<SEC-DOCUMENT>0001552781-25-000391.txt : 20251104
<SEC-HEADER>0001552781-25-000391.hdr.sgml : 20251104
<ACCEPTANCE-DATETIME>20251104163035
ACCESSION NUMBER:		0001552781-25-000391
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20251104
DATE AS OF CHANGE:		20251104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EBAY INC
		CENTRAL INDEX KEY:			0001065088
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				770430924
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-270013
		FILM NUMBER:		251449648

	BUSINESS ADDRESS:	
		STREET 1:		2025 HAMILTON AVENUE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95125
		BUSINESS PHONE:		408-376-7400

	MAIL ADDRESS:	
		STREET 1:		2025 HAMILTON AVENUE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95125
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>e25403_ebay-424b2.htm
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">Filed Pursuant to Rule 424(b)(2)<BR>
Registration No. 333-270013</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Prospectus
Supplement<BR STYLE="font: 10pt Times New Roman, Times, Serif">
(To Prospectus dated February 24, 2023)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">&nbsp;<IMG SRC="e25393001.jpg" ALT=""></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;<B>$600,000,000
4.250% Notes due 2029 </B></FONT>&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; text-indent: 0"><B>$400,000,000 5.125%
Notes due 2035</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-indent: 0.5in">eBay Inc. is offering $600,000,000 aggregate principal amount
of its 4.250% Notes due 2029 (the &ldquo;2029 Notes&rdquo;) and $400,000,000 aggregate principal amount of its 5.125%
Notes due 2035 (the &ldquo;2035 Notes&rdquo; and, together with the 2029 Notes, the &ldquo;Notes&rdquo;). Unless redeemed or repurchased
prior to maturity, the 2029 Notes will mature on March 6, 2029, and the 2035 Notes will mature on November 6, 2035. We will pay interest
on the 2029 Notes semi-annually in arrears on March 6 and September 6 of each year, commencing on March 6, 2026. We will
pay interest on the 2035 Notes semi-annually in arrears on May 6 and November 6 of each year, commencing on May 6, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may redeem some or all of the Notes of each series at any time and from
time to time prior to their maturity, at the applicable redemption prices described in this prospectus supplement under the caption &ldquo;Description
of Notes&mdash;Optional Redemption.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">If a Change of Control Triggering Event (as defined herein) occurs with
respect to the Notes of any series, we may be required to offer to repurchase the Notes of such series from the holders as described under
the caption &ldquo;Description of Notes&mdash;Change of Control Triggering Event.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes will
be the senior unsecured obligations of eBay Inc. The Notes will rank equally in right of payment with all other existing and future senior
and unsubordinated indebtedness of eBay Inc. The Notes will be effectively subordinated in right of payment to all of our existing and
future secured indebtedness, if any, to the extent of the value of the collateral securing that indebtedness. The Notes will also be
structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of our subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes of each series are a new issue of securities for which there
currently is no established trading market. We do not intend to apply for listing of any series of the Notes on any securities exchange
or for quotation of the Notes on any automated dealer quotation system.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in the Notes involves a high degree of risk. See &ldquo;<U>Risk Factors</U>&rdquo; beginning on page S-6 of this prospectus supplement
and on page 3 of the accompanying prospectus and in our most recent Annual Report on Form 10-K for information about important risks
you should consider before buying the Notes.</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Public Offering<BR>
Price<SUP>(1)</SUP></B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Underwriting<BR>
Discount</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Proceeds, Before<BR>
Expenses,<BR>
to eBay Inc.<SUP>(1)</SUP></B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 54%; padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Per 2029 Note</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%; border-top: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;99.977</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 13%; border-top: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;0.250</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 12%; border-top: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;99.727</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 9pt; text-indent: 9.15pt"><FONT STYLE="font-size: 10pt">Total
    For 2029 Notes</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;599,862,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;1,500,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;598,362,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt"><FONT STYLE="font-size: 10pt">Per 2035 Note</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;99.923</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;0.450</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;99.473</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Total
    For 2035 Notes</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;399,692,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;1,800,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;397,892,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 8.9pt; text-indent: 36.15pt"><FONT STYLE="font-size: 10pt">Total
    For All Notes</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.25pt double; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;999,554,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.25pt double; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;3,300,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.25pt double; vertical-align: top"><FONT STYLE="font-size: 10pt">&nbsp;996,254,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"></P>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Plus accrued interest, if any, from November 6, 2025, if the settlement date
occurs after that date.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
underwriters expect to deliver the Notes in book-entry form only through
the facilities of The Depository Trust Company for the accounts of its participants, including Clearstream Banking, S.A. and Euroclear
Bank S.A./N.V., as operator for the Euroclear System, against payment in New York, New York on or about November 6, 2025, which is the
third business day following the date of this prospectus supplement. See &ldquo;Underwriting.&rdquo;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Citigroup</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deutsche
    Bank Securities</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 30%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Goldman
    Sachs &amp; Co. LLC</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 20pt; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: bold; font-size: 10pt"><I>Co-Managers</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 25%; vertical-align: top"><B>BNP PARIBAS</B></TD>
  <TD STYLE="text-align: center; width: 25%; vertical-align: top"><B>BofA Securities</B></TD>
  <TD STYLE="text-align: center; width: 25%; vertical-align: top"><B>HSBC</B></TD>
  <TD STYLE="text-align: right; width: 25%; vertical-align: top"><B>J.P. Morgan</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; vertical-align: top"><B>Morgan Stanley</B></TD>
  <TD STYLE="text-align: center; vertical-align: top"><B>RBC Capital Markets</B></TD>
  <TD STYLE="text-align: center; vertical-align: top"><B>Standard Chartered Bank</B></TD>
  <TD STYLE="text-align: right; vertical-align: top"><B>Wells Fargo Securities</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; vertical-align: top"><B>Independence Point Securities</B></TD>
  <TD STYLE="text-align: center; vertical-align: top"><B>Mischler Financial Group, Inc.</B></TD>
  <TD STYLE="text-align: center; vertical-align: top"><B>Penserra Securities LLC</B></TD>
  <TD STYLE="text-align: right; vertical-align: top"><B>Siebert Williams Shank</B></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">The date of this prospectus supplement is November 3, 2025.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 93%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; width: 4%"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a001">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-ii</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a002">PROSPECTUS SUPPLEMENT SUMMARY</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a003">RISK FACTORS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-6</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a004">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-13</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a005">USE OF PROCEEDS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-15</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a006">DESCRIPTION OF NOTES</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-16</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a007">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-26</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a008">UNDERWRITING</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-32</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a009">LEGAL MATTERS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-39</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a010">EXPERTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-39</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e25393a011">INCORPORATION BY REFERENCE</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">S-39</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 93%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: center; width: 4%"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a001">ABOUT THIS PROSPECTUS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">1</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a002">EBAY INC.</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a003">RISK FACTORS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a004">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">3</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a005">USE OF PROCEEDS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a006">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">4</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a007">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">19</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a008">DESCRIPTION OF WARRANTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a009">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a010">DESCRIPTION OF PURCHASE CONTRACTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a011">DESCRIPTION OF UNITS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a012">BOOK-ENTRY FORM AND TRANSFER</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">23</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a013">PLAN OF DISTRIBUTION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">27</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a014">LEGAL MATTERS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">28</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a015">EXPERTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">28</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#e23070_a016">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">29</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a001"></A>ABOUT THIS PROSPECTUS
SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement and the accompanying prospectus are part of a &ldquo;shelf&rdquo; registration statement that we have filed with the U.S.
Securities and Exchange Commission (the &ldquo;SEC&rdquo;). By using a shelf registration statement, we may sell one or more series of
the debt securities described in the accompanying prospectus from time to time in one or more offerings. The accompanying prospectus
provides you with a general description of some of the terms of the debt securities we may offer, some of which may not be applicable
to this offering. This prospectus supplement describes some of the specific terms applicable to this offering of Notes. In addition,
this prospectus supplement and any related free writing prospectus may also add, update or change information contained in the accompanying
prospectus or any document incorporated or deemed to be incorporated by reference therein and, accordingly, any statement in the accompanying
prospectus or in any document incorporated or deemed to be incorporated by reference therein will be deemed modified or superseded to
the extent that any statement contained in this prospectus supplement or any related free writing prospectus modifies or supersedes that
statement. All cross-references in this prospectus supplement are to captions contained in this prospectus supplement, unless otherwise
indicated. We urge you to read carefully this prospectus supplement, the accompanying prospectus and any related free writing prospectus,
together with the documents incorporated and deemed to be incorporated by reference in this prospectus supplement and the accompanying
prospectus as described under the caption &ldquo;Incorporation by Reference&rdquo; in this prospectus supplement and &ldquo;Where You
Can Find More Information&rdquo; in the accompanying prospectus, before deciding whether to invest in any of the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The distribution
of this prospectus supplement, the accompanying prospectus and any related free writing prospectus and the offering of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this prospectus supplement, the accompanying prospectus and any
related free writing prospectus come should inform themselves about and observe any such restrictions. We are not, and the underwriters
are not, making an offer to sell these securities or soliciting an offer to buy these securities in any jurisdiction where the offer
or sale is not permitted. Neither this prospectus supplement, the accompanying prospectus nor any related free writing prospectus constitutes,
and none of the foregoing may be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer
or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person
to whom it is unlawful to make such offer or solicitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We have not, and
the underwriters have not, authorized any other person to provide you with any information other than that contained or incorporated
by reference in this prospectus supplement, the accompanying prospectus or any related free writing prospectus. Neither we nor the underwriters
take any responsibility for, nor can provide any assurances as to the reliability of, any other information others may give you. You
should assume that the information appearing in this prospectus supplement, the accompanying prospectus, the documents incorporated and
deemed to be incorporated by reference in the accompanying prospectus and any related free writing prospectus is accurate only as of
the respective dates of those documents. Our business, financial condition, results of operations and prospects may have changed since
those dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement, the accompanying prospectus, the documents incorporated and deemed to be incorporated by reference in the accompanying prospectus
and any related free writing prospectus include or may include trademarks, service marks and trade names owned by us or others. All trademarks,
service marks and trade names included in this prospectus supplement, the accompanying prospectus, the documents incorporated or deemed
to be incorporated by reference in the accompanying prospectus or any related free writing prospectus are the property of their respective
owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless we otherwise
specify or the context otherwise requires, in this prospectus supplement, references to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo;
or &ldquo;eBay&rdquo; mean eBay Inc. and its consolidated subsidiaries, references to &ldquo;eBay Inc.&rdquo; refer to eBay Inc. excluding
its subsidiaries, references to any &ldquo;free writing prospectus&rdquo; mean any free writing prospectus we file with the SEC in connection
with this offering, and references to any of our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC include
any amendments thereto.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a002"></A>PROSPECTUS SUPPLEMENT SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>This following
summary highlights information contained elsewhere or incorporated or deemed to be incorporated by reference in this prospectus supplement
and the accompanying prospectus and does not contain all of the information that you should consider in your evaluation of an investment
in the Notes. You should read carefully this prospectus supplement, the accompanying prospectus and the documents incorporated and deemed
to be incorporated by reference in the accompanying prospectus, in each case including the information set forth therein under the caption
&ldquo;Risk Factors,&rdquo; and any related free writing prospectus in their entirety before making an investment decision.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Founded in 1995
in San Jose, California, eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity
for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity
to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts,
our off-platform marketplaces and our suite of mobile apps, together, create one of the world&rsquo;s largest and most vibrant marketplaces
for discovering great value and unique selection. In 2024, eBay enabled $75 billion of Gross Merchandise Volume.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our principal
executive offices are located at 2025 Hamilton Avenue, San Jose, California 95125, and our telephone number is (408) 376-9659. Our internet
address is www.ebay.com. Our investor relations website is located at https://investors.ebayinc.com. The information contained in, or
that can be accessed through, any of our websites is not part of this prospectus supplement, the accompanying prospectus, the registration
statement of which the accompanying prospectus is a part, any document incorporated or deemed to be incorporated by reference herein
or therein or any related free writing prospectus and any references to our websites are intended to be inactive textual references only.</FONT></P>
</div>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
summary below describes some of the terms of this offering of Notes. Certain of the terms described below are subject to important limitations
and exceptions. The &ldquo;Description of Notes&rdquo; section of this prospectus supplement and the &ldquo;Description of Debt Securities&rdquo;
section in the accompanying prospectus contain a more detailed description of some of the terms of the Notes. In this section, &ldquo;we,&rdquo;
&ldquo;us,&rdquo; and &ldquo;our&rdquo; refer only to eBay Inc. and not any of its subsidiaries.</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 69%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Issuer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-size: 10pt">eBay
    Inc.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Securities Offered</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">$600,000,000 aggregate principal amount of 4.250% Notes due  2029.</FONT></P>
                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">$400,000,000
aggregate principal amount of 5.125% Notes due 2035.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">The 2029 Notes and the 2035 Notes will each constitute a separate series
of our debt securities under the Indenture (as defined under &ldquo;Description of Notes&rdquo;) governing the Notes.</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Maturity</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2029&nbsp;Notes:&nbsp;March 6, 2029.<BR>
<BR>
2035&nbsp;Notes:&nbsp;November 6, 2035.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Interest Rate and
    Payment Dates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">2029 Notes: 4.250% per year payable semi-annually in arrears on March 6 and September 6 of each year, commencing on March 6, 2026, and accruing from November 6, 2025.</FONT></P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;<BR> 2035 Notes: 5.125% per year payable semi-annually in arrears on May 6 and November 6 of each year, commencing on May 6, 2026, and accruing from November 6, 2025.</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ranking</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The Notes will be our senior unsecured
    obligations. The Notes will rank equally in right of payment with all of our other existing and future senior and unsubordinated
    indebtedness. The Notes will be effectively subordinated in right of payment to all of our existing and future secured indebtedness,
    if any, to the extent of the value of the collateral securing that indebtedness. The Notes will also be structurally subordinated
    in right of payment to all existing and future indebtedness and other liabilities of our subsidiaries.</FONT></P>
    </TD></TR>
</TABLE>
</div>






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<DIV STYLE="border: black 1px solid; padding: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">At September 30, 2025, we had
                                                                     approximately $6.2 billion aggregate principal amount of senior unsecured notes outstanding; approximately $575.0 million aggregate
                                                                     principal amount of commercial paper notes outstanding under our up to $1.5 billion commercial paper program; no indebtedness
                                                                     outstanding under our $2.0 billion senior unsecured revolving credit facility and approximately $1.4 billion of available borrowing
                                                                     capacity (subject to customary conditions to borrowing) under our senior unsecured revolving credit facility since we are required
                                                                     to maintain available borrowing capacity to provide liquidity support, if required, for amounts outstanding under our commercial
                                                                     paper program; and no secured indebtedness outstanding. At September 30, 2025, our subsidiaries had no indebtedness outstanding
                                                                     (excluding intercompany indebtedness owed to us or other subsidiaries of ours). We would have had approximately $6.2 billion of
                                                                     indebtedness for borrowed money as of September 30, 2025, assuming the following had occurred on or prior to such date: (i) the
                                                                     issuance of the Notes offered hereby, (ii) the repayment of approximately $575.0 million aggregate principal amount of commercial
                                                                     paper notes with a portion of the net proceeds from this offering and (iii) our redemption of $425.0 million aggregate principal
                                                                     amount of our 5.900% notes due 2025, which we completed in October 2025.</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Certain Covenants</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Indenture governing the Notes contains covenants that limit our ability and the ability of our Significant Subsidiaries (as defined
    under &ldquo;Description of Debt Securities&mdash;Covenants&mdash;Certain Definitions&rdquo; in the accompanying prospectus) to:</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue,
    incur, create, assume or guarantee any debt for borrowed money secured by a Lien upon any Principal Property (as those terms are
    defined under &ldquo;Description of Debt Securities&mdash;Covenants&rdquo; in the accompanying prospectus), shares of capital stock
    of any of our Significant Subsidiaries or intercompany debt for borrowed money owed by any of our Significant Subsidiaries to us
    or any of our other subsidiaries; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter
    into certain Sale and Lease-Back Transactions (as defined under &ldquo;Description of Debt Securities&mdash;Covenants&mdash;Certain
    Definitions&rdquo; in the accompanying prospectus) with respect to any Principal Property.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The Indenture also contains a
    covenant that requires that we satisfy certain conditions in order to consolidate with or merge into, or convey, transfer or lease
    all or substantially all of our properties and assets to, any person.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">These covenants are subject to
    important exceptions and limitations and you should carefully review the information appearing under the captions &ldquo;Risk Factors&rdquo;
    in this prospectus supplement and &ldquo;Risk Factors&rdquo; and &ldquo;Description of Debt Securities&rdquo; in the accompanying
    prospectus for additional information.</FONT></P></TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Optional Redemption</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Prior
    to the applicable Par Call Date (as defined under &ldquo;Description of Notes&mdash;Optional Redemption&rdquo;), we may redeem the Notes of each series at our option, in
whole or in part, at any time and from time to time, at the applicable redemption prices as described under &ldquo;Description of Notes&mdash;Optional
Redemption,&rdquo; in each case plus accrued and unpaid interest thereon to the date of redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font-size: 10pt">On or after the applicable Par Call Date, we may redeem the Notes of each
series, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes
being redeemed, in each case plus accrued and unpaid interest thereon to the date of redemption. See &ldquo;Description of Notes&mdash;Optional
Redemption.&rdquo;</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Change of Control
    Triggering Event</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">If a Change of Control Triggering Event occurs with respect to the Notes of
any series, we will be required, subject to certain exceptions, to offer to repurchase the Notes of such series at a price equal to 101%
of the principal amount plus accrued and unpaid interest, if any, to the applicable Change of Control Payment Date. The provisions of
the Notes of each series that may require us to offer to purchase the Notes of such series upon the occurrence of a Change of Control
Triggering Event with respect to the Notes of such series, and what constitutes a Change of Control Triggering Event with respect to the
Notes of any series, are subject to important exceptions and limitations and you should carefully review the information appearing under
the captions &ldquo;Risk Factors&rdquo; and &ldquo;Description of Notes&mdash;Change of Control Triggering Event&rdquo; for additional
information and for the definitions of &ldquo;Change of Control Triggering Event,&rdquo; &ldquo;Change of Control Payment Date&rdquo;
and other relevant terms.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%"><FONT STYLE="font-size: 10pt">We estimate that the net proceeds
    from this offering will be approximately $993.6 million after deducting underwriting discounts and our estimated expenses of the
    offering. We intend to use a portion of the net proceeds from this offering to repay approximately $575.0 million aggregate
    principal amount of our outstanding commercial paper notes. We intend to use the remaining net proceeds for general corporate
    purposes, which may include capital expenditures, share repurchases, repayment of other indebtedness and possible acquisitions. See
    &ldquo;Use of Proceeds.&rdquo;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">No Listing</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The Notes are not and are not expected to be listed
    on any securities exchange or included in any automated quotation system.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Further Issuances</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We may from time to time, without notice to or consent of the holders or beneficial
owners of the Notes of any series, issue additional Notes of any series having the same ranking, interest rate, maturity and other terms
(except for the issue date and, if applicable, offering price, sale price, the first interest payment date and the date from which interest
shall begin to accrue) as the Notes.</FONT></TD></TR>
</TABLE>

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

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<DIV STYLE="border: black 1px solid; padding: 12pt"><P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-size: 10pt">Denominations and Form</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%"><FONT STYLE="font-size: 10pt">We will issue the Notes of each series in the form of one or more fully registered
global notes registered in the name of The Depository Trust Company (&ldquo;DTC&rdquo;) or its nominee. Purchasers of Notes of any series
will not be entitled to receive physical certificates registered in their names except in limited circumstances described under &ldquo;Book-Entry
Form and Transfer&rdquo; in the accompanying prospectus and, unless physical certificates registered in their names are issued, purchasers
will not be considered holders of Notes of any series under the Indenture governing the Notes. The Notes of each series will be issued
in minimum denominations of $2,000 in principal amount and in integral multiples of $1,000 in principal amount in excess thereof.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The Notes and the related Indenture are governed
    by, and will be construed in accordance with, the laws of the State of New York.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Trustee, Registrar and Paying Agent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Deutsche Bank Trust Company Americas, as trustee.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">An investment in the Notes involves risks. You
    should carefully consider all of the information in this prospectus supplement, the accompanying prospectus, the documents incorporated
    and deemed to be incorporated by reference in this prospectus supplement, the accompanying prospectus and any related free writing
    prospectus. In particular, you should evaluate the information set forth and referred to under &ldquo;Risk Factors&rdquo; and &ldquo;Forward-Looking
    Statements&rdquo; in this prospectus supplement and the accompanying prospectus and under &ldquo;Risk Factors&rdquo; in our most
    recent Annual Report on Form 10-K which is incorporated by reference in the accompanying prospectus, before deciding whether to invest
    in the Notes.</FONT></TD></TR></TABLE>
  </div>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a003"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Investing
in the Notes involves a high degree of risk. Before you decide to invest in the Notes, you should carefully consider the risk factors
set forth below, as well as the risks and uncertainties described under the caption &ldquo;Risk Factors&rdquo; and elsewhere in the accompanying
prospectus and in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are incorporated by
reference herein and into the accompanying prospectus, as well as the other information contained in this prospectus supplement, the
accompanying prospectus, the documents incorporated and deemed to be incorporated by reference in the accompanying prospectus and any
related free writing prospectus. Each of these risks could have a material adverse effect on our business, results of operations and
financial condition, and the occurrence of any of these risks might cause you to lose all or part of your investment in the Notes. In
addition, the information contained in this prospectus supplement, the accompanying prospectus and the documents incorporated and deemed
to be incorporated by reference in the accompanying prospectus includes forward-looking statements that involve risks and uncertainties.
We refer you to the &ldquo;Forward-Looking Statements&rdquo; section of this prospectus supplement and the accompanying prospectus for
information regarding some of the risks and uncertainties inherent in forward-looking statements. Our actual results could differ materially
from those expressed in or implied by the forward-looking statements as a result of many factors, including the risks described below,
under the caption &ldquo;Risk Factors&rdquo; in the documents referred to above and elsewhere in this prospectus supplement, the accompanying
prospectus and the documents incorporated and deemed to be incorporated by reference in this prospectus supplement, the accompanying
prospectus and any related free writing prospectus.</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">We have
substantial indebtedness, and we may incur substantial additional indebtedness in the future, and we may not generate sufficient cash
flow from our business to service our indebtedness, including the Notes. Failure to comply with the terms of our indebtedness could result
in the acceleration of our indebtedness, which could have an adverse effect on our cash flow and liquidity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">At September
30, 2025, we had approximately $6.2 billion aggregate principal amount of senior unsecured notes outstanding; approximately $575.0
million aggregate principal amount of commercial paper notes outstanding under our up to $1.5 billion commercial paper program; no
indebtedness outstanding under our $2.0 billion senior unsecured revolving credit facility and approximately $1.4 billion of
available borrowing capacity (subject to customary conditions to borrowing) under our senior unsecured revolving credit facility
since we are required to maintain available borrowing capacity to provide liquidity support, if required, for amounts outstanding
under our commercial paper program; and no secured indebtedness outstanding. At September 30, 2025, our subsidiaries had no
indebtedness outstanding (excluding intercompany indebtedness owed to us or other subsidiaries of ours). We would have had
approximately $6.2 billion of indebtedness for borrowed money as of September 30, 2025, assuming the following had occurred on or
prior to such date: (i) the issuance of the Notes offered hereby, (ii) the repayment of approximately $575.0 million aggregate
principal amount of commercial paper notes with a portion of the net proceeds from this offering and (iii) our redemption of $425.0
million aggregate principal amount of our 5.900% notes due 2025, which we completed in October 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition to
the substantial amount of our outstanding indebtedness and the indebtedness to be incurred by issuing the Notes in this offering, we
may incur substantial additional indebtedness in the future, including under our commercial paper program and revolving credit facility
or through public or private offerings of debt securities. The Notes offered by this prospectus supplement and the accompanying prospectus
and the Indenture pursuant to which the Notes will be issued do not place any limitation on the amount of unsecured debt that we or our
subsidiaries may incur. Our outstanding indebtedness and any additional indebtedness we incur, including the Notes, may have significant
consequences, including, without limitation, any of the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">requiring
                                            us to use a significant portion of our cash flow from operations and other available cash
                                            to service our indebtedness, thereby reducing the amount of cash available for other purposes,
                                            including research and development, business and operations, capital expenditures, dividends,
                                            share repurchases and acquisitions;</FONT></TD></TR>                                                                                                <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">our
                                            indebtedness and leverage may increase our vulnerability to downturns in our business, to
                                            competitive pressures, and to adverse changes in general economic and industry conditions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">adverse
                                            changes in the ratings assigned to our debt securities (including the Notes) by credit rating
                                            agencies will likely increase our borrowing costs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">our
                                            ability to obtain additional financing for working capital, capital expenditures, acquisitions,
                                            share repurchases, dividends or other general corporate and other purposes may be limited;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">our
                                            flexibility in planning for, or reacting to, changes in our business and our industry may
                                            be limited.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">These risks increase
as the level of our indebtedness increases. Our ability to make payments of principal of and interest on our indebtedness, including
the Notes, depends upon our future performance, which will be subject to general economic conditions, industry cycles and financial,
business and other factors affecting our results of operations and financial condition, many of which are beyond our control. If we are
unable to generate sufficient cash flow from operations in the future to service our debt (including the Notes), we may be required to,
among other things:</FONT></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">incur
                                            the tax cost of repatriating funds to the United States;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">seek
                                            additional financing in the debt or equity markets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">refinance
                                            or restructure all or a portion of our indebtedness (including the Notes);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">sell
                                            selected assets; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">reduce
                                            or delay planned capital or operating expenditures.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Such measures
might not be sufficient to enable us to service our debt, including the Notes. In addition, any such financing, refinancing or sale of
assets might not be available on economically favorable terms or at all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our revolving
credit facility and the indentures pursuant to which certain of our outstanding debt securities were or may be issued (including the
Indenture pursuant to which the Notes will be issued) contain, and any debt instruments we enter into in the future may contain, financial
and other covenants that restrict or could restrict, among other things, our business and operations. If we fail to pay amounts due under,
or breach any of the covenants in, a debt instrument, then the lenders would typically have the right to demand immediate repayment of
all borrowings thereunder (subject in certain cases to grace or cure periods). Moreover, any such acceleration and required repayment
of or default in respect of any of our indebtedness could, in turn, constitute an event of default under other debt instruments, thereby
resulting in the acceleration and required repayment of that other indebtedness. Any of these events could materially adversely affect
our liquidity and financial condition.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">The Notes
will be structurally subordinated to all indebtedness and other liabilities of eBay Inc.&rsquo;s subsidiaries, which may adversely affect
your ability to receive payments on the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes are
obligations exclusively of eBay Inc. and not of any of its subsidiaries. eBay Inc. currently conducts a substantial majority of its operations
through its subsidiaries and its subsidiaries have significant liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">eBay Inc.&rsquo;s
subsidiaries are separate and distinct legal entities from eBay Inc. eBay Inc.&rsquo;s subsidiaries will not guarantee the Notes and
are under no contractual obligation to pay any amounts due on the Notes or to provide eBay Inc. with funds for that purpose, whether
by dividends, distributions, loans or other payments. Any dividends, distributions, loans or other payments to eBay Inc. by its subsidiaries
will also be contingent upon those subsidiaries&rsquo; respective results of operations and financial condition and other business considerations
and may be subject to statutory or contractual restrictions and taxes on distributions.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">eBay Inc.&rsquo;s
right to receive any assets of any of its subsidiaries upon the bankruptcy, insolvency, liquidation, reorganization, dissolution or other
winding-up of that subsidiary (and, as a result, the right of the holders of the Notes to participate in those assets) will be structurally
subordinated to the claims of that subsidiary&rsquo;s creditors, including trade creditors, except to the extent that eBay Inc. may itself
be a creditor of that subsidiary. In addition, even if eBay Inc. were a creditor of any of its subsidiaries, eBay Inc.&rsquo;s rights
as a creditor would be subordinate to the secured indebtedness, if any, of that subsidiary to the extent of the value of the collateral
securing that indebtedness and any indebtedness of that subsidiary senior to the indebtedness held by eBay Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As a result of
the foregoing, the Notes will be structurally subordinated in right of payment to all existing and future indebtedness and other liabilities
of eBay Inc.&rsquo;s subsidiaries, including any subsidiaries that eBay Inc. may in the future acquire or establish.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, eBay
Inc. may designate one or more of its subsidiaries as borrowers under its revolving credit facility, in which case eBay Inc. would be
required to guarantee any indebtedness and other amounts owed by any such subsidiaries under its revolving credit facility. If that were
to occur, the Notes would rank equally in right of payment with eBay Inc.&rsquo;s obligations under such guarantees. However, none of
eBay Inc.&rsquo;s subsidiaries has been designated as a borrower under its revolving credit facility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Your
right to receive payments on the Notes is effectively subordinated to the rights of secured creditors.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes will
be effectively subordinated in right of payment to our secured indebtedness, if any, to the extent of the value of the collateral securing
that indebtedness. As of September 30, 2025, neither eBay Inc. nor any of its subsidiaries had any secured indebtedness outstanding.
However, the Indenture governing the Notes permits us to incur secured debt under specified circumstances. Our assets securing any secured
indebtedness we incur will be subject to the prior claims of secured creditors. In the event of our bankruptcy, insolvency, liquidation,
reorganization, dissolution or other winding-up, our assets that secure any of our debt will be available to pay our other obligations,
including the Notes, only after all debt secured by those assets has been repaid in full. There can be no assurance that any such assets
will remain following their application to pay such secured debt and, in the event that there are any remaining assets, holders of Notes
will participate in such assets ratably with all of our remaining unsecured creditors, including trade creditors. Moreover, if indebtedness
of any of our subsidiaries is secured by assets owned by that subsidiary, then, even if any of those assets remain after repayment of
that secured debt in full, the Notes will be effectively subordinated to the claims of that subsidiary&rsquo;s unsecured creditors to
those assets, except to the extent that eBay Inc. may itself be a creditor of that subsidiary, as described in the preceding risk factor.</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">The negative
covenants in the Indenture that governs the Notes provide limited protection to the holders of the Notes and may not protect your investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Indenture
governing the Notes contains covenants limiting the ability of eBay Inc. and its Significant Subsidiaries (as defined under &ldquo;Description
of Debt Securities&mdash;Covenants&mdash;Certain Definitions&rdquo; in the accompanying prospectus) to issue, incur, create, assume or
guarantee any debt for borrowed money secured by a Lien upon any Principal Property (as those terms are defined under &ldquo;Description
of Debt Securities&mdash;Covenants&rdquo; in the accompanying prospectus), shares of capital stock of any Significant Subsidiary of eBay
Inc. or intercompany debt for borrowed money owed by any such Significant Subsidiary to eBay Inc. or any of its other subsidiaries and
to enter into certain Sale and Lease-Back Transactions (as defined under &ldquo;Description of Debt Securities&mdash;Covenants&mdash;Certain
Definitions&rdquo; in the accompanying prospectus) with respect to any Principal Property, and limiting eBay Inc.&rsquo;s ability, but
not the ability of its subsidiaries, to consolidate with or merge into, or convey, transfer or lease all or substantially all of its
properties and assets to, any person unless certain conditions specified in the Indenture are satisfied. The covenants contain significant
exceptions and limitations and therefore may not protect your investment. For example, the covenants do not prohibit us or our subsidiaries
from incurring additional unsecured debt. See &ldquo;Description of Debt Securities&mdash;Covenants&rdquo; in the accompanying prospectus.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Furthermore, the
Indenture for the Notes does not prohibit us from engaging in many types of transactions, including certain acquisitions, refinancings,
recapitalizations or other similar transactions that could increase the total amount of our indebtedness, adversely affect our capital
structure or credit ratings or otherwise adversely affect the market value of the Notes. In addition, the Indenture for the Notes does
not:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">require
                                            us to maintain any financial ratios or specific levels of net worth, revenues, income, cash
                                            flow or liquidity, and accordingly does not protect holders of the Notes in the event that
                                            we experience significant adverse changes in our financial condition or results of operations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">limit
                                            our subsidiaries&rsquo; ability to incur indebtedness or other liabilities, which would structurally
                                            rank senior in right of payment to the Notes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">limit
                                            our ability to incur substantial secured indebtedness that would effectively rank senior
                                            in right of payment to the Notes to the extent of the value of the assets securing that indebtedness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">limit
                                            our ability to incur unsecured indebtedness that is equal in right of payment to the Notes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">restrict
                                            our subsidiaries&rsquo; ability to issue securities or incur indebtedness and other liabilities
                                            that are senior in right of payment to our equity interests in our subsidiaries;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">restrict
                                            our ability to repay other indebtedness; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">restrict
                                            our ability to make investments or to repurchase, or pay dividends or make other payments
                                            in respect of, our common stock or other securities ranking junior to the Notes.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">A downgrade
in our credit ratings could materially adversely affect our business and the market value of the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Some of our outstanding
indebtedness has received, and we expect that the Notes will receive, credit ratings from certain rating agencies. Such ratings are limited
in scope and do not purport to address all risks relating to an investment in those debt securities (including the Notes), but rather
reflect only the view of each rating agency at the time the rating was issued or confirmed. The credit ratings assigned to our debt securities
(including the Notes) could change based upon, among other things, our results of operations, financial condition or dispositions and
acquisitions. These ratings are subject to ongoing evaluation by credit rating agencies, and there can be no assurance that such ratings
will not be lowered, suspended or withdrawn entirely by a rating agency or placed on a so-called &ldquo;watch list&rdquo; for a possible
downgrade or assigned a negative ratings outlook if, in any rating agency&rsquo;s judgment, circumstances so warrant. Moreover, these
credit ratings are not recommendations to buy, sell or hold any of our debt securities (including the Notes). Actual or anticipated changes
or downgrades in our credit ratings, including any announcement that our ratings are under review for a downgrade or have been assigned
a negative outlook, would likely adversely affect any trading market for, and the market value of, the Notes and also increase our borrowing
costs, which could in turn have a material adverse effect on our financial condition, results of operations and cash flows and could
harm our business.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">There may
not be an active trading market for the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes of each series are a new issue of securities with no established
trading market. We do not intend to apply for listing of the Notes of any series on any securities exchange or for inclusion of the Notes
on any automated quotation system. We have been advised by the underwriters that they presently intend to make a market in the Notes.
However, the underwriters are not obligated to do so. Any market-making activity, if initiated, may be discontinued at any time, for any
reason or for no reason, without notice. If the underwriters cease to act as the market makers for the Notes of any series, we cannot
assure you another firm or person will make markets in such Notes. Accordingly, there can be no assurance that a trading market for the
Notes will ever develop or will be maintained. Further, there can be no assurance as to the liquidity of any market that may develop for
the Notes, whether you will be able to sell the Notes or the prices at which you may be able to sell the Notes. Future trading prices
of the Notes will depend on many factors, including, but not limited to, prevailing interest rates and economic conditions, our financial
condition and results of operations, our prospects and prospects for companies in our industry generally, the then-current credit ratings
assigned to our securities (including, if applicable, the Notes) and the market for similar securities.</FONT></P>

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

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">We may not be able to repurchase the Notes of any series upon a Change of
Control Triggering Event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As described under &ldquo;Description of Notes&mdash;Change of Control Triggering
Event,&rdquo; if a Change of Control Triggering Event (as defined herein) occurs with respect to the Notes of any series, then, unless
we give notice of our election to redeem all of the Notes of such series by the date described under such caption, and subject to the
additional exceptions described under such caption that are applicable to the Notes of such series, we must offer to repurchase the Notes
of such series at a price equal to 101% of the principal amount plus any accrued and unpaid interest. If we were so required to repurchase
the Notes of one or more series, we cannot assure you that we would have sufficient financial resources available, or that we would be
able to arrange sufficient financing, to satisfy our obligation to repurchase the Notes of such series. Our failure to repurchase the
Notes of any series when due would constitute a default with respect to the Notes of such series under the Indenture governing the Notes
and, under cross-default provisions, could also result in defaults or events of default with respect to other indebtedness of ours that
is currently outstanding or that we may incur in the future and allow the holders of any such other indebtedness to demand immediate repayment
of such indebtedness. Likewise, events similar to a Change of Control (as defined herein) or Change of Control Triggering Event constitute
or may constitute defaults or events of default under other existing or future indebtedness of ours and the occurrence of these events
may permit the holders of such indebtedness to demand immediate repayment of such indebtedness or require that we offer to repurchase
or repay such indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
particular, our $2.0 billion senior unsecured revolving credit facility provides that a change of control (as defined therein) is an
event of default permitting the lenders to demand immediate repayment of all borrowings outstanding thereunder. Likewise, as of
September 30, 2025, we had approximately $5.1 billion aggregate principal amount of our senior unsecured debt securities outstanding
(consisting of $750.0 million aggregate principal amount of our 1.400% notes due 2026, $850.0 million aggregate principal amount of
our 3.600% notes due 2027, $950.0 million aggregate principal amount of our 2.700% notes due 2030, $750.0 million aggregate
principal amount of our 2.600% notes due 2031, $750.0 million aggregate principal amount of our 4.000% notes due 2042 and $1.0
billion aggregate principal amount of our 3.650% notes due 2051 (collectively, the &ldquo;Previously Issued Notes&rdquo;)) with
change of control provisions substantially similar (except with respect to &ldquo;continuing directors&rdquo; as described in the
next risk factor) to those applicable to the Notes. As of September 30, 2025, we had approximately $1.2 billion aggregate principal
amount of our senior unsecured debt securities outstanding (consisting of $425.0 million aggregate principal amount of our 5.900%
notes due 2025, which we redeemed in October 2025, $300.0 million aggregate principal amount of our 5.950% notes due 2027 and $425.0 million aggregate principal amount of our 6.300% notes
due 2032 (collectively, the &ldquo;Recently Issued Notes&rdquo;)) with change of control
provisions substantially similar to those applicable to the Notes. In October 2025, we redeemed $425.0 million aggregate principal
amount of our 5.900% notes due 2025 at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus
accrued and unpaid interest on the principal amount of the notes being redeemed. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Specifically,
each series of Previously Issued Notes provides that, if a change of control
triggering event (as defined therein, which definition is substantially similar (except as described in the next risk factor with respect
to the Previously Issued Notes) to the definition of Change of Control Triggering Event that is applicable to the Notes and the Recently
Issued Notes and that appears below under the caption &ldquo;Description of Notes&mdash;Change of Control Triggering Event&rdquo;) occurs
with respect to the Previously Issued Notes or Recently Issued Notes of such series, we must, subject to certain exceptions, offer to
repurchase the Previously Issued Notes and Recently Issued Notes of such series at a price equal to 101% of the principal amount plus
any accrued and unpaid interest, all on terms and subject to conditions that are substantially similar (except as described in the next
risk factor) to the terms and conditions applicable to the Notes as described under &ldquo;Description of Notes&mdash;Change of Control
Triggering Event.&rdquo; We cannot assure you that we would have sufficient financial resources available, or that we would be able to
arrange sufficient financing, to repay or repurchase any such indebtedness under those circumstances. Accordingly, the occurrence of a
Change of Control Triggering Event with respect to one or more series of the Notes, or the occurrence of a change of control (as defined)
under our $2.0 billion senior unsecured revolving credit facility, a Change of Control Triggering Event (as defined herein) with respect
to one or more series of Previously Issued Notes or Recently Issued Notes, or a change of control, fundamental change, change of control
triggering event or similar event under any other debt instruments of ours, could have a material adverse effect on our liquidity and
financial condition and on the market value of the Notes.</FONT></P>

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

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">The Change of Control Triggering Event provisions of the Notes of each series
may not provide protection in the event of certain transactions or in certain other circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The provisions of the Notes of each series which may require us to make an
offer to repurchase the Notes of such series upon the occurrence of a Change of Control Triggering Event with respect to the Notes of
such series as described under &ldquo;Description of Notes&mdash;Change of Control Triggering Event&rdquo; may not provide holders of
Notes of such series protection in the event of highly leveraged transactions, reorganizations, restructurings, mergers or similar transactions
involving us that might adversely affect holders of Notes. In particular, any such transaction may not give rise to a Change of Control
Triggering Event with respect to the Notes of any series, in which case we would not be required to make an offer to repurchase the Notes
of that series. Except as described under &ldquo;Description of Notes&mdash;Change of Control Triggering Event,&rdquo; neither the Notes
of any series nor the Indenture contain provisions that permit holders of Notes of any series to require us to repurchase or repay the
Notes of such series in the event of a reorganization, restructuring, merger or similar transaction involving us or any of our subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, clause (b) of the definition of Change of Control appearing below
under the caption &ldquo;Description of Notes&mdash;Change of Control Triggering Event&rdquo; includes a phrase relating to the direct
or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation) of &ldquo;all or substantially
all&rdquo; of the properties and assets of eBay Inc. and our subsidiaries, taken as a whole. Although there is a limited body of case
law interpreting the phrase &ldquo;substantially all,&rdquo; there is no precise established definition of the phrase under applicable
law. Accordingly, our obligation to make an offer to repurchase the Notes of any series as a result of a sale, transfer, conveyance or
other disposition of less than all of the properties and assets of us and our subsidiaries, taken as a whole, may be uncertain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Moreover, as of September 30, 2025, we had approximately $5.1 billion aggregate principal
amount of Previously Issued Notes outstanding with change of control provisions substantially similar to those applicable to the Notes,
except that a change in the members of our board of directors such that a majority of our directors are no longer &ldquo;continuing directors&rdquo;
(as defined in the indenture governing the Previously Issued Notes) constitutes a &ldquo;change of control&rdquo; for purposes of the
Previously Issued Notes of each series but does not constitute a Change of Control for purposes of the Notes offered hereby and the Recently
Issued Notes. While a Delaware Chancery Court has significantly limited the circumstances in which a board of directors of a Delaware
corporation would be permitted not to approve a dissident slate of directors as &ldquo;continuing directors&rdquo; and observed that certain
provisions in indentures, such as &ldquo;continuing director&rdquo; provisions, could function to entrench an incumbent board of directors
and therefore raise enforcement concerns if adopted in violation of a board&rsquo;s fiduciary duties, these continuing directors provisions
of the Previously Issued Notes remain. As a result, if a &ldquo;change of control triggering event&rdquo; (as defined with respect to
Previously Issued Notes) occurs with respect to the Previously Issued Notes of one or more series because a majority of the members of
our board of directors are no longer &ldquo;continuing directors&rdquo; (as so defined), we may be required to offer to repurchase the
Previously Issued Notes of such series at a price equal to 101% of their principal amount but in such case we will not be required to
offer to repurchase any series of Notes offered hereby or any series of Recently Issued Notes unless such change in our board of directors
is in connection with a Change of Control Triggering Event or analogous provision under the Recently Issued Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As a result, you
should not place undue reliance on the change of control provisions of the Notes to protect you in the event of a change of control of
eBay or a highly leveraged transaction (whether or not relating to a change of control) involving eBay.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">An increase
in market interest rates could result in a decrease in the market value of the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In general, as
market interest rates rise, debt securities bearing interest at fixed rates of interest generally decline in market value because the
premium over market interest rates, if any, will decline. The condition of the financial markets and prevailing interest rates have fluctuated
in the past and are likely to continue to fluctuate in the future. Consequently, if you purchase the Notes in this offering and market
interest rates increase, the market values of your Notes may decline. We cannot predict the future level of market interest rates.</FONT></P>

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

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Redemption
may adversely affect your return on the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We have the right to redeem some or all of the Notes of each series at any
time in whole or from time to time in part prior to their maturity, as described under &ldquo;Description of Notes&mdash;Optional Redemption.&rdquo;
We may redeem the Notes at times when market interest rates may be lower than market interest rates at the time the Notes offered by this
prospectus supplement were originally issued. Accordingly, if we redeem the Notes of any series, you may not be able to reinvest the redemption
proceeds in a comparable security at an effective interest rate as high as that on the Notes of such series.</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a004"></A>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement, the accompanying prospectus and the documents incorporated and deemed to be incorporated by reference therein contain, and
any related free writing prospectus may contain forward-looking statements within the meaning of Section 27A of the Securities Act of
1933, as amended (the &ldquo;Securities Act&rdquo;), and Section 21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), including statements that involve expectations, plans or intentions including, but not limited to, expectations, plans and
intentions regarding our business strategies, focus categories, country-specific investments, horizontal initiatives, macroeconomic conditions,
seasonal trends, new and updated products and initiatives, technology priorities, consumer confidence, demand and spending, geopolitical
events, tariffs, cross-border trade, global trade policy, foreign exchange rate fluctuations and volatility, income taxes, elevated interest
rates, the impact of new and changing regulations, and inflationary pressure on our business and operations, as well as any trends relating
to any of the foregoing. All statements, other than statements of historical fact, included or incorporated by reference in this prospectus
supplement, the accompanying prospectus or any related free writing prospectus, including statements that involve expectations, plans
or intentions, are forward-looking statements. You can generally identify these forward-looking statements by words such as &ldquo;ability,&rdquo;
&ldquo;aim,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;commit,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo;
&ldquo;design,&rdquo; &ldquo;develop,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;forecast,&rdquo; &ldquo;future,&rdquo;
&ldquo;goal,&rdquo; &ldquo;impact,&rdquo; &ldquo;intend,&rdquo; &ldquo;likely,&rdquo; &ldquo;maintain,&rdquo; &ldquo;may,&rdquo; &ldquo;ongoing,&rdquo;
&ldquo;opportunity,&rdquo; &ldquo;outlook,&rdquo; &ldquo;plan,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo;
&ldquo;probable,&rdquo; &ldquo;pursue,&rdquo; &ldquo;remain,&rdquo; &ldquo;seek,&rdquo; &ldquo;should,&rdquo; &ldquo;strategy,&rdquo;
&ldquo;strive,&rdquo; &ldquo;target,&rdquo; &ldquo;value,&rdquo; &ldquo;will,&rdquo; &ldquo;would&rdquo; and other similar expressions
or variations. Our forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially
from those expressed or implied in our forward-looking statements. Such risks and uncertainties include, among others:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">fluctuations
                                            in, and our ability to predict, our results of operations and cash flows;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to convert visits into sales for our sellers, attract and retain sellers and buyers,
                                            and execute on our business strategy;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to compete in the markets in which we participate;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to generate revenue from our foreign operations and expand in international markets;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of inflationary pressure, changes in tariffs and global tariff policies and regulations,
                                            the overall uncertainty surrounding international trade relations, fluctuations in foreign
                                            currency exchange rates, elevated interest rates, geopolitical events such as the ongoing
                                            war in Ukraine and uncertainty in the Middle East, and terrorist activities;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to keep pace with rapid technological developments or continue to innovate and create
                                            new initiatives to provide new programs, products and services;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to operate and continuously develop our payments system and financial services offerings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of new and evolving domestic and foreign government laws, regulations, rules and standards
                                            that affect us, our business and/or our industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            reliance on third-party providers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to protect or enforce our intellectual property rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to deal effectively with fraudulent activities on our Marketplace platforms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of any security breaches, cyberattacks or system failures and resulting interruptions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to attract, retain and develop highly skilled employees;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to identify, complete and integrate suitable acquisitions and other strategic transactions
                                            needed to meet our goals;</FONT></TD></TR></TABLE>

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

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                                            ability to accomplish or accurately track and report results related to our environmental,
                                            sustainability, and similar goals;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">current
                                            and potential litigation and regulatory and government inquiries, investigations and disputes
                                            involving us or our industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            ability to generate sufficient cash flow to service our indebtedness and to comply with financial
                                            covenants in our outstanding debt instruments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            impact of evolving sales and other tax regimes in various jurisdictions, including the United
                                            States, and anticipated tax liabilities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            success of our recent and potential acquisitions, dispositions, joint ventures, strategic
                                            partnerships and strategic investments; and</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                            anticipated use of the net proceeds from this offering.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A more complete
description of these risks and uncertainties is included in the sections entitled &ldquo;Risk Factors&rdquo; in this prospectus supplement,
in the accompanying prospectus and in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well
as in our consolidated financial statements, related notes and the other information included and incorporated by reference in this prospectus
supplement, in the accompanying prospectus and in the documents incorporated and deemed to be incorporated by reference therein, and
any related free writing prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">These forward-looking
statements speak only as of the respective dates of the documents in which they appear. We do not intend, and undertake no obligation,
to update any of our forward-looking statements to reflect actual results or future events or circumstances. Given these risks and uncertainties,
you are cautioned not to place undue reliance on any forward-looking statements. We claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements.</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a005"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We estimate
that the net proceeds from this offering will be approximately $993.6 </FONT>million after deducting underwriting discounts and our
estimated expenses of the offering. We intend to use a portion of the net proceeds from this offering to repay approximately $575.0
million aggregate principal amount of our outstanding commercial paper notes, which had a weighted-average maturity of 18 days and a
weighted-average interest rate of 4.52% as of September&nbsp;30, 2025. Proceeds from our commercial paper notes were used for
general corporate purposes, including working capital purposes. Certain of the underwriters or their affiliates may hold a portion
of our commercial paper notes and, as a result of the contemplated use of proceeds from this offering, may receive a portion of the
net proceeds from this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We intend to use
the remaining net proceeds for general corporate purposes, which may include capital expenditures, share repurchases, repayment of other
indebtedness and possible acquisitions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pending application
of the net proceeds as described above, we may temporarily invest the net proceeds in money market funds, bank accounts, debt securities
or deposits.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a006"></A>DESCRIPTION OF NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The 2029 Notes and the 2035 Notes are each a separate series of &ldquo;debt
securities&rdquo; referred to in the accompanying prospectus. In this prospectus supplement, we sometimes refer to the 2029 Notes and
the 2035 Notes as, collectively, the &ldquo;Notes&rdquo; and, individually, a &ldquo;Note.&rdquo; We will issue the Notes under an indenture
between us and Deutsche Bank Trust Company Americas, as trustee (the &ldquo;Base Indenture&rdquo;), and an officer&rsquo;s certificate
related to the Notes, each to be dated as of the date the Notes are first issued (together, the &ldquo;Indenture&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following discussion of some of the terms of the Notes and the Indenture
governing the Notes supplements, and to the extent inconsistent replaces, the description of some of the general terms and provisions
of the debt securities and the Base Indenture contained in the accompanying prospectus. Certain terms used but not defined in this prospectus
supplement have the meanings specified in the accompanying prospectus under &ldquo;Description of Debt Securities&mdash;Covenants.&rdquo;
The following description of some of the terms of the Notes and the Indenture and the description of some of the general terms and provisions
of our debt securities and the Base Indenture contained in the accompanying prospectus are not complete and are subject to, and qualified
in their entirety by reference to, the forms of the Notes and Indenture, which may be obtained as described under &ldquo;Where You Can
Find More Information&rdquo; in this prospectus supplement. You should read the forms of the Notes and the Indenture for a complete statement
of the provisions described in this prospectus supplement and the accompanying prospectus and other provisions that may be important to
you. Although for convenience the 2029 Notes and the 2035 Notes are sometimes referred to in this prospectus supplement collectively as
the &ldquo;Notes,&rdquo; each will be a separate series of debt securities under the Indenture, which means that, for purposes of giving
any consent, notice or waiver or taking any other action under the Indenture, the registered holders of each series of Notes will act
separately from the registered holders of the other series of Notes offered hereby and each other series of our debt securities that we
may issue in the future under the Base Indenture. To the extent this discussion differs from the discussion in the accompanying prospectus,
you should rely on this discussion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">References in
this section to &ldquo;eBay,&rdquo; &ldquo;eBay Inc.,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; and &ldquo;us&rdquo; and similar references
mean eBay Inc. excluding, unless the context otherwise requires or otherwise expressly stated, its subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The 2029&nbsp;Notes will be issued in the initial aggregate principal amount
of $600,000,000 and will mature on March 6, 2029. The 2035&nbsp;Notes will be issued in the initial aggregate principal
amount of $400,000,000 and will mature on November 6, 2035.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may from time to time, without giving notice to or obtaining the consent
of the holders or beneficial owners of the Notes of any series, &ldquo;reopen&rdquo; a series of Notes and issue additional Notes of such
series having the same interest rate, maturity and other terms (except for the issue date and, if applicable, offering price, sale price,
the first interest payment date and the date from which interest shall begin to accrue) as, and ranking equally in right of payment with,
the Notes of such series offered hereby. Any such additional Notes of any series, together with the other Notes of that series outstanding
from time to time, will constitute a single series of debt securities under the Indenture. The Notes will not be listed on any securities
exchange or included on any automated quotation system.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes of each
series will be issued in fully registered form without coupons in denominations of $2,000 in principal amount and integral multiples
of $1,000 in principal amount in excess thereof. The Notes of each series will be issued in book-entry form and will be evidenced by
one or more notes in global form (&ldquo;global notes&rdquo;) of such series, registered in the name of DTC, as depositary (the &ldquo;Depositary&rdquo;)
for the global notes, or its nominee. Purchasers of Notes will not be entitled to receive physical certificates registered in their names
except in the limited circumstances described under &ldquo;Book-Entry Form and Transfer&rdquo; in the accompanying prospectus and, unless
physical certificates registered in their names are issued, purchasers will not be considered &ldquo;holders&rdquo; of Notes under the
Indenture. In addition, purchasers may hold interests in the global notes through Clearstream Banking, <I>soci&eacute;t&eacute; anonyme</I>
and Euroclear Bank, S.A./N.V., as described in the accompanying prospectus under &ldquo;Book-Entry Form and Transfer&mdash;Euroclear
and Clearstream.&rdquo;</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Principal of and premium, if any, and interest on the Notes of any series will be
payable at the office of any paying agent for the Notes of such series or, at our option, payment of interest may be made by check mailed
to the registered holders of the Notes of such series at their respective addresses set forth in the register of such holders; provided
that payments of principal of and premium, if any, and interest on global notes of any series registered in the name of a Depositary or
its nominee will be made by wire transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes will
not be entitled to the benefit of any sinking fund. Except as described below under &ldquo;&mdash;Change of Control Triggering Event,&rdquo;
the Indenture does not contain any provisions which are intended to protect holders of Notes in the event of a change of control of eBay
or a highly leveraged transaction (whether or not relating to a change of control) involving eBay. The Indenture does not limit the incurrence
of unsecured debt by us or any of our subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may at our option, at any time or from time to time, repurchase Notes of
any series at any price in the open market or otherwise, and may hold or resell such Notes or surrender such Notes to the trustee for
cancellation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes will
be our senior unsecured obligations and will rank equally in right of payment with all of our other existing and future senior and unsubordinated
indebtedness. The Notes will be effectively subordinated in right of payment to all of our existing and future secured indebtedness,
if any, to the extent of the value of the collateral securing that indebtedness. The Notes will also be structurally subordinated in
right of payment to all existing and future indebtedness and other liabilities of our subsidiaries, which are separate legal entities
from eBay Inc. and have no obligation to pay any amounts due pursuant to the Notes or to make funds available for such purpose.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For additional
information, see &ldquo;Risk Factors&mdash;The Notes will be structurally subordinated to all indebtedness and other liabilities of eBay
Inc.&rsquo;s subsidiaries, which may adversely affect your ability to receive payments on the Notes&rdquo; and &ldquo;Risk Factors&mdash;Your
right to receive payments on the Notes is effectively subordinated to the rights of secured creditors&rdquo; in this prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The 2029 Notes will bear interest at a rate of 4.250% per year, accruing
from November 6, 2025 or from the most recent date to which we have paid or provided for interest on the 2029 Notes and payable semi-annually
in arrears on the interest payment dates referred to in the next sentence. The interest payment dates for the 2029 Notes will be March
6 and September 6 of each year, beginning March 6, 2026, and interest will be payable to the persons who were the holders
of record at the close of business on February 9 and August 22, respectively, whether or not a business day, immediately preceding
those interest payment dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The 2035 Notes will bear interest at a rate of 5.125% per year, accruing
from November 6, 2025 or from the most recent date to which we have paid or provided for interest on the 2035 Notes and payable semi-annually
in arrears on the interest payment dates referred to in the next sentence. The interest payment dates for the 2035 Notes will be May 6
and November 6 of each year, beginning May 6, 2026, and interest will be payable to the persons who were the holders of record
at the close of business on April 21 and October 22, respectively, whether or not a business day, immediately preceding those
interest payment dates.&nbsp;</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">Interest on the Notes of each series will be computed on the basis of a
360-day year comprised of twelve 30-day months. The amount of interest payable on the Notes of any series on any interest payment date,
redemption date, Change of Control Payment Date, maturity date or other date on which interest on the Notes of such series is due will
be the amount of interest accrued to, but excluding, such interest payment date, redemption date, Change of Control Payment Date, maturity
date or other date, as the case may be. If an interest payment date, redemption date, Change of Control Payment Date, maturity date or
other date on which any payment on the Notes of any series is due falls on a day that is not a business day, then payment of principal,
premium, if any, and interest, as the case may be, due on the Notes of such series on such interest payment date, redemption date, Change
of Control Payment Date, maturity date or other date, as the case may be, need not be made on such interest payment date, redemption date,
Change of Control Payment Date, maturity date or other date, as the case may be, but may be made on the next succeeding business day,
and no interest on such payment shall accrue for the period from and after such interest payment date, redemption date, Change of Control
Payment Date, maturity date or other date, as the case may be.</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As used under this caption &ldquo;&mdash;Interest&rdquo; the term &ldquo;business
day&rdquo; means any day except a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or
obligated by law, regulation or executive order to close; provided that such term shall mean, with respect to any place of payment of
principal of or premium, if any, or interest on the Notes of any series, any day which is not a Saturday, Sunday or other day on which
banking institutions in such place of payment are authorized or obligated by law, regulation or executive order to close.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Prior to February 6, 2029 (one month prior to their maturity date) with
respect to the 2029 Notes (the &ldquo;2029 Notes Par Call Date&rdquo;) and August 6, 2035 (three months prior to their maturity date)
with respect to the 2035 Notes (the &ldquo;2035 Notes Par Call Date,&rdquo; and each of the 2029 Notes Par Call Date and the 2035 Notes
Par Call Date individually, a &ldquo;Par Call Date&rdquo;), we may redeem the Notes of the applicable series at our option, in whole or
in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three
decimal places) equal to the greater of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)
                                            the sum of the present values of the remaining scheduled payments of principal
and interest thereon discounted to the redemption date (assuming the Notes of the applicable series matured on the applicable Par Call
Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points, in
the case of the 2029 Notes, and 20 basis points, in the case of the 2035 Notes, less (b) interest accrued to the date of redemption, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">100%
                                            of the principal amount of the Notes of the applicable series to be redeemed,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">plus, in either
case, accrued and unpaid interest thereon to the redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On or after the applicable Par Call Date, we may redeem the Notes of the applicable
series, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes
of the applicable series being redeemed plus accrued and unpaid interest thereon to the redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Certain
Defined Terms</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As used under
this caption &ldquo;&mdash;Optional Redemption:&rdquo;</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Treasury Rate shall be determined by us after 4:15 p.m., New York City
time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System),
on the third business day preceding the applicable redemption date based upon the yield or yields for the most recent day that appear
after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated
as &ldquo;Selected Interest Rates (Daily) - H.15&rdquo; (or any successor designation or publication) (&ldquo;H.15&rdquo;) under the caption
&ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;Nominal&rdquo; (or any successor caption or heading) (&ldquo;H.15
TCM&rdquo;). In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15
exactly equal to the period from the redemption date to the applicable Par Call Date (the &ldquo;Remaining Life&rdquo;); or (2) if there
is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields &ndash; one yield corresponding to the
Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
longer than the Remaining Life &ndash; and shall interpolate to the applicable Par Call Date on a straight-line basis (using the actual
number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity
on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity
date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the applicable redemption
date.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our actions
and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Neither the Trustee nor any paying agent shall be responsible for determination, or verifying our determination, of the redemption price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except as set
forth under &ldquo;&mdash;Change of Control Triggering Event,&rdquo; notice of any redemption will be mailed or electronically delivered
(or otherwise transmitted in accordance with the Depositary&rsquo;s procedures) at least 10 days but not more than 60 days before the
redemption date to each holder of Notes to be redeemed (with notice of such redemption to the trustee and paying agent at least five
(5) business days prior to when notice is sent to holders, unless a shorter period shall be acceptable to the trustee).</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the case of
a partial redemption, selection of the Notes for redemption will be made, in the case of certificated notes, by us pro rata, by lot or
by such other method as we deem appropriate and fair, or, in the case of global notes, pursuant to the policies and procedures of DTC
(or applicable Depositary). No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed
in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed.
A new note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon
surrender for cancellation of the original Note. For so long as the Notes are held by DTC (or another Depositary), the redemption of
the Notes shall be done in accordance with the policies and procedures of the depositary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notice of any
redemption of Notes may, at our discretion, be given subject to one or more conditions precedent, including, but not limited to, completion
of a corporate transaction that is pending (such as an equity or equity-linked offering, an incurrence of indebtedness or an acquisition
or other strategic transaction involving a change of control in us or another entity). If such redemption is so subject to satisfaction
of one or more conditions precedent, such notice shall describe each such condition, and such notice may be rescinded in the event that
any or all such conditions shall not have been satisfied or otherwise waived on or prior to the business day immediately preceding the
relevant redemption date.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
shall notify holders of any such rescission as soon as practicable after
we determine that such conditions precedent will not be able to be satisfied or we are not able or willing to waive such conditions precedent,
in each case subject to policies and procedures of DTC (or any successor depositary). In any event, we shall provide written notice to
the trustee prior to the close of business on the business day prior to the relevant redemption date if any such redemption has been rescinded
or delayed, and upon receipt of such notice the trustee shall provide such notice to each holder of the applicable series of Notes in
the same manner in which the notice of redemption was given. Once notice of redemption is mailed or given, subject to the satisfaction
of any conditions precedent provided in the notice of redemption, the Notes called for redemption will become due and payable on the redemption
date and at the applicable redemption price as set forth above under this &ldquo;&mdash;Optional Redemption.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 10pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Change of Control
Triggering Event</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If a Change of Control Triggering Event (as defined below) occurs with respect
to the Notes of any series, then, unless we give notice of our election to redeem all of the Notes of such series as described above under
&ldquo;&mdash;Optional Redemption&rdquo; and such notice is given by the date specified below, and subject to the additional exceptions
described below, we will be required to make an offer (a &ldquo;Change of Control Offer&rdquo;) to each holder of Notes of such series
to repurchase (at such holder&rsquo;s option and on the terms described below) all or any part (in a principal amount of $2,000 or an
integral multiple of $1,000 in excess thereof, provided that any remaining principal amount of any Note repurchased in part is $2,000
or an integral multiple of $1,000 in excess thereof) of such holder&rsquo;s Notes of such series at a purchase price in cash equal to
101% of the principal amount of the Notes of such series repurchased plus accrued and unpaid interest, if any, on the Notes of such series
repurchased to the Change of Control Payment Date (as defined below) (the &ldquo;Change of Control Payment&rdquo;); provided that, notwithstanding
the foregoing, payments of interest on Notes of such series that are due and payable on any interest payment dates falling on or prior
to such Change of Control Payment Date will be payable to the holders of the Notes of such series registered as such at the close of business
on the relevant record dates according to their terms and the terms and provisions of the Indenture.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No later than 30 days following the date on which a Change of Control Triggering
Event shall have occurred with respect to the Notes of any series or, at our option, prior to any Change of Control (as defined below)
but after the public announcement of the transaction that constitutes or may constitute the Change of Control, we will, unless we give
notice of our election to redeem all of the Notes of such series as described above under &ldquo;&mdash;Optional Redemption&rdquo; and
such notice is given by the date specified below, and subject to the additional exceptions described below, give or cause to be given
(or, in the case of Notes evidenced by one or more global notes, give or cause to be given in accordance with the Depositary&rsquo;s procedures)
a notice (the &ldquo;Change of Control Purchase Notice&rdquo;) to all holders of Notes of such series (with a copy to the trustee), which
notice shall govern the terms of such Change of Control Offer. In such Change of Control Purchase Notice, we will generally describe the
transaction or transactions that constitute or may constitute the Change of Control and offer to repurchase the Notes of such series on
the date specified in such notice, which date will be no earlier than 15 days and no later than 60 days after the date such notice is
given, except as may be required by applicable law or regulation (the &ldquo;Change of Control Payment Date&rdquo;). The Change of Control
Purchase Notice shall, if mailed (or given, as the case may be) prior to occurrence of the applicable Change of Control, state that the
Change of Control Offer for the Notes of such series and our obligation to purchase the Notes of such series pursuant to such Change of
Control Offer are conditioned on such Change of Control and the related Change of Control Triggering Event with respect to the Notes of
such series occurring on or prior to the applicable Change of Control Payment Date specified in such notice.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Holders electing to have a Note of any series or portion thereof repurchased pursuant
to a Change of Control Offer with respect to the Notes of such series will be required to surrender the Note (which, in the case of Notes
evidenced by one or more global notes, must be made in accordance with the procedures of the Depositary), together with a duly completed
and executed notice of holder to elect repurchase in the form attached to the Notes of such series (which may, in the case of Notes evidenced
by one or more global notes, be given in accordance with the Depositary&rsquo;s procedures), to the trustee under the Indenture (or to
such other person as may be designated by us for such purpose) as provided in the applicable Change of Control Purchase Notice prior to
the close of business on the third business day immediately preceding the applicable Change of Control Payment Date and to comply with
other procedures and requirements set forth in such Change of Control Purchase Notice. As used in the preceding sentence, the term &ldquo;business
day&rdquo; means any day except a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or
obligated by law, regulation or executive order to close.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On any Change of Control Payment Date with respect to the Notes of any series,
we shall be required, to the extent lawful, to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">accept
                                            for payment all Notes or portions of Notes of such series properly tendered
pursuant to the applicable Change of Control Offer;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">no
                                            later than 10:00 a.m. New York City time, deposit with a paying agent for
the Notes of such series an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions of Notes of such
series properly tendered pursuant to the applicable Change of Control Offer; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">deliver
                                            or cause to be delivered (including by book-entry transfer, if applicable)
the repurchased Notes or portions of Notes of such series to the trustee, accompanied by an officers&rsquo; certificate stating the aggregate
principal amount of Notes of such series accepted by us for repurchase.</FONT></TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Interest on
Notes and portions of Notes of any series properly tendered for repurchase pursuant to a Change of Control Offer will cease to
accrue on and after the applicable Change of Control Payment Date, unless we shall have failed to accept such Notes and such
portions of Notes for payment or failed to deposit the Change of Control Payment in respect thereof in accordance with the
immediately preceding paragraph. We will promptly pay, or cause the trustee or a paying agent for the Notes of such series to
promptly pay (by application of funds deposited by us as aforesaid), to each holder of Notes of such series (or portions thereof)
properly tendered and accepted for payment by us pursuant to such Change of Control Offer, the Change of Control Payment for such
Notes. In the case of any Note of a series repurchased in part, the trustee, in accordance with the terms of the Indenture, will
promptly authenticate and mail (or cause to be delivered by book-entry transfer) to the holder of such Note a new Note of the same
series equal in principal amount to any unrepurchased portion of the Note repurchased in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We will comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations to the extent those laws and regulations are applicable in connection with the repurchase
of Notes of any series pursuant to a Change of Control Offer with respect to the Notes of such series. To the extent that the provisions
of any such securities laws or regulations conflict with the Change of Control Triggering Event provisions of the Notes of any series
or the Indenture, we shall comply with those securities laws and regulations and shall not be deemed to have breached our obligations
under the Change of Control Triggering Event provisions of the Notes of any series or the Indenture by virtue thereof.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in the Indenture or the Change of Control Triggering
Event provisions of the Notes of any series, we will not be required to make a Change of Control Offer for the Notes of any series or
repurchase any Notes of such series pursuant to any Change of Control Offer for such Notes if (a) a third party agrees to make such Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third
party repurchases all Notes of such series properly tendered by the holders pursuant to such Change of Control Offer or (b) we give notice
of redemption of all of the Notes of such series no later than 30 days after the applicable Change of Control Triggering Event with respect
to the Notes of such series. In addition, notwithstanding anything to the contrary in the Indenture or the Change of Control Triggering
Event provisions of the Notes of any series, we will not be required to, and we will not, repurchase Notes of any series pursuant to a
Change of Control Offer with respect to the Notes of such series if there has occurred and is continuing on the applicable Change of Control
Payment Date an event of default (as defined under &ldquo;Description of Debt Securities&mdash;Events of Default&rdquo; in the accompanying
prospectus) with respect to the Notes of such series or the debt securities of any other series outstanding under the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If holders of not less than 95% in aggregate principal amount of a series
of Notes with respect to which a Change of Control Offer has been made validly tender such Notes in a Change of Control Offer and we,
or any third party making an offer to repurchase the Notes of such series upon a Change of Control Repurchase Event in lieu of us, as
described above, purchases all of the Notes of such series validly tendered by such holders, we will have the right, upon not less than
30 nor more than 60 days&rsquo; prior notice, given not more than 30 days following the applicable repurchase date, to redeem all Notes
of such series that remain outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof,
plus accrued and unpaid interest, if any, to the relevant redemption date. This redemption right is in addition to, and not in lieu of,
the redemption rights set forth under &ldquo;&mdash;Optional Redemption.&rdquo;</FONT></P>

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


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Change
of Control&rdquo; means the occurrence of any of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
&ldquo;person&rdquo; (as that term is used in Section 13(d)(3) of the Exchange Act) (other than us or any of our subsidiaries) becomes
the &ldquo;beneficial owner&rdquo; (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of our outstanding Voting Stock (measured by voting power rather than number of shares), provided, however, that a person shall not
be deemed the beneficial owner of, or to own beneficially, (1) any securities tendered pursuant to a tender or exchange offer made by
or on behalf of such person or any of such person&rsquo;s affiliates (as defined in the Indenture) until such tendered securities are
accepted for purchase or exchange thereunder or (2) any securities if such beneficial ownership arises solely as a result of a revocable
proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations under the Exchange
Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
transaction or a series of related transactions, of all or substantially all of the properties and assets of us and our subsidiaries,
taken as a whole, to any person (other than us or any of our subsidiaries);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the adoption of a plan by our board of directors (which term, as used in this definition, means our full board of directors and
not any committees thereof) relating to our liquidation or dissolution; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we consolidate with, or merge with or into, any person, or any person consolidates with, or merges with or into, us, in any such
event pursuant to a transaction in which any of our outstanding Voting Stock or the outstanding Voting Stock of such other person is
converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of our Voting Stock
outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the outstanding Voting
Stock (measured by voting power rather than number of shares) of the surviving person, or any direct or indirect parent of the surviving
person, immediately after giving effect to such transaction.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except as otherwise
expressly provided in clause (a) of the first sentence of this definition, the term &ldquo;person,&rdquo; as used in this definition,
has the meaning set forth in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Change
of Control Triggering Event&rdquo; means, with respect to the Notes of
any series, the occurrence of both a Change of Control and a Rating Event with respect to the Notes of such series. For purposes of clarity,
it is understood and agreed that no Change of Control Triggering Event shall be deemed to have occurred with respect to the Notes of any
series in connection with any particular Change of Control unless and until such Change of Control has actually occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Exchange
Act&rdquo; means the Securities Exchange Act of 1934, as amended, or any successor thereto, in each case as amended or supplemented from
time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Investment
Grade Rating&rdquo; means a rating equal to or higher than Baa3 (or the equivalent) by Moody&rsquo;s and BBB- (or the equivalent) by
S&amp;P, and a rating equal to or higher than the equivalent investment grade credit rating from any replacement Rating Agency or Rating
Agencies selected by us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Moody&rsquo;s&rdquo;
means Moody&rsquo;s Investors Service, Inc. or any successor thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Rating
Agencies&rdquo; means, with respect to the Notes of any series, (a) each
of Moody&rsquo;s and S&amp;P; and (b) if Moody&rsquo;s or S&amp;P or, if applicable, any replacement Rating Agency ceases to rate the
Notes of such series or fails to make a rating of the Notes of such series publicly available for reasons outside of our control, a &ldquo;nationally
recognized statistical rating organization&rdquo; (as defined in Section 3(a)(62) of the Exchange Act) selected by us as a replacement
for Moody&rsquo;s, S&amp;P or any such replacement Rating Agency, as the case may be.</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Rating
Event&rdquo; means, with respect to the Notes of any series, the rating
on the Notes of such series is lowered by both of the Rating Agencies and as a result the Notes of such series are rated below an Investment
Grade Rating by both of the Rating Agencies, in each case on any day during the period (the &ldquo;Measurement Period&rdquo;) commencing
on the date of the first public announcement of an arrangement that results in a Change of Control and ending on the 60th day following
the first public announcement of the occurrence of such Change of Control (which Measurement Period shall be extended (subject to the
proviso below) if on such 60th day (x) the rating of the Notes of such series is under publicly announced consideration for a possible
downgrade by either Rating Agency and (y) the rating on the Notes of such series by such Rating Agency is an Investment Grade Rating,
such extension to continue until the day on which each such Rating Agency considering such possible downgrade either rates the Notes of
such series below an Investment Grade Rating or publicly announces that it is no longer considering the Notes of such series for a possible
downgrade; provided that, notwithstanding the foregoing, no such extension will occur if on such 60th day, and any such extension will
terminate if at any time after such 60th day, the Notes of such series have an Investment Grade Rating from at least one Rating Agency
and are not under publicly announced consideration for a possible downgrade by such Rating Agency).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;S&amp;P&rdquo;
means S&amp;P Global Ratings, a division of S&amp;P Global Inc., or any successor thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Voting
Stock&rdquo; means, with respect to any person, any Capital Stock of such person that is normally entitled (without regard to the occurrence
of any contingency) to vote generally in the election of directors, managers, trustees or similar persons, as applicable, of such person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As used under
this caption &ldquo;&mdash;Change of Control Triggering Event,&rdquo; all references to rules and regulations under the Exchange Act
shall include any successor provisions thereto; and all references to &ldquo;the Change of Control Triggering Event provisions&rdquo;
and other similar references mean all of the terms and provisions set forth above under this caption &ldquo;&mdash;Change of Control
Triggering Event.&rdquo;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If we were required to repurchase the Notes of one or more series following
the occurrence of a Change of Control Triggering Event with respect to the Notes of such series, we cannot assure you that we would have
sufficient financial resources available, or that we would be able to arrange sufficient financing, to satisfy our obligation to repurchase
the Notes of such series, which could have a material adverse effect on our liquidity and financial condition and on the market value
of the Notes. For additional information concerning the risks described in this paragraph, see &ldquo;Risk Factors&mdash;We may not be
able to repurchase the Notes of any series upon a Change of Control Triggering Event.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Change of Control Triggering Event provisions of the Notes of any series
may not provide holders of Notes of such series protection in the event of highly leveraged transactions, reorganizations, restructurings,
mergers or similar transactions involving us that might adversely affect holders of such Notes. In particular, any such transaction may
not give rise to a Change of Control Triggering Event with respect to the Notes of any series, in which case we would not be required
to make a Change of Control Offer with respect to the Notes of such series. Except as described above with respect to a Change of Control
Triggering Event, neither the Notes of any series nor the Indenture contain provisions that permit holders of Notes of any series to require
us to repurchase or repay the Notes of such series in the event of a reorganization, restructuring, merger or similar transaction involving
us or any of our subsidiaries. For additional information concerning the risks described in this paragraph and the two succeeding paragraphs,
see &ldquo;Risk Factors&mdash;The Change of Control Triggering Event provisions of the Notes of each series may not provide protection
in the event of certain transactions or in certain other circumstances.&rdquo;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, clause (b) of the definition of &ldquo;Change of Control&rdquo;
appearing above includes a phrase relating to the direct or indirect sale, transfer, conveyance or other disposition (other than by way
of merger or consolidation) of &ldquo;all or substantially all&rdquo; of the properties and assets of us and our Subsidiaries, taken as
a whole. Although there is a limited body of case law interpreting the phrase &ldquo;substantially all,&rdquo; there is no precise established
definition of the phrase under applicable law. Accordingly, our obligation to make an offer to repurchase the Notes of any series as a
result of a sale, transfer, conveyance or other disposition of less than all of the properties and assets of us and our Subsidiaries,
taken as a whole, may be uncertain.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Moreover, as of September 30, 2025, we had approximately $5.1 billion aggregate principal
amount of Previously Issued Notes with change of control provisions substantially similar to those applicable to the Notes, except that
a change in the members of our board of directors such that a majority of our directors are no longer &ldquo;continuing directors&rdquo;
(defined for this purpose, in general and with respect to each series of Previously Issued Notes, as members of our board of directors
who (a) were members of our board of directors on the date the Previously Issued Notes of such series were first issued or (b) were nominated
for election, elected or appointed to our board of directors with the approval of or by a majority of the continuing directors at the
time of such nomination, election or appointment) constitutes a &ldquo;change of control&rdquo; for purposes of the Previously Issued
Notes of each series. As a result, if a &ldquo;change of control triggering event&rdquo; (as defined with respect to Previously Issued
Notes) occurs with respect to the Previously Issued Notes of one or more series because a majority of the members of our board of directors
are no longer &ldquo;continuing directors,&rdquo; we may be required to offer to repurchase the Previously Issued Notes of such series
at a price equal to 101% of their principal amount but we will not be required to offer to repurchase any series of Notes offered hereby
(or the Recently Issued Notes) unless the changes to our board of directors are in connection with a Change of Control Triggering Event
with respect to such Notes (or an analogous event with respect to the Recently Issued Notes). See &ldquo;Risk Factors&mdash;The Change
of Control Triggering Event provisions of the Notes of each series may not provide protection in the event of certain transactions or
in certain other circumstances.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 10pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Covenant Defeasance,
Legal Defeasance and Satisfaction and Discharge</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The provisions described in the accompanying prospectus under &ldquo;Description
of Debt Securities&mdash;Defeasance of Debt Securities and Certain Covenants&rdquo; and &ldquo;&mdash;Satisfaction and Discharge&rdquo;
shall be applicable with respect to each series of Notes. In that regard, the covenants described under &ldquo;Description of Debt Securities&mdash;Covenants&rdquo;
in the accompanying prospectus will be subject to covenant defeasance as described in the accompanying prospectus.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 10pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Same-Day Settlement
and Payment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes of each series will trade in the same-day funds settlement system
of DTC unless and until we issue the Notes of such series in physical form under the limited circumstances set forth under &ldquo;Book-Entry
Form and Transfer&rdquo; in the accompanying prospectus. DTC will therefore require secondary market trading activity in the Notes to
settle in immediately available funds. We can give no assurance as to the effect, if any, of settlement in immediately available funds
on trading activity in the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 10pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Concerning our
Relationship with the Trustee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Deutsche Bank
Trust Company Americas is the trustee under the Indenture. We and our subsidiaries maintain various service relationships with the trustee
and its affiliates in the ordinary course of business. An affiliate of the trustee is also an underwriter of this offering. See &ldquo;Underwriting.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The trustee has
not, in any capacity, participated in the preparation of this prospectus supplement and makes no representation or warranty as to the
accuracy or validity of the information contained herein.</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a007"></A>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
is a summary of certain material U.S. federal income tax considerations relating to the purchase, ownership and disposition of the Notes,
but does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based upon the
provisions of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), U.S. Treasury regulations (&ldquo;Treasury Regulations&rdquo;)
promulgated under the Code, administrative rulings and judicial decisions in effect as of the date of this prospectus supplement, all
of which are subject to change at any time. Any such change may be applied retroactively and may result in U.S. federal income tax consequences
different from those set forth below. We have not sought any ruling from the Internal Revenue Service (&ldquo;IRS&rdquo;) with respect
to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS will agree with
such statements and conclusions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This summary is
limited to holders who purchase the Notes upon the initial issuance of the Notes at their respective &ldquo;issue prices&rdquo; (the
first price at which a substantial amount of the Notes is sold for cash (excluding sales to bond houses, brokers, or similar persons
or organizations acting in the capacity of underwriters, placement agents or wholesalers)) and who hold the Notes as &ldquo;capital assets&rdquo;
within the meaning of Section 1221 of the Code (generally, property held for investment). This summary also does not address alternative
minimum tax consequences, any considerations relating to any requirement for certain holders to accelerate the recognition of any item
of gross income as a result of such income being recognized on an &ldquo;applicable financial statement,&rdquo; the effect of the U.S.
federal estate or gift tax laws or the tax considerations arising under the laws of any state, local or foreign jurisdiction. In addition,
this discussion does not address tax considerations applicable to an investor&rsquo;s particular circumstances or to investors that may
be subject to special tax rules, including, without limitation:</FONT></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">banks,
                                            insurance companies or other financial institutions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">real
                                            estate investment trusts or regulated investment companies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">tax-exempt
                                            organizations, retirement plans, individual retirement accounts, tax-deferred accounts and
                                            governmental organizations;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">dealers
                                            in securities or commodities;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">traders
                                            in securities that elect to use a mark-to-market method of accounting for their securities
                                            holdings;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">controlled
                                            foreign corporations, passive foreign investment companies or corporations that accumulate
                                            earnings to avoid U.S. federal income tax;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">S
                                            corporations, partnerships or other pass-through entities (or investors therein);</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">former
                                            citizens or long-term residents of the United States;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">U.S.
                                            holders (as defined below) whose functional currency is not the U.S. dollar;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">persons
                                            who hold the Notes as a position in a hedging transaction, &ldquo;straddle,&rdquo; &ldquo;conversion
                                            transaction&rdquo; or other risk reduction or integrated transaction; or</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">persons
                                            deemed to sell the Notes under the constructive sale provisions of the Code.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If a partnership
or other entity treated as a partnership for U.S. federal income tax purposes holds the Notes, the tax treatment of a partner in such
partnership will generally depend on the status of the partner and the activities of the partnership. Such partnerships and partners
therein should consult their tax advisors as to the tax consequences of an investment in the Notes.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 10pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Certain Additional
Payments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In certain circumstances as described above under &ldquo;Description of Notes&ndash;Change
of Control Triggering Event,&rdquo; we may be obligated to offer to purchase the Notes of any series for a purchase price equal to 101%
of the principal amount of the Notes of such series, plus accrued and unpaid interest (if any). The possibility of such payments may implicate
special rules under the Treasury Regulations applicable to &ldquo;contingent payment debt instruments,&rdquo; which, if applicable, would
cause the timing, amount and character of an investor&rsquo;s income, gain or loss with respect to the Notes to be different from the
consequences discussed herein. Under the applicable Treasury Regulations, a contingency will not cause a debt instrument to be treated
as a contingent payment debt instrument if such contingency is remote or incidental. We believe that the likelihood that the Notes of
any series will be repurchased upon a Change of Control Triggering Event is remote and/or incidental. Therefore, we do not intend to treat
the Notes as contingent payment debt instruments under the applicable Treasury Regulations. Our position is binding on you unless you
disclose your contrary position in the manner required by the applicable Treasury Regulations. The IRS, however, may take a position contrary
to our position, which could affect the timing and character of your taxable income with respect to the Notes for U.S. federal income
tax purposes. We urge you to consult your tax advisor regarding the potential application to the Notes of the contingent payment debt
instrument rules. This prospectus supplement assumes that the Notes will not be considered contingent payment debt instruments for U.S.
federal income tax purposes.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WE
URGE YOU TO CONSULT YOUR TAX ADVISOR WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO YOUR PARTICULAR SITUATION
AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE NOTES ARISING UNDER THE FEDERAL ESTATE OR GIFT TAX
RULES OR UNDER THE LAWS OF ANY STATE, LOCAL, FOREIGN OR OTHER TAXING JURISDICTION OR UNDER ANY APPLICABLE TAX TREATY.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 10pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Consequences
to U.S. Holders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
is a summary of certain material U.S. federal income tax consequences that will apply to you if you are a U.S. holder of the Notes. Certain
consequences to &ldquo;non-U.S. holders&rdquo; of the Notes are described under &ldquo;Consequences to Non-U.S. Holders&rdquo; below.
A &ldquo;U.S. holder&rdquo; means a beneficial owner of a Note that is:</FONT></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">an
                                            individual citizen or resident (within the meaning of Section 7701(b) of the Code) of the
                                            United States;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">an
                                            entity treated as a corporation for U.S. federal income tax purposes created or organized
                                            in or under the laws of the United States, any state thereof, or the District of Columbia;</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">an
                                            estate, the income of which is subject to U.S. federal income taxation regardless of its
                                            source; or</FONT></TD></TR></TABLE>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">a
                                            trust that (1) is subject to the primary supervision of a U.S. court and the control of one
                                            or more U.S. persons or (2) has a valid election in effect under applicable Treasury Regulations
                                            to be treated as a U.S. person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Payments
of Interest on the Notes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You generally
will be required to recognize any stated interest as ordinary income at the time it is paid or accrued on the Notes in accordance with
your method of accounting for U.S. federal income tax purposes. It is expected, and therefore this discussion assumes, that the Notes
will be issued without original issue discount for U.S. federal income tax purposes.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sale,
Exchange, Redemption or Other Taxable Disposition of the Notes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Upon the sale,
exchange, redemption or other taxable disposition of a Note, you generally will recognize capital gain or loss in an amount equal to
the difference between (i) the sum of cash plus the fair market value of all other property received on such disposition (except to the
extent such cash or property is attributable to accrued but unpaid interest not previously included in income, which will be taxable
as ordinary interest income in the manner described above) and (ii) your adjusted tax basis in the Note. Your adjusted tax basis in a
Note generally equals the cost of the Note. Such capital gain or loss will be long-term capital gain or loss if, at the time of such
disposition, you have held the Note for more than one year. Long-term capital gains recognized by certain non-corporate U.S. holders,
including individuals, will generally be subject to a reduced tax rate. The deductibility of capital losses is subject to limitations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Information
Reporting and Backup Withholding</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are required
to furnish to the record holders of the Notes, other than corporations and other exempt holders, and to the IRS, information with respect
to interest paid on the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You may be subject
to backup withholding (currently at a rate of 24%) with respect to interest paid on the Notes or with respect to proceeds received from
a disposition of the Notes. You will be subject to backup withholding if you are not otherwise exempt and you (i) fail to furnish your
taxpayer identification number (&ldquo;TIN&rdquo;), which, for an individual, is ordinarily his or her social security number; (ii) furnish
an incorrect TIN; (iii) are notified by the IRS that you have failed to properly report payments of interest; or (iv) fail to certify,
under penalties of perjury, that you have furnished a correct TIN and that the IRS has not notified you that you are subject to backup
withholding. Backup withholding is not an additional tax. You may be entitled to credit any amounts withheld under the backup withholding
rules against your U.S. federal income tax liability by timely furnishing the required information and tax returns to the IRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Medicare
Tax on Net Investment Income</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">A U.S. holder that is an individual or estate, or a trust that does not fall
into a special class of trusts that is exempt from such tax, will be subject to a 3.8% tax on the lesser of (1) the U.S. holder&rsquo;s
&ldquo;net investment income&rdquo; (in the case of individuals) or &ldquo;undistributed net investment income&rdquo; (in the case of
estates and trusts) for the relevant taxable year and (2) the excess of the U.S. holder&rsquo;s &ldquo;modified adjusted gross income&rdquo;
(in the case of individuals) or &ldquo;adjusted gross income&rdquo; (in the case of estates and trusts) for the taxable year over a certain
threshold (which in the case of individuals is currently between $125,000 and $250,000, depending on the individual&rsquo;s circumstances).
A U.S. holder&rsquo;s net investment income generally will include interest income on the Notes and net gains from the disposition of
the Notes, unless such interest income or net gains are derived in the ordinary course of the conduct of a trade or business (other than
a trade or business that consists of certain passive or trading activities). If you are a U.S. holder that is an individual, estate or
trust, we urge you to consult your tax advisor regarding the applicability of the Medicare tax to your income and gains in respect of
your investment in the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 10pt; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Consequences
to Non-U.S. Holders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
is a summary of certain U.S. federal income tax consequences that will generally apply to non-U.S. holders of Notes. A &ldquo;non-U.S.
holder&rdquo; is a beneficial owner of a Note who is neither a U.S. holder nor an entity treated as a partnership for U.S. federal income
tax purposes.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Payments
of Interest on the Notes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Subject to the
discussion below under &ldquo;&mdash;Information Reporting and Backup Withholding&rdquo; and &ldquo;&mdash;Foreign Account Tax Compliance
Act,&rdquo; interest paid on a Note to you generally will qualify as &ldquo;portfolio interest&rdquo; and thus will be exempt from U.S.
federal income tax, including withholding of such tax, if you certify your non-U.S. status as described below. The portfolio interest
exemption will not apply to payments of interest if you:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.3in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">actually
                                            or constructively own 10% or more of the total combined voting power of all classes of our
                                            voting stock within the meaning of the Code and the Treasury Regulations&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.3in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">are
                                            a controlled foreign corporation that is actually or constructively related to us through
                                            sufficient actual or constructive stock ownership&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.3in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">are
                                            a bank whose receipt of interest on the notes is described in Section 881(c)(3)(A) of the
                                            Code&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.3in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.3in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">fail
                                            to certify your non-U.S. status generally by providing a properly completed and executed
                                            IRS Form W-8BEN or W-8BEN-E (or successor form) or appropriate substitute form prior to receipt
                                            of any payment and certify, under penalty of perjury, that you are not a U.S. person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If you hold the
Note through a financial institution or other agent acting on your behalf, you will be required to provide appropriate documentation
to the applicable withholding agent (generally, an applicable IRS Form W-8) upon which you may certify, under penalty of perjury, that
you are not a United States person. Special certification rules apply to non-U.S. holders that are pass-through entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Even if you do
not satisfy these conditions, you may qualify for a reduced withholding tax rate or an exemption from withholding tax pursuant to an
applicable tax treaty between the U.S. and your country of residence. To claim such a reduction or exemption, you must provide the paying
agent with a properly completed IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable form). You will also be exempt from withholding
tax if the interest you receive is effectively connected with your conduct of a U.S. trade or business (and if a tax treaty applies,
is attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S. holder within the United States) and you provide
the paying agent with a properly completed IRS Form W-8ECI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If you are engaged
in a trade or business in the United States and interest on the Notes is effectively connected with the conduct of that trade or business
(and if a tax treaty applies, is attributable to a U.S. permanent establishment or fixed base maintained by the non-U.S. holder within
the United States), you will be exempt from withholding tax (provided you comply with the certification requirements discussed above)
but you will be subject to U.S. federal income tax on that interest on a net income basis in the same manner as if you were a U.S. holder,
unless an applicable income tax treaty provides otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, if
you are a foreign corporation, you may also be subject to a branch profits tax of 30% on interest included in your effectively connected
earnings and profits, unless an applicable tax treaty provides otherwise.</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 10pt; margin-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Sale,
Exchange, Redemption or Other Taxable Disposition of Notes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Subject to the
discussion below under &ldquo;&mdash;Information Reporting and Backup Withholding&rdquo; and &ldquo;&mdash;Foreign Account Tax Compliance
Act,&rdquo; any gain realized on the sale, exchange, retirement or other taxable disposition of a Note generally will not be subject
to U.S. federal income tax unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">the
                                            gain is effectively connected with your conduct of a trade or business in the United States
                                            (and, if required by an applicable income tax treaty, you maintain a fixed base or permanent
                                            establishment in the United States to which such gain is attributable), in which case you
                                            will be subject to tax generally in the same manner as if you were a U.S. holder and, if
                                            you are a foreign corporation, the branch profits tax described above may also apply (unless,
                                            in either case, an applicable tax treaty provides otherwise), or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">you
                                            are an individual who is present in the United States for 183 days or more in the taxable
                                            year of that disposition, and certain other conditions are met, in which case you will be
                                            subject to a 30% U.S. federal income tax on gain (reduced by certain capital losses) unless
                                            an applicable tax treaty provides otherwise.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Information
Reporting and Backup Withholding</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
amount of interest paid to you, and the amount of any tax withheld with respect to such interest, must be reported annually
to the IRS and you. Copies of the information returns reporting the amount of such interest and the amount of any tax
withheld may also be made available to the tax authorities in the country in which you reside under the provisions of an
applicable tax treaty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In general, you
will not be subject to backup withholding (currently at a rate of 24%) with respect to payments of interest on a Note provided that the
certification requirements described in the last bullet point under &ldquo;&mdash;Payments of Interest on the Notes&rdquo; have been
met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, you
will generally be subject to information reporting and possibly backup withholding with respect to the proceeds of the sale or other
disposition (including a redemption or retirement) of a Note within the U.S. or conducted through certain U.S.-related financial intermediaries,
unless (i) the certification requirements above have been met or (ii) you otherwise establish an exemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You may be entitled
to credit any amounts withheld under the backup withholding rules against your U.S. federal income tax liability by timely furnishing
the required information and tax returns to the IRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Foreign
Account Tax Compliance Act</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Provisions of
the Code commonly referred to as the Foreign Account Tax Compliance Act (&ldquo;FATCA&rdquo;) impose a 30% U.S. federal withholding tax
on certain U.S. source payments, including interest (and original issue discount, if any), dividends, and other fixed or determinable
annual or periodical gain, profits, and income, and, subject to the discussion below, on the gross proceeds from a disposition of property
of a type which can produce U.S. source interest or dividends (&ldquo;Withholdable Payments&rdquo;), if paid to a foreign financial institution
(including amounts paid to a foreign financial institution on behalf of a holder), unless such institution enters into an agreement with
the U.S. Treasury Department to collect and provide to the U.S. Treasury Department certain information regarding U.S. financial account
holders with such institution (including certain account holders that are foreign entities with U.S. owners) or otherwise complies with
FATCA. FATCA also generally imposes a withholding tax of 30% on Withholdable Payments made to a non-financial foreign entity unless such
entity provides the withholding agent with a certification that it does not have any substantial U.S. owners or a certification identifying
the direct and indirect substantial U.S. owners of the entity. Under certain circumstances, a holder may be eligible for refunds or credits
of such taxes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under proposed
U.S. Treasury regulations (upon which taxpayers may generally rely until applicable final regulations are issued or such proposed U.S.
Treasury regulations are rescinded), gross proceeds from the sale or other disposition of the Notes will not be subject to withholding
under FATCA (but payments of interest will remain subject). If we determine withholding is appropriate with respect to the Notes, we
will withhold tax at the applicable statutory rate, and we will not pay any additional amounts in respect of such withholding. Foreign
financial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the
United States governing FATCA may be subject to different rules. Prospective investors are urged to consult with their own tax advisors
regarding the possible implications of FATCA on their investment in the Notes.</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a008"></A>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We and the underwriters for the offering named below, for whom Citigroup Global
Markets Inc., Deutsche Bank Securities Inc. and Goldman Sachs &amp; Co. LLC are acting as the representatives (the &ldquo;representatives&rdquo;),
have entered into an underwriting agreement dated as of the date of this prospectus supplement with respect to the Notes (the &ldquo;underwriting
agreement&rdquo;). Subject to certain conditions, each underwriter has severally, and not jointly, agreed to purchase, and we have agreed
to sell to each underwriter, the principal amount of Notes of each series shown in the following table.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH>&nbsp;</TH>
  <TH>&nbsp;</TH>
  <TH>&nbsp;</TH>
  <TH STYLE="text-align: center; vertical-align: top">Principal</TH>
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; vertical-align: top">Principal</TH>
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; vertical-align: top">Amount of </TH>
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; vertical-align: top">Amount of </TH>
  <TH STYLE="text-align: center; vertical-align: top">&nbsp;</TH></TR>
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH STYLE="text-align: center; padding-bottom: 1pt; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; padding-bottom: 1pt; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: top">&nbsp;</TH>
  <TH STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">2029 Notes</TH>
  <TH STYLE="text-align: center; padding-bottom: 1pt; vertical-align: top">&nbsp;</TH>
  <TH STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: top">&nbsp;</TH>
  <TH STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top">2035 Notes</TH>
  <TH STYLE="padding-bottom: 1pt">&nbsp;</TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 70%"><B><U>Underwriters</U></B></TD>
  <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 12%; vertical-align: top">&nbsp;</TD>
  <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="text-align: right; width: 12%; vertical-align: top">&nbsp;</TD>
  <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
  <TD>Citigroup Global Markets Inc.</TD>
  <TD>&nbsp;</TD>
  <TD>$</TD>
  <TD STYLE="text-align: right; vertical-align: top">108,000,000</TD>
  <TD>&nbsp;</TD>
  <TD>$&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">72,000,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
  <TD>Deutsche Bank Securities Inc.</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">108,000,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">72,000,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
  <TD>Goldman Sachs &amp; Co. LLC</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">108,000,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">72,000,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
  <TD>BNP Paribas Securities Corp.</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">23,100,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,400,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
  <TD>BofA Securities, Inc.</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">23,100,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,400,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
  <TD>HSBC Securities (USA) Inc.</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">23,100,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,400,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
  <TD>J.P. Morgan Securities LLC</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">23,100,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,400,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
  <TD>Morgan Stanley &amp; Co. LLC</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">23,100,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,400,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
  <TD>RBC Capital Markets, LLC</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">23,100,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,400,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
  <TD>Standard Chartered Bank*</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">23,100,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,400,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
  <TD>Wells Fargo Securities, LLC</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">23,100,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,400,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
  <TD>Independence Point Securities LLC</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">22,800,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,200,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
  <TD>Mischler Financial Group, Inc.</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">22,800,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,200,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
  <TD>Penserra Securities LLC</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">22,800,000</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right; vertical-align: top">15,200,000</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
  <TD STYLE="padding-bottom: 1pt">Siebert Williams Shank &amp; Co., LLC</TD>
  <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: top">22,800,000</TD>
  <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="text-align: right; border-bottom: Black 1pt solid; padding-bottom: 1pt; vertical-align: top">15,200,000</TD>
  <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
  <TD STYLE="padding-bottom: 2.5pt"><B>Total</B></TD>
  <TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
  <TD STYLE="border-bottom: Black 2.5pt double"><B>$</B></TD>
  <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; vertical-align: top"><B>600,000,000</B></TD>
  <TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
  <TD STYLE="border-bottom: Black 2.5pt double"><B>$</B></TD>
  <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; vertical-align: top"><B>400,000,000</B></TD>
  <TD STYLE="padding-bottom: 2.5pt"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">* Standard Chartered Bank will not effect any offers or sales of any Notes in the United States unless it is through one or more U.S.
registered broker-dealers as permitted by the regulations of the Financial Industry Regulatory Authority, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The underwriting
agreement provides that the obligations of the several underwriters to purchase the Notes are subject to certain conditions. The underwriters
are obligated to purchase all of the Notes if they purchase any of them. The offering of the Notes by the underwriters is subject to
receipt and acceptance and subject to the underwriters&rsquo; right to reject any order in whole or in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notes sold by the underwriters to the public initially will be offered at the
respective public offering prices set forth on the cover page of this prospectus supplement. Any Notes sold by the underwriters to securities
dealers may be sold at discounts from the applicable public offering price of up to 0.400% of the principal amount of the 2029 Notes
and 0.600% of the principal amount of the 2035 Notes. Any such securities dealers may resell any Notes purchased from the underwriters
to certain other brokers or dealers at discounts from the applicable public offering price of up to 0.150% of the principal amount
of the 2029 Notes and 0.250% of the principal amount of the 2035 Notes. After the initial offering of the Notes, the underwriters
may from time to time vary the offering prices and other selling terms. We have agreed to indemnify the underwriters against certain liabilities, including liabilities
under the Securities Act, or contribute to payments the underwriters may be required to make in respect of those liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition to the underwriting discounts payable to the underwriters as set
forth on the cover page of this prospectus supplement, we estimate that our expenses for this offering will be approximately $2.7 million.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
Prior Market for the Notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes of each series are a new issue of securities with no established
trading market. The Notes are not and are not expected to be listed on any securities exchange or included on any automated quotation
system. We have been advised that the representatives intend to make a market in the Notes, but they are not obligated to do so and may
discontinue such market-making at any time without notice. No assurance can be given as to whether a trading market for the Notes of any
series will develop or be maintained or as to the liquidity of any trading market that may develop.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price
Stabilization, Short Positions and Penalty Bids</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In connection with this offering, the representatives are permitted to engage
in transactions that may stabilize, maintain or otherwise affect the market price of the Notes. Specifically, the representatives may
sell a principal amount of Notes of any series greater than the principal amount of the Notes of such series that they are obligated to
purchase under the underwriting agreement, creating a short position. The representatives must close out any short position by purchasing
Notes of the applicable series in the open market.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The representatives may also conduct stabilizing transactions. Stabilizing
transactions consist of certain bids or purchases made for the purpose of preventing or retarding a decline in the market price of the
Notes of any series while the offering is in progress.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The representatives may also impose a penalty bid. This occurs when a particular
underwriter is required to repay to the representatives a portion of the underwriting discount received by it because the representatives
have repurchased Notes of any series sold by or for the account of such underwriter in stabilizing or short covering transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Stabilizing transactions and purchases to cover positions created by short sales may
have the effect of preventing or retarding a decline in the market price of the Notes of any series, and together with the imposition
of any penalty bid, may stabilize, maintain or otherwise affect the market price of the Notes of such series. As a result, the market
price of the Notes of any series may be higher than the price that otherwise might exist in the open market. The representatives are under
no obligation to undertake any of these transactions and if these transactions are commenced, they may be discontinued by the representatives
at any time without notice. These transactions may be effected in the over-the-counter market or otherwise. Neither we nor the representatives
make any representation or prediction as to whether or not the representatives will engage in any of these transactions or, if they do,
as to the effect that any such transactions may have on the market price of the Notes of any series.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Alternative
Settlement Cycle</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It is expected that delivery of the Notes will be made on or about the date
specified on the cover page of this prospectus supplement, which will be the third business day following the date of this prospectus
supplement (such settlement being referred to as &ldquo;T+3&rdquo;). Under Rule 15c6-1 of the SEC under 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.
Accordingly, purchasers who wish to trade the Notes more than one business day prior to their scheduled date of delivery will be required,
by virtue of the fact that the Notes initially settle in T+3, to specify an alternate settlement cycle at the time of any such trade to
prevent failed settlement and should consult their own advisors.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Some or all
of the underwriters and/or their respective affiliates have from time to time performed, and may in the future perform, various
financial advisory, commercial banking and investment banking services for us and our subsidiaries, for which they received or may
receive customary compensation and expense reimbursement. In particular, certain of the underwriters or their affiliates are lenders
under our $2.0 billion senior unsecured revolving credit facility, some of the underwriters are dealers under our $1.5 billion
commercial paper program, and an affiliate of one of the underwriters is issuing and paying agent under such commercial paper
program. An affiliate of the trustee is also an underwriter of this offering. Certain of the underwriters or their affiliates may
hold a portion of our commercial paper notes and, as a result of the contemplated use of proceeds from this offering, may receive a
portion of the net proceeds from this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition, in
the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments
and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for
their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments
of ours or our affiliates. If any of the underwriters or their affiliates have a lending relationship with us, certain of those underwriters
or their affiliates routinely hedge, and certain other of those underwriters or their affiliates may hedge, their credit exposure to
us consistent with their customary risk management policies. Typically, these underwriters and their affiliates would hedge such exposure
by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our
securities, including potentially the Notes. Any such credit default swaps or short positions could adversely affect future trading prices
of the Notes. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research
views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short
positions in such securities and instruments.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sales
Outside of the United States</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes are
offered for sale in the United States and certain jurisdictions outside the United States in which such offer and sale is permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice
to Prospective Investors in the European Economic Area</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes are
not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in a member state of the European Economic Area (&ldquo;EEA&rdquo;). For these purposes, a retail investor means a person who
is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive (EU) 2014/65 (as amended, &ldquo;MiFID
II&rdquo;); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129
(as amended or superseded, the &ldquo;Prospectus Regulation&rdquo;). Consequently, no key information document required by Regulation
(EU) 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise making them available
to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any
retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement and the accompanying prospectus have
been prepared on the basis that any offer of Notes in any member state of the EEA will be made pursuant to an exemption under the Prospectus
Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus supplement and the accompanying prospectus
are not a prospectus for the purposes of the Prospectus Regulation.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice
to Prospective Investors in the United Kingdom</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">With respect to
the United Kingdom, no action has been undertaken or will be undertaken to offer, sell, or otherwise make available the Notes to any
retail investor in the United Kingdom. For the purposes of this provision:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">the
                                            expression &ldquo;retail investor&rdquo; means a person who is one (or more) of the following:
                                            (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565
                                            as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as
                                            amended) (the &ldquo;EUWA&rdquo;); or (ii) a customer within the meaning of the provisions
                                            of the Financial Services and Markets Act 2000 (as amended, the &ldquo;FSMA&rdquo;) and any
                                            rules or regulations made under the FSMA to implement the Insurance Distribution Directive
                                            (EU) 2016/97, where that customer would not qualify as a professional client, as defined
                                            in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic
                                            law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of the
                                            UK Prospectus Regulation (as defined below); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">the
                                            expression an &ldquo;offer&rdquo; includes the communication in any form and by any means
                                            of sufficient information on the terms of the offer and the Notes to be offered so as to
                                            enable an investor to decide to purchase or subscribe for the Notes.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Consequently,
no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK
PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise making them available to retail investors in the United Kingdom
has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the United
Kingdom may be unlawful under the UK PRIIPs Regulation.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">With respect to
the United Kingdom, there has not been nor will there be any offer of the Notes to the public other than:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">to
                                            any legal entity which is a qualified investor as defined in Article 2 of the UK Prospectus
                                            Regulation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">to
                                            fewer than 150 natural or legal persons (other than qualified investors as defined in Article
                                            2 of the UK Prospectus Regulation), subject to obtaining the required prior consent of the
                                            relevant financial intermediary nominated by the issuers for any such offer; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">in
                                            any other circumstances falling within section 86 of the FSMA,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="font-size: 10pt">provided that
no such offer of Notes shall require the issuer or any initial purchaser to publish a prospectus pursuant to section 85 of the FSMA or
supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For the purposes
of this provision, the expression an &ldquo;offer of Notes to the public&rdquo; in relation to any Notes in the United Kingdom means
the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as
to enable an investor to decide whether to purchase or subscribe the Notes. The expression &ldquo;UK Prospectus Regulation&rdquo; means
Regulation (EU) 2017/1129, as it forms part of domestic law by virtue of the EUWA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement has been prepared on the basis that any offer of the Notes in the United Kingdom will be made pursuant to an exemption under
the UK Prospectus Regulation from the requirement to publish a prospectus for offers of Notes. This offering memorandum is not a prospectus
for the purposes of the UK Prospectus Regulation.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The offer of
the Notes has only been made and will only be made in circumstances in which the restriction in section 21(1) of the FSMA does not apply
and in compliance with all applicable provisions of the FSMA in relation to the Notes in, form or otherwise involving the United Kingdom.
This prospectus supplement and accompanying prospectus are for distribution only to persons who (i) have professional experience in matters
relating to investments and who qualify as investment professionals within the meaning of Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &ldquo;Financial Promotion Order&rdquo;), (ii) are persons falling
within Article 49(2)(a) to (d) (&ldquo;high net worth companies, unincorporated associations etc.&rdquo;) of the Financial Promotion
Order, (iii) are outside the United Kingdom or (iv) are persons to whom an invitation or inducement to engage in investment activity
(within the meaning of the FSMA) in connection with the issue or sale of any Notes may otherwise lawfully be communicated or caused to
be communicated (all such persons together being referred to as &ldquo;relevant persons&rdquo;). This offering memorandum is directed
only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment
activity to which this offering memorandum relates is available only to relevant persons and will be engaged in only with relevant persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice
to Prospective Investors in Canada</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes may
be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined
in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Notes must
be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities
laws.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Securities legislation
in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement
in the accompanying prospectus (including any amendment hereto or thereto) contains a misrepresentation, provided that the remedies for
rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s
province or territory for particulars of these rights or consult with a legal advisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to section
3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice
to Prospective Investors in Hong Kong</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each underwriter
has represented and agreed that it has not offered or sold and will not offer or sell the Notes in Hong Kong by means of any document
other than to &ldquo;professional investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws
of Hong Kong) and any rules made thereunder, or other than in circumstances which do not constitute an offer to the public </FONT>within
the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32, Laws of Hong Kong) or which do not
result in the document being a &ldquo;prospectus&rdquo; within the meaning of the Companies (Winding Up and Miscellaneous Provisions)
Ordinance (Cap. 32, Laws of Hong Kong); and that it has not and will not issue and has not and will not have in its possession
for the purpose of issue any advertisement, invitation or document relating to the Notes (in each case whether in Hong Kong or
elsewhere) which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except
if permitted to do so under the securities laws of Hong Kong) other than with respect to Notes which are or are intended to be
disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; within the meaning of the Securities
and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement and the accompanying prospectus have not been reviewed, endorsed or approved by any regulatory authorities in Hong Kong, including
the Securities and Future Commission and the Companies Registry of Hong Kong and neither has it been nor will it be registered with the
Registrar of Companies in Hong Kong. Accordingly, this prospectus supplement and the accompanying prospectus may not be issued, circulated
or distributed (in whole or in part) in Hong Kong or be used for any purpose in Hong Kong, and the Notes may not be offered for subscription
to members of the public in Hong Kong. Each person acquiring the Notes will be required, and is deemed by the acquisition of the Notes,
to confirm that they are aware of the restriction on offers of the Notes described in this prospectus supplement and the accompanying
prospectus and the relevant offering documents and that such person is not acquiring, and has not been offered any Notes in circumstances
that contravene any such restrictions and that such person has complied with all relevant laws, rules and regulations applicable to it/him/her
and the jurisdiction(s) where such person or its/his/her assets are located. You are advised to exercise caution in relation to the offer.
If you are in any doubt about any of the contents of this prospectus supplement and the accompanying prospectus, you should obtain independent
professional advice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice
to Prospective Investors in Japan</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each underwriter
has represented and agreed that the Notes have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial
Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), which we refer to as the Financial Instruments and Exchange Act,
and has agreed not to offer or sell the Notes, directly or indirectly, in Japan or to, or for the account or benefit of, any Japanese
Person or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the account or benefit of, any Japanese
Person, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments
and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the time of the relevant
time. For the purposes of this paragraph &ldquo;Japanese Person&rdquo; means any person resident in Japan, including any corporation
or other entity organized under the laws of Japan.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Notice
to Prospective Investors in Singapore</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement and the accompanying prospectus have not been and will not be registered as a prospectus under the Securities and Futures
Act 2001 of Singapore (the &ldquo;SFA&rdquo;) by the Monetary Authority of Singapore and the offer of the Notes in Singapore is made
primarily pursuant to the exemptions under Sections 274 and 275 of the SFA. Accordingly, this prospectus supplement, the accompanying
prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the
Notes may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of an invitation for subscription
or purchase, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor as defined in Section
4A of the SFA (an &ldquo;Institutional Investor&rdquo;) pursuant to Section 274 of the SFA, (ii) to an accredited investor as defined
in Section 4A of the SFA (an &ldquo;Accredited Investor&rdquo;) or other relevant person as defined in Section 275(2) of the SFA (a &ldquo;Relevant
Person&rdquo;) and pursuant to Section 275(1) of the SFA, or to any person pursuant to an offer referred to in Section 275 (1A) of the
SFA, and in accordance with the conditions specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with,
the conditions of any other applicable exemption or provision of the SFA.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It is a condition
of the offer that where the Notes are subscribed for or acquired pursuant to an offer made in reliance on Section 275 of the SFA by a
Relevant Person which is:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">a
                                            corporation (which is not an Accredited Investor), the sole business of which is to hold
                                            investments and the entire share capital of which is owned by one or more individuals, each
                                            of whom is an Accredited Investor; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">a
                                            trust (where the trustee is not an Accredited Investor) whose sole purpose is to hold investments
                                            and each beneficiary of the trust is an individual who is an Accredited Investor, securities
                                            or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of
                                            that corporation and the beneficiaries&rsquo; &#9;rights and interest (howsoever defined)
                                            in that trust shall not be transferred within six months after that corporation or that trust
                                            has subscribed for or acquired the Notes except:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">to
                                            an Institutional Investor, and Accredited Investor or other Relevant Person, or which arises
                                            from an offer referred to in Section 275(1A) of the SFA (in the case of that corporation)
                                            or Section 276(4) of the SFA (in the case of that trust);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">where
                                            no consideration is or will be given for the transfer;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">where
                                            the transfer is by operation of law; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">specified
                                            in Section 276(7) of the SFA.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Notification
under Section 309B(1)(c) of the SFA</I></FONT><FONT STYLE="font-size: 10pt">&mdash;Solely for the purposes of its obligations pursuant
to Sections 309B(1)(a) and 309B(1)(c) of the SFA, the issuer has determined, and hereby notifies all relevant persons (as defined in
Section 309A of the SFA) that the Notes are &ldquo;prescribed capital markets products&rdquo; (as defined in the Securities and Futures
(Capital Markets Products) Regulations 2018) and &ldquo;Excluded Investment Products&rdquo; (as defined in MAS Notice SFA 04-N12: Notice
on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Notice
to Prospective Investors in Switzerland</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
supplement does not constitute an issue prospectus pursuant to Article 652a or Article 1156 of the Swiss Code of Obligations and the
Notes will not be listed on the SIX Swiss Exchange. Therefore, this prospectus supplement may not comply with the disclosure standards
of the listing rules (including any additional listing rules or prospectus schemes) of the SIX Swiss Exchange. Accordingly, the Notes
may not be offered to the public in or from Switzerland, but only to a selected and limited circle of investors who do not subscribe
to the Notes with a view to distribution. Any such investors will be individually approached by the underwriters from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice
to Prospective Investors in Taiwan</I></B></FONT></P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The Notes have not been and will not be
registered with the Financial Supervisory Commission of the Republic of China (&ldquo;Taiwan&rdquo;) pursuant to relevant securities
laws and regulations and may not be offered or sold in Taiwan through a public offering or in any manner which would constitute an offer
within the meaning of the Securities and Exchange Act of Taiwan or would otherwise require registration with or the approval of the Financial
Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise
intermediate the offering or sale of the Notes in Taiwan<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 10pt"><B><A NAME="e25393a009"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Freshfields US LLP, Redwood City, California, will pass upon the validity
of the Notes for us. Jones Day, Houston, Texas, will pass upon certain legal matters for the underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 10pt; margin-bottom: 10pt"><B><A NAME="e25393a010"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The financial
statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting (which is included in
Management&rsquo;s Annual Report on Internal Control over Financial Reporting) incorporated in this prospectus supplement by reference
to the Annual Report on Form 10-K for the year ended December 31, 2024 have been so incorporated in reliance on the report of PricewaterhouseCoopers
LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The consolidated
financial statements of Adevinta ASA at December 31, 2023 and for the years ended December 31, 2023 and 2021, appearing in eBay Inc.&rsquo;s
Annual Report (Form 10-K/A) for the year ended December 31, 2024 and filed with the SEC on May 30, 2025 have been audited by Ernst
&amp; Young AS, independent auditors, as set forth in their report thereon, included therein, and incorporated herein by reference. Such
consolidated financial statements are incorporated by reference in reliance upon such report given on the authority of such firm as experts
in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 10pt; margin-bottom: 10pt"><B><A NAME="e25393a011"></A>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We file annual,
quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available, free of charge, on
the SEC&rsquo;s website at www.sec.gov and our Investor Relations website at https://investors.ebayinc.com. The information contained
on or that can be accessed through any of our websites is not a part of this prospectus supplement, the registration statement or prospectus
constituting a part of the registration statement, any document incorporated or deemed to be incorporated by reference herein, therein
or in any related free writing prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The SEC allows
us to incorporate by reference in this prospectus supplement and the accompanying prospectus information that we file with the SEC, which
means that we can disclose important information to you by referring you to another document that we have filed with the SEC. The information
incorporated or deemed to be incorporated by reference is deemed to be part of this prospectus supplement and the accompanying prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We incorporate
by reference the documents listed below and all documents subsequently filed with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d)
of the Exchange Act prior to the termination of the offering under this prospectus supplement (other than any document, portion of a
document, information or exhibit that is &ldquo;furnished&rdquo; to, rather than &ldquo;filed&rdquo; with, the SEC, including, without
limitation, our compensation committee report and performance graph included or incorporated by reference in any Annual Report on Form
10-K or proxy statement, any information and related exhibits provided under Item 2.02 or Item 7.01 of any Current Report on Form 8-K,
and any exhibit that is &ldquo;furnished&rdquo; to, rather than &ldquo;filed&rdquo; with, the SEC pursuant to Item 9.01 of any Current
Report on Form 8-K):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">our
                                            Annual Report on Form 10-K for the year ended <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000106508825000037/ebay-20241231.htm">December 31, 2024</A>, filed with the SEC on February
                                            27, 2025, as amended on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000106508825000068/ebay-20241231.htm">May 30, 2025</A>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">our
                                            Quarterly Reports on Form 10-Q for the quarters ended <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000106508825000061/ebay-20250331.htm">March 31, 2025</A>, filed with the SEC
                                            on May 1, 2025 (as amended on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000106508825000064/ebay-20250331.htm">May 9, 2025</A>), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000106508825000077/ebay-20250630.htm">June 30, 2025</A>, filed with the SEC on July 31,
                                            2025, and <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000106508825000127/ebay-20250930.htm">September 30, 2025</A>, filed with the SEC on October 30, 2025;</FONT></TD></TR></TABLE>

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

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">the
                                            portions of our proxy statement on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000110465925042545/tm2424429-2_def14a.htm">Schedule 14A</A>, filed with the SEC on April 30, 2025, that
                                            were specifically incorporated by reference into our Annual Report on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000106508825000037/ebay-20241231.htm">Form 10-K</A> for the year
                                            ended December 31, 2024, as amended; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">our
                                            Current Reports on Form 8-K that were filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000106508825000058/ebay-20250425.htm">April 30, 2025</A> (with respect
                                            to Items 5.02 and 8.01 only) and <A HREF="https://www.sec.gov/Archives/edgar/data/1065088/000155278125000213/e25248_ebay-8k.htm">June 30, 2025</A>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Documents incorporated
by reference in this prospectus supplement after the date hereof will automatically update and, to the extent inconsistent, supersede
the information contained and incorporated by reference in this prospectus supplement and the accompanying prospectus. In that regard,
any information contained in this prospectus supplement, the accompanying prospectus or any document incorporated or deemed to be incorporated
by reference in this prospectus supplement or the accompanying prospectus will be deemed to have been modified or superseded to the extent
that a subsequent statement contained in this prospectus supplement, the accompanying prospectus or applicable free writing prospectus,
or any other document that is incorporated or deemed to be incorporated by reference in this prospectus supplement modifies or supersedes
the original statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to be part of
this prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Documents incorporated
by reference herein, excluding all exhibits unless an exhibit has been specifically incorporated by reference herein, are available without
charge to each person (including a beneficial owner) to whom this prospectus supplement is delivered upon oral or written request. You
may make your request to eBay Investor Relations on our website at https://investors.ebayinc.com, by mail at 2025 Hamilton Avenue, San
Jose, California 95125, by email at ir@ebay.com or by telephone at (408) 376-9659.</FONT></P>


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Debt
Securities, Common Stock, Preferred Stock, Warrants, Depositary Shares, Purchase Contracts and Units of any or all of the following</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may
offer and sell our debt securities, common stock, preferred stock, warrants, depositary shares or purchase contracts, as well
as units that include any of these securities, from time to time in one or more offerings. These securities may, if applicable,
be convertible into, or exercisable or exchangeable for, other securities described in this prospectus. This prospectus provides
you with a general description of the securities that we may offer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We will
provide specific terms of any securities we offer, and the manner in which they are being offered, in supplements to this prospectus,
which we refer to as &ldquo;prospectus supplements.&rdquo; You should read this prospectus, the documents incorporated and deemed
to be incorporated by reference herein, the applicable prospectus supplement and any related free writing prospectus carefully
before you invest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may
offer and sell any of the securities described in this prospectus to or through one or more underwriters, dealers and agents,
or directly to purchasers, on an immediate, continuous or delayed basis. If any agents or underwriters are involved in the sale
of any of these securities, their names, and any applicable purchase price, commission or discount arrangement between us and
them, will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement. None of
these securities may be sold without delivery of a prospectus supplement describing the method and terms of the offering of those
securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common stock
is listed on The Nasdaq Global Select Market under the ticker symbol &ldquo;EBAY.&rdquo; On February 23, 2023, the last reported
sale price of our common stock on The Nasdaq Global Select Market was $45.35 per share.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Investing
in our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the
heading &ldquo;Risk Factors&rdquo; on page 3 of this prospectus and under similar headings in the documents that are incorporated
or deemed to be incorporated by reference into this prospectus.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">The date of this
prospectus is February 24, 2023.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 3%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">EBAY INC.</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">RISK FACTORS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">4</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DESCRIPTION OF DEPOSITARY SHARES</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a010"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DESCRIPTION OF PURCHASE CONTRACTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a011"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a012"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">BOOK-ENTRY FORM AND TRANSFER</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a013"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a014"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a015"><FONT STYLE="font-size: 10pt; text-transform: uppercase">EXPERTS</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#e23070_a016"><FONT STYLE="font-size: 10pt; text-transform: uppercase">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt; text-transform: uppercase">29</FONT></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a001"></A>ABOUT
THIS PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
is part of a &ldquo;shelf&rdquo; registration statement that we have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
By using a shelf registration statement, we may sell one or more classes or series of the securities described in this prospectus
from time to time in one or more offerings. This prospectus provides you with a general description of some of the terms of the
securities we may offer. Each time we sell any securities, we will provide you with a supplement to this prospectus that describes
the terms of that offering and the securities being offered. In addition, each prospectus supplement and any related free writing
prospectus may also add, update or change information contained in this prospectus or any document incorporated or deemed to be
incorporated by reference herein and, accordingly, any statement in this prospectus or in any document incorporated or deemed
to be incorporated by reference herein will be deemed modified or superseded to the extent that any statement contained in the
applicable prospectus supplement or any related free writing prospectus modifies or supersedes that statement. We urge you to
read carefully this prospectus, the applicable prospectus supplement and any related free writing prospectus, together with the
documents incorporated and deemed to be incorporated by reference in this prospectus as described under the heading &ldquo;Where
You Can Find More Information,&rdquo; before deciding whether to invest in any of the securities being offered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The distribution
of this prospectus, the applicable prospectus supplement and any related free writing prospectus and the offering of the securities
in certain jurisdictions may be restricted by law. Persons into whose possession this prospectus, the applicable prospectus supplement
and any related free writing prospectus come should inform themselves about and observe any such restrictions. No action has been
or will be taken by us or by any underwriter, agent or dealer involved in the distribution of any securities that would permit
a public offering of the securities or the possession or distribution of this prospectus or any related prospectus supplement
or free writing prospectus in any jurisdiction where action for that purpose is required, other than the United States. Neither
this prospectus nor any related prospectus supplement or free writing prospectus constitutes, and none of the foregoing may be
used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized
or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to
make such offer or solicitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You should
rely only on the information contained and incorporated and deemed to be incorporated by reference in this prospectus, the applicable
prospectus supplement and any related free writing prospectus. We have not authorized any person to provide you with different
or inconsistent information. If anyone provides you with different or inconsistent information, you should not rely on it. We
are not, and any underwriters, agents or dealers involved in the distribution of any securities will not be, making an offer to
sell these securities or soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
You should assume that the information appearing in this prospectus, the documents incorporated and deemed to be incorporated
by reference herein, the applicable prospectus supplement and any related free writing prospectus is accurate only as of the respective
dates of those documents. Our business, financial condition, results of operations and prospects may have changed since those
dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus,
the documents incorporated and deemed to be incorporated by reference herein, any prospectus supplement and any related free writing
prospectus include or may include trademarks, service marks and trade names owned by us or others. All trademarks, service marks
and trade names included in this prospectus, the documents incorporated and deemed to be incorporated by reference herein, any
prospectus supplement and any related free writing prospectus are the property of their respective owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
we otherwise specify or the context otherwise requires, references in this prospectus to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo;
or &ldquo;eBay&rdquo; refer to the current Delaware corporation (eBay Inc.) and its California predecessor, as well as all of
our consolidated subsidiaries&#894; and references in this prospectus to &ldquo;eBay Inc.&rdquo; refer to eBay Inc. excluding
its subsidiaries.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a002"></A>EBAY
INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt;  text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>The
following highlights information contained elsewhere in this prospectus or contained in documents incorporated or deemed to be
incorporated by reference herein and does not contain all of the information that you should consider in your evaluation of an
investment in our securities. You should read carefully this prospectus, including the information set forth under the heading
&ldquo;Risk Factors,&rdquo; the documents incorporated and deemed to be incorporated by reference in this prospectus, the related
prospectus supplement and any related free writing prospectus in their entirety before making an investment decision.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;  text-indent: 0.5in"><FONT STYLE="font-size: 10pt">eBay Inc. was
formed as a sole proprietorship in September 1995 and was incorporated in California in May 1996. In April 1998, we reincorporated
in Delaware, and in September 1998, we completed the initial public offering of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 27.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0;  text-indent: 0.5in"><FONT STYLE="font-size: 10pt">eBay is a global
commerce leader through our Marketplace platforms which connect millions of buyers and sellers in more than 190 markets around
the world. The platforms include our online marketplace located at www.ebay.com and its localized counterparts, including an off-platform
business in Japan, as well as eBay&rsquo;s suite of mobile apps. Our Marketplace platforms are accessible through an online experience
(e.g. desktop and laptop computers), iOS and Android mobile devices (e.g. smartphones and tablets) and our application programming
interfaces (&ldquo;APIs,&rdquo; platform access for third party software developers).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 27.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our principal
executive offices are located at 2025 Hamilton Avenue, San Jose, California 95125 and our telephone number is (408) 376-7108.
Our internet address is www.ebay.com. Our investor relations website is located at https://investors.ebayinc.com. The information
contained in, or that can be accessed through, any of our websites is not part of this prospectus, the registration statement
of which this prospectus is a part, any document incorporated or deemed to be incorporated by reference herein, any prospectus
supplement or any related free writing prospectus.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a003"></A>RISK
FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Investing
in our securities involves a high degree of risk. Before you decide to invest in our securities, you should consider carefully
the risks and uncertainties set forth under the caption &ldquo;Risk Factors&rdquo; in our most recent Annual Report on Form 10-K
and our subsequent Quarterly Reports on Form 10-Q, if any, which are incorporated or deemed to be incorporated by reference in
this prospectus and may be obtained as described under &ldquo;Where You Can Find More Information,&rdquo; and any risk factors
that may be set forth in the applicable prospectus supplement, any related free writing prospectus and any other documents that
are incorporated or deemed to be incorporated by reference herein, as well as the other information contained in this prospectus,
the documents incorporated and deemed to be incorporated by reference herein, the applicable prospectus supplement and any related
free writing prospectus. Each of these risks could have a material adverse effect on our business, results of operations and financial
condition and the occurrence of any of these risks might cause you to lose all or part of your investment in our securities. In
addition, the information contained in this prospectus, the applicable prospectus supplement, any related free writing prospectus
and the documents incorporated and deemed to be incorporated by reference in this prospectus include forward-looking statements
that involve risks and uncertainties. We refer you to the &ldquo;Forward-Looking Statements&rdquo; section of this prospectus,
as well as the &ldquo;Forward-Looking Statements&rdquo; or other comparable sections in the applicable prospectus supplement,
any related free writing prospectus and the documents incorporated and deemed to be incorporated by reference in this prospectus,
for information regarding some of the risks and uncertainties inherent in forward-looking statements. Our actual results could
differ materially from those expressed in or implied by the forward-looking statements as a result of many factors, including
the risks described under the caption &ldquo;Risk Factors&rdquo; in the documents referred to above and the risks described elsewhere
in this prospectus, the applicable prospectus supplement, any related free writing prospectus and the documents incorporated and
deemed to incorporated by reference in this prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a004"></A>FORWARD-LOOKING
STATEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
and the documents incorporated and deemed to be incorporated by reference herein contain, and any prospectus supplement and related
free writing prospectus may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended (the &ldquo;Securities Act&rdquo;), and Section 21E of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), including statements that involve expectations, plans or intentions (such as those relating to future business, future
results of operations or financial condition, including with respect to the effects of COVID-19, impacts from the ongoing war
in Ukraine, new or planned features or services, or management strategies, including our portfolio review). All statements, other
than statements of historical fact, included or incorporated by reference in this prospectus, any prospectus supplement or related
free writing prospectus, including statements that involve expectations, plans or intentions, are forward-looking statements.
You can identify these forward-looking statements by words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo;
&ldquo;should,&rdquo; &ldquo;could,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;intend,&rdquo; &ldquo;plan&rdquo; and other similar expressions. These forward-looking statements may include, but are
not limited to, statements regarding the future performance of eBay Inc. and its consolidated subsidiaries, including future results
of operations, financial condition, efficiencies, margins, reinvestments, dividends, share repurchases and timing of announcements
regarding our strategic portfolio review. We have based these forward-looking statements on our expectations, forecasts and assumptions
about future conditions, events and results at the respective dates of the documents in which they appear. These forward-looking
statements involve risks and uncertainties and actual results could differ materially from those expressed, predicted or implied
in these forward-looking statements. Such risks and uncertainties include, among others, those discussed in the sections entitled
&ldquo;Risk Factors&rdquo; in this prospectus, in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q, which are incorporated and deemed to be incorporated by reference in this prospectus and may be obtained as described
below under &ldquo;Where You Can Find More Information,&rdquo; and, if applicable, in the applicable prospectus supplement and
any related free writing prospectus, as well as the risks and uncertainties discussed in our consolidated financial statements,
related notes and the other information included in this prospectus, the applicable prospectus supplement, any related free writing
prospectus and the documents incorporated and deemed to be incorporated by reference herein. Reported results should not be considered
as an indication of future performance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Other
factors that could cause or contribute to our actual results differing materially from those expressed, predicted or implied in
forward-looking statements include, but are not limited to: changes in political, business and economic conditions, any regional or
general economic downturn or crisis and any conditions that affect ecommerce growth or cross-border trade&#894; our need to realize
growth opportunities in payments intermediation and advertising&#894; the outcome of the strategic portfolio reviews&#894;
fluctuations in foreign currency exchange rates&#894; our need to successfully react to the increasing importance of mobile commerce
and the increasing social aspect of commerce&#894; an increasingly competitive environment for our business&#894; changes to our
capital allocation, including the timing, declaration, amount and payment of any future dividends or levels of our share
repurchases, or management of operating cash&#894; our ability to increase operating efficiency to drive margin improvements and
enable reinvestments&#894; our need to manage our indebtedness, including managing exposure to interest rates and maintaining our
credit ratings&#894; our need to manage an increasingly large enterprise with a broad range of businesses of varying degrees of
maturity and in many different geographies&#894; the ability to successfully intermediate payments on our Marketplace
platforms&#894; our need and ability to manage regulatory, tax, data security and litigation risks&#894; the ultimate resolution of
ongoing investigations and other legal matters involving us; our ability to timely upgrade and develop our technology systems,
infrastructure and customer service capabilities at reasonable cost while maintaining site stability and performance and adding new
products and features&#894; and our ability to integrate, manage and grow businesses that have been acquired or may be acquired in
the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">These
forward-looking statements speak only as of the respective dates of the documents in which they appear. We do not intend, and
undertake no obligation, to update any such forward-looking statements to reflect actual results or future results or circumstances.
Given these risks and uncertainties, you are cautioned not to place undue reliance on any forward-looking statements contained
in this prospectus, any documents incorporated or deemed to be incorporated by reference herein, any prospectus supplement or
any free writing prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a005"></A>USE
OF PROCEEDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except
as described in any applicable prospectus supplement or in any related free writing prospectus, we anticipate using the net proceeds
we receive from the sale of our securities described in this prospectus for general corporate purposes, which may include working
capital, acquisitions, capital expenditures, repayment of indebtedness and repurchases of our common stock.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a006"></A>DESCRIPTION
OF DEBT SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
describes certain general terms and provisions of our debt securities and the related indenture (as such terms are defined below).
When we offer to sell a particular series of debt securities, we will describe the specific terms of that series in a supplement
to this prospectus and, if applicable, one or more free writing prospectuses relating to such series and such description will
supplement and, to the extent inconsistent with any portion of the description of our debt securities and the indenture contained
in this prospectus, supersede the applicable portion of the description contained in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The debt securities
(the &ldquo;debt securities&rdquo;) will be issued under the form of the indenture filed as an exhibit to the registration statement
of which this prospectus is a part (the &ldquo;indenture&rdquo;), between us and Deutsche Bank Trust Company Americas, as trustee
(the &ldquo;trustee&rdquo;). We have described some of the provisions of the indenture and the debt securities below. This description
is not complete and is subject to, and qualified in its entirety by reference to, the indenture, which has been filed or incorporated
by reference as an exhibit to the registration statement of which this prospectus is a part, and the respective forms of the debt securities
of each series, which will be filed as exhibits to such registration statement or to documents incorporated or deemed to be incorporated
by reference in this prospectus, all of which may be obtained as described under &ldquo;Where You Can Find More Information.&rdquo; You
should read the indenture and the applicable form of debt security for a complete statement of the provisions described in this prospectus
and for other provisions that may be important to you. The indenture is subject to and governed by the Trust Indenture Act of 1939, as
amended. In the following description, we have included references to some of the section numbers of the base indenture and the supplemental
indenture so that you can easily locate those provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">References
in this section to &ldquo;eBay,&rdquo; &ldquo;eBay Inc.,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; and similar
references mean eBay Inc. excluding, unless the context otherwise requires or otherwise expressly stated, its subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The terms
of each series of debt securities will be established by or pursuant to a resolution of our board of directors or a committee
thereof, and set forth or determined in the manner provided in a resolution of our board of directors or a committee thereof,
an officers&rsquo; certificate or a supplemental indenture. (Section 2.2 of the base indenture)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">An unlimited
aggregate principal amount of debt securities may be issued under the indenture. We may issue debt securities under the indenture
from time to time in one or more series with the same or various maturities, interest rates, public offering prices and other
terms and provisions. We need not issue all debt securities of one series at the same time. In addition, unless otherwise provided
in the applicable prospectus supplement, we may, without the consent of the holders or beneficial owners of the debt securities
of any series, reopen a series of debt securities and issue additional debt securities of that series from time to time. Any such
additional debt securities of any series, together with the debt securities of that series previously issued, will constitute
a single series of debt securities under the indenture. We will set forth in a prospectus supplement and, if applicable, one or
more free writing prospectuses relating to any series of debt securities being offered, the aggregate principal amount and other
terms of the debt securities of that series, which may include the following, if applicable:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         title of the debt securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         price or prices at which the debt securities of that series will be offered to the public&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         limit on the aggregate principal amount of the debt securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         date or dates on which we will pay the principal of the debt securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         rate or rates (which may be fixed or variable) or the method used to determine the rate
                                         or rates at which the debt securities of that series will bear interest, if any&#894;
                                         the date or dates from which interest, if any, will accrue&#894; the date or dates on
                                         which interest, if any, will be payable&#894; and any regular record date for the interest
                                         payable on any interest payment date&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         right, if any, to defer payment of interest, if any, on the debt securities of that series
                                         and the length of any deferral period&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         terms and conditions upon which we may redeem the debt securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         obligation we may have to redeem or repurchase the debt securities of that series pursuant
                                         to any sinking fund or analogous provisions or at the option of the holders of debt securities
                                         of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         denominations in which the debt securities of that series will be issued, if other than
                                         denominations of $2,000 and integral multiples of $1,000 in excess thereof&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         portion of principal amount of the debt securities of that series payable upon acceleration
                                         of the maturity thereof, if other than the entire principal amount&#894;</FONT></TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         currency of denomination of the debt securities of that series, if other than U.S. dollars&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         currency or currencies in which payment of principal of and premium and interest, if
                                         any, on the debt securities of that series will be made, if other than U.S. dollars&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">if
                                         payments of principal of or premium or interest, if any, on the debt securities of that
                                         series will be made in one or more currencies, other than that or those in which the
                                         debt securities of that series are denominated, the manner in which the currency exchange
                                         rate with respect to those payments will be determined&#894;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         manner in which the amounts of payments of principal of or premium or interest, if any,
                                         on the debt securities of that series will be determined, if those amounts may be determined
                                         by reference to an index based on a currency or currencies or by reference to a commodity,
                                         commodity index, stock exchange index or other index&#894;</FONT></TD></TR></TABLE>
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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         provisions relating to any collateral provided as security for the payment of the debt
                                         securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         additions to or changes in the events of default described in this prospectus or in the
                                         indenture with respect to the debt securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         provisions for the conversion of the debt securities of that series into, or the exchange
                                         of the debt securities of that series for, other securities (including, without limitation,
                                         other securities described in this prospectus) or property&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         additions to or changes in the covenants described in this prospectus or in the indenture
                                         with respect to the debt securities of that series&#894; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         other terms of the debt securities of that series, which may supplement, modify or delete
                                         any provision of the indenture as it applies to that series. (Section 2.2 of the base
                                         indenture)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Without
limitation to the foregoing, the terms of the debt securities of any series described in a prospectus supplement or free writing
prospectus may modify, supplement or supersede any of the terms of the debt securities or the indenture described in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise stated in the applicable prospectus supplement, interest on the debt securities of each series will be computed on the
basis of a 360-day year comprised of twelve 30-day months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In addition,
the indenture will allow us to issue subordinated debt securities, which may include senior subordinated debt securities, subordinated
debt securities, junior subordinated debt securities and subordinated debt securities with any other ranking. Any subordination
provisions of a particular series of debt securities will be described in the relevant prospectus supplement. We may issue debt
securities (which we refer to as &ldquo;discount securities&rdquo;) that provide for an amount less than their stated principal
amount to be due and payable upon acceleration of their maturity pursuant to the terms of the indenture. We will provide you with
information on the U.S. federal income tax considerations applicable to any such discount securities in the applicable prospectus
supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise specified in the prospectus supplement relating to a particular series of debt securities, the debt securities of each
series will be our unsecured and unsubordinated obligations and will rank equally in right of payment with all of our other existing
and future unsecured and unsubordinated indebtedness. The debt securities of each series will be effectively subordinated in right
of payment to all of our secured indebtedness, if any, to the extent of the value of the collateral securing that indebtedness
and will be effectively subordinated in right of payment to all existing and future indebtedness and other liabilities of our
subsidiaries, which are separate legal entities having no contractual obligation to pay any amounts due pursuant to the debt securities
or to make funds available for such purpose.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Form&#894; Transfer and
Exchange</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise indicated in the applicable prospectus supplement:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         debt securities of each series will be issued in fully registered form without coupons
                                         and in the form of one or more global debt securities (&ldquo;global securities&rdquo;)
                                         registered in the name of The Depository Trust Company (&ldquo;DTC&rdquo;) or its nominee,
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">investors
                                         will not be entitled to receive debt securities of such series in definitive certificated
                                         form (&ldquo;certificated securities&rdquo;) or to have debt securities of such series
                                         registered in their names except under the limited circumstances described below under
                                         &ldquo;Book-Entry Form and Transfer.&rdquo;</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For additional
information concerning global securities, see &ldquo;Book-Entry Form and Transfer&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Debt securities
may be surrendered for registration of transfer or exchange at any office we maintain for this purpose in accordance with the
terms of the indenture. No service charge will be made for any transfer or exchange of debt securities (except as otherwise expressly
provided by the indenture), but we may (subject to limited exceptions) require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection with a transfer or exchange. (Section 2.7 of the base indenture)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
provides that neither we nor any registrar for the debt securities will be required (a) to issue, register the transfer of or
exchange debt securities of any series during the period beginning at the opening of business 15 days preceding the giving of
a notice of redemption of debt securities of that series and ending at the close of business on the day such notice is given,
or (b) to register the transfer of or exchange debt securities (or portions thereof) selected, called or being called for redemption
or, if applicable, surrendered for repurchase by us at the option of the holder, except any portion thereof not so selected, called
or being called or so surrendered. (Section 2.7 of the base indenture)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
provides that, prior to due presentment of a debt security for registration of transfer, we, the trustee and any agent of ours
or the trustee may treat the person in whose name such debt security is registered in the register maintained for that purpose
as the owner of such debt security for the purpose of receiving payment of the principal of and premium and interest, if any,
on such debt security and for all other purposes whatsoever, whether or not any payment with respect to such debt security shall
be overdue, and neither we, the trustee nor any agent of ours or the trustee shall be affected by notice to the contrary. (Section
2.16 of the base indenture)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">No Sinking Fund or Protection
In the Event of a Change of Control</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise stated in the prospectus supplement relating to a particular series of debt securities, the debt securities will not
be entitled to the benefit of any sinking fund, will not be subject to repurchase by us at the option of the holders prior to
maturity and, except to the limited extent described under &ldquo;Covenants&mdash;Consolidation, Merger and Sale of Assets&rdquo;
below, will not be entitled to the benefit of any provisions which are intended to protect holders of debt securities in the event
of a change of control of eBay or a highly leveraged transaction (whether or not related to a change in control) involving eBay.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
covenants will apply to the debt securities of each series unless otherwise expressly stated in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Limitation on
Liens</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the
indenture, we covenant and agree, for the benefit of the holders of the debt securities of each series, that we will not, nor
will we permit any Significant Subsidiary to, issue, incur, create, assume or guarantee any debt for borrowed money (including
debt for borrowed money evidenced by bonds, debentures, notes or similar instruments) (collectively, &ldquo;Debt&rdquo;) secured
by a mortgage, deed of trust, security interest, pledge, lien, charge or similar encumbrance (each, a &ldquo;Lien&rdquo;) upon
any Principal Property, shares of Capital Stock of any Significant Subsidiary or intercompany Debt owed by any Significant Subsidiary
to us or any of our other Subsidiaries (&ldquo;Intercompany Debt&rdquo;) (whether such Principal Property, shares of Capital Stock
or Intercompany Debt is existing or owed on the date the debt securities of such series are first issued or thereafter created
or acquired), without in any such case effectively providing, substantially concurrently with or prior to the issuance, incurrence,
creation, assumption or guarantee of any such secured Debt or the grant of such Lien securing any such secured Debt, that the
debt securities of such series (together with, if we shall so determine, any other indebtedness or other obligations (including,
without limitation, debt securities of other series issued under the indenture) of or guarantees by us or any Significant Subsidiary
ranking equally in right of payment with the debt securities of such series or any such guarantee) shall be secured equally and
ratably with (or, at our option, prior to) such secured Debt (but only so long as such secured Debt is so secured). The foregoing
restriction, however, will not apply to any of the following:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
on property, Capital Stock, Debt or other assets of any person existing at the time such person becomes a Subsidiary of ours,
<I>provided</I> that such Liens are not incurred in anticipation of such person becoming a Subsidiary of ours and do not extend
to any assets other than those of such person&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
on property, Capital Stock, Debt or other assets existing at the time of acquisition thereof (including, without limitation, by
merger, consolidation or acquisition of Capital Stock) by us or a Subsidiary of ours, or Liens thereon to secure the payment of
all or any part of the purchase price thereof, or Liens on property, Capital Stock, Debt or other assets to secure any Debt incurred
prior to, at the time of, or within 18 months after, the latest of the acquisition (including, without limitation, by merger,
consolidation or acquisition of Capital Stock) thereof or, in the case of property, the completion of construction, the completion
of improvements or the commencement of substantial commercial operation of such property for the purpose of financing all or any
part of the purchase price thereof, such construction or the making of such improvements, as the case may be&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
in favor of, or which secure Debt owing to, us or any of our Subsidiaries&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
existing on the date the debt securities of such series were first issued&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
on property of a person existing at the time such person is merged with or into, or consolidated with, us or a Subsidiary of ours
or otherwise acquired by us or a Subsidiary of ours or at the time of a sale, lease or other disposition of the properties of
any person as an entirety or substantially as an entirety to us or a Subsidiary of ours, <I>provided</I> that such Liens were
not incurred in anticipation of such merger, consolidation, sale, lease or other disposition and do not extend to any assets other
than those of the person merged with or into, or consolidated with, us or a Subsidiary of ours or such property sold, leased or
disposed of&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
in favor of the United States of America or any state, territory or possession thereof (or the District of Columbia), or any department,
agency, instrumentality or political subdivision of the United States of America or any state, territory or possession thereof
(or the District of Columbia), to secure partial, progress, advance or other payments pursuant to any contract or statute or to
secure any Debt incurred for the purpose of financing all or any part of the purchase price of or the cost of constructing or
improving the property subject to such Liens&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
securing the debt securities of such series&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
created in connection with a project financed with, or created to secure, Non-recourse Obligations&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Liens
to secure bonds, notes, debentures or similar instruments on which the interest is exempt from federal income tax&#894; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 31.5pt; text-indent: 40.5pt"><FONT STYLE="font-size: 10pt">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>extensions,
renewals, refinancings or replacements (in whole or in part) of any Liens or Debt which is secured by Liens that were permitted
to be incurred by the indenture&#894; <I>provided</I>, <I>however</I>, that (a) the principal or accreted amount of any Debt of
ours or any of our Significant Subsidiaries secured by such Lien immediately after such extension, renewal, refinancing or replacement
shall not exceed the sum of the principal or accreted amount, as the case may be, of any Debt of ours or any of our Significant
Subsidiaries so secured immediately prior to such extension, renewal, refinancing or replacement plus any costs and expenses (including,
without limitation, any fees, premiums and penalties) related to such extension, renewal, refinancing or replacement and (b) such
extension, renewal, refinancing or replacement Liens are limited to all or part of the same Principal Property (and any improvements
thereon), shares of Capital Stock of any Significant Subsidiary or Intercompany Debt which secured any Debt of ours or any of
our Significant Subsidiaries immediately prior to such extension, renewal, refinancing or replacement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, we and our Significant Subsidiaries may, without securing the debt securities of such series or any other debt
securities issued under the indenture, issue, incur, create, assume or guarantee Debt secured by any Liens which would otherwise
be subject to the restrictions set forth in the immediately preceding paragraph if, immediately after giving effect thereto and,
if applicable, to the application of any proceeds therefrom to repay Debt on a pro forma basis, our Aggregate Debt does not exceed
the greater of (1) 20% of our Consolidated Net Tangible Assets, determined as of the date of such issuance, incurrence, creation,
assumption or guarantee, and (2) $500 million. (Section 4.1 of the supplemental indenture)</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Limitation on
Sale and Lease-Back Transactions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the
indenture, we covenant and agree, for the benefit of the holders of the debt securities of each series, that we will not, nor
will we permit any Significant Subsidiary to, enter into any Sale and Lease-Back Transaction with respect to any Principal Property,
unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Sale and Lease-Back Transaction involves a lease for a term of not more than three years&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Sale and Lease-Back Transaction is between us and one of our Subsidiaries or between any Subsidiaries of ours&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we
or such Significant Subsidiary would be entitled, at the time of such Sale and Lease-Back Transaction, to incur Debt secured by
a Lien on the Principal Property involved in such Sale and Lease-Back Transaction at least equal in amount to the Attributable
Debt with respect to such Sale and Lease-Back Transaction, without equally and ratably securing the debt securities of such series,
pursuant to the first paragraph under &ldquo;&mdash; Limitation on Liens&rdquo; above&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we
or any of our Subsidiaries applies an amount equal to the net proceeds of such Sale and Lease-Back Transaction within 365 days
after such Sale and Lease-Back Transaction to any of (or a combination of) (i) the prepayment or retirement of the debt securities
of such series, (ii) the prepayment or retirement of other bonds, notes, debentures or similar instruments (including, without
limitation, debt securities of any other series issued under the indenture) or Debt of ours or a Subsidiary of ours (other than
bonds, notes, debentures, similar instruments or Debt of ours that is by its terms subordinated in right of payment to the debt
securities of such series) that by its terms matures more than 12 months after its creation or (iii) the purchase, construction,
development, expansion or improvement of properties or facilities that are used in or useful to our business or the business of
any of our Subsidiaries&#894; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
Sale and Lease-Back Transaction was entered into on or prior to the date the debt securities of such series were first issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, we and our Significant Subsidiaries may, without securing the debt securities of such series or any other debt
securities issued under the indenture, enter into a Sale and Lease-Back Transaction which would otherwise be subject to the restrictions
set forth in the immediately preceding paragraph if, immediately after giving effect thereto and, if applicable, to the application
of any proceeds therefrom to repay Debt on a pro forma basis, our Aggregate Debt does not exceed the greater of (1) 20% of our
Consolidated Net Tangible Assets, determined as of the date of such Sale and Lease-Back Transaction, and (2) $500 million. (Section
4.7 of the supplemental indenture)</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Consolidation,
Merger and Sale of Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the
indenture, we covenant and agree, for the benefit of the holders of the debt securities of each series, that we will not consolidate
with or merge into, or convey, transfer or lease all or substantially all of our properties and assets to, any person (a &ldquo;successor
person&rdquo;) unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">we
                                         are the surviving person or the successor person (if other than us) is organized and
                                         existing under the laws of the United States of America, any State thereof or the District
                                         of Columbia and expressly assumes our obligations under the debt securities of each series
                                         and the indenture&#894;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">immediately
                                         after giving effect to the transaction, no event of default (as defined below), and no
                                         event which, after notice or lapse of time or both, would be an event of default, shall
                                         have occurred and be continuing under the indenture; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">certain
                                         other conditions are met.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
the above, any Subsidiary of eBay Inc. may consolidate with, merge into or convey, transfer or lease all or part of its properties
or assets to eBay Inc. or any other Subsidiary of eBay Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Upon compliance
with the provisions above, the successor person (if other than eBay) will succeed to and be substituted for and may exercise every
right and power of us under the debt securities and the indenture with the same effect as if such successor person had been the
original obligor under the debt securities and the indenture, and thereafter (except in the case of a lease) we will be released
from all obligations and covenants under the debt securities and the indenture. (Section 5.1 of the base indenture)</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Certain Definitions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As used
in this &ldquo;Description of Debt Securities&rdquo; section, the following terms have the meanings set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Aggregate
Debt</I>&rdquo; means, with respect to the debt securities of any series, the sum of the following, calculated as of the date
of determination on a consolidated basis in accordance with GAAP:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         aggregate amount of then outstanding Debt of us and our Significant Subsidiaries incurred
                                         after the date the debt securities of such series were first issued and secured by Liens
                                         not permitted under the first paragraph under &ldquo;&mdash;Limitation on Liens&rdquo;
                                         above, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         aggregate amount of Attributable Debt of us and our Significant Subsidiaries then outstanding
                                         in respect of Sale and Lease-Back Transactions entered into by us and our Significant
                                         Subsidiaries after the date the debt securities of such series were first issued pursuant
                                         to the second paragraph under &ldquo;&mdash;Limitation on Sale and Lease-Back Transactions&rdquo;
                                         above.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Attributable
Debt</I>&rdquo; with regard to a Sale and Lease-Back Transaction with respect to any Principal Property means, at the time of
determination, the lesser of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         fair market value (as determined in good faith by our board of directors, which term,
                                         as defined in the indenture, includes committees thereof) of the Principal Property subject
                                         to such Sale and Lease-Back Transaction&#894; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         present value of the total net amount of rent required to be paid under the applicable
                                         lease during the remaining contractual term thereof (including any period for which such
                                         lease has been extended but subject to the last sentence of this subparagraph), discounted
                                         at the rate of interest per annum set forth or implicit in the terms of such lease (or,
                                         if not practicable to determine such rate, the weighted average interest rate per annum
                                         borne (at the time of determination) by the debt securities then outstanding under the
                                         indenture) compounded semi- annually (assuming a 360-day year consisting of twelve 30
                                         day months). For purposes of clarity, it is understood and agreed that (a) the total
                                         net amount of rent required to be paid under, and the term of, the applicable lease shall
                                         be determined upon the basis of the contractual terms of such lease and shall not be
                                         affected by the fact that all or any portion of such rent may, under GAAP, be characterized
                                         as interest or some other amount or that the amount of such rent or the term of such
                                         lease, as determined under GAAP, may be different from the amount of rent or the term
                                         specified by the contractual terms of such lease and (b) the total net amount of rent
                                         shall exclude any amounts required to be paid by the lessee, whether or not designated
                                         as rent or additional rent, on account of maintenance, repairs, insurance, taxes, assessments,
                                         water rates or similar charges or any amounts required to be paid by such lessee contingent
                                         upon the amount of sales or similar contingent amounts. In the case of any lease that
                                         is terminable by the lessee upon the payment of a penalty, such total net amount of rent
                                         shall be the lesser of (1) the net amount determined assuming </FONT></TD></TR></TABLE>



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  <TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-size: 10pt">termination upon the first date such lease may be terminated (in which case the net amount
  shall also include the present value, calculated as provided above, of the amount of the penalty, but no rent shall be considered
  as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or (2) the net amount
  determined assuming no such termination, in each case determined in accordance with the contractual terms of such lease.</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Capital
Stock</I>&rdquo; of any person means any and all shares, interests, participations or other equivalents (however designated) in
the equity of such person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Consolidated
Net Tangible Assets</I>&rdquo; means, as of any date on which we effect a transaction requiring such Consolidated Net Tangible
Assets to be measured under the indenture, the aggregate amount of assets (less applicable reserves) after deducting therefrom
(a) all current liabilities, except for current maturities of long-term debt and obligations under finance leases, and (b) all
intangible assets (including goodwill), to the extent included in said aggregate amount of assets, all as set forth in the most
recent consolidated balance sheet of us and our consolidated Subsidiaries prepared in accordance with GAAP contained in an annual
report on Form 10-K or a quarterly report on Form 10-Q (in each case as amended, if applicable) filed by us with the Securities
and Exchange Commission (or any successor thereto) or if, at such date, we shall have ceased filing such reports with the Securities
and Exchange Commission (or any successor thereto), our then most recent consolidated annual or quarterly balance sheet prepared
in accordance with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>GAAP</I>&rdquo;
means accounting principles generally accepted in the United States of America, which are in effect as of the date of application
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>holder</I>&rdquo;
means any person in whose name a debt security is registered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Non-recourse
Obligation</I>&rdquo; means indebtedness or other obligations substantially related to (1) the acquisition of assets not previously
owned by us or any of our Subsidiaries or (2) the financing of a project involving the development or expansion of properties
of ours or any of our Subsidiaries, as to which the obligee with respect to such indebtedness or obligation has no recourse to
us or any Subsidiary of ours or to our or any such Subsidiary&rsquo;s assets other than the assets which were acquired with the
proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>person</I>&rdquo;
means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust,
unincorporated organization or any other entity, including any government or any agency or political subdivision thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Principal
Property</I>&rdquo; means (1) our principal corporate office (whether owned on the date of the indenture or thereafter acquired,
and including any leasehold interest therein) and (2) each data center, service and support facility or research and development
facility (in each case, whether owned on the date of the indenture or thereafter acquired) which is owned by or leased to us or
any of our Subsidiaries and is located within the United States of America, unless, with respect to clause (2), our board of directors
(which term, as defined in the indenture, includes committees thereof) has determined in good faith that such center or facility
is not of material importance to the total business conducted by us and our Subsidiaries, taken as a whole&#894; <I>provided</I>,
<I>however</I>, that any such center or facility (a) owned by us or any of our Subsidiaries for which the book value (less accumulated
depreciation) on the date as of which the determination is being made is equal to or less than 1.0% of our Consolidated Net Tangible
Assets as of such date, all determined in accordance with GAAP, or (b) leased by us or any of our Subsidiaries for which the annual
lease obligation on the date as of which the determination is being made is equal to or less than $2.0 million shall in no event
be deemed a Principal Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Sale
and Lease-Back Transaction</I>&rdquo; means any arrangement with any person providing for the leasing by us or any Significant
Subsidiary of ours of any Principal Property, whether owned on the date of the indenture or thereafter acquired, which Principal
Property has been or is to be sold or transferred by us or such Significant Subsidiary of ours to such person with the intention
of taking back a lease of such Principal Property.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Significant
Subsidiary</I>&rdquo; means any Subsidiary of ours that is a &ldquo;significant subsidiary&rdquo; as defined in Rule 1-02(w) of
Regulation S-X as promulgated by the Securities and Exchange Commission (or any successor thereto) or any successor to such Rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Subsidiary</I>&rdquo;
of any specified person means any corporation, partnership, limited liability company or other entity of which more than 50% of
the total voting power of outstanding shares of Capital Stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof (or persons performing similar functions) is at the time owned
(and, in the case of a partnership, more than 50% of whose total general partnership interests then outstanding is at the time
owned), directly or indirectly, by such person or other Subsidiaries of such person or a combination thereof and, in the case
of an entity other than a corporation or a partnership, such person has the power to direct, directly or indirectly, the policies,
management and affairs of such entity.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Events of Default</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise specified in the applicable prospectus supplement, an &ldquo;event of default&rdquo; with respect to the debt securities
of any series means any of the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">default
                                         in the payment of any interest on any debt security of that series when it becomes due
                                         and payable, and continuance of that default for a period of 30 days (unless the entire
                                         amount of such payment is deposited by us with the trustee or with a paying agent prior
                                         to the expiration of such 30-day period)&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">default
                                         in the payment of principal of or premium (if any) on any debt security of that series
                                         when due and payable&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">default
                                         in the performance or breach of any covenant or warranty of ours in the indenture (other
                                         than a covenant or warranty for which the consequences of nonperformance or breach are
                                         addressed by another event of default applicable to debt securities of that series and
                                         other than a covenant or warranty that has been included in the indenture solely for
                                         the benefit of a series of debt securities other than that series), which default or
                                         breach continues uncured for a period of 90 days after there has been given, by registered
                                         or certified mail, to us by the trustee or to us and the trustee by the holders of at
                                         least 25% in principal amount of the outstanding debt securities of that series, a written
                                         notice containing the statements required by the indenture&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">certain
                                         events of bankruptcy, insolvency or reorganization of eBay&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         other event of default with respect to the debt securities of that series that is specified
                                         in a resolution of our board of directors (or a committee thereof), supplemental indenture
                                         or officer&rsquo;s certificate establishing the terms of the debt securities of that
                                         series as provided in the indenture and described in the applicable prospectus supplement.
                                         (Section 6.1 of the base indenture)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No event
of default with respect to a particular series of debt securities necessarily constitutes an event of default with respect to
any other series of debt securities. The occurrence of certain events of default or an acceleration of the debt securities of
one or more series under the indenture may constitute an event of default under certain of our other indebtedness outstanding
from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If an event
of default with respect to the debt securities of any series at the time outstanding occurs and is continuing (other than an event
of default relating to certain events of bankruptcy, insolvency or reorganization of eBay), then the trustee or the holders of
not less than 25% in principal amount of the outstanding debt securities of that series may declare the principal (or, if any
debt securities of that series are discount securities, such portion of the principal as may be specified in the terms of such
debt securities) of and accrued and unpaid interest, if any, on all of the debt securities of that series to be due and payable
immediately, by a notice in writing to us (and to the trustee if given by the holders). If an event of default resulting from
certain events of bankruptcy, insolvency or reorganization of eBay occurs and is continuing with respect to the debt securities
of any series, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">of such series will become and be immediately due and payable without any declaration or other act on the part of the trustee
or any holder of debt securities of such series. At any time after acceleration with respect to debt securities of any series
has occurred and before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority
in principal amount of the outstanding debt securities of that series may rescind and annul such acceleration and its consequences
if all events of default with respect to the debt securities of such series, other than
non-payment of the principal and interest, if any, of the debt securities of such series which have become due solely by such
acceleration, have been cured or waived as provided in the indenture. (Section 6.2 of the base indenture) We refer you to the
prospectus supplement relating to any series of debt securities that are discount securities for the particular provisions relating
to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an event of default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
provides that the trustee will be under no obligation to exercise any of its rights or powers under the indenture at the request
or direction of any of the holders of debt securities of any series unless such holders shall have offered to the trustee security
and/or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction. (Section 7.2(f) of the base indenture) Subject to certain rights of the trustee and to certain conditions
specified in the indenture, the holders of a majority in 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 6.12 of the base indenture)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No holder
of any debt security of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the
indenture or the debt securities of such series, or for the appointment of a receiver, trustee or similar official, or for any
other remedy under the indenture, unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">that
                                         holder has previously given written notice to the trustee of a continuing event of default
                                         with respect to debt securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         holders of at least a majority in principal amount of the outstanding debt securities
                                         of that series have made written request to the trustee to institute proceedings in respect
                                         of such event of default in its own name as trustee under the indenture&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">such
                                         holder or holders have offered to the trustee security and/or indemnity satisfactory
                                         to it against the costs, expenses and liabilities to be incurred in compliance with such
                                         request&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         trustee for 90 days after its receipt of such notice, request and offer of indemnity
                                         has failed to institute any such proceeding&#894; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">no
                                         direction inconsistent with such written request has been given to the trustee during
                                         such 90-day period by holders of a majority in principal amount of the outstanding debt
                                         securities of that series. (Section 6.7 of the base indenture)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
the foregoing, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal
of and premium and interest, if any, on that debt security on the due dates expressed in that debt security and to institute suit
for the enforcement of any such payment. (Section 6.8 of the base indenture)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
requires that we deliver to the trustee, within 120 days after the end of each of our fiscal years, an officers&rsquo; certificate
stating whether or not, to the knowledge of the signers thereof, we are in default in the performance or observance of any of
the terms, provisions and conditions of the indenture and, if we are in default, specifying all such defaults and the nature and
status thereof of which the signers may have knowledge. The indenture also requires that, so long as any debt securities are outstanding,
we deliver to the trustee promptly upon becoming aware of any default or event of default under the indenture, an officers&rsquo;
certificate specifying such default or event of default and what action we are taking or propose to take with respect thereto.
(Section 4.3 of the base indenture) The indenture provides that the trustee may withhold notice to the holders of debt securities</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">of any series of any default
or event of default with respect to debt securities of that series (except a default in payment of principal of or premium or
interest, if any, on any debt securities of that series) if it in good faith determines that withholding notice is in the interest
of the holders of the debt securities of that series. (Section 7.5 of the base indenture)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Modification and Waiver</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We and
the trustee may enter into a supplemental indenture in order to amend or supplement the indenture with respect to the debt securities
of one or more series or amend or supplement the debt securities of one or more series, without notice to or the consent of any
holders of any debt securities, to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">cure
                                         any ambiguity, defect or inconsistency&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">make
                                         any change that does not adversely affect the rights of any holder of debt securities
                                         in any material respect&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">comply
                                         with the provisions described above under &ldquo;Covenants&mdash;Consolidation, Merger
                                         and Sale of Assets&rdquo;&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">provide
                                         for the issuance of uncertificated debt securities in addition to or in place of certificated
                                         debt securities or reflect any changes in the rules or procedures of any depositary for
                                         global securities&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">add
                                         to the covenants or the events of default for the benefit of holders of all or any series
                                         of debt securities or surrender any right or power conferred on us by the indenture with
                                         respect to the debt securities of one or more series or to secure the debt securities
                                         of one or more series or to provide guarantees for the benefit of one or more series
                                         of debt securities&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">amend
                                         or supplement any of the provisions of the indenture in respect of one or more series
                                         of debt securities, <I>provided</I>, <I>however</I>, that any such amendment or supplement
                                         either (A) shall not apply to any outstanding debt security of any series issued prior
                                         to the date of such amendment or supplement and entitled to the benefit of such provision
                                         or (B) shall become effective only if or when, as the case may be, there is no outstanding
                                         debt security of any series issued prior to the date of such amendment or supplement
                                         and entitled to the benefit of such provision&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">establish
                                         the form and terms of any series of debt securities as permitted by the indenture&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">evidence
                                         and provide for the acceptance of appointment under the indenture by a successor trustee
                                         with respect to the debt securities of one or more series and add to or change any of
                                         the provisions of the indenture as shall be necessary to provide for or facilitate the
                                         administration of the trusts thereunder by more than one trustee&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">supplement
                                         any provisions of the indenture as is necessary to permit or facilitate the legal defeasance,
                                         covenant defeasance or satisfaction and discharge of any debt securities as described
                                         below under &ldquo;Defeasance of Debt Securities and Certain Covenants&rdquo; or &ldquo;Satisfaction
                                         and Discharge&rdquo;&#894; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">comply
                                         with the requirements of the Securities and Exchange Commission or any applicable law
                                         or regulation in order to effect or maintain the qualification of the indenture under
                                         the Trust Indenture Act of 1939, as amended, or conform the indenture with any other
                                         mandatory provision of law or regulation, or conform the indenture or the debt securities
                                         of any series to the description thereof contained in any applicable prospectus, prospectus
                                         supplement, free writing prospectus, offering memorandum, term sheet or other offering
                                         document. (Section 9.1 of the base indenture)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We and
the trustee may enter into supplemental indentures for the purpose of supplementing or amending in any manner the indenture with
respect to the debt securities of any series, or supplementing or amending the debt securities of any series, with the consent
of the holders of at least a majority in principal amount of the outstanding debt securities of such series&#894; <I>provided
</I>that no such consent of holders of debt securities shall be required for any amendment or supplement described in the immediately
preceding paragraph. In addition, the</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">holders of at least a majority
in principal amount of the outstanding debt securities of any series may, on behalf of the holders of all debt securities of that
series, waive compliance by us with any covenants or other provisions of the indenture and the debt securities of such series.
(Section 9.2 of the base indenture)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">However,
the indenture provides that, subject to the provisions described in the next succeeding paragraph, an amendment, supplement or
waiver described in the immediately preceding paragraph affecting the debt securities of any series may not, without the consent
of the holder of each debt security of such series then outstanding:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the rate of or extend the time for payment of interest (including default interest, if
                                         any) on any debt security of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the principal of or premium on or change the stated maturity of any debt security of
                                         that series or reduce the amount of, or postpone the date fixed for, the payment of any
                                         sinking fund or analogous obligation with respect to any debt securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the principal amount of any discount securities of that series payable upon acceleration
                                         of its maturity&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">waive
                                         a default or event of default in the payment of the principal of or premium or interest,
                                         if any, on any debt security of that series (except a rescission of acceleration of the
                                         debt securities of such series by the holders of at least a majority in aggregate principal
                                         amount of the outstanding debt securities of such series and a waiver of the payment
                                         default that resulted from such acceleration)&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">make
                                         the principal of or premium or interest, if any, on any debt security of such series
                                         payable in a currency other than that stated in such debt security&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">make
                                         any change, insofar as relates to the debt securities of that series, to the provisions
                                         of the indenture relating to, among other things, the right of holders of debt securities
                                         of that series to receive payment of the principal of, and premium and interest, if any,
                                         on, the debt securities of that series when due and to institute suit for the enforcement
                                         of any such payment or relating to waivers of past defaults and events of default with
                                         respect to the debt securities of that series&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the amount payable upon the redemption of any debt security of that series at our option
                                         or the repayment of any debt security of that series at the option of the holder&#894;
                                         or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the percentage in principal amount of debt securities of that series, the consent of
                                         the holders of which is required for any of the foregoing modifications or otherwise
                                         necessary to supplement or amend the indenture with respect to the debt securities of
                                         that series, or to waive any past default or event of default with respect to the debt
                                         securities of that series. (Section 9.3 of the base indenture)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
provides that any amendment, supplement or waiver shall bind every holder of debt securities of each series affected by such amendment,
supplement or waiver unless it is of the type, or relates to any of the matters, described in any of the bullet points in the
immediately preceding paragraph. In that case then, anything in the indenture to the contrary notwithstanding, the amendment,
supplement or waiver shall bind every holder of a debt security who has consented to it and every subsequent holder of a debt
security or portion of a debt security that evidences the same debt as the consenting holder&rsquo;s debt security. (Section 9.5
of the base indenture)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The holders
of a majority in principal amount of the outstanding debt securities of any series may, on behalf of the holders of all debt securities
of such series, waive any past default or event of default under the indenture with respect to that series and its consequences,
except a default or event of default in the payment of the principal of, or premium or interest, if any, on, any debt security
of that series&#894; <I>provided</I>, <I>however</I>, that the holders of a majority in principal amount of the outstanding debt
securities of any series may rescind an acceleration of the debt securities of that series and its consequences, including any
related payment default that resulted from the acceleration. (Section 6.13 of the base indenture)</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Defeasance of Debt Securities
and Certain Covenants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
provides that, upon satisfaction of the conditions specified in the indenture, we shall be deemed to have paid and discharged
the entire indebtedness on all outstanding debt securities of any series on the 91st day after the date of the deposit referred
to in clause (a) under &ldquo;&mdash;Conditions to Legal Defeasance and Covenant Defeasance&rdquo; below with respect to the debt
securities of such series and the provisions of the indenture, as it relates to the outstanding debt securities of such series,
shall no longer be in effect except for:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         rights of holders of debt securities of such series to receive, solely from the funds
                                         described in clause (a) under &ldquo;&mdash;Conditions to Legal Defeasance and Covenant
                                         Defeasance&rdquo; below, payment of the principal of and premium and interest, if any,
                                         on the outstanding debt securities of such series when due&#894; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         limited number of other provisions of the indenture, including provisions relating to
                                         transfers and exchanges of, and the maintenance of a registrar and paying agent for,
                                         the debt securities of such series and the replacement of stolen, lost or mutilated debt
                                         securities of such series.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We sometimes
refer to this as &ldquo;legal defeasance.&rdquo; Upon the legal defeasance of the debt securities of any series, we will be discharged
from our obligations to make payments on the debt securities of such series and (subject to the exceptions as described above)
all of our other obligations under the indenture with respect to the debt securities of such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
further provides that, upon satisfaction of the conditions specified in the indenture, we will be released from our obligations
under, and may omit to comply with, the covenants described under the heading &ldquo;Covenants&rdquo; above and certain other
covenants in the indenture with respect to the debt securities of any series, as well as any additional covenants applicable to
the debt securities of such series which may be identified in the applicable prospectus supplement as being subject to covenant
defeasance, and the failure to comply with any such covenants shall not constitute a default or event of default with respect
to any debt securities of such series. We sometimes refer to this as &ldquo;covenant defeasance.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Conditions
to Legal Defeasance and Covenant Defeasance</I>. In order to effect legal defeasance or covenant defeasance of the debt securities
of any series, we must, among other things:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">deposit
                                         with the trustee money and/or U.S. government obligations or, in the case of debt securities
                                         of any series denominated in a currency other than U.S. dollars, money and/or foreign
                                         government obligations, that, through the payment of interest and principal in accordance
                                         with their terms, will provide an amount in cash sufficient, in the opinion of a nationally
                                         recognized firm of independent public accountants, to pay and discharge each installment
                                         of principal of, premium and interest, if any, on and any mandatory sinking fund payments
                                         in respect of the debt securities of that series on the dates those payments are due
                                         or, if applicable, any redemption date&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">in
                                         the case of legal defeasance, deliver 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, since the date of the indenture, there has been a change
                                         in the applicable United States federal income tax law, in either case to the effect
                                         that, and based thereon such opinion shall confirm that, the holders of the debt securities
                                         of that series will not recognize income, gain or loss for United States federal income
                                         tax purposes as a result of such deposit, legal defeasance and discharge and will be
                                         subject to United States federal income tax on the same amounts and in the same manner
                                         and at the same times as would have been the case if such deposit, legal defeasance and
                                         discharge had not occurred&#894; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">in
                                         the case of covenant defeasance, deliver to the trustee an opinion of counsel to the
                                         effect that the holders of the debt securities of that series will not recognize income,
                                         gain or loss for United States federal income tax purposes as a result of such deposit
                                         and covenant defeasance and will be subject to United States federal income tax on the
                                         same amounts and in the same manner and at the same times as would have been the case
                                         if such deposit and covenant defeasance had not occurred. (Sections 8.3 and 8.4 of the
                                         base indenture)</FONT></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the
event we exercise our option to effect covenant defeasance with respect to any series of debt securities and the debt securities
of that series are declared due and payable because of the occurrence of an event of default (including an event of default due
to our failure to comply with any covenant that remains in effect following such covenant defeasance), the amount of money and/or
U.S. government obligations or foreign government obligations, as the case may be, on deposit with the trustee will be sufficient
to pay amounts due on the debt securities of that series on the dates those payments are due or, if applicable, a redemption date,
but may not be sufficient to pay amounts due on the debt securities of that series at the time of the acceleration resulting from
the event of default. However, we shall remain liable for those payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">When we
use the term &ldquo;U.S. government obligations,&rdquo; we mean:</FONT></P>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">securities
                                         which are (a) direct obligations of the United States of America for the payment of which
                                         its full faith and credit is pledged or (b) obligations of a person controlled or supervised
                                         by and acting as an agency or instrumentality of the United States of America, the payment
                                         of which is unconditionally guaranteed as a full faith and credit obligation by the United
                                         States of America, and which in the case of (a) and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)
                                         are not callable or redeemable at the option of the issuer thereof&#894; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">depository
                                         receipts issued by a bank or trust company as custodian with respect to any such U.S.
                                         government obligations or a specific payment of interest on, or principal of or other
                                         amount payable with respect to, such U.S. government obligations held by such custodian
                                         for the account of the holder of a depository receipt, <I>provided</I> that (except as
                                         required by law) such custodian is not authorized to make any deduction from the amount
                                         payable to the holder of such depository receipt from any amount received by the custodian
                                         in respect of the U.S. government obligation or the specific payment of interest on or
                                         principal of or other amount payable with respect to the U.S. government obligation evidenced
                                         by such depository receipt.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Satisfaction and Discharge</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
will cease to be of any further effect with respect to any series of debt securities if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">all
                                         outstanding debt securities of such series have (subject to certain exceptions) been
                                         delivered to the trustee for cancellation&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">all
                                         outstanding debt securities of such series not previously delivered to the trustee for
                                         cancellation have become due and payable, will become due and payable at their stated
                                         maturity within one year, have been called for redemption or are to be called for redemption
                                         within one year, or have been legally defeased as described above under &ldquo;Defeasance
                                         of Debt Securities and Certain Covenants,&rdquo; and (except in the case of debt securities
                                         that have been legally defeased) we have deposited with the trustee an amount sufficient
                                         to pay the principal of, and premium and interest, if any, on, such debt securities to
                                         the date of such deposit (in the case of debt securities which have become due and payable
                                         on or prior to the date of such deposit) or to the stated maturity or redemption date,
                                         as the case may be&#894;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">and, in either case, we also
pay or cause to be paid all other sums payable under the indenture by us with respect to the debt securities of that series and
satisfy certain other conditions specified in the indenture. We also must deliver to the trustee an opinion of counsel to the
effect that we complied with all requirements to properly discharge the debt securities of that series. We sometimes refer to
this as &ldquo;satisfaction and discharge.&rdquo; (Section 8.1 of the base indenture)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
the satisfaction and discharge of the indenture with respect to the debt securities of any series, a limited number of provisions
of the indenture shall remain in effect, including provisions relating to transfers and exchanges of, and the maintenance of a
registrar and paying agent for, debt securities, and the replacement of stolen, lost or mutilated debt securities.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Repayment of Unclaimed
Funds</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
provides that the trustee and any paying agent shall pay to us upon request any money, U.S. government obligations or foreign
government obligations held by them for payment of principal, interest or premium, if any, or any sinking fund payment on any
debt securities that remain unclaimed for two years after the respective dates such principal, interest or premium, if any, or
sinking fund payment shall have become due and payable. Thereafter, holders of debt securities entitled to those payments must
look to us for payment as general creditors unless an applicable abandoned property law designates another person. (Section 8.5
of the base indenture)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Legal Holidays</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise provided in the applicable prospectus supplement, if a payment date for any debt security is not a business day (as
defined in the indenture) at a place of payment, payment may be made at that place on the next succeeding business day, and no
interest shall accrue for the intervening period. (Section 10.7 of the base indenture)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Governing Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
and the debt securities will be governed by, and construed in accordance with, the laws of the State of New York. (Section 10.10
of the base indenture)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">No Recourse Against Others</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
provides that a director, officer, employee or stockholder, as such, of ours shall not have any liability for any of our obligations
under the debt securities or the indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. The indenture further provides that each holder of debt securities, by accepting a debt security, waives and releases
all such liability and that such waiver and release are part of the consideration for the issuance of the debt securities. (Section
10.8 of the base indenture)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Concerning Our Relationship
with the Trustee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Deutsche
Bank Trust Company Americas, the trustee, provides commercial and investment banking services to us and our subsidiaries from
time to time. In that regard, Deutsche Bank Trust Company Americas serves as a lender under our current unsecured revolving credit
facility.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a007"></A>DESCRIPTION
OF CAPITAL STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under our amended
and restated certificate of incorporation (the &ldquo;charter&rdquo;), the total number of shares of all classes of stock which we are
authorized to issue is 3,590,000,000 shares, consisting of two classes: 3,580,000,000 shares of common stock, $0.001 par value per share
(&ldquo;common stock&rdquo;), and 10,000,000 shares of preferred stock, $0.001 par value per share (&ldquo;preferred stock&rdquo;). As
of February 21, 2023, there were 536,880,282 shares of our common stock issued and outstanding (the foregoing amount does
not include 1,188,562,319 shares of common stock that we held as treasury stock as of that date) and no shares of our preferred
stock issued and outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The following
is a description of some of the terms of our common stock and preferred stock, our charter, our amended and restated bylaws (the
&ldquo;bylaws&rdquo;) and certain provisions of the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;). The following description
is not complete and is subject to, and qualified in its entirety by reference to, our charter and bylaws, which have been filed
or incorporated by reference as exhibits to the registration statement of which this prospectus is a part and any amendments or
supplements to or restatements of our charter or by-laws which may in the future be filed as exhibits to such registration statement
or to documents incorporated or deemed to be incorporated by reference in this prospectus, all of which may be obtained as described
below under &ldquo;Where You Can Find More Information,&rdquo; and the DGCL. You should read our charter and bylaws and the applicable
provisions of the DGCL for a complete statement of the provisions described in this section and for other provisions that may
be important to you.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each share
of our common stock is entitled to one vote per share on all matters submitted to a vote of our common stockholders. Our charter
does not entitle the holders of our common stock to cumulative voting rights with respect to the election of our directors. This
means that the holders of a majority of the outstanding shares of our common stock can elect all of the directors then standing
for election by our common stockholders (assuming there are no outstanding shares of our preferred stock entitled to vote as a
single class with our common stock in such election).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Nominees
for election as directors at an annual meeting of stockholders shall stand for election to a one-year term expiring at the next
annual meeting of stockholders and until their respective successors are duly elected and qualified, subject to earlier death,
resignation, retirement or removal. Pursuant to our bylaws and subject to the rights of any series of our preferred stock that
may be outstanding, each member of our board of directors shall be elected by the affirmative vote of a majority of the votes
cast with respect to such director (excluding abstentions) by the shares represented and entitled to vote at a meeting of stockholders
at which a quorum is present&#894; provided, however, that if our board of directors determines that the number of nominees for
director exceeds the number of directors to be elected at such meeting (a &ldquo;Contested Election&rdquo;) and has not rescinded
that determination as provided in our bylaws, each of the directors to be elected at such meeting shall be elected by the affirmative
vote of a plurality of the votes cast by the shares represented and entitled to vote at such meeting with respect to the election
of such director. If an incumbent director fails to receive the affirmative vote of a majority of the votes cast at a meeting
for the election of directors (other than a Contested Election), either our Corporate Governance and Nominating Committee or a
committee of independent directors shall determine whether to accept or reject any resignation that may have been previously tendered
by such incumbent director or whether other action should be taken (including whether to request the incumbent director to resign
from the board of directors if no resignation has previously been tendered).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise provided by applicable law, the rules or regulations of any applicable stock exchange, or our charter or bylaws, every
matter to be voted on by our stockholders, other than the election of directors, shall be decided by the affirmative vote of the
holders of a majority in voting power of the shares of our stock entitled to vote thereon that are present in person or represented
by proxy at the applicable meeting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our bylaws
require us to include in our proxy materials for an annual meeting of stockholders the name of any person nominated for election
to our board of directors by a stockholder or group of up to 20 stockholders who own and have owned, or are acting on behalf of
up to 20 beneficial owners who own and have owned, in each case continuously for at least three years, at least 3% (determined
as provided in our bylaws) of the aggregate voting power of our outstanding common stock and any other capital stock entitled
to vote generally in the election of directors&#894; provided that such stockholders give us written notice of such request within
the time period set forth in our bylaws and such stockholders and their nominees satisfy the other requirements specified in our
bylaws&#894; and provided, further, that the number of such nominees whose names appear in our proxy materials shall not exceed
the greater of (x) two nominees and (y) the largest whole number of nominees that does not exceed 20% of the number of our directors
then in office, subject to possible reduction as provided in our bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Subject
to any preferential rights of any outstanding shares of our preferred stock to receive dividends before any dividends may be paid
on our common stock, the holders of our common stock will be entitled to share ratably in any dividends payable on our common
stock that may be declared by our board of directors out of funds legally available for the payment of dividends. Upon our voluntary
or involuntary liquidation, dissolution or winding-up, the holders of our common stock will be entitled to share ratably in any
of our assets remaining for distribution to our common stockholders after payment of or provision for our debts and other liabilities
and subject to any preferential rights of any outstanding shares of our preferred stock to receive distributions in the event
of our liquidation, dissolution or winding-up before distributions are made to holders of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common
stock is not entitled to preemptive rights.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Preferred Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Under
our charter, our board of directors is authorized, without vote or other action by our stockholders, to cause the issuance of
up to 10,000,000 shares of our preferred stock in one or more series from time to time, to establish the number of shares to be
included in each such series and to fix the designation, powers, preferences and rights of the shares of each such series (which
may include, without limitation, voting rights, dividend rights and preferences, liquidation rights and preferences, redemption
provisions and rights to convert the preferred stock of such series into other securities or property) and any qualifications,
limitations or restrictions thereof, and to increase or decrease the number of shares of any such series (but not below the number
of shares of such series then outstanding). Our board of directors may authorize the issuance of preferred stock with voting,
dividend, liquidation, conversion or other rights (which may include, without limitation, rights of one or more series of preferred
stock, voting as a separate class, to elect one or more directors, rights of one or more series of preferred stock to vote with
our common stock in the election of directors, and rights to receive dividends and to receive distributions in the event of our
liquidation, dissolution or winding-up before any dividends or distributions may be paid to holders of our common stock) that
could dilute or otherwise adversely affect the voting power or the dividend, liquidation or other rights of the holders of the
common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, financings
and other corporate purposes, could, among other things, have the effect of delaying, deterring or preventing a merger, change
of control or other takeover of our company that our stockholders might consider to be in their best interests, including transactions
that might result in a premium being paid over the market price of our common stock, and may also adversely affect the market
price of our common stock and any other securities that we may issue as contemplated by this prospectus, and the voting, dividend,
liquidation and other rights of the holders of our common stock.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Anti-Takeover Provisions
of Delaware Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We are
subject to Section 203 of the DGCL (&ldquo;Section 203&rdquo;). In general, Section 203 prohibits a publicly held Delaware corporation
from engaging in &ldquo;business combination&rdquo; transactions with any &ldquo;interested stockholder&rdquo; for a period of
three years following the time that the stockholder became an interested stockholder, unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">prior
                                         to the time the stockholder became an interested stockholder, the corporation&rsquo;s
                                         board of directors approved either the applicable business combination or the transaction
                                         which resulted in the stockholder becoming an interested stockholder&#894;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">upon
                                         consummation of the transaction which resulted in the stockholder becoming an interested
                                         stockholder, the interested stockholder owned at least 85% of the voting stock of the
                                         corporation outstanding at the time the transaction commenced, excluding for purposes
                                         of determining the voting stock outstanding (but not the voting stock owned by the interested
                                         stockholder) shares owned by directors who are also officers of the corporation and shares
                                         owned by employee stock plans in which the employee participants do not have the right
                                         to determine confidentially whether shares held subject to the plan will be tendered
                                         in a tender or exchange offer&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">at
                                         or subsequent to the time that the stockholder became an interested stockholder, the
                                         business combination is approved by the corporation&rsquo;s board of directors and authorized
                                         at an annual or special meeting of stockholders by the affirmative vote of at least 66-2/3%
                                         of the outstanding voting stock which is not owned by the interested stockholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A &ldquo;business
combination&rdquo; is defined to include, among other things and in general and subject to exceptions, a merger of the corporation
with the interested stockholder&#894; a sale of 10% or more of the market value of the corporation&rsquo;s consolidated assets
to the interested stockholder&#894; certain transactions that result in the issuance of the corporation&rsquo;s stock to the interested
stockholder&#894; a transaction that has the effect of increasing the proportionate share of the corporation&rsquo;s stock owned
by the interested stockholder&#894; and any receipt by the interested stockholder of loans, guarantees or other financial benefits
provided by the corporation. An &ldquo;interested stockholder&rdquo; is defined to include, in general and subject to exceptions,
a person that (1) owns 15% or more of the outstanding voting stock of the corporation or (2) is an &ldquo;affiliate&rdquo; or
&ldquo;associate&rdquo; (as defined in Section 203) of the corporation and was the owner of 15% or more of the corporation&rsquo;s
outstanding voting stock at any time within the prior three year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A Delaware
corporation may opt out of Section 203 with an express provision in its original certificate of incorporation or by an amendment
to its certificate of incorporation or bylaws expressly electing not to be governed by Section 203 and approved by a majority
of its outstanding voting shares. We have not opted out of Section 203. As a result, Section 203 could delay, deter or prevent
a merger, change of control or other takeover of our company that our stockholders might consider to be in their best interests,
including transactions that might result in a premium being paid over the market price of our common stock, and may also adversely
affect the market price of our common stock and any other securities that we may issue as contemplated by this prospectus.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Anti-Takeover Provisions
of Our Charter and Bylaws</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Certain
provisions of our charter and bylaws could have the effect of delaying, deterring or preventing another party from acquiring or
seeking to acquire control of us. For example, our charter and bylaws include anti-takeover provisions that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">authorize
                                         our board of directors, without vote or other action by our stockholders, to cause the
                                         issuance of preferred stock in one or more series from time to time and, with respect
                                         to each series, to establish the number of shares constituting that series and to fix
                                         the rights and other terms of that series, which may include, without limitation, voting
                                         rights, dividend rights and preferences, liquidation rights and preferences and rights
                                         to convert the preferred stock of such series into other securities or property&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">provide
                                         that, subject to the rights of any series of our preferred stock that may be outstanding,
                                         vacancies on our board of directors or newly created directorships resulting from an
                                         increase in the number of our directors may be filled only by a majority of directors
                                         then in office, even though less than a quorum, or by the sole remaining director&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">provide
                                         that the number of directors constituting our board of directors shall be fixed from
                                         time to time by resolution adopted by our board of directors&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">require
                                         that actions to be taken by our stockholders must be taken at an annual or special meeting
                                         of our stockholders and not by written consent&#894;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">establish
                                         advance notice procedures and other requirements for stockholders to submit nominations
                                         of candidates for election to our board of directors and other proposals to be brought
                                         before a stockholders meeting&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">provide
                                         that, subject to the rights of any series of preferred stock that may be outstanding
                                         and except as may be required by law, special meetings of stockholders may be called
                                         only by (1) our board of directors&#894; (2) our Chairman of the Board&#894; (3) our
                                         Chief Executive Officer&#894; or (4) our Secretary upon the written request of one or
                                         more of our stockholders that have continuously held, for their own account or on behalf
                                         of others, at least a 20% aggregate &ldquo;net long position&rdquo; (as defined and determined
                                         as provided in our bylaws) of our outstanding common stock for at least 30 days as of
                                         the date such request is delivered to us and that have complied with the other requirements
                                         set forth in our bylaws&#894; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">do
                                         not give the holders of our common stock cumulative voting rights with respect to the
                                         election of directors, which means that the holders of a majority of our outstanding
                                         shares of common stock can elect all directors standing for election by our common stockholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The provisions
described above are intended to discourage certain types of coercive takeover practices and inadequate takeover bids and to encourage
anyone seeking to acquire control of us to negotiate first with our board of directors. However, these provisions may also delay,
deter or prevent a merger, change of control or other takeover of our company that our stockholders might consider to be in their
best interests, including transactions that might result in a premium being paid over the market price of our common stock, and
may also adversely affect the market price of our common stock and any other securities that we may issue as contemplated by this
prospectus. These provisions may also have the effect of preventing changes in our management.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Limitation on Liability
of Directors&#894; Indemnification of Directors and Officers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our charter
provides that, to the fullest extent permitted by law, none of our directors shall be personally liable for monetary damages for
breach of fiduciary duty as a director. Our bylaws provide that we will indemnify our officers and directors to the fullest extent
permitted by the DGCL. We believe that these limitations of liability and indemnification provisions are useful to attract and
retain qualified directors and officers.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Transfer Agent and Registrar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The transfer
agent and registrar for our common stock is Computershare Inc.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Nasdaq Global Select
Market Listing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our common
stock is listed on The Nasdaq Global Select Market under the symbol &ldquo;EBAY&rdquo;.</FONT></P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a008"></A>DESCRIPTION
OF WARRANTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may
issue warrants to purchase our debt securities, common stock, preferred stock, depositary shares or units. Unless otherwise provided
in the applicable prospectus supplement, each series of warrants will be issued under a separate warrant agreement to be entered
into between us and a warrant agent. Additional information regarding any warrants we may offer and the related warrant agreement
will be set forth in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a009"></A>DESCRIPTION
OF DEPOSITARY SHARES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may
offer depositary shares representing fractional interests in shares of our preferred stock of any series. In connection with the
issuance of any depositary shares, we will enter into a deposit agreement with a depositary. Depositary shares may be evidenced
by depositary receipts issued pursuant to the related deposit agreement. Additional information regarding any depositary shares
we may offer, the series of preferred stock represented by those depositary shares and the related deposit agreement will be set
forth in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a010"></A>DESCRIPTION
OF PURCHASE CONTRACTS</FONT></P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">We may issue purchase contracts
for the purchase or sale of, among other things, any of our other securities described in this prospectus or securities of third
parties. Unless otherwise provided in the applicable prospectus supplement, each purchase contract will entitle the holder thereof
to purchase or sell, and obligate us to sell or purchase, on specified dates, the securities specified in the applicable prospectus
supplement at a specified price or prices, which may be based on a formula, all as set forth in the applicable prospectus supplement.
Additional information regarding any purchase contracts we may offer will be set forth in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a011"></A>DESCRIPTION
OF UNITS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may
issue units consisting of any of our other securities described in this prospectus, which units may also include securities of
third parties. Additional information regarding any units we may offer will be set forth in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a012"></A>BOOK-ENTRY
FORM AND TRANSFER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
otherwise indicated in the applicable prospectus supplement, the debt securities of each series will be issued in the form of
one or more debt securities in global, fully registered form (&ldquo;global securities&rdquo;), without interest coupons. Unless
otherwise indicated in the applicable prospectus supplement, each such global security will be deposited with or on behalf of
DTC and registered in the name of DTC or a nominee of DTC (we sometimes refer to DTC or any other depositary for the global securities
of any series as the &ldquo;Depositary&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">References
in this section to &ldquo;eBay,&rdquo; &ldquo;eBay Inc.,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; and similar
references mean eBay Inc. excluding, unless the context otherwise requires or otherwise expressly stated, its subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Investors
may hold their interests in a global security directly through DTC if they are direct participants (as defined below) or indirectly
through organizations that are DTC participants (as defined below). Except in the limited circumstances described below, holders
of beneficial interests in the global securities of any series will not be entitled to receive debt securities of such series
in definitive, certificated form (&ldquo;certificated securities&rdquo;) or to have debt securities of such series registered
in their names.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We understand
that DTC 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
17A of the Exchange Act. DTC holds securities of institutions that have accounts with DTC (&ldquo;direct participants&rdquo;)
to facilitate the clearance and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">settlement of securities transactions
among its participants through electronic book-entry changes in accounts of such participants, thereby eliminating the need for
physical movement of securities certificates. DTC&rsquo;s direct participants include brokers, dealers, banks, trust companies,
clearing corporations and certain other organizations and may include underwriters, agents or dealers involved in the distribution
of the securities referred to in this prospectus. Indirect access to DTC&rsquo;s book-entry system is also available to other
organizations (&ldquo;indirect participants&rdquo; and, together with direct participants, &ldquo;participants&rdquo;), such as
brokers, dealers, banks, trust companies and clearing corporations, that clear through or maintain a custodial relationship with
a direct participant, whether directly or indirectly. The rules applicable to DTC and its direct participants are on file with
the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Purchases
of debt securities evidenced by global securities must be made by or through participants. Upon the issuance of a global security
of any series, DTC will credit, on its book-entry registration and transfer system, the respective principal amounts of the individual
beneficial interests in the global security to the accounts of the applicable direct participants. Ownership of beneficial interests
in each global security will be limited to participants or persons that hold interests through participants. Ownership of beneficial
interests in each global security will be shown on, and the transfer of those ownership interests will be effected only through,
records maintained by DTC (with respect to direct participants&rsquo; interests) and by its direct and indirect participants (with
respect to the interests of beneficial owners).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">So long
as DTC or its nominee is the registered holder of a global security of any series, DTC or such nominee, as the case may be, will
be considered the sole holder and owner of the debt securities represented by such global security for all purposes under the
indenture and such debt securities. Owners of beneficial interests in a global security of any series will not be considered the
owners or holders of the debt securities of such series under the indenture, will not be able to transfer those beneficial interests
except in accordance with the procedures of DTC and its participants and, except under the limited circumstances set forth below,
will not be entitled to receive certificated securities or to have debt securities of such series registered in their names. Accordingly,
each owner of a beneficial interest in a global security of any series must rely on the procedures of DTC and, if such person
is not a direct participant, on the procedures of the participants through which it owns its beneficial interest to exercise any
rights of a holder of debt securities of such series under the indenture. We understand that, under existing industry practice,
in the event owners of beneficial interests in global securities of any series wish to take any action that DTC or its nominee,
as the holder of such global securities, is entitled to take, DTC would authorize the applicable participants to take such action,
and that such participants would authorize beneficial owners owning through such participants to take such action or would otherwise
act upon the instructions of such beneficial owners. Because DTC can only act on behalf of direct participants, who in turn act
on behalf of others, the ability of a person having a beneficial interest in a global security to pledge that interest to persons
that do not participate in the DTC system, or otherwise to take actions in respect of that interest, may be impaired by the lack
of a physical certificate representing that interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All payments
on the debt securities represented by a global security of any series registered in the name of DTC or its nominee will be made
to DTC or its nominee, as the case may be, as the registered holder of the global security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We expect
that DTC or its nominee, upon receipt of any payment of principal of, or premium or interest, if any, on, a global security of
any series, will credit the applicable direct participants&rsquo; accounts with payments in amounts proportionate to their respective
beneficial interests in the principal amount of the global security as shown on the records of DTC. We also expect that payments
by participants to owners of beneficial interests in the global security held through such participants will be governed by standing
instructions and customary practices as is now the case with securities held for accounts for customers registered in &ldquo;street
name&rdquo;&#894; those payments will be the responsibility of such participants. Neither we, the trustee nor any agent of ours
or of the trustee will have any responsibility or liability for any aspect of the records relating to, or payments made on account
of, beneficial interests in any global security or for maintaining, supervising or reviewing any records relating to such beneficial
interests or for any other aspect of the relationship between DTC and its participants or the relationship between such participants
and the owners of beneficial interests in the global securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
and until it is exchanged in whole or in part for certificated securities under the limited circumstances described below, a global
security may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee
of DTC or by DTC or any such nominee to a successor Depositary or a nominee of such successor Depositary. Transfers between participants
in DTC will be effected in the ordinary way in accordance with DTC rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The indenture
provides that the global securities of any series will be exchanged for debt securities of the same series in certificated form
only in the following limited circumstances:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we
receive notice from the Depositary that it is unwilling or unable to continue as depository for the global securities of such
series or if the Depositary ceases to be a clearing agency registered under the Exchange Act and, in either case, we fail to appoint
a successor Depositary for the global securities of such series registered as clearing agency under the Exchange Act within 90
days after the date we receive such notice or learn that the Depositary has ceased to be so registered&#894;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>we
in our sole discretion determine that the global securities of such series shall be exchanged (in whole but not in part) for debt
securities of such series in certificated form and we deliver to the trustee an officers&rsquo; certificate to such effect&#894;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>an
event of default with respect to the debt securities of such series shall have occurred and shall be continuing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any global
security of any series that is exchanged for certificated securities as provided above will be exchanged for an equal aggregate
principal amount of certificated securities of the same series, in authorized denominations and registered in such names as the
Depositary instructs the trustee. It is expected that such instructions will be based upon directions received by the Depositary
from participants with respect to ownership of beneficial interests in global securities.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Euroclear and
Clearstream</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If so
provided in the applicable prospectus supplement, you may hold interests in global securities of any series through Clearstream
Banking S.A., which we refer to, together with any successor in such capacity, as &ldquo;Clearstream,&rdquo; or Euroclear Bank
SA/NV, as operator of the Euroclear System, which we refer to, together with any successor in such capacity, as &ldquo;Euroclear,&rdquo;
either directly if you are a participant in Clearstream or Euroclear or indirectly through organizations which are participants
in Clearstream or Euroclear. Clearstream and Euroclear will hold interests on behalf of their respective participants through
customers&rsquo; securities accounts in the names of Clearstream and Euroclear, respectively, on the books of their respective
U.S. depositaries, which in turn will hold such interests in customers&rsquo; securities accounts in such depositaries&rsquo;
names on DTC&rsquo;s books.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Clearstream
and Euroclear are securities clearance systems in Europe. Clearstream and Euroclear hold securities for their respective participating
organizations and facilitate the clearance and settlement of securities transactions between those participants through electronic
book-entry changes in their accounts, thereby eliminating the need for physical movement of certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Payments,
deliveries, transfers, exchanges, notices and other matters relating to beneficial interests in global securities owned through
Euroclear or Clearstream must comply with the rules and procedures of those systems. Transactions between participants in Euroclear
or Clearstream, on one hand, and other participants in DTC, on the other hand, are also subject to DTC&rsquo;s rules and procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Investors
will be able to make and receive through Euroclear and Clearstream payments, deliveries, transfers and other transactions involving
any beneficial interests in global securities held through those systems only on days when those systems are open for business.
Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United
States.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Cross-market
transfers between participants in DTC, on the one hand, and participants in Euroclear or Clearstream, on the other hand, will
be effected through DTC in accordance with the DTC&rsquo;s rules on behalf of Euroclear or Clearstream, as the case may be, by
their respective U.S. depositaries&#894; however, such cross-market transactions will require delivery of instructions to Euroclear
or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within
the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction
meets its settlement requirements, deliver instructions to its U.S. depositary to take action to effect final settlement on its
behalf by delivering or receiving interests in the global securities through DTC, and making or receiving payment in accordance
with normal procedures for same-day fund settlement. Participants in Euroclear or Clearstream may not deliver instructions directly
to their respective U.S. depositaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Due to
time zone differences, the securities accounts of a participant in Euroclear or Clearstream purchasing an interest in a global
security from a direct participant in DTC will be credited, and any such crediting will be reported to the relevant participant
in Euroclear or Clearstream, during the securities settlement processing day (which must be a business day for Euroclear or Clearstream)
immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests
in a global security by or through a participant in Euroclear or Clearstream to a direct participant in DTC will be received with
value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the
business day for Euroclear or Clearstream following DTC&rsquo;s settlement date.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Other</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The information
in this section of this prospectus concerning DTC, Clearstream, Euroclear and their respective book-entry systems has been obtained
from sources that we believe to be reliable, but we do not take responsibility for this information. This information has been
provided solely as a matter of convenience. The rules and procedures of DTC, Clearstream and Euroclear are solely within the control
of those organizations and could change at any time. Neither we nor the trustee nor any agent of ours or of the trustee has any
control over those entities and none of us takes any responsibility for their activities. You are urged to contact DTC, Clearstream
and Euroclear or their respective participants directly to discuss those matters. In addition, although we expect that DTC, Clearstream
and Euroclear will perform the foregoing procedures, none of them is under any obligation to perform or continue to perform such
procedures and such procedures may be discontinued at any time. Neither we nor the trustee nor any agent of ours or of the trustee
will have any responsibility for the performance or nonperformance by DTC, Clearstream and Euroclear or their respective participants
of these or any other rules or procedures governing their respective operations.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a013"></A>PLAN
OF DISTRIBUTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may
sell the securities described in this prospectus from time to time in one or more transactions described in the applicable prospectus
supplement, which may include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         purchasers directly&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         underwriters for public offering and sale by them&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">through
                                         agents&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">through
                                         dealers&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">through
                                         a combination of any of the foregoing or any other methods of sale.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may
distribute the securities from time to time in one or more transactions at:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         fixed price or prices, which may be changed&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">market
                                         prices prevailing at the time of sale&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">prices
                                         related to such prevailing market prices&#894;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">negotiated
                                         prices&#894; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">other
                                         prices determined as provided in the applicable prospectus supplement.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Direct Sales</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We may
sell the securities directly to institutional investors or others. The applicable prospectus supplement will describe the terms
of any sale of securities we are offering to purchasers directly. Direct sales may be arranged by a broker-dealer or other financial
intermediary.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">To Underwriters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The applicable
prospectus supplement will name any underwriter involved in a sale of the securities to which that prospectus supplement relates.
Underwriters may offer and sell securities at a fixed price or prices, which may be changed, or from time to time at market prices,
at negotiated prices, or at other prices determined as provided in the applicable prospectus supplement. Underwriters may be deemed
to have received compensation from us from sales of securities in the form of underwriting discounts or commissions and may also
receive commissions from purchasers of any securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Underwriters
may sell our securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions
or commissions from the underwriters or commissions from purchasers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
we state otherwise in the applicable prospectus supplement, the obligations of any underwriters to purchase the securities will
be subject to certain conditions, and the underwriters will be obligated to purchase all the applicable securities if any are
purchased.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Underwriters
may over-allot or effect transactions that may stabilize, maintain or otherwise affect the market price of the applicable securities
at levels above those that might otherwise prevail in the open market, including, for example, by entering stabilizing bids, effecting
syndicate covering transactions or imposing penalty bids. However, the underwriters will be under no obligation to perform any
such transactions and any such transactions, if commenced, may be discontinued at any time without notice.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">To or Through Agents
and Dealers</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We will
name any agent involved in a sale of any securities, as well as any commissions payable by us to such agent, in a prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If we
utilize a dealer in the sale of the securities being offered pursuant to this prospectus then, unless otherwise stated in the
applicable prospectus supplement, we will sell the securities to the dealer, as principal, and the dealer may then resell the
securities at varying prices to be determined by the dealer at the time of resale.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Delayed Delivery Contracts</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If we
so specify in the applicable prospectus supplement, we may authorize underwriters, dealers or agents to solicit offers by institutions
to purchase the securities pursuant to contracts providing for payment and delivery on future dates. Such contracts may be subject
to conditions described in the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If so
provided in the applicable prospectus supplement, underwriters, dealers and agents will not be responsible for the validity or
performance of any delayed delivery contracts. We will set forth in the prospectus supplement relating to the delayed delivery
contracts the price to be paid for the securities, the commissions payable for solicitation of the delayed delivery contracts
and the date in the future for delivery of the securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Underwriters,
agents or dealers involved in the offering or sale of our securities and their affiliates may engage in transactions with or perform
services for us or our affiliates in the ordinary course of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">There
is no existing market for the securities described in this prospectus (other than our common stock) and, unless otherwise indicated
in the applicable prospectus supplement, we do not intend to apply for or to maintain a listing of those securities (other than
our common stock) on any securities exchange or automated quotation system. Accordingly, there can be no assurance that a trading
market for the applicable securities will develop or will be maintained. Further, there can be no assurance as to the liquidity
of any market that may develop for the applicable securities, whether you will be able to sell your securities or the prices at
which you may be able to sell your securities.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a014"></A>LEGAL
MATTERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Morrison
&amp; Foerster LLP, Washington, D.C., will pass upon the validity of the securities being offered by this prospectus for us.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a015"></A>EXPERTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The financial
statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting (which is included
in Management&rsquo;s Annual Report on Internal Control over Financial Reporting) incorporated in this prospectus by reference
to the Annual Report on Form 10-K for the year ended December 31, 2022 have been so incorporated in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in
auditing and accounting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The consolidated
financial statements of Adevinta ASA appearing in eBay Inc.&rsquo;s Annual Report (Form 10-K/A) for the year ended December 31,
2021 and filed with the SEC on May 10, 2022, have been audited by Ernst &amp; Young AS, independent auditors, as set forth in
their report thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated
herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="e23070_a016"></A>WHERE
YOU CAN FIND MORE INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We file
annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an internet site
that contains reports, proxy and information statements, and other information regarding issuers that file electronically with
the SEC, including us. The SEC&rsquo;s internet site can be found at http://www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This prospectus
constitutes part of a registration statement filed under the Securities Act. As permitted by the SEC&rsquo;s rules, this prospectus
omits certain information that is included or incorporated by reference in the registration statement. For further information
about us and the securities described in this prospectus, you should read the registration statement and the exhibits thereto.
You may read and copy those documents as described in the immediately preceding paragraph. Statements contained in this prospectus
or any applicable prospectus supplement as to the contents of any contract or other document are not complete and in each instance
we refer you to the copy of the contract or document filed or incorporated by reference as an exhibit to the registration statement
of which this prospectus is a part or to a document incorporated or deemed to be incorporated by reference in this prospectus,
and each such statement is qualified in all respects by such reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The SEC
allows us to incorporate by reference in this prospectus information that we file with the SEC, which means that we can disclose
important information to you by referring you to another document that we have filed with the SEC. The information incorporated
or deemed to be incorporated by reference is deemed to be part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We incorporate
by reference the documents listed below that we have filed with the SEC (other than any document, portion of a document, information
or exhibit that is &ldquo;furnished&rdquo; to, rather than &ldquo;filed&rdquo; with, the SEC, including, without limitation, our
compensation committee report and performance graph included or incorporated by reference in any Annual Report on Form 10-K or
proxy statement, any information and related exhibits provided under Item 2.02 or Item 7.01 of any Current Report on Form 8-K,
and any exhibit that is &ldquo;furnished&rdquo; to, rather than &ldquo;filed&rdquo; with, the SEC pursuant to Item 9.01 of any
Current Report on Form 8-K):</FONT></P>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                            Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/702165/000070216523000010/nsc-20221231.htm">Form 10-K</A> for the year ended December 31, 2022, filed with the SEC on February
                                            23, 2023&#894; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001065088/000106508822000017/ebay-20211231.htm" STYLE="-sec-extract: exhibit">Form 10-K/A</A> for the year ended December 31, 2021, filed with the SEC
                                         on May 10, 2022; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         sections of our proxy statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1065088/000155278122000348/e22101_ebay-def14a.htm" STYLE="-sec-extract: exhibit">Schedule 14A</A> filed with the SEC on April 21, 2022
                                         that are incorporated by reference into our Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001065088/000106508822000006/ebay-20211231.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the year ended
                                         December 31, 2021&#894; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
Current Report on Form 8-K that was filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1065088/000155278123000014/e23005_ebay-8k.htm" STYLE="-sec-extract: exhibit">January
13, 2023</A>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We also
incorporate by reference into this prospectus all documents that we file with the SEC pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Exchange Act from the date of this prospectus until we have terminated the offering (other than any document, portion
of a document, information or exhibit that is &ldquo;furnished&rdquo; to, rather than &ldquo;filed&rdquo; with, the SEC, including,
without limitation, our compensation committee report and performance graph included or incorporated by reference in any Annual
Report on Form 10-K or proxy statement, any information and related exhibits provided under Item 2.02 or Item 7.01 of any Current
Report on Form 8-K, and any exhibit that is &ldquo;furnished&rdquo; to, rather than &ldquo;filed&rdquo; with, the SEC pursuant
to Item 9.01 of any Current Report on Form 8-K).</FONT></P>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Documents
incorporated by reference in this prospectus after the date hereof will automatically update and, to the extent inconsistent,
supersede the information contained and incorporated by reference in this prospectus. In that regard, any information contained
in this prospectus, any applicable prospectus supplement or any document incorporated or deemed to be incorporated by reference
in this prospectus will be deemed to have been modified or superseded to the extent that a subsequent statement contained in this
prospectus, any applicable prospectus supplement or free writing prospectus, or any other document that is incorporated or deemed
to be incorporated by reference in this prospectus modifies or supersedes the original statement. Any statement so modified or
superseded will not be deemed, except as so modified or superseded, to be part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Documents
incorporated by reference herein, excluding all exhibits unless an exhibit has been specifically incorporated by reference into
this prospectus, are available without charge to each person (including a beneficial owner) to whom this prospectus is delivered
by requesting them in writing, by telephone or via the internet, at:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">2025 Hamilton
Avenue<BR>
Attn: Investor Relations<BR>
San Jose, CA 95125<BR>
(408) 376-7493<BR>
https://investors.ebayinc.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The information
contained on or that can be accessed through any of our websites is not a part of this prospectus, the registration statement
of which this prospectus forms a part, any document incorporated or deemed to be incorporated by reference herein, any prospectus
supplement or any related free writing prospectus.</FONT></P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$1,000,000,000</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><IMG SRC="e25393001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$600,000,000
4.250% Notes due 2029</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$400,000,000
5.125% Notes due 2035</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>
<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 30%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Citigroup</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deutsche
    Bank Securities</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 30%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Goldman
    Sachs &amp; Co. LLC</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: bold; font-size: 10pt"><I>Co-Managers</I></FONT></P>

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

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  <TD STYLE="text-align: left; width: 25%; vertical-align: top"><B>BNP PARIBAS</B></TD>
  <TD STYLE="text-align: center; width: 25%; vertical-align: top"><B>BofA Securities</B></TD>
  <TD STYLE="text-align: center; width: 25%; vertical-align: top"><B>HSBC</B></TD>
  <TD STYLE="text-align: right; width: 25%; vertical-align: top"><B>J.P. Morgan</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; vertical-align: top"><B>Morgan Stanley</B></TD>
  <TD STYLE="text-align: center; vertical-align: top"><B>RBC Capital Markets</B></TD>
  <TD STYLE="text-align: center; vertical-align: top"><B>Standard Chartered Bank</B></TD>
  <TD STYLE="text-align: right; vertical-align: top"><B>Wells Fargo Securities</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; vertical-align: top"><B>Independence Point Securities</B></TD>
  <TD STYLE="text-align: center; vertical-align: top"><B>Mischler Financial Group, Inc.</B></TD>
  <TD STYLE="text-align: center; vertical-align: top"><B>Penserra Securities LLC</B></TD>
  <TD STYLE="text-align: right; vertical-align: top"><B>Siebert Williams Shank</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0">November 3, 2025</P>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b><span id="xdx_90E_effd--FeeExhibitTp_dxL_c20251104__20251104_zTLwQxN9YOL" title="::XDX::EX-FILING FEES"><span style="-sec-ix-hidden: xdx2ixbrl0009">Exhibit 107 </span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0; text-align: right"><span id="xdx_905_effd--OffsetTableNa_c20251104__20251104_zZaVHHcMynw7"><span id="xdx_90A_effd--CombinedProspectusTableNa_c20251104__20251104_zuWGTgMGEED8"><ix:nonNumeric contextRef="AsOf2025-11-04" id="Fact000010" name="ffd:OffsetTableNa"><ix:nonNumeric contextRef="AsOf2025-11-04" id="Fact000011" name="ffd:CombinedProspectusTableNa">N/A</ix:nonNumeric></ix:nonNumeric></span></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="xdx_90D_effd--SubmissnTp_dxH_c20251104__20251104_zZn0jpvzHCH4" title="::XDX::424B2">424(b)(2)</span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b><span id="xdx_90F_edei--EntityRegistrantName_c20251104__20251104_za5bSvQYXJA8"><ix:nonNumeric contextRef="AsOf2025-11-04" id="Fact000013" name="dei:EntityRegistrantName">eBay Inc.</ix:nonNumeric></span></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="text-decoration: underline">Table 1: Newly Registered Securities</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" id="xdx_305_101_z5EX8HUPeM0d" summary="xdx: Document - Offerings" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td id="xdx_489_effd--OfferingSctyTp_zmjBecNMVbGl" style="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Security<br/>
Type</b></span></td>
    <td id="xdx_485_effd--OfferingSctyTitl_zFoPzXt13Ohj" style="border-top: Black 1pt solid; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Security
    Class Title</b></span></td>
    <td style="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Fee
    Calculation or Carry Forward Rule</b></span></td>
    <td id="xdx_48A_effd--AmtSctiesRegd_pid_zYNh6oNOB2re" style="border-top: Black 1pt solid; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Amount
    Registered</b></span></td>
    <td id="xdx_489_effd--MaxOfferingPricPerScty_pid_dp_zzXkFc9Gx3zc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Proposed
    Maximum Offering Price Per Unit</b></span></td>
    <td id="xdx_484_effd--MaxAggtOfferingPric_pid_zEFKcWi8LdBh" style="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Maximum
    Aggregate Offering Price</b></span></td>
    <td id="xdx_48E_effd--FeeRate_pid_zVjXj9F8yQZ2" style="border-top: Black 1pt solid; width: 6%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Fee
    Rate</b></span></td>
    <td id="xdx_48F_effd--FeeAmt_pid_zISYBFh7iFl3" style="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Amount
    of Registration Fee<sup>(1)</sup></b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Carry
    Forward Form Type&#160;</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Carry
    Forward File Number&#160;</b></span></td>
    <td style="border-top: Black 1pt solid; width: 7%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Carry
    Forward Initial Effective&#160; Date</b></span></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><b>Filing
    Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b></span></td></tr>
  <tr style="vertical-align: top">
    <td colspan="13" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="font-size: 8pt"><b>Newly Registered Securities</b></span></td></tr>
  <tr id="xdx_41C_20251104__20251104__ffd--OfferingAxis__1_zAVbhJeWKQm4">
    <td id="xdx_988_effd--PrevslyPdFlg_dbF_c20251104__20251104__ffd--OfferingAxis__1_zXl0eWsOBe74" style="border-right: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonNumeric contextRef="From2025-11-042025-11-04_1" format="ixt:booleanfalse" id="Fact000021" name="ffd:PrevslyPdFlg">Fees to Be Paid</ix:nonNumeric></span></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonNumeric contextRef="From2025-11-042025-11-04_1" id="Fact000014" name="ffd:OfferingSctyTp">Debt</ix:nonNumeric></span></td>
    <td style="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonNumeric contextRef="From2025-11-042025-11-04_1" id="Fact000015" name="ffd:OfferingSctyTitl">4.250% Notes<br/>
 due 2029</ix:nonNumeric></span></td>
    <td id="xdx_988_effd--Rule457rFlg_dbT_c20251104__20251104__ffd--OfferingAxis__1_z9yXNNE0wFC3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"> <ix:nonNumeric contextRef="From2025-11-042025-11-04_1" format="ixt:booleantrue" id="Fact000022" name="ffd:Rule457rFlg">457(r)</ix:nonNumeric></span></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt">$<ix:nonFraction name="ffd:AmtSctiesRegd" contextRef="From2025-11-042025-11-04_1" id="Fact000016" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">600,000,000</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonFraction name="ffd:MaxOfferingPricPerScty" contextRef="From2025-11-042025-11-04_1" id="Fact000017" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="USDPShares">99.977</ix:nonFraction>%</span></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt">$<ix:nonFraction name="ffd:MaxAggtOfferingPric" contextRef="From2025-11-042025-11-04_1" id="Fact000018" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">599,862,000</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonFraction name="ffd:FeeRate" contextRef="From2025-11-042025-11-04_1" id="Fact000019" format="ixt:numdotdecimal" decimals="INF" unitRef="Ratio">0.00013810</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 8pt">$<ix:nonFraction name="ffd:FeeAmt" contextRef="From2025-11-042025-11-04_1" id="Fact000020" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">82,840.95</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr id="xdx_412_20251104__20251104__ffd--OfferingAxis__2_zJ6iLNkiHUBg" style="vertical-align: top">
    <td id="xdx_981_effd--PrevslyPdFlg_dbF_c20251104__20251104__ffd--OfferingAxis__2_znWn5mMA9Iq6" style="border-right: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="display: none; font-size: 8pt"><ix:nonNumeric contextRef="From2025-11-042025-11-04_2" format="ixt:booleanfalse" id="Fact000030" name="ffd:PrevslyPdFlg">Fees to Be Paid</ix:nonNumeric></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonNumeric contextRef="From2025-11-042025-11-04_2" id="Fact000023" name="ffd:OfferingSctyTp">Debt</ix:nonNumeric></span></td>
    <td style="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonNumeric contextRef="From2025-11-042025-11-04_2" id="Fact000024" name="ffd:OfferingSctyTitl">5.125% Notes <br/>
due 2035</ix:nonNumeric></span></td>
    <td id="xdx_98F_effd--Rule457rFlg_dbT_c20251104__20251104__ffd--OfferingAxis__2_zOsBlkcFObE6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"> <ix:nonNumeric contextRef="From2025-11-042025-11-04_2" format="ixt:booleantrue" id="Fact000031" name="ffd:Rule457rFlg">457(r)</ix:nonNumeric></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt">$<ix:nonFraction name="ffd:AmtSctiesRegd" contextRef="From2025-11-042025-11-04_2" id="Fact000025" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">400,000,000</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonFraction name="ffd:MaxOfferingPricPerScty" contextRef="From2025-11-042025-11-04_2" id="Fact000026" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="USDPShares">99.923</ix:nonFraction>%</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt">$<ix:nonFraction name="ffd:MaxAggtOfferingPric" contextRef="From2025-11-042025-11-04_2" id="Fact000027" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">399,692,000</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt"><ix:nonFraction name="ffd:FeeRate" contextRef="From2025-11-042025-11-04_2" id="Fact000028" format="ixt:numdotdecimal" decimals="INF" unitRef="Ratio">0.00013810</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 8pt">$<ix:nonFraction name="ffd:FeeAmt" contextRef="From2025-11-042025-11-04_2" id="Fact000029" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">55,197.47</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><span style="font-size: 8pt">Fees Previously Paid</span></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td colspan="4" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 8pt">Total Offering Amounts:&#160;&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_989_effd--TtlOfferingAmt_c20251104__20251104_zx7tDTAmYkhc" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><span style="font-size: 8pt">$<ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="AsOf2025-11-04" id="Fact000032" format="ixt:numdotdecimal" decimals="0" unitRef="USD">999,554,000</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_983_effd--TtlFeeAmt_pid_c20251104__20251104_zs77ZlipnW1f" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 8pt">$<ix:nonFraction name="ffd:TtlFeeAmt" contextRef="AsOf2025-11-04" id="Fact000033" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">138,038.42</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td colspan="4" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 8pt">Total Fees Previously Paid:&#160;&#160;</span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td id="xdx_98C_effd--TtlPrevslyPdAmt_d0_c20251104__20251104_zMG98OKsexLb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><span style="font-size: 8pt"><ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="AsOf2025-11-04" id="Fact000034" format="ixt:zerodash" decimals="0" unitRef="USD">&#8212;</ix:nonFraction></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Offering Note </b></p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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<p style="font: 6pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 6pt Times New Roman, Times, Serif; margin: 0"></p>

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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Nov. 04, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0001065088<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">eBay Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-270013<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">424B2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_RegnFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Nov. 04, 2025 </div>
<div>USD ($) </div>
<div>shares </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">4.250% Notes
 due 2029<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">600,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit | $ / shares</a></td>
<td class="nump">0.99977<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 599,862,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 82,840.95<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text"> <span id="xdx_90D_effd--OfferingNote_c20251104__20251104__ffd--OfferingAxis__2_zxsHzA7s4eu1">The registration fee is calculated in accordance with Rule 457(o) and 457(r) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). This &#8220;Calculation of Filing Fee Table&#8221; shall be deemed to update the &#8220;Calculation of Filing Fee Tables&#8221; in the registrant&#8217;s Registration Statement on Form <span id="xdx_90B_effd--FormTp_c20251104__20251104_zb8DU7lRmy7c">S-3</span> (File No. <span id="xdx_905_effd--RegnFileNb_c20251104__20251104_zHlcc4fpr9qi">333-270013</span>) in accordance with Rules 456(b) and 457(r) under the Securities Act.</span><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">5.125% Notes
due 2035<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">400,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit | $ / shares</a></td>
<td class="nump">0.99923<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 399,692,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 55,197.47<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">The registration fee is calculated in accordance with Rule 457(o) and 457(r) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). This &#8220;Calculation of Filing Fee Table&#8221; shall be deemed to update the &#8220;Calculation of Filing Fee Tables&#8221; in the registrant&#8217;s Registration Statement on Form <span id="xdx_90B_effd--FormTp_c20251104__20251104_zb8DU7lRmy7c">S-3</span> (File No. <span id="xdx_905_effd--RegnFileNb_c20251104__20251104_zHlcc4fpr9qi">333-270013</span>) in accordance with Rules 456(b) and 457(r) under the Securities Act.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
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<div>Nov. 04, 2025 </div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
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      decimals="0"
      id="Fact000035"
      unitRef="USD">0</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt
      contextRef="AsOf2025-11-04"
      decimals="INF"
      id="Fact000036"
      unitRef="USD">138038.42</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="From2025-11-042025-11-04_1" id="Fact000037"> &lt;span id="xdx_90D_effd--OfferingNote_c20251104__20251104__ffd--OfferingAxis__2_zxsHzA7s4eu1"&gt;The registration fee is calculated in accordance with Rule 457(o) and 457(r) under the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;). This &#x201c;Calculation of Filing Fee Table&#x201d; shall be deemed to update the &#x201c;Calculation of Filing Fee Tables&#x201d; in the registrant&#x2019;s Registration Statement on Form &lt;span id="xdx_90B_effd--FormTp_c20251104__20251104_zb8DU7lRmy7c"&gt;S-3&lt;/span&gt; (File No. &lt;span id="xdx_905_effd--RegnFileNb_c20251104__20251104_zHlcc4fpr9qi"&gt;333-270013&lt;/span&gt;) in accordance with Rules 456(b) and 457(r) under the Securities Act.&lt;/span&gt;</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="From2025-11-042025-11-04_2" id="Fact000038">The registration fee is calculated in accordance with Rule 457(o) and 457(r) under the Securities Act of 1933, as amended (the &#x201c;Securities Act&#x201d;). This &#x201c;Calculation of Filing Fee Table&#x201d; shall be deemed to update the &#x201c;Calculation of Filing Fee Tables&#x201d; in the registrant&#x2019;s Registration Statement on Form &lt;span id="xdx_90B_effd--FormTp_c20251104__20251104_zb8DU7lRmy7c"&gt;S-3&lt;/span&gt; (File No. &lt;span id="xdx_905_effd--RegnFileNb_c20251104__20251104_zHlcc4fpr9qi"&gt;333-270013&lt;/span&gt;) in accordance with Rules 456(b) and 457(r) under the Securities Act.</ffd:OfferingNote>
    <ffd:FormTp contextRef="AsOf2025-11-04" id="Fact000039">S-3</ffd:FormTp>
    <ffd:RegnFileNb contextRef="AsOf2025-11-04" id="Fact000040">333-270013</ffd:RegnFileNb>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
