<SEC-DOCUMENT>0001104659-25-031229.txt : 20250402
<SEC-HEADER>0001104659-25-031229.hdr.sgml : 20250402
<ACCEPTANCE-DATETIME>20250402165538
ACCESSION NUMBER:		0001104659-25-031229
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250402
DATE AS OF CHANGE:		20250402

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
		EIN:				582480149
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-285036
		FILM NUMBER:		25805710

	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>S-3/A
<SEQUENCE>1
<FILENAME>tm2510678d1_s3a.htm
<DESCRIPTION>FORM S-3/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the Securities and Exchange
Commission on April&nbsp;2, 2025.</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: right"> <B>Registration No.&nbsp;333-285036</B> </P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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>AMENDMENT NO. 1</B> </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>to</B> </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>FORM&nbsp;S-3&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER THE SECURITIES ACT OF 1933</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 198.75pt"></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Parcel Service,&nbsp;Inc.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</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"></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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt 1.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Delaware</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of incorporation or organization)</B></P></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 1.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>58-2480149</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer Identification Number)</B></P></TD></TR>
  </TABLE>

<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">&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>55 Glenlake Parkway, N.E.</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(404) 828-6000&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

<P STYLE="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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Executive Vice President, Chief Legal and Compliance
Officer and Corporate Secretary&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(404) 828-6000&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt 1.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copy to:</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Keith M. Townsend</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Zachary J. Davis</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>King&nbsp;&amp; Spalding LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1180 Peachtree Street</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Atlanta, Georgia 30309</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(404) 572-4600</B></P></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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">&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 COLSPAN="5" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate
    date of commencement of proposed sale to the public</B>: From time to time after the effective date of this registration statement.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 20%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 4%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 26%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 45%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 5%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the only securities being registered on this Form&nbsp;are being offered pursuant to dividend or interest reinvestment plans, please
    check the following box:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    any of the securities being registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415
    under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans,
    check the following box: </FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    this Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities
    Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration
    statement for the same offering:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    this Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following
    box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    this Form&nbsp;is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall
    become effective upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following
    box.</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    this Form&nbsp;is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
    additional securities or additional classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following
    box.</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
    by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
    company, or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
    &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
    with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of Securities Act.</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right">&nbsp;</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"><B>The Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically
states that the Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a)&nbsp;of the Securities
Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a),
may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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>

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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>Explanatory Note</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"> This Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-3
(Registration No.&nbsp;333-285036) is being filed primarily to file an updated auditor consent filed as Exhibit&nbsp;23.1 and to update
the disclosure in the section titled &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: 0pt 0; color: red"><FONT STYLE="color: Red">The information in this prospectus
is not complete and may be changed. We may not sell these securities or accept an offer to buy these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and
it is not soliciting offers to buy these securities in any state where such offer or sale is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"> <B>PROSPECTUS (Subject to Completion) Dated April&nbsp;2,
2025</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: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2510678d1_s3aimg001.jpg" ALT=""></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED PARCEL
SERVICE,&nbsp;INC.</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$10,000,000,000&nbsp;</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>WARRANTS</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: center; text-indent: 179.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 179.25pt"></P>

<P STYLE="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 offer and sell from time to time, in one
or more offerings, up to an aggregate of $10,000,000,000 of any combination of the securities described in this prospectus, either individually
or as units in combination, at prices and on terms determined at the time of any such offering, (1)&nbsp;debt securities, which may be
senior debt securities or subordinated debt securities, (2)&nbsp;preferred stock, which we may issue in one or more series, (3)&nbsp;class
B common stock or (4)&nbsp;warrants. 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; text-indent: 0.5in">We may sell these securities on a continuous or
delayed basis, directly, through agents, dealers or underwriters as designated from time to time, or through a combination of these methods.
If any agents, dealers or underwriters are involved in the sale of any securities, the applicable prospectus supplement will set forth
their names and any applicable commissions or discounts.</P>

<P STYLE="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.&rsquo;s class
B common stock is traded on the New York Stock Exchange under the trading symbol &ldquo;UPS.&rdquo; On April&nbsp;1, 2025, the closing
price of our class B common stock was $109.26. </P>

<P STYLE="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>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/1090727/000109072725000019/ups-20241231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024</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.</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 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; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025.</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE 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>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About
    this Prospectus</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of UPS</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
    You Can Find More Information</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cautionary
    Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of Proceeds</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Debt Securities</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Preferred Stock</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Common Stock</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of the Warrants</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
    of Distribution</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validity
    of the Securities</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</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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<P STYLE="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="a_001"></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; 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, at any time and from time to time, in one or more offerings, sell up
to $10,000,000,000 of the securities described in 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; 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; 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; 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; 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; 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"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_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">We were founded in 1907 and are a global package
delivery and logistics provider. We offer a broad range of industry-leading products and services through our extensive global presence,
serving over 200 countries and territories. Our services include transportation and delivery through our integrated air and ground network,
distribution, contract logistics, ocean freight, airfreight, customs brokerage and insurance. In 2024, we delivered an average of 22.4
million packages per day, totaling 5.7 billion packages during the year. Total revenue in 2024 was $91.1 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"><B><A NAME="a_003"></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; 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.&nbsp;In addition, we routinely post important information, including news releases, announcements,
materials provided or displayed at analyst or investor conferences, and other statements about our business and results of operations,
that may be deemed material to investors on our Investor Relations website. We use our website as a means of disclosing material, nonpublic
information and for complying with our disclosure obligations under Regulation FD. Investors should monitor our Investor Relations website
in addition to following our press releases, public conference calls and webcasts. 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; 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; 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; text-indent: 0.5in"> We incorporate by reference in this prospectus
the documents and portions of documents listed below and all documents that we 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 on or after the date of the initial registration statement and prior
to the effectiveness of the registration statement, and on or after the date of this prospectus and before the termination of the applicable
offering described in the applicable prospectus and this prospectus (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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> a. </TD><TD> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072725000019/ups-20241231.htm" STYLE="-sec-extract: exhibit">Annual
                                            Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2024</A> (including portions
                                            of our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072725000038/ups-20250317.htm" STYLE="-sec-extract: exhibit">Proxy
                                            Statement on Schedule 14A, filed on March&nbsp;17, 2025</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> b. </TD><TD> Current Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072725000028/ups-20250303.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-K
                                            filed on March&nbsp;3, 2025</A> (Item 5.02 only); and </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> c. </TD><TD> the description of UPS&rsquo;s class B common stock, $.01 par value
                                            per share, set forth in the registration statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/0000940180-99-001295-index.html" STYLE="-sec-extract: exhibit">Form&nbsp;8-A filed on November&nbsp;4, 1999</A> 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/1090727/000109072724000008/ups-12312023xexhibit439.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.39</A>
                                            to our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023, together
                                            with any subsequent amendment or report filed with the SEC for the purpose of updating this
                                            description. </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 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"><B><A NAME="a_004"></A>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 and the documents incorporated
by reference herein may contain statements, estimates or projections that constitute &ldquo;forward-looking statements.&rdquo; 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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<P STYLE="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="a_005"></A>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">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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<P STYLE="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="a_006"></A>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; margin: 0pt 0"><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; 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; 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 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; 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; 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            title of the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            limit on the aggregate principal amount of the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            person or entity to whom any interest on the debt securities will be payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            redemption dates, prices, rights, obligations and restrictions on the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            mandatory or optional sinking fund, purchase fund or similar provisions;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether
                                            the debt securities will be issued in permanent global form and the circumstances under which
                                            the permanent global debt security may be exchanged;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            conversion or exchange provisions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            terms for the attachment to the debt securities of warrants, options or other rights to purchase
                                            or sell our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            deletion of, addition to or change in the covenants that apply to the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>terms
                                            relating to the delivery of debt securities if they are to be issued upon the exercise of
                                            warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>additional
                                            terms with respect to book-entry procedures; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            other material terms of the debt securities not specified in this prospectus. (Section&nbsp;3.01)</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">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"></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>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; 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>organized
                                            and validly existing under the laws of the United States of America, any State thereof or
                                            the District of Columbia; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</FONT></TD><TD>shall
                                            expressly assume all of our obligations under the debt securities and the applicable indenture;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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.</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">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"><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; 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; text-indent: 0.25in"><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; 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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);</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">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; text-indent: 0.25in"><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; 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            Attributable Debt to be outstanding pursuant to such Sale and Leaseback Transaction;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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);</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">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            amount of Attributable Debt to be outstanding pursuant to such Sale and Leaseback Transaction;</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">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; text-align: justify; text-indent: 0.25in"><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; 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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% 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>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>

<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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Indebtedness&rdquo;
</I></FONT>means</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>any liability of any Person:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>for Interest Rate Protection Obligations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>any liability of others described in the preceding clause (a)&nbsp;that
                                            the Person has guaranteed or that is otherwise its legal liability; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>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.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>all trade names, trademarks, licenses, patents, copyrights and goodwill;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>organizational and development costs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>deferred charges (other than prepaid items such as insurance, taxes,
                                            interest, commissions, rents and similar items and tangible assets being amortized); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>unamortized debt discount and expense, less unamortized premium.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>is owned by or leased to us or any Restricted Subsidiary,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>is located within the United States, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>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:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>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%.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Restricted
Subsidiary&rdquo;</I></FONT> means</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>any Subsidiary:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>which has substantially all its property within the United States
                                            of America;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>which owns or is a lessee of any Principal Property; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>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:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">A.</TD><TD>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</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">B.</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>any other Subsidiary that is hereafter designated by our board of
                                            directors as a Restricted Subsidiary.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>leases for a term, including renewals at the option of the lessee,
                                            of not more than three years;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>leases between us and a Restricted Subsidiary or between Restricted
                                            Subsidiaries; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Indebtedness that is secured by:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>purchase money Liens upon Principal Property acquired after January&nbsp;26,
                                            1999,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>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;</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Indebtedness of Restricted Subsidiaries owing to us or any other Restricted
                                            Subsidiary and Indebtedness of us owing to any Restricted Subsidiary;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">e.</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">f.</TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">g.</TD><TD>Indebtedness arising from any Sale and Leaseback Transaction;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">h.</TD><TD>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 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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD>Indebtedness secured by Liens on aircraft, airframes or aircraft engines,
                                            aeronautic equipment or computers and electronic data processing equipment; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">j.</TD><TD>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;</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 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"><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; 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>failure to pay any interest on the debt securities of that series
                                            when due, continued for 30 days;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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;</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>failure to deposit any sinking fund payment when due on the debt securities
                                            of that series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>certain events involving our bankruptcy, insolvency or reorganization.
                                            (Section&nbsp;5.01)</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">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; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>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,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>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)</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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; margin: 0pt 0"><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: 0pt 0; text-indent: 0.5in">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"><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: 0pt 0; text-indent: 0.5in">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; margin: 0pt 0"><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: 0pt 0; text-indent: 0.5in">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; 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>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: 0pt 0; text-indent: 0.5in">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; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>change the stated maturity of the maturity consideration or any installment
                                            of maturity consideration or interest on, any debt security,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>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,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>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,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>impair the right to institute suit for the enforcement of any payment
                                            on or with respect to any debt security,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>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)</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 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: 0pt 0; text-indent: 0.5in">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; 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>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: 0pt 0; text-indent: 0.5in">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; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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)</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>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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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; margin: 0pt 0"><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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>will
                                            not be entitled to have such global security certificates or the debt securities represented
                                            by these certificates registered in their names;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>will
                                            not receive or be entitled to receive physical delivery of security certificates in exchange
                                            for beneficial interests in global security certificates; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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.</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">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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; 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">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; margin: 0pt 0"><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: 0pt 0; text-indent: 0.5in">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; 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 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; margin: 0pt 0"><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: 0pt 0; text-indent: 0.5in">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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<P STYLE="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="a_007"></A>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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>issue
                                            one or more series of preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>determine
                                            the designation for any series by number, letter or title that shall distinguish the series
                                            from any other series of preferred stock; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>determine
                                            the number of shares in any series.</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 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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>whether
                                            dividends on that series of preferred stock will be cumulative, noncumulative or partially
                                            cumulative;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            dividend rate (or method for determining the rate);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            liquidation preference per share of that series of preferred stock, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            conversion provisions applicable to that series of preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            redemption or sinking fund provisions applicable to that series of preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            voting rights of that series of preferred stock, if any; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            terms of any other preferences or rights, if any, applicable to that series of preferred
                                            stock.</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 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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-align: center"><B><A NAME="a_008"></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: 0pt 0; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>4,600,000,000
                                            are shares of class A common stock, par value $.01 per share, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>5,600,000,000
                                            are shares of class B common stock, par value $.01 per share.</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"> As of March&nbsp;3, 2025, 113,582,393 shares
of class A common stock were outstanding and 733,481,882 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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>shares
                                            of class A common stock have 10 votes per share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>shares
                                            of class B common stock have one vote per share; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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.</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">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-indent: 0.5in">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: 0pt 0; text-align: center"><B><A NAME="a_009"></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: 0pt 0; text-indent: 0.5in">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; margin: 0pt 0"><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: 0pt 0; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            title of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            offering price for the warrants, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            aggregate number of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            designation and terms of the debt securities purchasable upon exercise of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if
                                            applicable, the date from and after which the warrants and any debt securities issued with
                                            them will be separately transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            dates on which the right to exercise the warrants will commence and expire;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if
                                            applicable, the minimum or maximum amount of the warrants that may be exercised at any one
                                            time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>information
                                            relating to book-entry procedures, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            currency or currency units in which the offering price, if any, and the exercise price are
                                            payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if
                                            applicable, a discussion of material U.S. federal income tax considerations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>anti-dilution
                                            provisions of the warrants, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>redemption
                                            or call provisions, if any, applicable to the warrants; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            additional terms of the warrants, including terms, procedures and limitations relating to
                                            the exchange and exercise of the warrants.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0; text-indent: 0.5in">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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            title of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            offering price for the warrants, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            aggregate number of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if
                                            applicable, the designation and terms of the preferred stock that may be purchased upon exercise
                                            of the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if
                                            applicable, the designation and terms of the securities that the warrants are issued with
                                            and the number of warrants issued with each security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if
                                            applicable, the date from and after which the warrants and any securities issued with the
                                            warrants will be separately transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            dates on which the right to exercise the warrants will commence and expire;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if
                                            applicable, the minimum or maximum amount of the warrants that may be exercised at any one
                                            time;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            currency or currency units in which the offering price, if any, and the exercise price are
                                            payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>if
                                            applicable, a discussion of material U.S. Federal income tax considerations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>anti-dilution
                                            provisions of the warrants, if any;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>redemption
                                            or call provisions, if any, applicable to the warrants; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            additional terms of the warrants, including terms, procedures and limitations relating to
                                            the exchange and exercise of the warrants.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>PLAN OF DISTRIBUTION</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"><FONT STYLE="background-color: white">We may sell
the securities being offered hereby from time to time in one or more of the following ways:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">to
                                            or</FONT> through one or more underwriter or dealers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>through
                                            <FONT STYLE="background-color: white">one or more agents;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">directly
                                            </FONT>to one or more purchasers; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">through
                                            a combination of these methods.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">The prospectus
supplement with respect to each offering of securities will set forth the specific plan of distribution and the terms of the offering,
including:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">the
                                            </FONT>name or names of any underwriters, dealers or agents;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            purchase price of the offered securities and the proceeds to us from the sale;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">any
                                            </FONT>underwriting discounts and commissions or agency fees and other items constituting
                                            underwriters&rsquo; or agents&rsquo; compensation; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">any
                                            </FONT>initial public offering price, any discounts or concessions allowed or reallowed or
                                            paid to dealers and any securities exchanges on which such offered securities may be listed.</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">Any initial public offering prices, discounts
or concessions allowed or reallowed or paid to dealers may be changed 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"><FONT STYLE="background-color: white">If underwriters
are used in the sale, the underwriters will acquire the offered securities for their own account and may resell them from time to time
in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the
time of sale. The offered securities may be offered either to the public through underwriting syndicates represented by one or more managing
underwriters or by one or more underwriters without a syndicate. Unless otherwise set forth in a prospectus supplement, the obligations
of the underwriters to purchase any series of securities will be subject to certain conditions precedent, and the underwriters will be
obligated to purchase all of such series of securities if any are purchased.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">In connection
with underwritten offerings of the offered securities and in accordance with applicable law and industry practice, underwriters may over-allot
or effect transactions that stabilize, maintain or otherwise affect the market price of the offered securities at levels above those
that might otherwise prevail in the open market, including by entering stabilizing bids, effecting syndicate covering transactions or
imposing penalty bids, each of which is described below.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">A
                                            </FONT>stabilizing bid means the placing of any bid, or the effecting of any purchase, for
                                            the purpose of pegging, fixing or maintaining the price of a security.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>A
                                            syndicate covering transaction means the placing of any bid on behalf of the underwriting
                                            syndicate or the effecting of any purchase to reduce a short position created in connection
                                            with the offering.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="background-color: white">A
                                            </FONT>penalty bid means an arrangement that permits the managing underwriter to reclaim
                                            a selling concession from a syndicate member in connection with the offering when offered
                                            securities originally sold by the syndicate member are purchased in syndicate covering transactions.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">These transactions
may be effected on the New York Stock Exchange, in the over-the-counter market, or otherwise. Underwriters are not required to engage
in any of these activities, or to continue such activities if commenced.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">If a dealer
is used in the sale, we will sell such offered securities to the dealer, as principal. The dealer may then resell the offered securities
to the public at varying prices to be determined by that dealer at the time for resale. The names of the dealers and the terms of the
transaction will be set forth in the prospectus supplement relating to that transaction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">Offered
securities may be sold directly by us to one or more institutional purchasers, or through agents designated by us from time to time,
at a fixed price or prices, which may be changed, or at varying prices determined at the time of sale. Any agent involved in the offer
or sale of the offered securities in respect of which this prospectus is delivered will be named, and any commissions payable by us to
such agent will be set forth, in the prospectus supplement relating to that offering. Unless otherwise indicated in such prospectus supplement,
any such agent will be acting on a best-efforts basis for the period of its appointment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">Underwriters,
dealers and agents may be entitled under agreements entered into with us to indemnification by us against certain civil liabilities,
including liabilities under the Securities Act, or to contribution with respect to payments that the underwriters, dealers or agents
may be required to make in respect thereof. Underwriters, dealers and agents may be customers of, engage in transactions with, or perform
services for us and our affiliates in the ordinary course of business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">Other than
our class B common stock, which is listed on the New York Stock Exchange, each of the securities issued hereunder will be a new issue
of securities, will have no prior trading market, and may or may not be listed on a national securities exchange. Any class B common
stock sold pursuant to a prospectus supplement will be listed on the New York Stock Exchange, subject to official notice of issuance.
Any underwriters to whom we sell securities for public offering and sale may make a market in the securities, but such underwriters will
not be obligated to do so and may discontinue any market making at any time without notice. We cannot assure you that there will be a
market for the offered securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Rule&nbsp;15c6-1 of the Exchange Act, trades
in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise.
The applicable prospectus supplement may provide that the original issue date for your securities may be more than one scheduled business
day after the trade date for your 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"></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="a_011"></A>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; margin: 0pt 0; text-indent: 0.5in">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: 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><A NAME="a_012"></A>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: 0pt 0; text-indent: 0.5in">The financial statements of United Parcel Service,&nbsp;Inc.
as of December&nbsp;31, 2024 and 2023, and for each of the three years in the period ended December&nbsp;31, 2024 included in the Annual
Report on Form&nbsp;10-K 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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<P STYLE="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>PART&nbsp;II<BR>
INFORMATION NOT REQUIRED IN 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"><B>Item 14. Other Expenses of Issuance and Distribution.</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 table sets forth the estimated expenses
in connection with the issuance and distribution of the securities being registered other than underwriting discounts and commissions.
All such expenses will be borne by the registrant.</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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left">Securities and Exchange Commission Registration
    Fee</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">(1</TD><TD STYLE="width: 1%; 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; text-align: left">Trustee&rsquo;s Fees</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">(2</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; text-align: left">Printing Fees</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">(2</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; text-align: left">Rating Agency Fees</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">(2</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; text-align: left">Accounting Fees and Expenses</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">(2</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; text-align: left">Legal Fees and Expenses</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">(2</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; text-align: left">Listing Fees</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">(2</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; text-align: left; padding-bottom: 2.5pt">Miscellaneous Expenses</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black medium double; font: 10pt Times New Roman, Times, Serif; text-align: right">(2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2.5pt; 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">Total</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">(2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"> (1) </TD><TD> Previously paid in connection with the filing of Post-Effective Amendment
                                            No.1 to the prior Registration Statement (Registration No.&nbsp;333-267664) on February&nbsp;14,
                                            2025. </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>These fees are calculated based on the securities offered and the number
                                            of issuances. Therefore, these fees cannot be estimated at this time.</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>Item 15. Indemnification of Directors and Officers.</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">Section&nbsp;102(b)(7)&nbsp;of the DGCL allows
a corporation to provide in its certificate of incorporation that a director or officer of the corporation will not be personally liable
to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or an officer, except where (i)&nbsp;a
director or officer breached the duty of loyalty, (ii)&nbsp;a director or officer failed to act in good faith, (iii)&nbsp;a director
engaged in intentional misconduct or knowingly violated a law, (iv)&nbsp;a director or officer authorized the payment of a dividend or
approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit or (v)&nbsp;an action by
or in the right of the corporation is brought against an officer. Our restated certificate of incorporation provides for this limitation
of liability in the case of our directors, but does not limit the liability of our officers.</P>

<P STYLE="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">Section&nbsp;145 of the DGCL, which we refer
to as Section&nbsp;145, provides that a Delaware corporation may indemnify any person who was, is or is threatened to be made, party
to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than
an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee or
agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or agent of another
corporation or enterprise. The indemnity may include expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided such person acted
in good faith and in a manner he reasonably believed to be in or not opposed to the corporation&rsquo;s best interests and, with respect
to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was illegal.</P>

<P STYLE="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">Section&nbsp;145 further authorizes a corporation
to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation or
is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against
any liability asserted against him and incurred by him in any such capacity, or arising out of his or her status as such, whether or
not the corporation would otherwise have the power to indemnify him under Section&nbsp;145.</P>

<P STYLE="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: 0.25in">Our restated certificate of incorporation provides
that we must indemnify our directors and officers to the fullest extent authorized by the DGCL and must also pay expenses incurred in
defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf of an indemnified
person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under
this section 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; text-indent: 0.25in">The indemnification rights set forth above shall
not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our restated
certificate of incorporation, our amended and restated bylaws, agreement, vote of stockholders or disinterested directors 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; text-indent: 0.25in">We expect to maintain standard policies of insurance
that provide coverage (1)&nbsp;to our directors and officers against loss rising from claims made by reason of breach of duty or other
wrongful act and (2)&nbsp;to us with respect to indemnification payments that we may make to such directors and officers.</P>

<P STYLE="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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    <!-- 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 0pt 0.5in; text-indent: -0.5in"><B>Item 16. Exhibits.</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: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&nbsp;<BR>
    No.</B></FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Underwriting Agreement*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Agency Agreement*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000095012310048282/g23383exv3w3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000095012310048282/g23383exv3w3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restated
    Certificate of Incorporation of United Parcel Service,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.3 to Form&nbsp;8-K
    filed on May&nbsp;12, 2010)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072723000029/exhibit31-upsbylawamendmen.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072723000029/exhibit31-upsbylawamendmen.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Bylaws of United Parcel Service,&nbsp;Inc. as of May&nbsp;9, 2023 (incorporated by reference to Exhibit&nbsp;3.1 to
    Form&nbsp;8-K, filed on May&nbsp;9, 2023)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000095014403010397/g84391exv4w1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000095014403010397/g84391exv4w1.txt" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture
    dated as of August&nbsp;26, 2003, between UPS 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 (incorporated by reference to the Registration Statement
    on Form&nbsp;S-3 (no. 333-108272), filed on August&nbsp;27, 2003)&nbsp;</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072713000037/exhibit42-supplementalinde.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072713000037/exhibit42-supplementalinde.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First
    Supplemental Indenture dated as of November&nbsp;15, 2013 between UPS and The Bank of New York Mellon Trust Company, N.A., as Trustee
    (incorporated by reference to the Registration Statement on Form&nbsp;S-3 (no. 333-192369), filed on November&nbsp;15, 2013)&nbsp;</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000119312517175411/d362052dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000119312517175411/d362052dex41.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second
    Supplemental Indenture dated as of May&nbsp;18, 2017 (incorporated by reference to Exhibit&nbsp;4.1 to Form&nbsp;8-K, filed on May&nbsp;18,
    2017)&nbsp;</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072722000040/exhibit44-indentureusbankt.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072722000040/exhibit44-indentureusbankt.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture
    dated as of September&nbsp;30, 2022, between UPS and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference
    to Exhibit&nbsp;4.4 to Form&nbsp;S-3 (no. 333-267664), filed on September&nbsp;30, 2022)</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072722000040/exhibit45-indenturetruistb.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072722000040/exhibit45-indenturetruistb.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture
    dated as of September&nbsp;30, 2022, between UPS and Truist Bank, as Trustee (incorporated by reference to Exhibit&nbsp;4.5 to Form&nbsp;S-3
    (no. 333-267664), filed on September&nbsp;30, 2022)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of
    Warrant Agreement (including form of Warrant Certificate)*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit51ksopinionandconse.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1**</FONT></A> </TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit51ksopinionandconse.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of King&nbsp;&amp; Spalding LLP</FONT></A> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="tm2510678d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="tm2510678d1_ex23-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Deloitte&nbsp;&amp; Touche LLP</FONT></A></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit51ksopinionandconse.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit51ksopinionandconse.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of King&nbsp;&amp; Spalding LLP (included in Exhibit&nbsp;5.1)</FONT></A></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/february2025s-3shelfxfilin.htm#i8405791e927e428ab44adf3c2dcdb50f_10" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1**</FONT></A> </TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/february2025s-3shelfxfilin.htm#i8405791e927e428ab44adf3c2dcdb50f_10" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers
    of Attorney</FONT></A> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit251bnymellontrust.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.1**</FONT></A> </TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit251bnymellontrust.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Eligibility and Qualification on Form&nbsp;T-1 of The Bank of New York Mellon Trust Company, N.A., to act as Trustee under the
    Indenture dated August&nbsp;26, 2003</FONT></A> </TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit252usbanktrustcom.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.2**</FONT></A> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit252usbanktrustcom.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Eligibility and Qualification on Form&nbsp;T-1 of U.S. Bank Trust Company, National Association, as Trustee under the Indenture
    dated September&nbsp;30, 2022</FONT></A> </TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit253truistupsformt.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.3**</FONT></A> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exhibit253truistupsformt.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Eligibility and Qualification on Form&nbsp;T-1 of Truist Bank, as Trustee under the Indenture dated September&nbsp;30, 2022</FONT></A> </TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exfilingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107**</FONT></A> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> <A HREF="https://www.sec.gov/Archives/edgar/data/1090727/000109072725000021/exfilingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing
    Fee Table</FONT></A> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 2.35pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    applicable, to be filed as an exhibit to a document to be incorporated by reference herein or by a post-effective amendment to this
    Registration Statement in connection with a specific offering of securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT> </TD>
    <TD COLSPAN="2" STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
    filed. </FONT> </TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 17. Undertakings.</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 undersigned registrant hereby undertakes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>To file, during any period in which offers or sales are being made,
                                            a post-effective amendment to this Registration Statement: (i)&nbsp;to include any prospectus
                                            required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act; (ii)&nbsp;to reflect in the
                                            prospectus any facts or events arising after the effective date of the Registration Statement
                                            (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
                                            represent a fundamental change in the information set forth in the Registration Statement.
                                            Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
                                            the total dollar value of securities offered would not exceed that which was registered)
                                            and any deviation from the low or high end of the estimated maximum offering range may be
                                            reflected in the form of prospectus filed with the SEC pursuant to Rule&nbsp;424(b)&nbsp;if,
                                            in the aggregate, the changes in volume and price represent no more than a 20% change in
                                            the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
                                            Fee&rdquo; table in the effective Registration Statement; and (iii)&nbsp;to include any material
                                            information with respect to the plan of distribution not previously disclosed in the Registration
                                            Statement or any material change to such information in the Registration Statement; provided,
                                            however, that clauses (i), (ii)&nbsp;and (iii)&nbsp;do not apply if the information required
                                            to be included in a post-effective amendment by those paragraphs is contained in reports
                                            filed with or furnished to the SEC by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
                                            the Exchange Act that are incorporated by reference in the Registration Statement, or is
                                            contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of
                                            the Registration Statement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>That, for the purpose of determining any liability under the Securities
                                            Act, each such post-effective amendment shall be deemed to be a new registration statement
                                            relating to the securities offered therein, and the offering of such securities at that time
                                            shall be deemed to be the initial bona fide offering thereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>To remove from registration by means of a post-effective amendment
                                            any of the securities being registered which remain unsold at the termination of the offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>That, for the purpose of determining liability under the Securities
                                            Act to any purchaser:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Each prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3)&nbsp;shall
                                            be deemed to be part of the Registration Statement as of the date the filed prospectus was
                                            deemed part of and included in the Registration Statement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2),
                                            (b)(5)&nbsp;or (b)(7)&nbsp;as part of a Registration Statement in reliance on Rule&nbsp;430B
                                            relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x)&nbsp;for
                                            the purpose of providing the information required by section 10(a)&nbsp;of the Securities
                                            Act shall be deemed to be part of and included in the Registration Statement as of the earlier
                                            of the date such form of prospectus is first used after effectiveness or the date of the
                                            first contract of sale of securities in the offering described in the prospectus. As provided
                                            in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date
                                            an underwriter, such date shall be deemed to be a new effective date of the registration
                                            statement relating to the securities in the Registration Statement to which that prospectus
                                            relates, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof; provided, however , that no statement made in a Registration
                                            Statement or prospectus that is part of the Registration Statement or made in a document
                                            incorporated or deemed incorporated by reference into the Registration Statement or prospectus
                                            that is part of the Registration Statement will, as to a purchaser with a time of contract
                                            of sale prior to such effective date, supersede or modify any statement that was made in
                                            the Registration Statement or prospectus that was part of the Registration Statement or made
                                            in any such document immediately prior to such effective date; and</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>That, for the purpose of determining liability of the registrant
                                            under the Securities Act to any purchaser in the initial distribution of the securities,
                                            the undersigned registrant undertakes that in a primary offering of securities of the undersigned
                                            registrant pursuant to this Registration Statement, regardless of the underwriting method
                                            used to sell the securities to the purchaser, if the securities are offered or sold to such
                                            purchaser by means of any of the following communications, the undersigned registrant will
                                            be a seller to the purchaser and will be considered to offer or sell such securities to such
                                            purchaser:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>Any preliminary prospectus or prospectus of the undersigned registrant
                                            relating to the offering required to be filed pursuant to Rule&nbsp;424;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>Any free writing prospectus relating to the offering prepared by or
                                            on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD>The portion of any other free writing prospectus relating to the offering
                                            containing material information about the undersigned registrant or its securities provided
                                            by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD>Any other communication that is an offer in the offering made by the
                                            undersigned registrant to the purchaser.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>That, for purposes of determining any liability under the Securities
                                            Act, each filing of the registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or
                                            Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable, each filing of an employee
                                            benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act)
                                            that is incorporated by reference in this Registration Statement shall be deemed to be a
                                            new registration statement relating to the securities offered therein, and the offering of
                                            such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Insofar as indemnification for liabilities arising under the Securities
                                            Act may be permitted to directors, officers and controlling persons of the registrant pursuant
                                            to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
                                            of the SEC such indemnification is against public policy as expressed in the Securities Act
                                            and is, therefore, unenforceable. In the event that a claim for indemnification against such
                                            liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
                                            officer or controlling person of the registrant in the successful defense of any action,
                                            suit or proceeding) is asserted by such director, officer or controlling person in connection
                                            with the securities being registered, the registrant will, unless in the opinion of its counsel
                                            the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
                                            the question whether such indemnification by it is against public policy as expressed in
                                            the Securities Act and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>To file an application for the purpose of determining the eligibility
                                            of the trustee to act under subsection (a)&nbsp;of Section&nbsp;310 of the Trust Indenture
                                            Act in accordance with the rules&nbsp;and regulations prescribed by the Commission under
                                            Section&nbsp;305(b)(2)&nbsp;of the Trust Indenture Act.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</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"> Pursuant to the requirements of the Securities
Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Atlanta, State of Georgia, on April&nbsp;2, 2025. </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="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNITED
    PARCEL SERVICE,&nbsp;INC.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    BRIAN DYKES</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Brian
    Dykes</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Executive
    Vice President and Chief Financial Officer</I></B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="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>






<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ CAROL
    B. TOM&Eacute;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Chief
                                            Executive Officer and Director </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> (Principal Executive Officer) </P></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carol
    B. Tom&eacute;</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    BRIAN DYKES</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Executive
                                            Vice President and Chief Financial Officer </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> (Principal Financial and Accounting Officer) </P></TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Brian
    Dykes</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rodney
    C. Adkins</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Eva
    C. Boratto</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Michael
    J. Burns</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kevin
    P. Clark</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wayne
    M. Hewett</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Angela
    Hwang</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kate
    E. Johnson</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>William
    R. Johnson</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt 1.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> * </P></TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Franck
    J. Moison</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Christiana
    Smith Shi</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Russell
    Stokes</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&nbsp;2,
    2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kevin
    M. Warsh</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="padding-right: 1.25pt; padding-left: 1.25pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1.5pt; padding-right: 1.25pt; padding-left: 1.25pt"> &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"> Norman M. Brothers,&nbsp;Jr., by signing his
name below, signs this document on behalf of each of the above named persons specified by an asterisk (*), pursuant to a power of attorney
duly executed by such person and filed with the Securities and Exchange Commission in the Registrant&rsquo;s Registration Statement on
February&nbsp;18, 2025. </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 STYLE="border-bottom: black 1pt solid; padding: 1.5pt 1.25pt; font-size: 10pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    NORMAN M. BROTHERS, JR.</FONT> </TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 1.25pt; font-size: 10pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Norman
    M. Brothers,&nbsp;Jr.</B></FONT> </TD></TR>
  <TR>
    <TD STYLE="padding: 1.5pt 1.25pt; font-size: 10pt; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Executive
    Vice President, Chief Legal and Compliance Officer and Corporate Secretary</I></B></FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>tm2510678d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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">We consent to the incorporation by reference in this Amendment No.
1 to Registration Statement No. 333-285036 on Form S-3 of our reports dated February 18, 2025, relating to the consolidated financial
statements of United Parcel Service, Inc. and subsidiaries (the &ldquo;Company&rdquo;) and the effectiveness of the Company&rsquo;s internal
control over financial reporting appearing in the Annual Report on Form 10-K of the Company for the year ended December 31, 2024. We also
consent to the reference to us under the heading &ldquo;Experts&rdquo; in such Registration 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ DELOITTE &amp; TOUCHE 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">Atlanta, Georgia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 2, 2025</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
