<SEC-DOCUMENT>0001104659-24-063996.txt : 20240522
<SEC-HEADER>0001104659-24-063996.hdr.sgml : 20240522
<ACCEPTANCE-DATETIME>20240521203827
ACCESSION NUMBER:		0001104659-24-063996
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20240522
DATE AS OF CHANGE:		20240521

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED PARCEL SERVICE INC
		CENTRAL INDEX KEY:			0001090727
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING & COURIER SERVICES (NO AIR) [4210]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				582480149
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267664
		FILM NUMBER:		24971448

	BUSINESS ADDRESS:	
		STREET 1:		55 GLENLAKE PARKWAY NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		4048286000

	MAIL ADDRESS:	
		STREET 1:		55 GLENLAKE PARKWAY NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2414806d4_424b5.htm
<DESCRIPTION>424B5
<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="text-align: right; margin: 0"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="text-align: right; margin: 0"><B>Registration Statement No. 333-267664</B></P>

<P STYLE="font-size: 7pt; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TO PROSPECTUS DATED SEPTEMBER 30, 2022</B></P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2414806d4_424b5img001.jpg" ALT="" STYLE="height: 94px; width: 80px">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED PARCEL SERVICE,&nbsp;INC.</B></P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$900,000,000
5.150</B></FONT><B><FONT STYLE="font-size: 10pt">% Senior Notes due 2034&nbsp;&nbsp;&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$1,100,000,000
5.500% Senior Notes due 2054</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$600,000,000
5.600</B></FONT><B><FONT STYLE="font-size: 10pt">% Senior Notes due 2064&nbsp;&nbsp;&nbsp;</FONT></B></P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are offering $900,000,000 of 5.150% Senior
Notes due 2034 (the &ldquo;2034 Notes&rdquo;), $1,100,000,000 of 5.500% Senior Notes due 2054 (the &ldquo;2054 Notes&rdquo;) and
$600,000,000 of 5.600% Senior Notes due 2064 (the
 &ldquo;2064 Notes&rdquo;). The
2034 Notes, the
2054 Notes and the
2064 Notes are collectively referred to as the
 &ldquo;notes.&rdquo;</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will pay interest on each series of the
notes on May 22 and November 22 of each year, beginning November 22, 2024. The 2034 Notes will bear interest at the rate of 5.150%
per annum, the 2054 Notes will bear interest at the rate of 5.500% per annum and the 2064 Notes will bear interest at the rate of
5.600% per annum. The 2034 Notes will mature on May 22, 2034, the 2054 Notes will mature on May 22, 2054 and the 2064 Notes will
mature on May 22, 2064.</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may redeem some or all of each series of the
notes at the times and at the applicable redemption prices described in this prospectus supplement.</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The notes will be unsecured obligations and rank
equally with our other unsecured and unsubordinated indebtedness from time to time outstanding. The notes of each series will be issued
only in U.S. dollars in denominations of $2,000 and integral multiples of $1,000 in excess thereof.</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The notes will not be listed on any securities
exchange. There is currently no public market for any series of notes.</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investing in the notes involves risk. See &ldquo;<I>Risk
Factors</I>&rdquo; on page&nbsp;S-3 of this prospectus supplement for a discussion of certain risks that should be considered in connection
with an investment in the notes as well as the &ldquo;Risk Factors&rdquo; in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072724000008/ups-20231231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023</A>, which is incorporated by reference into this prospectus supplement.</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the
accompanying prospectus to which it relates is truthful or complete. Any representation to the contrary is a criminal offense.</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><B>Price to<BR> Public
(1)</B></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><B>Underwriting<BR>
Discount</B></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><B>Proceeds, Before<BR>
Expenses, to us (1)</B></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%">Per 2034 Note</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.838</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.450</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.388</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Per 2054 Note</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.839</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.875</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.964</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Per 2064 Note</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.352</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.875</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.477</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Total</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,592,883,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">18,925,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,573,958,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin: 0pt 0; font-size: 7pt">&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"></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">(1)&nbsp;Plus
accrued interest from May 22, 2024, if settlement occurs after that date.</FONT></P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect the notes to be delivered in book-entry
form only through The Depository Trust Company on or about May 22, 2024.</P>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Joint Book-Running Managers</I></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: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>BNP PARIBAS</B></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>BofA Securities</B></TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Goldman Sachs &amp; Co. LLC</B></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>J.P. Morgan</B></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Morgan Stanley</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Barclays</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Citigroup</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SOCIETE GENERALE</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wells Fargo Securities</B></FONT></TD></TR>
  </TABLE>
<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"><I>Co-Managers</I></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: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Loop
    Capital Markets</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Ramirez
    &amp; Co., Inc.</B></FONT></TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Siebert
    Williams Shank</B></FONT></TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Telsey
    Advisory Group LLC</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0pt 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement is May&#8239;20, 2024</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-indent: 0.5in"><B>You should rely only on the information contained
or incorporated by reference in this prospectus supplement, the accompanying prospectus or any free writing prospectus filed by us with
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). We have not, and the underwriters have not, authorized anyone else to
provide you with different or additional information. If anyone provides you with different or additional information, you should not
rely on it. We are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer and
sale is not permitted. You should not assume that the information in this prospectus supplement, the accompanying prospectus, any free
writing prospectus or any document incorporated by reference is accurate as of any date other than the date of such document. Our business,
financial condition, results of operations and prospects may have changed since those dates.</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"><B>TABLE OF CONTENTS<SUP></SUP></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 92%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 8%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Prospectus
    Supplement</U></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.4pt; white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
    This Prospectus Supplement</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of UPS</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
    Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-2</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
    Factors</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-4</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalization</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-5</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Notes</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-6</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
    U.S. Federal Income Tax Consequences</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-10</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-15</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validity
    of the Notes</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-21</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#sa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporation
    of Certain Documents by Reference</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#sa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-21</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Prospectus</U></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.4pt; white-space: nowrap; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
    This Prospectus</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of UPS</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find More Information</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
    Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds </FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Debt Securities</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Preferred Stock</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Common Stock</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Warrants</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validity
    of the Securities</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#ps_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="padding: 0.25pt; white-space: nowrap; font-size: 10pt; text-align: right"><A HREF="#ps_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></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; 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="sa_001"></A>ABOUT THIS PROSPECTUS SUPPLEMENT</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-indent: 0.5in">This document has two parts. The first part consists
of this prospectus supplement, which describes the specific terms of this offering of notes. The second part, the accompanying prospectus,
provides more general information about securities which we may offer, some of which does not apply to this offering. If the description
of this offering varies between this prospectus supplement and the accompanying prospectus, you should rely on the information in this
prospectus supplement.</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">Before deciding whether to purchase any notes,
you should carefully read both this prospectus supplement and the accompanying prospectus, together with the additional information described
under the heading &ldquo;Incorporation of Certain Documents by Reference&rdquo; in this prospectus supplement and under the heading &ldquo;Where
You Can Find More Information&rdquo; in the accompanying prospectus.</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">Unless otherwise indicated, all references in
this prospectus supplement to &ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;UPS&rdquo; refer to United Parcel Service,&nbsp;Inc., a Delaware
corporation, and its consolidated subsidiaries.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="sa_002"></A>DESCRIPTION OF UPS</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-indent: 0.5in">United Parcel Service,&nbsp;Inc. (&ldquo;UPS&rdquo;),
founded in 1907, is the world&rsquo;s premier package delivery company and a leading provider of global supply chain management solutions.
We offer a broad range of industry-leading products and services through our extensive global presence. Our services include transportation
and delivery, distribution, contract logistics, ocean freight, airfreight, customs brokerage and insurance.</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">We operate one of the largest airlines and one
of the largest fleets of alternative fuel vehicles under a global UPS brand. We deliver packages each business day for approximately
1.6 million shipping customers to 10.2 million delivery recipients in over 200 countries and territories. In 2023, we delivered an average
of 22.3 million packages per day, totaling 5.7 billion packages during the year. Total revenue in 2023 was $91.0 billion.</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">We have two reporting segments: U.S. Domestic
Package and International Package. Our remaining businesses are reported as Supply Chain Solutions. U.S. Domestic Package and International
Package are together referred to as our global small package operations.</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">Our principal executive office is located at 55
Glenlake Parkway, N.E., Atlanta, Georgia 30328, telephone (404) 828-6000.</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; text-align: center"><A NAME="sa_003"></A><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</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-indent: 0.5in">This prospectus supplement, the accompanying prospectus
and the documents incorporated by reference herein and therein include certain &ldquo;forward-looking statements&rdquo; within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements in the future tense, and all statements accompanied by terms such
as &ldquo;will,&rdquo; &ldquo;believe,&rdquo; &ldquo;project,&rdquo; &ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;assume,&rdquo;
 &ldquo;intend,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;target,&rdquo; &ldquo;plan&rdquo; and variations thereof and similar terms, are
intended to be forward-looking statements. Forward-looking statements are made subject to the safe harbor protections of the federal
securities laws pursuant to Section&nbsp;27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Section&nbsp;21E
of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&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; text-indent: 0.5in">Our discussion and analysis in this prospectus
supplement, the accompanying prospectus and the documents incorporated by reference herein and therein contain forward-looking statements
regarding our intent, belief and current expectations about our strategic direction, prospects and future results. Such statements give
our current expectations or forecasts of future events; they do not relate strictly to historical or current facts. Management believes
that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on
any such forward-looking statements because such statements speak only as of the date when made.</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">Forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations
or anticipated results. These risks and uncertainties include, but are not limited to, those discussed in our filings with the SEC, including
our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072724000008/ups-20231231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023</A>, which is incorporated by reference herein and available
from the SEC. You should consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the
accuracy of predictions contained in such forward-looking statements. We do not undertake any obligation to update forward-looking statements
to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements.</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; text-align: center"><A NAME="sa_004"></A><B>RISK FACTORS</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-indent: 0.5in"><I>Investing in the notes involves risks. Before
making a decision to invest in the notes, you should carefully consider the risks described below and under &ldquo;Risk Factors&rdquo;
in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072724000008/ups-20231231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023</A>, as well as the other information contained or incorporated
by reference in this prospectus supplement and the accompanying prospectus. See &ldquo;Incorporation of Certain Documents by Reference&rdquo;
in this prospectus supplement and &ldquo;Where You Can Find More Information&rdquo; in the accompanying prospectus.</I></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>Active trading markets for the notes do not exist and may not develop.</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-indent: 0.5in">There are no established trading markets for the
notes since they will be new issues of securities. We do not intend to apply for the listing of the notes on any securities exchange.
We cannot assure you as to the liquidity of the public markets for the notes or that any active public markets for any series of the
notes will develop or continue. If active public markets do not develop or continue, the market prices and liquidity of the notes may
be adversely affected.</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>If trading markets do develop, changes in our ratings or the financial
markets could adversely affect the market prices of the notes.</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-indent: 0.5in">The market prices of the notes will depend on
many factors, including, but not limited to, the following:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>ratings
                                            on our debt securities assigned by rating agencies;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>the
                                            time remaining until maturity of the notes;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>the
                                            prevailing interest rates being paid by other companies similar to us;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>our
                                            results of operations, financial condition and prospects; 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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>the
                                            condition of the financial markets.</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">The condition of the financial markets and prevailing
interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market
prices of 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; text-indent: 0.5in">Rating agencies continually review the ratings
they have assigned to companies and debt securities. Negative changes in the ratings assigned to us or our debt securities could have
an adverse effect on the market prices of 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"><B>Ratings of the notes could be lowered in the future.</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-indent: 0.5in">The ratings of the notes will be based primarily
on the rating organization&rsquo;s assessment of the likelihood of timely payment of interest when due on the notes and the ultimate
payment of principal of the notes on the final maturity date. Consequently, real or anticipated changes in our credit ratings will generally
affect the market value of the notes. We expect that the notes will be rated &ldquo;investment grade&rdquo; by one or more nationally
recognized statistical rating organizations. However, a rating organization may lower our ratings or decide not to rate our securities
in its sole discretion. A rating is not a recommendation to purchase, hold or sell the notes, since a rating does not predict the market
price of a particular security or its suitability for a particular investor.</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; text-align: center"><A NAME="sa_005"></A><B>USE OF PROCEEDS</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-indent: 0.5in">We estimate that the net proceeds to us from this
offering will be approximately $2.569 billion,
after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds
of this offering for general corporate purposes.</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; text-align: center"><B><A NAME="sa_006"></A>CAPITALIZATION</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-indent: 0.5in">The table below sets forth our consolidated capitalization
as of March&nbsp;31, 2024 on an actual basis and as adjusted to give effect to the issuance of the notes and the receipt of the net proceeds
from the sale of the notes. See &ldquo;Use of Proceeds.&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; text-indent: 0.5in">You should read the table together with our consolidated
financial statements and the notes thereto incorporated by reference into this prospectus supplement and the accompanying prospectus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As of March&nbsp;31, 2024</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Actual</TD><TD STYLE="border-bottom: White 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="border-bottom: White 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As Adjusted</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(amounts in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash and Short-Term Investments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 72%; text-align: left">Cash and Cash Equivalents</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,281</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,850</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Marketable Securities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">232</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">232</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Total Cash and Marketable Securities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,513</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,082</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Debt Included in Current Liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Current Maturities of Long-Term Debt, Commercial Paper and Finance Leases</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,164</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,164<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Debt Included in Long-Term Liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Long-Term Debt and Finance Leases, excluding Current Maturities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,849</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,449</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total Debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,013</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22,613<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Shareowners&rsquo; Equity</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,933</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">16,933</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">Total Debt and Shareowners&rsquo; Equity</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">36,946</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">39,546</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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><A NAME="sa_007"></A>DESCRIPTION OF THE NOTES</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-indent: 0.5in">We are offering $900,000,000 aggregate
principal amount of our 5.150% Senior Notes due
2034,
$1,100,000,000 aggregate principal amount of our
5.500% Senior Notes due 2054 and
$600,000,000 aggregate principal amount of our 5.600% Senior
Notes due 2064. The 2034 Notes, the 2054 Notes and the
2064 Notes will each constitute a series of senior debt securities described in the
accompanying prospectus. The following description supplements, and to the extent it is inconsistent with replaces, the description
of the general terms and provisions contained in &ldquo;Description of the Debt Securities&rdquo; in the accompanying prospectus.
Any capitalized terms that are defined in the accompanying prospectus have the same meanings in this section unless a different
definition appears in this section.</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">Each series of notes will be issued under the
indenture dated as of September&nbsp;30, 2022, entered into with U.S. Bank Trust Company, National Association, as trustee. We urge you
to read the indenture, because the indenture and the terms included in the notes, not the summaries below and in the accompanying prospectus,
define your rights. You may obtain a copy of the indenture from us without charge. See the section entitled &ldquo;Where You Can Find
More Information&rdquo; in the accompanying prospectus.</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>General</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-indent: 0.5in">The notes:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>will be in an aggregate initial principal amount of $900,000,000, in the case of the 2034 Notes,
                                                                                                                                                                                                             $1,100,000,000, in the case of the
                                                                                                                                                                                                             2054 Notes, and $600,000,000, in the case of the 2064 Notes,
                                                                                                                                                                                                             subject, in each case, to our ability to issue additional notes which may be of the same series as such notes as described under
                                                                                                                                                                                                             &ldquo;&mdash;Further Issues,&rdquo;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>will mature on May 22, 2034, in the case of the 2034 Notes, May 22,
                                                                                                                                                                                                             2054, in the case of the
                                                                                                                                                                                                             2054 Notes, and
May 22, 2064,
                                                                                                                                                                                                             in the case of the 2064 Notes,</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>will
                                            bear interest at a rate of 5.150% per annum, in the case of the 2034 Notes, 5.500% per annum, in the
                                            case of the 2054 Notes, and 5.600% per annum, in the case of the 2064 Notes,</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>will
                                            be our unsecured and unsubordinated obligations, ranking equally with our other present and
                                            future outstanding unsecured and unsubordinated indebtedness,</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>will
                                            be issued as two separate series under the indenture, in registered, book-entry form only,</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>will
                                            be issued in U.S. dollars in denominations of $2,000 and integral multiples of $1,000 in
                                            excess thereof,</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>will
                                            be redeemable by us prior to the stated maturity at the times and prices described herein,
                                            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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>will
                                            not be subject to any sinking fund.</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">In some circumstances, we may elect to discharge
our obligations on the notes through satisfaction and discharge, defeasance or covenant defeasance. See &ldquo;Description of the Debt
Securities&mdash;Defeasance and Covenant Defeasance&rdquo; and &ldquo;&mdash;Defeasance and Discharge&rdquo; in the accompanying prospectus
for more information about how we may do this.</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">The indenture generally does not limit our ability
to incur additional debt and does not contain financial or similar restrictive covenants, except as described in the accompanying prospectus
under the caption &ldquo;Description of the Debt Securities&mdash;Additional Covenants.&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"></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"><B>Optional Redemption</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-indent: 0.5in">Each series of notes will be redeemable at any
time prior to the applicable Par Call Date (as defined below), as a whole or in part, at our option, on at least 10 days&rsquo;, but
not more than 60 days&rsquo;, prior notice mailed to the registered address of each holder of the notes to be redeemed, at a redemption
price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:</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: 0.5in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the
                                                               redemption date (assuming the notes to be redeemed matured on the applicable 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 in the case of the 2034 Notes, 15
 basis points in the case of the 2054 Notes and
                                                                20 basis points, in the case of the 2064 Notes, less (b)&nbsp;interest
                                                               accrued to the date of redemption, 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: 0.5in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">plus, in either case, accrued and unpaid interest, if any,
on the principal amount of the notes to be redeemed to, but excluding, 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; text-indent: 0.5in">Each series of notes will be redeemable at any
time on or after the applicable Par Call Date, as a whole or in part, at our option, on at least 10 days&rsquo;, but not more than 60
days&rsquo;, prior notice mailed to the registered address of each holder of the series of notes to be redeemed, at a redemption price
equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, on the principal amount
of the notes to be redeemed to, but excluding, 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; text-indent: 0.5in">&ldquo;Par Call Date&rdquo;
means,&#8239;February 22, 2034, in the case of the 2034 Notes (three months prior to maturity), November 22, 2053, in the case of
the 2054 Notes (six months prior to maturity), and November 22,
2063, in the case of the
2064 Notes (six months prior to maturity).</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">&ldquo;Treasury Rate&rdquo; means, with respect
to any redemption date, the yield determined by us in accordance with the following two paragraphs.</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">The Treasury Rate shall be determined by us after
4:15 p.m., New York City time (or after 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 after 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). In determining the Treasury Rate, we will 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 applicable Par Call Date (the &ldquo;Remaining Life&rdquo;); or (2)&nbsp;if
there is no such Treasury constant 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 and one yield corresponding to the Treasury constant maturity on H.15
immediately longer than the Remaining Life &ndash; and will interpolate to the applicable 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 will 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; text-indent: 0.5in">If on the third business day preceding the redemption
date H.15 or any successor designation or publication is no longer published, we will 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 such
redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the applicable Par Call Date,
as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date but there are two or more United
States Treasury securities with a maturity date equally distant from the applicable Par Call Date, one with a maturity date preceding
the applicable Par Call Date and one with a maturity date following the applicable Par Call Date, we will select the United States Treasury
security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury securities maturing
on the applicable Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, we will
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.
In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable
United States Treasury security will be based upon the average of the bid and asked prices (expressed as a percentage of principal amount)
at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</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; text-indent: 0.5in">Our actions and determinations in determining
the redemption price will be conclusive and binding for all purposes, absent manifest error.</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">If money sufficient to pay the redemption price
of all of the applicable series of notes to be redeemed on the redemption date is deposited with the trustee or paying agent on or before
the redemption date and certain other conditions are satisfied, then on and after such redemption date, interest will cease to accrue
on such notes 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; text-indent: 0.5in">We may at any time, and from time to time, purchase
the notes at any price or prices in the open market or otherwise.</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>Defeasance and Covenants</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-indent: 0.5in">In some circumstances, we may elect to discharge
our obligations on the notes through satisfaction and discharge, defeasance or covenant defeasance. See &ldquo;Description of the Debt
Securities&mdash;Defeasance and Covenant Defeasance&rdquo; and &ldquo;&mdash;Defeasance and Discharge&rdquo; in the accompanying prospectus
for more information about how we may do this.</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">The indenture generally does not limit our ability
to incur additional debt and does not contain financial or similar restrictive covenants, except as described in the accompanying prospectus
under the caption &ldquo;Description of the Debt Securities&mdash;Additional Covenants.&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"><B>Further Issues</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-indent: 0.5in">We may from time to time, without notice to or
the consent of the registered holders of the applicable series of notes, create and issue further notes of any series. Such further notes
may be consolidated and form a single series with such series of the notes and have the same terms as to ranking, redemption or otherwise
as such series (other than the issue date and public offering price of such further notes and, if applicable, the first payment of interest
following the issue date of such further notes); provided, however, that if such further notes are not fungible with the notes offered
hereby for U.S. federal income tax purposes, such further notes will not have the same &ldquo;CUSIP&rdquo; number as the notes offered
hereby.</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>Book-Entry System</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-indent: 0.5in">Upon issuance, each series of notes will be issued
in book-entry form through DTC. The notes will be issued as fully registered securities registered in the name of Cede&nbsp;&amp; Co.
(DTC&rsquo;s partnership nominee) or such other name as may be requested by an authorized representative of DTC. Owners of beneficial
interests in the notes will receive all payments relating to their debt securities in U.S. dollars. Clearstream and Euroclear may hold
interests on behalf of holders of notes through the accounts that each of these systems maintains to facilitate the clearance and settlement
of transactions involving 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; text-indent: 0.5in">A description of DTC&rsquo;s procedures with respect
to the notes is set forth in the section &ldquo;Description of the Debt Securities&mdash;Book-Entry, Delivery and Form&nbsp;of Debt Securities&rdquo;
in the accompanying prospectus.</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>Notices</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-indent: 0.5in">The trustee will mail notices by first class mail,
postage prepaid, to each registered holder&rsquo;s address as it appears in the security register. The trustee will only mail these notices
to the registered holder of the notes, and consequently holders of beneficial interests will not receive these notices unless we reissue
the notes in fully certificated 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"></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"><B>Governing Law</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-indent: 0.5in">The indenture and the notes for all purposes will
be governed by and construed in accordance with the laws of the State of New York.</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; text-align: center"><B><A NAME="sa_008"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</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-indent: 0.5in">The following summary describes the material U.S.
Federal income and certain estate tax consequences to you of the purchase, beneficial ownership and disposition of notes. This summary
deals only with holders that purchase notes in the initial offering at the issue price (<I>i.e</I>., the first price at which a substantial
amount of notes is sold to investors) and that hold such notes as capital assets for U.S. Federal income tax purposes. This summary is
for general information only and does not address all aspects of U.S. Federal income taxation that may be important to you in light of
your particular circumstances, and it does not address state, local, foreign, alternative minimum or non-income tax considerations that
may be applicable to you. This summary does not apply to you if you are a member of a class of holders subject to special rules, such
as:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            dealer in securities or currencies;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            trader in securities that elects to use a mark-to-market method of accounting for your securities
                                            holdings;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            bank or financial institution;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>an
                                            insurance company;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            tax-exempt organization;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            person that owns notes that are a hedge or that are hedged against interest rate risks;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            person that owns notes as part of a straddle or conversion transaction for tax purposes;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            person required to accelerate the recognition of any item of gross income with respect to
                                            the notes as a result of such income being recognized on an applicable financial statement;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            person subject to alternative minimum tax;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            U.S. holder (as defined below) whose functional currency for tax purposes is not the U.S.
                                            dollar; or</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            U.S. expatriate, &ldquo;controlled foreign corporation,&rdquo; or &ldquo;passive foreign
                                            investment company.&rdquo;</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">This summary is based upon provisions of the Internal
Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), and regulations, rulings and judicial decisions as of the date hereof. Those
authorities may be changed, perhaps retroactively, or subject to differing interpretations, so as to result in U.S. Federal income tax
consequences different from those summarized below.</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">If an entity classified as a partnership for U.S.
Federal income tax purposes holds a note, the tax treatment of a partner will generally depend upon the status of the partner and the
activities of the partnership. If you are a partnership holding notes or a partner in a partnership holding notes, you should consult
your tax advisor as to the particular U.S. Federal income tax consequences applicable to you.</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">If you are considering the purchase of notes,
you should consult your own tax advisor concerning the particular U.S. Federal income and estate tax consequences to you of the purchase,
beneficial ownership and disposition of notes, as well as the consequences to you arising under the laws of any other taxing jurisdiction,
including any state, local or non-U.S. tax consequences.</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">For purposes of this summary, a &ldquo;U.S. holder&rdquo;
means a beneficial owner of a note that is any of the following for U.S. Federal income tax purposes:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>an
                                            individual citizen or resident of the United States;</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>

<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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            corporation (or other entity classified as a corporation under U.S. Federal income tax laws)
                                            created or organized in or under the laws of the United States, any state thereof, or the
                                            District of Columbia;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>an
                                            estate the income of which is subject to U.S. Federal income taxation regardless of its source;
                                            or</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>a
                                            trust if (1)&nbsp;its administration is subject to the primary supervision of a court within
                                            the United States and one or more U.S. persons have the authority to control all of its substantial
                                            decisions, or (2)&nbsp;it has a valid election in effect under applicable Treasury regulations
                                            to be treated as a U.S. person.</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">A &ldquo;non-U.S. holder&rdquo; means a beneficial
owner of a note that is not a U.S. holder and not a partnership for U.S. Federal income tax purposes.</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.S. Holders</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"><B><I>Payments or Accruals of Interest</I></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-indent: 0.5in">It is anticipated, and the remainder of this discussion
assumes, that the notes will not be issued with original issue discount for U.S. Federal income tax purposes. Accordingly, payments or
accruals of stated interest on a note will be taxable to you as ordinary interest income at the time that you receive or accrue such
amounts in accordance with your regular method of tax accounting.</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>Sale, Exchange, Retirement or Other Taxable Disposition of Notes</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-indent: 0.5in">When you sell or exchange a note, or if a note
that you hold is retired or otherwise disposed of in a taxable transaction, you generally will recognize gain or loss equal to the difference
between the amount you realize on the transaction (less any accrued interest, which will be subject to tax in the manner described above
under &ldquo;Payments or Accruals of Interest&rdquo;) and your adjusted tax basis in the note.</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">Your adjusted tax basis in a note generally will
equal the cost of the note to you, reduced by any principal payments you previously received in respect of the note.</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">The gain or loss that you recognize on the sale,
exchange, retirement or other disposition of a note generally will be capital gain or loss. The gain or loss on the sale, exchange, retirement
or other disposition of a note will be long-term capital gain or loss if you have held the note for more than one year on the date of
disposition. Net long-term capital gain recognized by an individual U.S. holder currently is eligible to be taxed at a lower rate than
net short-term capital gain or ordinary income. The ability of U.S. holders to offset capital losses against ordinary income is limited.</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><I>Additional Tax on Net Investment Income</I></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-indent: 0.5in">U.S. holders who are individuals, estates or certain
trusts generally will be subject to a 3.8% tax on the lesser of (1)&nbsp;the U.S. person&rsquo;s &ldquo;net investment income&rdquo;
in the case of an individual or &ldquo;undistributed net investment income&rdquo; in the case of an estate or trust, in each case for
the relevant taxable year or (2)&nbsp;the excess of the U.S. person&rsquo;s modified adjusted gross income in the case of an individual
or adjusted gross income in the case of an estate or trust, in each case for the taxable year over a certain threshold. A U.S. holder&rsquo;s
 &ldquo;net investment income&rdquo; will generally include any interest income or capital gain recognized by the holder with respect
to the notes, unless such income or gain is derived in the ordinary course of the conduct of the holder&rsquo;s trade or business (other
than a trade or business that consists of certain passive or trading activities).</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><I>Information Reporting and Backup Withholding</I></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-indent: 0.5in">Generally, if you are a non-corporate U.S. holder,
payments of interest on a note will be subject to information reporting. In addition, a non-corporate U.S. holder may be subject to a
backup withholding tax on those payments if it fails to provide its accurate taxpayer identification number to us or our paying agent
in the manner required, is notified by the Internal Revenue Service (the &ldquo;IRS&rdquo;) that it has failed to report all interest
and dividends required to be shown on its U.S. Federal income tax return, or otherwise fails to comply with applicable backup withholding
tax rules. In addition, U.S. holders may be subject to information reporting and backup withholding tax with respect to the proceeds
from a sale, exchange, retirement or other taxable disposition of a note.</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; text-indent: 0.5in">Any amounts withheld from payments to you under
the backup withholding tax rules&nbsp;may be allowed as a credit against your U.S. Federal income tax liability and may entitle you to
a refund, provided the required information is timely furnished to the IRS.</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>Non-U.S. Holders</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"><B><I>U.S. Federal Withholding Tax</I></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-indent: 0.5in">Subject to the discussion below under &ldquo;&mdash;Information
Reporting and Backup Withholding&rdquo; and &ldquo;Foreign Account Tax Compliance Act (FATCA),&rdquo; payments of principal and stated
interest on a note will not be subject to U.S. Federal withholding tax under the portfolio interest exemption, provided that:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>you
                                            do not actually (or constructively) own 10% or more of the total combined voting power of
                                            all classes of our voting stock within the meaning of the Code and applicable Treasury regulations;</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>such
                                            interest is not effectively connected with your conduct of a U.S. trade or business; 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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>either
                                            (a)&nbsp;you provide a properly completed and executed IRS Form&nbsp;W-8BEN or W-8BEN-E (or
                                            other applicable form), and certify, under penalties of perjury, that you are not a U.S.
                                            person or (b)&nbsp;you hold your notes through certain foreign intermediaries and satisfy
                                            the certification requirements of applicable Treasury regulations.</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">Special certification and other rules&nbsp;apply
to certain non-U.S. holders that are entities rather than individuals.</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">If you do not qualify for the portfolio interest
exemption described above and the interest is not effectively connected with your conduct of a trade or business within the United States
(as discussed below under &ldquo;U.S. Federal Income Tax&rdquo;), payments of interest made to you will be subject to U.S. federal withholding
tax at a rate of 30% (or lower applicable treaty rate).</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><I>U.S. Federal Income Tax</I></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-indent: 0.5in">If you are engaged in a trade or business in the
United States and interest on the notes is effectively connected with the conduct of that trade or business (and the interest is attributable
to a permanent establishment maintained by you in the United States if that is required by an applicable income tax treaty as a condition
for subjecting you to U.S. tax on a net income basis), you will be subject to U.S. Federal income tax on that interest on a net income
basis (although you will be exempt from the 30% withholding tax, provided you comply with certain certification requirements) in the
same manner as if you were a U.S. holder. In addition, if you are a foreign corporation, you may be subject to a branch profits tax equal
to 30% of your effectively connected earnings and profits for the taxable year, subject to certain adjustments, unless you qualify for
a lower rate under an applicable income tax treaty.</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">Any gain (other than any portion of the gain that
represents accrued interest in which case the tax rules&nbsp;for interest as described above would apply to such portion) realized on
the sale, exchange, retirement or other taxable disposition of a note generally will not be subject to U.S. Federal income or withholding
tax unless:</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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>the
                                            gain is effectively connected with your conduct of a trade or business in the United States
                                            (and, if applicable, attributable to a permanent establishment maintained by you in the United
                                            States), in which case such gain generally will be subject to U.S. federal income tax (and
                                            possibly the branch profits tax) in the same manner as applies to effectively connected interest
                                            income described above; or</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>

<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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD><TD>you
                                            are an individual who is present in the United States for 183 days or more in the taxable
                                            year of that disposition, and certain other conditions are met, in which case you will be
                                            subject to U.S. federal income tax at a flat rate of 30% (unless a lower applicable income
                                            tax treaty applies) on any such gain (net of certain U.S.-source losses, if any).</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"><B><I>U.S. Federal Estate Tax</I></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-indent: 0.5in">If you are an individual who at death is not a
U.S. citizen or resident (as specially defined for U.S. Federal estate tax purposes), your estate will not be subject to U.S. Federal
estate tax on notes beneficially owned by you at the time of your death, provided that (1)&nbsp;you do not actually (or constructively)
own 10% or more of the total combined voting power of all classes of our voting stock within the meaning of the Code and applicable Treasury
regulations, and (2)&nbsp;interest on those notes would not have been, if received at the time of your death, effectively connected with
the conduct by you of a trade or business in the United States.</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><I>Information Reporting and Backup Withholding</I></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-indent: 0.5in">The amount of interest paid to you, and the amount
of any tax withheld with respect to such interest, must be reported annually to the IRS and you. Copies of the information returns reporting
the amount of such interest and the amount of any tax withheld may also be made available to the tax authorities in the country in which
you reside under the provisions of an applicable income tax treaty.</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">In general, you will not be subject to backup
withholding with respect to payments of interest on a note, provided that we do not have actual knowledge or reason to know that you
are a United States person, as defined under the Code, and the certification requirements described in the last bullet point under &ldquo;&mdash;U.S.
Federal Withholding Tax&rdquo; above have been met.</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">In general, you will be subject to information
reporting, and possibly backup withholding, with respect to the proceeds of the sale of a note within the United States or conducted
through certain U.S.-related financial intermediaries, unless (i)&nbsp;the certification requirements described above have been met and
the payor does not have actual knowledge or reason to know that you are a United States person, as defined under the Code, or (ii)&nbsp;you
otherwise establish an exemption.</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">Any amounts withheld from payments to you under
the backup withholding tax rules&nbsp;may be allowed as a credit against your U.S. Federal income tax liability and may entitle you to
a refund, provided the required information is timely furnished to the IRS.</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>Foreign Account Tax Compliance Act (FATCA)</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-indent: 0.5in">Sections 1471 through 1474 of the Code and Regulations
thereunder (&ldquo;FATCA&rdquo;) generally impose U.S. federal withholding tax of 30% on interest income paid on a note and, subject
to proposed Treasury regulations discussed below, on the gross proceeds of a disposition of a note paid to (i)&nbsp;a foreign financial
institution (whether such foreign financial institution is the beneficial owner or an intermediary), unless such institution enters into
an agreement with the U.S. government to collect and provide to the U.S. tax authorities substantial information regarding U.S. account
holders of such institution (which would include certain equity and debt holders of such institution, as well as certain account holders
that are foreign entities with U.S. owners), and, in certain cases, to withhold on amounts paid to non-compliant U.S. account holders,
or (ii)&nbsp;a foreign entity that is not a financial institution (whether such foreign entity is the beneficial owner or an intermediary),
unless such entity provides the applicable withholding agent with a certification identifying the substantial U.S. owners of the entity,
which generally include any U.S. person who directly or indirectly owns more than 10% of the entity. An intergovernmental agreement between
the U.S. and the applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements.</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">Proposed Treasury regulations propose to eliminate
potential FATCA withholding on the gross proceeds of a disposition of a note. The proposed Treasury regulations provide that taxpayers
may rely upon such proposal until final Treasury regulations are issued.</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">We will not pay additional amounts or &ldquo;gross up&rdquo; payments
to holders of the notes as a result of any taxes or withholding imposed under FATCA. Under certain circumstances, a holder may be eligible
for a refund or credit of such tax or withholding. Each holder should consult with its tax advisor regarding the implications of this
legislation on its investment in 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sa_009"></A><B>UNDERWRITING</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-indent: 0.5in">We intend to offer the notes through the underwriter,
BNP Paribas Securities Corp., BofA Securities,&nbsp;Inc., Goldman Sachs&nbsp;&amp; Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley&nbsp;&amp;
Co. LLC are acting as representatives of the underwriters named below. Subject to the terms and conditions contained in an underwriting
agreement between us and the underwriters, we have agreed to sell to the underwriters and the underwriters have severally agreed to purchase
from us, the principal amount of the notes listed opposite their names below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><B>Underwriter</B></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><B>Principal
    Amount <BR>
    of 2034 Notes </B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><B>Principal Amount<BR>
 of 2054 Notes</B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><B>Principal Amount <BR>
of 2064 Notes</B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; font: 10pt Times New Roman, Times, Serif; text-align: left">BNP Paribas Securities Corp.</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">135,000,000</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: right">165,000,000</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">90,000,000</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BofA Securities, Inc.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">135,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">165,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Goldman Sachs &amp; Co. LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">135,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">165,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">J.P. Morgan Securities LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">135,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">165,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Morgan Stanley &amp; Co. LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">135,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">165,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Barclays Capital Inc.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">47,250,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">57,750,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,500,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">47,250,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">57,750,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,500,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SG Americas Securities, LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">47,250,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">57,750,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,500,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Wells Fargo Securities, LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">47,250,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">57,750,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31,500,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Loop Capital Markets LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Samuel A. Ramirez &amp; Company, Inc.</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Siebert Williams Shank &amp; Co., LLC</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">9,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11,000,000</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,000,000</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Telsey Advisory Group LLC</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9,000,000</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,000,000</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,000,000</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif">Total</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">900,000,000</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,100,000,000</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">600,000,000</TD>
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&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; text-indent: 0.5in">To the extent any underwriter that is not a U.S.
registered broker-dealer intends to effect sales of notes in the United States, it will do so through one or more U.S. registered broker-dealers
in accordance with the applicable U.S. securities laws and regulations.</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">The underwriters have agreed to purchase all of
the notes of each series sold pursuant to the underwriting agreement if any of the notes are purchased. If an underwriter defaults, the
underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting
agreement may be terminated.</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">We have agreed to indemnify the several underwriters
against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the several underwriters may
be required to make in respect of those liabilities.</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">The underwriters are offering the notes, subject
to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity
of the notes, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officers&rsquo;
certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject
orders in whole or in part.</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">The underwriters initially propose to offer
the notes directly to the public at the public offering prices that appear on the cover page&nbsp;of this prospectus supplement and
to certain dealers at that price less a selling concession not in excess of 0.250% of the principal amount of the 2034
Notes,&nbsp;0.500% of the principal amount of the 2054 Notes
and&nbsp;0.500% of the principal amount of the
2064 Notes. Any underwriter may allow, and such dealers may reallow, a selling
concession not in excess of 0.200% of the principal amount
of the 2034 Notes,&#8239;0.300% of the principal amount of the
2054 Notes and 0.300% of the
principal amount of the 2064 Notes, to certain other brokers or
dealers. After the initial offering of the notes to the public, the underwriters may vary the offering prices and other selling
terms of the notes from time to time.</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">The expenses of the offering, not including the
underwriting discounts, are estimated to be $4.6 million and are payable by us.</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>New Issues of Notes</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-indent: 0.5in">There are no established trading markets for the
notes. We do not intend to apply for listing of the notes on any securities exchange or for quotation of the notes on any automated dealer
quotation system. We have been advised by the underwriters that they presently intend to make a market in the notes of each series after
completion of the offering. However, they are under no obligation to do so and may discontinue any market- making activities at any time
without any notice. We cannot assure the liquidity of any trading markets for the notes or that active public markets for the notes will
develop. If active public trading markets for the notes do not develop, the market prices and liquidity of the notes may be adversely
affected.</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"><B>Prohibition of Sales to European Economic Area 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; text-indent: 0.5in">The notes are not intended to be offered, sold,
or otherwise made available to and should not be offered, sold, or otherwise made available to any retail investor in the European Economic
Area (the &ldquo;EEA&rdquo;). For these purposes, a retail investor 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;MiFID II&rdquo;); or (ii)&nbsp;a customer
within the meaning of Directive (EU) 2016/97 (as amended, the &ldquo;Insurance Distribution Directive&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 Regulation (EU) 2017/1129 (the &ldquo;Prospectus Regulation&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; text-indent: 0.5in">Consequently, no key information document required
by Regulation (EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the notes or otherwise making
them available to retail investors in the EEA has been prepared and 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; background-color: white"><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; text-indent: 0.25in; background-color: white">The notes are not intended
to be offered, sold, or otherwise made available to and should not be offered, sold, or otherwise made available to any retail investor
in the United Kingdom (&ldquo;UK&rdquo;). 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 by virtue of the
European Union (Withdrawal) Act 2018 (&ldquo;EUWA&rdquo;); (ii)&nbsp;a customer within the meaning of the provisions of the Financial
Services and Markets Act 2000 (&ldquo;FSMA&rdquo;) and any rules&nbsp;or regulations made under the FSMA to implement Directive (EU)
2016/97, where that customer would not qualify as a professional client, as defined in point (8)&nbsp;of Article&nbsp;2(1)&nbsp;of Regulation
(EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; 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 by virtue of the EUWA. Consequently, no key information document required
by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK PRIIPs Regulation&rdquo;) for offering
or selling the notes or otherwise making them available to retail investors in the UK has been prepared, and therefore, offering or selling
the notes or otherwise making them available to any retail investor in the UK 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; background-color: white"><B>Notice to Prospective Investors in the
United Kingdom</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-indent: 0.25in; background-color: white">In addition, in the
UK, this prospectus supplement and the accompanying prospectus are being distributed only to, and are directed only at, qualified investors
within the meaning of Article&nbsp;2 of the UK Prospectus Regulation who: (i)&nbsp;have professional experience in matters relating to
investments and who qualify as investment professionals within the meaning of Article&nbsp;19(5)&nbsp;of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (as amended, the &ldquo;Order&rdquo;), (ii)&nbsp;are persons falling within Article&nbsp;49(2)(a)&nbsp;to
(d)&nbsp;(&ldquo;high net worth companies, unincorporated associations etc.&rdquo;) of the Order, (iii)&nbsp;are outside the UK, and/or
(iv)&nbsp;are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of
the FSMA) in connection with the issue or sale of the notes may otherwise lawfully be communicated or caused to be communicated (all
such persons together being referred to as &ldquo;relevant persons&rdquo;). In the UK, this prospectus supplement and the accompanying
prospectus are directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons and any
investment or investment activity to which this prospectus supplement and accompanying prospectus relates is available only to relevant
persons and will be engaged in only with relevant persons.</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"><B>Hong Kong</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-indent: 0.5in">This prospectus supplement and accompanying prospectus
have not been approved by or registered with the Securities and Futures Commission of Hong Kong or the Registrar of Companies of Hong
Kong. The notes may not be offered or sold by means of any document other than: (i)&nbsp;in circumstances which do not constitute an
offer to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), or (ii)&nbsp;to &ldquo;professional investors&rdquo;
within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules&nbsp;made thereunder, or (iii)&nbsp;in
other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; within the meaning of the Companies Ordinance
(Cap. 32, Laws of Hong Kong), and no advertisement, invitation or document relating to the notes may be issued or may be in the possession
of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which
are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with
respect to notes which are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo;
within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules&nbsp;made thereunder.</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>Japan</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-indent: 0.5in">The notes have not been and will not be registered
under the Financial Instruments and Exchange Law of Japan (the &ldquo;Financial Instruments and Exchange Law&rdquo;) and each underwriter
has agreed that it will not offer or sell any notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan
(which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of
Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption
from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law and any other applicable
laws, regulations and ministerial guidelines of Japan.</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>Singapore</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-indent: 0.5in">This prospectus supplement and the accompanying
prospectus have not been and will not be lodged or registered as a prospectus under the Securities and Futures Act, Chapter 289 of Singapore
(the &ldquo;SFA&rdquo;) by the Monetary Authority of Singapore, and the offer of the notes in Singapore is made primarily pursuant to
the exemptions under Section&nbsp;274 and 275 of the SFA. Accordingly, this prospectus supplement, the accompanying prospectus and any
other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the notes may not be
circulated or distributed, nor may the notes be offered or sold, or be made the subject of an invitation for subscription or purchase,
whether directly or indirectly, to any person in Singapore other than: (i)&nbsp;to an institutional investor as defined in Section&nbsp;4A
of the SFA (an &ldquo;Institutional Investor&rdquo;) pursuant to Section&nbsp;274 of the SFA, (ii)&nbsp;to an accredited investor as
defined in Section&nbsp;4A of the SFA (an &ldquo;Accredited Investor&rdquo;) or other relevant person as defined in Section&nbsp;275(2)&nbsp;of
the SFA (a &ldquo;Relevant Person&rdquo;) and pursuant to Section&nbsp;275(1)&nbsp;of the SFA, or to any person pursuant to an offer
referred to in Section&nbsp;275(1A) of the SFA, and in accordance with the conditions, specified in Section&nbsp;275 of the SFA and (where
applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii)&nbsp;otherwise pursuant to,
and in accordance with, the conditions of any other applicable exemption or provision of the SFA.</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: 0.25in; background-color: white">It is a condition of
the offer that where the notes are subscribed for or acquired pursuant to an offer made in reliance on Section&nbsp;275 of the SFA by
a Relevant Person which is:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation
    (which is not an Accredited Investor), the sole business of which is to hold investments and the entire share capital of which is
    owned by one or more individuals, each of whom is an Accredited Investor; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust
    (where the trustee is not an Accredited Investor), the sole purpose of which is to hold investments and each beneficiary of the trust
    is an individual who is an Accredited Investor, securities or securities-based derivatives contracts (each as defined in Section&nbsp;2(1)&nbsp;of
    the SFA) of that corporation and the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be transferred
    within six months after that corporation or that trust has subscribed for or acquired the notes except:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to an
    Institutional Investor, an Accredited Investor, a Relevant Person or which arises from an offer referred to in Section&nbsp;275(1A)
    of the SFA (in the case of that corporation) or Section&nbsp;276(4)(i)(B)&nbsp;of the SFA (in the case of that trust);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
    no consideration is or will be given for the transfer;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
    the transfer is by operation of law;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as specified
    in Section&nbsp;276(7)&nbsp;of the SFA; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as specified
    in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations
    2018.</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: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Singapore
Securities and Futures Act Product Classification</I></FONT>&mdash;Solely for the purposes of its obligations pursuant to sections 309B(1)(a)&nbsp;and
309B(1)(c)&nbsp;of the SFA, the Company has determined, and hereby notifies all relevant persons (as defined in Section&nbsp;309A of
the SFA), that the notes are &ldquo;prescribed capital markets products&rdquo; (as defined in the Securities and Futures (Capital Markets
Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA&nbsp;04-N12:&nbsp;Notice on the Sale of Investment
Products and MAS Notice&nbsp;FAA-N16:&nbsp;Notice on Recommendations on Investment Products).</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>Canada</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-indent: 0.5in">The notes may be sold in Canada only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus
Exemptions or subsection 73.3(1)&nbsp;of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the notes must be made in accordance with an
exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</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">Securities legislation in certain provinces or
territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the
time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to any
applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars of these rights or
consult with a legal advisor.</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">Pursuant to section 3A.3 of National Instrument
33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105
regarding underwriter conflicts of interest in connection with this offering.</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>Notice to Prospective Investors in Switzerland</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-indent: 0.5in">This prospectus supplement is not intended to
constitute an offer or solicitation to purchase or invest in the notes. The notes may not be publicly offered, directly or indirectly,
in Switzerland within the meaning of the Swiss Financial Services Act (&ldquo;FinSA&rdquo;) and no application has or will be made to
admit the notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this prospectus supplement
nor any other offering or marketing material relating to the notes constitutes a prospectus pursuant to the FinSA, and neither this prospectus
supplement nor any other offering or marketing material relating to the notes may be publicly distributed or otherwise made publicly
available in Switzerland.</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>Notice to Prospective Investors in the Dubai International Financial
Centre</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-indent: 0.5in">The securities to which this document relates
have not been offered and will not be offered to any person in the Dubai International Financial Centre unless such offer is:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>an &ldquo;Exempt Offer&rdquo; in accordance with the Markets Rules&nbsp;(MKT)
                                            Module of the Dubai Financial Services Authority (&ldquo;DFSA&rdquo;) rulebook; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>made only to persons who meet the Professional Client criteria set
                                            out in Rule&nbsp;2.3.3 of the DFSA Conduct of Business Module of the DFSA rulebook.</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>
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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-indent: 0.5in">This document must not be delivered to, or relied
on by, any other person. The DFSA has no responsibility for reviewing or verifying this prospectus supplement or any documents in connection
with it or the issuer. The DFSA has not approved this prospectus supplement or any associated documents nor taken steps to verify the
information set forth herein and has no responsibility for this document. The securities to which this document relates may be illiquid
and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence
on the issuer and the securities. If you do not understand the contents of this document you should consult an authorized financial advisor.</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">In relation to its use in the DIFC, this document
is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person
other than the original recipient, and may not be reproduced or used for any other purpose. Except as provided above, the interests in
the securities may not be offered or sold directly or indirectly to the public in the DIFC.</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>Notice to Prospective Investors in Australia</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-indent: 0.5in">No placement document, prospectus, product disclosure
statement or other disclosure document (including as defined in the Corporations Act 2001 (Cth) (&ldquo;Corporations Act&rdquo;)) has
been or will be lodged with the Australian Securities and Investments Commission (&ldquo;ASIC&rdquo;) or any other governmental agency,
in relation to the offering. This prospectus supplement does not constitute a prospectus, product disclosure statement or other disclosure
document for the purposes of Corporations Act, and does not purport to include the information required for a prospectus, product disclosure
statement or other disclosure document under the Corporations Act. No action has been taken which would permit an offering of the notes
in circumstances that would require disclosure under Parts 6D.2 or 7.9 of the Corporations Act.</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">The notes may not be offered for sale, nor may
application for the sale or purchase or any notes be invited in Australia (including an offer or invitation which is received by a person
in Australia) and neither this prospectus supplement nor any other offering material or advertisement relating to the notes may be distributed
or published in Australia unless, in each case:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the aggregate consideration payable on acceptance of the offer or
                                            invitation by each offeree or invitee is at least A$500,000 (or its equivalent in another
                                            currency, in either case, disregarding moneys lent by the person offering the notes or making
                                            the invitation or its associates) or the offer or invitation otherwise does not require disclosure
                                            to investors in accordance with Part&nbsp;6D.2 or 7.9 of the Corporations Act;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>the offer, invitation or distribution complied with the conditions
                                            of the Australian financial services license of the person making the offer, invitation or
                                            distribution or an applicable exemption from the requirement to hold such license;</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: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>the offer, invitation or distribution complies with all applicable
                                            Australian laws, regulations and directives (including, without limitation, the licensing
                                            requirements set out in Chapter 7 of the Corporations Act);</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: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>the offer or invitation does not constitute an offer or invitation
                                            to a person in Australia who is a &ldquo;retail client&rdquo; as defined for the purposes
                                            of Section&nbsp;761G of the Corporations Act; 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: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>such action does not require any document to be lodged with ASIC or
                                            the Australian Securities Exchange.</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"><B>Price Stabilization and Short Positions</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-indent: 0.5in">In connection with the offering, the underwriters
are permitted to engage in transactions that stabilize the market prices of the notes. Such transactions consist of bids or purchases
to peg, fix or maintain the prices of the notes. If the underwriters create any short positions in the notes in connection with the offering,
i.e., if they sell more notes than are on the cover page&nbsp;of this prospectus, the underwriters may reduce such short positions by
purchasing notes in the open market. Purchases of a security to stabilize the price or to reduce a short position could cause the price
of the security to be higher than it might be in the absence of such purchases.</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; text-indent: 0.5in">The underwriters also may impose a penalty bid.
This occurs when a particular underwriter repays a portion of the underwriting discount received by it because the representatives have
repurchased notes sold by or for the account of such underwriter in stabilizing or short covering transactions.</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">Neither we nor any of the underwriters makes any
representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the prices
of the notes. In addition, neither we nor any of the underwriters makes any representation that the underwriters will engage in these
transactions or that these transactions, once commenced, will not be discontinued without notice.</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>Other Relationships</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-indent: 0.5in">The underwriters and their respective affiliates
are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment
banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial
and non-financial activities and services. Some of the underwriters and their affiliates have engaged in, and may in the future engage
in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received,
or may in the future receive, customary fees and commissions for these transactions. In particular, affiliates of each of BNP Paribas
Securities Corp., BofA Securities,&nbsp;Inc., Goldman Sachs&nbsp;&amp; Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley&nbsp;&amp;
Co. LLC are lenders, agents or arrangers under one or both of our existing revolving credit facilities.</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">In addition, in the ordinary course of their business
activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities
(or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their
customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. Certain of
the underwriters or their affiliates that have a lending relationship with us routinely hedge, and certain other of those underwriter
or their affiliates may hedge, their credit exposure to us consistent with their customary risk management policies. Typically, such
underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit
default swaps or the creation of short positions in our securities, including potentially the notes. Any such credit default swaps or
short positions could adversely affect future trading prices of the notes. The underwriters and their affiliates may also make investment
recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold,
or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</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; text-align: center"><A NAME="sa_010"></A><B>VALIDITY OF THE NOTES</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-indent: 0.5in">The validity of the notes will be passed upon
by King&nbsp;&amp; Spalding LLP. Certain legal matters relating to the notes will be passed upon for the underwriters by Gibson, Dunn&nbsp;&amp;
Crutcher LLP.</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><A NAME="sa_011"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</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-indent: 0.5in">The SEC allows us to &ldquo;incorporate by reference&rdquo;
into this prospectus supplement the information we file with it. This means that we can disclose important information to you by referring
you to those documents. The information incorporated by reference is considered to be part of this prospectus, and later information
that we file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed
below and all documents we subsequently file with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act until
our offering is completed; provided, however, that, other than as expressly stated herein, we are not incorporating by reference any
information furnished (but not filed) under Item 2.02 or Item 7.01 of any Current Report on Form&nbsp;8-K:</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: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072724000008/ups-20231231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023</A> (including the portions of our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072724000018/ups-20240318.htm" STYLE="-sec-extract: exhibit">Proxy Statement on Schedule 14A, filed on March&nbsp;18, 2024</A>, incorporated by reference therein);</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: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072724000028/ups-20240331.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2024</A>; 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: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072724000031/ups-20240502.htm" STYLE="-sec-extract: exhibit">Current Report on Form&nbsp;8-K filed May&nbsp;6, 2024</A> (Items 5.02
                                            and 5.07 only).</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">You may request a copy of these filings at no
cost, by writing to or telephoning us at the following address:</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-top: 0pt; margin-bottom: 0pt; text-align: center">United Parcel Service,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">55 Glenlake Parkway, N.E.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Atlanta, Georgia 30328&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(404) 828-6000</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 0.25in"><B>PROSPECTUS</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2414806d4_424b5img002.jpg" ALT="" STYLE="height: 85px; width: 72px"></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED PARCEL SERVICE,&nbsp;INC.</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"><B>DEBT SECURITIES</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"><B>PREFERRED STOCK</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"><B>CLASS&nbsp;B COMMON STOCK</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"><B>WARRANTS</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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><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">&nbsp;</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 0.25in; text-indent: 0.5in">Each time securities are offered pursuant
to this prospectus, we will provide a prospectus supplement and attach it to this prospectus. The prospectus supplement will contain
specific information about these securities. You should read this prospectus and any supplement carefully before you invest.</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 0.25in; text-indent: 0.5in">United Parcel Service,&nbsp;Inc.&rsquo;s
class B common stock is traded on the New York Stock Exchange under the trading symbol &ldquo;UPS.&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 0.25in; text-indent: 0.5in">We
discuss risk factors relating to our company in filings we make with the Securities and Exchange Commission, including under &ldquo;Risk
Factors&rdquo; and elsewhere in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072722000007/ups-20211231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072722000022/ups-20220331.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2022</A> and in subsequent filings, which are incorporated by reference in this prospectus.
The prospectus supplement relating to a particular offering of securities may discuss certain risks of investing in those securities.
You should carefully consider these risk factors and risks before investing in any of our securities.</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 0.25in; text-indent: 0.5in">This prospectus may not be used to
offer or sell any securities unless accompanied by a prospectus supplement.</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>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><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">&nbsp;</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 0.25in; text-indent: 0.5in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</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">The date of this prospectus is September&nbsp;30,
2022.</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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    <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-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 92%"><A HREF="#ps_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
    this Prospectus</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%"><A HREF="#ps_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#ps_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of UPS</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#ps_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find More Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#ps_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
    Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#ps_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#ps_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Debt Securities</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#ps_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Preferred Stock</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#ps_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Common Stock</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#ps_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Warrants</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#ps_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validity
    of the Securities</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#ps_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><A HREF="#ps_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="ps_012"></A>ABOUT THIS PROSPECTUS</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 0.25in; text-indent: 0.5in">This prospectus is part of a shelf
registration statement that we have filed with the Securities and Exchange Commission, or SEC, under the Securities Act of 1933, as amended,
or the Securities Act. By using a shelf registration statement, we may offer any combination of the securities described in this prospectus
in one or more offerings.</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 0.25in; text-indent: 0.5in">This prospectus provides you with a
general description of the securities we may offer. Each time we use this prospectus to offer securities, we will provide a prospectus
supplement that contains specific information about the terms of those securities and the offering, and this prospectus may not be used
to offer or sell securities unless accompanied by the applicable prospectus supplement. The prospectus supplement may add to, update
or change the information contained in this prospectus. If there is any inconsistency between the information in this prospectus and
the applicable prospectus supplement, you should rely on the information in the prospectus supplement. You should read both this prospectus
and any prospectus supplement together with the additional information described below in the section entitled &ldquo;Where You Can Find
More Information.&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 0.25in; text-indent: 0.5in">We may also prepare free writing prospectuses
to describe the terms of particular securities, which terms may vary from those described in this prospectus or any prospectus supplement.
You therefore should carefully review any free writing prospectus in connection with your review of this prospectus and the applicable
prospectus supplement.</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 0.25in; text-indent: 0.5in">You should rely only on the information
contained in this prospectus or any prospectus supplement, including any information that we incorporate by reference, or any free writing
prospectus that we distribute. We have not authorized anyone to provide you with different information, and we do not take any responsibility
for, or provide any assurance as to the reliability of, any other information that others may give you. You should not assume that the
information contained or incorporated by reference in this prospectus or a prospectus supplement or contained in any free writing prospectus
is accurate as of any date other than the date of the document. We are not making an offer of securities in any jurisdiction where the
offer is not permitted.</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 0.25in; text-indent: 0.5in">Unless otherwise indicated, all references
in this prospectus to &ldquo;UPS,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo; refer to United Parcel Service,&nbsp;Inc.,
a Delaware corporation, and its consolidated subsidiaries.</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 0.25in; text-indent: 0.5in">Unless otherwise stated, currency amounts
in this prospectus and any prospectus supplement are stated in United States dollars, or &ldquo;$.&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; text-align: center"><B><A NAME="ps_013"></A>DESCRIPTION OF UPS</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 0.25in; text-indent: 0.5in">We were founded in 1907 and are the
world&rsquo;s premier package delivery company and a leading provider of global supply chain management solutions. We offer a broad range
of industry-leading products and services through our extensive presence in North America, Europe, the Indian sub-continent, Middle East
and Africa, Asia Pacific and Latin America. Our services include transportation and delivery, distribution, contract logistics, ocean
freight, air freight, customs brokerage and insurance.</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 0.25in; text-indent: 0.5in">We operate one of the largest airlines
and one of the largest fleets of alternative fuel vehicles under a global UPS brand. We deliver packages each business day for approximately
1.7&nbsp;million shipping customers to 11.8&nbsp;million delivery customers in over 220 countries and territories. In 2021, we delivered
an average of 25.2&nbsp;million packages per day, totaling 6.4&nbsp;billion packages during the year. Total revenue in 2021 was $97.3&nbsp;billion.</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 0.25in; text-indent: 0.5in">We have two reporting segments: U.S.
Domestic Package and International Package. Our remaining businesses are reported as Supply Chain Solutions. U.S. Domestic Package and
International Package are together referred to as our global small package operations.</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 0.25in; text-indent: 0.5in">Our principal executive office is located
at 55 Glenlake Parkway, N.E., Atlanta, Georgia 30328, telephone (404)&nbsp;828-6000.</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; text-align: center"><B><A NAME="ps_014"></A>WHERE YOU CAN FIND MORE INFORMATION</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 0.25in; text-indent: 0.5in">We file annual, quarterly and current
reports, proxy statements and other information with the SEC. We make available free of charge on our investor relations website, www.investors.ups.com,
all materials that we file electronically with the SEC, including our annual reports on Form&nbsp;10-K, quarterly reports on Form&nbsp;10-Q,
current reports on Form&nbsp;8-K and amendments to those reports, as soon as reasonably practicable after such materials are electronically
filed with, or furnished to, the SEC.</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 0.25in; text-indent: 0.5in">The SEC maintains an Internet site
that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC,
which you can access at https://www.sec.gov. You also may read reports and other information about us at the offices of the New York
Stock Exchange at 20 Broad Street, New York, New York 10005.</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 0.25in; text-indent: 0.5in">Information contained on our websites
or any other website is not incorporated by reference into this prospectus and does not constitute a part of this prospectus.</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 0.25in; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; into this prospectus the information we have filed with the SEC. This means that we can disclose important information
to you without actually including the specific information in this prospectus by referring you to other documents filed separately with
the SEC. These other documents contain important information about us, our financial condition and our results of operations. The information
incorporated by reference is considered part of this prospectus. Information that we file later with the SEC and that is incorporated
by reference in this prospectus or any prospectus supplement will automatically update and may supersede information contained or incorporated
by reference in this prospectus or any prospectus supplement.</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 0.25in; text-indent: 0.5in">We incorporate by reference in this
prospectus the documents and portions of documents listed below and all documents that we subsequently file with the SEC under Sections
13(a), 13(c), 14 or 15(d)&nbsp;of the Securities Exchange Act of 1934, as amended, or the Exchange Act (other than, in each case, information
deemed to have been furnished and not filed in accordance with SEC rules):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072722000007/ups-20211231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A> (including portions of our <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000120677422000792/ups3995501-def14a.htm" STYLE="-sec-extract: exhibit">Proxy Statement on Schedule 14A, filed on March&nbsp;31, 2022</A>, incorporated by reference therein);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly Reports
    on Form&nbsp;10-Q for the quarters ended </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072722000022/ups-20220331.htm" STYLE="-sec-extract: exhibit">March&nbsp;31, 2022</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072722000034/ups-20220630.htm" STYLE="-sec-extract: exhibit">June&nbsp;30, 2022</A>;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current Reports
    on Form&nbsp;8-K filed </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072722000010/ups-20220228.htm" STYLE="-sec-extract: exhibit">March&nbsp;1, 2022</A> (Item 5.02 only) and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072722000025/ups-20220504.htm" STYLE="-sec-extract: exhibit">May&nbsp;10, 2022</A>; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description
    of UPS&rsquo;s class B common stock, $.01 par value per share, set forth in the registration statement on </FONT><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000094018099001295/0000940180-99-001295.txt" STYLE="-sec-extract: exhibit">Form&nbsp;8-A</A>
    filed on November&nbsp;4, 1999 with the SEC pursuant to Section&nbsp;12 of the Exchange Act, as updated by the description of UPS&rsquo;s
    class B common stock $0.01 par value per share, set forth in <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072721000013/ups-12312020xexhibit442.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.42</A> to our Annual Report on Form&nbsp;10-K for the year
    ended December&nbsp;31, 2020, together with any subsequent amendment or report filed with the SEC for the purpose of updating this
    description.</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 0pt 0.25in; text-indent: 0.5in">You may obtain any of the documents
incorporated by reference in this prospectus from the SEC through the SEC&rsquo;s website at the address provided above. We will provide
without charge to each person to whom this prospectus is delivered, including any beneficial owner, a copy of any document incorporated
by reference in this prospectus (excluding exhibits to such document unless an exhibit is specifically incorporated by reference in the
document) through our investor relations website at www.investors.ups.com or by oral request or by written request at the following address
and telephone number: United Parcel Service,&nbsp;Inc., Attention: Investor Relations, 55 Glenlake Parkway, N.E., Atlanta, Georgia 30328,
telephone (404) 828-6000.</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; text-align: center"><A NAME="ps_015"></A><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</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 0.25in; text-indent: 0.5in">This prospectus and the documents incorporated
by reference herein may contain statements, estimates or projections that constitute &ldquo;forward-looking statements&rdquo; as defined
under U.S. federal securities laws. The words &ldquo;will,&rdquo; &ldquo;believe,&rdquo; &ldquo;project,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;estimate,&rdquo; &ldquo;assume,&rdquo; &ldquo;intend,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;target,&rdquo; &ldquo;plan,&rdquo;
and variations thereof and similar expressions are intended to identify forward-looking statements. Forward-looking statements include
statements regarding our intent, belief and current expectations about our strategic direction, prospects, future results and other matters.
These forward-looking statements are based on beliefs and assumptions of our management, and involve certain risks and uncertainties
which could cause actual results to differ materially from those contained in any forward-looking statement.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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"><A NAME="ps_016"></A><B>USE OF PROCEEDS</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 0.25in; text-indent: 0.5in">Unless we otherwise specify in the
applicable prospectus supplement, the net proceeds we receive from the sale of the securities offered by this prospectus and the applicable
prospectus supplement will be used for general corporate purposes. General corporate purposes may include the repayment of debt, funding
capital expenditures, financing working capital needs, funding our operations, or financing potential acquisitions. The net proceeds
may be invested temporarily or applied to repay short-term debt until they are used for their stated purpose.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="ps_017"></A><B>DESCRIPTION OF THE DEBT SECURITIES</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Description of Debt Securities</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 0.25in; text-indent: 0.5in">We will issue the debt securities under
either: (i)&nbsp;an indenture, dated as of August&nbsp;26, 2003 (as may be amended or supplemented from time to time), between us and
The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as successor to Citibank,
N.A., as trustee; (ii)&nbsp;an indenture, dated as of September&nbsp;30, 2022 (as may be amended or supplemented from time to time),
between us and U.S. Bank Trust Company, National Association, as trustee; or (iii)&nbsp;an indenture, dated as of September&nbsp;30,
2022 (as may be amended or supplemented from time to time), between us and Truist Bank, as trustee. The three indentures are substantially
the same in all material respects. We have summarized the material provisions of the indentures below. When we refer to the &ldquo;indenture&rdquo;
or the &ldquo;trustee&rdquo; with respect to any series of debt securities, we mean the indenture under which those debt securities are
issued and the trustee acting pursuant to that indenture. Each indenture is included as an exhibit to the registration statement of which
this prospectus is a part, and you should read each indenture for provisions that may be important to you. In the summary below, we have
included references to section numbers of the indentures so that you can easily locate these provisions. Capitalized terms used in this
 &ldquo;Description of Debt Securities&rdquo; but not otherwise defined herein have the meaning specified in the indenture. You can obtain
copies of the indentures on the SEC website described in the section entitled &ldquo;Where You Can Find More Information.&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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>General</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 0.25in; text-indent: 0.5in">The indentures do not limit the aggregate
principal amount of debt securities that we may issue and provide that we may issue debt securities from time to time in one or more
series, in each case with the same or various maturities, at par or at a discount. We may issue additional debt securities of a particular
series without the consent of the holders of the debt securities of such series outstanding at the time of the issuance. Any such additional
debt securities, together with all other outstanding debt securities of that series, will constitute a single series of debt securities
under the applicable indenture. The indentures also generally do not limit our ability to incur additional debt and do not contain financial
or similar restrictive covenants. The debt securities under each indenture will be unsecured and will rank equally with all of our other
senior debt and senior to our subordinated debt, if any.</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 0.25in; text-indent: 0.5in">Unless we inform you otherwise in a
prospectus supplement, the indentures do not contain any debt covenants or other provisions that would protect holders of the debt securities
in the event we participate in a highly leveraged or other transaction that may adversely affect our creditworthiness.</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 0.25in; text-indent: 0.5in">A prospectus supplement relating to
a series of debt securities being offered will include specific terms relating to the offering. These terms will include some or all
of the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the title of
    the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any limit on
    the aggregate principal amount of the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the person
    or entity to whom any interest on the debt securities will be payable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date or
    dates on which the principal, premium, if any, or other form or type of consideration to be paid upon maturity on the debt securities,
    which we call the maturity consideration, will be payable or the method of determining maturity dates;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the rate or
    rates at which the debt securities will bear interest, if any, or any method by which the rate or rates will be determined, the date
    or dates from which any interest will accrue, the interest payment dates on which any interest will be payable and the regular record
    date for any interest on any interest payment date;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any redemption
    dates, prices, rights, obligations and restrictions on the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any mandatory
    or optional sinking fund, purchase fund or similar provisions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether payments
    of principal of or any premium or interest will be determined by an index, formula or other method and the manner in which these
    amounts will be determined;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the currency
    or currency unit in which principal and interest will be paid if other than U.S. dollars and whether the holder may elect payment
    to be made in a different currency;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the portion
    of the principal amount of the debt securities payable upon the acceleration of the maturity of the debt securities if other than
    the full principal amount;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the principal
    amount payable at the stated maturity of the debt securities will not be determinable as of any one or more dates prior to the stated
    maturity, the amount that will be deemed to be the principal amount of the debt securities as of any such date for any purpose, including
    the principal amount of the debt securities that will be due and payable upon any maturity other than the stated maturity or that
    will be deemed to be outstanding as of any date prior to the stated maturity;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether the
    debt securities will be defeasible, in whole or any specified part, and whether some of our covenants will be defeasible and, if
    other than by a resolution of our board of directors or executive committee, the manner in which any election by us to defease the
    debt securities or covenants will be evidenced;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether the
    debt securities will be issued in permanent global form and the circumstances under which the permanent global debt security may
    be exchanged;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether, and
    the terms and conditions relating to when, we may satisfy some of our obligations with respect to the debt securities with regard
    to payment upon maturity, or any redemption or required repurchase or in connection with any exchange provisions by delivering to
    the holders securities (whether or not issued by, or the obligations of, us), cash or a combination of cash, securities and/or property;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any conversion
    or exchange provisions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any terms for
    the attachment to the debt securities of warrants, options or other rights to purchase or sell our securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any deletion
    of, addition to or change in the Events of Default and any change in the right of the trustee or the requisite holders of the debt
    securities to declare the principal amount due and payable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any deletion
    of, addition to or change in the covenants that apply to the debt securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">terms relating
    to the delivery of debt securities if they are to be issued upon the exercise of warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether and
    on what terms we will pay additional amounts to holders of the debt securities that are not U.S. persons for any tax assessment or
    governmental charge withheld or deducted and, if so, whether and on what terms we will have the option to redeem the debt securities
    rather than pay the additional amounts;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additional
    terms with respect to book-entry procedures; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other material
    terms of the debt securities not specified in this prospectus. (Section&nbsp;3.01)</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 0pt 0.25in; text-indent: 0.5in">We may sell the debt securities, including
original issue discount securities, at a substantial discount below their principal amount. Original issue discount securities bear no
interest or bear interest at below market rates. We may describe special United States federal income tax considerations, if any, applicable
to the debt securities sold at an original issue discount in the applicable prospectus supplement. In addition, we may describe special
United States federal income tax or other considerations, if any, applicable to the debt securities that are sold for any foreign currency
or currency unit or if any payments on the debt securities are payable in any foreign currency or currency unit, in the applicable prospectus
supplement. We encourage you to consult with your own competent tax and financial advisors on these important matters.</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 0.25in"><B>Consolidation, Merger and Sale of Assets</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 0.25in; text-indent: 0.5in">Each indenture provides that we may
not consolidate with or merge with or into any other person or convey, transfer or lease all or substantially all of our properties and
assets substantially as an entirety to any person unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">either we are
    the continuing corporation or the person formed by any consolidation or into which we are merged or the person that acquires by conveyance,
    transfer, or lease all or substantially all of our properties and assets shall be:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 71%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">organized and
    validly existing under the laws of the United States of America, any State thereof or the District of Columbia; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 71%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall expressly
    assume all of our obligations under the debt securities and the applicable indenture;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">immediately
    after giving effect to such transaction, no Event of Default, and no event that, after notice or lapse of time or both, would become
    an Event of Default, shall have occurred and be continuing; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we or such
    person has delivered to the trustee an officer&rsquo;s certificate and an opinion of counsel stating that such consolidation, merger,
    conveyance, transfer or lease and any supplemental indenture required in connection with such transaction comply with the applicable
    provisions of the indenture and that all conditions precedent in the indenture provided for or relating to such transaction have
    been satisfied.</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 0pt 0.25in; text-indent: 0.5in">Upon any consolidation or merger or
any conveyance, transfer or lease of all or substantially all of our properties and assets in accordance with these provisions, the successor
person formed by a consolidation, or into which we are merged or the successor person to which any conveyance, transfer or lease is made,
shall succeed to, and be substituted for, and may exercise every right and power of ours under the debt securities and the applicable
indenture with the same effect as if that successor had been named as us therein; and thereafter, except in the case of a lease, we shall
be discharged from all obligations and covenants under the debt securities and applicable indenture. (Sections 8.01 and 8.02)</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 0.25in"><B>Additional Covenants</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 0.25in; text-indent: 0.5in">Although the indentures generally do
not contain financial or similar restrictive covenants, unless otherwise specified in any applicable prospectus supplement, the debt
securities will contain the additional covenants described below that are not contained in the indentures.</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 0.5in"><B><I>Limitation on Secured Indebtedness</I></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 0.25in; text-indent: 0.5in">We will not create, assume, incur or
guarantee, and will not permit any Restricted Subsidiary to create, assume, incur or guarantee, any Secured Indebtedness without making
provision whereby the debt securities shall be secured equally and ratably with, or prior to, such Secured Indebtedness, together with,
if we shall so determine, any other Indebtedness of us or any Restricted Subsidiary then existing or thereafter created that is not subordinate
to the debt securities, so long as the Secured Indebtedness shall be outstanding, unless the Secured Indebtedness, when added to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate
    amount of all Secured Indebtedness then outstanding (not including in this computation Secured Indebtedness if the debt securities
    are secured equally and ratably with (or prior to) such Secured Indebtedness and further not including in this computation any Secured
    Indebtedness that is concurrently being retired); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate
    amount of all Attributable Debt then outstanding pursuant to Sale and Leaseback Transactions entered into by us after January&nbsp;26,
    1999, or entered into by a Restricted Subsidiary after January&nbsp;26, 1999 or, if later, the date on which it became a Restricted
    Subsidiary (not including in this computation any Attributable Debt that is concurrently being retired);</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">would not exceed 10% of Consolidated Net Tangible Assets.</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"><B><I>Limitation on Sale and Lease Back Transactions</I></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 0.25in; text-indent: 0.5in">We will not, and will not permit any
Restricted Subsidiary to, enter into any Sale and Leaseback Transaction unless (a)&nbsp;the sum of:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Attributable
    Debt to be outstanding pursuant to such Sale and Leaseback Transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all Attributable
    Debt then outstanding pursuant to all other Sale and Leaseback Transactions entered into by us after January&nbsp;26, 1999, or entered
    into by a Restricted Subsidiary after January&nbsp;26, 1999 or, if later, the date on which it became a Restricted Subsidiary; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate
    amount of all Secured Indebtedness then outstanding (not including in this computation Secured Indebtedness if the debt securities
    are secured equally and ratably with (or prior to) such Secured Indebtedness);</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">would not exceed 10% of Consolidated Net Tangible Assets,
or (b)&nbsp;an amount equal to the greater of:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the net proceeds
    to us or the Restricted Subsidiary of the sale of the Principal Property sold and leased back pursuant to such Sale and Leaseback
    Transaction; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the amount
    of Attributable Debt to be outstanding pursuant to such Sale and Leaseback Transaction;</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">is applied to the retirement of Funded Debt of us or any
Restricted Subsidiaries (other than Funded Debt that is subordinate to the debt securities or is owing to us or any Restricted Subsidiaries
or is scheduled to mature within one year after consummation of such Sale and Leaseback Transaction) within 180 days after the consummation
of such Sale and Leaseback Transaction.</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 0.5in"><B><I>Definitions</I></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 0.25in; text-indent: 0.5in">As used in this prospectus, the following
definitions apply:</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Attributable
Debt&rdquo;</I></FONT> means, as of the date of its determination, the present value (discounted semi-annually at an interest rate of
7.0%&nbsp;per annum) of the obligation of a lessee for rental payments pursuant to any Sale and Leaseback Transaction (reduced by the
amount of the rental obligations of any sublessee of all or part of the same property) during the remaining term of such Sale and Leaseback
Transaction (including any period for which the lease relating thereto has been extended), such rental payments not to include amounts
payable by the lessee for maintenance and repairs, insurance, taxes, assessments and similar charges and for contingent rents (such as
those based on sales). In the case of any Sale and Leaseback Transaction in which the lease is terminable by the lessee upon the payment
of a penalty, the rental payments shall be considered for purposes of this definition to be the lesser of the discounted values of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">a.</TD><TD STYLE="text-align: left">the rental payments to be paid under such Sale and Leaseback
Transaction until the first date (after the date of such determination) upon which it may be so terminated plus the then applicable penalty
upon such termination; and</TD>
</TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">b.</TD><TD STYLE="text-align: left">the rental payments required to be paid during the remaining
term of such Sale and Leaseback Transaction (assuming such termination provision is not exercised).</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Finance
Lease Obligation&rdquo;</I></FONT> means any obligation to pay rent or other amounts under a lease of (or other agreement conveying the
right to use) real or personal property that is required to be classified and accounted for as a finance lease obligation under generally
accepted accounting principles, and, for the purposes of the debt securities, the amount of such obligation at any date shall be the
capitalized amount thereof at the applicable date, determined in accordance with such principles.</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Consolidated
Net Tangible Assets&rdquo;</I></FONT> means at any date, the total assets appearing on our most recently prepared consolidated balance
sheet as of the end of our fiscal quarter, prepared in accordance with generally accepted accounting principles, less all current liabilities
as shown on such balance sheet and Intangible Assets.</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Funded
Debt&rdquo;</I></FONT> means any indebtedness maturing by its terms more than one year from its date of issue, including any indebtedness
renewable or extendable at the option of the obligor to a date later than one year from its original 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 0pt 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Indebtedness&rdquo;
</I></FONT>means</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">a. any liability of any Person:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: left">for borrowed money, or under any reimbursement obligation relating
to a letter of credit;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: left">evidenced by a bond, note, debenture or similar instrument,
including a purchase money obligation, given in connection with the acquisition of any businesses, properties or assets of any kind or
with services incurred in connection with capital expenditures, other than a trade payable or a current liability arising in the ordinary
course of business;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: left">for the payment of money relating to a Finance Lease Obligation;
or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: left">for Interest Rate Protection Obligations;</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 0.5in; text-indent: 0.5in"> b. any liability of others described in the preceding clause (a)&nbsp;that the Person has guaranteed or that is otherwise its legal liability; 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 0.5in; text-indent: 0.5in"> c. any amendment, supplement, modification, deferral, renewal, extension or refunding of any liability of the types referred to in clauses (a)&nbsp;and (b)&nbsp;above.</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Intangible
Assets&rdquo;</I></FONT> means at any date the value (net of any applicable reserves), as shown on or reflected in our most recently
prepared consolidated balance sheet, prepared in accordance with generally accepted accounting principles, of</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">a. all trade names, trademarks, licenses,
patents, copyrights and goodwill;</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">b. organizational and development costs;</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">c. deferred charges (other than prepaid
items such as insurance, taxes, interest, commissions, rents and similar items and tangible assets being amortized); 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 0.5in; text-indent: 0.5in">d. unamortized debt discount and expense,
less unamortized premium.</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Interest
Rate Protection Obligations&rdquo;</I></FONT> of any Person means the obligations of that Person pursuant to any arrangement with any
other Person whereby, directly or indirectly, that Person is entitled to receive from time to time periodic payments calculated by applying
a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such Person calculated by applying a floating
rate of interest on the same notional amount.</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Liens&rdquo;
</I></FONT>means any mortgage, lien, pledge, security interest, charge or encumbrance.</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Principal
Property&rdquo;</I></FONT> means any land, land improvements, buildings and associated factory, distribution, laboratory and office equipment
(excluding any motor vehicles, aircraft, mobile materials handling equipment, data processing equipment and rolling stock) constituting
a distribution facility, operating facility, manufacturing facility, development facility, warehouse facility, service facility or office
facility (including any portion thereof), which facility</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is owned by
    or leased to us or any Restricted Subsidiary,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is located
    within the United States, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">has an acquisition
    cost plus capitalized improvements in excess of 0.50% of Consolidated Net Tangible Assets as of the date of that determination, other
    than:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any facility,
    or portion thereof, which has been financed by obligations issued by or on behalf of a State, a Territory or a possession of the
    United States, or any political subdivision of any of the foregoing, or the District of Columbia, the interest on which is excludable
    from gross income of the holders thereof (other than a &ldquo;substantial user&rdquo; of the related facility or a &ldquo;related
    Person&rdquo; as those terms are used in Section&nbsp;103 of the Internal Revenue Code) pursuant to the provisions of Section&nbsp;103
    of the Internal Revenue Code (or any similar provision hereafter enacted) as in effect at the time of issuance of the obligations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any facility
    that our board of directors may by resolution declare is not of material importance to us and the Restricted Subsidiaries taken as
    a whole; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any facility,
    or portion thereof, owned or leased jointly or in common with one or more Persons other than us and any Subsidiary and in which the
    interest of us and all Subsidiaries does not exceed 50%.</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 0pt 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Restricted
Securities&rdquo;</I></FONT> means any shares of the capital stock or Indebtedness of any Restricted Subsidiary.</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 0.25in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Restricted
Subsidiary&rdquo;</I></FONT> means</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any Subsidiary:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which has substantially
    all its property within the United States of America;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which owns
    or is a lessee of any Principal Property; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in which the
    investment of us and all other Subsidiaries exceeds 0.50% of Consolidated Net Tangible Assets as of the date of the determination;
    provided, however, that the term &ldquo;Restricted Subsidiary&rdquo; shall not include:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any Subsidiary
    (x)&nbsp;primarily engaged in the business of purchasing, holding, collecting, servicing or otherwise dealing in and with installment
    sales contracts, leases, trust receipts, mortgages, commercial paper or other financing instruments, and any collateral or agreements
    relating thereto, including in the business, individually or through partnerships, of financing, whether through long- or short-term
    borrowings, pledges, discounts or otherwise, the sales, leasing or other operations of us and the Subsidiaries or any of them, or
    (y)&nbsp;engaged in the business of financing the assets and operations of third parties, and (z)&nbsp;in any case, not, except as
    incidental to such financing business, engaged in owning, leasing or operating any property which, but for this proviso, would qualify
    as Principal Property; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any Subsidiary
    acquired or organized after January&nbsp;26, 1999, for the purpose of acquiring the stock or business or assets of any Person other
    than us or any Restricted Subsidiary, whether by merger, consolidation, acquisition of stock or assets or similar transaction analogous
    in purpose or effect, so long as such Subsidiary does not acquire by merger, consolidation, acquisition of stock or assets or similar
    transaction analogous in purpose or effect all or any substantial part of the business or assets of us or any Restricted Subsidiary;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other Subsidiary
    that is hereafter designated by our board of directors as a Restricted Subsidiary.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Sale
and Leaseback Transaction&rdquo;</I></FONT> means any arrangement with any Person providing for the leasing by us or any Restricted Subsidiary
of any Principal Property (whether the Principal Property is now owned or hereafter acquired) that has been or is to be sold or transferred
by us or a Restricted Subsidiary to any Person, other than:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">leases for
    a term, including renewals at the option of the lessee, of not more than three years;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">leases between
    us and a Restricted Subsidiary or between Restricted Subsidiaries; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">leases of Principal
    Property executed by the time of, or within 180 days after the latest of, the acquisition, the completion of construction or improvement
    (including any improvements on property that will result in the property becoming Principal Property), or the commencement of commercial
    operation of the Principal Property.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&ldquo;Secured
Indebtedness&rdquo;</I></FONT> means Indebtedness of us or a Restricted Subsidiary that is secured by any Lien upon any Principal Property
or Restricted Securities, and Indebtedness of us or a Restricted Subsidiary in respect of any conditional sale or other title retention
agreement covering Principal Property or Restricted Securities; but &ldquo;Secured Indebtedness&rdquo; shall not include any of the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness
    of us and the Restricted Subsidiaries outstanding on January&nbsp;26, 1999, secured by then-existing Liens upon, or incurred in connection
    with conditional sales agreements or other title retention agreements with respect to Principal Property or Restricted Securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness
    that is secured by:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchase money
    Liens upon Principal Property acquired after January&nbsp;26, 1999,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liens placed
    on Principal Property after January&nbsp;26, 1999, during construction or improvement thereof (including any improvements on property
    which will result in the property becoming Principal Property) or placed thereon within 180 days after the later of acquisition,
    completion of construction or improvement or the commencement of commercial operation of the Principal Property or improvement, or
    placed on Restricted Securities acquired after January&nbsp;26, 1999, or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditional
    sale agreements or other title retention agreements with respect to any Principal Property or Restricted Securities acquired after
    January&nbsp;26, 1999, if (in each case referred to in this subparagraph (b)) (x)&nbsp;the related Lien or agreement secures all
    or any part of the Indebtedness incurred for the purpose of financing all or any part of the purchase price or cost of construction
    of the Principal Property or improvement or Restricted Securities and (y)&nbsp;the related Lien or agreement does not extend to any
    Principal Property or Restricted Securities other than the Principal Property so acquired or the Principal Property, or portion thereof,
    on which the property so constructed or any improvement is located; provided, however, that the amount by which the aggregate principal
    amount of Indebtedness secured by any Lien or agreement exceeds the cost to us or the Restricted Subsidiary of the related acquisition,
    construction or improvement will be considered to be &ldquo;Secured Indebtedness;&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness
    that is secured by Liens on Principal Property or Restricted Securities, which Liens exist at the time of acquisition (by any manner
    whatsoever) of the Principal Property or Restricted Securities by us or a Restricted Subsidiary;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness
    of Restricted Subsidiaries owing to us or any other Restricted Subsidiary and Indebtedness of us owing to any Restricted Subsidiary;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the case
    of any corporation that becomes (by any manner whatsoever) a Restricted Subsidiary after January&nbsp;26, 1999,&nbsp;Indebtedness
    that is secured by Liens upon, or conditional sale agreements or other title retention agreements with respect to, its property that
    constitutes Principal Property or Restricted Securities, which Liens exist at the time the related corporation becomes a Restricted
    Subsidiary;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guarantees
    by us of Secured Indebtedness and Attributable Debt of any Restricted Subsidiaries and guarantees by a Restricted Subsidiary of Secured
    Indebtedness and Attributable Debt of us and any other Restricted Subsidiaries;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness
    arising from any Sale and Leaseback Transaction;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness
    secured by Liens on property of us or a Restricted Subsidiary in favor of the United States of America, any State, Territory or possession
    thereof, or the District of Columbia, or any department, agency or instrumentality or political subdivision of the United States
    of America or any State, Territory or possession thereof, or the District of Columbia, or in favor of any other country or any political
    subdivision thereof, if the related Indebtedness was incurred for the purpose of financing all or any part of the purchase price
    or the cost of <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">construction
    of the property subject to the Lien; provided, however, that the amount by which the aggregate principal amount of Indebtedness secured
    by any Lien exceeds the cost to us or the Restricted Subsidiary of the related acquisition or construction will be considered to
    be &ldquo;Secured Indebtedness;&rdquo;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indebtedness
    secured by Liens on aircraft, airframes or aircraft engines, aeronautic equipment or computers and electronic data processing equipment;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The replacement,
    extension or renewal, or successive replacements, extensions or renewals, of any Indebtedness, in whole or in part, excluded from
    the definition of &ldquo;Secured Indebtedness&rdquo; by subparagraphs (a)&nbsp;through (i)&nbsp;above; provided, however, that no
    Lien securing, or conditional sale or title retention agreement with respect to, the Indebtedness will extend to or cover any Principal
    Property or any Restricted Securities, other than the property that secured the Indebtedness so replaced, extended or renewed, plus
    improvements on or to any such Principal Property, provided further, however, that to the extent that replacement, extension or renewal
    increases the principal amount of Indebtedness secured by the Lien or is in a principal amount in excess of the principal amount
    of Indebtedness excluded from the definition of &ldquo;Secured Indebtedness&rdquo; by subparagraphs (a)&nbsp;through (i)&nbsp;above,
    the amount of the increase or excess will be considered to be &ldquo;Secured Indebtedness.&rdquo;</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">In no event shall the foregoing provisions
be interpreted to mean that the same Indebtedness is included more than once in the calculation of &ldquo;Secured Indebtedness&rdquo;
as that term is used in the debt securities.</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 0.25in"><B>Events of Default</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 0.25in; text-indent: 0.5in">Each indenture defines an Event of
Default with respect to any series of debt securities as any one of the following events:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure to
    pay any interest on the debt securities of that series when due, continued for 30 days;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure to
    pay any principal of or premium on the debt securities of that series when due, whether at the stated maturity or by declaration
    of acceleration, call for redemption or otherwise;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure to
    deposit any sinking fund payment when due on the debt securities of that series;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">failure to
    perform or the breach of any covenant or warranty in the indenture applicable to the debt securities of that series, continued for
    60 days after written notice as provided in the indenture; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain events
    involving our bankruptcy, insolvency or reorganization. (Section&nbsp;5.01)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">If an Event of Default occurs and is
continuing with respect to the debt securities of any series, other than an Event of Default referred to in clause (5)&nbsp;above, either
the trustee or the holders of 25% in principal amount, or if the debt securities are not payable at maturity for a fixed principal amount,
25% of the aggregate issue price, of the outstanding debt securities of that series, each series acting as a separate class, may declare
the principal of the debt securities of that series, or an other amount or property, as may be provided for in the debt securities of
that series, to be due and payable. If an Event of Default described in clause (5)&nbsp;above with respect to the debt securities of
any series at the time outstanding shall occur, the principal amount of all the debt securities of that series, or such other amount
or property, as may be provided for in the debt securities of that series (or, in the case of any original issue discount security, such
portion of the principal as may be specified in its terms) will automatically, and without any action by the trustee or any holder, become
immediately due and payable. (Section&nbsp;5.02).</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The holders of not less than a majority
in aggregate principal amount of the outstanding debt securities of a series may, on behalf of all holders of debt securities of the
series, waive any past default under the applicable indenture with respect to the debt securities of the series, except a default in
the delivery or payment of the maturity consideration or interest on any debt security of the series, and default in respect of a covenant
or provision of the indenture that cannot be modified or amended without the consent of the holder of each outstanding debt security
of the affected series. (Section&nbsp;5.13)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Subject to the provisions of the applicable
indenture relating to the duties of the trustee in case an Event of Default shall occur and be continuing, the trustee will be under
no obligation to exercise any of its rights or powers under the indenture at the request or discretion of any of the holders, unless
the holders shall have offered to the trustee security or indemnity satisfactory to the trustee. (Section&nbsp;6.03). Subject to such
provisions for the indemnification of the trustee, the holders of a majority in aggregate principal amount of the outstanding debt securities
of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee,
or exercising any trust or power conferred on the trustee, with respect to the debt securities of that series. (Section&nbsp;5.12)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">No holder of a debt security of any
series will have any right to institute any proceeding with respect to the applicable indenture, or for the appointment of a receiver
or a trustee, or for any other remedy under the indenture, unless</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the holder
    has previously given to the trustee written notice of a continuing Event of Default with respect to the debt securities of that series,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the holders
    of at least 25% in aggregate principal amount, or if the debt securities are not payable at maturity for a fixed principal amount,
    the aggregate issue price of the outstanding debt securities of that series, have made written request to the trustee to institute
    a proceeding as trustee,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the holder
    or holders have offered to the trustee indemnity satisfactory to the trustee against the costs, expenses and liabilities to be incurred
    in compliance with such request, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the trustee
    has failed to institute such proceeding, and has not received from the holders of a majority in aggregate principal amount or, if
    the debt securities are not payable at maturity for a fixed principal amount, the aggregate issue price of the outstanding debt securities
    of that series, a direction inconsistent with the request, within 60 days after the notice, request and offer. (Section&nbsp;5.07)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">However, these limitations do not apply
to a suit instituted by a holder of a debt security for the enforcement of delivery or payment of the maturity consideration relating
to, or interest on, the debt security on or after the applicable due date specified in the debt security. (Section&nbsp;5.08)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">We will be required to furnish to the
trustee annually a statement by certain of our officers as to whether or not we, to our knowledge, are in default in the performance
or observance of any of the terms, provisions and conditions of the applicable indenture and, if so, specifying all known defaults. (Section&nbsp;10.04)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Street name and other indirect holders
should consult their banks and brokers for information on their requirements for giving notice or taking other actions on an Event of
Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Defeasance and Covenant Defeasance</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">If and
to the extent indicated in any applicable prospectus supplement, we may elect, at our option at any time, to have the provisions of Section&nbsp;13.02
of the applicable indenture, relating to defeasance and discharge of Indebtedness, or Section&nbsp;13.03 of the indenture, relating to
defeasance of certain restrictive covenants in the indenture, applied to the debt securities of any series, or to any specified
part of a series. Defeasance refers to the discharge of some or all of our obligations under the indenture. (Section&nbsp;13.01)</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Defeasance and Discharge</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Each indenture provides that, upon
our exercise of our option to have Section&nbsp;13.02 of the indenture apply to any debt securities, we will be deemed to have been discharged
from all obligations with respect to the debt securities (except for certain obligations to exchange or register the transfer of debt
securities, to replace stolen, lost or mutilated debt securities, to maintain paying agencies and to hold money for payment in trust)
upon the irrevocable deposit in trust for the benefit of the holders of the debt securities of money or U.S. Government Obligations,
or both, which, through the payment of principal and interest in respect thereof in accordance with their terms, will provide money in
an amount sufficient to pay the principal of and any premium and interest on the debt securities on the respective Stated Maturities
in accordance with the terms of the indenture and the debt securities. Defeasance or discharge may occur only if, among other things,
we have delivered to the trustee an opinion of counsel to the effect that, we have received from, or there has been published by, the
United States Internal Revenue Service a ruling, or there has been a change in tax law, in any case to the effect that holders of the
debt securities will not recognize gain or loss for federal income tax purposes as a result of the deposit, defeasance and discharge
and will be subject to federal income tax on the same amount, in the same manner and at the same times as would have been the case if
the deposit, defeasance and discharge were not to occur. (Sections 13.02 and 13.04)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Defeasance of Covenants</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Each indenture provides that, upon
our exercise of our option to have Section&nbsp;13.03 of the indenture apply to any debt securities, we may omit to comply with and shall
have no liability in respect of certain restrictive covenants, including those that may be described in the applicable prospectus supplement,
and the occurrence of certain Events of Default, which are described above in clause (4)&nbsp;(with respect to restrictive covenants)
under &ldquo;Events of Default&rdquo; and any that may be described in the applicable prospectus supplement, will be deemed not to be
or result in an Event of Default, in each case with respect to the debt securities. In order to exercise this option, we will be required
to irrevocably deposit, in trust for the benefit of the holders of the debt securities, money or U.S. Government Obligations, or both,
which, through the payment of principal and interest in respect thereof in accordance with their terms, will provide money in an amount
sufficient to pay the principal of and any premium and interest on the debt securities on the respective Stated Maturities in accordance
with the terms of the indenture and the debt securities. We will also be required, among other things, to deliver to the trustee an opinion
of counsel to the effect that holders of the debt securities will not recognize gain or loss for federal income tax purposes as a result
of deposit and defeasance of certain obligations and will be subject to federal income tax on the same amount, in the same manner and
at the same times as would have been the case if the deposit and defeasance were not to occur. In the event we exercised this option
with respect to any debt securities and the debt securities were declared due and payable because of the occurrence of any Event of Default,
the amount of money and U.S. Government Obligations so deposited in trust would be sufficient to pay amounts due on the debt securities
at the time of their respective Stated Maturities but may not be sufficient to pay amounts due on the debt securities upon any acceleration
resulting from the Event of Default. In that case, we would remain liable for the payments. (Sections 13.03 and 13.04)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Modification of the Indentures</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Each indenture provides that we and
the trustee may, without the consent of any holders of debt securities, enter into supplemental indentures for the purpose, among other
things, of adding to our covenants, adding additional Events of Default, establishing the form or terms of debt securities or curing
ambiguities or inconsistencies in the indenture or making other provisions, provided that any action to cure ambiguities or inconsistencies
not adversely affect the interests of the holders of any outstanding series of debt securities in any material respect. (Section&nbsp;9.01)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Modifications and amendments of each
indenture may be made by us and the applicable trustee with the consent of the holders of a majority in aggregate principal amount or,
if the debt securities are not payable at maturity for a fixed principal amount, the aggregate issue price, of the outstanding debt securities
of each series affected thereby, except that no modification or amendment may, without the consent of the holder of each outstanding
debt security affected thereby,</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">change the
    stated maturity of the maturity consideration or any installment of maturity consideration or interest on, any debt security,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the
    principal amount of or reduce the amount or change the type of maturity consideration or reduce the rate of interest on, or any premium
    payable upon the redemption of, or the amount of maturity consideration of an original issue discount security or any other debt
    security that would be due and deliverable or payable upon a declaration of acceleration of the maturity thereof upon the occurrence
    of an Event of Default, of any debt security,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">change the
    place of payment where, or the coin or currency in which, any maturity consideration or interest on any debt security are deliverable
    or payable,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">impair the
    right to institute suit for the enforcement of any payment on or with respect to any debt security,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce the
    percentage in principal amount or aggregate issue price, as the case may be, of debt securities of any series, the consent of whose
    holders is required for modification or amendment of the indenture or for waiver of compliance with certain provisions of the indenture
    or for waiver of certain defaults, or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">modify the
    requirements contained in the indenture for consent to or approval of certain matters, except to increase any percentage for a consent
    or approval or to provide that certain other provisions cannot be modified or waived without the consent of the holder of each debt
    security affected thereby. (Section&nbsp;9.02)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">A supplemental indenture that changes
or eliminates any covenant or other provision of the applicable indenture which has been expressly included solely for the benefit of
one or more particular series of debt securities, or that modifies the rights of the holders of debt securities of the series with respect
to the covenant or other provision, shall be deemed not to affect the rights under the indenture of the holders of debt securities of
any other series. (Section&nbsp;9.02)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The holders of a majority in aggregate
principal amount of the outstanding debt securities of a series may, on behalf of the holders of all the debt securities of the series,
waive compliance by us with certain restrictive provisions of the applicable indenture. (Section&nbsp;10.07)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Form, Exchange and Transfer</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Subject to the terms of the applicable
indenture and the limitations applicable to global securities, debt securities may be presented for exchange as provided above or for
registration of transfer (duly endorsed or with the form of transfer endorsed thereon duly executed) at the office of the security registrar
or at the office of any transfer agent we designate for such purpose. No service charge will be made for any registration of transfer
or exchange of debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith. Registration of transfer or exchange will be effected by the security registrar or the transfer agent, as the
case may be, when the security registrar or transfer agent is satisfied with the documents of title and identity of the person making
the request. We have appointed the trustee as security registrar. (Section&nbsp;3.05)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">We may at any time designate additional
transfer agents or rescind the designation of any transfer agent or approve a change in the office through which any transfer agent acts,
except that we will be required to maintain a transfer agent in each place of payment for the debt securities of each series. (Section&nbsp;10.02)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">If debt securities of any series are
to be redeemed in part, we will not be required to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue, register
    the transfer of or exchange any debt security of that series (or of that series and specified tenor, as the case may be) during a
    period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of any debt security that
    may be selected for redemption and ending at the close of business on the day of such mailing, or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">register the
    transfer of or exchange any debt security so selected for redemption, in whole or in part, except the unredeemed portion of any debt
    security being redeemed in part. (Section&nbsp;3.05)</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Payment and Paying Agents</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Unless otherwise indicated in the applicable
prospectus supplement, payment of interest on a debt security on any Interest Payment Date will be made to the person in whose name the
security, or one or more predecessor securities, is registered at the close of business on the Regular Record Date for payment of interest.
(Section&nbsp;3.07)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Unless otherwise indicated in the applicable
prospectus supplement, principal of and any premium, maturity consideration and interest on the debt securities of a particular series
(other than a global security) will be payable or deliverable at the office of the paying agent or paying agents as we may designate
for that purpose from time to time, except that at our option payment of any interest may be made by check mailed to the address of the
person entitled to the payment as that address appears in the security register. Unless otherwise indicated in the applicable prospectus
supplement, the corporate trust office of the trustee in The City of New York will be designated as our sole paying agent for payments
and deliveries with respect to debt securities of each series. Any other paying agents initially designated for the debt securities of
a particular series will be named in the applicable prospectus supplement. We may at any time designate additional paying agents or rescind
the designation of any paying agent or approve a change in the office through which any paying agent acts, except that we will be required
to maintain a paying agent in each place of payment for the debt securities of a particular series. (Section&nbsp;10.02)</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">All consideration paid or delivered
to a paying agent for the payment or delivery of the principal of or any premium, maturity consideration or interest on any debt security
that remains unclaimed at the end of two years after such principal, premium, maturity consideration or interest has become due and payable
or deliverable will be repaid to us, and the holder of the debt security thereafter, as an unsecured general creditor, may look only
to us for payment or delivery thereof. (Section&nbsp;10.03)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Book-Entry, Delivery and Form&nbsp;of Debt Securities</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The debt securities will be issued
in book-entry form through The Depository Trust Company, which we refer to along with its successors in this capacity as &ldquo;DTC.&rdquo;
DTC will act as securities depositary for the debt securities. The debt securities will be issued only as fully registered securities
registered in the name of Cede&nbsp;&amp; Co. (DTC&rsquo;s partnership nominee) or such other name as may be requested by an authorized
representative of DTC. The debt securities will be accepted for clearance by DTC. Beneficial interests in the debt securities will be
shown on, and transfers thereof will be effected only through, the book-entry records maintained by DTC (in the United States) and its
direct and indirect participants, including Euroclear and Clearstream (in Europe). Owners of beneficial interests in the debt securities
will receive all payments relating to their debt securities in U.S. dollars. One or more fully registered global security certificates,
representing the aggregate principal amount of debt securities issued, will be issued and will be deposited with DTC and will bear a
legend regarding the restrictions on exchanges and registration of transfer referred to below.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The laws of some jurisdictions may
require that some purchasers of securities take physical delivery of securities in definitive form. These laws may impair the ability
to own, transfer or pledge beneficial interests in the debt securities, so long as the debt securities are represented by global security
certificates.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">DTC has advised us that it is a limited-purpose
trust company organized under the New York Banking Law, a &ldquo;banking organization&rdquo; within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial
Code and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section&nbsp;17A of the Exchange Act. DTC holds securities
that its direct participants deposit with DTC. DTC also facilitates the post-trade settlement among direct participants of sales and
other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between participants&rsquo;
accounts. This eliminates the need for physical movement of securities certificates. Direct participants include both U.S. and non-U.S.
securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is a wholly-owned
subsidiary of The Depository Trust&nbsp;&amp; Clearing Corporation (&ldquo;DTCC&rdquo;). DTCC is the holding company for DTC, National
Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by
the users of its regulated subsidiaries. Access to the DTC system is also available to others, referred to as &ldquo;indirect participants,&rdquo;
such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or
maintain a direct or indirect custodial relationship with a direct participant. The rules&nbsp;applicable to DTC and its participants
are on file with the SEC.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Purchases of debt securities under
the DTC system must be made by or through direct participants, which will receive a credit for the debt securities on DTC&rsquo;s records.
The ownership interest of each beneficial owner of debt securities will be recorded on the direct or indirect participants&rsquo; records.
Beneficial owners will not receive written confirmation from DTC of their purchase. Beneficial owners are, however, expected to receive
written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the direct or indirect
participant through whom the beneficial owner entered into the transaction. Under a book-entry format, holders may experience some delay
in their receipt of payments, as such payments will be forwarded by the trustee to Cede&nbsp;&amp; Co., as nominee for DTC. DTC will
forward the payments to its participants, who will then forward them to indirect participants or holders. Beneficial owners of debt securities
other than DTC or its nominees will not be recognized by the registrar and transfer agent as registered holders of the debt securities
entitled to the rights of holders thereof. Beneficial owners that are not participants will be permitted to exercise their rights only
indirectly through and according to the procedures of participants and, if applicable, indirect participants.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Delivery of notices and other communications
by DTC to direct participants, by direct participants to indirect participants, and by direct and indirect participants to beneficial
owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time
to time. Redemption notices, if any, will be sent to DTC. If less than all of the debt securities within an issue are being redeemed,
DTC&rsquo;s practice is to determine by lot the amount of the interest of each direct participant in such issue to be redeemed.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Neither DTC nor Cede&nbsp;&amp; Co.
(nor any other DTC nominee) will consent or vote with respect to debt securities unless authorized by a direct participant in accordance
with DTC&rsquo;s procedures. Under its usual procedures, DTC mails an omnibus proxy to the issuer as soon as possible after the record
date. The omnibus proxy assigns Cede&nbsp;&amp; Co.&rsquo;s consenting or voting rights to those direct participants to whose accounts
debt securities are credited on the record date (identified in a listing attached to the omnibus proxy). DTC has advised us that it will
take any action permitted to be taken by a registered holder of any securities under the applicable indenture only at the direction of
one or more participants to whose accounts with DTC the debt securities are credited.</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"><B>Table of Contents</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">As long as DTC or its nominee is the
registered owner of the global security certificates, DTC or its nominee, as the case may be, will be considered the sole owner and holder
of the global security certificates and all debt securities represented by these certificates for all purposes under the instruments
governing the rights and obligations of holders of debt securities. Except in the limited circumstances referred to above, owners of
beneficial interests in global security certificates:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will not be
    entitled to have such global security certificates or the debt securities represented by these certificates registered in their names;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will not receive
    or be entitled to receive physical delivery of security certificates in exchange for beneficial interests in global security certificates;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will not be
    considered to be owners or holders of the global security certificates or the debt securities represented by these certificates for
    any purpose under the instruments governing the rights and obligations of holders of debt securities.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Payments with respect to debt securities
represented by the global security certificates and all transfers and deliveries of debt securities will be made to DTC or its nominee,
as the case may be, as the registered holder of the debt securities. DTC&rsquo;s practice is to credit direct participants&rsquo; accounts
upon DTC&rsquo;s receipt of funds and corresponding detail information from the issuer or its agent, on the payable date in accordance
with their respective holdings shown on DTC&rsquo;s records. Payments by participants to beneficial owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered
in &ldquo;street name,&rdquo; and will be the responsibility of that participant and not of DTC, the trustee, the issuer or any of their
agents, subject to any statutory or regulatory requirements as may be in effect from time to time. Payments to Cede&nbsp;&amp; Co. (or
such other nominee as may be requested by an authorized representative of DTC) are the responsibility of the issuer or its agent, disbursement
of such payments to direct participants will be the responsibility of DTC, and disbursement of such payments to the beneficial owners
will be the responsibility of direct and indirect participants.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Although DTC has agreed to the foregoing
procedures in order to facilitate transfer of interests in the global security certificates among participants, DTC is under no obligation
to perform or continue to perform these procedures, and these procedures may be discontinued at any time. We will not have any responsibility
for the performance by DTC or its direct or indirect participants under the rules&nbsp;and procedures governing DTC. DTC may discontinue
providing its services as securities depositary with respect to the debt securities at any time by giving reasonable notice to the issuer
or its agent. Under these circumstances, in the event that a successor securities depositary is not obtained, certificates for the debt
securities are required to be printed and delivered. We may decide to discontinue the use of the system of book-entry-only transfers
through DTC (or a successor securities depositary). In that event, certificates for the debt securities will be printed and delivered
to DTC. If an event of default with respect to the debt securities has occurred and is continuing, a holder may request that certificates
for the debt securities be registered in such holder&rsquo;s names.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The information in this section concerning
DTC and its book-entry system has been obtained from sources that we believe to be accurate, but we assume no responsibility for the
accuracy thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Notices</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Notices to holders of debt securities
will be given by mail to the addresses of the holders as they may appear in the security register. (Section&nbsp;1.06)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Title</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">We, the trustee and any agent of ours
or the trustee&rsquo;s may treat the Person in whose name a debt security is registered as the absolute owner of a debt security for
the purpose of making payment and for all other purposes. (Section&nbsp;3.08)</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Governing Law</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The indenture and the debt securities
will be governed by, and construed in accordance with, the law of the State of New York. (Section&nbsp;1.12)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Regarding The Trustees</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The prospectus supplement relating
to any series of debt securities will identify the trustee under the indenture for that series of debt securities. We have other customary
banking relationships with each of The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company,
N.A.), U.S. Bank Trust Company, National Association and Truist Bank in the ordinary course of business.</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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    <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-align: center"><A NAME="ps_018"></A><B>DESCRIPTION OF THE PREFERRED STOCK</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The following is a description of general
terms and provisions of the preferred stock. The particular terms of any series of preferred stock will be described in the applicable
prospectus supplement.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">All of the terms of the preferred stock
are, or will be, contained in our restated certificate of incorporation or any resolutions which may be adopted by our board of directors
relating to any series of the preferred stock, which will be filed with the SEC at or before the time we issue a series of the preferred
stock.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">We are authorized to issue up to 200,000,000
shares of preferred stock, par value $0.01 per share. As of the date of this prospectus, we have no shares of preferred stock outstanding.
Subject to limitations prescribed by law, the board of directors is authorized at any time to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue one or
    more series of preferred stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">determine the
    designation for any series by number, letter or title that shall distinguish the series from any other series of preferred stock;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">determine the
    number of shares in any series.</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 0pt 0.25in; text-indent: 0.5in">The board of directors is further authorized
to determine, for each series of preferred stock, and the prospectus supplement will set forth with respect to the series, the following
information:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether dividends
    on that series of preferred stock will be cumulative, noncumulative or partially cumulative;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the dividend
    rate (or method for determining the rate);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the liquidation
    preference per share of that series of preferred stock, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any conversion
    provisions applicable to that series of preferred stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any redemption
    or sinking fund provisions applicable to that series of preferred stock;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the voting
    rights of that series of preferred stock, if any; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the terms of
    any other preferences or rights, if any, applicable to that series of preferred stock.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The preferred stock, when issued, will
be fully paid and nonassessable.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Although it has no present intention
to do so, our board of directors, without shareowner approval, may issue preferred stock with voting and conversion rights, which could
adversely affect the voting power of the holders of common stock. If we issue preferred stock, it may have the effect of delaying, deferring
or preventing a change of control.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="ps_019"></A>DESCRIPTION OF THE COMMON STOCK</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">We are authorized to issue a total
of 10,200,000,000 shares of common stock, of which:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,600,000,000
    are shares of class A common stock, par value $.01 per share, and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,600,000,000
    are shares of class B common stock, par value $.01 per share.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">As of September&nbsp;15, 2022, 135,521,273
shares of class A common stock were outstanding and 729,515,773 shares of class B common stock were outstanding.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">We will issue only shares of class
B common stock pursuant to this prospectus.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Generally, all shares of our common
stock have the same relative rights, preferences and limitations, except as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of class
    A common stock have 10 votes per share;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of class
    B common stock have one vote per share; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of class
    A common stock may be converted at any time by the holder into an equal number of shares of class B common stock and, if transferred
    to certain transferees, are automatically converted into shares of class B common stock immediately upon transfer.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Our class B common stock is listed
and traded on the New York Stock Exchange under the symbol &ldquo;UPS.&rdquo; There is no public market for our class A common stock.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Dividends may be paid on our common
stock out of funds legally available for dividends, when and if declared by our board of directors. In the case of a distribution of
our common stock, each class of common stock receives a distribution of only shares of the same class of common stock. For example, only
shares of class B common stock may be distributed with respect to class B common stock.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">Holders of our common stock are entitled
to share ratably in any dividends and in any assets available for distribution on liquidation, dissolution or winding-up, subject, if
any of our preferred stock is then outstanding, to any preferential rights of such preferred stock. Our common stock is not redeemable,
has no subscription rights and does not entitle the holder to any preemptive rights.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The above description of our common
stock is a summary and is subject to and qualified by reference to the applicable provisions of our restated certificate of incorporation,
our amended and restated bylaws and relevant provisions of Delaware law. Our restated certificate of incorporation and amended and restated
bylaws are incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you can obtain
these documents as described in the section entitled &ldquo;Where You Can Find More Information.&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"></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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="ps_020"></A>DESCRIPTION OF THE WARRANTS</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">We may issue warrants for the purchase
of debt securities, preferred stock or class B common stock. Warrants may be issued independently or together with our debt securities,
preferred stock or class B common stock and may be attached to or separate from any offered securities. Each series of warrants will
be issued under a separate warrant agreement to be entered into between us and a bank or trust company, as warrant agent. The warrant
agent will act solely as our agent in connection with the warrants and will not have any obligation or relationship of agency or trust
for or with any holders or beneficial owners of warrants. A copy of the warrant agreement will be filed with the SEC in connection with
the offering of warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Debt Warrants</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The prospectus supplement relating
to a particular issue of warrants to purchase debt securities will describe the terms of those warrants, including the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the title of
    the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the offering
    price for the warrants, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate
    number of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the designation
    and terms of the debt securities purchasable upon exercise of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    the designation and terms of the debt securities that the warrants are issued with and the number of warrants issued with each debt
    security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    the date from and after which the warrants and any debt securities issued with them will be separately transferable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the principal
    amount of debt securities that may be purchased upon exercise of a warrant and the price at which the debt securities may be purchased
    upon exercise;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the dates on
    which the right to exercise the warrants will commence and expire;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    the minimum or maximum amount of the warrants that may be exercised at any one time;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether the
    warrants represented by the warrant certificates or debt securities that may be issued upon exercise of the warrants will be issued
    in registered or bearer form;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
    relating to book-entry procedures, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the currency
    or currency units in which the offering price, if any, and the exercise price are payable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    a discussion of material U.S. federal income tax considerations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">anti-dilution
    provisions of the warrants, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">redemption
    or call provisions, if any, applicable to the warrants; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any additional
    terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Stock Warrants</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The prospectus supplement relating
to a particular issue of warrants to purchase class B common stock or preferred stock will describe the terms of the warrants, including
the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the title of
    the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the offering
    price for the warrants, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the aggregate
    number of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    the designation and terms of the preferred stock that may be purchased upon exercise of the warrants;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    the designation and terms of the securities that the warrants are issued with and the number of warrants issued with each security;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    the date from and after which the warrants and any securities issued with the warrants will be separately transferable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number
    of shares of class B common stock or preferred stock that may be purchased upon exercise of a warrant and the price at which the
    shares may be purchased upon exercise;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the dates on
    which the right to exercise the warrants will commence and expire;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    the minimum or maximum amount of the warrants that may be exercised at any one time;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the currency
    or currency units in which the offering price, if any, and the exercise price are payable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if applicable,
    a discussion of material U.S. Federal income tax considerations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">anti-dilution
    provisions of the warrants, if any;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">redemption
    or call provisions, if any, applicable to the warrants; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any additional
    terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="ps_021"></A><B>VALIDITY OF THE SECURITIES</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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">The validity of the securities will
be passed upon by King&nbsp;&amp; Spalding LLP. Certain legal matters in connection with the securities will be passed upon for the underwriters
by Gibson, Dunn&nbsp;&amp; Crutcher LLP.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="ps_022"></A><B>EXPERTS</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.73in">The financial statements of United
Parcel Service,&nbsp;Inc. incorporated by reference in this Prospectus, and the effectiveness of United Parcel Service,&nbsp;Inc.&rsquo;s
internal control over financial reporting have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting
firm, as stated in their reports. Such financial statements are incorporated by reference in reliance upon the reports of such firm,
given their authority as experts in accounting and auditing.</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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    <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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2414806d4_424b5img003.jpg" ALT="" STYLE="height: 95px; width: 80px"></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">&nbsp;</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED PARCEL SERVICE,&nbsp;INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$900,000,000 5.150%
Senior Notes due 2034</B>&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$1,100,000,000 5.500%
Senior Notes due 2054</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$600,000,000 5.600% Senior
Notes due 2064</B>&nbsp;&nbsp;&nbsp;&nbsp;</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">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Joint Book-Running Managers</I></B></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"><FONT STYLE="font-size: 11pt"><B>BNP PARIBAS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>BofA Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Goldman Sachs
 &amp; Co. LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>J.P. Morgan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Morgan Stanley</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Barclays</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Citigroup</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>SOCIETE GENERALE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Wells Fargo Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B><I>Co-Managers</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Loop Capital
Markets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ramirez &amp;
Co., Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Siebert Williams
Shank</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Telsey
Advisory Group LLC</B></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: left">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>May 20,
2024</B></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">&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>tm2414806d4_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">424(b)(5)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United Parcel Services, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Security <BR> Type </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Security<BR> Class<BR> Title</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fee <BR> Calculation <BR> or Carry <BR> Forward <BR> Rule </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amount<BR> Registered</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Proposed <BR> Maximum <BR> Offering <BR> Price Per <BR> Unit </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Maximum<BR> Aggregate<BR> Offering Price</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fee Rate</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amount of <BR> Registration <BR> Fee </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry <BR> Forward <BR> Form <BR> Type </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry <BR> Forward <BR> File <BR> Number </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry <BR> Forward <BR> Initial <BR> effective <BR> date </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Filing Fee<BR> Previously<BR> Paid In<BR> Connection<BR> with<BR> Unsold<BR> Securities<BR> to be<BR> Carried<BR> Forward</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="25" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.4pt; padding-left: 8.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Newly Registered Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 8pt">Fees to Be</FONT> <FONT STYLE="font-size: 8pt">Paid</FONT> <FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.150% Senior Notes due 2034</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rule 457(r)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$900,000,000 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">99.838%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$898,542,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.00014760 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$132,624.80 &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 8pt">Fees to Be</FONT> <FONT STYLE="font-size: 8pt">Paid</FONT> <FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.500% Senior Notes due 2054</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rule 457(r)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1,100,000,000 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">99.839%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1,098,229,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.00014760 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$162,098.60</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 8pt">Fees to Be</FONT> <FONT STYLE="font-size: 8pt">Paid</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.600% Senior Notes due 2064</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Rule 457(r)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$600,000,000&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">99.352%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$596,112,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.00014760 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$87,986.13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 8pt">Fees</FONT> <FONT STYLE="font-size: 8pt">Previously</FONT> <FONT STYLE="font-size: 8pt">Paid</FONT> <FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="25" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.4pt; padding-left: 8.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry Forward Securities</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 8pt">Carry</FONT> <FONT STYLE="font-size: 8pt">Forward</FONT> <FONT STYLE="font-size: 8pt">Securities</FONT> <FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total Offering Amounts </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2,592,883,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$382,709.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total Fees Previously Paid </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total Fee Offsets </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net Fee Due </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$382,709.53</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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