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The document is a preliminary pricing supplement for Callable Capped CMS Steepener Notes due July 31, 2028, issued by Natixis US Medium-Term Note Program LLC and guaranteed by the New York branch of Natixis. It outlines the terms of the notes, including interest rates linked to the CMS Spread, redemption options, risks associated with investing in these notes, and tax implications. The notes are not registered under the Securities Act and are subject to significant credit risk. The document emphasizes that it is not an offer to sell or solicit purchases in jurisdictions where such actions are prohibited.

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