<SEC-DOCUMENT>0001104659-22-104463.txt : 20220930
<SEC-HEADER>0001104659-22-104463.hdr.sgml : 20220930
<ACCEPTANCE-DATETIME>20220930122605
ACCESSION NUMBER:		0001104659-22-104463
CONFORMED SUBMISSION TYPE:	F-3ASR
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20220930
DATE AS OF CHANGE:		20220930
EFFECTIVENESS DATE:		20220930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICAN ECONOMIC DEVELOPMENT INC
		CENTRAL INDEX KEY:			0001061736
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			O5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-267667
		FILM NUMBER:		221283023

	BUSINESS ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
		BUSINESS PHONE:		528183286167

	MAIL ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
</SEC-HEADER>
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<TYPE>F-3ASR
<SEQUENCE>1
<FILENAME>tm2226300d2_f3asr.htm
<DESCRIPTION>F-3ASR
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<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on September&nbsp;30, 2022</B></P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

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

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

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

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;F-3</P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT</P>

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

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

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

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

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



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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOMENTO ECON&Oacute;MICO MEXICANO, S.A.B. DE C.V.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation or
organization)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer Identification Number)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">General Anaya No.&nbsp;601 Pte.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Monterrey, Nuevo Le&oacute;n 64410</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (+52-818) 328-6000</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">28 Liberty Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (212)&nbsp;894-8940</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212)&nbsp;225-2000</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Approximate date of commencement of proposed sale to the public: From
time to time after this registration statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If only securities being registered on this Form&nbsp;are to be offered
pursuant to dividend or interest reinvestment plans, please check the following box:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the securities being registered on this Form&nbsp;are to
be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;) check the following box:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is a post-effective amendment filed pursuant to
Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is a registration statement pursuant to General
Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under
the Securities Act, check the following box:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant
to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following box:&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&nbsp;405 of the Securities Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="width: 75%; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt">Emerging&nbsp;growth&nbsp;company</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company that prepares its financial statements
in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards&dagger;&nbsp;provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;under the Securities
Act:&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&dagger; The term &ldquo;new or revised financial accounting standard&rdquo;
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&nbsp;5, 2012.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="tm2226300d2_f3img001.jpg" ALT="LogoFEMSA" STYLE="height: 60px; width: 265px"></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FOMENTO
ECON&Oacute;mico mexicano, S.A.B. de C.V.</B></FONT></P>

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

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may from time to time offer
debt securities. This prospectus describes some of the general terms that may apply to these debt securities and the general manner in
which they may be offered. When we offer debt securities, the specific terms of the securities, the offering price and the specific manner
in which they may be offered, will be described in supplements to this prospectus. You should read this prospectus and the applicable
prospectus supplement, as well as the documents incorporated by reference herein and therein, before you invest in our debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell these
debt securities to or through one or more underwriters, dealers or agents, or directly to purchasers, on a continuous or delayed basis.
The supplements to this prospectus will provide the specific terms of the plan of distribution. This prospectus may not be used to offer
and sell debt securities unless accompanied by a prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investment in the securities
involves risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;4 of this prospectus and the &ldquo;Risk Factors&rdquo; section
in any applicable prospectus supplement, for a discussion of the factors you should consider carefully before deciding to purchase our
debt securities.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS PROSPECTUS IS SOLELY OUR RESPONSIBILITY
AND HAS NOT BEEN FILED WITH, OR REVIEWED OR AUTHORIZED BY, THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (<I>COMISI&Oacute;N
NACIONAL BANCARIA Y DE VALORES</I>, OR &ldquo;CNBV&rdquo;). THE TERMS AND CONDITIONS OF ANY OFFER OF DEBT SECURITIES WILL BE NOTIFIED
TO THE CNBV FOR INFORMATIONAL PURPOSES ONLY AND SUCH NOTICE WILL NOT CONSTITUTE A CERTIFICATION AS TO THE INVESTMENT QUALITY OF THE DEBT
SECURITIES OR OUR SOLVENCY, LIQUIDITY OR CREDIT QUALITY. THE DEBT SECURITIES MAY&nbsp;NOT BE OFFERED OR SOLD IN MEXICO, PUBLICLY OR OTHERWISE,
ABSENT AN AVAILABLE EXEMPTION UNDER THE MEXICAN SECURITIES MARKET LAW (<I>LEY DEL MERCADO DE VALORES</I>) AND REGULATIONS THEREUNDER.
IN MAKING AN INVESTMENT DECISION, ALL INVESTORS,&nbsp;INCLUDING ANY MEXICAN RESIDENT WHO MAY&nbsp;ACQUIRE DEBT SECURITIES FROM TIME TO
TIME, MUST RELY ON THEIR OWN EXAMINATION OF US AND WILL BE MADE UNDER SUCH INVESTORS&rsquo; OWN RESPONSIBILITY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">September&nbsp;30, 2022</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 95%"><A HREF="#ABOUTTHISPROSPECTUS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right; width: 5%"><A HREF="#ABOUTTHISPROSPECTUS">1</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#FORWARDLOOKINGINFORMATION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#FORWARDLOOKINGINFORMATION">2</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#FEMSA"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">FEMSA</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#FEMSA">3</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#RISKFACTORS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#RISKFACTORS">4</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#USEOFPROCEEDS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#USEOFPROCEEDS">7</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#DESCRIPTIONOFDEBTSECURITIES"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#DESCRIPTIONOFDEBTSECURITIES">8</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#FORMOFDEBTSECURITIESCLEARINGANDSETTLEMENT"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">FORM&nbsp;OF DEBT SECURITIES, CLEARING AND SETTLEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#FORMOFDEBTSECURITIESCLEARINGANDSETTLEMENT">23</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#TAXATION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">TAXATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#TAXATION">29</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#PLANOFDISTRIBUTION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#PLANOFDISTRIBUTION">33</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#EXPERTS"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#EXPERTS">34</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#VALIDITYOFDEBTSECURITIES"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">VALIDITY OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#VALIDITYOFDEBTSECURITIES">35</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ENFORCEABILITYOFCIVILLIABILITIES"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#ENFORCEABILITYOFCIVILLIABILITIES">36</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#WHEREYOUCANFINMOREINFORMATION"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#WHEREYOUCANFINMOREINFORMATION">37</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#INCORPORATIONOFCERTAININFORMATIBYREFERENCE"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#INCORPORATIONOFCERTAININFORMATIBYREFERENCE">38</A></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>We are responsible for
the information contained in this prospectus, any accompanying prospectus supplement and the documents incorporated by reference herein
and therein. We have not authorized any person to provide you any other information, and we take no responsibility for any other information
that others may give you. This document may only be used where it is legal to sell these debt securities. You should not assume that the
information contained in this prospectus, any accompanying prospectus supplement and the documents incorporated by reference is accurate
as of any date other than their respective dates. Our business, financial condition, results of operations and prospects may have changed
since those dates. We are not making an offer of these debt securities in any state or jurisdiction where the offer is not permitted.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this prospectus,
 &ldquo;FEMSA,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.
and its consolidated subsidiaries, unless the context otherwise requires or unless otherwise specified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a registration statement that we filed with the SEC using a &ldquo;shelf&rdquo; registration process. Under this shelf process, we may
from time to time offer and sell debt securities in one or more offerings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus only provides
a general description of the debt securities that we may offer. Each time we offer debt securities, we will prepare a prospectus supplement
containing specific information about the particular offering and the terms of those debt securities. We may also add, update or change
other information contained in this prospectus by means of a prospectus supplement or by incorporating by reference information we file
with the SEC. The registration statement, which includes this prospectus, that we filed with the SEC also includes exhibits that provide
more detail on the matters discussed in this prospectus. Before you invest in any debt securities offered by this prospectus, you should
read this prospectus, any accompanying prospectus supplement and the related exhibits filed with the SEC, together with the additional
information described under the headings &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Information
by Reference.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of the information contained
or incorporated by reference in this prospectus contains words such as &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate&rdquo;
and similar expressions that identify forward-looking statements. Use of these words reflects our views about future events and financial
performance. Actual results could differ materially from those projected in these forward-looking statements as a result of various factors
that may be beyond our control, including, but not limited to, effects on our company from changes in our relationship with or among our
affiliated companies, effects on our company&rsquo;s points of sale performances from changes in economic conditions, changes or interruptions
in our information technology systems, effects on our company from changes to our various&nbsp;suppliers&rsquo; business and demands,
competition, significant developments in the countries where we operate, our ability to successfully integrate mergers and acquisitions
we have completed in recent&nbsp;years, international economic or political conditions, health epidemics, pandemics and similar outbreaks
including future outbreak of diseases, or the spread of existing diseases and their effect on customer behavior and on economic, political,
social and other conditions in the countries where we operate and globally. Accordingly, we caution readers not to place undue reliance
on these forward-looking statements. In any event, these statements speak only as of their respective dates, and we undertake no obligation
to update or revise any of them, whether as a result of new information, future events or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
involve inherent risks and uncertainties. We caution you not to place undue reliance on these forward-looking statements. A number of
important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed
in such forward-looking statements. Some of these factors are discussed under &ldquo;Risk Factors&rdquo; in our most recent annual report
on Form&nbsp;20-F, which is incorporated in this prospectus by reference, any reports on Form&nbsp;6-K that may be incorporated by reference
in this prospectus or a prospectus supplement. They include economic and political conditions and government policies in the countries
in which we operate, inflation rates, exchange rates, regulatory developments, customer demand and competition. See &ldquo;Where You Can
Find More Information&rdquo; for information about how to obtain a copy of these documents. We caution you that the foregoing list of
factors is not exclusive and that other risks and uncertainties may cause actual results to differ materially from those in forward-looking
statements. You should evaluate any statements made by us in light of these important factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether
as a result of new information or future events or for any other reason.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a leading company that
participates in the following businesses:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the beverage industry through Coca-Cola FEMSA, S.A.B. de C.V., the largest franchise bottler of Coca-Cola
products in the world by volume;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the retail industry through the following divisions: (1)&nbsp;the Proximity Division, operating the OXXO
small-format store chain, (2)&nbsp;the Fuel Division, operating the OXXO Gas chain of retail service stations and (3)&nbsp;the Health
Division, which includes drugstores and related operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the specialized distribution industry, through the Logistics and Distribution division, operated via Envoy
Solutions and Sol&iacute;stica, including product sales in the facility supplies and packaging sectors, as well as integral logistics
services;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the beer industry, through the Heineken Investment, which is the second largest equity holding in Heineken,
one of the world&rsquo;s leading brewers with operations in over 70 countries; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other ancillary businesses, including point-of-sale refrigeration, food processing equipment and plastics
solutions and digital initiatives.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a publicly traded variable
stock corporation (<I>sociedad an&oacute;nima burs&aacute;til de capital variable</I>) organized under the laws of Mexico with its principal
executive offices at General Anaya No.&nbsp;601 Pte., Colonia Bella Vista, Monterrey, Nuevo Le&oacute;n 64410, Mexico. Our telephone number
at this location is (+52-818) 328-6000.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>We have set forth risk
factors in our most recent annual report on Form&nbsp;20-F, which is incorporated by reference in this prospectus. We have also set forth
below certain additional risk factors that relate specifically to debt securities we may offer using this prospectus. We may include further
risk factors in more recent reports on Form&nbsp;6-K incorporated by reference in this prospectus, or in a prospectus supplement. You
should carefully consider all these risk factors in addition to the other information presented or incorporated by reference in this prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>There may not be a liquid trading market</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an active market for our
debt securities does not develop, the price of our debt securities and the ability of a holder of debt securities to find a ready buyer
will be adversely affected. We cannot assure you as to the liquidity of any trading market for our debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Creditors of our subsidiaries will have priority
over the holders of our debt securities in claims to assets of our subsidiaries</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our debt securities will be
obligations of FEMSA and not any of our subsidiaries. We conduct substantially all of our business and hold substantially all of our assets
through our subsidiaries. Claims of creditors of our subsidiaries, including trade creditors and bank and other lenders, will have priority
over the holders of our debt securities in claims to assets of our subsidiaries. Our ability to meet our obligations, including under
our debt securities, will depend, in significant part, on our receipt of cash dividends, advances and other payments from our subsidiaries.
In addition, our creditors may hold negotiable instruments or other instruments governed by local law that grant rights to attach our
assets at the inception of judicial proceedings in the relevant jurisdiction, which attachment is likely to result in priorities benefitting
those creditors when compared to the rights of holders of the debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Our debt securities will be effectively subordinated to any future
secured debt</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our debt securities will be
our senior unsecured obligations and will rank equally in right of payment with all of our other existing and future unsubordinated debt.
The debt securities will be effectively junior to any secured debt to the extent of the value of the assets securing such debt in the
event that we become subject to a dissolution, liquidation or reorganization proceeding (<I>concurso mercantil</I>) or to bankruptcy (<I>quiebra</I>).
In that event, holders of debt securities may not be able to recover any principal or interest they are due under such debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Judgments of Mexican courts enforcing our obligations
under the debt securities would be payable only in Mexican pesos</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If proceedings were brought
in Mexico seeking to enforce in Mexico our obligations in respect of debt securities, whether as a result of the enforcement of a judgment
or in connection with an original action, we would be required to discharge our obligations in Mexico in Mexican pesos. Under the Mexican
Monetary Law (<I>Ley Monetaria de los Estados Unidos Mexicanos</I>), an obligation denominated in a currency other than Mexican pesos
that is payable in Mexico. may be satisfied in Mexican pesos at the rate of exchange in effect on the date of payment. This rate is currently
determined by Bank of Mexico (<I>Banco de M&eacute;xico</I>) and published in the Official Gazette of the Federation (<I>Diario Oficial
de la Federaci&oacute;n</I>). As a result, the amount paid by us in Mexican pesos to holders of debt securities may not be readily convertible
into the amount of U.S. dollars or other currency that we are obligated to pay under the applicable indenture. In addition, our obligation
to indemnify these holders against exchange losses would be unenforceable in Mexico.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investors may experience difficulties in enforcing
civil liabilities against us or our directors, officers and controlling persons</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are organized under the
laws of Mexico, and most of our directors, officers and controlling persons reside outside the United States. In addition, all or a substantial
portion of our assets and the assets of our directors, officers and controlling persons are located outside the United States. As a result,
it may not be possible for investors to effect service of process within the United States on such persons or to enforce judgments against
them, including in any action based on civil liabilities under the U.S. federal securities laws. Based on the opinion of Carlos Eduardo
Aldrete Ancira, our general counsel, there is doubt as to the enforceability against these persons in Mexico, whether in original actions
or in actions for enforcement of judgments of U.S. courts, of liabilities predicated solely upon the U.S. federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Our obligations under the debt securities would
be converted in the event of bankruptcy</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Mexico&rsquo;s Law on
Commercial Reorganization (<I>Ley de Concursos Mercantiles</I>), if we were declared bankrupt or in reorganization (<I>concurso mercantil</I>),
our obligations under our debt securities:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">would be converted into Mexican pesos and then from Mexican pesos into inflation-adjusted units, called
<I>Unidades de Inversi&oacute;n</I>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">would be satisfied at the time claims of all our creditors are satisfied;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">would be subject to the outcome of, and priorities recognized in, the relevant proceedings;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">would not be adjusted to take into account any depreciation of the Mexican peso against the U.S. dollar
or other currency occurring after such declaration.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The collection of interest on interest may
not be enforceable in Mexico</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mexican law does not permit
the collection of interest on interest and, as a result, the accrual of default interest, if any, on past due ordinary interest accrued
in respect of the debt securities may be unenforceable in Mexico.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Developments in other countries may affect
prices for the debt securities and adversely affect our ability to raise additional financing</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market value of securities
of Mexican companies is, to varying degrees, influenced by economic and securities market conditions in other emerging market countries.
Although economic conditions are different in each country, investors&rsquo; reaction to developments in one country can have effects
on the securities of issuers in other countries, including Mexico. Crises in other countries may diminish investor interest in securities
of Mexican issuers. For example, the ongoing military conflict involving Russia and Ukraine and the effect of the resulting economic sanctions
imposed on Russia and certain Russian citizens and enterprises could adversely affect the market value of our securities. We cannot assure
you that events elsewhere, especially in emerging markets, will not adversely affect the market value of our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Changes in our credit ratings may adversely affect your investment
in the debt securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently expect that,
prior to issuance, the debt securities will be rated by one or more rating agencies. The ratings of credit rating agencies assigned to
the debt securities will not be recommendations to purchase, hold or sell debt securities, inasmuch as the ratings do not comment as to
market prices or suitability for a particular investor, are limited in scope, and do not address all material risks relating to an investment
in the debt securities, but rather reflect only the view of each rating agency at the time the rating is issued. An explanation of the
significance of such ratings may be obtained from such rating agency. There can be no assurance that such credit ratings will remain in
effect for any given period of time or that such ratings will not be lowered, suspended or withdrawn entirely by the rating agencies,
if, in each rating agency's judgment, circumstances so warrant, including as a result of increases in our leverage or any decline in our
operating results. Actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are
under further review for a downgrade, could affect the market value and liquidity of the debt securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Negative covenants in the indenture for the debt securities will
have a limited effect</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The indenture governing the debt securities contains
only limited negative covenants that apply to us and our significant subsidiaries. These covenants do not limit the amount of additional
debt that we may incur and do not require us to maintain any financial ratios or specific levels of net worth, revenues, income, cash
flows or liquidity. In light of the limited negative covenants applicable to the debt securities, our subsidiaries may incur substantial
debt, and the holders of the debt securities will be structurally subordinated to that debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the limitation
on liens and sales and leasebacks included in the indenture may have limited effect. Pursuant to such covenants of the indenture, subject
to certain exceptions, we and our significant subsidiaries shall not create, incur, issue or assume any liens on our property to secure
indebtedness for borrowed money, and shall not enter into any sale and leaseback transaction if the attributable debt thereof, in the
aggregate, would exceed an aggregate amount equal to the greater of (1)&nbsp;U.S. $4,030 million and (2)&nbsp;16% of our consolidated
tangible assets.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise disclosed
in a prospectus supplement with respect to a particular offering of debt securities, we intend to use the net proceeds from the sale of
the debt securities for general corporate purposes.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this section, references
to &ldquo;FEMSA,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; are to Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.
only and do not include our subsidiaries or affiliates. References to &ldquo;holders&rdquo; mean those who have debt securities registered
in their names on the books that we or the trustee maintain for this purpose, and not those who own beneficial interests in debt securities
issued in book-entry form through the relevant depositary or in debt securities registered in street name. Owners of beneficial interests
in debt securities should refer to &ldquo;Form&nbsp;of Debt Securities, Clearing and Settlement.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, our debt securities will be issued under a base indenture, dated as of April&nbsp;8, 2013, as
amended from time to time (the &ldquo;base indenture&rdquo;), and supplemental indentures relating to particular series of debt securities
(collectively, the &ldquo;indenture&rdquo;). The indenture is an agreement between us and The Bank of New York Mellon, as trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our debt securities will not
be guaranteed by any of our subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following section summarizes
the material terms that are common to all series of debt securities issued by FEMSA, and to the indenture under which such securities
are issued, unless otherwise indicated in this section or in the prospectus supplement relating to a particular series. We will describe
the particular terms of each series of debt securities offered in a supplement to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because this section is a
summary, it does not describe every aspect of the debt securities and the indenture. This summary is subject to and qualified in its entirety
by reference to all the provisions of the indenture, including the definition of various terms used in the indenture. For example, we
describe the meanings for only the more important terms that have been given special meanings in the indenture. We also include references
in parentheses to some sections of the base indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture and the documents
relating to each series of debt securities contain the full legal text of the matters summarized in this section. We have filed a copy
of the base indenture with the SEC as an exhibit to the registration statement of which this prospectus forms a part. We will file a copy
of the supplemental indentures relating to particular series of debt securities with the SEC. Upon request, we will provide you with a
copy of the indenture. See &ldquo;Where You Can Find More Information&rdquo; for information concerning how to obtain a copy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities will be
issued in one or more series. The following discussion of provisions of the debt securities, including, among others, the discussion of
provisions described under &ldquo;&mdash;Redemption of Debt Securities,&rdquo; &ldquo;&mdash;Defaults, Remedies and Waiver of Defaults,&rdquo;
 &ldquo;&mdash;Modification and Waiver&rdquo; and &ldquo;&mdash;Defeasance,&rdquo; applies to individual series of debt securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the indenture, the trustee
has the following two main roles:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">First, the trustee can enforce the rights of holders against us if we default in respect of the debt securities
issued under the indenture. There are some limitations on the extent to which the trustee acts on behalf of holders, which we describe
under &ldquo;&mdash;Defaults, Remedies and Waiver of Defaults.&rdquo;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Second, the trustee performs administrative duties for us, such as making interest payments and sending
notices to holders of debt securities.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Ranking of the Debt Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a holding company and
our principal assets are shares that we hold in our subsidiaries. The debt securities will be our unsecured and unsubordinated obligations.
As a result, the debt securities will not be secured by any of our assets or properties and will be effectively subordinated to all of
our existing and future secured obligations to the extent of the value of the assets securing such obligations. The debt securities will
not be guaranteed by any of our subsidiaries. As a result, the debt securities will be structurally subordinated to all existing and future
indebtedness and other obligations, including trade payables of our subsidiaries in respect of assets of and revenue generated by such
subsidiaries. In the event of a bankruptcy, <I>concurso mercantil</I>, <I>quiebra</I>, liquidation or other similar proceeding by or against
us, the debt securities would rank equally in right of payment with all our other existing and future unsecured and unsubordinated obligations,
and junior to certain obligations given preference under applicable law, including tax, labor and social security obligations. The debt
securities do not restrict our ability or the ability of our subsidiaries to incur additional indebtedness in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Stated Maturity and Maturity</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The day or dates on which
the principal amount of the debt securities is scheduled to become due is called the &ldquo;stated maturity&rdquo; of the principal. The
principal may become due before the stated maturity by reason of redemption or acceleration after a default. The day or dates on which
the principal actually becomes due, whether at the stated maturity or earlier, is called the &ldquo;maturity&rdquo; of the principal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also use the terms &ldquo;stated
maturity&rdquo; and &ldquo;maturity&rdquo; to refer to the dates when interest payments become due. For example, we may refer to a regular
interest payment date when an installment of interest is scheduled to become due as the &ldquo;stated maturity&rdquo; of that installment.
When we refer to the &ldquo;stated maturity&rdquo; or the &ldquo;maturity&rdquo; of the debt securities without specifying a particular
payment, we mean the stated maturity or maturity, as the case may be, of the principal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rate of Interest of the Debt Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities will bear
interest at a fixed or floating rate. If the debt securities bear interest at a floating rate, the floating interest rate formula will
be based on one or more base rates plus or minus a fixed amount or multiplied by a specified percentage.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities will be
issued only in registered form without coupons and in denominations of U.S. $150,000 and integral multiples of U.S. $2,000 in excess thereof, unless otherwise specified in the applicable prospectus supplement.
<I>(Section&nbsp;302)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except in limited circumstances,
the debt securities will be issued in the form of global debt securities. See &ldquo;Form&nbsp;of Debt Securities, Clearing and Settlement.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, we reserve the right, from time to time without the consent of holders of a particular series
of the debt securities, to issue additional debt securities on terms and conditions identical to those of the debt securities (except
for the issue date and issue price), which additional debt securities will increase the aggregate principal amount of, and will be consolidated
and form a single series with, the debt securities. The additional debt securities will be treated as a single class for all purposes
under the indenture and will vote together as one class on all matters with respect to the debt securities, <I>provided</I> that any additional
debt securities shall be issued under a separate CUSIP number,&nbsp;ISIN and Common Code unless the additional debt securities are issued
pursuant to a &ldquo;qualified reopening&rdquo; of the original series, are otherwise treated as part of the same &ldquo;issue&rdquo;
of debt instruments as the original series or the original debt securities were, and the additional debt securities are, are issued with
less than a <I>de minimis</I> amount of original discount, in each case for U.S. federal income tax purposes. Unless the context otherwise
requires, for all purposes of the indenture and the description of debt securities contained in this prospectus, references to the debt
securities include any additional debt securities. <I>(Section&nbsp;301)</I></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Payments on the Debt Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay interest on the
debt securities on the interest payment dates stated in the applicable prospectus supplement and at maturity. Unless otherwise specified
in the applicable prospectus supplement, each payment of interest due on an interest payment date or at maturity will include interest
accrued from and including the last date to which interest has been paid or made available for payment, or from the issue date, if none
has been paid or made available for payment, to but excluding the relevant payment date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For interest due on a debt
security on an interest payment date, we will pay the interest to the holder in whose name the debt security is registered at the close
of business on the regular record date relating to the interest payment date. For interest due, but not punctually paid or duly provided
for, on any interest payment date, we will pay the interest to the person in whose name a debt security is registered at the close of
business on a special record date for the payment of such defaulted interest to be fixed by the trustee in accordance with the indenture,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such debt
security may be listed, and upon such notice as may be required by such exchange. <I>(Section&nbsp;306)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For principal due on a debt
security at maturity, we will pay the amount to the holder of the debt security against surrender of the debt security at the proper place
of payment. <I>(Section&nbsp;203)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, we will compute interest on debt securities bearing interest at a fixed rate on the basis of
a 360-day year of twelve 30-day months. <I>(Section&nbsp;309)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The regular record dates relating
to the interest payment dates for any debt security will be set forth in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Payments on Global Debt
Securities</I>.&nbsp;&nbsp;</B>For debt securities issued in global form, we will make payments on the debt securities in accordance with
the applicable procedures of the depositary as in effect from time to time. <I>(Section&nbsp;1002)</I> Under those procedures, we will
make payments through the trustee or a paying agent directly to the depositary, or its nominee, as the registered holder of the global
debt security and not to any indirect holders who own beneficial interests in a global debt security. An indirect holder&rsquo;s right
to receive those payments will be governed by the rules&nbsp;and practices of the depositary and its participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Payments on Certificated
Debt Securities</I>.&nbsp;&nbsp;</B>For debt securities issued in certificated form, we will pay interest that is due on an interest payment
date by check mailed on the interest payment date to the holder at the holder&rsquo;s address shown on the register maintained by the
security registrar as of the close of business on the regular record date. (<I>Section&nbsp;203</I>) In addition, if we issue debt securities
in certificated form, holders of debt securities in certificated form will be able to receive payment on their debt securities at the
office or agency we maintain in New York City or any other place as we may set forth in the applicable prospectus supplement. <I>(Section&nbsp;1002)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Payment When Offices Are Closed</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any payment is due on a
debt security on a day that is not a business day, we will make the payment on the day that is the next business day. Payments postponed
to the next business day in this situation will be treated under the indenture or the supplemental indenture as if they were made on the
original due date. <I>(Section&nbsp;114) </I>Postponement of this kind will not result in a default under the debt securities, the indenture
or the supplemental indenture. If interest on the debt securities is calculated on the basis of a 360-day year of twelve 30-day months,
no interest will accrue on the postponed amount from the original due date to the next day that is a business day.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, &ldquo;business day&rdquo; means each Monday, Tuesday, Wednesday, Thursday and Friday that is
(a)&nbsp;not a day on which banking institutions in New York City or Mexico City generally are authorized or obligated by law, regulation
or executive order, as applicable, to close and (b)&nbsp;in the case of debt securities issued in certificated form, a day on which banks
and financial institutions are generally open for business in the location of each office of a paying agent, but only with respect to
a payment to be made at the office of such paying agent. <I>(Section&nbsp;101)</I></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to any debt securities,
we shall maintain in the Borough of Manhattan, The City of New York, New York, an office or agency where debt securities may be presented
or surrendered for payment. We may also from time to time designate one or more other offices or agencies (in or outside the Borough of
Manhattan, The City of New York) to act as our paying agents, at whose designated offices the debt securities may be presented or surrendered
for payment. We may also choose to act as our own paying agent. Initially, we have appointed the trustee, at its corporate trust office
in New York City, as a paying agent. <I>(Section&nbsp;1002)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All money paid by us to the
trustee or any paying agent that remains unclaimed at the end of two years after the amount is due to a holder will be repaid to us. After
that two-year period, the holder may look only to us for payment and not to the trustee, any paying agent or anyone else. <I>(Section&nbsp;1003)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Payment of Additional Interest</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required by Mexican
law to deduct Mexican withholding taxes from payments of interest (or amounts deemed interest) to holders of debt securities who are not
residents of Mexico for tax purposes as described under &ldquo;Taxation&mdash;Mexican Tax Considerations.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the limitations
and exceptions described below, we will pay to holders of the debt securities all additional interest that may be necessary so that every
net payment of interest or principal or premium to the holder will not be less than the amount provided for in the debt securities. By
net payment, we mean the amount that we or our paying agent will pay the holder after we deduct or withhold an amount for or on account
of any present or future taxes, duties, assessments or other governmental charges imposed or levied with respect to that payment (or the
payment of such additional interest) by a Mexican taxing authority or the taxing authority of any other country under whose laws we or
any successor of us (assuming the obligations of the debt securities, the indenture and any applicable supplemental indenture following
a merger, consolidation or transfer, lease or conveyance of substantially all of our assets and properties) are organized at the time
of payment, except for the United States (each, a &ldquo;Taxing Jurisdiction&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our obligation to pay additional
interest is, however, subject to several important exceptions. We will not pay additional interest to or on behalf of any holder or beneficial
owner, or to the trustee, for or on account of any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any taxes, duties, assessments or other governmental charges imposed solely because at any time there
is or was a connection between the holder and the Taxing Jurisdiction (other than the mere receipt of a payment or the ownership or holding
of a debt security or the enforcement of rights with respect to a debt security);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any estate, inheritance, gift, sales, transfer, personal property or other similar tax, assessment or
other governmental charge imposed with respect to the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any taxes, duties, assessments or other governmental charges imposed solely because the holder or any
other person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence,
identity or connection with the Taxing Jurisdiction of the holder or any beneficial owner of the debt security if compliance is required
by law, regulation or by an applicable income tax treaty to which such Taxing Jurisdiction is a party and which is effective, as a precondition
to exemption from, or reduction in the rate of, the tax, assessment or other governmental charge and we have given the holders at least
30 calendar days&rsquo; notice prior to the first payment date with respect to which such certification, identification or reporting requirement
is required to the effect that holders will be required to provide such information and identification;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any tax, duty, assessment or other governmental charge payable otherwise than by deduction or withholding
from payments on the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any taxes, duties, assessments or other governmental charges with respect to a debt security presented
for payment more than 15 days after the date on which the payment became due and payable or the date on which payment thereof is duly
provided for and notice thereof given to holders, whichever occurs later, except to the extent that the holders of such debt security
would have been entitled to such additional interest on presenting such debt security for payment on any date during such 15-day period;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any payment on a debt security to a holder that is a fiduciary or partnership or a person other than the
sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such
a partnership or the beneficial owner of the payment would not have been entitled to the additional interest had the beneficiary, settlor,
member or beneficial owner been the holder of such debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any taxes imposed under FATCA; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any combination of the items in the bullet points above. <I>(Section&nbsp;1008)</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The limitations on our obligations
to pay additional interest described in the third bullet point above will not apply if the provision of information, documentation or
other evidence described in the applicable bullet point would be materially more onerous, in form, in procedure or in the substance of
information disclosed, to a holder or beneficial owner of a debt security, taking into account any relevant differences between U.S. and
Mexican law, regulation or administrative practice, or the laws, regulations or administrative practices of any other Taxing Jurisdiction,
than comparable information or other reporting requirements imposed under U.S. tax law (including the United States/Mexico Income Tax
Treaty), regulations (including proposed regulations) and administrative practice. <I>(Section&nbsp;1008(a))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Applicable Mexican regulations
currently allow us to withhold at a reduced rate, provided that we comply with certain information reporting requirements. Accordingly,
the limitations on our obligations to pay additional interest described in the third bullet point above also will not apply with respect
to any Mexican withholding taxes unless (a)&nbsp;the provision of the information, documentation or other evidence described in the applicable
bullet point is expressly required by the applicable Mexican regulations, (b)&nbsp;we cannot obtain the information, documentation or
other evidence necessary to comply with the applicable Mexican regulations on our own through reasonable diligence and (c)&nbsp;we otherwise
would meet the requirements for application of the applicable Mexican regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the limitation
described in the third bullet point above does not require that any person that is not a resident of Mexico for tax purposes, including
any non-Mexican pension fund, retirement fund, tax exempt organization, financial institution or any other holder or beneficial owner
of a debt security, register with, or provide information to, the <I>Secretar&iacute;a de Hacienda y Cr&eacute;dito P&uacute;blico</I>
(the Mexican Ministry of Finance and Public Credit, or the &ldquo;SHCP&rdquo;) or with the <I>Servicio de Administraci&oacute;n Tributaria
</I>(the Mexican Tax Administration Service or &ldquo;SAT&rdquo;) to establish eligibility for an exemption from, or a reduction of, Mexican
withholding tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will remit the full amount
of any taxes withheld to the applicable taxing authorities in accordance with the applicable law of the Taxing Jurisdiction. We will also
provide the trustee with documentation (which may consist of copies of such documentation) reasonably satisfactory to the trustee evidencing
the payment of taxes in respect of which we have paid any additional interest. We will provide copies of such documentation to the holders
of the debt securities or the relevant paying agent upon request. <I>(Section&nbsp;1008(a))</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that additional
interest actually paid with respect to the debt securities pursuant to the preceding paragraphs is based on rates of deduction or withholding
of taxes in excess of the appropriate rate applicable to the holder of such debt securities, and as a result thereof such holder is entitled
to make a claim for a refund or credit of such excess from the authority imposing such withholding tax, then such holder shall, by accepting
such debt securities, be deemed to have assigned and transferred all right, title and interest to any such claim for a refund or credit
of such excess to us. However, by making such assignment, the holder makes no representation or warranty that we will be entitled to receive
such claim for a refund or credit and incurs no other obligation with respect thereto. <I>(Section&nbsp;1008(d))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;FATCA&rdquo; means
Sections 1471 through 1474 of the Internal Revenue Code of 1986 (as amended) (the &ldquo;Code&rdquo;), as in effect on the date of issuance
of the applicable debt securities (or any amended or successor version that is substantively comparable and not materially more onerous
to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section&nbsp;1471(b)(1)&nbsp;of
the Code and any fiscal or regulatory legislation, rules&nbsp;or practices adopted pursuant to any intergovernmental agreement, treaty
or convention among Governmental Authorities and implementing such Sections of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any reference in this prospectus,
the base indenture, any applicable supplemental indenture or the debt securities to principal, premium, if any, interest or any other
amount payable in respect of the debt securities by us will be deemed also to refer to any additional interest that may be payable with
respect to that amount under the obligations referred to therein. <I>(Section&nbsp;1008(e))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Redemption of Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not be permitted to
redeem the debt securities before their stated maturity, except as set forth below. The debt securities will not be entitled to the benefit
of any sinking fund&mdash;meaning that we will not deposit money on a regular basis into any separate account to repay the debt securities.
In addition, holders will not be entitled to require us to repurchase their debt securities from them before the stated maturity. <I>(Section&nbsp;1101(a))</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If so indicated in the applicable
prospectus supplement, we will be entitled, at our option, to redeem some or all of the outstanding debt securities from time to time
at the redemption price set forth in the applicable prospectus supplement. If the debt securities are redeemable only on or after a specified
date or upon the satisfaction of additional conditions, the prospectus supplement will specify the date or describe the conditions. In
each case we will pay holders accrued and unpaid interest, if any, up to but not including the redemption date and additional interest
thereon. Debt securities, or any portion thereof called for redemption, will stop bearing interest on and after the redemption date, unless
the redemption payment of such debt security is not paid to holders upon surrender. <I>(Sections 301, 1101 and 1104)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Redemption for Taxation Reasons</I></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">as a result of any amendment to, or change in, the laws (or any rules&nbsp;or regulations thereunder)
of Mexico, or any amendment to or change in an official interpretation or application of such laws, rules&nbsp;or regulations, which amendment
to or change of such laws, rules&nbsp;or regulations becomes effective on or after the date of the applicable pricing supplement when
a series of debt securities is first issued, we would be obligated on the next succeeding interest payment date, after taking such measures
as we may consider reasonable to avoid this requirement, to pay additional interest in excess of that attributable to a withholding tax
rate of 4.9% with respect to the debt securities (see &ldquo;&mdash;Payment of Additional Interest&rdquo; and &ldquo;Taxation&mdash;Mexican
Tax Considerations&rdquo;); or</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the event that we or any successor of us (assuming the obligations of the debt securities and the indenture
following a merger, consolidation or transfer, lease or conveyance of substantially all of our assets and properties) are organized under
the laws of any Taxing Jurisdiction other than Mexico (the date on which we or a successor become subject to any such Taxing Jurisdiction,
the &ldquo;Succession Date&rdquo;), and as a result of any amendment to, or change in, the laws (or any rules&nbsp;or regulations thereunder)
of such Taxing Jurisdiction, or any political subdivision or taxing authority thereof or therein affecting taxation, any amendment to
or change in an official interpretation or application of such laws, rules&nbsp;or regulations, which amendment to or change of such laws,
rules&nbsp;or regulations becomes effective after the Succession Date, we would be obligated on the next succeeding interest payment date,
after taking such measures as we may consider reasonable to avoid this requirement, to pay additional interest in excess of that attributable
to any withholding tax rate imposed by such Taxing Jurisdiction as of the Succession Date with respect to the debt securities,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">then we may, at our option, redeem the debt securities,
in whole but not in part, at any time on giving not less than 30 nor more than 60 days&rsquo; notice, at a redemption price equal to 100%
of the outstanding principal amount of the debt securities being redeemed, plus accrued and unpaid interest and any additional interest
due thereon up to but not including the date of redemption; provided, however, that (1)&nbsp;no notice of redemption for tax reasons may
be given earlier than 90 days prior to the earliest date on which we would be obligated to pay this additional interest if a payment on
the debt securities were then due and (2)&nbsp;at the time such notice of redemption is given such obligation to pay such additional interest
remains in effect. <I>(Section&nbsp;1101(c))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the giving of any
notice of redemption for taxation reasons, we will deliver to the trustee:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a certificate signed by one of our duly authorized representatives stating that we are entitled to effect
the redemption and setting forth a statement of facts showing that the conditions precedent to our right of redemption for taxation reasons
have occurred; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an opinion of legal counsel (which may be our in-house counsel) of recognized standing to the effect that
we have or will become obligated to pay such additional interest as a result of such change or amendment. <I>(Section&nbsp;1101(d))</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice of redemption at our
election, after it is delivered to the holders, will be irrevocable. <I>(Section&nbsp;1102)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following covenants will
apply to us and our subsidiaries for so long as any debt security remains outstanding. These covenants restrict our ability and the ability
of our subsidiaries to enter into certain transactions. However, these covenants do not limit our ability to incur indebtedness or require
us to comply with financial ratios or to maintain specified levels of net worth or liquidity. In addition, these covenants and the indenture
generally do not limit the ability of our principal shareholders to reduce their ownership interest in us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Limitation on Liens</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not, and we may not
allow any of our significant subsidiaries to, create, incur, issue or assume any liens on our property to secure indebtedness for borrowed
money where such indebtedness secured by such liens would exceed an aggregate amount equal to the greater of (1)&nbsp;U.S. $4,030 million
and (2)&nbsp;16% of our Consolidated Tangible Assets less, in each case, the aggregate amount of attributable debt of us and our significant
subsidiaries pursuant to the first bullet point under &ldquo;&mdash;Limitation on Sales and Leasebacks,&rdquo; unless we secure the debt
securities equally with, or prior to, the indebtedness for borrowed money secured by such liens. This restriction will not, however, apply
to the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens on property acquired and existing on the date the property was acquired or arising after such acquisition
pursuant to contractual commitments entered into prior to such acquisition and not in contemplation of such acquisition;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens on any property securing debt incurred or assumed for the purpose of financing its purchase price
or the cost of its construction, improvement or repair; <I>provided</I> that such lien attaches to the property within 12 months of its
acquisition or the completion of its construction, improvement or repair and does not attach to any other property;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens existing on any property of any subsidiary prior to the time that the subsidiary became a subsidiary
of ours or liens arising after that time under contractual commitments entered into prior to and not in contemplation of that event;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens on any property securing debt owed by a subsidiary of ours to us or to another of our subsidiaries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens existing on the date the debt securities are issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens resulting from the deposit of funds or evidence of debt in trust for the purpose of defeasing our
debt or the debt of any of our subsidiaries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any (i)&nbsp;liens for taxes, assessments and other governmental charges and (ii)&nbsp;attachment or judgment
liens, in each case, the payment of which is being contested in good faith by appropriate proceedings for which such reserves or other
appropriate provision, if any, as may be required by International Financial Reporting Standards as issued by the International Accounting
Standards Board (&ldquo;IFRS&rdquo;) shall have been made;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens on accounts receivable, inventory, or bottles and cases to secure working capital or revolving credit
debt incurred in the ordinary course of business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens resulting from a direct or indirect pledge of any or all of our shares in Heineken N.V. or Heineken
Holdings N.V. or any holding company the principal assets of which consist of such shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any liens on real estate related to retail or commercial locations operated by us or our subsidiaries
that is contributed to a trust (a &ldquo;Real Estate Trust&rdquo;); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liens arising out of the refinancing, extension, renewal or refunding of any debt described above; <I>provided</I>
that the aggregate principal amount of such debt is not increased and such lien does not extend to any additional property. <I>(Section&nbsp;1006)</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Consolidated Tangible
Assets&rdquo; means at any time the total assets (stated net of properly deductible items, to the extent not already deducted in the computation
of total assets) appearing on our consolidated balance sheet less all goodwill and intangible assets appearing on such balance sheet,
all determined on a consolidated basis at such time in accordance with IFRS. <I>(Section&nbsp;101)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this covenant,
the covenant set forth under &ldquo;&mdash;Limitation on Sale and Leasebacks&rdquo; and the events of default set forth under &ldquo;&mdash;Default,
Remedies and Waiver of Default&mdash;Events of Default,&rdquo; &ldquo;significant subsidiary&rdquo; means any of our subsidiaries that
meets the definition of significant subsidiary under Regulation S-X as promulgated by the SEC. As of December&nbsp;31, 2021, our significant
subsidiaries consisted of Coca-Cola FEMSA, S.A.B. de C.V., FEMSA Comercio, S.A. de C.V. and CB Equity LLP. <I>(Section&nbsp;101)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Limitation on Sales and Leasebacks</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not, and we may not
allow any of our significant subsidiaries to, enter into any sale and leaseback transaction without effectively providing that the debt
securities will be secured equally and ratably with or prior to the sale and leaseback transaction, unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate amount of attributable debt of us and our significant subsidiaries in respect of sale and
leaseback transactions then outstanding (other than any sale and leaseback transactions permitted under the following second and third
bullet points) would not exceed an aggregate amount equal to the greater of (1)&nbsp;U.S. $4,030 million or (2)&nbsp;16% of our Consolidated
Tangible Assets less, in each case, any secured indebtedness permitted under &ldquo;&mdash;Limitation on Liens&rdquo; that does not secure
the debt securities equally with, or prior to, the indebtedness for borrowed money secured by such liens;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we or one of our subsidiaries, within 12 months of the sale and leaseback transaction, retire debt not
owed to us or any of our subsidiaries that is not subordinated to the debt securities or invest in equipment, plant facilities or other
fixed assets used in the operations of us or any of our subsidiaries, in an aggregate amount equal to the greater of (1)&nbsp;the net
proceeds of the sale or transfer of the property or other assets that are the subject of the sale and leaseback transaction and (2)&nbsp;the
fair market value of the property leased <I>(Section&nbsp;1007)</I>; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the transaction involves the lease by us or our subsidiaries of real estate contributed to a Real Estate
Trust.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
we and/or our subsidiaries may enter into sale and leaseback transactions that solely refinance, extend, renew or refund sale and leaseback
transactions permitted under the bullet points above and the restriction described in the preceding paragraph will not apply to such sale
and leaseback transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Sale and leaseback
transaction&rdquo; means a transaction or arrangement between us or one of our subsidiaries and a bank, insurance company or other lender
or investor where we or our subsidiary leases property for an initial term of three years or more that was or will be sold by us or our
significant subsidiary to that lender or investor for a sale price of U.S. $5 million (or its equivalent in other currencies) or more.
(<I>Section&nbsp;101</I>)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Attributable debt&rdquo;
means, with respect to any sale and leaseback transaction, the lesser of (1)&nbsp;the fair market value of the asset subject to such transaction
and (2)&nbsp;the present value, discounted at a rate per annum equal to the discount rate of a capital lease obligation with a like term
in accordance with IFRS, of the obligations of the lessee for net rental payments (excluding amounts on account of maintenance and repairs,
insurance, taxes, assessments and similar charges and contingent rents) during the term of the lease. (<I>Section&nbsp;101</I>)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Provision of Information</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will furnish the trustee
with copies of our annual report and the information, documents and other reports that we are required to file with the SEC pursuant to
Section&nbsp;13 or 15(d)&nbsp;of the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), including our
annual reports on Form&nbsp;20-F and reports on Form&nbsp;6-K, within 15 days after we file them with the SEC. In addition, we will make
the same information, documents and other reports available, at our expense, to holders who so request in writing. <I>(Section&nbsp;1005)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, in the future, we are
not required to file such information, documents or other reports pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act, we will
furnish to the trustee copies of the audited annual financial statements within 120 days after the end of our fiscal year and copies of
the unaudited quarterly financial statements within 60 days of the end of each of the first three fiscal quarters of each year. <I>(Section&nbsp;1005)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of our senior executive
officers becomes aware that a default or event of default or an event that with notice or the lapse of time would be an event of default
has occurred and is continuing, as the case may be, we will deliver a certificate to the trustee describing the details thereof and the
action we are taking or propose to take. <I>(Section&nbsp;1004)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Merger, Consolidation or Sale of Assets</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not consolidate with
or merge into any other person or, directly or indirectly, transfer, convey, sell, lease or otherwise dispose of all or substantially
all of our assets and properties and may not permit any person to consolidate with or merge into us, unless all of the following conditions
are met:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if we are not the successor person in the transaction, the successor expressly assumes our obligations
under the debt securities and the indenture;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">immediately after the transaction, no default under the debt securities has occurred and is continuing.
For this purpose, &ldquo;default under the debt securities&rdquo; means an event of default or an event that would be an event of default
with respect to the debt securities if the requirements for giving us default notice and for our default having to continue for a specific
period of time were disregarded. See &ldquo;&mdash;Defaults, Remedies and Waiver of Defaults&rdquo;; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we have delivered to the trustee an officer&rsquo;s certificate and opinion of counsel, each stating,
among other things, that the transaction complies with the indenture. <I>(Section&nbsp;801)</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the conditions described
above are satisfied, we will not have to obtain the approval of the holders in order to merge or consolidate or to sell or otherwise dispose
of our properties and assets substantially as an entirety. In addition, these conditions will apply only if we wish to merge into or consolidate
with another person or sell or otherwise dispose of all or substantially all of our assets and properties. We will not need to satisfy
these conditions if we enter into other types of transactions, including any transaction in which we acquire the stock or assets of another
person, any transaction that involves a change of control of our company, but in which we do not merge or consolidate, or any transaction
in which we sell or otherwise dispose of less than substantially all our assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Defaults, Remedies and Waiver of Defaults</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders will have special
rights if an event of default with respect to the debt securities they hold occurs and is not cured, as described below.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to pay interest on any debt security within 30 days after its due date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to pay the principal or premium, if any, of any debt security on its due date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we remain in breach of any covenant in the indenture for the benefit of holders of the debt securities
of any series, for 90 days after we receive a notice of default (sent by the trustee at the written request of holders of a majority in
principal amount of the outstanding debt securities of that series to us or by the holders of a majority in principal amount of the outstanding
debt securities of that series to us and the trustee) stating that we are in breach;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we or any of our significant subsidiaries experience a default or event of default under any instrument
relating to debt, prior to its maturity, that results in the failure to pay principal, or in the acceleration, of an aggregate principal
amount equal to or greater than U.S. $150 million (or its equivalent in other currencies);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a final judgment is rendered against us or any of our significant subsidiaries in an aggregate amount
in excess of U.S. $150 million (or its equivalent in other currencies) that is not discharged or bonded in full within 90 days, for 10
days after we receive a notice of this default (sent by the trustee at the written request of holders of a majority in principal amount
of the outstanding debt securities of such series to us or by the holders of a majority in principal amount of the outstanding debt securities
of such series to us and the trustee); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we or any of our significant subsidiaries file for bankruptcy, or other events of bankruptcy, insolvency
or reorganization or similar proceedings occur relating to us or any of our significant subsidiaries. (<I>Section&nbsp;501</I>)</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Remedies Upon Event of Default</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an event of default with
respect to any series of the debt securities occurs and is not cured or waived, the trustee, at the written request of holders of a majority
in principal amount of the outstanding debt securities of such series, may declare the entire principal amount of all the debt securities
to be due and payable immediately, and upon any such declaration the principal, any accrued interest and any additional interest shall
become due and payable. If, however, an event of default with respect to any series of debt securities occurs because of a bankruptcy,
insolvency or reorganization relating to us or any of our significant subsidiaries, the entire principal amount of all the debt securities
of such series and any accrued interest and any additional interest will be automatically accelerated, without any action by the trustee
or any holder and any principal, interest or additional interest will become immediately due and payable. <I>(Section&nbsp;502)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the situations described
in the preceding paragraph is called an acceleration of the maturity of the debt securities. If at any time after a declaration of acceleration
with respect to any series of debt securities is made and before a judgment for payment has been obtained, the holders of a majority in
aggregate principal amount of the outstanding debt securities of such series (except in the event of an event of default arising from
bankruptcy, insolvency or reorganization or similar proceedings) may rescind and annul such declaration and its consequences, provided
that all amounts then due (other than amounts due solely because of such acceleration) have been paid and all other defaults with respect
to such series of debt securities have been cured or waived. <I>(Section&nbsp;502)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except during the continuance
of an event of default, the trustee will perform only such duties as are specifically set forth in the indenture. During the existence
of an event of default, the trustee will exercise such rights and powers vested in it by the indenture, and use the same degree of care
and skill in doing so, that a prudent person would use under the circumstances in conducting his or her own affairs. (<I>Section&nbsp;601</I>)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trustee is under no obligation
to exercise any of its rights or powers under the indenture at the request, order or direction of any of the holders, unless such holders
have offered to the trustee indemnity or security reasonably satisfactory to it. Subject to all provisions of the indenture and applicable
law, the holders of a majority in aggregate principal amount of the then outstanding debt securities of a series 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. <I>(Sections&nbsp;512 and 603(e))</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before a holder of any debt
securities of any series bypasses the trustee and brings its own lawsuit or other formal legal action or takes other steps to enforce
its rights or protect its interests relating to the debt securities, the following must occur:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holder must give the trustee written notice that an event of default has occurred with respect to
the debt securities of such series and the event of default has not been cured or waived;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holders of a majority in aggregate principal amount of the outstanding debt securities of such series
must make a written request that the trustee take action with respect to the debt securities of such series because of the default and
they or other holders must offer to the trustee indemnity satisfactory to the trustee against the cost and other liabilities incurred
by complying with such request;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the trustee must not have taken action for 60 days after the above steps have been taken; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">during those 60 days, the holders of a majority in aggregate principal amount of the outstanding debt
securities of such series must not have given the trustee directions that are inconsistent with the written request previously delivered
by the holders of a majority in aggregate principal amount of the outstanding debt securities of such series. <I>(Section&nbsp;507)</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A holder will be entitled,
however, at any time to bring a lawsuit for the payment of money due on any debt securities held by that holder on or after its due date.
<I>(Section&nbsp;508)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Book-entry and other indirect
holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and
how to declare or cancel an acceleration of the maturity.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Waiver of Default</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of not less than
a majority in principal amount of the outstanding debt securities of any series may waive a past default for all the debt securities of
such series. If this happens, the default will be treated as if it had been cured. However, no holder may waive (i)&nbsp;a payment default
on any debt security or (ii)&nbsp;a covenant default by which we make any of the changes in &ldquo;&mdash;Modification and Waiver &ndash;
Changes Requiring Each Holder&rsquo;s Approval&rdquo; without obtaining approval of each affected holder of outstanding debt securities
of such series. <I>(Section&nbsp;513)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Modification and Waiver</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are three types of changes
we can make to the indenture, any supplemental indenture and the outstanding debt securities under the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Changes Requiring Each Holder&rsquo;s Approval</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following changes cannot
be made without the approval of each holder of an outstanding debt security affected by the change:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a change in the stated maturity of any principal or interest payment on a debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a reduction in the principal amount, the interest rate or the redemption price for a debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a change in our obligation to pay additional interest;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a change in the currency of any payment on a debt security other than as permitted by the debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a change in the place of any payment on a debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an impairment of the holder&rsquo;s right to sue for payment of any amount due on its debt security;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a reduction in the percentage in principal amount of the debt securities needed to change the indenture
or the outstanding debt securities under the indenture; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a reduction in the percentage in principal amount of the outstanding debt securities needed to waive our
compliance with the indenture, any supplemental indenture or to waive defaults. <I>(Section&nbsp;902)</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Changes Not Requiring Approval</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some changes will not require
the approval of holders of debt securities. These changes are limited to specific kinds of changes, such as making changes to conform
the provisions contained in the indentures or the debt securities to the description of debt securities contained in this prospectus or
an applicable prospectus supplement and the addition of covenants, events of default or security and other clarifications and changes
that would not adversely affect the right of holders of outstanding debt securities under the indenture in any material respect. <I>(Section&nbsp;901)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Changes Requiring Majority Approval</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any other change to the indenture
or the debt securities of any series will be required to be approved by the holders of a majority in principal amount of the outstanding
debt securities of such series affected by the change or waiver. The required approval must be given by written consent. <I>(Section&nbsp;902)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The same majority approval
will be required for us to obtain a waiver of certain of our covenants in the indenture and any supplemental indenture. Our covenants
include the promises we make about merging, creating liens on our interests and entering into sale and leaseback transactions, which
we describe under &ldquo;&mdash;Merger, Consolidation or Sale of Assets&rdquo; and &ldquo;&mdash;Covenants.&rdquo; If the holders approve
a waiver of a covenant, we will not have to comply with it. The holders, however, cannot approve a waiver of any provision in a particular
debt security, the indenture or any supplemental indenture, as it affects that debt security, that we cannot change without the approval
of the holder of that debt security as described under in &ldquo;&mdash;Changes Requiring Each Holder&rsquo;s Approval,&rdquo; unless
that holder approves the waiver. <I>(Section&nbsp;907)</I></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Book-entry and other indirect
holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture,
any supplemental indenture or the debt securities or request a waiver.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If so specified in the applicable
prospectus supplement, we may, at our option, elect to terminate (1)&nbsp;all of our obligations with respect to the debt securities of
the applicable series (&ldquo;legal defeasance&rdquo;), except for certain obligations, including those regarding any trust established
for defeasance and obligations relating to the transfer and exchange of such debt securities, the replacement of mutilated, destroyed,
lost or stolen debt securities, the maintenance of agencies with respect to the debt securities and the rights, powers, trusts, duties,
immunities, and indemnities and other provisions in respect of the trustee <I>(Sections 1201 and 1202)</I> or (2)&nbsp;our obligations
under certain covenants in the indenture, so that any failure to comply with such obligations will not constitute an event of default
(&ldquo;covenant defeasance&rdquo;) in respect of a particular series of debt securities. <I>(Sections 1201 and 1203)</I> In order to
exercise either legal defeasance or covenant defeasance, we must irrevocably deposit with the trustee U.S. dollars or such other currency
in which the debt securities are denominated (the &ldquo;securities currency&rdquo;), government obligations of the United States or a
government, governmental agency or central bank of the country whose currency is the securities currency, or any combination thereof,
in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants delivered to the
trustee, to pay the principal, premium, if any, and interest (including additional interest) in respect of the debt securities then outstanding
on the maturity date of the debt securities, and comply with certain other conditions, including, without limitation, the delivery of
opinions of counsel as to specified tax and other matters. <I>(Sections 1201, 1204 and 1205)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect either legal defeasance
or covenant defeasance with respect to any series of debt securities, we must so elect it with respect to all of the outstanding debt
securities of such series. <I>(Section&nbsp;1201)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Special Rules&nbsp;for Actions by Holders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When holders take any action
under the indenture, such as giving a notice of default, declaring an acceleration, approving any change or waiver or giving the trustee
an instruction, we will apply the following rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Only Outstanding Debt Securities are Eligible
for Action by Holders</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Only holders of outstanding
debt securities of a particular series will be eligible to vote or participate in any action by holders. In addition, we will count only
outstanding debt securities of that series in determining whether the various percentage requirements for voting or taking action have
been met. For these purposes, a debt security will not be &ldquo;outstanding&rdquo; if it has been surrendered for cancellation or if
we have deposited or set aside, in trust for its holder, money for its payment or redemption. In addition, any debt securities owned or
held by us or any of our affiliates will be disregarded and deemed not to be outstanding for these purposes. <I>(Section&nbsp;101)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Determining Record Dates for Action by Holders</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will generally be entitled
to set any day as a record date for the purpose of determining the holders that are entitled to take action under the indenture or the
supplemental indenture. In some limited circumstances, only the trustee will be entitled to set a record date for action by holders. If
we or the trustee set a record date for an approval or other action to be taken by holders, that vote or action may be taken only by persons
or entities who are holders on the record date and must be taken during the period that we specify for this purpose, or that the trustee
specifies if it sets the record date. We or the trustee, as applicable, may shorten or lengthen this period from time to time. This period,
however, may not extend beyond the 180th day after the record date for the action. In addition, record dates for any global debt securities
may be set in accordance with procedures established by the depositary from time to time. <I>(Section&nbsp;104)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We shall appoint one or more
transfer agents, at whose designated offices any debt securities in certificated form may be transferred or exchanged and also surrendered
before payment is made at maturity. Initially, we have appointed the trustee, at its corporate trust office in New York City, as transfer
agent. If we issue debt securities in certificated form, holders of debt securities in certificated form will be able to transfer their
debt securities, in whole or in part, by surrendering the debt securities, with a duly completed form of transfer, for registration of
transfer at the office of our transfer agent in New York City. We will not charge any fee for the registration or transfer or exchange,
except that we may require the payment of a sum sufficient to cover any applicable tax or other governmental charge payable in connection
with the transfer. <I>(Sections 304 and 1002)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As long as we issue debt securities
in global form, notices to be given to holders will be given to the relevant depositary therefor, in accordance with its applicable policies
as in effect from time to time. If we issue debt securities in certificated form, notices to be given to holders will be sent by mail
to the respective addresses of the holders as they appear in the register maintained by the security registrar, and will be deemed given
when mailed. <I>(Section&nbsp;106)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the failure to give
any notice to a particular holder, nor any defect in a notice given to a particular holder, will affect the sufficiency of any notice
given to another holder. <I>(Section&nbsp;106)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture, any supplemental
indenture and the debt securities will be governed by, and construed in accordance with, the laws of the State of New York, United States
of America. <I>(Section&nbsp;113)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Submission to Jurisdiction</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with any legal
action or proceeding arising out of or relating to the debt securities, the indenture or any supplemental indenture (subject to the exceptions
described below), we have:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">submitted to the jurisdiction of any U.S. federal or New York state court in the Borough of Manhattan,
The City of New York, and any appellate court thereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">agreed that all claims in respect of such legal action or proceeding may be heard and determined in such
U.S. federal or New York state court and waived, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance
of such action or proceeding and any right of jurisdiction on account of our present or future place of residence or domicile; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">appointed CT Corporation System, with an office at 28 Liberty Street, New York, New York 10005, United
States of America, as process agent, and such agent has accepted such appointment.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The process agent will receive,
on our behalf, service of copies of the summons and complaint and any other process which may be served in any such legal action or proceeding
brought in such New York state or U.S. federal court sitting in New York City. Service may be made by mailing or delivering a copy of
such process to us at the address specified above for the process agent. <I>(Section&nbsp;115)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A final judgment in any of
the above legal actions or proceedings will be conclusive and may be enforced in other jurisdictions, in each case, to the extent permitted
under the applicable laws of such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the foregoing,
the holders may serve legal process in any other manner permitted by applicable law. The above provisions do not limit the right of any
holder to bring any action or proceeding against us or our properties in other courts where jurisdiction is independently established.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that we have
or hereafter may acquire or have attributed to us any sovereign or other immunity under any law, we have agreed to waive, to the fullest
extent permitted by law, such immunity from jurisdiction or to service of process in respect of any legal suit, action or proceeding arising
out of or relating to the indenture or the debt securities. <I>(Section&nbsp;115)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our obligations under the
debt securities will be discharged only to the extent that the trustee or the relevant holder is able to purchase the securities currency
with any other currency paid to the trustee or that holder in accordance with any judgment or otherwise. If the trustee or the holder
cannot purchase the securities currency in the amount originally to be paid, we have agreed to pay the difference. The holder, however,
agrees that, if the amount of the securities currency purchased exceeds the amount originally to be paid to such holder, the holder will
reimburse the excess to us. <I>(Section&nbsp;1009)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Relationship with the Trustee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bank of New York Mellon
is initially serving as the trustee for the debt securities. The Bank of New&nbsp;York Mellon or its affiliates may have other business
relationships with us from time to time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="FORMOFDEBTSECURITIESCLEARINGANDSETTLEMENT"></A>FORM&nbsp;OF DEBT SECURITIES,
CLEARING AND SETTLEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Global Debt Securities Denominated in U.S.
Dollars</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, the following information relates to the form, clearing and settlement of U.S. dollar-denominated
debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will issue the securities
in global form, without interest coupons. Debt securities issued in global form will be represented, at least initially, by one or more
global debt securities. Upon issuance, global debt securities will be deposited with the trustee as custodian for The Depository Trust
Company (&ldquo;DTC&rdquo;), and registered in the name of Cede&nbsp;&amp; Co., as DTC&rsquo;s partnership nominee. Ownership of beneficial
interests in each global security will be limited to persons who have accounts with DTC, whom we refer to as DTC participants, or persons
who hold interests through DTC participants. We expect that, under procedures established by DTC, ownership of beneficial interests in
each global security will be shown on, and transfer of ownership of those interests will be effected only through, records maintained
by DTC (with respect to interests of DTC participants) and the records of DTC participants (with respect to other owners of beneficial
interests in the global debt securities).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial interests in the
global debt securities may be credited within DTC to its direct and indirect participants, including Euroclear Bank S.A./N.V. (&ldquo;Euroclear&rdquo;)
and Clearstream, Luxembourg Banking, <I>soci&eacute;t&eacute; anonyme</I> (&ldquo;Clearstream, Luxembourg&rdquo;) on behalf of the owners
of such interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors may hold their interests
in the global debt securities directly through DTC, Euroclear or Clearstream, Luxembourg, if they are participants in those systems, or
indirectly through organizations that are participants in those systems.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial interests in the
global debt securities may not be exchanged for debt securities in physical, certificated form except in the limited circumstances described
below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Depositary Trust Company</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC has advised that it is:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a limited-purpose trust company organized under the New York Banking Law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a member of the U.S. Federal Reserve System;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section&nbsp;17A of the Exchange
Act.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Book-Entry Procedures for Global Debt Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interests in the global debt
securities will be subject to the operations and procedures of DTC, Euroclear and Clearstream, Luxembourg. We provide the following summaries
of those operations and procedures solely for the convenience of investors. The operations and procedures of each settlement system are
controlled by that settlement system and may be changed at any time. Neither we, the trustee, the security registrar, any paying agent
nor any transfer agent is responsible for those operations or procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC was created to hold debt
securities for its participants and to facilitate the clearance and settlement of debt securities transactions between its participants
through electronic computerized book-entry changes to the accounts of its participants. DTC&rsquo;s participants include securities brokers
and dealers; banks and trust companies; clearing corporations; and certain other organizations. Indirect access to DTC&rsquo;s system
is also available to others such as securities brokers and dealers; and banks and trust companies. These indirect participants clear through
or maintain a custodial relationship with a DTC participant, either directly or indirectly. Investors who are not DTC participants may
beneficially own debt securities held by or on behalf of DTC only through DTC participants or indirect participants in DTC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as DTC or its nominee
is the registered owner of a global security, DTC or its nominee will be considered the sole owner or holder of the debt securities represented
by that global security for all purposes under the indenture. Except as provided below, owners of beneficial interests in a global security:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will not be entitled to have debt securities represented by the global security registered in their names;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will not receive or be entitled to receive physical, certificated debt securities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will not be considered the registered owners or holders of the debt securities under the indenture for
any purpose, including with respect to the giving of any direction, instruction or approval to the trustee under the indenture.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result, each investor
who owns a beneficial interest in a global security must rely on the procedures of DTC to exercise any rights of a holder of debt securities
under the indenture (and, if the investor is not a participant or an indirect participant in DTC, on the procedures of the DTC participant
through which the investor owns its interest).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments of principal, premium,
if any, and interest with respect to the debt securities represented by a global security will be made by the trustee to DTC&rsquo;s nominee
as the registered holder of the global security. Neither we nor the trustee will have any responsibility or liability for the payment
of amounts to owners of beneficial interests in a global security, for any aspect of the records relating to or payments made on account
of those interests by DTC, or for maintaining, supervising or reviewing any records of DTC relating to those interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments by participants and
indirect participants in DTC to the owners of beneficial interests in a global security will be governed by standing instructions and
customary practices and will be the responsibility of those participants or indirect participants and not of DTC, its nominee or us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Transfers between participants
in DTC will be effected under DTC&rsquo;s procedures and will be settled in same-day funds. Transfers between participants in Euroclear
or Clearstream, Luxembourg will be effected in the ordinary way under the rules&nbsp;and operating procedures of those systems.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cross-market transfers between
DTC participants, on the one hand, and Euroclear or Clearstream, Luxembourg participants, on the other hand, will be effected within DTC
through the DTC participants that are acting as depositaries for Euroclear and Clearstream, Luxembourg. To deliver or receive an interest
in a global security held in a Euroclear or Clearstream, Luxembourg account, an investor must send transfer instructions to Euroclear
or Clearstream, Luxembourg, as the case may be, under the rules&nbsp;and procedures of that system and within the established deadlines
of that system. If the transaction meets its settlement requirements, Euroclear or Clearstream, Luxembourg, as the case may be, will send
instructions to its DTC depositary to take action to effect final settlement by delivering or receiving interests in the relevant global
debt securities in DTC, and making or receiving payment under normal procedures for same-day funds settlement applicable to DTC. Euroclear
and Clearstream, Luxembourg participants may not deliver instructions directly to the DTC depositaries that are acting for Euroclear or
Clearstream, Luxembourg.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because of time zone differences,
the securities account of a Euroclear or Clearstream, Luxembourg participant that purchases an interest in a global security from a DTC
participant will be credited on the business day for Euroclear or Clearstream, Luxembourg immediately following the DTC settlement date.
Cash received in Euroclear or Clearstream, Luxembourg from the sale of an interest in a global security to a DTC participant will be received
with value on the DTC settlement date but will be available in the relevant Euroclear or Clearstream, Luxembourg cash account as of the
business day for Euroclear or Clearstream, Luxembourg following the DTC settlement date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC, Euroclear and Clearstream,
Luxembourg have agreed to the above procedures to facilitate transfers of interests in the global debt securities among participants in
those settlement systems. However, the settlement systems are not obligated to perform these procedures and may discontinue or change
these procedures at any time. Neither we nor the trustee have any responsibility for the performance by DTC, Euroclear or Clearstream,
Luxembourg or their participants or indirect participants of their obligations under the rules&nbsp;and procedures governing their operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Global Debt Securities Denominated in a Currency
other than U.S. Dollars</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, the following information relates to the form, clearing and settlement of debt securities denominated
in a currency other than the U.S. dollar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will issue the debt securities
as one or more global debt securities registered in the name of a common depositary for Clearstream, Luxembourg and Euroclear. Investors
may hold book-entry interests in the global debt securities through organizations that participate, directly or indirectly, in Clearstream,
Luxembourg and/or Euroclear. Book-entry interests in the debt securities and all transfers relating to the debt securities will be reflected
in the book-entry records of Clearstream, Luxembourg and Euroclear.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The distribution of the debt
securities will be carried out through Clearstream, Luxembourg and Euroclear. Any secondary market trading of book-entry interests in
the debt securities will take place through participants in Clearstream, Luxembourg and Euroclear and will settle in same-day funds. Owners
of book-entry interests in the debt securities will receive payments relating to their debt securities in U.S. dollars or such other currency
in which the debt securities are denominated, as applicable. Clearstream, Luxembourg and Euroclear have established electronic securities
and payment transfer, processing, depositary and custodial links among themselves and others, either directly or through custodians and
depositaries. These links allow securities to be issued, held and transferred among the clearing systems without the physical transfer
of certificates. Special procedures to facilitate clearance and settlement have been established among these clearing systems to trade
securities across borders in the secondary market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The policies of Clearstream,
Luxembourg and Euroclear will govern payments, transfers, exchange and other matters relating to the investor&rsquo;s interest in securities
held by them. We have no responsibility for any aspect of the records kept by Clearstream, Luxembourg or Euroclear or any of their direct
or indirect participants. We do not supervise these systems in any way.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clearstream, Luxembourg and
Euroclear and their participants perform these clearance and settlement functions under agreements they have made with one another or
with their customers. You should be aware that they are not obligated to perform or continue to perform these procedures and may modify
them or discontinue them at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided below,
owners of beneficial interests in the debt securities will not be entitled to have the debt securities registered in their names, will
not receive or be entitled to receive physical delivery of the debt securities in definitive form and will not be considered the owners
or holders of the debt securities under the indenture governing the debt securities, including for purposes of receiving any reports delivered
by us or the trustee pursuant to the indenture. Accordingly, each person owning a beneficial interest in a debt security must rely on
the procedures of the Clearstream, Luxembourg and Euroclear and, if that person is not a participant, on the procedures of the participant
through which that person owns its interest, in order to exercise any rights of a holder of debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This description of the clearing
systems reflects our understanding of the rules&nbsp;and procedures of Clearstream, Luxembourg and Euroclear as they are currently in
effect. These systems could change their rules&nbsp;and procedures at any time. We have obtained the information in this section concerning
Clearstream, Luxembourg and Euroclear and their book-entry systems and procedures from sources that we believe to be reliable, but we
take no responsibility for the accuracy of this information.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Clearstream, Luxembourg and Euroclear</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clearstream, Luxembourg has
advised that: it is a duly licensed bank organized as a <I>soci&eacute;t&eacute; anonyme</I> incorporated under the laws of Luxembourg
and is subject to regulation by the Luxembourg Commission for the supervision of the financial sector (<I>Commission de surveillance du
secteur financier</I>); it holds debt securities for its customers and facilitates the clearance and settlement of securities transactions
among them, and does so through electronic book-entry transfers between the accounts of its customers, thereby eliminating the need for
physical movement of certificates; it provides other services to its customers, including safekeeping, administration, clearance and settlement
of internationally traded securities and lending and borrowing of securities; it interfaces with the domestic markets in over 30 countries
through established depositary and custodial relationships; its customers include worldwide securities brokers and dealers, banks, trust
companies and clearing corporations and may include certain other professional financial intermediaries; its U.S. customers are limited
to securities brokers and dealers and banks; and indirect access to the Clearstream, Luxembourg system is also available to others that
clear through Clearstream, Luxembourg customers or that have custodial relationships with its customers, such as banks, brokers, dealers
and trust companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Euroclear has advised that:
it is incorporated under the laws of Belgium as a bank and is subject to regulation by the Belgian Banking and Finance Commission (<I>Commission
Bancaire et Financi&eacute;re</I>) and the National Bank of Belgium (<I>Banque Nationale de Belgique</I>); it holds securities for its
participants and facilitates the clearance and settlement of securities transactions among them; it does so through simultaneous electronic
book-entry delivery against payments, thereby eliminating the need for physical movement of certificates; it provides other services to
its participants, including credit, custody, lending and borrowing of securities and tri-party collateral management; it interfaces with
the domestic markets of several countries; its customers include banks, including central banks, securities brokers and dealers, banks,
trust companies and clearing corporations and certain other professional financial intermediaries; indirect access to the Euroclear system
is also available to others that clear through Euroclear customers or that have custodial relationships with Euroclear customers; and
all securities in Euroclear are held on a fungible basis, which means that specific certificates are not matched to specific securities
clearance accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Clearance and Settlement Procedures</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We understand that investors
that hold their debt securities through Clearstream, Luxembourg or Euroclear accounts will follow the settlement procedures that are applicable
to securities in registered form. Debt securities will be credited to the securities custody accounts of Clearstream, Luxembourg and Euroclear
participants on the business day following the settlement date for value on the settlement date. They will be credited either free of
payment or against payment for value on the settlement date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We understand that secondary
market trading between Clearstream, Luxembourg and/or Euroclear participants will occur in the ordinary way following the applicable rules&nbsp;and
operating procedures of Clearstream, Luxembourg and Euroclear. Secondary market trading will be settled using procedures applicable to
securities in registered form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should be aware that investors
will only be able to make and receive deliveries, payments and other communications involving the debt securities through Clearstream,
Luxembourg and Euroclear on business days. Those systems may not be open for business on days when banks, brokers and other institutions
are open for business in the United States or Mexico.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, because of time
zone differences, there may be problems with completing transactions involving Clearstream, Luxembourg and Euroclear on the same business
day as in the United States or Mexico. U.S. and Mexican investors who wish to transfer their interests in the debt securities, or to make
or receive a payment or delivery of the debt securities on a particular day may find that the transactions will not be performed until
the next business day in Luxembourg or Brussels, depending on whether Clearstream, Luxembourg or Euroclear is used.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clearstream, Luxembourg or
Euroclear will credit payments to the cash accounts of participants in Clearstream, Luxembourg or Euroclear in accordance with the relevant
systemic rules&nbsp;and procedures, to the extent received by its depositary. Clearstream, Luxembourg or Euroclear, as the case may be,
will take any other action permitted to be taken by a holder under the indenture on behalf of a Clearstream, Luxembourg or Euroclear participant
only in accordance with its relevant rules&nbsp;and procedures.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clearstream, Luxembourg and
Euroclear have agreed to the foregoing procedures in order to facilitate transfers of the debt securities among participants of Clearstream,
Luxembourg and Euroclear. However, they are under no obligation to perform or continue to perform those procedures, and they may discontinue
those procedures at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Same-Day Settlement and Payment</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriters will settle
the debt securities in immediately available funds. We will make all payments of principal and interest on the debt securities in immediately
available funds. Secondary market trading between participants in Clearstream, Luxembourg and Euroclear will occur in accordance with
the applicable rules&nbsp;and operating procedures of Clearstream, Luxembourg and Euroclear and will be settled using the procedures applicable
to securities in immediately available funds. See &ldquo;&mdash;Clearstream, Luxembourg and Euroclear.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Debt Securities Denominated in Pesos</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of debt securities
denominated in Mexican pesos may own beneficial interests in the global security through the facilities of S.D.&nbsp;Indeval Instituci&oacute;n
para el Dep&oacute;sito de Valores, S.A. de C.V. (&ldquo;Indeval&rdquo;), which is a participant in each of Clearstream, Luxembourg and
Euroclear. Indeval is a privately owned securities depositary that is authorized and acts as a clearinghouse, depositary and central custodian
for securities in Mexico. As such,&nbsp;Indeval provides settlement and transfer services and is the registration agent for Mexican securities
transactions, eliminating the need for physical transfer of securities. Holders who own beneficial interests in the debt securities through
Indeval may be required to certify as to their residency in accordance with the procedures of Indeval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certificated Debt Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial interests in the
global debt securities may not be exchanged for debt securities in physical, certificated form unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the depositary notifies us at any time that it is unwilling or unable to continue as depositary for the
global debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the depositary ceases to be registered as a clearing agency under the Exchange Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we, at our option, notify the trustee that we elect to cause the issuance of certificated debt securities;
or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain other events provided in the indenture occur, including the occurrence and continuance of an event
of default with respect to the debt securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In all cases, certificated
debt securities delivered in exchange for any global security will be registered in the names, and issued in any approved denominations,
requested by the applicable depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For information concerning
paying agents for any debt securities in certificated form, see &ldquo;Description of Debt Securities&mdash;Payment Provisions&mdash;Payments
on Certificated Debt Securities.&rdquo; If any of these three events occurs, we will issue the debt securities in fully certificated registered
form and, thereafter, we, the trustee, the security registrar, the paying agents and the transfer agents will recognize the registered
holders of the certificated debt securities as holders under the indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that we issue
certificated securities under the limited circumstances described above, then holders of certificated securities may transfer their debt
securities in whole or in part upon the surrender of the certificate to be transferred, together with a completed and executed assignment
form endorsed on the definitive debt security, at the offices of the transfer agent in New York City. Copies of this assignment form may
be obtained at the offices of the transfer agent in New York City. Each time that we transfer or exchange a new debt security in certificated
form for another debt security in certificated form, and after the transfer agent receives a completed assignment form, we will make available
for delivery the new definitive debt security at the offices of the transfer agent in New York City. Alternatively, at the option of the
person requesting the transfer or exchange, we will mail, at that person&rsquo;s risk, the new definitive debt security to the address
of that person that is specified in the assignment form. In addition, if we issue debt securities in certificated form, then we will make
payments of principal of, interest on and any other amounts payable under the debt securities to holders in whose names the debt securities
in certificated form are registered at the close of business on the record date for these payments. If the debt securities are issued
in certificated form, we will make payments of principal and any redemption payments against the surrender of these certificated debt
securities at the offices of the relevant paying agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless and until we issue
the debt securities in fully-certificated, registered form,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">holders will not be entitled to receive a certificate representing our interest in the debt securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all references in this prospectus or any prospectus supplement to actions by holders will refer to actions
taken by a depositary upon instructions from their direct participants; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all references in this prospectus or in any prospectus supplement to payments and notices to holders will
refer to payments and notices to the depositary as the registered holder of the debt securities, for distribution in accordance with its
policies and procedures.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary describes
the principal Mexican federal and U.S. federal income tax consequences of the purchase, ownership and disposition of the debt securities,
but does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase, hold
or dispose of the debt securities. This summary does not describe any tax consequences arising under the laws of any state, municipality,
locality or taxing jurisdiction other than the federal laws of the United States and Mexico, or U.S. and Mexican federal taxes other than
income taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based on the
federal tax laws of Mexico and the United States (including the tax treaty entered into between Mexico and the United Stated described
below) as in effect on the date of the registration statement, which includes this prospectus, as well as on federal rules&nbsp;and regulations
of Mexico and regulations, rulings and decisions of the United States available on or before such date and now in effect. All of the foregoing
are subject to change, which change, in the case of U.S. federal income tax law, could apply retroactively and could affect the continued
validity of this summary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prospective purchasers of
debt securities should consult their own tax advisors as to the Mexican, United States or other tax consequences of the purchase, ownership
and disposition of the debt securities, including, in particular, the application to their particular situations of the tax considerations
discussed below, as well as the application of state, municipal, local, foreign or other tax laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mexican Tax Considerations<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a general
summary of the principal Mexican federal income tax consequences under the Mexican Income Tax Law (<I>Ley del Impuesto Sobre la Renta</I>)
and rules&nbsp;and regulations thereunder, as currently in effect, of the purchase, ownership and disposition of the debt securities by
a holder that is not a resident of Mexico for tax purposes and that will not hold debt securities or a beneficial interest therein in
connection with the conduct of a trade or business through a permanent establishment for tax purposes in Mexico (a &ldquo;foreign holder&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of Mexican taxation,
tax residency is a highly technical definition that involves the application of a number of factors. Generally, an individual is a tax
resident of Mexico if he or she has established his or her home in Mexico or if his or her &ldquo;center of vital interest&rdquo; is located
in Mexico, which is deemed to occur if any of the following are met: (i)&nbsp;more than 50% of such individual&rsquo;s total income, in
any calendar year, is from a Mexican source, or (ii)&nbsp;such individual&rsquo;s principal center of professional activities is located
in Mexico. A Mexican national that is employed by the Mexican government is deemed to be a resident of Mexico, even in the event that
his/her center of vital interests is located outside Mexico. Unless otherwise proven, Mexican nationals are deemed residents of Mexico
for tax purposes. A corporation is considered a tax resident of Mexico if it has established its principal place of business management
or its effective seat of business management in Mexico. A permanent establishment in Mexico for tax purposes of a foreign person will
be regarded as a resident of Mexico, and such permanent establishment will be required to pay taxes in Mexico in accordance with applicable
tax laws, for any income attributable to such permanent establishment. However, any determination of residence should take into account
the particular situation of each person or legal entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>U.S./Mexico and Other Tax Treaties</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The United States and Mexico
have entered into a Convention for the Avoidance of Double Taxation (collectively, with subsequent Protocols thereto, referred to as
the &ldquo;tax treaty&rdquo;). Provisions of the tax treaty that may affect the taxation of certain United States holders are summarized
below. The United States and Mexico have also entered into an agreement that covers the exchange of information with respect to tax matters.
Mexico has also entered into and is negotiating several other tax treaties that may reduce the amount of Mexican withholding tax to which
payments of interest (or amounts deemed interest) on the debt securities may be subject. Prospective purchasers of debt securities should
consult their own tax advisors as to the tax consequences, if any, of such treaties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Payments of Interest, Principal and Premium
in Respect of the Debt Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Mexican Income Tax
Law, payments of interest made in respect of the debt securities (including payments of principal in excess of the issue price of such
debt securities, which, under Mexican law, are deemed to be interest) to a foreign holder will generally be subject to a Mexican withholding
tax assessed at a rate of 4.9% if (1)&nbsp;the debt securities are placed through banks or broker dealers in a country with which Mexico
has entered into a tax treaty for the avoidance of double taxation, which is in effect, (2)&nbsp;the CNBV has been notified of the issuance
of the debt securities pursuant to the Mexican Income Tax Law and Article&nbsp;7 of the Mexican Securities Market Law and its regulations,
and (3)&nbsp;the information requirements specified in the general rules&nbsp;of the SHCP and the SAT are satisfied (including the filing
of information related to the debt securities offering and this prospectus). In the event that such requirements are not satisfied, the
applicable withholding tax rate will be 10%. We believe that because the conditions described in (1)&nbsp;through (3)&nbsp;above will
be satisfied, the applicable withholding tax rate will be 4.9%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A higher income tax withholding
rate will be applicable when a party related to us, jointly or individually, directly or indirectly, is the effective beneficiary of more
than 5% of the aggregate amount of payments treated as interest on the debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments of interest made
with respect to the debt securities to a non-Mexican pension or retirement fund will be generally exempt from Mexican withholding taxes,
provided that (1)&nbsp;the fund is the effective beneficiary of such interest income, (2)&nbsp;the fund is duly established pursuant to
the laws of its country of residence, (3)&nbsp;the relevant interest income is exempt from taxation in such country of residence of the
fund, and (4)&nbsp;the fund provides information to us, which we can provide to the SAT, in respect of such fund&rsquo;s place of residence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have agreed, subject to
specified exceptions and limitations, to pay additional interest to the holders of debt securities in respect of the Mexican withholding
taxes mentioned above. If we pay additional interest in respect of such Mexican withholding taxes, any refunds of such additional interest
will be for our account. See &ldquo;Description of Debt Securities&mdash;Payment of Additional Interest.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders or beneficial owners
of debt securities may be requested to provide certain information or documentation necessary to enable us to establish the appropriate
Mexican withholding tax rate applicable to such holders or beneficial owners. In the event that the specified information or documentation
concerning the holder or beneficial owner, if requested, is not provided on a timely basis, our obligations to pay additional interest
may be limited as set forth under &ldquo;Description of Debt Securities&mdash;Payment of Additional Interest.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Mexican Income Tax
Law, payments of principal we make to a foreign holder will not be subject to any Mexican withholding or similar taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Taxation of Disposition of Debt Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gains realized by a foreign
holder from the sale or other disposition of debt securities to a nonresident of Mexico will not be subject to Mexican taxation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Other Mexican Taxes</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A foreign holder will not
be liable for estate, gift, inheritance or similar taxes with respect to its holdings of debt securities. There are no Mexican stamp,
issue registration or similar taxes payable by a foreign holder with respect to debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. Federal Income Tax Considerations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of the principal U.S. federal income tax considerations that may be relevant to a beneficial owner of debt securities. It does not purport
to be a comprehensive description of all of the tax considerations that may be relevant to a particular investor&rsquo;s decision to
invest in debt securities.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based on provisions
of the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), the Convention for the Avoidance of Double Taxation between
the United States and Mexico (together, with subsequent Protocols thereto, the &ldquo;Treaty&rdquo;) and regulations, rulings and judicial
decisions as of the date hereof, all of which are subject to change, possibly with retroactive effect. This summary deals only with beneficial
owners of debt securities that will hold debt securities as capital assets and acquired such debt securities upon their original issuance
at their original issue price. This summary does not address particular tax considerations that may be applicable to investors that are
subject to special tax rules, such as banks, tax-exempt entities, insurance companies, regulated investment companies, dealers in securities
or currencies, traders in securities electing to mark to market, persons that will hold debt securities as a position in a &ldquo;straddle&rdquo;
or conversion transaction, or as part of a &ldquo;synthetic security&rdquo; or other integrated financial transaction, entities taxed
as partnerships or the partners therein, U.S. expatriates, nonresident alien individuals present in the United States for more than 182
days in a taxable year, or persons that have a &ldquo;functional currency&rdquo; other than the U.S. dollar.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary addresses only
U.S. federal income tax consequences, and does not address consequences arising under state, local, foreign tax laws, the alternative
minimum tax or the Medicare tax on net investment income or special timing considerations under Section&nbsp;451(b)&nbsp;of the Code.
Investors should consult their own tax advisors in determining the tax consequences to them of holding debt securities under such tax
laws, as well as the application to their particular situation of the U.S. federal income tax considerations discussed below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion does not address
all of the tax considerations that may be relevant to particular issuances of debt securities, such as debt securities that are not issued
with less than a <I>de minimis</I> amount of original issue discount, are issued at a price that is greater than their stated principal
amount, or are denominated in a currency other than the U.S. dollar. For information regarding any such special tax considerations relevant
to particular issuances, you should read the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used herein, a &ldquo;U.S.
holder&rdquo; is a beneficial owner of a debt security that is a citizen or resident of the United States or a U.S. domestic corporation
or that otherwise will be subject to U.S. federal income taxation on a net income basis in respect of the debt securities. A &ldquo;Non-U.S.
holder&rdquo; is a beneficial owner of a debt security that is an individual, corporation, foreign estate, or foreign trust that is not
a U.S. holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Payments of Interest and Additional Interest</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments of the gross amount
of stated interest and additional interest (as defined in &ldquo;Description of Debt Securities&mdash;Payment of Additional Interest&rdquo;)
with respect to a debt security, <I>i.e., </I>including amounts withheld in respect of Mexican withholding taxes, will be taxable to a
U.S. holder as ordinary interest income at the time that such payments are accrued or are received, in accordance with the U.S. holder&rsquo;s
regular method of tax accounting.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to generally applicable limitations and
conditions, Mexican interest withholding tax paid at the appropriate rate applicable to the U.S. holder may be eligible for credit against
such U.S. holder&rsquo;s U.S. federal income tax liability. These generally applicable limitations and conditions include new requirements
recently adopted by the U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) and any Mexican tax will need to satisfy these requirements
in order to be eligible to be a creditable tax for a U.S. holder. In the case of a U.S. holder that is eligible for, and properly elects,
the benefits of the Treaty, the Mexican tax on interest will be treated as meeting the new requirements and therefore as a creditable
tax. In the case of all other U.S. holders, the application of these requirements to the Mexican tax on interest is uncertain and we have
not determined whether these requirements have been met. If the Mexican interest tax is not a creditable tax for a U.S. holder or the
U.S. holder does not elect to claim a foreign tax credit for any foreign income taxes, for any foreign income taxes paid or accrued in
the same taxable year, the U.S. holder may be able to deduct the Mexican tax in computing such U.S. holder&rsquo;s taxable income for
U.S. federal income tax purposes. Interest and additional interest (as defined in &ldquo;Description of Debt Securities&mdash;Payment
of Additional Interest&rdquo;) will constitute income from sources without the United States and, for U.S. Holders that elect to claim
foreign tax credits, generally will constitute &ldquo;passive category income&rdquo; for foreign tax credit purposes.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The availability and calculation of foreign tax
credits and deductions for foreign taxes depend on a U.S. holder&rsquo;s particular circumstances and involve the application of complex
rules&nbsp;to those circumstances. U.S. holders should consult their own tax advisors regarding the application of these rules&nbsp;to
their particular situations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sale, Exchange or Retirement of Debt Securities</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the sale, exchange or
retirement of a debt security, a U.S. holder generally will recognize gain or loss equal to the difference between the amount realized
on the sale, exchange or retirement (less any accrued interest, which will be taxable as such ) and the U.S. holder&rsquo;s tax basis
in such debt security. A U.S. holder&rsquo;s tax basis in a debt security will generally equal the cost of the debt security to such holder.
Gain or loss recognized by a U.S. holder generally will be long-term capital gain or loss if the U.S. holder has held the debt security
for more than one year at the time of disposition. Long-term capital gains recognized by an individual holder generally are subject to
tax at a lower rate than short-term capital gains or ordinary income. The deduction of capital losses is subject to limitations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capital gain or loss recognized
by a U.S. holder on the sale or other disposition of the debt securities generally will be U.S.-source gain or loss for U.S. foreign tax
credit purposes (except to the extent that the U.S. Holder establishes the right to treat gain as foreign source income under the Treaty).
Under the new foreign tax credit requirements recently adopted by the IRS, any Mexican tax imposed on the sale or other disposition of
the debt securities generally will not be treated as a creditable tax for U.S. foreign tax credit purposes, except in the case of a U.S.
holder that is eligible for, and properly elects to claim, the benefits of the Treaty. If the Mexican tax is not a creditable tax, or
claimed as a credit by the U.S. holder pursuant to the Treaty, the tax would reduce the amount realized on the sale or other disposition
of the debt securities even if the U.S. holder has elected to claim a foreign tax credit for other taxes in the same year. . U.S. holders
should consult their own tax advisors regarding the application of the foreign tax credit rules&nbsp;to a sale or other disposition of
the debt securities and any Mexican tax imposed on such sale or disposition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Specified Foreign Financial Assets.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individual U.S. holders that
own &ldquo;specified foreign financial assets&rdquo; with an aggregate value in excess of $50,000 on the last day of the taxable year
or $75,000 at any time during the taxable year are generally required to file an information statement along with their tax returns, currently
on IRS Form&nbsp;8938, with respect to such assets. &ldquo;Specified foreign financial assets&rdquo; include any financial accounts held
at a non-U.S. financial institution, as well as securities issued by a non-U.S. issuer (which may include debt securities issued in certificated
form) that are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain individuals living
abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are treated as formed
or availed of to hold direct or indirect interests in specified foreign financial assets based on certain objective criteria. U.S. holders
who fail to report the required information could be subject to substantial penalties. In addition, the statute of limitations for assessment
of tax would be suspended, in whole or part. Prospective investors should consult their own tax advisors concerning the application of
these rules&nbsp;to their investment in the debt securities, including the application of the rules&nbsp;to their particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Information Reporting and Backup Withholding</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information returns will be
filed with the IRS in connection with payments on the debt securities made to, and the proceeds of dispositions of debt securities effected
by, certain U.S. holders. In addition, certain U.S. holders may be subject to backup withholding in respect of such amounts if they do
not provide their taxpayer identification numbers to the person from whom they receive payments. Non-U.S. holders may be required to comply
with applicable certification procedures to establish that they are not U.S. holders in order to avoid the application of such information
reporting requirements and backup withholding. The amount of any backup withholding from a payment to a U.S. or non-U.S. holder will be
allowed as a credit against the holder&rsquo;s U.S. federal income tax liability and may entitle the holder to a refund, provided that
the required information is timely furnished to the IRS.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the time of offering any
debt securities, we will supplement the following summary of the plan of distribution with a description of the offering, including the
particular terms and conditions thereof, set forth in a prospectus supplement relating to those securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell debt securities
in any of three ways: (1)&nbsp;through underwriters or dealers; (2)&nbsp;directly to one or a limited number of institutional purchasers;
or (3)&nbsp;through agents. Each prospectus supplement with respect to a series of debt securities will set forth the terms of the offering
of those debt securities, including the name or names of any underwriters or agents, the price of such debt securities and the net proceeds
to us from such sale, any underwriting discounts, commissions or other items constituting underwriters&rsquo; or agents&rsquo; compensation,
any discount or concessions allowed or reallowed or paid to dealers and any securities exchanges on which those debt securities may be
listed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If underwriters are used in
the sale, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more
transactions, including negotiated transactions, at a fixed public offering price or at varying prices to be determined at the time of
sale. We may offer the debt securities to the public either through underwriting syndicates of investment banking firms represented by
managing underwriters, or directly through one or more such investment banking firms or others, as designated. Unless otherwise set forth
in the applicable prospectus supplement, the obligations of the underwriters to purchase the debt securities will be subject to certain
conditions precedent and the underwriters will be obligated to purchase all of the securities offered thereby if any are purchased. Any
initial public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell debt securities
either directly to one or more institutional purchasers, or through agents designated by us from time to time. Any agent involved in the
offer or sale of the debt securities will be named, and any commissions payable by us to such agent will be set forth in the applicable
prospectus supplement. Unless otherwise indicated in such prospectus supplement, any such agent will be acting on a reasonable best efforts
basis for the period of its appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If indicated in the applicable
prospectus supplement, we will authorize agents, underwriters or dealers to solicit offers by certain specified institutions to purchase
the debt securities from us at the public offering price set forth in the prospectus supplement plus accrued interest, if any, pursuant
to delayed delivery contracts providing for payment and delivery on one or more specified dates in the future. Institutions with which
such contracts may be made include commercial and saving banks, insurance companies, pension funds, investment companies, educational
and charitable institutions and others, but in all such cases we must approve such institutions. Such contracts will be subject only to
those conditions set forth in such prospectus supplement and the prospectus supplement will set forth the commission payable for solicitation
of those contracts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Agents and underwriters may
be entitled under agreements entered into with us to indemnification by us against certain civil liabilities, including liabilities under
the Securities Act, or to contribution with respect to payments which the agents or underwriters may be required to make in respect thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Agents and underwriters may
engage in transactions with us or perform services for us in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No debt securities may be
publicly offered in Mexico. Debt securities may be offered in Mexico solely based upon an available exemption under the Mexican Securities
Market Law.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. appearing in its annual report on Form&nbsp;20-F for the year ended December&nbsp;31,
2021, and the effectiveness of Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.&rsquo;s internal control over financial reporting as
of December&nbsp;31, 2021, except for Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.&rsquo;s interest in Heineken N.V., have been audited
by Mancera, S.C., a member practice of Ernst&nbsp;&amp; Young Global, an independent registered public accounting firm, as set forth in
their reports thereon, included therein, and incorporated herein by reference, which, as to the consolidated financial statements, are
based in part on the report of Deloitte Accountants B.V., independent registered public accounting firm. Such consolidated financial statements
are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements of
Heineken N.V. incorporated by reference in this prospectus from FEMSA&rsquo;s annual report on Form 20-F have been audited by Deloitte
Accountants B.V., an independent registered public accounting firm, as stated in their report. Such financial statements are incorporated
by reference in reliance upon the report of such firm, given upon their authority as experts in accounting and auditing.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP will provide an opinion regarding the validity
of the securities under New York law, and Alejandro Gil Ortiz, our general counsel, will provide an opinion regarding the authorization
of the securities under Mexican law.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FEMSA is a publicly traded
variable stock corporation (<I>sociedad an&oacute;nima burs&aacute;til de capital variable</I>) organized under the laws of Mexico, with
its principal place of business (<I>domicilio social</I>) in Monterrey. In addition, most of our directors, officers and controlling persons,
as well as certain experts named in this prospectus, reside outside the United States, and all or a substantial portion of their assets
and our assets are located outside of the United States. As a result, it may be difficult for investors to effect service of process within
the United States upon these persons or to enforce against them, either inside or outside the United States, judgments obtained against
these persons in U.S. courts, or to enforce in U.S. courts judgments obtained against these persons in courts in jurisdictions outside
the United States, in each case, in any action predicated upon civil liabilities under the U.S. federal securities laws. Based on the
opinion of Carlos Eduardo Aldrete Ancira, our general counsel, there is doubt as to the enforceability against these persons in Mexico,
whether in original actions or in actions for enforcement of judgments of U.S. courts, of liabilities predicated solely upon the U.S.
federal securities laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="WHEREYOUCANFINMOREINFORMATION"></A><B>WHERE YOU CAN FIND MORE
INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed a registration
statement with the SEC on Form&nbsp;F-3 under the Securities Act relating to the securities offered by this prospectus. This prospectus,
which is part of that registration statement, does not contain all of the information set forth in the registration statement. This prospectus
is based on information provided by us and other sources that we believe to be reliable. This prospectus summarizes certain documents
and other information and we refer you to them for a more complete understanding of what we discuss in this prospectus. This prospectus
incorporates by reference important business and financial information about us which is not included in or delivered with this prospectus.
You can obtain documents containing this information through us by contacting us at the address and telephone number set forth below under
 &ldquo;Incorporation of Certain Information by Reference.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Statements made in this prospectus
as to the contents of any contract, agreement or other document are not necessarily complete and, where the contract or other document
is an exhibit to the registration statement or incorporated or deemed to be incorporated by reference, each of these statements is qualified
in all respects by the provisions of the actual contract or other document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the information
requirements of the Exchange Act, applicable to a foreign private issuer, and accordingly file or furnish reports, including annual reports
on Form&nbsp;20-F, reports on Form&nbsp;6-K and other information with the SEC. Any information we file or furnish electronically will
be available to the public over the Internet at the SEC&rsquo;s website at www.sec.gov and at our website at www.femsa.com/en/. This URL
is intended to be an inactive textual reference only. It is not intended to be an active hyperlink to our website. The information on
our website, even if it might be accessible through a hyperlink resulting from this URL, is not and shall not be deemed to be incorporated
into this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="INCORPORATIONOFCERTAININFORMATIBYREFERENCE"></A><B>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; the information we file with it, which means that we can disclose important information to you by referring you to
those documents. The information incorporated by reference is considered to be part of, and should be read in conjunction with, this prospectus,
and certain later information that we file with the SEC will automatically update and supersede earlier information filed with the SEC
or included in this prospectus or a prospectus supplement. We incorporate by reference the following documents:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our annual report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1061736/000155837022005450/tmb-20211231x20f.htm" STYLE="-sec-extract: exhibit">Form&nbsp;20-F</A> for the year ended December&nbsp;31, 2021, filed with the SEC on April&nbsp;14,
2022 (SEC File No.&nbsp;001-35934);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any future annual reports on Form&nbsp;20-F filed with the SEC under the Exchange Act after the date of
this prospectus and prior to the termination of the offering of the securities offered by this prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our report on <A HREF="https://www.sec.gov/Archives/edgar/data/1061736/000110465922104230/tm2226300d1_6k.htm">Form&nbsp;6-K</A>, furnished to the SEC on September&nbsp;29, 2022, containing a discussion
of our financial information and results as of June&nbsp;30, 2022, and for the six-month periods ended June&nbsp;30, 2022 and 2021; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any future reports on Form&nbsp;6-K that we file with, or furnish to, the SEC after the date of this prospectus
and prior to the termination of the offering of debt securities offered by this prospectus that are identified in such reports as being
incorporated by reference in this Registration Statement on Form&nbsp;F-3.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may request a copy of
any and all of the information that has been incorporated by reference in this prospectus and that has not been delivered with this prospectus,
at no cost, by writing or telephoning us at General Anaya No.&nbsp;601 Pte., Colonia Bella Vista, Monterrey, Nuevo Le&oacute;n 64410,
Mexico, Attention: Investor Relations, telephone (52-818)&nbsp;328-6167.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information included or incorporated by reference in this prospectus and in the applicable prospectus supplement. We have not authorized
anyone to provide you with different information. We are not making an offer to sell, or soliciting an offer to buy, securities in any
jurisdiction where such offer or sale is not permitted. You should not assume that the information in this prospectus, any prospectus
supplement or any document incorporated by reference herein or therein is accurate as of any date other than that on the front cover of
the applicable document.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item&nbsp;8.</B></TD><TD STYLE="text-align: justify"><B>Indemnification of Directors and Officers.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Mexican law, when an officer or director
of a corporation acts within the scope of his or her authority, the corporation will answer for any resulting liabilities or expenses.
The board of directors of the registrant has also expressly determined that the registrant will indemnify its directors and officers against
any liability they might incur in connection with the offering of the debt securities.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item&nbsp;9.</B></TD><TD STYLE="text-align: justify"><B>Exhibits.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is made to the Exhibit&nbsp;Index included
herewith which is incorporated herein by reference.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item&nbsp;10.</B></TD><TD STYLE="text-align: justify"><B>Undertakings.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;The undersigned
registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(1)&nbsp;To file, during
any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(i)&nbsp;To include
any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act of 1933;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(ii)&nbsp;To reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume
and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(iii)&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>provided, however</I>, that paragraphs (a)(1)(i),
(a)(1)(ii)&nbsp;and (a)(1)(iii)&nbsp;above do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Exchange Act that are incorporated by reference in the registration statement or is contained in a form of prospectus filed pursuant
to Rule&nbsp;424(b)&nbsp;that is part of this registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(2)&nbsp;That, for the purpose
of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(3)&nbsp;To remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(4)&nbsp;To file a post-effective
amendment to the registration statement to include any financial statements required by Item&nbsp;8.A. of Form&nbsp;20-F at the start
of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act of 1933 need not be furnished provided, that the registrant includes in the prospectus, by means of a post-effective
amendment, financial statements required pursuant to this paragraph (a)(4)&nbsp;and other information necessary to ensure that all other
information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, a post-effective
amendment need not be filed to include financial statements and information required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act
of 1933 or Item&nbsp;8.A. of Form&nbsp;20-F if such financial statements and information are contained in periodic reports filed with
or furnished to the SEC by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934
that are incorporated by reference in this registration statement;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(5)&nbsp;That, for the purpose
of determining liability under the Securities Act of 1933 to any purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Each prospectus filed
by the registrant pursuant to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to be part of the registration statement as of the date the filed
prospectus was deemed part of and included in the registration statement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;Each prospectus required
to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as part of the registration statement in reliance on Rule&nbsp;430B
relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required
by Section&nbsp;(10)(a)&nbsp;of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as
of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is
at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such effective date; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(6)&nbsp;That, for the purpose
of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities,
the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(i)&nbsp;any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(ii)&nbsp;any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(iii)&nbsp;the
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in">(iv)&nbsp;any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;The undersigned
registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s
annual report pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934 that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(c)&nbsp;Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification
is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 8%; font-size: 10pt; text-align: center"><B>Exhibit<BR>
Number</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 91%; font-size: 10pt; text-align: center"><B>Description of Exhibit</B></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt">1.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Form&nbsp;of Underwriting Agreement-Standard Provisions.* </TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1061736/000119312513146373/d516826dex41.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1061736/000119312513146373/d516826dex41.htm" STYLE="-sec-extract: exhibit">Indenture dated as of April&nbsp;8, 2013 between Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. and The Bank of New York Mellon (incorporated by reference to Exhibit&nbsp;4.1 to the Registration Statement on Form&nbsp;F-3 (File No.&nbsp;333-187806) filed on April&nbsp;9, 2013). </A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1061736/000119312513146373/d516826dex41.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1061736/000119312513146373/d516826dex41.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of debt security (included in Exhibit&nbsp;4.1).</A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="tm2226300d2_ex5-1.htm">5.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2226300d2_ex5-1.htm">Opinion of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP as to the validity of the securities. </A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="tm2226300d2_ex5-2.htm">5.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2226300d2_ex5-2.htm">Opinion of Alejandro Gil Ortiz, general counsel of Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V., as to the validity of the securities.</A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="tm2226300d2_ex23-1.htm">23.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2226300d2_ex23-1.htm">Consent of Mancera, S.C. </A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="tm2226300d2_ex23-2.htm">23.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2226300d2_ex23-2.htm">Consent of Deloitte Accountants, B.V. </A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="tm2226300d2_ex5-1.htm">23.3</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2226300d2_ex5-1.htm">Consent of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP (included in Exhibit&nbsp;5.1). </A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="tm2226300d2_ex5-2.htm">23.4</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2226300d2_ex5-2.htm">Consent of Alejandro Gil Ortiz, general counsel of Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. (included in Exhibit&nbsp;5.2).</A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="#a_001">24.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="#a_001">Powers of attorney (included in the signature page&nbsp;of this registration statement). </A></TD></TR>
  <TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="tm2226300d2_ex25-1.htm">25.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2226300d2_ex25-1.htm">Form&nbsp;T-1 Statement of Eligibility Under the Trust Indenture Act of 1939 of The Bank of New York Mellon, as trustee under the Base Indenture dated as of September&nbsp;23, 2022. </A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; white-space: nowrap; font-size: 10pt"><A HREF="tm2226300d2_exfilingfees.htm">107</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><A HREF="tm2226300d2_exfilingfees.htm">Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">* To be filed
by amendment or incorporated by reference. The registrant will furnish on a Form&nbsp;6-K and incorporate by reference any related form
used in the future and not previously filed by means of an amendment or incorporated by reference.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES OF FOMENTO ECON&Oacute;MICO MEXICANO,
S.A.B. <FONT STYLE="text-transform: uppercase">de</FONT> C.V.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form&nbsp;F-3 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in Monterrey, Mexico, on September&nbsp;30, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">FOMENTO ECON&Oacute;MICO MEXICANO, S.A.B. DE C.V.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Daniel Alberto Rodr&iacute;guez Cofr&eacute;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 47%">Name:&nbsp;Daniel Alberto Rodr&iacute;guez Cofr&eacute;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&nbsp;Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Eugenio Garza y Garza</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name:&nbsp;Eugenio Garza y Garza</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title:&nbsp;Director of Finance and Corporate Development</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>Power of Attorney</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL PERSONS BY THESE
PRESENTS, that each person whose signature appears below hereby constitutes and appoints Daniel Alberto Rodr&iacute;guez Cofr&eacute;,
Eugenio Garza y Garza and Alejandro Gil Ortiz, jointly and severally (with full power to each of them to act alone) his/her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him/her and in his/her name, place and stead, in
any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement on Form&nbsp;F-3,
and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he/she might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of their or his/her substitute or substitutes, may
lawfully do or cause to be done by virtue thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This power of attorney may
be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated in respect of
Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. on September&nbsp;30, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Jos&eacute; Antonio Fern&aacute;ndez Carbajal</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jos&eacute; Antonio Fern&aacute;ndez Carbajal</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Executive Chairman of the Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Francisco Javier Fernandez Carbajal</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Francisco Javier Fernandez Carbajal</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Eva Mar&iacute;a Garza Lag&uuml;era Gonda</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Eva Mar&iacute;a Garza Lag&uuml;era Gonda</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Mariana Garza Lag&uuml;era Gonda</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mariana Garza Lag&uuml;era Gonda</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Jos&eacute; Fernando Calder&oacute;n Rojas</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jos&eacute; Fernando Calder&oacute;n Rojas</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Alfonso Garza y Garza</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Alfonso Garza y Garza</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Bertha Paula Michel Gonz&aacute;lez</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Bertha Paula Michel Gonz&aacute;lez</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Alejandro Bailler&eacute;s Gual</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Alejandro Bailler&eacute;s Gual</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Ricardo Guajardo Touch&eacute;</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ricardo Guajardo Touch&eacute;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Paulina Garza Lag&uuml;era Gonda</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Paulina Garza Lag&uuml;era Gonda</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Robert Edwin Denham</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Robert Edwin Denham</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michael Larson</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Ricardo Ernesto Sald&iacute;var Escajadillo</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ricardo Ernesto Sald&iacute;var Escajadillo</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Alfonso Gonz&aacute;lez Migoya</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Alfonso Gonz&aacute;lez Migoya</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Enrique F. Senior Hern&aacute;ndez</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ V&iacute;ctor Alberto Tiburcio Celorio</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">V&iacute;ctor Alberto Tiburcio Celorio</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Jaime A. El Koury</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Jaime A. El Koury</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Signature of Authorized Representative</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Securities Act of 1933, the undersigned,
the duly authorized representative in the United States of Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V., has signed this registration
statement in the City of Newark, State of Delaware, on September&nbsp;30, 2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 49%; padding-left: 0.1in; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">/s/ Donald J. Puglisi</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Donald J. Puglisi</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Authorized Representative in the United States</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2226300d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 265.5pt"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 265.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2226300d2_ex5-1img001.jpg" ALT="">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: center">Writer&rsquo;s Direct Dial: +1 212 225 2106</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">E-Mail: dmclaughlin@cgsh.com</TD><TD STYLE="text-align: justify">September&nbsp;30, 2022</TD></TR>
     </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Anaya No.&nbsp;601 Pte.</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colonia Bella Vista</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monterrey, NL</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64410 Mexico</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as special United States counsel
to Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. (the &ldquo;Company&rdquo;), a publicly traded variable stock corporation (<I>sociedad
an&oacute;nima burs&aacute;til de capital variable</I>) organized under the laws of the United Mexican States (&ldquo;Mexico&rdquo;),
in connection with the preparation and filing with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) of a registration statement on Form&nbsp;F-3 (the &ldquo;Registration Statement&rdquo;)
relating to the offering from time to time, together or separately and in one or more series (if applicable), of debt securities (the
 &ldquo;Debt Securities&rdquo;) of the Company. The Debt Securities being registered under the Registration Statement will have an indeterminate
aggregate initial offering price and will be offered on a continuous or delayed basis pursuant to Rule&nbsp;415 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided in a prospectus supplement
forming part of the Registration Statement relating to a particular series of Debt Securities, the Debt Securities are to be issued under
an indenture, dated as of April&nbsp;8, 2013, between the Company and The Bank of New York Mellon, as trustee, security registrar, paying
agent and transfer agent (the &ldquo;Base Indenture,&rdquo; and the Base Indenture, as amended and supplemented as of the date hereof,
the &ldquo;Indenture&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In arriving at the opinion expressed below, we
have reviewed the following documents:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>the Registration Statement and the documents incorporated by reference therein; and</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2226300d2_ex5-1img002.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V., p. 2</P>

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>an executed copy of the Base Indenture (including a form of Debt Security included therein), filed as an exhibit to the Registration
Statement.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we have reviewed the originals or copies certified or
otherwise identified to our satisfaction of such other documents, and we have made such investigations of law, as we have deemed appropriate
as a basis for the opinion expressed below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinion expressed below, we have
assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted
to us as copies. In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have reviewed
and that the Debt Securities will conform to the forms thereof that we have reviewed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, and subject to the further
assumptions and qualifications set forth below, it is our opinion that the Debt Securities to be issued under the Indenture, when issued
and sold by the Company in the manner contemplated in the Registration Statement and upon due execution and delivery of the Debt Securities
in accordance with the terms of the Indenture, will be the valid, binding and enforceable obligations of the Company, entitled to the
benefits of the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as the foregoing opinion relates to the
validity, binding effect or enforceability of any agreement or obligation of the Company, (a)&nbsp;we have assumed that the Company and
each other party to such agreement or obligation has satisfied or, prior to the issuance of the Debt Securities, will satisfy those legal
requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it (except that
no such assumption is made as to the Company regarding matters of the federal law of the United States of America or the law of the State
of New York that in our experience normally would be applicable to general business entities in relation to transactions of the type contemplated
in the Indenture and the Debt Securities) and (b)&nbsp;such opinion is subject to applicable bankruptcy, insolvency and similar laws affecting
creditors&rsquo; rights generally, to general principles of equity and (c)&nbsp;such opinions are subject to the effect of judicial application
of foreign laws or foreign governmental actions affecting creditors&rsquo; rights.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V., p. 3</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinion expressed above, we have
further assumed that (i)&nbsp;a prospectus supplement and any term sheet will have been prepared and filed with the Commission describing
the Debt Securities offered thereby and will comply with all applicable laws, (ii)&nbsp;all Debt Securities will be offered, issued, granted,
sold and delivered in compliance with applicable law and any requirements therefor set forth in any corporate action authorizing such
Debt Securities and in the manner contemplated by the Registration Statement, the prospectus, the applicable prospectus supplement and
any term sheet, (iii)&nbsp;the Registration Statement will be effective and will comply with all applicable laws at the time any Debt
Securities are offered, issued, granted, sold or delivered as contemplated by the Registration Statement, the prospectus, the applicable
prospectus supplement and any term sheet, (iv)&nbsp;the terms of all Debt Securities will conform to the forms thereof contained in the
Base Indenture, and the terms of all Debt Securities will not violate any applicable law or conflict with any matter of public policy
in New York, result in a default under or breach of any agreement or instrument binding upon the Company, or violate any requirement or
restriction imposed by any court or governmental body having jurisdiction over the Company, (v)&nbsp;the Debt Securities will be offered,
issued, granted, sold and delivered to, and paid for by, the purchasers thereof at the price specified in, and in accordance with the
terms of, an agreement or agreements duly authorized, executed and delivered by the parties thereto, (vi)&nbsp;the Company will duly authorize
the offering and issuance of the Debt Securities and will duly authorize, approve and establish the final terms and conditions of the
offering and issuance of the Debt Securities, (vii)&nbsp;the Company has duly authorized, executed and delivered, or will duly authorize,
execute and deliver, as applicable, the Base Indenture, the supplemental indenture and any other agreement necessary with respect to the
Debt Securities or contemplated by such Debt Securities and will take any other appropriate additional corporate action, and (viii)&nbsp;if
issued in certificated form, the certificates representing the Debt Securities will be duly executed and delivered and, to the extent
required by any applicable agreement, duly authenticated and countersigned and if issued in book entry form, the Debt Securities will
be duly registered to the extent required by any applicable agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinion expressed above, we have
assumed that each series of Debt Securities will be issued with an original aggregate principal amount (or in the case of Debt Securities
issued at original issue discount, an aggregate issue price) of U.S. $2,500,000 or more.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion as to the subject matter
jurisdiction of any United States federal court to adjudicate any action relating to the Indenture or the Debt Securities where jurisdiction
based on diversity of citizenship under 28 U.S.C. &sect;1332 does not exist. We note that the designation in Section&nbsp;115 of the Base
Indenture of the U.S. federal courts sitting in New York City as the venue for actions or proceedings relating to the Debt Securities
or the Indenture is (notwithstanding the waiver in Section&nbsp;115) subject to the power of such courts to transfer actions pursuant
to 28 U.S.C. &sect;1404(a)&nbsp;or to dismiss such actions or proceedings on the grounds that such a federal court is an inconvenient
forum for such an action or proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to any Debt Securities that may be
issued in a currency other than U.S. dollars, we note that by statute the law of the State of New York provides that a judgment or decree
rendered in a currency other than the currency of the United States shall be converted into U.S. dollars at a rate of exchange prevailing
on the date of entry of the judgment or decree. There is no corresponding federal statute and no controlling federal court decision on
this issue. Accordingly, we express no opinion as to whether a federal court would award a judgment in a currency other than U.S. dollars
or, if it did so, whether it would order the conversion of the judgment into U.S. dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion as to the enforceability
of Section&nbsp;1009 of the Base Indenture relating to currency indemnity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing opinion is limited to the federal
law of the United States of America and the law of the State of New York.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V., p. 4</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this opinion
as Exhibit&nbsp;5.1 to the Registration Statement and to the reference to this firm in the prospectus constituting a part of the Registration
Statement under the heading &ldquo;Validity of Debt Securities&rdquo; and in any prospectus supplement related thereto as counsel for
the Company who have passed on the validity of the Debt Securities being registered by the Registration Statement. In giving such consent,
we do not thereby admit that <FONT STYLE="background-color: white">we are within the category of persons whose consent is required under
Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations of the Commission thereunder</FONT>. The opinion expressed herein
is rendered on and as of the date hereof, and we assume no obligation to advise you, or to make any investigations, as to any legal developments
or factual matters arising subsequent to the date hereof that might affect the opinion expressed herein.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLEARY GOTTLIEB STEEN&nbsp;&amp; HAMILTON LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Duane McLaughlin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duane McLaughlin, a Partner</FONT></TD></TR>
  </TABLE>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>tm2226300d2_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><FONT STYLE="text-transform: uppercase">Exhibit 5.2</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">General Anaya No.&nbsp;601 Pte.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">64410 Mexico&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 30, 2022</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">Re:</TD>
    <TD STYLE="font-size: 10pt">&nbsp;<U>Registration Statement on Form F-3</U></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I am the General Counsel of Fomento Econ&oacute;mico
Mexicano, S.A.B. de C.V. (the &ldquo;Company&rdquo;), a publicly traded variable stock corporation (<I>sociedad an&oacute;nima burs&aacute;til
de capital variable</I>) organized under the laws of the United Mexican States (&ldquo;Mexico&rdquo;), and have acted as Mexican counsel
to the Company in connection with the preparation and filing with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
of a registration statement on Form F-3 of the Company (the &ldquo;Registration Statement&rdquo;) filed pursuant to the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;), relating to the offering from time to time, together or separately and in one
or more series (if applicable), of debt securities (the &ldquo;Debt Securities&rdquo;). The Debt Securities being registered under the
Registration Statement will have an indeterminate aggregate initial offering price and will be offered on a continuous or delayed basis
pursuant to the provisions of Rule 415 under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided in a prospectus supplement
forming part of the Registration Statement relating to a particular series of Debt Securities, the Debt Securities are to be issued pursuant
to an indenture, dated as of April&nbsp;8, 2013 (the &ldquo;Base Indenture&rdquo;), between the Company and The Bank of New York Mellon,
as trustee, security registrar, paying agent and transfer agent (the &ldquo;Trustee&rdquo;), as may be amended and supplemented by supplemental
indentures (the Base Indenture, as so amended and supplemented as of the date hereof, the &ldquo;Indenture&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the foregoing, I have reviewed
copies of the following documents:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the <I>estatutos sociales</I> (by-laws) of the Company;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Registration Statement and the documents incorporated by reference therein; and</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii) &nbsp;&nbsp;&nbsp;&nbsp;an executed copy of the Base Indenture (including a form of Debt Security included therein), filed as an exhibit to the Registration Statement.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, I have reviewed the originals or copies
certified or otherwise identified to my satisfaction of all such corporate records of the Company and its Mexican subsidiaries, and such
other instruments and other certificates of public officials, officers and representatives of the Company, and I have made such investigations
of law, as I have deemed appropriate as a basis for the opinions expressed below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinions expressed below, I have
assumed, without any independent investigation or verification of any kind, (i)&nbsp;the accuracy as to factual matters of each document
I have reviewed, (ii)&nbsp;the due authorization, execution and delivery by any party thereto (other than the Company) of the Indenture;
(iii)&nbsp;the validity, binding effect and enforceability of the Indenture and the Debt Securities under the laws of the State of New
York in the United States of America; (iv)&nbsp;that the Debt Securities will be duly authenticated in accordance with the terms of the
Indenture; (v)&nbsp;the genuineness and authenticity of all signatures, opinions, documents and papers submitted to me; and (vi)&nbsp;that
copies of all opinions, documents and papers submitted to me are complete and conform to the originals thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, I have assumed that the Company has
satisfied the legal requirements that are applicable to it under applicable law other than the laws of Mexico to the extent necessary
to make the Indenture and the Debt Securities, as the case may be, enforceable against it. I have also assumed that the Trustee has satisfied
the legal requirements that are applicable to it under applicable law other than the laws of Mexico to the extent necessary to make the
Indenture enforceable against it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, having regard for such
other considerations as I deem relevant and subject to the further assumptions and qualifications set forth below, I am of the opinion
that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has been duly incorporated and is validly existing under the laws of Mexico.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has the corporate power to, and all necessary corporate action has been taken to, execute, deliver and file the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Debt Securities to be issued under the Indenture, when issued and sold by the Company in the manner contemplated in the Registration Statement
and upon due execution and delivery of the Debt Securities in accordance with the terms of the Indenture, will be the valid, binding and
enforceable obligations of the Company, entitled to the benefits of the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as the foregoing opinions relate to the
validity, binding effect or enforceability of any agreement or obligation of the Company, (a)&nbsp;I have assumed that the Company and
each other party to such agreement or obligation has satisfied or, prior to the issuance of the Debt Securities, will satisfy those legal
requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it (except that
no such assumption is made as to the Company regarding matters of federal laws of Mexico), and (b)&nbsp;such opinions are subject to applicable
bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinions expressed above, I have
further assumed that (i)&nbsp;a prospectus supplement and any term sheet will have been prepared and filed with the Commission describing
the Debt Securities offered thereby and will comply with all applicable laws, (ii)&nbsp;all Debt Securities will be offered, issued, granted,
sold and delivered in compliance with applicable law and any requirements therefor set forth in any corporate action authorizing such
Debt Securities and in the manner contemplated by the Registration Statement, the prospectus, the applicable prospectus supplement and
any term sheet, (iii)&nbsp;the Registration Statement will be effective and will comply with all applicable laws at the time any Debt
Securities are offered, issued, granted, sold or delivered as contemplated by the Registration Statement, the prospectus, the applicable
prospectus supplement and any term sheet, (iv)&nbsp;the terms of all Debt Securities will conform to the forms thereof contained in the
Base Indenture, and the terms of all Debt Securities will not violate any applicable law, result in a default under or breach of any agreement
or instrument binding upon the Company, or violate any requirement or restriction imposed by any court or governmental body having jurisdiction
over the Company, (v)&nbsp;the Debt Securities will be offered, issued, granted, sold and delivered to, and paid for by, the purchasers
thereof at the price specified in, and in accordance with the terms of, an agreement or agreements duly authorized, executed and delivered
by the parties thereto, (vi)&nbsp;the Company will duly authorize the offering and issuance of the Debt Securities and will duly authorize,
approve and establish the final terms and conditions of the offering and issuance of the Debt Securities, (vii)&nbsp;the Company has duly
authorized, executed and delivered, or will duly authorize, execute and deliver, as applicable, the Base Indenture, the supplemental indenture
and any other agreement necessary with respect to the Debt Securities or contemplated by such Debt Securities and will take any other
appropriate additional corporate action, and (viii)&nbsp;if issued in certificated form, the certificates representing the Debt Securities
will be duly executed and delivered and, to the extent required by any applicable agreement, duly authenticated and countersigned and
if issued in book entry form, the Debt Securities will be duly registered to the extent required by any applicable agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion is subject to the following qualifications:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enforcement
may be limited or affected by <I>concurso mercantil</I>, bankruptcy, insolvency, liquidation, reorganization, moratorium and other similar
laws of general application relating to or affecting the rights of creditors generally; among other things, interest on principal will
not accrue after declaration of bankruptcy, and the obligations of the Company in foreign currency shall be converted into Mexican currency
at the rate of exchange published in the <I>Diario Oficial de la Federaci&oacute;n</I> (Official Daily Gazette of the Federation) by <I>Banco
de M&eacute;xico</I> (the Central Bank of Mexico) in force on the date the declaration of <I>concurso mercantil</I> is made: such Mexican
currency obligations shall then be converted into &ldquo;<I>Unidades de Inversi&oacute;n</I>&rdquo; or &ldquo;<I>UDIS</I>&rdquo; (inflation
indexed units) at the rate of conversion published by <I>Banco de M&eacute;xico</I> for such date, because the Debt Securities are unsecured
(&ldquo;<I>quirografario</I>&rdquo;) and therefore no senior status is granted thereto under Mexican law; also pursuant to the laws of
Mexico, labor claims, claims of tax authorities for unpaid taxes will have priority over claims of the holders of the Debt Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
note that the payment of interest on interest may not be enforceable under Mexican law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that proceedings are brought in Mexico seeking performance of the obligations of the Company in Mexico, pursuant to Article
8 of the <I>Ley Monetaria de los Estados Unidos Mexicanos</I> (Mexican Monetary Law), the Company may discharge its obligations by paying
any sums due in a currency other than Mexican currency, in Mexican currency at the rate of exchange fixed by the Bank of Mexico for the
date when payment is made;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any legal proceedings are brought in the courts of Mexico, a Spanish translation of the documents required in such proceedings,
prepared by a court-approved translator, would have to be approved by the court after the defendant had been given an opportunity to be
heard with respect to the accuracy of the translation, and proceedings would thereafter be based upon the translated documents;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise of any prerogatives of the parties, although they may be discretionary, should be supported by the factual assumptions required
for their reasonable exercise; in addition, under Mexican law, the Company will have the right to contest in court any notice or certificate
of such party purporting to be conclusive and binding;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims
may become barred under the statutes of limitation or may be or become subject to defenses of set-off or counterclaim;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
to the provisions contained in the Base Indenture regarding service of process, it should be noted that service of process by mail does
not constitute personal service under Mexican law and, since such service is considered to be a basic procedural requirement under such
law, if for purposes of proceedings outside Mexico service of process is made by mail, a final judgment based on such service of process
would not be enforced by the courts of Mexico;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the provisions contained in the Base Indenture regarding service of process, I note that the irrevocability of the appointment
of CT Corporation System as the authorized agent for service of process of the Company and the Guarantor may not be enforceable under
Mexican law and, as a consequence, such appointment may be legally revoked;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
express no opinion as to Sections 505 (Trustee May Enforce Claims Without Possession of Securities), 509 (Restoration of Rights and Remedies)
and 1009 (Indemnification of Judgment Currency) of the Base Indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
note that any covenants of the Company which purport to bind them on matters reserved by law to shareholders or owners of equity interests,
or which purport to bind shareholders or owners of equity interests to vote or refrain from voting their shares or equity interests in
the Company, are not enforceable, under Mexican law, through specific performance;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event any legal proceedings are brought in the courts of Mexico to enforce a holder&rsquo;s rights under the Debt Securities or the
Indenture, the Mexican courts would apply Mexican procedural law; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as specifically stated herein, I make no comment with regard to any representation which may be made by the Company in any of the documents
referred to above or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I express no opinion as to the laws of any jurisdiction
other than Mexico and I have assumed that there is nothing in any other law that affects my opinion, which is delivered, based upon Mexican
law applicable on the date hereof. In particular, I have made no independent investigation of the laws of the United States of America
or any state or other political subdivision thereof or therein as a basis for the opinions stated herein and do not express or imply any
opinion on or based on such laws. To the extent that the federal laws of the United States of America and the State of New York are relevant
to my opinion set forth above, I have, without making any independent investigation with respect thereto, assumed the accuracy of the
opinion, dated today, of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special United States counsel to the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the foregoing opinion, I have relied
(i)&nbsp;as to factual matters on certificates of directors and executive officers of the Company and (ii)&nbsp;as to matters of United
States federal and New York law on the opinion, dated today, of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special United States counsel
for the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion is given solely for the purpose of
the Company&rsquo;s application for registration of the Debt Securities with the Commission. I hereby consent to the filing of this opinion
as Exhibit 5.2 to the Registration Statement and to the reference to me in the prospectus constituting a part of the Registration Statement
under the heading &ldquo;Validity of Debt Securities&rdquo; and in any prospectus supplement related thereto as counsel for the Company
who have passed on the validity of the Debt Securities being registered by the Registration Statement. In giving such consent, I do not
thereby admit that I am an expert with respect to any part of the Registration Statement, including this exhibit, within the meaning of
the term &ldquo;expert&rdquo; as used in the Securities Act or the rules and regulations of the Commission thereunder. Cleary Gottlieb
Steen&nbsp;&amp; Hamilton LLP may rely upon this opinion in rendering their opinion to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion is being rendered based on the legal
provisions applicable in Mexico as of the date hereof. I assume no obligation to supplement this opinion if any applicable law changes
after the date hereof or if I become aware of any facts that might change the opinions expressed herein after the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">[<I>Signature page follows.</I>]</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">Very truly yours,</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt; width: 3%">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; width: 47%">/s/ Alejandro Gil Ortiz&nbsp;</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">Alejandro Gil Ortiz</TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: bottom">General Counsel</TD></TR>
</TABLE>

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

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

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>tm2226300d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We consent to the reference to our firm under
the caption &ldquo;Experts&rdquo; in this Registration Statement on Form F-3 and related Prospectus of Fomento Econ&oacute;mico Mexicano,
S.A.B. de C.V. for the registration of debt securities, warrants, and guarantees of debt securities and to the incorporation by reference
therein of our report dated April 14, 2022, with respect to the consolidated financial statements of Fomento Econ&oacute;mico Mexicano,
S.A.B. de C.V. and its subsidiaries and the effectiveness of internal control over financial reporting of Fomento Econ&oacute;mico Mexicano,
S.A.B. de C.V. and its subsidiaries, included in its Annual Report on Form 20-F, for the year ended December 31, 2021, filed with the
Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: center; width: 20%">Mancera, S.C.<BR>
A member practice of<BR>
Ernst &amp; Young Global Limited</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/S/ MANCERA S.C. <FONT STYLE="color: white">.</FONT></TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 29, 2022</P>

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

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

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

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>tm2226300d2_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><FONT STYLE="text-transform: uppercase">Exhibit 23.2</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
on Form F-3 of our report dated February 15, 2022, relating to the financial statements of Heineken N.V. appearing in the Annual Report
on Form 20-F of Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. for the year ended December 31, 2021. We also consent to the reference
to us under the heading &ldquo;Experts&rdquo; in such Registration Statement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Deloitte Accountants B.V.</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 28, 2022</P>

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

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

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    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>6
<FILENAME>tm2226300d2_ex25-1.htm
<DESCRIPTION>EXHIBIT 25.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 25.1</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM&nbsp;T-1</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHECK IF AN APPLICATION TO DETERMINE<BR>
ELIGIBILITY OF A TRUSTEE PURSUANT TO<BR>
SECTION&nbsp;305(b)(2)&nbsp;[ ]</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">THE BANK OF NEW
YORK MELLON</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">New York<BR>
(Jurisdiction of incorporation<BR>
if not a U.S. national bank)</TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">13-5160382<BR>
(I.R.S. employer<BR>
identification no.)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">240 Greenwich Street, New York, NY<BR>
(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">10286<BR>
(Zip code)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Elizabeth Stern, Director and Managing Counsel</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Bank of New York Mellon</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">240 Greenwich Street, Floor 18</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10286</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 815-2421</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Name, address and telephone number of agent for service)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase">Fomento
Econ&oacute;mico Mexicano, S.A.B. de C.V.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 76%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United Mexican States</FONT></TD>
    <TD STYLE="width: 24%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. employer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identification no.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Anaya No.&nbsp;601 Pte.</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64410</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colonia Bella Vista</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip code)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monterrey, Nuevo Le&oacute;n</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">M&eacute;xico</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Title of the indenture
securities)</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>General information. Furnish the following information as to the trustee:</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Name and address of each examining or supervising authority to which it is subject.</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" ALIGN="CENTER" STYLE="width: 68%; border-collapse: collapse; font: 10pt Times New Roman">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Address</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 31.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Superintendent of the Department of Financial Services of the State of New York</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">One State Street, New York, NY 10004-1511</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 31.5pt; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 31.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Federal Reserve Bank of New York</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">33 Liberty Street<BR>
New York, NY 10045 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 31.5pt; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 31.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Federal Deposit Insurance Corporation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">550 17<SUP>th</SUP> Street, N.W.<BR>
    Washington, D.C. 20429</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3501 N. Fairfax Drive<BR>
    Arlington, VA 22226</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 31.5pt; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 31.5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Clearing House Association, L.L.C.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">1114 Avenue of the Americas<BR>
New York, NY 10036</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD STYLE="text-align: justify"><B>Whether it is authorized to exercise corporate trust powers.</B></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>If the obligor is an affiliate of
the trustee, describe each such affiliation.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Based upon an examination of the books
and records of the trustee and upon information furnished by the obligor, the obligor is not an affiliate of the trustee.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3-15.</B></TD><TD STYLE="text-align: justify"><B>Pursuant to General Instruction B of the Form&nbsp;T-1, no responses are included for Items 3-15 of
this Form&nbsp;T-1 because, to the best of The Bank of New York Mellon&rsquo;s knowledge, the obligor is not in default on any securities
issued under any indenture under which The Bank of New York Mellon acts as trustee and the trustee is not a foreign trustee as provided
under Item 15.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>List of Exhibits.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>The following exhibits are to be
filed as a part of the statement of eligibility of The Bank of New York Mellon. Exhibits identified in parentheses below, on file with
the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule&nbsp;7a-29 under the Trust Indenture Act of
1939 (the &ldquo;Act&rdquo;) and 17 C.F.R. 229.10(d).</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">A copy of the Organization Certificate of The Bank of New York Mellon (formerly The Bank of New York and
formerly Irving Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate
trust powers. (Exhibit&nbsp;1 to Amendment No.&nbsp;1 to Form&nbsp;T-1 filed with Registration Statement No.&nbsp;33-6215, Exhibits 1a
and 1b to Form&nbsp;T-1 filed with Registration Statement No.&nbsp;33-21672, Exhibit&nbsp;1 to Form&nbsp;T-1 filed with Registration Statement
No.&nbsp;33-29637 and Exhibit&nbsp;1 to Form&nbsp;T-1 filed with Registration Statement No.&nbsp;333-121195 and Exhibit&nbsp;1 to Form&nbsp;T-1
filed with Registration Statement No.&nbsp;333-152735.)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">A copy of the existing By-Laws of the trustee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">The consent of the trustee required by Section&nbsp;321(b)&nbsp;of the Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">A copy of the latest report of condition of the trustee published pursuant to law or to the requirements
of its supervising or examining authority.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Act, the trustee, The Bank of New York Mellon, a corporation organized and existing under the laws of the State of New York, has
duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of
New York, and State of New York, on the 23<SUP>th</SUP> day of September&nbsp;2022.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Teresa H. Wyszomierski</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Teresa H. Wyszomierski</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 480pt"><B><U>EXHIBIT&nbsp;4</U></B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As Amended and Restated through September&nbsp;9,
2021</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page&nbsp;No.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;I Stockholders</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.1. Annual Meeting</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.2. Special Meetings</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.3. Notice of Meetings</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.4 Adjournments</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.5. Quorum of Stockholders and Action by the Stockholders</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;1.6 Action without a Meeting</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;II Board of Directors</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.1. Number of Directors</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.2. [Reserved]</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.3. Meetings of the Board</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.4. Quorum of Directors and Action by the Board</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.5. Removal or Resignation of Directors</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.6. Vacancies</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.7. Compensation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.8. Minutes</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.9. Reports</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;2.10 Action without a Meeting</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;III [Reserved]</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;IV Committees</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.1. Committees of Directors Officers and/ or Other Persons</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.2. Compensation</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;4.3. Manner of Acting</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;V Officers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.1. Principal Executive Officers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.2. Senior Executive Officers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.3. Other Senior Officers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.4. Appointed Officers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.5. Bonds</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.6. General Supervisory Powers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.7. Executive Officers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.8. Senior Vice Presidents, Managing Directors, Directors, First Vice Presidents and Vice Presidents</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.9. Secretary</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.10. Treasurer</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.11. Comptroller</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.12. Chief Auditor</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;5.13. Other Officers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;VI Signing Authorities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.1. [Reserved]</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.2. Senior Signing Powers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.3. Limited Signing Powers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.4. Rescission of Signing Powers</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.5. Powers of Attorney</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.6. Chief Auditor</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;6.7. Signatures</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;VII Indemnification</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.1. Indemnification</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.2. Other Indemnification</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;7.3. Insurace</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;VIII Capital Stock</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.1. Certificates of Stock</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.2. Transfer of Certificates</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.3. New Certificates</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;8.4. Holders of Record</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;IX Corporate Seal</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;9.1. The Seal</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE&nbsp;X By-Laws</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.1. Amendments</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&nbsp;10.2. Inspection</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
  </TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As amended and restated through September&nbsp;9,
2021</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.1. Annual Meeting.
The annual meeting of stockholders of The Bank of New York Mellon (the &quot;Bank&quot;) for the election of directors and the transaction
of such other business as properly may be brought before such meeting shall be held within the first four months of the Bank's fiscal
year, unless otherwise permitted under the New York Banking Law (the &quot;Banking Law&quot;) or applicable regulation, at the principal
office of the Bank, or such other place in the city in which such principal office is located as shall be specified in the notice of such
meeting, on such day and at such hour as may be fixed by the Board of Directors (the &quot;Board&quot;); provided, however, that so long
as The Bank of New York Mellon Corporation owns 100 percent of the outstanding common stock of the Bank, directly or indirectly through
one or more wholly-owned subsidiaries, action to elect directors may be taken by written consent in lieu of an annual meeting and the
Board will not be required to fix a date and time for an annual meeting of the Bank's stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.2. Special
Meetings. Special meetings of the stockholders of the Bank (the &quot;stockholders&quot;) may be called by the Board, the Executive Chairman
(as defined below), the Chief Executive Officer or the President and shall be called upon the written request of the holders of record
of not less than twenty percent of the outstanding shares of stock of the Bank entitled to vote at the meeting requested to be called.
Such meetings of stockholders shall be held on such day and at such hour and at such place, within or without the State of New York (or
may not be held at any place, but may instead be held solely by means of remote communication), as may be fixed by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.3. Notice of
Meetings. Notice of each meeting of stockholders shall be given in writing, personally or by mail, not less than ten nor more than fifty
days before the date of the meeting, to each stockholder entitled to vote at such meeting, and shall state the place, date and hour of
the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. If mailed, such notice shall
be deemed to have been given when deposited in the United States mail, postage prepaid, directed to the stockholder at such stockholder's
address as it appears on the records of the Bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
notice of meeting need not be given to any stockholder who submits a signed waiver of notice, in person or by proxy, whether before or
after the meeting. The attendance of any stockholder at a meeting, in person or by proxy, without protesting prior to the conclusion of
the meeting the lack of notice of such meeting, shall constitute a waiver of notice by him or her.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.4. Adjournments.
Any meeting of stockholders, annual or special, may be adjourned from time to time to reconvene at the same or some other place, and notice
need not be given of any such adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, thereof
are announced at the meeting at which the adjournment is taken. At the adjourned meeting the Bank may transact any business which might
have been transacted at the original meeting. If the adjournment is for more than 30 days, or if after the adjournment a new record date
is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at
the adjourned meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.5. Quorum of
Stockholders and Action by Stockholders. The holders of a majority of the shares entitled to vote thereat shall constitute a quorum at
a meeting of stockholders for the transaction of any business. At all meetings of stockholders, a quorum being present, all matters, except
as otherwise provided by law or the Organization Certificate of the Bank, shall be authorized by a majority of the votes cast at the meeting
by the stockholders present in person or by proxy and entitled to vote thereon. The stockholders present may adjourn the meeting despite
the absence of a quorum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.6 Action without
a Meeting. Any action that may be taken by the stockholders at a duly convened meeting may also betaken pursuant to waiver of notice thereof
and upon the unanimous written consent of all stockholders of the Bank; such consent shall set forth the action so taken and shall be
filed with the Secretary.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.1. Number of
Directors. The business of the Bank shall be managed by the Board, which shall consist of such number of directors, within the minimum
and maximum limits prescribed in the Organization Certificate of the Bank and the Banking Law, as from time-to-time shall be determined
by the vote of a majority of the directors then in office or by the stockholders. In the event of any increase in the number of directors,
additional directors shall be elected in the manner herein prescribed for the filling of vacancies. No decrease in the number of directors
shall shorten the term of any incumbent director. Each director or, where applicable, all directors collectively must possess such qualifications
as to citizenship, age and active service as an officer or employee of the Bank as are prescribed by the Banking Law. Directors shall
hold office until the next annual meeting of the stockholders and until their successors are elected and have qualified.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;2.2. [Reserved]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.3. Meetings
of the Board. An annual meeting of the Board shall be held in each year within fifteen days after the annual meeting of stockholders.
Regular meetings of the Board shall be held on such day and at such hour as the directors may fix from time-to-time, and no notice thereof
need be given. In case any date for a meeting shall fall on a public holiday, such meeting shall be held on the next succeeding business
day. Special meetings of the Board may be held at any time upon the call of the Executive Chairman of the Board or the Chief Executive
Officer or, in their absence, another principal executive officer and shall be called upon the written request of any three directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Meetings of the Board
shall be held at such places within or without the State of New York (or may not be held at any place, but may instead be held
solely by means of remote communication) as may be fixed by the Board. If no place is so fixed, meetings of the Board shall be held
at the principal office of the Bank in the City of New York.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notices of the annual and
special meetings of the Board shall be given by delivery, mail, facsimile, e-mail or other form of electronic transmission or by oral
notice given in person or by telephone to each director at his or her usual place of business or residence address not later than noon,
New York time, on the third day prior to the day on which the meeting is to be held or, if given personally or by telephone, not later
than noon, New York time, on the day before the day on which the meeting is to be held.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice of a meeting of the
Board need not be given to any director who submits a signed waiver of notice whether before or after the meeting, or who attends the
meeting without protesting, prior thereto or at its commencement, the lack of notice to him or her.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A majority of the directors
present, whether or not a quorum is present, may adjourn any meeting to another time and place. Except for announcement at the meeting,
notice of the time and place of any adjourned meeting need not be given.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Members of the Board may participate
in a meeting of the Board by means of a conference telephone or similar communications equipment allowing all persons participating in
the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.4. Quorum of
Directors and Action by the Board. One-third of the entire Board, but in no case less than five directors, shall constitute a quorum for
the transaction of business. Except as otherwise required by law, the Organization Certificate of the Bank or these By-laws, the vote
of a majority of the directors present at a meeting at the time of such vote, if a quorum is then present, shall be the act of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.5. Removal
or Resignation of Directors. Any one or more of the directors may be removed for cause by action of the Board. Any or all of the directors
may be removed with or without cause by vote of the stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any director may resign at
any time upon written notice to the Board or to the Executive Chairman, the Chief Executive Officer or the Secretary. Such resignation
shall take effect at the time specified therein, and unless otherwise specified therein no acceptance of such resignation shall be necessary
to make it effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.6. Vacancies.
All vacancies in the office of director shall be filled by election by the stockholders, except that vacancies not exceeding one-third
of the entire Board may be filled by the affirmative vote of a majority of the directors in office and the directors so elected shall
hold office for the balance of the unexpired term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.7. Compensation.
Members of the Board, except members who are officers of The Bank of New York Mellon Corporation or any of its subsidiaries, shall be
entitled to receive such compensation and such fees for attendance as the Board shall fix from time-to-time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.8. Minutes.
Regular minutes of the proceedings of the Board shall be kept in books to be provided for that purpose which shall always be open for
the inspection of any director.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.9. Reports.
At each regular meeting of the Board there shall be submitted a report of the concerns and business of the Bank, including such reports
as shall be required by law or by regulation of the authorities having jurisdiction over the Bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.10. Action
without a Meeting. Any action required or permitted to be taken at any meeting of the Board, or of any committee thereof, to the extent
permitted by law and regulation, may be taken without a meeting if all members of the Board or of such committee, as the case may be,
consent thereto in writing and such consent is filed with the minutes of the proceedings of the Board or such committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;III<BR>
[Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;IV<BR>
COMMITTEES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;4.1. Committees
of Directors, Officers and/ or Other Persons. The Board may appoint, or authorize the Executive Chairman or the Chief Executive Officer
or, in their absence, another principal executive officer to appoint, from time-to-time, such other committees consisting of directors,
officers and/ or other persons and having such powers, duties and functions in or relating to the business and affairs of the Bank as
the Board may determine. Each such committee and each member thereof shall serve at the pleasure of the Board and, in the case of any
committee appointed by the Executive Chairman, the Chief Executive Officer or another principal executive officer, at the pleasure of
such officer. A majority of all members of any such committee may determine the rules&nbsp;of order and procedure of such committee and
the time and place of its meetings, unless the Board, or, in the case of any committee appointed by the Executive Chairman, the Chief
Executive Officer or another principal executive officer, such officer shall otherwise provide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;4.2. Compensation.
Members of committees, other than officers of The Bank of New York Mellon Corporation or any of its subsidiaries, shall be paid such compensation
and such other fees for attendance at meetings as the Board shall determine from time-to-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;4.3. Manner of
Acting. Members of committees may participate in a meeting of such committee by means of a conference telephone or similar communications
equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute
presence in person at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;V<BR>
OFFICERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.1.
Principal Executive Officers. The Board at its annual meeting shall elect from its number an Executive Chairman of the Board (the
 &quot;Executive Chairman&quot;), a Chief Executive Officer, and a President (each such officer, a &quot;principal executive
officer&quot;). The Board may designate the Chief Executive Officer or the President, or one of the persons holding titles provided
in Section&nbsp;5.2, to act as and carry the additional title of Chief Operating Officer. Officers elected pursuant to this
Section&nbsp;5.1 shall hold office during the pleasure of the Board, which may fill any vacancy and change the designation of the
Chief Operating Officer at any regular or special meeting. Officers elected under this Section&nbsp;5.1 may be removed with or
without cause by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.2. Senior Executive
Officers. The Board shall elect, or the Chief Executive Officer may appoint, subject to confirmation by the Board, one or more senior
executive officers, any of whom may be designated Vice Chairman of the Board, Senior Executive Vice President or Executive Vice President,
and any such other officers with such titles as may be specified upon election (each such officer, a &quot;senior executive officer&quot;).
Senior executive officers elected or appointed under this Section&nbsp;5.2 may be removed with or without cause by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.3. Other Senior
Officers. The Board shall elect a Secretary (who shall be a different person from the Chief Executive Officer and the President); a Treasurer;
a Comptroller; a Chief Auditor; and such other officers with such titles as may be specified upon election. The Chief Executive Officer
or, in his or her absence, another principal executive officer, may remove any of the officers elected under this Section&nbsp;5.3 with
or without cause with the approval of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.4. Appointed
Officers. Officers of the Bank carrying titles set forth in this Section&nbsp;5.4 may be appointed and removed with or without cause by
the Chief Executive Officer or any Senior Executive Vice President or Executive Vice President. Such officers may include one or more
Managing Directors; one or more Directors; one or more Senior Vice Presidents; one or more First Vice Presidents; one or more Vice Presidents;
one or more Senior Associates; one or more Associates; and such other officers with such titles as may be specified upon appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.5. Bonds. The
Board may require any or all officers or employees to give bonds from time-to-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.6. General
Supervisory Powers. The Chief Executive Officer or, in his or her absence, another principal executive officer, shall have general supervision
of the policies and operations of the Bank which shall in every case be subject to the oversight of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.7. Executive
Officers. The principal executive officers and the senior executive officers shall participate in the supervision of the policies and
operations of the Bank as directed by the Chief Executive Officer, or, in his or her absence another principal executive officer or a
senior executive officer designated by the Chief Executive Officer or the Board, shall direct the general supervision of such policies
and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.8. Senior Vice
Presidents, Managing Directors, Directors, First Vice Presidents and Vice Presidents. Senior Vice Presidents, Managing Directors, Directors,
First Vice Presidents and Vice Presidents shall participate in the supervision of operations of the Bank as directed by the Chief Executive
Officer, or, in his or her absence another principal executive officer or a senior executive officer designated by the Chief Executive
Officer or the Board. They shall perform such other duties as shall be assigned to them by the Board, the Chief Executive Officer or a
principal or senior executive officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.9.
Secretary. The Secretary shall keep the minutes of all meetings of the Board; shall attend to the giving of such notices of meetings
as may be required by these By-laws; and shall perform all the duties assigned to him or her by the Board or the Chief Executive
Officer and in general those duties incident to the office of Secretary. He or she shall have custody of the corporate seal and
shall have authority to affix the same to any documents requiring such seal and to attest the same. The Board or the Chief Executive
Officer, or his or her designee, may appoint one or more Assistant Secretaries who shall assist the Secretary in the performance of
his or her duties. In the absence of the Secretary, an Assistant Secretary shall act in his or her stead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.10. Treasurer.
The Treasurer shall have the care and custody of all moneys, funds and other property of the Bank which may come into his or her hands
and shall perform such other duties as may be assigned to him or her from time-to-time by the Board or the Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.11. Comptroller.
The Comptroller shall exercise general supervision over, and be responsible for, all matters pertaining to the accounting and bookkeeping
of the Bank. He or she shall keep the permanent records of property and indebtedness and of all transactions bearing on the financial
affairs of the Bank. The Comptroller shall perform such additional duties as shall be assigned to him or her by the Board or the Chief
Executive Officer. He or she shall at any time on the request of any three directors report to the Board such matters concerning the affairs
of the Bank as, in his, her or their judgment, should be brought to the attention of the directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.12. Chief Auditor.
The Chief Auditor shall report to the Board, which may be through a committee of the Board. He or she shall be responsible for the planning
and direction of the internal auditing function and the evaluation of the internal control safeguards of the Bank. He or she shall perform
such additional duties as shall be assigned by the Board, any committee of the Board or the Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;5.13. Other Officers.
All officers whose duties are not described by these By-laws shall perform such duties as may be designated by the Chief Executive Officer
or any officer authorized by the Chief Executive Officer to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VI</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNING AUTHORITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION&nbsp;6.1. [Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;6.2. Senior Signing
Powers. The Chief Executive Officer, the President, any Vice Chairman, any Senior Executive Vice President, any Executive Vice President
or any other senior officer appointed by the Board pursuant to Section&nbsp;5.3 (any such officer, an &quot;Authorized Senior Signer&quot;)
is authorized to accept, endorse, execute or sign any document, instrument or paper in the name of, or on behalf of, the Bank in all transactions
arising out of, or in connection with, the normal course of the Bank's business or in any fiduciary, representative or agency capacity
and, when required, to affix the seal of the Bank thereto. In such instances as in the judgment of any Authorized Senior Signer may be
proper and desirable, any one of said officers may authorize in writing, including email and other forms of electronic communication or
approval, from time-to-time any other officer to have the powers set forth in this Section&nbsp;6.2 applicable only to the performance
or discharge of the duties of such officer within his or her particular division or function. Any officer of the Bank authorized in or
pursuant to Section&nbsp;6.3 to have any of the powers set forth therein, other than the officer signing pursuant to this Section&nbsp;6.2,
is authorized to attest to the seal of the Bank on any documents requiring such seal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;6.3. Limited
Signing Powers. In such instances as may be proper and desirable in the judgment of any Authorized Senior Signer or any delegate authorized
in writing by any such Authorized Senior Signer, any such Authorized Senior Signer or delegate (to the extent relating to the performance
or discharge of the duties of such delegate within his or her particular division or function) may authorize in writing, including email
and other forms of electronic communication or approval, from time to time any other officer, employee or individual to have the limited
signing powers or limited power to affix the seal of the Bank to specified classes of documents set forth in a resolution of the Board
applicable only to the performance or discharge of the duties of such officer, employee or individual within his or her division or function.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;6.4. Rescission
of Signing Powers. Any signing authority authorized by an Authorized Senior Signer or delegate may be rescinded at any time by any one
of said persons, and any signing power authorized in or pursuant to Section&nbsp;6.3 shall terminate without necessity of further action
when the officer or employee having such power leaves the employ of the Bank, but any document, instrument or certificate executed by
an officer or employee having signing authority prior to such termination shall be valid and binding on the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;6.5. Powers of
Attorney. All powers of attorney on behalf of the Bank shall be executed by any officer of the Bank jointly with the Chief Executive Officer,
the President, any Vice Chairman, any Senior Executive Vice President, any Executive Vice President, any Senior Vice President, any Managing
Director, or any Director provided that the execution by such Senior Vice President, Managing Director or Director of said Power of Attorney
shall be applicable only to the performance or discharge of the duties of such officer within his or her particular division or function.
Any such power of attorney may, however, be executed by any officer or officers or person or persons who may be specifically authorized
to execute the same by the Board and, at foreign branches only, by any two officers provided one of such officers is the Branch Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;6.6. Chief Auditor.
The Chief Auditor or any officer designated by the Chief Auditor is authorized to certify in the name of, or on behalf of the Bank, in
its own right or in a fiduciary or representative capacity, as to the accuracy and completeness of any account, schedule of assets, or
other document, instrument or paper requiring such certification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;6.7. Signatures.
The signature authorized by or pursuant to these Bylaws of any signatory authorized by these By-laws on any document may be manual, facsimile
or electronic, to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VII</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDEMNIFICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.1.
Indemnification. Any person made, or threatened to be made, a party to any action or proceeding, whether civil or criminal, by
reason of the fact that he, she, or his or her testator or intestate, is or was a director or officer of the Bank or serves or
served any other corporation in any capacity, at the request of the Bank, shall be indemnified by the Bank and the Bank may advance
his or her related expenses, to the full extent permitted by law. Persons who are not directors or officers of the Bank may be
similarly indemnified in respect of service to the Bank or to another such entity at the request of the Bank to the extent the Board
at any time denominates any of such persons as entitled to indemnification and/ or advancement of expenses. For purposes of this
Article&nbsp;VII, the Bank may consider the term &quot;Bank&quot; to include any corporation which has been merged or consolidated
into the Bank or of which the Bank has acquired all or substantially all the assets in a transaction requiring authorization by the
shareholders of the corporation whose assets were acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.2. Other Indemnification.
The foregoing provisions of this Article&nbsp;VII shall apply in respect of all alleged or actual causes of action accrued before, on
or after September&nbsp;1, 1964, except that, as to any such cause of action which accrued before such date, the Bank may provide, and
any person concerned shall be entitled to, indemnification under and pursuant to any statutory provision or principle of common law in
effect prior to such date, all to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.3. Insurance.
The Bank may purchase and maintain insurance to indemnify it against payments it is permitted to make under this Article&nbsp;VII and
to indemnify directors, officers and employees against legal or professional expenses incurred in connection with actions or proceedings
to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VIII<BR>
CAPITAL STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;8.1. Certificates
of Stock. Certificates of stock shall be signed by the President or a Vice President and the Secretary or an Assistant Secretary and may
bear the seal of the Bank. The signatures and the seal may be facsimile to the extent permitted by law. In case any officer who has signed
or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer before such certificate is issued,
it may be issued by the Bank with the same effect as if he or she were such officer at the date of issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;8.2. Transfer
of Certificates. Separate books of transfer shall be kept in which transfers of shares of stock shall be entered by the person entitled
to make such transfer or his or her attorney-in-fact, upon surrender of the certificate for the shares to be transferred properly endorsed
by the stockholder, or by his or her assignee, agent or legal representative, who shall furnish proper evidence of assignment, authority
or legal succession, or by the agent of one of the foregoing thereunto duly authorized by an instrument duly executed and filed with the
Bank in accordance with regular commercial practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;8.3. New Certificates.
No new certificate shall be issued until the former certificate is cancelled except in the circumstances provided in this Section&nbsp;8.3.
The holder of any shares of the Bank shall immediately notify it of any loss, theft or destruction of any stock certificate representing
such shares. New certificates for shares of stock may be issued to replace such certificates upon satisfactory proof of the loss, theft
or destruction and upon such other terms and conditions as the Board, the Chief Executive Officer or any person designated by either of
them may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;8.4. Holders
of Record. The Bank shall be entitled to treat any person in whose name shares of stock of the Bank stand on its books as the holder and
owner in fact thereof for all purposes, and it shall not be bound to recognize any equitable or other claims to or interest in such shares
on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;IX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CORPORATE SEAL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;9.1. The Seal.
The Board shall provide a corporate seal for the Bank which may be affixed to any document, certificate or paper and attested by such
individuals as provided by these By-laws or as the Board may from time-to- time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;X<BR>
BY-LAWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;10.1. Amendments.
By-laws of the Bank may be adopted, amended or repealed by vote of the stockholders entitled to vote in any election of directors. Bylaws
may also be adopted, amended or repealed by a majority of all the directors then in office. Any By-law adopted by the Board may be amended
or repealed by the stockholders entitled to vote thereon as hereinabove provided. If any By-law regulating an impending election of directors
is adopted, amended or repealed by the Board, there shall be set forth in the notice of the next meeting of stockholders for the election
of directors the By-law so adopted, amended or repealed, together with a concise statement of the changes made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;10.2. Inspection.
A copy of these By-laws, with all amendments thereto, shall at all times be kept in a convenient place at the principal office of the
Bank and shall be open for inspection to all stockholders during regular business hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 480pt"><B><U>EXHIBIT&nbsp;6</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF THE TRUSTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of Section&nbsp;321(b)&nbsp;of
the Trust Indenture Act of 1939, The Bank of New York Mellon hereby consents that reports of examinations by Federal, State, Territorial
or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon request therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Teresa H. Wyszomierski</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT> Teresa H. Wyszomierski</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Vice President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, New York</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;23, 2022</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>EXHIBIT&nbsp;7</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Consolidated Report of Condition of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of 240 Greenwich Street, New York, N.Y. 10286<BR>
And Foreign and Domestic Subsidiaries,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a member of the Federal Reserve System, at the
close of business June&nbsp;30, 2022, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to
the provisions of the Federal Reserve Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Dollar amounts in thousands</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><B>ASSETS</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Cash and balances due from depository institutions:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 77%; font-size: 10pt; text-align: left">Noninterest-bearing balances and currency and coin</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">4,443,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Interest-bearing balances</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">135,521,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Securities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Held-to-maturity securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">59,564,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Available-for-sale debt securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">90,719,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Equity securities with readily determinable fair values not held for trading</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Federal funds sold and securities purchased under agreements to resell:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Federal funds sold in domestic offices</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Securities purchased under agreements to resell</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,183,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Loans and lease financing receivables:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Loans and leases held for sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Loans and leases held for investment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,371,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">LESS: Allowance for loan and lease losses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">165,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Loans and leases held for investment, net of allowance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,206,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Trading assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,719,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Premises and fixed assets (including capitalized leases)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,872,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Other real estate owned</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Investments in unconsolidated subsidiaries and associated companies</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,360,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Direct and indirect investments in real estate ventures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,956,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">18,554,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">365,102,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">LIABILITIES</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Deposits:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">In domestic offices</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">213,698,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Noninterest-bearing</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">104,281,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Interest-bearing</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">109,417,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">In foreign offices, Edge and Agreement subsidiaries, and IBFs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">110,165,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Noninterest-bearing</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,684,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Interest-bearing</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">104,481,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Federal funds purchased and securities sold under agreements to repurchase:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Federal funds purchased in domestic offices</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Securities sold under agreements to repurchase</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,796,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Trading liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,435,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-indent: -0.125in; font-size: 10pt; text-align: left">Other borrowed money:<BR>
(includes mortgage indebtedness and obligations under
    capitalized leases)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">520,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Not applicable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Not applicable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Subordinated notes and debentures</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">8,229,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">338,843,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">EQUITY CAPITAL</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Perpetual preferred stock and related surplus</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Common stock</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,135,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Surplus (exclude all surplus related to preferred stock)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11,872,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Retained earnings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">16,885,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated other comprehensive income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-3,633,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Other equity capital components</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Total bank equity capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26,259,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Noncontrolling (minority) interests in consolidated subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Total equity capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">26,259,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total liabilities and equity capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">365,102,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I, Emily Portney, Chief Financial
Officer of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: right; text-indent: 1in">Emily Portney<BR>
Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We, the undersigned directors,
attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best
of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas P. Gibbons</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Frederick O. Terrell</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">Directors</TD></TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph J. Echevarria</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>7
<FILENAME>tm2226300d2_exfilingfees.htm
<DESCRIPTION>EXHIBIT 107
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">EXHIBIT 107</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM F-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; white-space: nowrap; width: 25%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Title
of Each Class&nbsp;of<BR>
 Securities to be Registered</B> &nbsp;</FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 10%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Security
Type</B></FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 8%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Security
Class<BR>
Title</B></FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 8%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Fee<BR>
Calculation</B></FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 8%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Amount<BR>
Registered</B></FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; text-align: center; white-space: nowrap; width: 8%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Proposed
<BR>
Maximum<BR> Aggregate&nbsp;Price <BR>
Per Unit</B> &nbsp;</FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap; width: 9%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Proposed
<BR>
Maximum<BR> Aggregate <BR>
Offering&nbsp;Price</B> </FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 8%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Maximum<BR>
Aggregate<BR>
Offering&nbsp;Price</B></FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 8%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Fee
Rate</B></FONT></TD>
<TD STYLE="padding-right: 2pt; border-top: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center; width: 8%; padding-left: 2pt"><FONT STYLE="font-size: 8pt"><B>Amount
of<BR> Registration<BR>
Fee</B></FONT></TD></TR>
<TR>
<TD STYLE="border-bottom: Black 1pt solid; border-right: black 1pt solid; vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 8pt">Debt
securities</FONT></TD>
<TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; border-top: black 1pt solid; vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">See
Note&nbsp;(1)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18.35pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">The registrant is registering an indeterminate
                                            amount of securities for offer and sale from time to time at indeterminate offering prices.
                                            In reliance on Rules 456(b) and 457(r) under the Securities Act, the registrant is deferring
                                            payment of all of the registration fees relating to the registration of securities.</FONT></TD></TR></TABLE>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>tm2226300d2_f3img001.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
