<SEC-DOCUMENT>0001104659-23-089819.txt : 20230810
<SEC-HEADER>0001104659-23-089819.hdr.sgml : 20230810
<ACCEPTANCE-DATETIME>20230810162651
ACCESSION NUMBER:		0001104659-23-089819
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230810
DATE AS OF CHANGE:		20230810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCDONALDS CORP
		CENTRAL INDEX KEY:			0000063908
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				362361282
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-258270
		FILM NUMBER:		231159952

	BUSINESS ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
		BUSINESS PHONE:		630 623 3000

	MAIL ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>tm2323206d4_424b2.htm
<DESCRIPTION>424B2
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed Pursuant to Rule 424(b)(2)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0">Registration Statement No. 333-258270</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>PRICING SUPPLEMENT NO. 3 Dated August&nbsp;9, 2023</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To Prospectus Dated July&nbsp;29, 2021 and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;Prospectus Supplement Dated July&nbsp;29, 2021)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>McDONALD&rsquo;S CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Medium-Term Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Fixed Rate Notes)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Due From One Year to 60 Years From Date of Issue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following description of the terms of the Notes offered hereby
supplements, and, to the extent inconsistent therewith, replaces, the descriptions included in the Prospectus and Prospectus Supplement
referred to above, to which descriptions reference is hereby made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Principal Amount</U></FONT>:</TD>
    <TD STYLE="width: 75%">USD 600,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Issue Price</U></FONT>:</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.965% of the principal amount of the Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Original Issue Date</U></FONT>:</TD>
    <TD>August&nbsp;14, 2023 (T+3)<SUP>1</SUP></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Stated Maturity</U></FONT>:</TD>
    <TD>August&nbsp;14, 2028</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Interest Rate</U></FONT>:</TD>
    <TD>4.800% per annum</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Interest Payment Dates</U></FONT>:</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February&nbsp;14 and August&nbsp;14 of each year, beginning February&nbsp;14, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Applicable only if other than February&nbsp;15 and August&nbsp;15 of each year]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Regular Record Dates</U></FONT>:</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;30 and July&nbsp;30 of each year, as the case may be</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Applicable only if other than February&nbsp;1 and August&nbsp;1 of each year]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Form</U></FONT>:</TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>Book-Entry
 &nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT> Certificated</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Specified
Currency</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Applicable only if other than U.S. dollars]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
to Receive Payments in Specified Currency</U>:&#9;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Yes
 &nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;No</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Applicable
only if Specified Currency is other than U.S. dollars and if Note is not in Book Entry form]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Authorized
Denominations</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Applicable only if other than U.S. $1,000 and increments of
U.S. $1,000, or if Specified Currency is other than U.S. dollars]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Method
of Payment of Principal</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 22%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD>
    <TD STYLE="text-align: justify; width: 97%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expected that delivery of the Notes will be made against payment therefor on or about August 14, 2023, which will be the third business day following the date of pricing of the Notes, or &ldquo;T+3.&rdquo; Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the United States secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on the date of pricing will be required, by virtue of the fact the Notes initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Each purchaser should consult their own advisor.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Applicable
only if other than immediately available funds]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Optional Redemption</U></FONT>:</TD>
  <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
  <TD STYLE="width: 72%">The Notes cannot be redeemed prior to Stated Maturity.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25%"></TD><TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="width: 72%">The Notes can be redeemed in whole or in part at any time prior to Stated Maturity at the option of McDonald&rsquo;s Corporation (the
 &ldquo;Company&rdquo;) as set forth below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 28%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Optional Redemption Dates</U></FONT>:</TD>
  <TD STYLE="width: 72%">At any time prior to Stated Maturity at the option of the Company as set forth below.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption Prices</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55pt">&nbsp;</TD>
                            <TD STYLE="width: 20pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD><TD>The Redemption Price shall initially be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the principal amount of the Note to be redeemed and shall decline at each anniversary
of the initial Optional Redemption Date by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the principal amount to be redeemed until the Redemption Price is 100% of such principal
amount; <I>provided, however,</I> that if this Note is an Original Issue Discount Note, the Redemption Price shall be the Amortized Face
Amount of the principal amount to be redeemed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55pt"></TD><TD STYLE="width: 20pt">&#8999;</TD><TD>Other: Prior to July&nbsp;14, 2028 (the &ldquo;Par Call Date&rdquo;), the Company may redeem the Notes at its option, in whole or
in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three
decimal places) equal to the greater of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 4%">(1)</TD><TD STYLE="width: 81%">(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted
to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 15 basis points, less (b)&nbsp;interest accrued to the redemption date, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 4%">(2)</TD><TD STYLE="width: 81%">100% of the principal amount of the Notes to be redeemed,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 15%"></TD>
  <TD STYLE="width: 85%">plus, in either case, accrued and unpaid interest thereon to the redemption
  date.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 75pt"></TD>
  <TD>On or after the Par Call Date, the Company may redeem the Notes at its option,
  in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes to
  be redeemed plus accrued and unpaid interest thereon to the redemption date.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; margin: 0pt 0 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"> &ldquo;Treasury Rate&rdquo; means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; margin: 0pt 0 0pt 0.5in; font: 10pt Times New Roman, Times, Serif"> The Treasury Rate shall be determined by the Company as of 4:15 p.m., New York City time (or as of such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear as of such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as &ldquo;Selected Interest Rates (Daily) - H.15&rdquo; (or any successor designation or publication) (&ldquo;H.15&rdquo;) under the caption &ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;Nominal&rdquo; (or any successor caption or heading) (&ldquo;H.15 TCM&rdquo;). In determining the Treasury Rate, the Company shall select, as applicable: (1)&nbsp;the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the &ldquo;Remaining Life&rdquo;); (2)&nbsp;if there is no such Treasury constant</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">maturity on H.15 exactly equal to the Remaining Life, the
two yields &ndash; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than the Remaining Life and one
yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &ndash; and shall interpolate
to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal
places; or (3)&nbsp;if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for
the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant
maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable,
of such Treasury constant maturity from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">If on the third business day preceding
the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to
the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding the redemption date
of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date. If there is no United States
Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally
distant from the Par Call Date &ndash; one with a maturity date preceding the Par Call Date and one with a maturity date following the
Par Call Date &ndash; the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If
there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities
meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities
the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United
States Treasury securities at 11:00 a.m., New York City time on the second business day preceding the redemption date. For purposes of
this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of
the bid and asked prices for such United States Treasury security (expressed as a percentage of principal amount and rounded to three
decimal places) at 11:00 a.m., New York City time, on the second business day preceding the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">The Company&rsquo;s actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error, and the trustee shall have
no duty to confirm or verify any such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Unless the Company defaults in payment
of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt"><U>Sinking Fund</U>:</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;The Notes are not subject
to a Sinking Fund.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;The Notes are subject to a Sinking Fund.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sinking
Fund Dates</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Sinking
Fund Amounts</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
  <TD STYLE="font-family: Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amortizing Note</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">:</FONT></TD>
  <TD STYLE="font-family: Times New Roman, Times, Serif; width: 75%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;&nbsp;No</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amortizing
Schedule</U></FONT>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding Balance</FONT></TD></TR>
  <TR STYLE="text-decoration: underline; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Repayment
    Date</U></FONT></TD><TD STYLE="white-space: nowrap; text-decoration: underline; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U></U></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; width: 31%; text-align: center">Repayment Amount</TD><TD STYLE="white-space: nowrap; text-decoration: underline; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U></U></FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-decoration: underline; width: 32%; text-align: center">Following Repayment
Amount</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Optional
  Repayment</U></FONT>:</TD>
  <TD STYLE="width: 75%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;No</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Optional
Repayment Dates</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Optional
Repayment Prices</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Original Issue Discount Note</U></FONT>:</TD>
  <TD STYLE="width: 75%"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;No</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Total
Amount of OID</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Yield
to Stated Maturity</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Initial
Accrual Period OID</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Calculation
Agent (if other than Principal Paying Agent)</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt"><U>Agents&rsquo; Discount</U>:</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="font-size: 10pt">0.350% of the principal amount of the Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><U>Net proceeds to Company</U>: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">99.615% of the principal amount of the Notes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Agents&rsquo; Capacity</U>:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agent&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;&nbsp;Principal</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Agents</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Bookrunners:</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Academy Securities,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Siebert Williams Shank&nbsp;&amp; Co., LLC </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citigroup Global Markets Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loop Capital Markets LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Seelaus&nbsp;&amp; Co., LLC </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AmeriVet Securities Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blaylock Van, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cabrera Capital Markets, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CastleOak Securities, L.P.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drexel Hamilton, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independence Point Securities LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penserra Securities LLC</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>CUSIP</U></FONT>:</TD>
  <TD STYLE="width: 70%">58013M
FU3</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
  <TD STYLE="width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>ISIN</U></FONT>:</TD>
  <TD STYLE="width: 70%">US58013M
FU36</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Plan
of Distribution to Agents</U></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Agents</U></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Principal Amount</U></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Academy Securities,&nbsp;Inc. </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$102,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Siebert Williams Shank&nbsp;&amp; Co., LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loop Capital Markets LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">R. Seelaus&nbsp;&amp; Co., LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,500,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samuel A. Ramirez&nbsp;&amp; Company,&nbsp;Inc.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88,500,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citigroup Global Markets Inc.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AmeriVet Securities Inc.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blaylock Van, LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cabrera Capital Markets, LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CastleOak Securities, L.P.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drexel Hamilton, LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independence Point Securities LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penserra Securities LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,000,000</U></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$600,000,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Modification of Prospectus Supplement, dated July&nbsp;29, 2021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Prospectus Supplement, dated July&nbsp;29, 2021, is modified as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD><I>Marketing Legends</I>: The text appearing on pages&nbsp;S-ii and S-iii shall be replaced in its entirety with the following six
paragraphs:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">None of this prospectus supplement, the
accompanying prospectus and any related pricing supplement is a prospectus for the purposes of the Prospectus Regulation (as defined below).
This prospectus supplement, the accompanying prospectus and any related pricing supplement have been prepared on the basis that any offer
of notes in any Member State of the European Economic Area (the &ldquo;<I>EEA</I>&rdquo;) will only be made to a legal entity which is
a qualified investor under the Prospectus Regulation (&ldquo;<I>EEA Qualified Investors</I>&rdquo;). Accordingly any person making or
intending to make an offer in any Member State of notes that are the subject of the offering contemplated in this prospectus supplement,
the accompanying prospectus and any related pricing supplement may only do so with respect to EEA Qualified Investors. Neither we nor
the agents have authorized, nor do we or they authorize, the making of any offer of notes in the EEA other than to EEA Qualified Investors.
The expression &ldquo;<I>Prospectus Regulation</I>&rdquo; means Regulation (EU) 2017/1129, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>PROHIBITION
OF SALES TO EEA RETAIL INVESTORS </B></FONT>&mdash; The notes are not intended to be offered, sold or otherwise made available, and should
not be offered, sold or otherwise made available, to any retail investor in the EEA. For these purposes, a &ldquo;retail investor&rdquo;
means a person who is one (or more) of: (i)&nbsp;a retail client as defined in point (11) of Article&nbsp;4(1)&nbsp;of Directive 2014/65/EU,
as amended (&ldquo;<I>MiFID II</I>&rdquo;); (ii)&nbsp;a customer within the meaning of Directive (EU) 2016/97, as amended (the &ldquo;<I>Insurance
Distribution Directive</I>&rdquo;), where that customer would not qualify as a professional client as defined in point (10)&nbsp;of Article&nbsp;4(1)&nbsp;of
MiFID II; or (iii)&nbsp;not a qualified investor as defined in the Prospectus Regulation. Consequently no key information document required
by Regulation (EU) No 1286/2014, as amended (the &ldquo;<I>PRIIPs Regulation</I>&rdquo;), for offering or selling the notes or otherwise
making them available to retail investors in the EEA has been prepared and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">therefore offering or selling the notes or otherwise making
them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">None of this prospectus supplement, the
accompanying prospectus and any related pricing supplement is a prospectus for the purposes of the UK Prospectus Regulation (as defined
below). This prospectus supplement, the accompanying prospectus and any related pricing supplement have been prepared on the basis that
any offer of notes in the United Kingdom will only be made to a legal entity which is a qualified investor under the UK Prospectus Regulation
(&ldquo;<I>UK Qualified Investors</I>&rdquo;). Accordingly any person making or intending to make an offer in the United Kingdom of notes
that are the subject of the offering contemplated in this prospectus supplement, the accompanying prospectus and any related pricing supplement
may only do so with respect to UK Qualified Investors. Neither we nor the agents have authorized, nor do we or they authorize, the making
of any offer of notes in the UK other than to UK Qualified Investors. The expression &ldquo;<I>UK Prospectus Regulation</I>&rdquo; means
Regulation (EU) 2017/1129 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018,
as amended by the European Union (Withdrawal Agreement) Act 2020 (the &ldquo;<I>EUWA</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The communication
of this prospectus supplement, the accompanying prospectus, any related pricing supplement and any other document or materials relating
to the notes is not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of
section 21 of the </FONT>United Kingdom&rsquo;s Financial Services and Markets Act 2000, as amended (the &ldquo;<I>FSMA</I>&rdquo;). Accordingly,
such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom.
This prospectus supplement, the accompanying prospectus, any related pricing supplement and such other documents and/or materials are
for distribution only to persons who (i)&nbsp;have professional experience in matters relating to investments and who fall within the
definition of investment professionals (as defined in Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended (the &quot;<I>Financial Promotion Order</I>&quot;)), (ii)&nbsp;fall within Article&nbsp;49(2)(a)&nbsp;to
(d)&nbsp; of the Financial Promotion Order, (iii)&nbsp;are outside the United Kingdom, or (iv)&nbsp;are other persons to whom it may otherwise
lawfully be made under the Financial Promotion Order (all such persons together being referred to as &quot;<I>relevant persons</I>&quot;).
This prospectus supplement, the accompanying prospectus, any related pricing supplement and any other document or materials relating to
the notes are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment
or investment activity to which prospectus supplement, the accompanying prospectus, any related pricing supplement and any other document
or materials relates will be engaged in only with relevant persons. Any person in the United Kingdom that is not a relevant person should
not act or rely on this prospectus supplement, the accompanying prospectus, any related pricing supplement and any other document or materials
relating to the notes or any of their contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>PROHIBITION
OF SALES TO UK RETAIL INVESTORS &mdash; </B></FONT>The notes are not intended to be offered, sold or otherwise made available, and should
not be offered, sold or otherwise made available, to any retail investor in the United Kingdom. For these purposes, a retail investor
means a person who is one (or more) of: (i)&nbsp;a retail client, as defined in point (8)&nbsp;of Article&nbsp;2 of Regulation (EU) No
2017/565 as it forms part of domestic law of the United Kingdom by virtue of the EUWA; (ii)&nbsp;a customer within the meaning of the
provisions of the FSMA, and any rules&nbsp;or regulations made under the FSMA to implement the Insurance Distribution Directive, where
that customer would not qualify as a professional client, as</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">defined in point (8)&nbsp;of Article&nbsp;2(1)&nbsp;of Regulation
(EU) No 600/2014 as it forms part of domestic law of the United Kingdom by virtue of the EUWA (&ldquo;<I>UK MiFIR</I>&rdquo;); or (iii)&nbsp;not
a qualified investor as defined in Article&nbsp;2 of Regulation (EU) 2017/1129 as it forms part of domestic law of the United Kingdom
by virtue of the EUWA. Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic
law of the United Kingdom by virtue of the EUWA (the &ldquo;<I>UK PRIIPs Regulation</I>&rdquo;) for offering or selling the notes or otherwise
making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the notes or otherwise
making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>MIFID
II/ UK MIFIR PRODUCT GOVERNANCE / TARGET MARKET &mdash; </B></FONT>The pricing supplement in respect of any notes may include a legend
entitled &ldquo;MiFID II Product Governance&rdquo; and/or &ldquo;UK MiFIR Product Governance&rdquo;, as applicable, which will outline
the target market assessment in respect of the notes and which channels for distribution of the notes are appropriate. Any person subsequently
offering, selling or recommending the notes (a &ldquo;<I>distributor</I>&rdquo;) should take into consideration the target market assessment.
However, a distributor subject to MiFID II and/or the FCA Handbook Product Intervention and Product Governance Sourcebook (the &ldquo;<I>UK
MiFIR Product Governance Rules</I>&rdquo;), as applicable, is responsible for undertaking its own target market assessment in respect
of the notes (by either adopting or refining the target market assessment) and determining appropriate distribution channels. A determination
will be made in relation to each issue about whether, for the purpose of the MiFID Product Governance rules&nbsp;under EU Delegated Directive
2017/593, as amended (the &ldquo;<I>MiFID Product Governance Rules</I>&rdquo;), and/or the UK MiFIR Product Governance Rules, as applicable,
any agent subscribing for any notes is a manufacturer in respect of such notes, but otherwise neither the agents nor any of their respective
affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules&nbsp;and/or the UK MiFIR Product Governance Rules,
as applicable. We make no representation or warranty as to any manufacturer&rsquo;s or distributor&rsquo;s compliance with the MiFID Product
Governance Rules&nbsp;and/or the UK MiFIR Product Governance Rules, as applicable. We make no representation or warranty as to any manufacturer&rsquo;s
or distributor&rsquo;s compliance with the MiFID Product Governance Rules&nbsp;or the UK MiFIR Product Governance Rules, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD><I>Plan of Distribution</I>: The text under &ldquo;Plan of Distribution&rdquo; is amended as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The text appearing under the subheading &ldquo;Prohibition of Sales to EEA Retail Investors&rdquo; on page&nbsp;S-50 shall be replaced
in its entirety with the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Prohibition of Sales to EEA Retail Investors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">Each agent has represented
and agreed, and each further agent appointed under the Distribution Agreement will be required to represent and agree, that it has not
offered, sold or otherwise made available and will not offer, sell or otherwise make available, any notes which are the subject of the
offering contemplated by this prospectus supplement as completed by the pricing supplement in relation thereto to any retail investor
in the EEA. For the purposes of this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD>the expression &ldquo;<I>retail investor</I>&rdquo; means a person who is one (or more) of the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>a retail client as defined in point (11) of Article&nbsp;4(1)&nbsp;of MiFID II;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client
as defined in point (10)&nbsp;of Article&nbsp;4(1)&nbsp;of MiFID II; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>not a qualified investor as defined in the Prospectus Regulation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD>the expression &ldquo;<I>offer</I>&rdquo; includes the communication in any form and by any means of sufficient information on the
terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The text appearing under the subheading &ldquo;Prohibition of Sales to United Kingdom Retail Investors&rdquo; on page&nbsp;51 shall
be replaced in its entirety with the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Prohibition of Sales to United Kingdom Retail Investors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Each agent has represented and agreed,
and each further agent appointed under the Distribution Agreement will be required to represent and agree, that it has not offered, sold
or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the United Kingdom.
For the purposes of this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
expression &ldquo;<I>retail investor</I>&rdquo; means a person who is one (or more) of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
retail client, as defined in point (8)&nbsp;of Article&nbsp;2 of Regulation (EU) No 2017/565 as it forms part of domestic law of the United
Kingdom by virtue of the EUWA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
customer within the meaning of the provisions of the FSMA and any rules&nbsp;or regulations made under the FSMA to implement the Insurance
Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8)&nbsp;of Article&nbsp;2(1)&nbsp;of
UK MiFIR; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>not
a qualified investor as defined in Article&nbsp;2 of the UK Prospectus Regulation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
expression &ldquo;<I>offer</I>&rdquo; includes the communication in any form and by any means of sufficient information on the terms of
the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>






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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>2
<FILENAME>tm2323206d4_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EX-FILING FEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Calculation of
Filing Fee Tables</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-size: 18pt"><B>424(b)(2)</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Form Type)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-size: 18pt"><B>McDonald&rsquo;s
Corporation</B></FONT><BR>
<FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt">(Translation of Registrant&rsquo;s
Name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 1: Newly Registered and Carry Forward
Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: top; width: 8%; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 8%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Security&nbsp;Type</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 10%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Security<BR>
    Class<BR>
    Title</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 8%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Fee<BR>
    Calculation<BR>
    or Carry<BR>
    Forward Rule</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 7%; text-align: center; text-indent: 4.15pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Amount<BR>
    Registered</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 7%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Proposed<BR>
    Maximum<BR>
    Offering Price<BR>
    Per Unit</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 7%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Maximum<BR>
    Aggregate<BR>
    Offering Price</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 4%; text-align: center; text-indent: 1.9pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Fee&nbsp;Rate</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 8%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Amount
    of<BR>
    Registration Fee</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 7%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Carry<BR>
    Forward<BR>
    Form&nbsp;Type</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 5%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Carry<BR>
    Forward<BR>
    File&nbsp;Number</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 7%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Carry<BR>
    Forward<BR>
    Initial<BR>
    effective date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; vertical-align: bottom; width: 14%; text-align: center; text-indent: 0.2pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Filing
    Fee<BR>
    Previously&nbsp;Paid<BR>
    In Connection<BR>
    with Unsold<BR>
    Securities<BR>
    to be Carried<BR>
    Forward</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-top: 6pt; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Newly
    Registered Securities</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Debt</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 10pt">4.800%
    Medium-Term Notes due 2028</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">457(o)</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">599,790,000</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">0.00011020</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">66,096.86</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Fees
    Previously Paid</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 10pt; padding-top: 6pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Carry
    Forward Securities</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Carry Forward Securities</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; vertical-align: top; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2pt; font-size: 10pt; text-align: justify; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">599,790,000</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 10pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">66,096.86</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Total Fees Previously
    Paid</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 10pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 10pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 2pt; font-size: 10pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-right: 2pt; font-size: 10pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt">66,096.86</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 10pt; padding-left: 2pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 2: Fee Offset Claims and Sources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 8%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 8%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Registrant&nbsp;or<BR>
    Filer&nbsp;Name</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 6%; text-align: center; text-indent: 0.15pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Form
    or<BR>
    Filing&nbsp;Type</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 7%; text-align: center; text-indent: 7.75pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>File<BR>
    Number</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 6%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Initial<BR>
    Filing Date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 6%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Filing Date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 8%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Fee Offset<BR>
    Claimed</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 15%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Security Type<BR>
    Associated with<BR>
    Fee Offset&nbsp;Claimed</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 9%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Security Title<BR>
    Associated with<BR>
    Fee Offset Claimed</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 9%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Unsold<BR>
    Securities<BR>
    Associated with<BR>
    Fee Offset Claimed</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 9%; text-align: center; text-indent: 2.15pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Unsold
    Aggregate<BR>
    Offering Amount<BR>
    Associated with<BR>
    Fee&nbsp;Offset&nbsp;Claimed</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2pt; font-size: 8pt; width: 9%; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Fee Paid&nbsp;with<BR>
    Fee Offset Source</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 8pt; padding-top: 6pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Rules
    457(b) and 0-11(a)(2)</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Fee Offset Claims</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Fee&nbsp;Offset&nbsp;Sources</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD COLSPAN="12" STYLE="border-bottom: Black 1pt solid; padding-right: 2pt; font-size: 8pt; padding-top: 6pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 10pt"><B>Rule
    457(p)</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Fee Offset Claims</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">Fee&nbsp;Offset&nbsp;Sources</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; text-align: right; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; text-align: center; padding-left: 2pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 3: Combined Prospectuses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Security&nbsp;Type</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; width: 23%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Security
    Class Title</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount
    of Securities<BR>
    Previously Registered</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; width: 19%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Maximum
    Aggregate<BR>
    Offering Price<BR>
    of Securities<BR>
    Previously Registered</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Form<BR>
    Type</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; width: 8%; padding-right: 2pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>File<BR>
    Number</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-bottom: Black 1pt solid; white-space: nowrap; font-size: 8pt; width: 11%; padding-right: 2pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Initial<BR>
    Effective Date</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2pt; font-size: 8pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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