C4
Yes it does represent that. And VFE NEXT will have moved to the value for CONF 2. To summarise for the jammed flap/slat condition...
1. Flap lever position determines the limits displayed on the PFD IAS scale. The limits may or may not be correct for your actual config.
2. Aural Overspeed warning is always valid for the ACTUAL Flap/Slat config.
3. VLS is also valid for the ACTUAL config.
4. The QRH table in LANDING WITH SLATS OR FLAPS JAMMED allows you to determine the VMAX for the current and landing configs, for any combination of slat/flap positions.
Hope that helps. TP