stock closing price on the pricing date.
With respect to the common stock of Exxon Mobil Corporation: , its stock closing price on the pricing date.
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Ending Price:
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The "ending price" of an Underlying Stock will be its stock closing price on the calculation day.
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Stock Closing
Price:
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With respect to each Underlying Stock, stock closing price has the meaning set forth under "General Terms of the Securities-Certain Terms for Securities Linked to an Underlying Stock-Certain Definitions" in the accompanying product supplement. The stock closing price of each Underlying Stock is subject to adjustment through the adjustment factor as described in the product supplement.
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Market Disruption
Events and
Postponement
Provisions:
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The calculation day is subject to postponement due to non-trading days and the occurrence of a market disruption event. In addition, the stated maturity date will be postponed if the calculation day is postponed and will be adjusted for non-business days.
For more information regarding adjustments to the calculation day and the stated maturity date, see "General Terms of the Securities-Consequences of a Market Disruption Event; Postponement of a Calculation Day-Securities Linked to Multiple Market Measures" and "-Payment Dates" in the accompanying product supplement. In addition, for information regarding the circumstances that may result in a market disruption event, see "General Terms of the Securities-Certain Terms for Securities Linked to an Underlying Stock-Market Disruption Events" in the accompanying product supplement.
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Calculation Agent:
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Jefferies Financial Services Inc. ("JFSI"), a wholly owned subsidiary of Jefferies Financial Group Inc.
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Material Tax
Consequences:
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For a discussion of the material U.S. federal income and certain estate tax consequences of the ownership and disposition of the securities, see "Supplemental Discussion of U.S. Federal Income Tax Consequences."
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Agents:
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Jefferies LLC and Wells Fargo Securities, LLC ("WFS") are the agents for the distribution of the securities. The agents will receive an agent discount of up to $28.25 per security. The agents may resell the securities to other securities dealers at the original offering price of the securities less a concession not in excess of $22.50 per security. Such securities dealers may include Wells Fargo Advisors ("WFA") (the trade name of the retail brokerage business of WFS's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC). In addition to the concession allowed to WFA, WFS may pay $0.75 per security of the underwriting discount to WFA as a distribution expense fee for each security sold by WFA.
In addition, in respect of certain securities sold in this offering, Jefferies LLC may pay a fee of up to $3.00 per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.
The agents and/or one or more of their respective affiliates expects to realize hedging profits projected by their proprietary pricing models to the extent they assume the risks inherent in hedging our obligations under the securities. If the agents or any other dealer participating in the distribution of the securities or any of their affiliates conduct hedging activities for us in connection with the securities, that dealer or its affiliates will expect to realize a profit projected by its proprietary pricing models from those hedging activities. Any such projected profit will be in addition to any discount, concession or fee received in connection with the sale of the securities to you.
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Denominations:
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$1,000 and any integral multiple of $1,000.
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CUSIP:
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47233YBZ7
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* |
To the extent that we make any change to the expected pricing date or expected issue date, the calculation day and stated maturity date may also be changed in our discretion to ensure that the term of the securities remains the same.
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Additional Information about the Issuer and the Securities
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• |
Product Supplement No. 2 dated June 30, 2023:
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• |
Prospectus Supplement dated May 12, 2023 and Prospectus dated May 12, 2023:
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Estimated Value of the Securities
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Investor Considerations
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do not seek an investment that produces periodic interest or coupon payments or other sources of current income.
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understand that the absolute value return feature applies only if the lowest performing Underlying Stock decreases from its starting price but not by more than 30%, that any positive return in the event that the ending price of the lowest performing Underlying Stock is less than its starting price is limited to 30% and that any decline in its ending price from its starting price by more than 30% will result in a loss, rather than a positive return, on the securities.
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anticipate that the ending price of the lowest performing Underlying Stock will be greater than or equal to its threshold price, and are willing and able to accept the risk that, 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.
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understand that the return on the securities will depend solely on the performance of the lowest performing Underlying Stock and that you will not benefit in any way from the performance of the better performing Underlying Stocks.
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understand that the securities are riskier than alternative investments linked to only one of the Underlying Stocks or linked to a basket composed of the Underlying Stocks.
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understand and are willing to accept the full downside risks of all of the Underlying Stocks.
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understand and accept that you will not be entitled to receive dividends or distributions that may be paid to holders of the Underlying Stocks, nor will you have any voting rights with respect to either Underlying Stock; and
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are willing to hold the securities until maturity.
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seek an investment that produces periodic interest or coupon payments or other sources of current income.
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seek an investment that provides for the full repayment of principal at maturity.
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are unwilling or unable to accept that the absolute value return feature applies only if the lowest performing Underlying Stock decreases from its starting price but not by more than 30%, that any positive return in the event that the ending price of the lowest performing Underlying Stock is less than its starting price is limited to 30% or that any decline in its ending price from its starting price by more than 30% will result in a loss, rather than a positive return, on the securities.
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anticipate that the ending price of the lowest performing Underlying Stock will be less than its threshold price, or are unwilling or unable to accept the risk that, 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.
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are unwilling to purchase securities with an estimated value as of the pricing date that is lower than the original offering price and that may be as low as the lower estimated value set forth on the cover page;
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seek exposure to a basket composed of all of the Underlying Stocks or a similar investment in which the overall return is based on a blend of the performances of the Underlying Stocks, rather than solely on the lowest performing Underlying Stock;
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are unwilling to accept the risk of exposure to each of the Underlying Stocks.;
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seek an investment that entitles you to dividends or distributions that may be paid to holders of the Underlying Stocks, or voting rights with respect to either Underlying Stock.;
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are unwilling to accept our credit risk, to obtain exposure to the Underlying Stocks generally, or to the exposure to the Underlying Stocks that the securities provide specifically; or
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prefer the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit ratings.
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Determining the Maturity Payment Amount
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Selected Risk Considerations
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
|
Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
|
Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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• |
Investing In The Securities Is Not The Same As Investing In The Underlying Stocks. Investing in the securities is not equivalent to investing in the Underlying Stocks. As an investor in the securities, your return will not reflect the return you would realize if you actually owned and held the Underlying Stocks for a period similar to the term of the securities because you will not receive any dividend payments, distributions or any other payments paid on the Underlying Stocks. As a holder of the securities, you will not have any voting rights or any other rights that holders of the Underlying Stocks would have.
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Historical Prices Of The Underlying Stocks Should Not Be Taken As An Indication Of The Future Performance Of The Underlying Stocks During The Term Of The Securities.
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• |
We Cannot Control Actions By The Underlying Stock Issuer of any Underlying Stock.
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• |
We And Our Subsidiaries Have No Affiliation With The Underlying Stock Issuer of any Underlying Stock And Have Not Independently Verified Its Public Disclosure Of Information.
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• |
The Securities May Become Linked To The Common Stock Of A Company Other Than an Original Underlying Stock Issuer.
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• |
You Have Limited Anti-dilution Protection.
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• |
The calculation agent is our subsidiary and may be required to make discretionary judgments that affect the return you receive on the securities. JFSI, a wholly owned subsidiary of Jefferies Financial Group Inc., will be the calculation agent for the securities. As calculation agent, JFSI will determine any values of the Underlying Stocks and make any other determinations necessary to calculate any payments on the securities. In making these determinations, JFSI may be required to make discretionary judgments that may adversely affect any payments on the securities. See the sections entitled "General Terms of the Securities- Certain Terms for Securities Linked to an Underlying Stock-Market Disruption Events," and "-Adjustment Events" in the accompanying product supplement. In making these discretionary judgments, the fact that JFSI is our subsidiary may cause it to have economic interests that are adverse to your interests as an investor in the securities, and JFSI's determinations as calculation agent may adversely affect your return on the securities.
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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• |
Research reports by our subsidiaries or any participating dealer or its affiliates may be inconsistent with an investment in the securities and may adversely affect the value of the Underlying Stocks.
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• |
Business activities of our subsidiaries or any participating dealer or its affiliates with the Underlying Stock Issuer of any Underlying Stock may adversely affect the value of the Underlying Stocks.
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• |
Hedging activities by our subsidiaries or any participating dealer or its affiliates may adversely affect the value of the Underlying Stocks.
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• |
Trading activities by our subsidiaries or any participating dealer or its affiliates may adversely affect the value of the Underlying Stocks.
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• |
A participating dealer or its affiliates may realize hedging profits projected by its proprietary pricing models in addition to any selling concession and/or distribution expense fee, creating a further incentive for the participating dealer to sell the securities to you.
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Hypothetical Examples and Returns
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Hypothetical Upside Participation Rate:
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235% (the lowest possible upside participation rate that may be determined on the pricing date)
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Hypothetical Starting Price:
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For each Underlying Stock, $100.00
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Hypothetical Threshold Price:
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For each Underlying Stock, $70.00 (70% of its hypothetical starting price)
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Hypothetical
ending price of the
lowest performing
Underlying Stock
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Hypothetical
stock return of the
lowest performing
Underlying Stock
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Absolute value return
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Hypothetical
maturity payment amount
per security
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Hypothetical
pre-tax total
rate of return(1)
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$200.00
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100.00%
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N/A
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$3,350.00
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235.000%
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$175.00
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75.00%
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N/A
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$2,762.50
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176.250%
|
$150.00
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50.00%
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N/A
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$2,175.00
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117.500%
|
$140.00
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40.00%
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N/A
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$1,940.00
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94.000%
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$130.00
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30.00%
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N/A
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$1,705.00
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70.500%
|
$120.00
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20.00%
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N/A
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$1,470.00
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47.000%
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$110.00
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10.00%
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N/A
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$1,235.00
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23.500%
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$105.00
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5.00%
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N/A
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$1,117.50
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11.750%
|
$102.50
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2.50%
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N/A
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$1,058.75
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5.875%
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$100.00
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0.00%
|
0.00
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$1,000.00
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0.00%
|
$90.00
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-10.00%
|
10.00
|
$1,100.00
|
10.00%
|
$80.00
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-20.00%
|
20.00
|
$1,200.00
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20.00%
|
$70.00
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-30.00%
|
30.00
|
$1,300.00
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30.00%
|
$69.00
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-31.00%
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N/A
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$690.00
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-31.00%
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$50.00
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-50.00%
|
N/A
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$500.00
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-50.00%
|
$25.00
|
-75.00%
|
N/A
|
$250.00
|
-75.00%
|
$0.00
|
-100.00%
|
N/A
|
$0.00
|
-100.00%
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(1) |
The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the maturity payment amount per security to the face amount of $1,000.
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Common Stock of
ConocoPhillips
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Common Stock of
Chevron Corporation
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Common Stock of
Exxon Mobil Corporation
|
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Hypothetical starting price:
|
$100.00
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$100.00
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$100.00
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Hypothetical ending price:
|
$110.00
|
$145.00
|
$150.00
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Hypothetical threshold price:
|
$70.00
|
$70.00
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$70.00
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Hypothetical stock return
(ending price - starting price)/starting price:
|
10.00%
|
45.00%
|
50.00%
|
Common Stock of
ConocoPhillips
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Common Stock of
Chevron Corporation
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Common Stock of
Exxon Mobil Corporation
|
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Hypothetical starting price:
|
$100.00
|
$100.00
|
$100.00
|
|
Hypothetical ending price:
|
$170.00
|
$150.00
|
$95.00
|
|
Hypothetical threshold price:
|
$70.00
|
$70.00
|
$70.00
|
|
Hypothetical stock return
(ending price - starting price)/starting price:
|
70.00%
|
50.00%
|
-5.00%
|
Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
|
Common Stock of
ConocoPhillips
|
Common Stock of
Chevron Corporation
|
Common Stock of
Exxon Mobil Corporation
|
||
Hypothetical starting price:
|
$100.00
|
$100.00
|
$100.00
|
|
Hypothetical ending price:
|
$120.00
|
$40.00
|
$95.00
|
|
Hypothetical threshold price:
|
$70.00
|
$70.00
|
$70.00
|
|
Hypothetical stock return
(ending price - starting price)/starting price:
|
20.00%
|
-60.00%
|
-5.00%
|
Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
|
The Underlying Stocks
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
|
Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
|
Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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SUPPLEMENTAL DISCUSSION OF U.S. FEDERAL INCOME TAX CONSEQUENCES
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■ |
a dealer in securities or currencies;
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■ |
a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings;
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■ |
a bank;
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■ |
a life insurance company;
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a tax exempt organization;
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a partnership;
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a regulated investment company;
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■ |
an accrual method taxpayer subject to special tax accounting rules as a result of its use of financial statements;
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■ |
a common trust fund;
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■ |
a person that owns a security as a hedge or that is hedged against interest rate risks;
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■ |
a person that owns a security as part of a straddle or conversion transaction for tax purposes; or
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■ |
a U.S. holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.
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You should consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences of your investments in the securities, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.
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■ |
a citizen or resident of the United States;
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■ |
a domestic corporation;
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■ |
an estate whose income is subject to U.S. federal income tax regardless of its source; or
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a trust if a United States court can exercise primary supervision over the trust's administration and one or more United States persons are authorized to control all substantial decisions of the trust.
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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a nonresident alien individual;
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a foreign corporation; or
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an estate or trust that in either case is not subject to U.S. federal income tax on a net income basis on income or gain from the securities.
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a holder who is an individual present in the United States for 183 days or more in the taxable year of disposition and who is not otherwise a resident of the United States for U.S. federal income tax purposes;
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certain former citizens or residents of the United States; or
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a holder for whom income or gain in respect of the securities is effectively connected with the conduct of a trade or business in the United States.
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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Market Linked Securities- Leveraged Upside Participation with Contingent Absolute Return and Contingent Downside
Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of ConocoPhillips, the Common Stock of Chevron Corporation and the Common Stock of Exxon Mobil Corporation due November 18, 2027
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LEGAL MATTERS
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